0001445546-13-001690.txt : 20130322 0001445546-13-001690.hdr.sgml : 20130322 20130322113655 ACCESSION NUMBER: 0001445546-13-001690 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 6 FILED AS OF DATE: 20130322 DATE AS OF CHANGE: 20130322 EFFECTIVENESS DATE: 20130322 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIRST TRUST SERIES FUND CENTRAL INDEX KEY: 0001497778 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-22452 FILM NUMBER: 13709849 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 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIRST TRUST SERIES FUND CENTRAL INDEX KEY: 0001497778 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 333-168727 FILM NUMBER: 13709850 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 0001497778 S000030198 First Trust Preferred Securities and Income Fund C000092932 Class A FPEAX C000092933 Class C FPECX C000092934 Class F FPEFX C000092935 Class I FPEIX C000092936 Class R3 FPERX 0001497778 S000030199 First Trust/Confluence Small Cap Value Fund C000092937 Class R3 FOVRX C000092938 Class A FOVAX C000092939 Class C FOVCX C000092941 Class I FOVIX 485BPOS 1 ftseries_485bxbrl.txt INTERACTIVE DATA As filed with the Securities and Exchange Commission on March 22, 2013 ================================================================================ 1933 Act Registration No. 333-168727 1940 Act Registration No. 811-22452 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N-1A REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 [ ] Pre-Effective Amendment No. __ [ ] Post-Effective Amendment No. 10 [X] and REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 [ ] Amendment No. 11 [X] FIRST TRUST SERIES FUND (Exact Name of Registrant as Specified in Charter) 120 East Liberty Drive, Suite 400 Wheaton, Illinois 60187 (Address of Principal Executive Offices) (Zip Code) REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (800) 621-1675 W. Scott Jardine, Esq., Secretary First Trust Series Fund First Trust Advisors L.P. 120 East Liberty Drive, Suite 400 Wheaton, Illinois 60187 (Name and Address of Agent for Service) Copy to: Eric F. Fess, Esq. Chapman and Cutler LLP 111 West Monroe Street Chicago, Illinois 60603 It is proposed that this filing will become effective (check appropriate box): [X] immediately upon filing pursuant to paragraph (b) [ ] on (date) pursuant to paragraph (b) [ ] 60 days after filing pursuant to paragraph (a)(1) [ ] on (date) pursuant to paragraph (a)(1) [ ] 75 days after filing pursuant to paragraph (a)(2) [ ] on (date) pursuant to paragraph (a)(2) of Rule 485. If appropriate, check the following box: [ ] this post-effective amendment designates a new effective date for a previously filed post-effective amendment. This Registration Statement relates to First Trust Preferred Securities and Income Fund and First Trust/Confluence Small Cap Value Fund, each a series of the Registrant. SIGNATURES Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement under rule 485(b) under the Securities Act of 1933 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the City of Wheaton, and State of Illinois, on the 22nd day of March, 2013. FIRST TRUST SERIES FUND By: /s/ Mark R. Bradley --------------------------------- Mark R. Bradley, President and Chief Executive Officer Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following persons in the capacities and on the date indicated:
SIGNATURE TITLE DATE /s/ Mark R. Bradley President and Chief Executive March 22, 2013 ------------------------------------ Officer Mark R. Bradley /s/ James M. Dykas Treasurer, Chief Financial Officer March 22, 2013 ------------------------------------ and Chief Accounting Officer James M. Dykas ) James A. Bowen* Trustee ) ) ) Richard E. Erickson* Trustee ) ) ) Thomas R. Kadlec* Trustee ) BY: /s/ W. Scott Jardine ) ------------------------------ ) W. Scott Jardine Robert F. Keith* Trustee ) Attorney-In-Fact ) March 22, 2013 ) Niel B. Nielson* Trustee ) )
* Original powers of attorney authorizing James A. Bowen, W. Scott Jardine, Eric F. Fess and Kristi A. Maher to execute Registrant's Registration Statement, and Amendments thereto, for each of the trustees of the Registrant on whose behalf this Registration Statement is filed, were previously executed, filed as an exhibit and are incorporated by reference herein. INDEX TO EXHIBITS (101) Risk/return summary in interactive data format EX-101.INS 2 fpefov-20130321.xml XBRL INSTANCE FILE 0001497778 2013-03-21 2013-03-21 0001497778 FPEFOV:S000030198Member 2013-03-21 2013-03-21 0001497778 FPEFOV:S000030198Member FPEFOV:C000092932Member 2013-03-21 2013-03-21 0001497778 FPEFOV:S000030198Member FPEFOV:C000092932Member rr:AfterTaxesOnDistributionsMember 2013-03-21 2013-03-21 0001497778 FPEFOV:S000030198Member FPEFOV:C000092932Member rr:AfterTaxesOnDistributionsAndSalesMember 2013-03-21 2013-03-21 0001497778 FPEFOV:S000030198Member FPEFOV:C000092933Member 2013-03-21 2013-03-21 0001497778 FPEFOV:S000030198Member FPEFOV:C000092934Member 2013-03-21 2013-03-21 0001497778 FPEFOV:S000030198Member FPEFOV:C000092935Member 2013-03-21 2013-03-21 0001497778 FPEFOV:S000030198Member FPEFOV:C000092936Member 2013-03-21 2013-03-21 0001497778 FPEFOV:S000030198Member FPEFOV:MerrillLynchFixedRatePrefStockIndexMember 2013-03-21 2013-03-21 0001497778 FPEFOV:S000030199Member 2013-03-21 2013-03-21 0001497778 FPEFOV:S000030199Member FPEFOV:C000092938Member 2013-03-21 2013-03-21 0001497778 FPEFOV:S000030199Member FPEFOV:C000092938Member rr:AfterTaxesOnDistributionsMember 2013-03-21 2013-03-21 0001497778 FPEFOV:S000030199Member FPEFOV:C000092938Member rr:AfterTaxesOnDistributionsAndSalesMember 2013-03-21 2013-03-21 0001497778 FPEFOV:S000030199Member FPEFOV:C000092939Member 2013-03-21 2013-03-21 0001497778 FPEFOV:S000030199Member FPEFOV:C000092941Member 2013-03-21 2013-03-21 0001497778 FPEFOV:S000030199Member FPEFOV:C000092937Member 2013-03-21 2013-03-21 0001497778 FPEFOV:S000030199Member FPEFOV:Russell2000ValueIndexMember 2013-03-21 2013-03-21 0001497778 FPEFOV:S000030199Member FPEFOV:Russell2000IndexMember 2013-03-21 2013-03-21 iso4217:USD xbrli:pure 485BPOS 2013-03-01 First Trust Series Fund 0001497778 false 2013-03-21 2013-03-01 2013-03-01 <p>SUMMARY INFORMATION</p> <p>SUMMARY INFORMATION</p> <p>INVESTMENT OBJECTIVE</p> <p>INVESTMENT OBJECTIVE</p> <p>The First Trust Preferred Securities and Income Fund (the "Fund") seeks to provide current income and total return.</p> <p>The First Trust/Confluence Small Cap Value Fund (the "Fund") seeks to provide long-term capital appreciation.</p> <p>FEES AND EXPENSES OF THE FUND</p> <p>FEES AND EXPENSES OF THE FUND</p> <p>This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund or in other First Trust Portfolios L.P. mutual funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and in "Share Classes" on page 21 of this prospectus, "Investment in Fund Shares" on page 24 of this prospectus and "Purchase and Redemption of Fund Shares" on page 52 of the Fund's statement of additional information ("SAI").</p> <p>This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund or in other First Trust Portfolios L.P. mutual funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and in "Share Classes" on page 21 of this prospectus, "Investment in Fund Shares" on page 24 of this prospectus and "Purchase and Redemption of Fund Shares" on page 52 of the Fund's statement of additional information ("SAI").</p> <p>SHAREHOLDER FEES (fees paid directly from your investment)</p> <p>SHAREHOLDER FEES (fees paid directly from your investment)</p> <div style="display: none">~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column period compact * column dei_LegalEntityAxis compact FPEFOV_S000030198Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display: none">~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column period compact * column dei_LegalEntityAxis compact FPEFOV_S000030199Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <p>ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)</p> <p>ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)</p> <div style="display: none">~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column period compact * column dei_LegalEntityAxis compact FPEFOV_S000030198Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display: none">~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column period compact * column dei_LegalEntityAxis compact FPEFOV_S000030199Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <p>EXAMPLE</p> <p>EXAMPLE</p> <p>The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated. The example also assumes that your investment has a 5% return each year and that the Fund's annual operating expenses remain at current levels until March 1, 2023. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <p>The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then either redeem or do not redeem your shares at the end of a period. The example also assumes that your investment has a 5% return each year and that the Fund's annual operating expenses remain at current levels until March 1, 2023. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <div style="display: none">~ http://xbrl.sec.gov/rr/role/ExpenseExample column period compact * column dei_LegalEntityAxis compact FPEFOV_S000030198Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display: none">~ http://xbrl.sec.gov/rr/role/ExpenseExample column period compact * column dei_LegalEntityAxis compact FPEFOV_S000030199Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display: none">~ http://xbrl.sec.gov/rr/role/ExpenseExampleNoRedemption column period compact * column dei_LegalEntityAxis compact FPEFOV_S000030198Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display: none">~ http://xbrl.sec.gov/rr/role/ExpenseExampleNoRedemption column period compact * column dei_LegalEntityAxis compact FPEFOV_S000030199Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <p>PORTFOLIO TURNOVER</p> <p>PORTFOLIO TURNOVER</p> <p>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 60% of the average value of its portfolio.</p> <p>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 11% of the average value of its portfolio.</p> <p>PRINCIPAL INVESTMENT STRATEGIES</p> <p>PRINCIPAL INVESTMENT STRATEGIES</p> <p>The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its net assets (including investment borrowings) in preferred securities and other securities with similar economic characteristics. Securities that have economic characteristics that are similar to preferred securities include certain debt instruments. Such debt instruments are typically issued by corporations, generally in the form of interest bearing notes, or by an affiliated business trust of a corporation, generally in the form of (i) beneficial interests in subordinated debentures or similarly structured securities or (ii) more senior debt securities that pay income and trade in a manner similar to preferred securities. The Fund may also invest in more traditional corporate debt securities and U.S. government securities.</p> <p>Preferred securities generally pay fixed or adjustable-rate distributions to investors and have preference over common stock in the payment of distributions and the liquidation of a company's assets, but are generally junior to all forms of the company's debt, including both senior and subordinated debt; therefore, the risks and potential rewards of investing in the Fund may at times be similar to the risks and potential rewards of investing in both equity funds and bond funds. Because the issuers of preferred securities are often financial companies, the Fund intends to concentrate (invest at least 25% of its net assets) in the industry or group of industries that comprise the financial sector, which may include banks, thrifts, brokerage firms, broker-dealers, investment banks, finance companies, real estate investment trusts ("REITs") and companies involved in the insurance industry.</p> <p>Under normal market conditions, the Fund invests substantially all of its net assets in investment grade securities. Investment grade quality securities are those that, at the time of purchase, are rated at least "BBB-" or higher by Standard &#38; Poor's Ratings Group, a division of the McGraw Hill Companies, Inc. ("S&#38;P"), or "Baa3" or higher by Moody's Investors Service, Inc. ("Moody's") or comparably rated by another nationally recognized statistical rating organization ("NRSRO") or, if unrated, determined by the Sub-Advisor to be of comparable credit quality. In the event that a security is rated by multiple NRSROs and receives different ratings, the Fund will treat the security as being rated in the highest rating category received from an NRSRO.</p> <p>Under normal market conditions, the Fund may invest up to 15% of its net assets in cash and/or cash equivalents. The Fund may invest in securities issued by companies domiciled in the United States, U.S. dollar-denominated depositary receipts and U.S. dollar-denominated foreign securities. The Fund may invest up to 15% of its net assets in Rule 144A Securities. Rule 144A Securities are generally subject to resale restrictions and may be illiquid.</p> <p>The Fund is classified as "non-diversified" under the Investment Company Act of 1940, as amended (the "1940 Act") and as a result may invest a relatively high percentage of its assets in a limited number of issuers. The Fund is only limited as to the percentage of its assets which may be invested in the securities of any one issuer by diversification requirements imposed by the Internal Revenue Code of 1986, as amended (the "Code").</p> <p>The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its net assets (including investment borrowings) in equity securities of U.S. listed companies with small market capitalizations ("Small-Cap Companies") at the time of investment. Currently, a company will be considered to be a Small-Cap Company if its market capitalization at the time of purchase is within the range of companies in the Russell 2000 Index or the S&#38;P SmallCap 600 Index during the most recent 12-month period (based on month-end data). Because market capitalization is measured at the time of initial purchase, if the market capitalization of a company included in the Fund grows above "small-cap," the Fund shall not be required to sell such security solely because it is no longer a Small-Cap Company.</p> <p>The portfolio managers seek to invest in Small-Cap Companies that in the portfolio managers' opinion have produced solid returns over extended periods of time. The portfolio managers' investment strategy is based on the rationale that a company which creates superior value, reflected in above-average operating returns, will ultimately have a stock price reflecting that superior performance.</p> <p>The portfolio managers follow a disciplined, research driven, investment process which seeks to uncover companies trading at discounts to their intrinsic values. By investing in stocks according to a value-based investment philosophy, the portfolio managers seek to enhance the long-term growth potential while limiting downside risk. Companies in which the portfolio managers invest are those that the portfolio managers expect to create above-average growth in value relative to their industries and to the overall market. These companies may include real estate investment trusts ("REITs") and business development companies ("BDCs"). Once such a company is identified, an extensive valuation analysis is performed to determine if its stock price reflects its underlying value.</p> <p>PRINCIPAL RISKS</p> <p>PRINCIPAL RISKS</p> <p>You could lose money by investing in the Fund. There can be no assurance that the Fund will achieve its investment objective. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.</p> <p>CONCENTRATION RISK. A fund concentrated in a single industry or sector is likely to present more risks than a fund that is broadly diversified over several industries or sectors. Compared to the broad market, an individual industry or sector may be more strongly affected by changes in the economic climate, broad market shifts, moves in a particular dominant stock, or regulatory changes.</p> <p>CREDIT RISK Credit risk is the risk that an issuer of a security may be unable or unwilling to make dividend, interest and principal payments when due and the related risk that the value of a security may decline because of concerns about the issuer's ability or willingness to make such payments. In addition, parties to other financial contracts with the Fund could default on their obligations.</p> <p>CURRENCY RISK. Although the Fund's net asset value is determined on the basis of U.S. dollars, because the Fund invests in foreign securities, you may lose money if the local currency of a foreign market depreciates against the U.S. dollar, even if the local currency value of the Fund's holdings goes up.</p> <p>DEPOSITARY RECEIPTS RISK. Depositary receipts may be less liquid than the underlying shares in their primary trading market. Any distributions paid to the holders of depositary receipts are usually subject to a fee charged by the depositary. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert equity shares into depositary receipts and vice versa. Such restrictions may cause equity shares of the underlying issuer to trade at a discount or premium to the market price of the depositary receipts.</p> <p>FINANCIAL COMPANY RISK. The Fund invests in the securities of financial companies, which may include banks, thrifts, brokerage firms, broker-dealers, investment banks, finance companies, REITs and companies involved in the insurance industry. Banks, thrifts and their holding companies are especially subject to the adverse effects of economic recession; government regulation; decreases in the availability of capital; volatile interest rates; portfolio concentrations in geographic markets and in commercial and residential real estate loans; and competition from new entrants in their fields of business.</p> <p>ILLIQUID SECURITIES RISK. Illiquid securities involve the risk that the securities will not be able to be sold at the time desired by the Fund or at prices approximately the value at which the Fund is carrying the securities on its books.</p> <p>INCOME RISK. If interest rates fall, the income from the Fund's portfolio will decline as the Fund invests the proceeds from new share sales, or from matured or called debt securities, at interest rates that are below the portfolio's current earnings rate.</p> <p>INTEREST RATE RISK. If interest rates rise, the prices of fixed-rate preferred securities and other fixed-rate debt securities held by the Fund will fall.</p> <p>MARKET RISK. Market risk is the risk that a particular security owned by the Fund or shares of the Fund in general may fall in value. Securities are subject to market fluctuations caused by such factors as economic, political, regulatory or market developments, changes in interest rates and perceived trends in stock prices. Overall stock values could decline generally or could underperform other investments.</p> <p>NON-DIVERSIFICATION RISK. The Fund is classified as "non-diversified" under the 1940 Act. As a result, the Fund is only limited as to the percentage of its assets which may be invested in the securities of any one issuer by the diversification requirements imposed by the Code. The Fund may invest a relatively high percentage of its assets in a limited number of issuers. As a result, the Fund may be more susceptible to a single adverse economic or regulatory occurrence affecting one or more of these issuers, experience increased volatility and be highly concentrated in certain issuers.</p> <p>NON-U.S. SECURITIES RISK. The Fund invests in securities of non-U.S. issuers, including non-U.S. dollar-denominated securities traded outside of the United States and U.S. dollar-denominated securities of non-U.S. issuers traded in the United States. Such securities are subject to higher volatility than securities of domestic issuers due to possible adverse political, social or economic developments; restrictions on foreign investment or exchange of securities; lack of liquidity; currency exchange rates; excessive taxation; government seizure of assets; different legal or accounting standards; and less government supervision and regulation of exchanges in foreign countries.</p> <p>PREFERRED SECURITIES RISK. Preferred securities combine some of the characteristics of both common stocks and bonds. Preferred securities are typically subordinated to bonds and other debt instruments in a company's capital structure, in terms of priority to corporate income, and therefore will be subject to greater credit risk than those debt instruments. Preferred securities are also subject to credit risk, interest rate risk and income risk.</p> <p>REIT RISK. Investing in REITs involves risks related to their structure and focus, which include, but are not limited to, dependency upon management skills, limited diversification, the risks of locating and managing financing for projects, heavy cash flow dependency, possible default by borrowers, the costs and potential losses of self-liquidation of one or more holdings, the risk of a possible lack of mortgage funds and associated interest rate risks, overbuilding, property vacancies, increases in property taxes and operating expenses, changes in zoning laws, losses due to environmental damages, changes in neighborhood values and appeal to purchases, the possibility of failing to maintain exemptions from registration under the 1940 Act and, in many cases, relatively small market capitalization, which may result in less market liquidity and greater price volatility. Fund shareholders indirectly pay REIT fees and expenses.</p> <p>You could lose money by investing in the Fund. There can be no assurance that the Fund will achieve its investment objective. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.</p> <p>BDC RISK. The Fund may invest in BDCs which may carry risks similar to those of a private equity or venture capital fund. BDCs are not redeemable at the option of the shareholder and they may trade in the market at a discount to their net asset value. The BDCs held by the Fund may employ the use of leverage their portfolios through borrowings or the issuance of preferred stock. While leverage often serves to increase the yield of a BDC, this leverage also subjects a BDC to increased risks, including the likelihood of increased volatility and the possibility that a BDC's common share income will fall if the dividend rate of the preferred shares or the interest rate on any borrowings rises.</p> <p>MARKET RISK. Market risk is the risk that a particular security owned by the Fund or shares of the Fund in general may fall in value. Securities are subject to market fluctuations caused by such factors as economic, political, regulatory or market developments, changes in interest rates and perceived trends in stock prices. Overall stock values could decline generally or could underperform other investments.</p> <p>MARKET CAPITALIZATION RISK. The Fund normally invests at least 80% of its assets in Small-Cap Companies. Because the market capitalization is measured at the time of its initial purchase, the Fund will not be forced to sell a stock because the stock has exceeded or fallen below the market capitalization range. Because of market movement, there can be no assurance that the securities held by the Fund will stay within the given market capitalization range. As a result, the Fund may be exposed to additional risk or investors may not be given the opportunity to invest fully in a certain market capitalization range.</p> <p>REAL ESTATE INVESTMENT RISK. The Fund invests in companies in the real estate industry, including REITs. Therefore, the Fund is subject to the risks associated with investing in real estate, which may include, but are not limited to, fluctuations in the value of underlying properties; defaults by borrowers or tenants; market saturation; changes in general and local economic conditions; decreases in market rates for rents; increases in competition, property taxes, capital expenditures or operating expenses; and other economic, political or regulatory occurrences affecting companies in the real estate industry.</p> <p>REIT RISK. Investing in REITs is subject to risks related to their structure and focus, which include, but are not limited to, dependency upon management skills, limited diversification, the risks of locating and managing financing for projects, heavy cash flow dependency, possible default by borrowers, the costs and potential losses of self-liquidation of one or more holdings, the risk of a possible lack of mortgage funds and associated interest rate risks, overbuilding, property vacancies, increases in property taxes and operating expenses, changes in zoning laws, losses due to environmental damages, changes in neighborhood values and appeal to purchases, the possibility of failing to maintain exemptions from registration under the Investment Company Act of 1940, as amended (the "1940 Act"), and, in many cases, relatively small market capitalization, which may result in less market liquidity and greater price volatility. Fund shareholders indirectly pay REIT fees and expenses.</p> <p>SMALL CAP RISK. The Fund invests in Small-Cap Companies. Such companies may be more vulnerable to adverse general market or economic developments, and their securities may be less liquid and may experience greater price volatility than larger, more established companies as a result of several factors, including limited trading volumes, products or financial resources, management inexperience and dependence on a few key people, and less publicly available information. Accordingly, such companies are generally subject to greater market risk than larger, more established companies. The market movements of equity securities issued by issuers with smaller capitalizations may be more abrupt or erratic than the market movements of equity securities of larger, more established companies or the stock market in general. Historically, smaller capitalization companies have sometimes gone through extended periods when they did not perform as well as larger companies. In addition, equity securities of Small-Cap Companies may be less liquid than those of larger companies.</p> <p>VALUE INVESTING RISK. The Fund focuses its investments on securities that the portfolio managers believe are undervalued or inexpensive relative to other investments. These types of securities may present risks in addition to the general risks associated with investing in them. These securities generally are selected on the basis of an issuer's business and economic fundamentals or the securities' current and projected credit profiles, relative to current market price. Such securities are subject to the risk of misestimating certain fundamental factors. Disciplined adherence to a "value" investment mandate during periods in which that style is "out of favor" can result in significant underperformance relative to overall market indices and other managed investment vehicles that pursue growth style investments and/or flexible style mandates.</p> <p>ANNUAL TOTAL RETURN</p> <p>ANNUAL TOTAL RETURN</p> <p>The bar chart and table below illustrate the calendar year return of the Fund's Class A shares for the past year as well as the average annual Fund returns for the one year and since inception periods ended December 31, 2012. The bar chart and table provide an indication of the risks of investing in the Fund by showing how the Fund's Class A shares' average annual total returns compare to those of a broad-based securities market index. See "Total Return Information" for additional performance information regarding the Fund. The Fund's performance information is accessible on the Fund's website at www.ftportfolios.com.</p> <p>Returns before taxes do not reflect the effects of any income or capital gains taxes. All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local tax. Returns after taxes on distributions reflect the taxed return on the payment of dividends and capital gains. Returns after taxes on distributions and sale of shares assume you sold your shares at period end, and, therefore, are also adjusted for any capital gains or losses incurred. After-tax returns are shown for only Class A shares, and after-tax returns for other Classes will vary. Returns for the market index do not include expenses, which are deducted from Fund returns, or taxes.</p> <p>Your own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Fund shares in tax-deferred accounts such as individual retirement accounts (IRAs) or employee-sponsored retirement plans.</p> <p>Imposition of the Fund's sales load is not reflected in the bar chart below. If the sales load was reflected, returns would be less than those shown.</p> <p>The bar chart and table below illustrate the calendar year return of the Fund's Class A shares for the past year as well as the average annual Fund returns for the one year and since inception periods ended December 31, 2012. The bar chart and table provide an indication of the risks of investing in the Fund by showing how the Fund's Class A Shares' average annual total returns compare to those of two broad-based securities market indices. See "Total Return Information" for additional performance information regarding the Fund. The Fund's performance information is accessible on the Fund's website at www.ftportfolios.com.</p> <p>Returns before taxes do not reflect the effects of any income or capital gains taxes. All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local tax. Returns after taxes on distributions reflect the taxed return on the payment of dividends and capital gains. Returns after taxes on distributions and sale of shares assume you sold your shares at period end, and, therefore, are also adjusted for any capital gains or losses incurred. After-tax returns are shown for only Class A shares, and after-tax returns for other Classes will vary. Returns for the market index do not include expenses, which are deducted from Fund returns, or taxes.</p> <p>Your own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Fund shares in tax-deferred accounts such as individual retirement accounts (IRAs) or employee-sponsored retirement plans.</p> <p>Imposition of the Fund's sales load is not reflected in the bar chart below. If the sales load was reflected, returns would be less than those shown.</p> <p>FIRST TRUST PREFERRED SECURITIES AND INCOME FUND--TOTAL RETURN ON CLASS A SHARES</p> <p>FIRST TRUST/CONFLUENCE SMALL CAP VALUE FUND--TOTAL RETURN ON CLASS A SHARES</p> <div style="display: none">~ http://xbrl.sec.gov/rr/role/BarChartData column period compact * column dei_LegalEntityAxis compact FPEFOV_S000030198Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display: none">~ http://xbrl.sec.gov/rr/role/BarChartData column period compact * column dei_LegalEntityAxis compact FPEFOV_S000030199Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <p>During the year ended December 31, 2012, the Fund's highest and lowest calendar quarter returns were 6.75% and 1.26%, respectively, for the quarters ended March 31, 2012 and December 31, 2012. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</p> <p>During the year ended December 31, 2012, the Fund's highest and lowest calendar quarter returns were 8.25% and -1.33%, respectively, for the quarters ended March 31, 2012 and June 30, 2012. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</p> <p>AVERAGE ANNUAL TOTAL RETURNS FOR THE FUND FOR THE PERIODS ENDED DECEMBER 31, 2012</p> <p>AVERAGE ANNUAL TOTAL RETURNS FOR THE FUND FOR THE PERIODS ENDED DECEMBER 31, 2012</p> <div style="display: none">~ http://xbrl.sec.gov/rr/role/PerformanceTableData column period compact * column dei_LegalEntityAxis compact FPEFOV_S000030198Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display: none">~ http://xbrl.sec.gov/rr/role/PerformanceTableData column period compact * column dei_LegalEntityAxis compact FPEFOV_S000030199Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> .0450 0 0 0 0 .0550 0 0 0 0 .0100 0 0 0 0 .0100 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 .0080 .0080 .0080 .0080 .0080 .0100 .0100 .0100 .0100 .0025 .0100 .0015 .0050 .0025 .0100 .0050 .0078 .0086 .0276 .0066 .1021 .2269 .2469 .4080 27.1594 .0183 .0266 .0371 .0146 .1151 .2422 .2697 .4208 27.1772 -.0080 -.0016 -.0206 -09.51 -0.2199 -.2399 -.4010 -27.1524 0.0175 0.0250 0.0165 0.0146 0.0200 .0223 .0298 .0198 .0248 609 342 156 138 191 753 390 189 240 966 768 509 452 616 1198 911 610 762 1346 1320 886 788 1067 1669 1557 1057 1310 2411 2827 1945 1738 2318 2965 3291 2297 2807 609 242 156 138 191 753 290 189 240 966 768 509 452 616 1198 911 610 762 1346 1320 886 788 1067 1669 1557 1057 1310 2411 2827 1945 1738 2318 2965 3291 2297 2807 .1664 .1520 0.1139 .0910 .0722 .1481 .1675 .1688 .1632 .1359 .0886 .0831 .0583 .1397 .1547 .1535 .1805 .1635 .0849 .0624 .0586 .1048 .1161 .1158 .1066 .0878 .0316 .0284 .0252 .0352 .0669 .0477 .0515 .0492 2011-02-25 2011-02-25 2011-02-25 2011-02-25 2011-03-02 2011-01-11 2011-03-02 2001-01-11 2011-02-24 2011-02-24 2011-02-24 2013-03-02 2011-01-11 2011-03-02 2011-01-11 2011-01-11 .0028 .0028 .0028 .0028 The contingent deferred sales charge on Class C shares applies only to redemptions within 12 months of purchase. The investment advisor and sub-advisor have agreed to waive fees and reimburse expenses through March 1, 2023 so that Total Annual Fund Operating Expenses (excluding 12b-1 distribution and service fees, interest expenses, taxes, fees incurred in acquiring and disposing of portfolio securities, and extraordinary expenses) do not exceed 1.50% of the average daily net assets of any class of Fund shares through March 1, 2023. Expense limitations may be terminated or modified prior to their expiration only with the approval of the Board of Trustees of the FirstTrust Series Fund. Since Inception Index returns are based on inception date of the Class I shares. Other Expenses are estimated for the current fiscal year. The investment advisor and sub-advisor have agreed to waive fees and reimburse expenses through March 1, 2023 so that Total Annual Fund Operating Expenses (excluding 12b-1 distribution and service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities, and extraordinary expenses) do not exceed 1.70% of the average daily net assets of any class of Fund shares through March 1, 2023. Expense limitations may be terminated or modified prior to their expiration only with the approval of the Board of Trustees of the First Trust Series Fund. EX-101.SCH 3 fpefov-20130321.xsd XBRL SCHEMA FILE EX-101.DEF 4 fpefov-20130321_def.xml XBRL DEFINITION FILE EX-101.LAB 5 fpefov-20130321_lab.xml XBRL LABEL FILE First Trust Preferred Securities and Income Fund Legal Entity [Axis] Class A Share Class [Axis] After Taxes on Distributions Performance Measure [Axis] After Taxes on Distributions and Sales Class C Class F Class I Class R3 Merrill Lynch Fixed Rate Preferred Stock Index First Trust/Confluence Small Cap Value Fund Class A Class C Class I Class R3 Russell 2000(R) Value Index Russell 2000(R) Index Risk/Return: Risk/Return [Heading] Objective [Heading] Objective, Primary [Text Block] Objective, Secondary [Text Block] Expense [Heading] Expense Narrative [Text Block] Shareholder Fees Caption [Text] Shareholder Fees [Table] Operating Expenses Caption [Text] Annual Fund Operating Expenses [Table] Expense Footnotes [Text Block] Expenses Deferred Charges [Text Block] Expenses Range of Exchange Fees [Text Block] Expense Example [Heading] Expense Example by Year [Heading] Expense Example Narrative [Text Block] Expense Example by, Year, Caption [Text] Expense Example, With Redemption [Table] Expense Example, No Redemption Narrative [Text Block] Expense Example, No Redemption, By Year, Caption [Text] Expense Example, No Redemption [Table] Expense Example Footnotes [Text Block] Expense Example Closing [Text Block] Portfolio Turnover [Heading] Portfolio Turnover [Text Block] Strategy [Heading] Strategy Narrative [Text Block] Risk [Heading] Risk Narrative [Text Block] Risk Footnotes [Text Block] Risk Closing [Text Block] Bar Chart and Performance Table [Heading] Performance Narrative [Text Block] Bar Chart Narrative [Text Block] Bar Chart [Heading] Bar Chart [Table] Bar Chart Footnotes [Text Block] Bar Chart Closing [Text Block] Performance Table Heading Performance Table Narrative Performance [Table] Market Index Performance [Table] Performance Table Footnotes Performance Table Closing [Text Block] Shareholder Fees: Shareholder Fees Column [Text] Maximum Cumulative Sales Charge (as a percentage of Offering Price) Maximum Cumulative Sales Charge (as a percentage) Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) Maximum Deferred Sales Charge (as a percentage of Offering Price) Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of purchase price or redemption proceeds) Maximum Sales Charge (Load) Imposed on Reinvested Dividends Redemption Fee (as a percentage of Amount Redeemed) Redemption Fee Exchange Fee (as a percentage of Amount Redeemed) Exchange Fee Maximum Account Fee (as a percentage of Assets) Maximum Account Fee Shareholder Fee, Other Operating Expenses: Operating Expenses Column [Text] Management Fee Distribution and Service (12b-1) Fees Distribution or Similar (Non 12b-1) Fees Component1 Other Expenses Component2 Other Expenses Component3 Other Expenses Other Expenses Acquired Fund Fees and Expenses Total Annual Fund Operating Expenses Fee Waivers and Expense Reimbursements Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements Expense Example: Expense Example, By Year, Column [Text] 1 Year 3 Years 5 Years 10 Years Expense Example, No Redemption: Expense Example, No Redemption, By Year, Column [Text] 1 Year 3 Years 5 Years 10 Years Bar Chart Table: Annual Return Caption [Text] Annual Return, Column [Text] Annual Return, Inception Date Annual Return 1990 Annual Return 1991 Annual Return 1992 Annual Return 1993 Annual Return 1994 Annual Return 1995 Annual Return 1996 Annual Return 1997 Annual Return 1998 Annual Return 1999 Annual Return 2000 Annual Return 2001 Annual Return 2002 Annual Return 2003 Annual Return 2004 Annual Return 2005 Annual Return 2006 Annual Return 2007 Annual Return 2008 Annual Return 2009 Annual Return 2010 Annual Return 2011 Annual Return 2012 Annual Return 2013 Annual Return 2014 Average Annual Return: Label 1 Year 5 Years 10 Years Since Inception Inception Date Risk/Return Detail [Table] Document Type Document Period End Date Registrant Name Central Index Key Amendment Flag Amendment Description Trading Symbol Document Creation Date Document Effective Date Prospectus Date Fee Waiver or Reimbursement over Assets, Date of Termination Portfolio Turnover, Rate Expense Breakpoint Discounts [Text] Expense Breakpoint, Minimum Investment Required [Amount] Expense Exchange Traded Fund Commissions [Text] Expenses Represent Both Master and Feeder [Text] Expenses Explanation of Nonrecurring Account Fee [Text] Other Expenses, New Fund, Based on Estimates [Text] Acquired Fund Fees and Expenses, Based on Estimates [Text] Expenses Other Expenses Had Extraordinary Expenses Been Included [Text] Expenses Restated to Reflect Current [Text] Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] Strategy Portfolio Concentration [Text] Risk Lose Money [Text] Risk Nondiversified Status [Text] Risk Money Market Fund [Text] Risk Not Insured Depository Institution [Text] Risk Caption Risk Column [Text] Risk [Text] Performance Information Illustrates Variability of Returns [Text] Performance One Year or Less [Text] Performance Additional Market Index [Text] Performance Availability Phone [Text] Performance Availability Website Address [Text] Performance Past Does Not Indicate Future [Text] Bar Chart Does Not Reflect Sales Loads [Text] Bar Chart, Reason Selected Class Different from Immediately Preceding Period [Text] Bar Chart, Returns for Class Not Offered in Prospectus [Text] Year to Date Return, Label Bar Chart, Year to Date Return, Date Bar Chart, Year to Date Return Highest Quarterly Return, Label Highest Quarterly Return, Date Highest Quarterly Return Lowest Quarterly Return, Label Lowest Quarterly Return, Date Lowest Quarterly Return Performance Table Does Reflect Sales Loads Performance Table Market Index Changed Index No Deduction for Fees, Expenses, Taxes [Text] Performance Table Uses Highest Federal Rate Performance Table Not Relevant to Tax Deferred Performance Table One Class of after Tax Shown [Text] Performance Table Explanation after Tax Higher Performance Table Footnotes, Reason Performance Information for Class Different from Immediately Preceding Period [Text] Caption Column Money Market Seven Day Yield, Caption [Text] Money Market Seven Day Yield Column [Text] Money Market Seven Day Yield Phone Money Market Seven Day Yield Money Market Seven Day Tax Equivalent Yield Thirty Day Yield Caption Thirty Day Yield Column [Text] Thirty Day Yield Phone Thirty Day Yield Thirty Day Tax Equivalent Yield C000092938Member C000092939Member C000092941Member C000092937Member Expense Example, with Redemption, 1 Year Expense Example, with Redemption, 5 Years Expense Example, with Redemption, 10 Years Expense Example, No Redemption, 1 Year Expense Example, No Redemption, 3 Years Expense Example, No Redemption, 5 Years Expense Example, No Redemption, 10 Years EX-101.PRE 6 fpefov-20130321_pre.xml XBRL PRESENTATION 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Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Document Type dei_DocumentType 485BPOS
Document Period End Date dei_DocumentPeriodEndDate Mar. 01, 2013
Registrant Name dei_EntityRegistrantName First Trust Series Fund
Central Index Key dei_EntityCentralIndexKey 0001497778
Amendment Flag dei_AmendmentFlag false
Document Creation Date dei_DocumentCreationDate Mar. 21, 2013
Document Effective Date dei_DocumentEffectiveDate Mar. 01, 2013
Prospectus Date rr_ProspectusDate Mar. 01, 2013
First Trust Preferred Securities and Income Fund
  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading

SUMMARY INFORMATION
Objective [Heading] rr_ObjectiveHeading

INVESTMENT OBJECTIVE
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

The First Trust Preferred Securities and Income Fund (the "Fund") seeks to provide current income and total return.
Expense [Heading] rr_ExpenseHeading

FEES AND EXPENSES OF THE FUND
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund or in other First Trust Portfolios L.P. mutual funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and in "Share Classes" on page 21 of this prospectus, "Investment in Fund Shares" on page 24 of this prospectus and "Purchase and Redemption of Fund Shares" on page 52 of the Fund's statement of additional information ("SAI").
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption

SHAREHOLDER FEES (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading

PORTFOLIO TURNOVER
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 60% of the average value of its portfolio.
Expense Example [Heading] rr_ExpenseExampleHeading

EXAMPLE
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock

The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated. The example also assumes that your investment has a 5% return each year and that the Fund's annual operating expenses remain at current levels until March 1, 2023. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading

PRINCIPAL INVESTMENT STRATEGIES
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its net assets (including investment borrowings) in preferred securities and other securities with similar economic characteristics. Securities that have economic characteristics that are similar to preferred securities include certain debt instruments. Such debt instruments are typically issued by corporations, generally in the form of interest bearing notes, or by an affiliated business trust of a corporation, generally in the form of (i) beneficial interests in subordinated debentures or similarly structured securities or (ii) more senior debt securities that pay income and trade in a manner similar to preferred securities. The Fund may also invest in more traditional corporate debt securities and U.S. government securities.

Preferred securities generally pay fixed or adjustable-rate distributions to investors and have preference over common stock in the payment of distributions and the liquidation of a company's assets, but are generally junior to all forms of the company's debt, including both senior and subordinated debt; therefore, the risks and potential rewards of investing in the Fund may at times be similar to the risks and potential rewards of investing in both equity funds and bond funds. Because the issuers of preferred securities are often financial companies, the Fund intends to concentrate (invest at least 25% of its net assets) in the industry or group of industries that comprise the financial sector, which may include banks, thrifts, brokerage firms, broker-dealers, investment banks, finance companies, real estate investment trusts ("REITs") and companies involved in the insurance industry.

Under normal market conditions, the Fund invests substantially all of its net assets in investment grade securities. Investment grade quality securities are those that, at the time of purchase, are rated at least "BBB-" or higher by Standard & Poor's Ratings Group, a division of the McGraw Hill Companies, Inc. ("S&P"), or "Baa3" or higher by Moody's Investors Service, Inc. ("Moody's") or comparably rated by another nationally recognized statistical rating organization ("NRSRO") or, if unrated, determined by the Sub-Advisor to be of comparable credit quality. In the event that a security is rated by multiple NRSROs and receives different ratings, the Fund will treat the security as being rated in the highest rating category received from an NRSRO.

Under normal market conditions, the Fund may invest up to 15% of its net assets in cash and/or cash equivalents. The Fund may invest in securities issued by companies domiciled in the United States, U.S. dollar-denominated depositary receipts and U.S. dollar-denominated foreign securities. The Fund may invest up to 15% of its net assets in Rule 144A Securities. Rule 144A Securities are generally subject to resale restrictions and may be illiquid.

The Fund is classified as "non-diversified" under the Investment Company Act of 1940, as amended (the "1940 Act") and as a result may invest a relatively high percentage of its assets in a limited number of issuers. The Fund is only limited as to the percentage of its assets which may be invested in the securities of any one issuer by diversification requirements imposed by the Internal Revenue Code of 1986, as amended (the "Code").
Risk [Heading] rr_RiskHeading

PRINCIPAL RISKS
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

You could lose money by investing in the Fund. There can be no assurance that the Fund will achieve its investment objective. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.

CONCENTRATION RISK. A fund concentrated in a single industry or sector is likely to present more risks than a fund that is broadly diversified over several industries or sectors. Compared to the broad market, an individual industry or sector may be more strongly affected by changes in the economic climate, broad market shifts, moves in a particular dominant stock, or regulatory changes.

CREDIT RISK Credit risk is the risk that an issuer of a security may be unable or unwilling to make dividend, interest and principal payments when due and the related risk that the value of a security may decline because of concerns about the issuer's ability or willingness to make such payments. In addition, parties to other financial contracts with the Fund could default on their obligations.

CURRENCY RISK. Although the Fund's net asset value is determined on the basis of U.S. dollars, because the Fund invests in foreign securities, you may lose money if the local currency of a foreign market depreciates against the U.S. dollar, even if the local currency value of the Fund's holdings goes up.

DEPOSITARY RECEIPTS RISK. Depositary receipts may be less liquid than the underlying shares in their primary trading market. Any distributions paid to the holders of depositary receipts are usually subject to a fee charged by the depositary. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert equity shares into depositary receipts and vice versa. Such restrictions may cause equity shares of the underlying issuer to trade at a discount or premium to the market price of the depositary receipts.

FINANCIAL COMPANY RISK. The Fund invests in the securities of financial companies, which may include banks, thrifts, brokerage firms, broker-dealers, investment banks, finance companies, REITs and companies involved in the insurance industry. Banks, thrifts and their holding companies are especially subject to the adverse effects of economic recession; government regulation; decreases in the availability of capital; volatile interest rates; portfolio concentrations in geographic markets and in commercial and residential real estate loans; and competition from new entrants in their fields of business.

ILLIQUID SECURITIES RISK. Illiquid securities involve the risk that the securities will not be able to be sold at the time desired by the Fund or at prices approximately the value at which the Fund is carrying the securities on its books.

INCOME RISK. If interest rates fall, the income from the Fund's portfolio will decline as the Fund invests the proceeds from new share sales, or from matured or called debt securities, at interest rates that are below the portfolio's current earnings rate.

INTEREST RATE RISK. If interest rates rise, the prices of fixed-rate preferred securities and other fixed-rate debt securities held by the Fund will fall.

MARKET RISK. Market risk is the risk that a particular security owned by the Fund or shares of the Fund in general may fall in value. Securities are subject to market fluctuations caused by such factors as economic, political, regulatory or market developments, changes in interest rates and perceived trends in stock prices. Overall stock values could decline generally or could underperform other investments.

NON-DIVERSIFICATION RISK. The Fund is classified as "non-diversified" under the 1940 Act. As a result, the Fund is only limited as to the percentage of its assets which may be invested in the securities of any one issuer by the diversification requirements imposed by the Code. The Fund may invest a relatively high percentage of its assets in a limited number of issuers. As a result, the Fund may be more susceptible to a single adverse economic or regulatory occurrence affecting one or more of these issuers, experience increased volatility and be highly concentrated in certain issuers.

NON-U.S. SECURITIES RISK. The Fund invests in securities of non-U.S. issuers, including non-U.S. dollar-denominated securities traded outside of the United States and U.S. dollar-denominated securities of non-U.S. issuers traded in the United States. Such securities are subject to higher volatility than securities of domestic issuers due to possible adverse political, social or economic developments; restrictions on foreign investment or exchange of securities; lack of liquidity; currency exchange rates; excessive taxation; government seizure of assets; different legal or accounting standards; and less government supervision and regulation of exchanges in foreign countries.

PREFERRED SECURITIES RISK. Preferred securities combine some of the characteristics of both common stocks and bonds. Preferred securities are typically subordinated to bonds and other debt instruments in a company's capital structure, in terms of priority to corporate income, and therefore will be subject to greater credit risk than those debt instruments. Preferred securities are also subject to credit risk, interest rate risk and income risk.

REIT RISK. Investing in REITs involves risks related to their structure and focus, which include, but are not limited to, dependency upon management skills, limited diversification, the risks of locating and managing financing for projects, heavy cash flow dependency, possible default by borrowers, the costs and potential losses of self-liquidation of one or more holdings, the risk of a possible lack of mortgage funds and associated interest rate risks, overbuilding, property vacancies, increases in property taxes and operating expenses, changes in zoning laws, losses due to environmental damages, changes in neighborhood values and appeal to purchases, the possibility of failing to maintain exemptions from registration under the 1940 Act and, in many cases, relatively small market capitalization, which may result in less market liquidity and greater price volatility. Fund shareholders indirectly pay REIT fees and expenses.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading

ANNUAL TOTAL RETURN
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

The bar chart and table below illustrate the calendar year return of the Fund's Class A shares for the past year as well as the average annual Fund returns for the one year and since inception periods ended December 31, 2012. The bar chart and table provide an indication of the risks of investing in the Fund by showing how the Fund's Class A shares' average annual total returns compare to those of a broad-based securities market index. See "Total Return Information" for additional performance information regarding the Fund. The Fund's performance information is accessible on the Fund's website at www.ftportfolios.com.

Returns before taxes do not reflect the effects of any income or capital gains taxes. All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local tax. Returns after taxes on distributions reflect the taxed return on the payment of dividends and capital gains. Returns after taxes on distributions and sale of shares assume you sold your shares at period end, and, therefore, are also adjusted for any capital gains or losses incurred. After-tax returns are shown for only Class A shares, and after-tax returns for other Classes will vary. Returns for the market index do not include expenses, which are deducted from Fund returns, or taxes.

Your own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Fund shares in tax-deferred accounts such as individual retirement accounts (IRAs) or employee-sponsored retirement plans.

Imposition of the Fund's sales load is not reflected in the bar chart below. If the sales load was reflected, returns would be less than those shown.
Bar Chart [Heading] rr_BarChartHeading

FIRST TRUST PREFERRED SECURITIES AND INCOME FUND--TOTAL RETURN ON CLASS A SHARES
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock

During the year ended December 31, 2012, the Fund's highest and lowest calendar quarter returns were 6.75% and 1.26%, respectively, for the quarters ended March 31, 2012 and December 31, 2012. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
Performance Table Heading rr_PerformanceTableHeading

AVERAGE ANNUAL TOTAL RETURNS FOR THE FUND FOR THE PERIODS ENDED DECEMBER 31, 2012
First Trust Preferred Securities and Income Fund | Class A
  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 4.50%
Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther none [1]
Maximum Sales Charge (Load) Imposed on Reinvested Dividends rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Exchange Fee rr_ExchangeFee none
Management Fee rr_ManagementFeesOverAssets 0.80%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 0.78%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.83%
Fee Waivers and Expense Reimbursements rr_FeeWaiverOrReimbursementOverAssets (0.80%) [2]
Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements rr_NetExpensesOverAssets 1.75%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 609
3 Years rr_ExpenseExampleYear03 966
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,346
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 2,411
Expense Example, No Redemption, 1 Year rr_ExpenseExampleNoRedemptionYear01 609
Expense Example, No Redemption, 3 Years rr_ExpenseExampleNoRedemptionYear03 966
Expense Example, No Redemption, 5 Years rr_ExpenseExampleNoRedemptionYear05 1,346
Expense Example, No Redemption, 10 Years rr_ExpenseExampleNoRedemptionYear10 2,411
Annual Return 2012 rr_AnnualReturn2012 16.64%
1 Year rr_AverageAnnualReturnYear01 11.39%
Since Inception rr_AverageAnnualReturnSinceInception 8.49%
Inception Date rr_AverageAnnualReturnInceptionDate Feb. 25, 2011
First Trust Preferred Securities and Income Fund | Class C
  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther 1.00% [1]
Maximum Sales Charge (Load) Imposed on Reinvested Dividends rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Exchange Fee rr_ExchangeFee none
Management Fee rr_ManagementFeesOverAssets 0.80%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Other Expenses rr_OtherExpensesOverAssets 0.86%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.66%
Fee Waivers and Expense Reimbursements rr_FeeWaiverOrReimbursementOverAssets (0.16%) [2]
Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements rr_NetExpensesOverAssets 2.50%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 342
3 Years rr_ExpenseExampleYear03 768
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,320
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 2,827
Expense Example, No Redemption, 1 Year rr_ExpenseExampleNoRedemptionYear01 242
Expense Example, No Redemption, 3 Years rr_ExpenseExampleNoRedemptionYear03 768
Expense Example, No Redemption, 5 Years rr_ExpenseExampleNoRedemptionYear05 1,320
Expense Example, No Redemption, 10 Years rr_ExpenseExampleNoRedemptionYear10 2,827
1 Year rr_AverageAnnualReturnYear01 14.81%
Since Inception rr_AverageAnnualReturnSinceInception 10.48%
Inception Date rr_AverageAnnualReturnInceptionDate Feb. 25, 2011
First Trust Preferred Securities and Income Fund | Class F
  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther none [1]
Maximum Sales Charge (Load) Imposed on Reinvested Dividends rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Exchange Fee rr_ExchangeFee none
Management Fee rr_ManagementFeesOverAssets 0.80%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.15%
Other Expenses rr_OtherExpensesOverAssets 2.76%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 3.71%
Fee Waivers and Expense Reimbursements rr_FeeWaiverOrReimbursementOverAssets (2.06%) [2]
Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements rr_NetExpensesOverAssets 1.65%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 156
3 Years rr_ExpenseExampleYear03 509
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 886
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,945
Expense Example, No Redemption, 1 Year rr_ExpenseExampleNoRedemptionYear01 156
Expense Example, No Redemption, 3 Years rr_ExpenseExampleNoRedemptionYear03 509
Expense Example, No Redemption, 5 Years rr_ExpenseExampleNoRedemptionYear05 886
Expense Example, No Redemption, 10 Years rr_ExpenseExampleNoRedemptionYear10 1,945
1 Year rr_AverageAnnualReturnYear01 16.75%
Since Inception rr_AverageAnnualReturnSinceInception 11.61%
Inception Date rr_AverageAnnualReturnInceptionDate Mar. 02, 2011
First Trust Preferred Securities and Income Fund | Class I
  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther none [1]
Maximum Sales Charge (Load) Imposed on Reinvested Dividends rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Exchange Fee rr_ExchangeFee none
Management Fee rr_ManagementFeesOverAssets 0.80%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets   
Other Expenses rr_OtherExpensesOverAssets 0.66%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.46%
Fee Waivers and Expense Reimbursements rr_FeeWaiverOrReimbursementOverAssets    [2]
Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements rr_NetExpensesOverAssets 1.46%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 138
3 Years rr_ExpenseExampleYear03 452
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 788
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,738
Expense Example, No Redemption, 1 Year rr_ExpenseExampleNoRedemptionYear01 138
Expense Example, No Redemption, 3 Years rr_ExpenseExampleNoRedemptionYear03 452
Expense Example, No Redemption, 5 Years rr_ExpenseExampleNoRedemptionYear05 788
Expense Example, No Redemption, 10 Years rr_ExpenseExampleNoRedemptionYear10 1,738
1 Year rr_AverageAnnualReturnYear01 16.88%
Since Inception rr_AverageAnnualReturnSinceInception 11.58%
Inception Date rr_AverageAnnualReturnInceptionDate Jan. 11, 2011
First Trust Preferred Securities and Income Fund | Class R3
  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther none [1]
Maximum Sales Charge (Load) Imposed on Reinvested Dividends rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Exchange Fee rr_ExchangeFee none
Management Fee rr_ManagementFeesOverAssets 0.80%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.50%
Other Expenses rr_OtherExpensesOverAssets 10.21%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 11.51%
Fee Waivers and Expense Reimbursements rr_FeeWaiverOrReimbursementOverAssets (951.00%) [2]
Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements rr_NetExpensesOverAssets 2.00%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 191
3 Years rr_ExpenseExampleYear03 616
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,067
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 2,318
Expense Example, No Redemption, 1 Year rr_ExpenseExampleNoRedemptionYear01 191
Expense Example, No Redemption, 3 Years rr_ExpenseExampleNoRedemptionYear03 616
Expense Example, No Redemption, 5 Years rr_ExpenseExampleNoRedemptionYear05 1,067
Expense Example, No Redemption, 10 Years rr_ExpenseExampleNoRedemptionYear10 2,318
1 Year rr_AverageAnnualReturnYear01 16.32%
Since Inception rr_AverageAnnualReturnSinceInception 10.66%
Inception Date rr_AverageAnnualReturnInceptionDate Mar. 02, 2011
First Trust Preferred Securities and Income Fund | After Taxes on Distributions | Class A
  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 9.10%
Since Inception rr_AverageAnnualReturnSinceInception 6.24%
Inception Date rr_AverageAnnualReturnInceptionDate Feb. 25, 2011
First Trust Preferred Securities and Income Fund | After Taxes on Distributions and Sales | Class A
  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 7.22%
Since Inception rr_AverageAnnualReturnSinceInception 5.86%
Inception Date rr_AverageAnnualReturnInceptionDate Feb. 25, 2011
First Trust Preferred Securities and Income Fund | Merrill Lynch Fixed Rate Preferred Stock Index
  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 13.59%
Since Inception rr_AverageAnnualReturnSinceInception 8.78%
Inception Date rr_AverageAnnualReturnInceptionDate Jan. 11, 2001 [3]
First Trust/Confluence Small Cap Value Fund
  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading

SUMMARY INFORMATION
Objective [Heading] rr_ObjectiveHeading

INVESTMENT OBJECTIVE
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

The First Trust/Confluence Small Cap Value Fund (the "Fund") seeks to provide long-term capital appreciation.
Expense [Heading] rr_ExpenseHeading

FEES AND EXPENSES OF THE FUND
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund or in other First Trust Portfolios L.P. mutual funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and in "Share Classes" on page 21 of this prospectus, "Investment in Fund Shares" on page 24 of this prospectus and "Purchase and Redemption of Fund Shares" on page 52 of the Fund's statement of additional information ("SAI").
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption

SHAREHOLDER FEES (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading

PORTFOLIO TURNOVER
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 11% of the average value of its portfolio.
Expense Example [Heading] rr_ExpenseExampleHeading

EXAMPLE
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock

The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then either redeem or do not redeem your shares at the end of a period. The example also assumes that your investment has a 5% return each year and that the Fund's annual operating expenses remain at current levels until March 1, 2023. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading

PRINCIPAL INVESTMENT STRATEGIES
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its net assets (including investment borrowings) in equity securities of U.S. listed companies with small market capitalizations ("Small-Cap Companies") at the time of investment. Currently, a company will be considered to be a Small-Cap Company if its market capitalization at the time of purchase is within the range of companies in the Russell 2000 Index or the S&P SmallCap 600 Index during the most recent 12-month period (based on month-end data). Because market capitalization is measured at the time of initial purchase, if the market capitalization of a company included in the Fund grows above "small-cap," the Fund shall not be required to sell such security solely because it is no longer a Small-Cap Company.

The portfolio managers seek to invest in Small-Cap Companies that in the portfolio managers' opinion have produced solid returns over extended periods of time. The portfolio managers' investment strategy is based on the rationale that a company which creates superior value, reflected in above-average operating returns, will ultimately have a stock price reflecting that superior performance.

The portfolio managers follow a disciplined, research driven, investment process which seeks to uncover companies trading at discounts to their intrinsic values. By investing in stocks according to a value-based investment philosophy, the portfolio managers seek to enhance the long-term growth potential while limiting downside risk. Companies in which the portfolio managers invest are those that the portfolio managers expect to create above-average growth in value relative to their industries and to the overall market. These companies may include real estate investment trusts ("REITs") and business development companies ("BDCs"). Once such a company is identified, an extensive valuation analysis is performed to determine if its stock price reflects its underlying value.
Risk [Heading] rr_RiskHeading

PRINCIPAL RISKS
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

You could lose money by investing in the Fund. There can be no assurance that the Fund will achieve its investment objective. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.

BDC RISK. The Fund may invest in BDCs which may carry risks similar to those of a private equity or venture capital fund. BDCs are not redeemable at the option of the shareholder and they may trade in the market at a discount to their net asset value. The BDCs held by the Fund may employ the use of leverage their portfolios through borrowings or the issuance of preferred stock. While leverage often serves to increase the yield of a BDC, this leverage also subjects a BDC to increased risks, including the likelihood of increased volatility and the possibility that a BDC's common share income will fall if the dividend rate of the preferred shares or the interest rate on any borrowings rises.

MARKET RISK. Market risk is the risk that a particular security owned by the Fund or shares of the Fund in general may fall in value. Securities are subject to market fluctuations caused by such factors as economic, political, regulatory or market developments, changes in interest rates and perceived trends in stock prices. Overall stock values could decline generally or could underperform other investments.

MARKET CAPITALIZATION RISK. The Fund normally invests at least 80% of its assets in Small-Cap Companies. Because the market capitalization is measured at the time of its initial purchase, the Fund will not be forced to sell a stock because the stock has exceeded or fallen below the market capitalization range. Because of market movement, there can be no assurance that the securities held by the Fund will stay within the given market capitalization range. As a result, the Fund may be exposed to additional risk or investors may not be given the opportunity to invest fully in a certain market capitalization range.

REAL ESTATE INVESTMENT RISK. The Fund invests in companies in the real estate industry, including REITs. Therefore, the Fund is subject to the risks associated with investing in real estate, which may include, but are not limited to, fluctuations in the value of underlying properties; defaults by borrowers or tenants; market saturation; changes in general and local economic conditions; decreases in market rates for rents; increases in competition, property taxes, capital expenditures or operating expenses; and other economic, political or regulatory occurrences affecting companies in the real estate industry.

REIT RISK. Investing in REITs is subject to risks related to their structure and focus, which include, but are not limited to, dependency upon management skills, limited diversification, the risks of locating and managing financing for projects, heavy cash flow dependency, possible default by borrowers, the costs and potential losses of self-liquidation of one or more holdings, the risk of a possible lack of mortgage funds and associated interest rate risks, overbuilding, property vacancies, increases in property taxes and operating expenses, changes in zoning laws, losses due to environmental damages, changes in neighborhood values and appeal to purchases, the possibility of failing to maintain exemptions from registration under the Investment Company Act of 1940, as amended (the "1940 Act"), and, in many cases, relatively small market capitalization, which may result in less market liquidity and greater price volatility. Fund shareholders indirectly pay REIT fees and expenses.

SMALL CAP RISK. The Fund invests in Small-Cap Companies. Such companies may be more vulnerable to adverse general market or economic developments, and their securities may be less liquid and may experience greater price volatility than larger, more established companies as a result of several factors, including limited trading volumes, products or financial resources, management inexperience and dependence on a few key people, and less publicly available information. Accordingly, such companies are generally subject to greater market risk than larger, more established companies. The market movements of equity securities issued by issuers with smaller capitalizations may be more abrupt or erratic than the market movements of equity securities of larger, more established companies or the stock market in general. Historically, smaller capitalization companies have sometimes gone through extended periods when they did not perform as well as larger companies. In addition, equity securities of Small-Cap Companies may be less liquid than those of larger companies.

VALUE INVESTING RISK. The Fund focuses its investments on securities that the portfolio managers believe are undervalued or inexpensive relative to other investments. These types of securities may present risks in addition to the general risks associated with investing in them. These securities generally are selected on the basis of an issuer's business and economic fundamentals or the securities' current and projected credit profiles, relative to current market price. Such securities are subject to the risk of misestimating certain fundamental factors. Disciplined adherence to a "value" investment mandate during periods in which that style is "out of favor" can result in significant underperformance relative to overall market indices and other managed investment vehicles that pursue growth style investments and/or flexible style mandates.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading

ANNUAL TOTAL RETURN
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

The bar chart and table below illustrate the calendar year return of the Fund's Class A shares for the past year as well as the average annual Fund returns for the one year and since inception periods ended December 31, 2012. The bar chart and table provide an indication of the risks of investing in the Fund by showing how the Fund's Class A Shares' average annual total returns compare to those of two broad-based securities market indices. See "Total Return Information" for additional performance information regarding the Fund. The Fund's performance information is accessible on the Fund's website at www.ftportfolios.com.

Returns before taxes do not reflect the effects of any income or capital gains taxes. All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local tax. Returns after taxes on distributions reflect the taxed return on the payment of dividends and capital gains. Returns after taxes on distributions and sale of shares assume you sold your shares at period end, and, therefore, are also adjusted for any capital gains or losses incurred. After-tax returns are shown for only Class A shares, and after-tax returns for other Classes will vary. Returns for the market index do not include expenses, which are deducted from Fund returns, or taxes.

Your own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Fund shares in tax-deferred accounts such as individual retirement accounts (IRAs) or employee-sponsored retirement plans.

Imposition of the Fund's sales load is not reflected in the bar chart below. If the sales load was reflected, returns would be less than those shown.
Bar Chart [Heading] rr_BarChartHeading

FIRST TRUST/CONFLUENCE SMALL CAP VALUE FUND--TOTAL RETURN ON CLASS A SHARES
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock

During the year ended December 31, 2012, the Fund's highest and lowest calendar quarter returns were 8.25% and -1.33%, respectively, for the quarters ended March 31, 2012 and June 30, 2012. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
Performance Table Heading rr_PerformanceTableHeading

AVERAGE ANNUAL TOTAL RETURNS FOR THE FUND FOR THE PERIODS ENDED DECEMBER 31, 2012
First Trust/Confluence Small Cap Value Fund | Class A
  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 5.50%
Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther none [1]
Maximum Sales Charge (Load) Imposed on Reinvested Dividends rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Exchange Fee rr_ExchangeFee none
Management Fee rr_ManagementFeesOverAssets 1.00%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 22.69% [4]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.28%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 24.22%
Fee Waivers and Expense Reimbursements rr_FeeWaiverOrReimbursementOverAssets (21.99%) [5]
Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements rr_NetExpensesOverAssets 2.23%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 753
3 Years rr_ExpenseExampleYear03 1,198
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,669
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 2,965
Expense Example, No Redemption, 1 Year rr_ExpenseExampleNoRedemptionYear01 753
Expense Example, No Redemption, 3 Years rr_ExpenseExampleNoRedemptionYear03 1,198
Expense Example, No Redemption, 5 Years rr_ExpenseExampleNoRedemptionYear05 1,669
Expense Example, No Redemption, 10 Years rr_ExpenseExampleNoRedemptionYear10 2,965
Annual Return 2012 rr_AnnualReturn2012 15.20%
1 Year rr_AverageAnnualReturnYear01 8.86%
Since Inception rr_AverageAnnualReturnSinceInception 3.16%
Inception Date rr_AverageAnnualReturnInceptionDate Feb. 24, 2011
First Trust/Confluence Small Cap Value Fund | Class C
  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther 1.00% [1]
Maximum Sales Charge (Load) Imposed on Reinvested Dividends rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Exchange Fee rr_ExchangeFee none
Management Fee rr_ManagementFeesOverAssets 1.00%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Other Expenses rr_OtherExpensesOverAssets 24.69% [4]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.28%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 26.97%
Fee Waivers and Expense Reimbursements rr_FeeWaiverOrReimbursementOverAssets (23.99%) [5]
Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements rr_NetExpensesOverAssets 2.98%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 390
3 Years rr_ExpenseExampleYear03 911
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,557
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 3,291
Expense Example, No Redemption, 1 Year rr_ExpenseExampleNoRedemptionYear01 290
Expense Example, No Redemption, 3 Years rr_ExpenseExampleNoRedemptionYear03 911
Expense Example, No Redemption, 5 Years rr_ExpenseExampleNoRedemptionYear05 1,557
Expense Example, No Redemption, 10 Years rr_ExpenseExampleNoRedemptionYear10 3,291
1 Year rr_AverageAnnualReturnYear01 13.97%
Since Inception rr_AverageAnnualReturnSinceInception 3.52%
Inception Date rr_AverageAnnualReturnInceptionDate Mar. 02, 2013
First Trust/Confluence Small Cap Value Fund | Class I
  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther none [1]
Maximum Sales Charge (Load) Imposed on Reinvested Dividends rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Exchange Fee rr_ExchangeFee none
Management Fee rr_ManagementFeesOverAssets 1.00%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets   
Other Expenses rr_OtherExpensesOverAssets 40.80% [4]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.28%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 42.08%
Fee Waivers and Expense Reimbursements rr_FeeWaiverOrReimbursementOverAssets (40.10%) [5]
Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements rr_NetExpensesOverAssets 1.98%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 189
3 Years rr_ExpenseExampleYear03 610
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,057
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 2,297
Expense Example, No Redemption, 1 Year rr_ExpenseExampleNoRedemptionYear01 189
Expense Example, No Redemption, 3 Years rr_ExpenseExampleNoRedemptionYear03 610
Expense Example, No Redemption, 5 Years rr_ExpenseExampleNoRedemptionYear05 1,057
Expense Example, No Redemption, 10 Years rr_ExpenseExampleNoRedemptionYear10 2,297
1 Year rr_AverageAnnualReturnYear01 15.47%
Since Inception rr_AverageAnnualReturnSinceInception 6.69%
Inception Date rr_AverageAnnualReturnInceptionDate Jan. 11, 2011
First Trust/Confluence Small Cap Value Fund | Class R3
  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther none [1]
Maximum Sales Charge (Load) Imposed on Reinvested Dividends rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Exchange Fee rr_ExchangeFee none
Management Fee rr_ManagementFeesOverAssets 1.00%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.50%
Other Expenses rr_OtherExpensesOverAssets 2715.94% [4]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.28%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2717.72%
Fee Waivers and Expense Reimbursements rr_FeeWaiverOrReimbursementOverAssets (2715.24%) [5]
Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements rr_NetExpensesOverAssets 2.48%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 240
3 Years rr_ExpenseExampleYear03 762
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,310
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 2,807
Expense Example, No Redemption, 1 Year rr_ExpenseExampleNoRedemptionYear01 240
Expense Example, No Redemption, 3 Years rr_ExpenseExampleNoRedemptionYear03 762
Expense Example, No Redemption, 5 Years rr_ExpenseExampleNoRedemptionYear05 1,310
Expense Example, No Redemption, 10 Years rr_ExpenseExampleNoRedemptionYear10 2,807
1 Year rr_AverageAnnualReturnYear01 15.35%
Since Inception rr_AverageAnnualReturnSinceInception 4.77%
Inception Date rr_AverageAnnualReturnInceptionDate Mar. 02, 2011
First Trust/Confluence Small Cap Value Fund | After Taxes on Distributions | Class A
  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 8.31%
Since Inception rr_AverageAnnualReturnSinceInception 2.84%
Inception Date rr_AverageAnnualReturnInceptionDate Feb. 24, 2011
First Trust/Confluence Small Cap Value Fund | After Taxes on Distributions and Sales | Class A
  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 5.83%
Since Inception rr_AverageAnnualReturnSinceInception 2.52%
Inception Date rr_AverageAnnualReturnInceptionDate Feb. 24, 2011
First Trust/Confluence Small Cap Value Fund | Russell 2000(R) Value Index
  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 18.05%
Since Inception rr_AverageAnnualReturnSinceInception 5.15%
Inception Date rr_AverageAnnualReturnInceptionDate Jan. 11, 2011 [3]
First Trust/Confluence Small Cap Value Fund | Russell 2000(R) Index
  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 16.35%
Since Inception rr_AverageAnnualReturnSinceInception 4.92%
Inception Date rr_AverageAnnualReturnInceptionDate Jan. 11, 2011 [3]
[1] The contingent deferred sales charge on Class C shares applies only to redemptions within 12 months of purchase.
[2] The investment advisor and sub-advisor have agreed to waive fees and reimburse expenses through March 1, 2023 so that Total Annual Fund Operating Expenses (excluding 12b-1 distribution and service fees, interest expenses, taxes, fees incurred in acquiring and disposing of portfolio securities, and extraordinary expenses) do not exceed 1.50% of the average daily net assets of any class of Fund shares through March 1, 2023. Expense limitations may be terminated or modified prior to their expiration only with the approval of the Board of Trustees of the FirstTrust Series Fund.
[3] Since Inception Index returns are based on inception date of the Class I shares.
[4] Other Expenses are estimated for the current fiscal year.
[5] The investment advisor and sub-advisor have agreed to waive fees and reimburse expenses through March 1, 2023 so that Total Annual Fund Operating Expenses (excluding 12b-1 distribution and service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities, and extraordinary expenses) do not exceed 1.70% of the average daily net assets of any class of Fund shares through March 1, 2023. Expense limitations may be terminated or modified prior to their expiration only with the approval of the Board of Trustees of the First Trust Series Fund.
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First Trust Preferred Securities and Income Fund

SUMMARY INFORMATION

INVESTMENT OBJECTIVE

The First Trust Preferred Securities and Income Fund (the "Fund") seeks to provide current income and total return.

FEES AND EXPENSES OF THE FUND

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund or in other First Trust Portfolios L.P. mutual funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and in "Share Classes" on page 21 of this prospectus, "Investment in Fund Shares" on page 24 of this prospectus and "Purchase and Redemption of Fund Shares" on page 52 of the Fund's statement of additional information ("SAI").

SHAREHOLDER FEES (fees paid directly from your investment)
Shareholder Fees First Trust Preferred Securities and Income Fund (USD $)
Class A
Class C
Class F
Class I
Class R3
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) 4.50% none none none none
Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of purchase price or redemption proceeds) [1] none 1.00% none none none
Maximum Sales Charge (Load) Imposed on Reinvested Dividends none none none none none
Exchange Fee none none none none none
[1] The contingent deferred sales charge on Class C shares applies only to redemptions within 12 months of purchase.

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses First Trust Preferred Securities and Income Fund
Class A
Class C
Class F
Class I
Class R3
Management Fee 0.80% 0.80% 0.80% 0.80% 0.80%
Distribution and Service (12b-1) Fees 0.25% 1.00% 0.15%    0.50%
Other Expenses 0.78% 0.86% 2.76% 0.66% 10.21%
Total Annual Fund Operating Expenses 1.83% 2.66% 3.71% 1.46% 11.51%
Fee Waivers and Expense Reimbursements [1] (0.80%) (0.16%) (2.06%)    (951.00%)
Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements 1.75% 2.50% 1.65% 1.46% 2.00%
[1] The investment advisor and sub-advisor have agreed to waive fees and reimburse expenses through March 1, 2023 so that Total Annual Fund Operating Expenses (excluding 12b-1 distribution and service fees, interest expenses, taxes, fees incurred in acquiring and disposing of portfolio securities, and extraordinary expenses) do not exceed 1.50% of the average daily net assets of any class of Fund shares through March 1, 2023. Expense limitations may be terminated or modified prior to their expiration only with the approval of the Board of Trustees of the FirstTrust Series Fund.

EXAMPLE

The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated. The example also assumes that your investment has a 5% return each year and that the Fund's annual operating expenses remain at current levels until March 1, 2023. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example First Trust Preferred Securities and Income Fund (USD $)
1 Year
3 Years
5 Years
10 Years
Class A
 609 966 1,346 2,411
Class C
 342 768 1,320 2,827
Class F
 156 509 886 1,945
Class I
 138 452 788 1,738
Class R3
 191 616 1,067 2,318
Expense Example, No Redemption First Trust Preferred Securities and Income Fund (USD $)
1 Year
3 Years
5 Years
10 Years
Class A
 609 966 1,346 2,411
Class C
 242 768 1,320 2,827
Class F
 156 509 886 1,945
Class I
 138 452 788 1,738
Class R3
 191 616 1,067 2,318

PORTFOLIO TURNOVER

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 60% of the average value of its portfolio.

PRINCIPAL INVESTMENT STRATEGIES

The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its net assets (including investment borrowings) in preferred securities and other securities with similar economic characteristics. Securities that have economic characteristics that are similar to preferred securities include certain debt instruments. Such debt instruments are typically issued by corporations, generally in the form of interest bearing notes, or by an affiliated business trust of a corporation, generally in the form of (i) beneficial interests in subordinated debentures or similarly structured securities or (ii) more senior debt securities that pay income and trade in a manner similar to preferred securities. The Fund may also invest in more traditional corporate debt securities and U.S. government securities.

Preferred securities generally pay fixed or adjustable-rate distributions to investors and have preference over common stock in the payment of distributions and the liquidation of a company's assets, but are generally junior to all forms of the company's debt, including both senior and subordinated debt; therefore, the risks and potential rewards of investing in the Fund may at times be similar to the risks and potential rewards of investing in both equity funds and bond funds. Because the issuers of preferred securities are often financial companies, the Fund intends to concentrate (invest at least 25% of its net assets) in the industry or group of industries that comprise the financial sector, which may include banks, thrifts, brokerage firms, broker-dealers, investment banks, finance companies, real estate investment trusts ("REITs") and companies involved in the insurance industry.

Under normal market conditions, the Fund invests substantially all of its net assets in investment grade securities. Investment grade quality securities are those that, at the time of purchase, are rated at least "BBB-" or higher by Standard & Poor's Ratings Group, a division of the McGraw Hill Companies, Inc. ("S&P"), or "Baa3" or higher by Moody's Investors Service, Inc. ("Moody's") or comparably rated by another nationally recognized statistical rating organization ("NRSRO") or, if unrated, determined by the Sub-Advisor to be of comparable credit quality. In the event that a security is rated by multiple NRSROs and receives different ratings, the Fund will treat the security as being rated in the highest rating category received from an NRSRO.

Under normal market conditions, the Fund may invest up to 15% of its net assets in cash and/or cash equivalents. The Fund may invest in securities issued by companies domiciled in the United States, U.S. dollar-denominated depositary receipts and U.S. dollar-denominated foreign securities. The Fund may invest up to 15% of its net assets in Rule 144A Securities. Rule 144A Securities are generally subject to resale restrictions and may be illiquid.

The Fund is classified as "non-diversified" under the Investment Company Act of 1940, as amended (the "1940 Act") and as a result may invest a relatively high percentage of its assets in a limited number of issuers. The Fund is only limited as to the percentage of its assets which may be invested in the securities of any one issuer by diversification requirements imposed by the Internal Revenue Code of 1986, as amended (the "Code").

PRINCIPAL RISKS

You could lose money by investing in the Fund. There can be no assurance that the Fund will achieve its investment objective. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.

CONCENTRATION RISK. A fund concentrated in a single industry or sector is likely to present more risks than a fund that is broadly diversified over several industries or sectors. Compared to the broad market, an individual industry or sector may be more strongly affected by changes in the economic climate, broad market shifts, moves in a particular dominant stock, or regulatory changes.

CREDIT RISK Credit risk is the risk that an issuer of a security may be unable or unwilling to make dividend, interest and principal payments when due and the related risk that the value of a security may decline because of concerns about the issuer's ability or willingness to make such payments. In addition, parties to other financial contracts with the Fund could default on their obligations.

CURRENCY RISK. Although the Fund's net asset value is determined on the basis of U.S. dollars, because the Fund invests in foreign securities, you may lose money if the local currency of a foreign market depreciates against the U.S. dollar, even if the local currency value of the Fund's holdings goes up.

DEPOSITARY RECEIPTS RISK. Depositary receipts may be less liquid than the underlying shares in their primary trading market. Any distributions paid to the holders of depositary receipts are usually subject to a fee charged by the depositary. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert equity shares into depositary receipts and vice versa. Such restrictions may cause equity shares of the underlying issuer to trade at a discount or premium to the market price of the depositary receipts.

FINANCIAL COMPANY RISK. The Fund invests in the securities of financial companies, which may include banks, thrifts, brokerage firms, broker-dealers, investment banks, finance companies, REITs and companies involved in the insurance industry. Banks, thrifts and their holding companies are especially subject to the adverse effects of economic recession; government regulation; decreases in the availability of capital; volatile interest rates; portfolio concentrations in geographic markets and in commercial and residential real estate loans; and competition from new entrants in their fields of business.

ILLIQUID SECURITIES RISK. Illiquid securities involve the risk that the securities will not be able to be sold at the time desired by the Fund or at prices approximately the value at which the Fund is carrying the securities on its books.

INCOME RISK. If interest rates fall, the income from the Fund's portfolio will decline as the Fund invests the proceeds from new share sales, or from matured or called debt securities, at interest rates that are below the portfolio's current earnings rate.

INTEREST RATE RISK. If interest rates rise, the prices of fixed-rate preferred securities and other fixed-rate debt securities held by the Fund will fall.

MARKET RISK. Market risk is the risk that a particular security owned by the Fund or shares of the Fund in general may fall in value. Securities are subject to market fluctuations caused by such factors as economic, political, regulatory or market developments, changes in interest rates and perceived trends in stock prices. Overall stock values could decline generally or could underperform other investments.

NON-DIVERSIFICATION RISK. The Fund is classified as "non-diversified" under the 1940 Act. As a result, the Fund is only limited as to the percentage of its assets which may be invested in the securities of any one issuer by the diversification requirements imposed by the Code. The Fund may invest a relatively high percentage of its assets in a limited number of issuers. As a result, the Fund may be more susceptible to a single adverse economic or regulatory occurrence affecting one or more of these issuers, experience increased volatility and be highly concentrated in certain issuers.

NON-U.S. SECURITIES RISK. The Fund invests in securities of non-U.S. issuers, including non-U.S. dollar-denominated securities traded outside of the United States and U.S. dollar-denominated securities of non-U.S. issuers traded in the United States. Such securities are subject to higher volatility than securities of domestic issuers due to possible adverse political, social or economic developments; restrictions on foreign investment or exchange of securities; lack of liquidity; currency exchange rates; excessive taxation; government seizure of assets; different legal or accounting standards; and less government supervision and regulation of exchanges in foreign countries.

PREFERRED SECURITIES RISK. Preferred securities combine some of the characteristics of both common stocks and bonds. Preferred securities are typically subordinated to bonds and other debt instruments in a company's capital structure, in terms of priority to corporate income, and therefore will be subject to greater credit risk than those debt instruments. Preferred securities are also subject to credit risk, interest rate risk and income risk.

REIT RISK. Investing in REITs involves risks related to their structure and focus, which include, but are not limited to, dependency upon management skills, limited diversification, the risks of locating and managing financing for projects, heavy cash flow dependency, possible default by borrowers, the costs and potential losses of self-liquidation of one or more holdings, the risk of a possible lack of mortgage funds and associated interest rate risks, overbuilding, property vacancies, increases in property taxes and operating expenses, changes in zoning laws, losses due to environmental damages, changes in neighborhood values and appeal to purchases, the possibility of failing to maintain exemptions from registration under the 1940 Act and, in many cases, relatively small market capitalization, which may result in less market liquidity and greater price volatility. Fund shareholders indirectly pay REIT fees and expenses.

ANNUAL TOTAL RETURN

The bar chart and table below illustrate the calendar year return of the Fund's Class A shares for the past year as well as the average annual Fund returns for the one year and since inception periods ended December 31, 2012. The bar chart and table provide an indication of the risks of investing in the Fund by showing how the Fund's Class A shares' average annual total returns compare to those of a broad-based securities market index. See "Total Return Information" for additional performance information regarding the Fund. The Fund's performance information is accessible on the Fund's website at www.ftportfolios.com.

Returns before taxes do not reflect the effects of any income or capital gains taxes. All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local tax. Returns after taxes on distributions reflect the taxed return on the payment of dividends and capital gains. Returns after taxes on distributions and sale of shares assume you sold your shares at period end, and, therefore, are also adjusted for any capital gains or losses incurred. After-tax returns are shown for only Class A shares, and after-tax returns for other Classes will vary. Returns for the market index do not include expenses, which are deducted from Fund returns, or taxes.

Your own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Fund shares in tax-deferred accounts such as individual retirement accounts (IRAs) or employee-sponsored retirement plans.

Imposition of the Fund's sales load is not reflected in the bar chart below. If the sales load was reflected, returns would be less than those shown.

FIRST TRUST PREFERRED SECURITIES AND INCOME FUND--TOTAL RETURN ON CLASS A SHARES
Bar Chart

During the year ended December 31, 2012, the Fund's highest and lowest calendar quarter returns were 6.75% and 1.26%, respectively, for the quarters ended March 31, 2012 and December 31, 2012. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.

AVERAGE ANNUAL TOTAL RETURNS FOR THE FUND FOR THE PERIODS ENDED DECEMBER 31, 2012
Average Annual Total Returns First Trust Preferred Securities and Income Fund
1 Year
Since Inception
Inception Date
Class A
 11.39% 8.49% Feb. 25, 2011
Class A After Taxes on Distributions
 9.10% 6.24% Feb. 25, 2011
Class A After Taxes on Distributions and Sales
 7.22% 5.86% Feb. 25, 2011
Class C
 14.81% 10.48% Feb. 25, 2011
Class F
 16.75% 11.61% Mar. 02, 2011
Class I
 16.88% 11.58% Jan. 11, 2011
Class R3
 16.32% 10.66% Mar. 02, 2011
Merrill Lynch Fixed Rate Preferred Stock Index
 13.59% 8.78% Jan. 11, 2001 [1]
[1] Since Inception Index returns are based on inception date of the Class I shares.
First Trust/Confluence Small Cap Value Fund

SUMMARY INFORMATION

INVESTMENT OBJECTIVE

The First Trust/Confluence Small Cap Value Fund (the "Fund") seeks to provide long-term capital appreciation.

FEES AND EXPENSES OF THE FUND

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund or in other First Trust Portfolios L.P. mutual funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and in "Share Classes" on page 21 of this prospectus, "Investment in Fund Shares" on page 24 of this prospectus and "Purchase and Redemption of Fund Shares" on page 52 of the Fund's statement of additional information ("SAI").

SHAREHOLDER FEES (fees paid directly from your investment)
Shareholder Fees First Trust/Confluence Small Cap Value Fund (USD $)
Class A
Class C
Class I
Class R3
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) 5.50% none none none
Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of purchase price or redemption proceeds) [1] none 1.00% none none
Maximum Sales Charge (Load) Imposed on Reinvested Dividends none none none none
Exchange Fee none none none none
[1] The contingent deferred sales charge on Class C shares applies only to redemptions within 12 months of purchase.

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses First Trust/Confluence Small Cap Value Fund
Class A
Class C
Class I
Class R3
Management Fee 1.00% 1.00% 1.00% 1.00%
Distribution and Service (12b-1) Fees 0.25% 1.00%    0.50%
Other Expenses [1] 22.69% 24.69% 40.80% 2715.94%
Acquired Fund Fees and Expenses 0.28% 0.28% 0.28% 0.28%
Total Annual Fund Operating Expenses 24.22% 26.97% 42.08% 2717.72%
Fee Waivers and Expense Reimbursements [2] (21.99%) (23.99%) (40.10%) (2715.24%)
Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements 2.23% 2.98% 1.98% 2.48%
[1] Other Expenses are estimated for the current fiscal year.
[2] The investment advisor and sub-advisor have agreed to waive fees and reimburse expenses through March 1, 2023 so that Total Annual Fund Operating Expenses (excluding 12b-1 distribution and service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities, and extraordinary expenses) do not exceed 1.70% of the average daily net assets of any class of Fund shares through March 1, 2023. Expense limitations may be terminated or modified prior to their expiration only with the approval of the Board of Trustees of the First Trust Series Fund.

EXAMPLE

The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then either redeem or do not redeem your shares at the end of a period. The example also assumes that your investment has a 5% return each year and that the Fund's annual operating expenses remain at current levels until March 1, 2023. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example First Trust/Confluence Small Cap Value Fund (USD $)
1 Year
3 Years
5 Years
10 Years
Class A
 753 1,198 1,669 2,965
Class C
 390 911 1,557 3,291
Class I
 189 610 1,057 2,297
Class R3
 240 762 1,310 2,807
Expense Example, No Redemption First Trust/Confluence Small Cap Value Fund (USD $)
1 Year
3 Years
5 Years
10 Years
Class A
 753 1,198 1,669 2,965
Class C
 290 911 1,557 3,291
Class I
 189 610 1,057 2,297
Class R3
 240 762 1,310 2,807

PORTFOLIO TURNOVER

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 11% of the average value of its portfolio.

PRINCIPAL INVESTMENT STRATEGIES

The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its net assets (including investment borrowings) in equity securities of U.S. listed companies with small market capitalizations ("Small-Cap Companies") at the time of investment. Currently, a company will be considered to be a Small-Cap Company if its market capitalization at the time of purchase is within the range of companies in the Russell 2000 Index or the S&P SmallCap 600 Index during the most recent 12-month period (based on month-end data). Because market capitalization is measured at the time of initial purchase, if the market capitalization of a company included in the Fund grows above "small-cap," the Fund shall not be required to sell such security solely because it is no longer a Small-Cap Company.

The portfolio managers seek to invest in Small-Cap Companies that in the portfolio managers' opinion have produced solid returns over extended periods of time. The portfolio managers' investment strategy is based on the rationale that a company which creates superior value, reflected in above-average operating returns, will ultimately have a stock price reflecting that superior performance.

The portfolio managers follow a disciplined, research driven, investment process which seeks to uncover companies trading at discounts to their intrinsic values. By investing in stocks according to a value-based investment philosophy, the portfolio managers seek to enhance the long-term growth potential while limiting downside risk. Companies in which the portfolio managers invest are those that the portfolio managers expect to create above-average growth in value relative to their industries and to the overall market. These companies may include real estate investment trusts ("REITs") and business development companies ("BDCs"). Once such a company is identified, an extensive valuation analysis is performed to determine if its stock price reflects its underlying value.

PRINCIPAL RISKS

You could lose money by investing in the Fund. There can be no assurance that the Fund will achieve its investment objective. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.

BDC RISK. The Fund may invest in BDCs which may carry risks similar to those of a private equity or venture capital fund. BDCs are not redeemable at the option of the shareholder and they may trade in the market at a discount to their net asset value. The BDCs held by the Fund may employ the use of leverage their portfolios through borrowings or the issuance of preferred stock. While leverage often serves to increase the yield of a BDC, this leverage also subjects a BDC to increased risks, including the likelihood of increased volatility and the possibility that a BDC's common share income will fall if the dividend rate of the preferred shares or the interest rate on any borrowings rises.

MARKET RISK. Market risk is the risk that a particular security owned by the Fund or shares of the Fund in general may fall in value. Securities are subject to market fluctuations caused by such factors as economic, political, regulatory or market developments, changes in interest rates and perceived trends in stock prices. Overall stock values could decline generally or could underperform other investments.

MARKET CAPITALIZATION RISK. The Fund normally invests at least 80% of its assets in Small-Cap Companies. Because the market capitalization is measured at the time of its initial purchase, the Fund will not be forced to sell a stock because the stock has exceeded or fallen below the market capitalization range. Because of market movement, there can be no assurance that the securities held by the Fund will stay within the given market capitalization range. As a result, the Fund may be exposed to additional risk or investors may not be given the opportunity to invest fully in a certain market capitalization range.

REAL ESTATE INVESTMENT RISK. The Fund invests in companies in the real estate industry, including REITs. Therefore, the Fund is subject to the risks associated with investing in real estate, which may include, but are not limited to, fluctuations in the value of underlying properties; defaults by borrowers or tenants; market saturation; changes in general and local economic conditions; decreases in market rates for rents; increases in competition, property taxes, capital expenditures or operating expenses; and other economic, political or regulatory occurrences affecting companies in the real estate industry.

REIT RISK. Investing in REITs is subject to risks related to their structure and focus, which include, but are not limited to, dependency upon management skills, limited diversification, the risks of locating and managing financing for projects, heavy cash flow dependency, possible default by borrowers, the costs and potential losses of self-liquidation of one or more holdings, the risk of a possible lack of mortgage funds and associated interest rate risks, overbuilding, property vacancies, increases in property taxes and operating expenses, changes in zoning laws, losses due to environmental damages, changes in neighborhood values and appeal to purchases, the possibility of failing to maintain exemptions from registration under the Investment Company Act of 1940, as amended (the "1940 Act"), and, in many cases, relatively small market capitalization, which may result in less market liquidity and greater price volatility. Fund shareholders indirectly pay REIT fees and expenses.

SMALL CAP RISK. The Fund invests in Small-Cap Companies. Such companies may be more vulnerable to adverse general market or economic developments, and their securities may be less liquid and may experience greater price volatility than larger, more established companies as a result of several factors, including limited trading volumes, products or financial resources, management inexperience and dependence on a few key people, and less publicly available information. Accordingly, such companies are generally subject to greater market risk than larger, more established companies. The market movements of equity securities issued by issuers with smaller capitalizations may be more abrupt or erratic than the market movements of equity securities of larger, more established companies or the stock market in general. Historically, smaller capitalization companies have sometimes gone through extended periods when they did not perform as well as larger companies. In addition, equity securities of Small-Cap Companies may be less liquid than those of larger companies.

VALUE INVESTING RISK. The Fund focuses its investments on securities that the portfolio managers believe are undervalued or inexpensive relative to other investments. These types of securities may present risks in addition to the general risks associated with investing in them. These securities generally are selected on the basis of an issuer's business and economic fundamentals or the securities' current and projected credit profiles, relative to current market price. Such securities are subject to the risk of misestimating certain fundamental factors. Disciplined adherence to a "value" investment mandate during periods in which that style is "out of favor" can result in significant underperformance relative to overall market indices and other managed investment vehicles that pursue growth style investments and/or flexible style mandates.

ANNUAL TOTAL RETURN

The bar chart and table below illustrate the calendar year return of the Fund's Class A shares for the past year as well as the average annual Fund returns for the one year and since inception periods ended December 31, 2012. The bar chart and table provide an indication of the risks of investing in the Fund by showing how the Fund's Class A Shares' average annual total returns compare to those of two broad-based securities market indices. See "Total Return Information" for additional performance information regarding the Fund. The Fund's performance information is accessible on the Fund's website at www.ftportfolios.com.

Returns before taxes do not reflect the effects of any income or capital gains taxes. All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local tax. Returns after taxes on distributions reflect the taxed return on the payment of dividends and capital gains. Returns after taxes on distributions and sale of shares assume you sold your shares at period end, and, therefore, are also adjusted for any capital gains or losses incurred. After-tax returns are shown for only Class A shares, and after-tax returns for other Classes will vary. Returns for the market index do not include expenses, which are deducted from Fund returns, or taxes.

Your own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Fund shares in tax-deferred accounts such as individual retirement accounts (IRAs) or employee-sponsored retirement plans.

Imposition of the Fund's sales load is not reflected in the bar chart below. If the sales load was reflected, returns would be less than those shown.

FIRST TRUST/CONFLUENCE SMALL CAP VALUE FUND--TOTAL RETURN ON CLASS A SHARES
Bar Chart

During the year ended December 31, 2012, the Fund's highest and lowest calendar quarter returns were 8.25% and -1.33%, respectively, for the quarters ended March 31, 2012 and June 30, 2012. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.

AVERAGE ANNUAL TOTAL RETURNS FOR THE FUND FOR THE PERIODS ENDED DECEMBER 31, 2012
Average Annual Total Returns First Trust/Confluence Small Cap Value Fund
1 Year
Since Inception
Inception Date
Class A
 8.86% 3.16% Feb. 24, 2011
Class A After Taxes on Distributions
 8.31% 2.84% Feb. 24, 2011
Class A After Taxes on Distributions and Sales
 5.83% 2.52% Feb. 24, 2011
Class C
 13.97% 3.52% Mar. 02, 2013
Class I
 15.47% 6.69% Jan. 11, 2011
Class R3
 15.35% 4.77% Mar. 02, 2011
Russell 2000(R) Value Index
 18.05% 5.15% Jan. 11, 2011 [1]
Russell 2000(R) Index
 16.35% 4.92% Jan. 11, 2011 [1]
[1] Since Inception Index returns are based on inception date of the Class I shares.
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