# EDGAR Filing Document

**Accession Number:** 0001537395
**File Stem:** 0000940400-25-011063
**Filing Date:** 2025-11
**Character Count:** 147396
**Document Hash:** 70e661b90a3afdeb8edfdcba530f88d1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-011063.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0000940400-25-011063

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIRST TRUST VARIABLE INSURANCE TRUST
- **CENTRAL INDEX KEY:** 0001537395

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22652
- **FILM NUMBER:** 251529577

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

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

## Series and Classes Contracts Data

### First Trust Capital Strength Hedged Equity Portfolio (Series ID: S000080226)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000241976 | Class I      |  |

## Nport-Ex

**First Trust/Dow Jones Dividend & Income Allocation Portfolio** 

**Portfolio of Investments** 

**September 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS – 51.2%** | **COMMON STOCKS – 51.2%** | **COMMON STOCKS – 51.2%** |
|  | **Aerospace & Defense – 1.2%** |  |
| 9658 | General Dynamics Corp. | $3293378 |
| 5634 | Northrop Grumman Corp. | 3432909 |
| 11493 | Woodward, Inc. | 2904396 |
|  |  | 9630683 |
|  | **Air Freight & Logistics – 0.4%** |  |
| 24657 | Expeditors International of Washington, Inc. | 3022702 |
|  | **Automobile Components – 0.4%** |  |
| 128101 | Gentex Corp. | 3625258 |
|  | **Banks – 5.1%** |  |
| 24652 | 1st Source Corp. | 1517577 |
| 20654 | BancFirst Corp. | 2611698 |
| 23943 | Bank First Corp. | 2904525 |
| 59858 | Bank OZK | 3051561 |
| 95000 | Beacon Financial Corp. | 2252450 |
| 9331 | City Holding Co. | 1155831 |
| 45311 | Commerce Bancshares, Inc. | 2707785 |
| 21916 | Cullen/Frost Bankers, Inc. | 2778291 |
| 135235 | First BanCorp | 2981932 |
| 41456 | German American Bancorp, Inc. | 1627977 |
| 49076 | Hancock Whitney Corp. | 3072648 |
| 98978 | Home BancShares, Inc. | 2801078 |
| 41117 | International Bancshares Corp. | 2826794 |
| 14057 | Lakeland Financial Corp. | 902459 |
| 26334 | National Bank Holdings Corp., Class A | 1017546 |
| 63943 | OFG Bancorp | 2780881 |
| 25560 | Popular, Inc. | 3246376 |
| 16058 | Preferred Bank | 1451483 |
|  |  | 41688892 |
|  | **Beverages – 0.7%** |  |
| 104680 | Brown-Forman Corp., Class B | 2834734 |
| 21334 | PepsiCo, Inc. | 2996147 |
|  |  | 5830881 |
|  | **Building Products – 0.6%** |  |
| 9821 | CSW Industrials, Inc. | 2384048 |
| 6441 | Trane Technologies PLC | 2717844 |
|  |  | 5101892 |
|  | **Capital Markets – 3.8%** |  |
| 5277 | Ameriprise Financial, Inc. | 2592326 |
| 12078 | Cboe Global Markets, Inc. | 2962129 |
| 10220 | CME Group, Inc. | 2761342 |
| 6298 | FactSet Research Systems, Inc. | 1804314 |
| 63560 | Federated Hermes, Inc. | 3300671 |
| 50837 | Interactive Brokers Group, Inc., Class A | 3498094 |
| 18367 | Raymond James Financial, Inc. | 3170144 |
| 31349 | SEI Investments Co. | 2659963 |
| 27143 | Stifel Financial Corp. | 3079916 |
| 19241 | Tradeweb Markets, Inc., Class A | 2135366 |
| 15529 | Virtus Investment Partners, Inc. | 2950976 |
|  |  | 30915241 |

---

------

**First Trust/Dow Jones Dividend & Income Allocation Portfolio** 

**Portfolio of Investments (Continued)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Chemicals – 1.1%** |  |
| 30619 | CF Industries Holdings, Inc. | $2746524 |
| 6004 | Linde PLC | 2851900 |
| 4075 | NewMarket Corp. | 3374956 |
|  |  | 8973380 |
|  | **Commercial Services & Supplies – 0.7%** |  |
| 41444 | Brady Corp., Class A | 3233876 |
| 12639 | Cintas Corp. | 2594281 |
|  |  | 5828157 |
|  | **Construction & Engineering – 0.8%** |  |
| 24960 | AECOM | 3256531 |
| 5265 | EMCOR Group, Inc. | 3419828 |
|  |  | 6676359 |
|  | **Consumer Staples Distribution & Retail – 1.1%** |  |
| 5520 | Casey's General Stores, Inc. | 3120566 |
| 39272 | Kroger (The) Co. | 2647326 |
| 28811 | Walmart, Inc. | 2969262 |
|  |  | 8737154 |
|  | **Containers & Packaging – 0.6%** |  |
| 18008 | AptarGroup, Inc. | 2406949 |
| 16054 | Avery Dennison Corp. | 2603477 |
|  |  | 5010426 |
|  | **Diversified Consumer Services – 0.4%** |  |
| 2979 | Graham Holdings Co., Class B | 3507207 |
|  | **Electric Utilities – 0.4%** |  |
| 36541 | Otter Tail Corp. | 2995266 |
|  | **Electrical Equipment – 0.8%** |  |
| 15567 | AMETEK, Inc. | 2926596 |
| 32842 | EnerSys | 3709832 |
|  |  | 6636428 |
|  | **Electronic Equipment, Instruments & Components – 1.1%** |  |
| 28526 | Amphenol Corp., Class A | 3530092 |
| 11499 | Badger Meter, Inc. | 2053491 |
| 16701 | TE Connectivity PLC | 3666371 |
|  |  | 9249954 |
|  | **Financial Services – 3.1%** |  |
| 75827 | Enact Holdings, Inc. | 2907207 |
| 46385 | Essent Group Ltd. | 2948231 |
| 15635 | Jack Henry & Associates, Inc. | 2328521 |
| 5013 | Mastercard, Inc., Class A | 2851445 |
| 101182 | MGIC Investment Corp. | 2870533 |
| 78203 | Radian Group, Inc. | 2832513 |
| 7932 | Visa, Inc., Class A | 2707826 |
| 39675 | Voya Financial, Inc. | 2967690 |
| 334553 | Western Union (The) Co. | 2673078 |
|  |  | 25087044 |
|  | **Food Products – 2.3%** |  |
| 28274 | Cal-Maine Foods, Inc. | 2660583 |

---

------

**First Trust/Dow Jones Dividend & Income Allocation Portfolio** 

**Portfolio of Investments (Continued)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Food Products (Continued)** |  |
| 84114 | Fresh Del Monte Produce, Inc. | $2920438 |
| 54370 | General Mills, Inc. | 2741335 |
| 16977 | Hershey (The) Co. | 3175548 |
| 20772 | Ingredion, Inc. | 2536469 |
| 24838 | J&J Snack Foods Corp. | 2386684 |
| 41770 | Mondelez International, Inc., Class A | 2609372 |
|  |  | 19030429 |
|  | **Gas Utilities – 0.4%** |  |
| 62851 | New Jersey Resources Corp. | 3026276 |
|  | **Ground Transportation – 0.6%** |  |
| 20262 | Landstar System, Inc. | 2483311 |
| 17357 | Old Dominion Freight Line, Inc. | 2443518 |
|  |  | 4926829 |
|  | **Health Care Equipment & Supplies – 0.3%** |  |
| 20712 | Abbott Laboratories | 2774165 |
|  | **Health Care Providers & Services – 1.4%** |  |
| 5785 | Chemed Corp. | 2590176 |
| 7242 | Elevance Health, Inc. | 2340035 |
| 18261 | Ensign Group (The), Inc. | 3154953 |
| 9029 | UnitedHealth Group, Inc. | 3117714 |
|  |  | 11202878 |
|  | **Hotels, Restaurants & Leisure – 0.6%** |  |
| 12922 | Darden Restaurants, Inc. | 2459832 |
| 15030 | Texas Roadhouse, Inc. | 2497234 |
|  |  | 4957066 |
|  | **Household Durables – 1.2%** |  |
| 13497 | Garmin Ltd. | 3323231 |
| 25467 | Lennar Corp., Class A | 3209861 |
| 26711 | PulteGroup, Inc. | 3529324 |
|  |  | 10062416 |
|  | **Household Products – 0.3%** |  |
| 17680 | Procter & Gamble (The) Co. | 2716532 |
|  | **Insurance – 6.3%** |  |
| 26711 | Aflac, Inc. | 2983619 |
| 32913 | American International Group, Inc. | 2584987 |
| 14263 | Assurant, Inc. | 3089366 |
| 25407 | Brown & Brown, Inc. | 2382923 |
| 9722 | Chubb Ltd. | 2744035 |
| 18916 | Cincinnati Financial Corp. | 2990620 |
| 23973 | Employers Holdings, Inc. | 1018373 |
| 8288 | Everest Group Ltd. | 2902706 |
| 22664 | Globe Life, Inc. | 3240272 |
| 22203 | Hartford Insurance Group (The), Inc. | 2961658 |
| 12883 | Marsh & McLennan Cos., Inc. | 2596311 |
| 73281 | Old Republic International Corp. | 3112244 |
| 10294 | Primerica, Inc. | 2857511 |
| 10555 | Progressive (The) Corp. | 2606557 |
| 39006 | RLI Corp. | 2543971 |
| 32509 | Selective Insurance Group, Inc. | 2635505 |

---

------

**First Trust/Dow Jones Dividend & Income Allocation Portfolio** 

**Portfolio of Investments (Continued)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Insurance (Continued)** |  |
| 10528 | Travelers (The) Cos., Inc. | $2939628 |
| 34880 | Unum Group | 2712966 |
| 38341 | W.R. Berkley Corp. | 2937687 |
|  |  | 51840939 |
|  | **IT Services – 0.6%** |  |
| 9422 | Accenture PLC, Class A | 2323465 |
| 36101 | Cognizant Technology Solutions Corp., Class A | 2421294 |
|  |  | 4744759 |
|  | **Machinery – 4.1%** |  |
| 8601 | Cummins, Inc. | 3632804 |
| 5539 | Deere & Co. | 2532763 |
| 40619 | Donaldson Co., Inc. | 3324665 |
| 31389 | Franklin Electric Co., Inc. | 2988233 |
| 32766 | Graco, Inc. | 2783799 |
| 17962 | ITT, Inc. | 3210887 |
| 35446 | Mueller Industries, Inc. | 3583945 |
| 29634 | PACCAR, Inc. | 2913615 |
| 9053 | Snap-on, Inc. | 3137136 |
| 11455 | Watts Water Technologies, Inc., Class A | 3199153 |
| 13457 | Westinghouse Air Brake Technologies Corp. | 2697725 |
|  |  | 34004725 |
|  | **Media – 0.8%** |  |
| 50319 | New York Times (The) Co., Class A | 2888311 |
| 168074 | TEGNA, Inc. | 3416944 |
|  |  | 6305255 |
|  | **Metals & Mining – 0.3%** |  |
| 8975 | Reliance, Inc. | 2520449 |
|  | **Oil, Gas & Consumable Fuels – 1.4%** |  |
| 11568 | Cheniere Energy, Inc. | 2718249 |
| 19673 | Chevron Corp. | 3055020 |
| 26132 | Exxon Mobil Corp. | 2946383 |
| 125307 | Magnolia Oil & Gas Corp., Class A | 2991078 |
|  |  | 11710730 |
|  | **Pharmaceuticals – 1.1%** |  |
| 18442 | Johnson & Johnson | 3419516 |
| 35585 | Merck & Co., Inc. | 2986649 |
| 18063 | Zoetis, Inc. | 2642978 |
|  |  | 9049143 |
|  | **Professional Services – 2.5%** |  |
| 9133 | Automatic Data Processing, Inc. | 2680536 |
| 15034 | CRA International, Inc. | 3135040 |
| 37705 | Exponent, Inc. | 2619743 |
| 64007 | Genpact Ltd. | 2681253 |
| 38415 | Korn Ferry  | 2688282 |
| 19365 | Paychex, Inc. | 2454707 |
| 68623 | Robert Half, Inc. | 2331810 |
| 9043 | Verisk Analytics, Inc. | 2274405 |
|  |  | 20865776 |

---

------

**First Trust/Dow Jones Dividend & Income Allocation Portfolio** 

**Portfolio of Investments (Continued)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Software – 0.7%** |  |
| 37935 | Dolby Laboratories, Inc., Class A | $2745356 |
| 5664 | Microsoft Corp. | 2933669 |
|  |  | 5679025 |
|  | **Specialized REITs – 0.7%** |  |
| 9603 | Public Storage | 2773827 |
| 127002 | Rayonier, Inc. | 3370633 |
|  |  | 6144460 |
|  | **Specialty Retail – 1.5%** |  |
| 16397 | Penske Automotive Group, Inc. | 2851602 |
| 22080 | Ross Stores, Inc. | 3364771 |
| 22810 | TJX (The) Cos., Inc. | 3296957 |
| 53381 | Tractor Supply Co. | 3035778 |
|  |  | 12549108 |
|  | **Trading Companies & Distributors – 1.8%** |  |
| 12118 | Applied Industrial Technologies, Inc. | 3163404 |
| 67070 | Fastenal Co. | 3289113 |
| 33131 | MSC Industrial Direct Co., Inc., Class A | 3052690 |
| 2707 | W.W. Grainger, Inc. | 2579663 |
| 6379 | Watsco, Inc. | 2579030 |
|  |  | 14663900 |
|  | **Total Common Stocks** | 421291784 |
|  | (Cost $365,599,740) |  |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **CORPORATE BONDS AND NOTES – 44.5%** | **CORPORATE BONDS AND NOTES – 44.5%** | **CORPORATE BONDS AND NOTES – 44.5%** | **CORPORATE BONDS AND NOTES – 44.5%** | **CORPORATE BONDS AND NOTES – 44.5%** |
|  | **Aerospace & Defense – 1.7%** |  |  |  |
| $500000 | Northrop Grumman Corp. | 3.25<br> %<br>| 01/15/28 | 491830 |
| 500000 | Northrop Grumman Corp. | 4.60<br> %<br>| 02/01/29 | 508121 |
| 500000 | Northrop Grumman Corp. | 5.05<br> %<br>| 11/15/40 | 491256 |
| 750000 | Northrop Grumman Corp. | 4.03<br> %<br>| 10/15/47 | 611759 |
| 250000 | Northrop Grumman Corp. | 5.25<br> %<br>| 05/01/50 | 240987 |
| 1000000 | Northrop Grumman Corp. | 4.95<br> %<br>| 03/15/53 | 918787 |
| 2500000 | Northrop Grumman Corp. | 5.20<br> %<br>| 06/01/54 | 2382367 |
| 600000 | RTX Corp. | 5.75<br> %<br>| 01/15/29 | 629327 |
| 1000000 | RTX Corp. | 6.00<br> %<br>| 03/15/31 | 1080035 |
| 1000000 | RTX Corp. | 6.10<br> %<br>| 03/15/34 | 1095378 |
| 1500000 | RTX Corp. | 3.13<br> %<br>| 07/01/50 | 1021016 |
| 1000000 | RTX Corp. | 2.82<br> %<br>| 09/01/51 | 635823 |
| 2500000 | RTX Corp. | 5.38<br> %<br>| 02/27/53 | 2447547 |
| 1000000 | RTX Corp. | 6.40<br> %<br>| 03/15/54 | 1119581 |
|  |  |  |  | 13673814 |
|  | **Banks – 6.4%** |  |  |  |
| 450000 | Bank of America Corp. (a) | 2.55<br> %<br>| 02/04/28 | 440795 |
| 475000 | Bank of America Corp. (a) | 4.38<br> %<br>| 04/27/28 | 476790 |
| 1000000 | Bank of America Corp. (a) | 4.95<br> %<br>| 07/22/28 | 1014555 |
| 1105000 | Bank of America Corp. (a) | 5.20<br> %<br>| 04/25/29 | 1132830 |
| 500000 | Bank of America Corp. (a) | 4.27<br> %<br>| 07/23/29 | 501836 |
| 500000 | Bank of America Corp. (a) | 3.97<br> %<br>| 02/07/30 | 496419 |
| 500000 | Bank of America Corp. (a) | 3.19<br> %<br>| 07/23/30 | 481747 |

---

------

**First Trust/Dow Jones Dividend & Income Allocation Portfolio** 

**Portfolio of Investments (Continued)**

**September 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** |
|  | **Banks (Continued)** |  |  |  |
| $500000 | Bank of America Corp. (a) | 2.88<br> %<br>| 10/22/30 | $474714 |
| 500000 | Bank of America Corp. (a) | 1.90<br> %<br>| 07/23/31 | 446744 |
| 1000000 | Bank of America Corp. (a) | 1.92<br> %<br>| 10/24/31 | 888443 |
| 500000 | Bank of America Corp. (a) | 2.57<br> %<br>| 10/20/32 | 448302 |
| 500000 | Bank of America Corp. (a) | 4.57<br> %<br>| 04/27/33 | 500078 |
| 3500000 | Bank of America Corp. (a) | 5.29<br> %<br>| 04/25/34 | 3622294 |
| 2500000 | Bank of America Corp. (a) | 5.47<br> %<br>| 01/23/35 | 2612058 |
| 500000 | Bank of America Corp. (a) | 4.08<br> %<br>| 04/23/40 | 445655 |
| 1000000 | Bank of America Corp. (a) | 2.68<br> %<br>| 06/19/41 | 737341 |
| 1000000 | Citibank NA | 4.91<br> %<br>| 05/29/30 | 1027677 |
| 1250000 | Citigroup, Inc. (a) | 4.95<br> %<br>| 05/07/31 | 1274127 |
| 1000000 | JPMorgan Chase & Co. (a) | 5.04<br> %<br>| 01/23/28 | 1011510 |
| 550000 | JPMorgan Chase & Co. (a) | 2.95<br> %<br>| 02/24/28 | 541490 |
| 1000000 | JPMorgan Chase & Co. (a) | 5.57<br> %<br>| 04/22/28 | 1022117 |
| 975000 | JPMorgan Chase & Co. (a) | 4.32<br> %<br>| 04/26/28 | 977646 |
| 500000 | JPMorgan Chase & Co. (a) | 4.85<br> %<br>| 07/25/28 | 506722 |
| 500000 | JPMorgan Chase & Co. (a) | 3.51<br> %<br>| 01/23/29 | 493468 |
| 1000000 | JPMorgan Chase & Co. (a) | 2.07<br> %<br>| 06/01/29 | 949071 |
| 1000000 | JPMorgan Chase & Co. (a) | 5.30<br> %<br>| 07/24/29 | 1030503 |
| 1475000 | JPMorgan Chase & Co. (a) | 5.01<br> %<br>| 01/23/30 | 1511308 |
| 500000 | JPMorgan Chase & Co. (a) | 3.70<br> %<br>| 05/06/30 | 491550 |
| 1000000 | JPMorgan Chase & Co. (a) | 2.58<br> %<br>| 04/22/32 | 909155 |
| 1000000 | JPMorgan Chase & Co. (a) | 2.96<br> %<br>| 01/25/33 | 915164 |
| 1000000 | JPMorgan Chase & Co. (a) | 4.91<br> %<br>| 07/25/33 | 1020074 |
| 1000000 | JPMorgan Chase & Co. (a) | 5.35<br> %<br>| 06/01/34 | 1042284 |
| 1000000 | JPMorgan Chase & Co. (a) | 5.34<br> %<br>| 01/23/35 | 1039724 |
| 1000000 | JPMorgan Chase & Co. (a) | 2.53<br> %<br>| 11/19/41 | 724237 |
| 2500000 | JPMorgan Chase Bank N.A. | 5.11<br> %<br>| 12/08/26 | 2532160 |
| 2054000 | PNC Financial Services Group (The), Inc. (a) | 5.30<br> %<br>| 01/21/28 | 2084818 |
| 1500000 | PNC Financial Services Group (The), Inc. (a) | 5.58<br> %<br>| 06/12/29 | 1554610 |
| 1000000 | PNC Financial Services Group (The), Inc. (a) | 5.07<br> %<br>| 01/24/34 | 1020672 |
| 2000000 | Truist Financial Corp. (a) | 7.16<br> %<br>| 10/30/29 | 2166707 |
| 1500000 | US Bancorp (a) | 5.38<br> %<br>| 01/23/30 | 1551192 |
| 1000000 | Wells Fargo & Co. (a) | 5.71<br> %<br>| 04/22/28 | 1023492 |
| 1000000 | Wells Fargo & Co. (a) | 4.08<br> %<br>| 09/15/29 | 997018 |
| 1000000 | Wells Fargo & Co. (a) | 5.20<br> %<br>| 01/23/30 | 1030054 |
| 1000000 | Wells Fargo & Co. (a) | 5.24<br> %<br>| 01/24/31 | 1034862 |
| 1000000 | Wells Fargo & Co. (a) | 5.15<br> %<br>| 04/23/31 | 1031589 |
| 1000000 | Wells Fargo & Co. (a) | 5.50<br> %<br>| 01/23/35 | 1043438 |
| 3000000 | Wells Fargo & Co. (a) | 5.21<br> %<br>| 12/03/35 | 3066438 |
| 1000000 | Wells Fargo Bank N.A. | 5.25<br> %<br>| 12/11/26 | 1014702 |
|  |  |  |  | 52360180 |
|  | **Beverages – 0.8%** |  |  |  |
| 875000 | &nbsp;&nbsp; Anheuser-Busch Cos., LLC/Anheuser-Busch InBev Worldwide, <br> Inc.<br>| 4.70<br> %<br>| 02/01/36 | 864327 |
| 1100000 | &nbsp;&nbsp; Anheuser-Busch Cos., LLC/Anheuser-Busch InBev Worldwide, <br> Inc.<br>| 4.90<br> %<br>| 02/01/46 | 1031286 |
| 2500000 | Anheuser-Busch InBev Worldwide, Inc. | 5.00<br> %<br>| 06/15/34 | 2580384 |
| 1182000 | Anheuser-Busch InBev Worldwide, Inc. | 4.60<br> %<br>| 04/15/48 | 1072842 |
| 1200000 | Molson Coors Beverage Co. | 5.00<br> %<br>| 05/01/42 | 1122133 |
|  |  |  |  | 6670972 |
|  | **Biotechnology – 1.6%** |  |  |  |
| 3250000 | AbbVie, Inc. | 4.80<br> %<br>| 03/15/29 | 3324326 |

---

------

**First Trust/Dow Jones Dividend & Income Allocation Portfolio** 

**Portfolio of Investments (Continued)**

**September 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** |
|  | **Biotechnology (Continued)** |  |  |  |
| $2000000 | AbbVie, Inc. | 4.88<br> %<br>| 03/15/30 | $2059411 |
| 275000 | AbbVie, Inc. | 4.40<br> %<br>| 11/06/42 | 248155 |
| 300000 | AbbVie, Inc. | 4.70<br> %<br>| 05/14/45 | 275363 |
| 250000 | AbbVie, Inc. | 4.88<br> %<br>| 11/14/48 | 232013 |
| 1000000 | AbbVie, Inc. | 4.25<br> %<br>| 11/21/49 | 843075 |
| 500000 | Amgen, Inc. | 2.45<br> %<br>| 02/21/30 | 463279 |
| 500000 | Amgen, Inc. | 5.25<br> %<br>| 03/02/30 | 518407 |
| 1000000 | Amgen, Inc. | 5.25<br> %<br>| 03/02/33 | 1036149 |
| 750000 | Amgen, Inc. | 3.15<br> %<br>| 02/21/40 | 590647 |
| 1000000 | Amgen, Inc. | 2.80<br> %<br>| 08/15/41 | 737709 |
| 3000000 | Amgen, Inc. | 5.60<br> %<br>| 03/02/43 | 3041413 |
|  |  |  |  | 13369947 |
|  | **Capital Markets – 4.4%** |  |  |  |
| 1000000 | Citadel Securities Global Holdings, LLC (b) | 5.50<br> %<br>| 06/18/30 | 1026881 |
| 950000 | Goldman Sachs Group (The), Inc. (a) | 2.64<br> %<br>| 02/24/28 | 930193 |
| 5000000 | Goldman Sachs Group (The), Inc. (a) | 4.48<br> %<br>| 08/23/28 | 5032516 |
| 500000 | Goldman Sachs Group (The), Inc. (a) | 3.81<br> %<br>| 04/23/29 | 495801 |
| 500000 | Goldman Sachs Group (The), Inc. (a) | 4.22<br> %<br>| 05/01/29 | 500695 |
| 500000 | Goldman Sachs Group (The), Inc. | 2.60<br> %<br>| 02/07/30 | 468457 |
| 1000000 | Goldman Sachs Group (The), Inc. (a) | 5.73<br> %<br>| 04/25/30 | 1046469 |
| 1000000 | Goldman Sachs Group (The), Inc. (a) | 1.99<br> %<br>| 01/27/32 | 882695 |
| 1000000 | Goldman Sachs Group (The), Inc. (a) | 2.62<br> %<br>| 04/22/32 | 907500 |
| 1500000 | Goldman Sachs Group (The), Inc. (a) | 2.65<br> %<br>| 10/21/32 | 1349420 |
| 1000000 | Goldman Sachs Group (The), Inc. (a) | 2.91<br> %<br>| 07/21/42 | 738272 |
| 500000 | Goldman Sachs Group (The), Inc. (a) | 3.44<br> %<br>| 02/24/43 | 394697 |
| 1000000 | Morgan Stanley (a) | 2.48<br> %<br>| 01/21/28 | 978832 |
| 1050000 | Morgan Stanley (a) | 4.21<br> %<br>| 04/20/28 | 1051316 |
| 500000 | Morgan Stanley (a) | 3.77<br> %<br>| 01/24/29 | 495720 |
| 1000000 | Morgan Stanley (a) | 5.12<br> %<br>| 02/01/29 | 1021660 |
| 2000000 | Morgan Stanley (a) | 5.16<br> %<br>| 04/20/29 | 2047506 |
| 2500000 | Morgan Stanley (a) | 5.45<br> %<br>| 07/20/29 | 2583608 |
| 500000 | Morgan Stanley (a) | 4.43<br> %<br>| 01/23/30 | 502470 |
| 1000000 | Morgan Stanley (a) | 2.51<br> %<br>| 10/20/32 | 892403 |
| 2000000 | Morgan Stanley (a) | 5.25<br> %<br>| 04/21/34 | 2063088 |
| 1000000 | Morgan Stanley (a) | 5.42<br> %<br>| 07/21/34 | 1042232 |
| 500000 | Morgan Stanley (a) | 4.46<br> %<br>| 04/22/39 | 472199 |
| 3000000 | Morgan Stanley Private Bank NA (a) | 4.47<br> %<br>| 07/06/28 | 3017635 |
| 1500000 | MSCI, Inc. (b) | 4.00<br> %<br>| 11/15/29 | 1465986 |
| 2500000 | MSCI, Inc. (b) | 3.88<br> %<br>| 02/15/31 | 2396221 |
| 333000 | MSCI, Inc. | 5.25<br> %<br>| 09/01/35 | 335883 |
| 2350000 | Nasdaq, Inc. | 5.95<br> %<br>| 08/15/53 | 2462538 |
|  |  |  |  | 36602893 |
|  | **Communications Equipment – 0.2%** |  |  |  |
| 1000000 | Cisco Systems, Inc. | 5.30<br> %<br>| 02/26/54 | 987812 |
| 1000000 | Cisco Systems, Inc. | 5.50<br> %<br>| 02/24/55 | 1018386 |
|  |  |  |  | 2006198 |
|  | **Construction Materials – 0.6%** |  |  |  |
| 2000000 | American Builders & Contractors Supply Co., Inc. (b) | 4.00<br> %<br>| 01/15/28 | 1961635 |
| 1125000 | CRH America Finance, Inc. | 5.40<br> %<br>| 05/21/34 | 1169436 |
| 2000000 | JH North America Holdings, Inc. (b) | 5.88<br> %<br>| 01/31/31 | 2032409 |
|  |  |  |  | 5163480 |

---

------

**First Trust/Dow Jones Dividend & Income Allocation Portfolio** 

**Portfolio of Investments (Continued)**

**September 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** |
|  | **Consumer Finance – 0.7%** |  |  |  |
| $2500000 | American Express Co. (a) | 5.10<br> %<br>| 02/16/28 | $2533847 |
| 1000000 | American Express Co. (a) | 5.53<br> %<br>| 04/25/30 | 1045190 |
| 737000 | American Express Co. (a) | 5.09<br> %<br>| 01/30/31 | 760186 |
| 1000000 | American Express Co. (a) | 4.92<br> %<br>| 07/20/33 | 1017701 |
|  |  |  |  | 5356924 |
|  | **Containers & Packaging – 0.3%** |  |  |  |
| 500000 | Amcor Flexibles North America, Inc. | 5.10<br> %<br>| 03/17/30 | 511594 |
| 1697000 | Packaging Corp. of America | 5.20<br> %<br>| 08/15/35 | 1731266 |
|  |  |  |  | 2242860 |
|  | **Diversified Telecommunication Services – 1.5%** |  |  |  |
| 500000 | AT&T, Inc. | 2.30<br> %<br>| 06/01/27 | 485482 |
| 500000 | AT&T, Inc. | 1.65<br> %<br>| 02/01/28 | 473407 |
| 462000 | AT&T, Inc. | 4.30<br> %<br>| 02/15/30 | 463092 |
| 500000 | AT&T, Inc. | 2.75<br> %<br>| 06/01/31 | 458418 |
| 500000 | AT&T, Inc. | 2.25<br> %<br>| 02/01/32 | 437876 |
| 1392000 | AT&T, Inc. | 2.55<br> %<br>| 12/01/33 | 1185871 |
| 500000 | AT&T, Inc. | 5.55<br> %<br>| 11/01/45 | 495326 |
| 1186000 | AT&T, Inc. | 3.50<br> %<br>| 09/15/53 | 820992 |
| 504000 | AT&T, Inc. | 3.55<br> %<br>| 09/15/55 | 347589 |
| 1044000 | AT&T, Inc. | 3.65<br> %<br>| 09/15/59 | 714366 |
| 1119000 | Verizon Communications, Inc. | 4.02<br> %<br>| 12/03/29 | 1111513 |
| 500000 | Verizon Communications, Inc. | 1.75<br> %<br>| 01/20/31 | 437573 |
| 500000 | Verizon Communications, Inc. | 2.55<br> %<br>| 03/21/31 | 454719 |
| 1904000 | Verizon Communications, Inc. | 4.78<br> %<br>| 02/15/35 | 1873728 |
| 500000 | Verizon Communications, Inc. | 2.65<br> %<br>| 11/20/40 | 361848 |
| 500000 | Verizon Communications, Inc. | 3.40<br> %<br>| 03/22/41 | 395278 |
| 500000 | Verizon Communications, Inc. | 2.88<br> %<br>| 11/20/50 | 319384 |
| 1000000 | Verizon Communications, Inc. | 3.55<br> %<br>| 03/22/51 | 733749 |
| 1000000 | Verizon Communications, Inc. | 3.88<br> %<br>| 03/01/52 | 768180 |
|  |  |  |  | 12338391 |
|  | **Electric Utilities – 6.1%** |  |  |  |
| 1000000 | AEP Transmission Co., LLC | 5.15<br> %<br>| 04/01/34 | 1021972 |
| 900000 | AEP Transmission Co., LLC | 4.25<br> %<br>| 09/15/48 | 753038 |
| 500000 | AEP Transmission Co., LLC | 5.40<br> %<br>| 03/15/53 | 496667 |
| 2000000 | AEP Transmission Co., LLC, Series N | 2.75<br> %<br>| 08/15/51 | 1271364 |
| 1000000 | Alabama Power Co. | 5.85<br> %<br>| 11/15/33 | 1073712 |
| 500000 | Alabama Power Co. | 5.10<br> %<br>| 04/02/35 | 511240 |
| 500000 | Alabama Power Co. | 3.45<br> %<br>| 10/01/49 | 366943 |
| 1000000 | Alabama Power Co. | 3.13<br> %<br>| 07/15/51 | 679287 |
| 1000000 | Alabama Power Co., Series C | 4.30<br> %<br>| 03/15/31 | 999627 |
| 2542000 | American Transmission Systems, Inc. (b) | 2.65<br> %<br>| 01/15/32 | 2281934 |
| 1000000 | Appalachian Power Co., Series AA | 2.70<br> %<br>| 04/01/31 | 912039 |
| 500000 | Commonwealth Edison Co. | 4.90<br> %<br>| 02/01/33 | 511051 |
| 500000 | Commonwealth Edison Co. | 4.00<br> %<br>| 03/01/49 | 400116 |
| 1000000 | Commonwealth Edison Co. | 5.30<br> %<br>| 02/01/53 | 970556 |
| 2000000 | Duke Energy Carolinas, LLC | 4.95<br> %<br>| 01/15/33 | 2057357 |
| 1000000 | Duke Energy Carolinas, LLC | 4.85<br> %<br>| 01/15/34 | 1013296 |
| 2000000 | Duke Energy Carolinas, LLC | 5.35<br> %<br>| 01/15/53 | 1964377 |
| 1000000 | Duke Energy Carolinas, LLC | 5.40<br> %<br>| 01/15/54 | 992746 |
| 1000000 | Duke Energy Florida, LLC | 5.88<br> %<br>| 11/15/33 | 1079850 |
| 500000 | Duke Energy Florida, LLC | 6.20<br> %<br>| 11/15/53 | 547398 |
| 1000000 | Duke Energy Progress, LLC | 5.10<br> %<br>| 03/15/34 | 1030063 |

---

------

**First Trust/Dow Jones Dividend & Income Allocation Portfolio** 

**Portfolio of Investments (Continued)**

**September 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** |
|  | **Electric Utilities (Continued)** |  |  |  |
| $1000000 | Duke Energy Progress, LLC | 4.00<br> %<br>| 04/01/52 | $789364 |
| 1500000 | FirstEnergy Transmission, LLC | 4.55<br> %<br>| 01/15/30 | 1510642 |
| 1000000 | Florida Power & Light Co. | 5.30<br> %<br>| 06/15/34 | 1043841 |
| 2000000 | Florida Power & Light Co. | 5.69<br> %<br>| 03/01/40 | 2113513 |
| 1750000 | Florida Power & Light Co. | 5.60<br> %<br>| 06/15/54 | 1791808 |
| 1500000 | Georgia Power Co. | 4.65<br> %<br>| 05/16/28 | 1522712 |
| 500000 | Georgia Power Co. | 4.00<br> %<br>| 10/01/28 | 500132 |
| 2000000 | Georgia Power Co. | 4.55<br> %<br>| 03/15/30 | 2032182 |
| 1000000 | Georgia Power Co. | 4.85<br> %<br>| 03/15/31 | 1027516 |
| 500000 | Indiana Michigan Power Co. | 3.25<br> %<br>| 05/01/51 | 339429 |
| 1000000 | Indiana Michigan Power Co. | 5.63<br> %<br>| 04/01/53 | 1007591 |
| 500000 | Indiana Michigan Power Co., Series L | 3.75<br> %<br>| 07/01/47 | 391021 |
| 1250000 | Northern States Power Co. | 5.40<br> %<br>| 03/15/54 | 1241416 |
| 1000000 | NRG Energy, Inc. (b) (c) | 4.73<br> %<br>| 10/15/30 | 1000309 |
| 1000000 | NRG Energy, Inc. (b) (c) | 5.41<br> %<br>| 10/15/35 | 1004026 |
| 3000000 | Ohio Edison Co. (b) | 5.50<br> %<br>| 01/15/33 | 3119561 |
| 500000 | PECO Energy Co. | 3.90<br> %<br>| 03/01/48 | 402468 |
| 4000000 | PECO Energy Co. | 4.38<br> %<br>| 08/15/52 | 3394036 |
| 1500000 | Public Service Electric and Gas Co. | 5.20<br> %<br>| 03/01/34 | 1556228 |
| 500000 | Public Service Electric and Gas Co. | 5.45<br> %<br>| 08/01/53 | 501094 |
| 1750000 | Public Service Electric and Gas Co. | 5.45<br> %<br>| 03/01/54 | 1749827 |
| 1000000 | Trans-Allegheny Interstate Line Co. (b) | 5.00<br> %<br>| 01/15/31 | 1026301 |
| 500000 | Virginia Electric and Power Co. | 5.60<br> %<br>| 09/15/55 | 498443 |
|  |  |  |  | 50498093 |
|  | **Financial Services – 0.6%** |  |  |  |
| 1500000 | Fidelity National Information Services, Inc. | 3.10<br> %<br>| 03/01/41 | 1133367 |
| 333000 | Fiserv, Inc. | 5.38<br> %<br>| 08/21/28 | 343468 |
| 500000 | Fiserv, Inc. | 3.50<br> %<br>| 07/01/29 | 486062 |
| 250000 | Fiserv, Inc. | 2.65<br> %<br>| 06/01/30 | 231551 |
| 1000000 | Fiserv, Inc. | 4.55<br> %<br>| 02/15/31 | 1004152 |
| 1000000 | Fiserv, Inc. | 5.63<br> %<br>| 08/21/33 | 1050311 |
| 500000 | Fiserv, Inc. | 4.40<br> %<br>| 07/01/49 | 412565 |
|  |  |  |  | 4661476 |
|  | **Food Products – 0.9%** |  |  |  |
| 1000000 | Conagra Brands, Inc. | 5.00<br> %<br>| 08/01/30 | 1010307 |
| 2000000 | Conagra Brands, Inc. | 5.30<br> %<br>| 11/01/38 | 1921058 |
| 500000 | Conagra Brands, Inc. | 5.40<br> %<br>| 11/01/48 | 457078 |
| 2250000 | Kraft Heinz Foods Co. | 5.50<br> %<br>| 06/01/50 | 2127829 |
| 2000000 | The Campbell's Company | 5.40<br> %<br>| 03/21/34 | 2049939 |
|  |  |  |  | 7566211 |
|  | **Ground Transportation – 0.4%** |  |  |  |
| 1500000 | CSX Corp. | 4.50<br> %<br>| 11/15/52 | 1296014 |
| 2500000 | Union Pacific Corp. | 4.95<br> %<br>| 05/15/53 | 2334846 |
|  |  |  |  | 3630860 |
|  | **Health Care Equipment & Supplies – 0.5%** |  |  |  |
| 2350000 | Abbott Laboratories | 4.90<br> %<br>| 11/30/46 | 2256872 |
| 388000 | Solventum Corp. | 5.40<br> %<br>| 03/01/29 | 400493 |
| 1170000 | Solventum Corp. | 5.90<br> %<br>| 04/30/54 | 1202762 |
|  |  |  |  | 3860127 |

---

------

**First Trust/Dow Jones Dividend & Income Allocation Portfolio** 

**Portfolio of Investments (Continued)**

**September 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** |
|  | **Health Care Providers & Services – 3.4%** |  |  |  |
| $500000 | Cardinal Health, Inc. | 4.50<br> %<br>| 09/15/30 | $501712 |
| 1143000 | Centene Corp. | 4.25<br> %<br>| 12/15/27 | 1123360 |
| 1000000 | Centene Corp. | 2.45<br> %<br>| 07/15/28 | 930033 |
| 1200000 | Cigna (The) Group | 4.38<br> %<br>| 10/15/28 | 1206469 |
| 1150000 | Cigna (The) Group | 5.00<br> %<br>| 05/15/29 | 1180192 |
| 1000000 | Cigna (The) Group | 4.50<br> %<br>| 09/15/30 | 1003287 |
| 1100000 | Cigna (The) Group | 5.40<br> %<br>| 03/15/33 | 1149018 |
| 1150000 | Cigna (The) Group | 5.25<br> %<br>| 02/15/34 | 1184150 |
| 1500000 | Cigna (The) Group | 4.90<br> %<br>| 12/15/48 | 1347428 |
| 1150000 | Cigna (The) Group | 5.60<br> %<br>| 02/15/54 | 1131653 |
| 1000000 | Cigna (The) Group | 6.00<br> %<br>| 01/15/56 | 1038098 |
| 500000 | Elevance Health, Inc. | 4.55<br> %<br>| 05/15/52 | 419775 |
| 1000000 | Elevance Health, Inc. | 6.10<br> %<br>| 10/15/52 | 1042288 |
| 500000 | Elevance Health, Inc. | 5.70<br> %<br>| 02/15/55 | 495224 |
| 500000 | Elevance Health, Inc. | 5.70<br> %<br>| 09/15/55 | 495929 |
| 1000000 | HCA, Inc. | 5.25<br> %<br>| 03/01/30 | 1032728 |
| 1000000 | HCA, Inc. | 2.38<br> %<br>| 07/15/31 | 887393 |
| 2500000 | HCA, Inc. | 5.50<br> %<br>| 06/01/33 | 2598271 |
| 2500000 | HCA, Inc. | 3.50<br> %<br>| 07/15/51 | 1711552 |
| 2500000 | HCA, Inc. | 5.90<br> %<br>| 06/01/53 | 2470033 |
| 3500000 | UnitedHealth Group, Inc. | 5.30<br> %<br>| 02/15/30 | 3644442 |
| 1000000 | UnitedHealth Group, Inc. | 6.05<br> %<br>| 02/15/63 | 1045329 |
|  |  |  |  | 27638364 |
|  | **Hotels, Restaurants & Leisure – 0.3%** |  |  |  |
| 2500000 | McDonald's Corp. | 5.45<br> %<br>| 08/14/53 | 2483864 |
| 313000 | Sodexo, Inc. (b) | 5.15<br> %<br>| 08/15/30 | 320170 |
|  |  |  |  | 2804034 |
|  | **Independent Power & Renewable Electricity Producers – 0.3%** |  |  |  |
| 2000000 | Vistra Operations Co., LLC (b) | 5.70<br> %<br>| 12/30/34 | 2071364 |
|  | **Insurance – 2.3%** |  |  |  |
| 2500000 | Aon North America, Inc. | 5.13<br> %<br>| 03/01/27 | 2535788 |
| 182000 | Aon North America, Inc. | 5.15<br> %<br>| 03/01/29 | 187337 |
| 2300000 | Aon North America, Inc. | 5.75<br> %<br>| 03/01/54 | 2318118 |
| 1000000 | Arthur J. Gallagher & Co. | 5.15<br> %<br>| 02/15/35 | 1012537 |
| 1000000 | Arthur J. Gallagher & Co. | 5.75<br> %<br>| 03/02/53 | 996761 |
| 1000000 | Arthur J. Gallagher & Co. | 6.75<br> %<br>| 02/15/54 | 1130283 |
| 1000000 | Arthur J. Gallagher & Co. | 5.55<br> %<br>| 02/15/55 | 978358 |
| 750000 | Brown & Brown, Inc. | 4.90<br> %<br>| 06/23/30 | 760674 |
| 2750000 | Brown & Brown, Inc. | 5.65<br> %<br>| 06/11/34 | 2854797 |
| 400000 | Brown & Brown, Inc. | 5.55<br> %<br>| 06/23/35 | 411789 |
| 2500000 | Brown & Brown, Inc. | 4.95<br> %<br>| 03/17/52 | 2205014 |
| 1000000 | Marsh & McLennan Cos., Inc. | 6.25<br> %<br>| 11/01/52 | 1102514 |
| 1115000 | Marsh & McLennan Cos., Inc. | 5.45<br> %<br>| 03/15/54 | 1105932 |
| 1660000 | Ryan Specialty LLC (b) | 5.88<br> %<br>| 08/01/32 | 1679822 |
|  |  |  |  | 19279724 |
|  | **Life Sciences Tools & Services – 0.3%** |  |  |  |
| 2000000 | IQVIA, Inc. | 5.70<br> %<br>| 05/15/28 | 2066750 |
|  | **Media – 0.6%** |  |  |  |
| 500000 | &nbsp;&nbsp; Charter Communications Operating, LLC/Charter Communications <br> Operating Capital<br>| 5.85<br> %<br>| 12/01/35 | 504965 |
| 2000000 | Comcast Corp. | 5.35<br> %<br>| 11/15/27 | 2055832 |

---

------

**First Trust/Dow Jones Dividend & Income Allocation Portfolio** 

**Portfolio of Investments (Continued)**

**September 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** |
|  | **Media (Continued)** |  |  |  |
| $1000000 | Comcast Corp. | 4.55<br> %<br>| 01/15/29 | $1013251 |
| 500000 | Comcast Corp. | 3.25<br> %<br>| 11/01/39 | 399459 |
| 1000000 | Comcast Corp. | 3.75<br> %<br>| 04/01/40 | 841394 |
| 500000 | Comcast Corp. | 4.00<br> %<br>| 08/15/47 | 392991 |
|  |  |  |  | 5207892 |
|  | **Multi-Utilities – 0.3%** |  |  |  |
| 2000000 | Consolidated Edison Co. of New York, Inc. | 6.15<br> %<br>| 11/15/52 | 2155836 |
|  | **Oil, Gas & Consumable Fuels – 1.3%** |  |  |  |
| 500000 | BP Capital Markets America, Inc. | 3.94<br> %<br>| 09/21/28 | 499149 |
| 1000000 | BP Capital Markets America, Inc. | 4.70<br> %<br>| 04/10/29 | 1019028 |
| 500000 | BP Capital Markets America, Inc. | 1.75<br> %<br>| 08/10/30 | 445632 |
| 1500000 | BP Capital Markets America, Inc. | 2.72<br> %<br>| 01/12/32 | 1360755 |
| 1000000 | BP Capital Markets America, Inc. | 3.06<br> %<br>| 06/17/41 | 760958 |
| 1000000 | BP Capital Markets America, Inc. | 3.00<br> %<br>| 03/17/52 | 651463 |
| 2500000 | Energy Transfer, L.P. | 5.20<br> %<br>| 04/01/30 | 2578769 |
| 500000 | Sabine Pass Liquefaction, LLC | 5.00<br> %<br>| 03/15/27 | 503176 |
| 2750000 | Sabine Pass Liquefaction, LLC | 4.20<br> %<br>| 03/15/28 | 2747588 |
|  |  |  |  | 10566518 |
|  | **Pharmaceuticals – 0.7%** |  |  |  |
| 2600000 | AstraZeneca Finance, LLC | 4.80<br> %<br>| 02/26/27 | 2630398 |
| 500000 | AstraZeneca Finance, LLC | 1.75<br> %<br>| 05/28/28 | 473331 |
| 1850000 | AstraZeneca Finance, LLC | 4.85<br> %<br>| 02/26/29 | 1898085 |
| 1000000 | AstraZeneca Finance, LLC | 2.25<br> %<br>| 05/28/31 | 905376 |
|  |  |  |  | 5907190 |
|  | **Professional Services – 0.6%** |  |  |  |
| 133000 | Verisk Analytics, Inc. | 4.50<br> %<br>| 08/15/30 | 133457 |
| 2500000 | Verisk Analytics, Inc. | 5.25<br> %<br>| 06/05/34 | 2579166 |
| 1000000 | Verisk Analytics, Inc. | 5.25<br> %<br>| 03/15/35 | 1020122 |
| 1000000 | Verisk Analytics, Inc. | 5.13<br> %<br>| 02/15/36 | 1009841 |
|  |  |  |  | 4742586 |
|  | **Semiconductors & Semiconductor Equipment – 0.6%** |  |  |  |
| 500000 | Broadcom, Inc. (b) | 1.95<br> %<br>| 02/15/28 | 476491 |
| 500000 | Broadcom, Inc. | 4.75<br> %<br>| 04/15/29 | 510276 |
| 500000 | Broadcom, Inc. (b) | 2.45<br> %<br>| 02/15/31 | 454909 |
| 1250000 | Broadcom, Inc. | 4.30<br> %<br>| 11/15/32 | 1234294 |
| 250000 | Broadcom, Inc. (b) | 2.60<br> %<br>| 02/15/33 | 219549 |
| 383000 | Broadcom, Inc. (b) | 3.42<br> %<br>| 04/15/33 | 354598 |
| 500000 | Broadcom, Inc. (b) | 3.47<br> %<br>| 04/15/34 | 456505 |
| 642000 | Broadcom, Inc. (b) | 4.93<br> %<br>| 05/15/37 | 640559 |
| 500000 | Broadcom, Inc. (b) | 3.50<br> %<br>| 02/15/41 | 411697 |
| 500000 | Broadcom, Inc. (b) | 3.75<br> %<br>| 02/15/51 | 391677 |
|  |  |  |  | 5150555 |
|  | **Software – 3.9%** |  |  |  |
| 1000000 | AppLovin Corp. | 5.13<br> %<br>| 12/01/29 | 1023257 |
| 2250000 | Atlassian Corp. | 5.25<br> %<br>| 05/15/29 | 2313949 |
| 2250000 | Atlassian Corp. | 5.50<br> %<br>| 05/15/34 | 2319260 |
| 2997000 | CrowdStrike Holdings, Inc. | 3.00<br> %<br>| 02/15/29 | 2859300 |
| 1000000 | Oracle Corp. | 4.50<br> %<br>| 05/06/28 | 1007560 |
| 2250000 | Oracle Corp. | 6.15<br> %<br>| 11/09/29 | 2399875 |

---

------

**First Trust/Dow Jones Dividend & Income Allocation Portfolio** 

**Portfolio of Investments (Continued)**

**September 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** |
|  | **Software (Continued)** |  |  |  |
| $1500000 | Oracle Corp. | 4.65<br> %<br>| 05/06/30 | $1521565 |
| 444000 | Oracle Corp. | 4.45<br> %<br>| 09/26/30 | 443884 |
| 2500000 | Oracle Corp. | 6.25<br> %<br>| 11/09/32 | 2717664 |
| 500000 | Oracle Corp. | 4.90<br> %<br>| 02/06/33 | 504674 |
| 500000 | Oracle Corp. | 6.50<br> %<br>| 04/15/38 | 548533 |
| 1900000 | Oracle Corp. | 5.38<br> %<br>| 07/15/40 | 1864972 |
| 500000 | Oracle Corp. | 3.65<br> %<br>| 03/25/41 | 400670 |
| 500000 | Oracle Corp. | 3.60<br> %<br>| 04/01/50 | 352232 |
| 500000 | Oracle Corp. | 3.95<br> %<br>| 03/25/51 | 372022 |
| 2000000 | Oracle Corp. | 6.90<br> %<br>| 11/09/52 | 2226729 |
| 1000000 | Oracle Corp. | 5.55<br> %<br>| 02/06/53 | 946869 |
| 1000000 | Roper Technologies, Inc. | 4.90<br> %<br>| 10/15/34 | 1001627 |
| 2650000 | Salesforce, Inc. | 3.70<br> %<br>| 04/11/28 | 2642055 |
| 2000000 | Salesforce, Inc. | 2.90<br> %<br>| 07/15/51 | 1313335 |
| 600000 | Synopsys, Inc. | 4.85<br> %<br>| 04/01/30 | 611333 |
| 1500000 | Synopsys, Inc. | 5.15<br> %<br>| 04/01/35 | 1526478 |
| 1000000 | Synopsys, Inc. | 5.70<br> %<br>| 04/01/55 | 1009946 |
|  |  |  |  | 31927789 |
|  | **Specialized REITs – 0.1%** |  |  |  |
| 1000000 | VICI Properties, L.P. | 5.13<br> %<br>| 11/15/31 | 1015199 |
|  | **Specialty Retail – 0.1%** |  |  |  |
| 1000000 | Lowe's Cos, Inc. | 4.25<br> %<br>| 03/15/31 | 993818 |
|  | **Technology Hardware, Storage & Peripherals – 0.1%** |  |  |  |
| 500000 | Dell International, LLC/EMC Corp. | 5.00<br> %<br>| 04/01/30 | 512331 |
| 500000 | Dell International, LLC/EMC Corp. (c) | 4.50<br> %<br>| 02/15/31 | 498974 |
|  |  |  |  | 1011305 |
|  | **Trading Companies & Distributors – 0.3%** |  |  |  |
| 1000000 | Ashtead Capital, Inc. (b) | 5.95<br> %<br>| 10/15/33 | 1057653 |
| 1000000 | Ashtead Capital, Inc. (b) | 5.80<br> %<br>| 04/15/34 | 1048509 |
|  |  |  |  | 2106162 |
|  | **Water Utilities – 0.9%** |  |  |  |
| 4500000 | American Water Capital Corp. | 5.15<br> %<br>| 03/01/34 | 4641434 |
| 2500000 | American Water Capital Corp. | 5.45<br> %<br>| 03/01/54 | 2473046 |
| 667000 | American Water Capital Corp. | 5.70<br> %<br>| 09/01/55 | 678196 |
|  |  |  |  | 7792676 |
|  | **Wireless Telecommunication Services – 1.7%** |  |  |  |
| 500000 | T-Mobile USA, Inc. | 3.75<br> %<br>| 04/15/27 | 497236 |
| 2000000 | T-Mobile USA, Inc. | 4.75<br> %<br>| 02/01/28 | 2003105 |
| 750000 | T-Mobile USA, Inc. | 2.05<br> %<br>| 02/15/28 | 715165 |
| 2500000 | T-Mobile USA, Inc. | 4.85<br> %<br>| 01/15/29 | 2550860 |
| 750000 | T-Mobile USA, Inc. | 2.55<br> %<br>| 02/15/31 | 681682 |
| 500000 | T-Mobile USA, Inc. | 2.25<br> %<br>| 11/15/31 | 439998 |
| 1500000 | T-Mobile USA, Inc. | 5.20<br> %<br>| 01/15/33 | 1548243 |
| 1000000 | T-Mobile USA, Inc. | 5.15<br> %<br>| 04/15/34 | 1023318 |
| 1500000 | T-Mobile USA, Inc. | 3.00<br> %<br>| 02/15/41 | 1127786 |
| 1000000 | T-Mobile USA, Inc. | 3.30<br> %<br>| 02/15/51 | 682100 |
| 1500000 | T-Mobile USA, Inc. | 5.65<br> %<br>| 01/15/53 | 1483087 |

---

------

**First Trust/Dow Jones Dividend & Income Allocation Portfolio** 

**Portfolio of Investments (Continued)**

**September 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** |
|  | **Wireless Telecommunication Services (Continued)** |  |  |  |
| $1000000 | T-Mobile USA, Inc. | 5.80<br> %<br>| 09/15/62 | $1006710 |
|  |  |  |  | 13759290 |
|  | **Total Corporate Bonds and Notes** | **Total Corporate Bonds and Notes** | **Total Corporate Bonds and Notes** | 366199478 |
|  | (Cost $372,461,191) |  |  |  |
| **FOREIGN CORPORATE BONDS AND NOTES – 3.0%** | **FOREIGN CORPORATE BONDS AND NOTES – 3.0%** | **FOREIGN CORPORATE BONDS AND NOTES – 3.0%** | **FOREIGN CORPORATE BONDS AND NOTES – 3.0%** | **FOREIGN CORPORATE BONDS AND NOTES – 3.0%** |
|  | **Banks – 1.0%** |  |  |  |
| 1000000 | Barclays PLC (a) | 5.37<br> %<br>| 02/25/31 | 1031402 |
| 500000 | BNP Paribas S.A. (a) (b) | 5.09<br> %<br>| 05/09/31 | 509658 |
| 1250000 | Lloyds Banking Group PLC (a) | 5.09<br> %<br>| 11/26/28 | 1272418 |
| 1000000 | Lloyds Banking Group PLC (a) | 5.72<br> %<br>| 06/05/30 | 1046283 |
| 2000000 | Royal Bank of Canada (a) | 5.15<br> %<br>| 02/04/31 | 2061362 |
| 1000000 | Royal Bank of Canada (a) | 4.70<br> %<br>| 08/06/31 | 1013621 |
| 1250000 | Toronto-Dominion (The) Bank | 4.98<br> %<br>| 04/05/27 | 1268416 |
|  |  |  |  | 8203160 |
|  | **Capital Markets – 0.4%** |  |  |  |
| 1000000 | UBS Group AG (a) (b) | 5.62<br> %<br>| 09/13/30 | 1044689 |
| 444000 | UBS Group AG (a) (b) | 4.40<br> %<br>| 09/23/31 | 442592 |
| 2000000 | UBS Group AG (a) (b) | 5.70<br> %<br>| 02/08/35 | 2107831 |
|  |  |  |  | 3595112 |
|  | **Containers & Packaging – 0.3%** |  |  |  |
| 2500000 | Smurfit Kappa Treasury ULC | 5.44<br> %<br>| 04/03/34 | 2595766 |
|  | **Hotels, Restaurants & Leisure – 0.1%** |  |  |  |
| 1000000 | Flutter Treasury DAC (b) | 5.88<br> %<br>| 06/04/31 | 1015685 |
|  | **Insurance – 0.2%** |  |  |  |
| 2000000 | Aon Corp./Aon Global Holdings PLC | 5.35<br> %<br>| 02/28/33 | 2092612 |
|  | **Life Sciences Tools & Services – 0.6%** |  |  |  |
| 2000000 | Icon Investments Six DAC | 5.81<br> %<br>| 05/08/27 | 2041608 |
| 1250000 | Icon Investments Six DAC | 5.85<br> %<br>| 05/08/29 | 1305136 |
| 1250000 | Icon Investments Six DAC | 6.00<br> %<br>| 05/08/34 | 1312770 |
|  |  |  |  | 4659514 |
|  | **Oil, Gas & Consumable Fuels – 0.1%** |  |  |  |
| 500000 | Enbridge, Inc. | 4.60<br> %<br>| 06/20/28 | 506030 |
|  | **Pharmaceuticals – 0.1%** |  |  |  |
| 1000000 | AstraZeneca PLC | 3.00<br> %<br>| 05/28/51 | 690079 |
|  | **Software – 0.1%** |  |  |  |
| 1125000 | Constellation Software, Inc. (b) | 5.46<br> %<br>| 02/16/34 | 1149758 |
|  | **Textiles, Apparel & Luxury Goods – 0.1%** |  |  |  |
| 500000 | Gildan Activewear, Inc. (b) (c) | 5.40<br> %<br>| 10/07/35 | 500317 |
|  | **Total Foreign Corporate Bonds and Notes** | **Total Foreign Corporate Bonds and Notes** | **Total Foreign Corporate Bonds and Notes** | 25008033 |
|  | (Cost $24,665,207) |  |  |  |
| **U.S. GOVERNMENT BONDS AND NOTES – 0.4%** | **U.S. GOVERNMENT BONDS AND NOTES – 0.4%** | **U.S. GOVERNMENT BONDS AND NOTES – 0.4%** | **U.S. GOVERNMENT BONDS AND NOTES – 0.4%** | **U.S. GOVERNMENT BONDS AND NOTES – 0.4%** |
| 1850000 | United States Treasury Note | 3.63<br> %<br>| 09/30/30 | 1840678 |
| 1750000 | United States Treasury Note | 4.25<br> %<br>| 08/15/35 | 1764355 |
|  | **Total U.S. Government Bonds and Notes** | **Total U.S. Government Bonds and Notes** | **Total U.S. Government Bonds and Notes** | 3605033 |
|  | (Cost $3,604,477) |  |  |  |

---

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

------

**First Trust/Dow Jones Dividend & Income Allocation Portfolio** 

**Portfolio of Investments (Continued)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **MONEY MARKET FUNDS – 0.8%** | **MONEY MARKET FUNDS – 0.8%** | **MONEY MARKET FUNDS – 0.8%** |
| 6685480 | Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class - 3.99% (d) | $6685480 |
|  | (Cost $6,685,480) |  |

---

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

---

| | |
|:---|:---|
| **Total Investments – 99.9%** | 822789808 |
| (Cost $773,016,095)  |  |

---

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

---

| | |
|:---|:---|
| **Net Other Assets and Liabilities – 0.1%** | 699974 |
| **Net Assets – 100.0%** | $823489782 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Fixed-to-floating or fixed-to-variable rate security. The interest rate shown reflects
 the fixed rate in effect at September 30, 2025. At a predetermined date, the fixed rate will change to a floating rate or a variable
 rate.

&nbsp;&nbsp;&nbsp;&nbsp;(b) This security, sold within the terms of a private placement memorandum, is exempt
 from registration upon resale under Rule 144A of the Securities Act of 1933, as amended, and may be resold in transactions
 exempt from registration, normally to qualified institutional buyers. Pursuant to procedures adopted by the Trust's Board of Trustees, this security has been determined to be liquid by First Trust Advisors L.P., the Fund's advisor. Although market instability can result in periods of increased overall market illiquidity, liquidity for each security is determined based on security specific
 factors and assumptions, which require subjective judgment. At September 30, 2025, securities noted as such amounted to $33,669,296
 or 4.1% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) When-issued security. The interest rate shown reflects the rate in effect at September
 30, 2025. Interest will begin accruing on the security's first settlement date.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Rate shown reflects yield as of September 30, 2025.

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

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

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of September 30, 2025 is as follows (see Valuation Inputs in the Additional Information section):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total**<br> **Value at**<br> **9/30/2025**<br>| &nbsp;&nbsp;&nbsp; **Level 1**<br> **Quoted**<br> **Prices**<br>| &nbsp;&nbsp;&nbsp; **Level 2**<br> **Significant**<br> **Observable**<br> **Inputs**<br>| &nbsp;&nbsp;&nbsp; **Level 3**<br> **Significant**<br> **Unobservable**<br> **Inputs**<br>|
| Common Stocks\* | &nbsp;&nbsp; $421291784 | &nbsp;&nbsp;&nbsp;&nbsp; $421291784 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Corporate Bonds and Notes\* | &nbsp;&nbsp; 366199478 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 366199478 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Foreign Corporate Bonds and Notes\* | &nbsp;&nbsp; 25008033 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 25008033 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Government Bonds and Notes | &nbsp;&nbsp; 3605033 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3605033 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Money Market Funds | &nbsp;&nbsp; 6685480 | &nbsp;&nbsp;&nbsp;&nbsp; 6685480 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Investments | &nbsp;&nbsp; $822789808 | &nbsp;&nbsp;&nbsp;&nbsp; $427977264 | &nbsp;&nbsp;&nbsp;&nbsp; $394812544 | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

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

\* See Portfolio of Investments for industry breakout.

------

**First Trust Multi Income Allocation Portfolio** 

**Portfolio of Investments** 

**September 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **EXCHANGE-TRADED FUNDS – 49.6%** | **EXCHANGE-TRADED FUNDS – 49.6%** | **EXCHANGE-TRADED FUNDS – 49.6%** |
|  | **Capital Markets – 49.6%** |  |
| 12000 | First Trust AAA CMBS ETF (a) | $246138 |
| 60000 | First Trust Intermediate Government Opportunities ETF (a) | 1228200 |
| 24521 | First Trust Limited Duration Investment Grade Corporate ETF (a) | 471048 |
| 129561 | First Trust Preferred Securities and Income ETF (a) | 2363193 |
| 61288 | First Trust Senior Loan ETF (a) | 2809442 |
| 12135 | First Trust Structured Credit Income Opportunities ETF (a) | 251862 |
| 44882 | First Trust Tactical High Yield ETF (a) | 1887288 |
| 330 | iShares 20+ Year Treasury Bond ETF | 29492 |
| 901 | iShares 3-7 Year Treasury Bond ETF | 107679 |
| 6451 | iShares 7-10 Year Treasury Bond ETF | 622263 |
| 15107 | iShares iBoxx $ Investment Grade Corporate Bond ETF | 1683977 |
| 2470 | iShares MBS ETF | 235021 |
|  | **Total Exchange-Traded Funds** | 11935603 |
|  | (Cost $11,705,955) |  |
| **COMMON STOCKS (b) – 36.5%** | **COMMON STOCKS (b) – 36.5%** | **COMMON STOCKS (b) – 36.5%** |
|  | **Aerospace & Defense – 0.5%** |  |
| 81 | BWX Technologies, Inc. | 14934 |
| 163 | Northrop Grumman Corp. | 99319 |
|  |  | 114253 |
|  | **Automobiles – 0.2%** |  |
| 107 | Ferrari N.V. | 51918 |
|  | **Banks – 0.9%** |  |
| 676 | JPMorgan Chase & Co. | 213231 |
|  | **Beverages – 0.2%** |  |
| 375 | PepsiCo, Inc. | 52665 |
|  | **Capital Markets – 0.4%** |  |
| 569 | Intercontinental Exchange, Inc. | 95865 |
|  | **Construction & Engineering – 0.3%** |  |
| 147 | Quanta Services, Inc. | 60920 |
|  | **Consumer Finance – 0.5%** |  |
| 385 | American Express Co. | 127882 |
|  | **Consumer Staples Distribution & Retail – 0.5%** |  |
| 1171 | Walmart, Inc. | 120683 |
|  | **Diversified REITs – 0.5%** |  |
| 4331 | Essential Properties Realty Trust, Inc. | 128891 |
|  | **Electric Utilities – 2.4%** |  |
| 601 | Alliant Energy Corp.  | 40513 |
| 472 | American Electric Power Co., Inc. | 53100 |
| 259 | Duke Energy Corp. | 32051 |
| 520 | Entergy Corp. | 48459 |
| 707 | Evergy, Inc. | 53746 |
| 531 | Fortis, Inc. (CAD) | 26934 |
| 211 | IDACORP, Inc. | 27884 |
| 1684 | NextEra Energy, Inc. | 127125 |
| 870 | PG&E Corp. | 13120 |
| 1445 | PPL Corp. | 53696 |
| 560 | Southern (The) Co. | 53071 |

---

------

**First Trust Multi Income Allocation Portfolio** 

**Portfolio of Investments (Continued)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (b) (Continued)** | **COMMON STOCKS (b) (Continued)** | **COMMON STOCKS (b) (Continued)** |
|  | **Electric Utilities (Continued)** |  |
| 537 | Xcel Energy, Inc. | $43309 |
|  |  | 573008 |
|  | **Electrical Equipment – 0.6%** |  |
| 300 | Eaton Corp. PLC | 112275 |
| 199 | Generac Holdings, Inc. (c) | 33313 |
|  |  | 145588 |
|  | **Electronic Equipment, Instruments & Components – 0.2%** |  |
| 235 | TE Connectivity PLC | 51590 |
|  | **Energy Equipment & Services – 0.1%** |  |
| 1310 | Archrock, Inc. | 34466 |
|  | **Financial Services – 0.5%** |  |
| 378 | Visa, Inc., Class A | 129042 |
|  | **Food Products – 0.2%** |  |
| 707 | Mondelez International, Inc., Class A | 44166 |
|  | **Gas Utilities – 0.9%** |  |
| 796 | AltaGas Ltd. (CAD) | 24526 |
| 279 | Atmos Energy Corp. | 47639 |
| 100 | Chesapeake Utilities Corp. | 13469 |
| 950 | National Fuel Gas Co. | 87751 |
| 542 | New Jersey Resources Corp. | 26097 |
| 338 | ONE Gas, Inc. | 27358 |
|  |  | 226840 |
|  | **Ground Transportation – 0.1%** |  |
| 127 | Union Pacific Corp. | 30019 |
|  | **Health Care Equipment & Supplies – 0.2%** |  |
| 401 | Abbott Laboratories | 53710 |
|  | **Health Care Providers & Services – 0.5%** |  |
| 356 | Cencora, Inc. | 111261 |
|  | **Health Care REITs – 2.8%** |  |
| 3960 | CareTrust REIT, Inc. | 137333 |
| 7064 | Healthpeak Properties, Inc. | 135276 |
| 6861 | Sabra Health Care REIT, Inc. | 127889 |
| 1942 | Ventas, Inc. | 135920 |
| 806 | Welltower, Inc. | 143581 |
|  |  | 679999 |
|  | **Hotel & Resort REITs – 1.0%** |  |
| 7401 | Host Hotels & Resorts, Inc. | 125965 |
| 1387 | Ryman Hospitality Properties, Inc. | 124261 |
|  |  | 250226 |
|  | **Hotels, Restaurants & Leisure – 0.5%** |  |
| 309 | McDonald's Corp. | 93902 |
| 325 | Starbucks Corp. | 27495 |
|  |  | 121397 |
|  | **Independent Power & Renewable Electricity Producers – 0.2%** |  |
| 1529 | Clearway Energy, Inc., Class A | 41176 |

---

------

**First Trust Multi Income Allocation Portfolio** 

**Portfolio of Investments (Continued)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (b) (Continued)** | **COMMON STOCKS (b) (Continued)** | **COMMON STOCKS (b) (Continued)** |
|  | **Industrial Conglomerates – 0.3%** |  |
| 323 | Honeywell International, Inc. | $67991 |
|  | **Industrial REITs – 1.1%** |  |
| 1121 | Prologis, Inc. | 128377 |
| 3694 | STAG Industrial, Inc. | 130361 |
|  |  | 258738 |
|  | **Insurance – 0.6%** |  |
| 704 | Brown & Brown, Inc. | 66028 |
| 283 | Chubb Ltd. | 79877 |
|  |  | 145905 |
|  | **IT Services – 0.6%** |  |
| 537 | Accenture PLC, Class A | 132424 |
|  | **Machinery – 0.9%** |  |
| 232 | Caterpillar, Inc. | 110699 |
| 127 | Parker-Hannifin Corp. | 96285 |
|  |  | 206984 |
|  | **Metals & Mining – 0.8%** |  |
| 616 | Franco-Nevada Corp. | 137313 |
| 391 | Nucor Corp. | 52953 |
|  |  | 190266 |
|  | **Multi-Utilities – 1.7%** |  |
| 255 | Ameren Corp. | 26617 |
| 1072 | Atco Ltd., Class I (CAD) | 38807 |
| 1007 | CenterPoint Energy, Inc. | 39072 |
| 351 | CMS Energy Corp. | 25714 |
| 427 | Dominion Energy, Inc. | 26119 |
| 277 | DTE Energy Co. | 39176 |
| 1797 | Public Service Enterprise Group, Inc. | 149978 |
| 321 | Sempra | 28883 |
| 352 | WEC Energy Group, Inc. | 40336 |
|  |  | 414702 |
|  | **Office REITs – 1.1%** |  |
| 4480 | Cousins Properties, Inc. | 129651 |
| 2167 | SL Green Realty Corp. | 129608 |
|  |  | 259259 |
|  | **Oil, Gas & Consumable Fuels – 2.7%** |  |
| 166 | Cheniere Energy, Inc. | 39007 |
| 1183 | ConocoPhillips | 111900 |
| 774 | DT Midstream, Inc. | 87508 |
| 547 | Enbridge, Inc. | 27602 |
| 756 | Exxon Mobil Corp. | 85239 |
| 1134 | Keyera Corp. (CAD) | 38044 |
| 2065 | Kinder Morgan, Inc. | 58460 |
| 1244 | ONEOK, Inc. | 90775 |
| 382 | Targa Resources Corp. | 64000 |
| 510 | TC Energy Corp. | 27749 |
| 416 | Williams (The) Cos., Inc. | 26354 |
|  |  | 656638 |

---

------

**First Trust Multi Income Allocation Portfolio** 

**Portfolio of Investments (Continued)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (b) (Continued)** | **COMMON STOCKS (b) (Continued)** | **COMMON STOCKS (b) (Continued)** |
|  | **Pharmaceuticals – 0.5%** |  |
| 956 | AstraZeneca PLC, ADR | $73344 |
| 400 | Merck & Co., Inc. | 33572 |
|  |  | 106916 |
|  | **Professional Services – 0.3%** |  |
| 823 | Booz Allen Hamilton Holding Corp. | 82259 |
|  | **Residential REITs – 1.6%** |  |
| 661 | AvalonBay Communities, Inc. | 127686 |
| 1992 | Equity Residential | 128942 |
| 921 | Mid-America Apartment Communities, Inc. | 128691 |
|  |  | 385319 |
|  | **Retail REITs – 1.7%** |  |
| 4778 | Brixmor Property Group, Inc. | 132255 |
| 5979 | Kimco Realty Corp. | 130641 |
| 746 | Simon Property Group, Inc. | 140002 |
|  |  | 402898 |
|  | **Semiconductors & Semiconductor Equipment – 1.8%** |  |
| 401 | Broadcom, Inc. | 132294 |
| 1005 | QUALCOMM, Inc. | 167192 |
| 504 | Taiwan Semiconductor Manufacturing Co., Ltd., ADR | 140762 |
|  |  | 440248 |
|  | **Software – 2.0%** |  |
| 307 | Microsoft Corp. | 159010 |
| 759 | Oracle Corp. | 213461 |
| 365 | SAP SE, ADR | 97532 |
|  |  | 470003 |
|  | **Specialized REITs – 3.8%** |  |
| 661 | American Tower Corp. | 127124 |
| 754 | Digital Realty Trust, Inc. | 130351 |
| 161 | Equinix, Inc. | 126102 |
| 2757 | Gaming and Leisure Properties, Inc. | 128504 |
| 1277 | Iron Mountain, Inc. | 130177 |
| 451 | Public Storage | 130271 |
| 3962 | VICI Properties, Inc. | 129201 |
|  |  | 901730 |
|  | **Specialty Retail – 0.5%** |  |
| 894 | TJX (The) Cos., Inc. | 129219 |
|  | **Technology Hardware, Storage & Peripherals – 0.2%** |  |
| 214 | Apple, Inc. | 54491 |
|  | **Water Utilities – 0.1%** |  |
| 490 | Essential Utilities, Inc. | 19551 |
|  | **Total Common Stocks** | 8784337 |
|  | (Cost $7,611,558) |  |
| **MASTER LIMITED PARTNERSHIPS – 3.4%** | **MASTER LIMITED PARTNERSHIPS – 3.4%** | **MASTER LIMITED PARTNERSHIPS – 3.4%** |
|  | **Chemicals – 0.1%** |  |
| 1572 | Westlake Chemical Partners, L.P. | 32996 |
|  | **Oil, Gas & Consumable Fuels – 3.3%** |  |
| 853 | Cheniere Energy Partners, L.P. | 45909 |

---

------

**First Trust Multi Income Allocation Portfolio** 

**Portfolio of Investments (Continued)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **MASTER LIMITED PARTNERSHIPS (Continued)** | **MASTER LIMITED PARTNERSHIPS (Continued)** | **MASTER LIMITED PARTNERSHIPS (Continued)** |
|  | **Oil, Gas & Consumable Fuels (Continued)** |  |
| 12027 | Energy Transfer, L.P. | $206383 |
| 8318 | Enterprise Products Partners, L.P. | 260104 |
| 3075 | MPLX, L.P. | 153596 |
| 4554 | Plains GP Holdings, L.P., Class A | 83065 |
| 915 | Sunoco, L.P. | 45759 |
|  |  | 794816 |
|  | **Total Master Limited Partnerships** | 827812 |
|  | (Cost $733,475) |  |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **U.S. GOVERNMENT BONDS AND NOTES – 7.9%** | **U.S. GOVERNMENT BONDS AND NOTES – 7.9%** | **U.S. GOVERNMENT BONDS AND NOTES – 7.9%** | **U.S. GOVERNMENT BONDS AND NOTES – 7.9%** | **U.S. GOVERNMENT BONDS AND NOTES – 7.9%** |
| $20098 | U.S. Treasury Inflation Indexed Bond (d) | 0.13<br> %<br>| 10/15/26 | 19988 |
| 52157 | U.S. Treasury Inflation Indexed Bond (d) | 0.38<br> %<br>| 01/15/27 | 51762 |
| 27232 | U.S. Treasury Inflation Indexed Bond (d) | 2.38<br> %<br>| 01/15/27 | 27723 |
| 46910 | U.S. Treasury Inflation Indexed Bond (d) | 0.13<br> %<br>| 04/15/27 | 46270 |
| 51504 | U.S. Treasury Inflation Indexed Bond (d) | 0.38<br> %<br>| 07/15/27 | 51164 |
| 45803 | U.S. Treasury Inflation Indexed Bond (d) | 1.63<br> %<br>| 10/15/27 | 46547 |
| 53696 | U.S. Treasury Inflation Indexed Bond (d) | 0.50<br> %<br>| 01/15/28 | 53084 |
| 26214 | U.S. Treasury Inflation Indexed Bond (d) | 1.75<br> %<br>| 01/15/28 | 26653 |
| 48465 | U.S. Treasury Inflation Indexed Bond (d) | 1.25<br> %<br>| 04/15/28 | 48660 |
| 37949 | U.S. Treasury Inflation Indexed Bond (d) | 3.63<br> %<br>| 04/15/28 | 40386 |
| 51478 | U.S. Treasury Inflation Indexed Bond (d) | 0.75<br> %<br>| 07/15/28 | 51251 |
| 48516 | U.S. Treasury Inflation Indexed Bond (d) | 2.38<br> %<br>| 10/15/28 | 50545 |
| 51176 | U.S. Treasury Inflation Indexed Bond (d) | 0.88<br> %<br>| 01/15/29 | 50798 |
| 24074 | U.S. Treasury Inflation Indexed Bond (d) | 2.50<br> %<br>| 01/15/29 | 25163 |
| 51177 | U.S. Treasury Inflation Indexed Bond (d) | 2.13<br> %<br>| 04/15/29 | 52837 |
| 43232 | U.S. Treasury Inflation Indexed Bond (d) | 3.88<br> %<br>| 04/15/29 | 47280 |
| 56831 | U.S. Treasury Inflation Indexed Bond (d) | 0.25<br> %<br>| 07/15/29 | 55148 |
| 52360 | U.S. Treasury Inflation Indexed Bond (d) | 1.63<br> %<br>| 10/15/29 | 53411 |
| 57758 | U.S. Treasury Inflation Indexed Bond (d) | 0.13<br> %<br>| 01/15/30 | 55160 |
| 57845 | U.S. Treasury Inflation Indexed Bond (d) | 1.63<br> %<br>| 04/15/30 | 58750 |
| 59219 | U.S. Treasury Inflation Indexed Bond (d) | 0.13<br> %<br>| 07/15/30 | 56323 |
| 59567 | U.S. Treasury Inflation Indexed Bond (d) | 0.13<br> %<br>| 01/15/31 | 55953 |
| 61471 | U.S. Treasury Inflation Indexed Bond (d) | 0.13<br> %<br>| 07/15/31 | 57425 |
| 65262 | U.S. Treasury Inflation Indexed Bond (d) | 0.13<br> %<br>| 01/15/32 | 60113 |
| 9100 | U.S. Treasury Inflation Indexed Bond (d) | 3.38<br> %<br>| 04/15/32 | 10189 |
| 58929 | U.S. Treasury Inflation Indexed Bond (d) | 0.63<br> %<br>| 07/15/32 | 55795 |
| 58563 | U.S. Treasury Inflation Indexed Bond (d) | 1.13<br> %<br>| 01/15/33 | 56779 |
| 54248 | U.S. Treasury Inflation Indexed Bond (d) | 1.38<br> %<br>| 07/15/33 | 53433 |
| 58853 | U.S. Treasury Inflation Indexed Bond (d) | 1.75<br> %<br>| 01/15/34 | 59152 |
| 60742 | U.S. Treasury Inflation Indexed Bond (d) | 1.88<br> %<br>| 07/15/34 | 61650 |
| 64489 | U.S. Treasury Inflation Indexed Bond (d) | 2.13<br> %<br>| 01/15/35 | 66411 |
| 45273 | U.S. Treasury Inflation Indexed Bond (d) | 1.88<br> %<br>| 07/15/35 | 45654 |
| 25409 | U.S. Treasury Inflation Indexed Bond (d) | 2.13<br> %<br>| 02/15/40 | 25626 |
| 39534 | U.S. Treasury Inflation Indexed Bond (d) | 2.13<br> %<br>| 02/15/41 | 39533 |
| 35456 | U.S. Treasury Inflation Indexed Bond (d) | 0.75<br> %<br>| 02/15/42 | 28145 |
| 35971 | U.S. Treasury Inflation Indexed Bond (d) | 0.63<br> %<br>| 02/15/43 | 27347 |
| 34376 | U.S. Treasury Inflation Indexed Bond (d) | 1.38<br> %<br>| 02/15/44 | 29425 |
| 34708 | U.S. Treasury Inflation Indexed Bond (d) | 0.75<br> %<br>| 02/15/45 | 25907 |
| 29995 | U.S. Treasury Inflation Indexed Bond (d) | 1.00<br> %<br>| 02/15/46 | 23153 |
| 26765 | U.S. Treasury Inflation Indexed Bond (d) | 0.88<br> %<br>| 02/15/47 | 19786 |
| 26201 | U.S. Treasury Inflation Indexed Bond (d) | 1.00<br> %<br>| 02/15/48 | 19654 |
| 20541 | U.S. Treasury Inflation Indexed Bond (d) | 1.00<br> %<br>| 02/15/49 | 15172 |

---

------

**First Trust Multi Income Allocation Portfolio** 

**Portfolio of Investments (Continued)**

**September 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **U.S. GOVERNMENT BONDS AND NOTES (Continued)** | **U.S. GOVERNMENT BONDS AND NOTES (Continued)** | **U.S. GOVERNMENT BONDS AND NOTES (Continued)** | **U.S. GOVERNMENT BONDS AND NOTES (Continued)** | **U.S. GOVERNMENT BONDS AND NOTES (Continued)** |
| $21361 | U.S. Treasury Inflation Indexed Bond (d) | 0.25<br> %<br>| 02/15/50 | $12651 |
| 23575 | U.S. Treasury Inflation Indexed Bond (d) | 0.13<br> %<br>| 02/15/51 | 13092 |
| 24370 | U.S. Treasury Inflation Indexed Bond (d) | 0.13<br> %<br>| 02/15/52 | 13223 |
| 22822 | U.S. Treasury Inflation Indexed Bond (d) | 1.50<br> %<br>| 02/15/53 | 18285 |
| 19999 | U.S. Treasury Inflation Indexed Bond (d) | 2.13<br> %<br>| 02/15/54 | 18481 |
| 20475 | U.S. Treasury Inflation Indexed Bond (d) | 2.38<br> %<br>| 02/15/55 | 20010 |
|  | **Total U.S. Government Bonds and Notes** | **Total U.S. Government Bonds and Notes** | **Total U.S. Government Bonds and Notes** | 1900947 |
|  | (Cost $1,885,589) |  |  |  |
| **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES – 0.0%** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES – 0.0%** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES – 0.0%** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES – 0.0%** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES – 0.0%** |
|  | **Collateralized Mortgage Obligations – 0.0%** |  |  |  |
|  | Fannie Mae REMICS  |  |  |  |
| 160 | &nbsp;&nbsp; Series 1999-56, Class Z | 7.00<br> %<br>| 12/01/29 | 164 |
| 361 | &nbsp;&nbsp; Series 2002-67, Class PE | 5.50<br> %<br>| 11/01/32 | 370 |
|  | Freddie Mac REMICS  |  |  |  |
| 1 | &nbsp;&nbsp; Series 1996-1847, Class LL | 7.50<br> %<br>| 04/01/26 | 1 |
| 429 | &nbsp;&nbsp; Series 1999-2130, Class KB | 6.38<br> %<br>| 03/01/29 | 436 |
|  | **Total U.S. Government Agency Mortgage-Backed Securities** | **Total U.S. Government Agency Mortgage-Backed Securities** | **Total U.S. Government Agency Mortgage-Backed Securities** | 971 |
|  | (Cost $966) |  |  |  |
| **MORTGAGE-BACKED SECURITIES – 0.0%** | **MORTGAGE-BACKED SECURITIES – 0.0%** | **MORTGAGE-BACKED SECURITIES – 0.0%** | **MORTGAGE-BACKED SECURITIES – 0.0%** | **MORTGAGE-BACKED SECURITIES – 0.0%** |
|  | **Collateralized Mortgage Obligations – 0.0%** |  |  |  |
|  | Credit Suisse First Boston Mortgage Securities Corp.  |  |  |  |
| 299 | &nbsp;&nbsp; Series 2004-6, Class 2A1 (e) | 4.75<br> %<br>| 09/01/25 | 0 |
|  | (Cost $299) |  |  |  |

---

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **MONEY MARKET FUNDS – 3.1%** | **MONEY MARKET FUNDS – 3.1%** | **MONEY MARKET FUNDS – 3.1%** |
| 758234 | Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class - 3.99% (f) | 758234 |
|  | (Cost $758,234) |  |

---

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

---

| | |
|:---|:---|
| **Total Investments – 100.5%** | 24207904 |
| (Cost $22,696,076)  |  |

---

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

---

| | |
|:---|:---|
| **Net Other Assets and Liabilities – (0.5)%** | (123247)<br>|
| **Net Assets – 100.0%** | $24084657 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Investment in an affiliated fund.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Securities are issued in U.S. dollars unless otherwise indicated in the security description.

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) Security whose principal value is adjusted in accordance with changes to the country's Consumer Price Index. Interest is calculated on the basis of the current adjusted principal value.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Pursuant to procedures adopted by the Trust's Board of Trustees, this security has been determined to be illiquid by the Sub-Advisor.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Rate shown reflects yield as of September 30, 2025.

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

---

| | |
|:---|:---|
| Abbreviations throughout the Portfolio of Investments: | Abbreviations throughout the Portfolio of Investments: |
| ADR | – American Depositary Receipt |
| CAD | – Canadian Dollar |
| REITs | – Real Estate Investment Trusts |
| REMICS | – Real Estate Mortgage Investment Conduit |

---

------

**First Trust Multi Income Allocation Portfolio** 

**Portfolio of Investments (Continued)**

**September 30, 2025 (Unaudited)**

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of September 30, 2025 is as follows (see Valuation Inputs in the Additional Information section):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total**<br> **Value at**<br> **9/30/2025**<br>| &nbsp;&nbsp;&nbsp; **Level 1**<br> **Quoted**<br> **Prices**<br>| &nbsp;&nbsp;&nbsp; **Level 2**<br> **Significant**<br> **Observable**<br> **Inputs**<br>| &nbsp;&nbsp;&nbsp; **Level 3**<br> **Significant**<br> **Unobservable**<br> **Inputs**<br>|
| Exchange-Traded Funds\* | &nbsp;&nbsp; $11935603 | &nbsp;&nbsp;&nbsp;&nbsp; $11935603 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Common Stocks\* | &nbsp;&nbsp; 8784337 | &nbsp;&nbsp;&nbsp;&nbsp; 8784337 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Master Limited Partnerships\* | &nbsp;&nbsp; 827812 | &nbsp;&nbsp;&nbsp;&nbsp; 827812 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Government Bonds and Notes | &nbsp;&nbsp; 1900947 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1900947 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Government Agency Mortgage-Backed Securities | &nbsp;&nbsp; 971 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 971 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Mortgage-Backed Securities | &nbsp;&nbsp; —<br> \*\*<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —<br> \*\*<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Money Market Funds | &nbsp;&nbsp; 758234 | &nbsp;&nbsp;&nbsp;&nbsp; 758234 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Investments | &nbsp;&nbsp; $24207904 | &nbsp;&nbsp;&nbsp;&nbsp; $22305986 | &nbsp;&nbsp;&nbsp;&nbsp; $1901918 | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

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

\* See Portfolio of Investments for industry breakout. <br> \*\* Investment is valued at zero.

------

**Affiliated Transactions**

Amounts relating to investments in affiliated funds at September 30, 2025, and for the fiscal year-to-date period (January 1, 2025 to September 30, 2025) are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Shares at**<br> **9/30/2025**<br>| **Value at**<br> **12/31/2024**<br>| **Purchases** | **Sales** | **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Realized**<br> **Gain**<br> **(Loss)**<br>| **Value at**<br> **9/30/2025**<br>| **Dividend**<br> **Income**<br>|
| First Trust AAA CMBS ETF | 12000<br>| $—<br>| $243120<br>| $—<br>| $3018<br>| $—<br>| $246138<br>| $7200<br>|
| &nbsp;&nbsp; First Trust Institutional Preferred <br> Securities and Income ETF<br>|  | 1333946<br>| 519780<br>| (1880596)<br>| (66757)<br>| 93627<br>| —<br>| 45920<br>|
| &nbsp;&nbsp; First Trust Intermediate Government <br> Opportunities ETF<br>| 60000<br>| 718665<br>| 483117<br>| —<br>| 26418<br>| —<br>| 1228200<br>| 39211<br>|
| &nbsp;&nbsp; First Trust Limited Duration Investment <br> Grade Corporate ETF<br>| 24521<br>| 379872<br>| 208038<br>| (124580)<br>| 6313<br>| 1405<br>| 471048<br>| 15135<br>|
| &nbsp;&nbsp; First Trust Preferred Securities and Income <br> ETF<br>| 129561<br>| 429278<br>| 1977488<br>| (98411)<br>| 52476<br>| 2362<br>| 2363193<br>| 47187<br>|
| First Trust Senior Loan ETF | 61288<br>| 2622455<br>| 865720<br>| (657131)<br>| 9719<br>| (31321)<br>| 2809442<br>| 129644<br>|
| &nbsp;&nbsp; First Trust Structured Credit Income <br> Opportunities ETF<br>| 12135<br>| —<br>| 247987<br>| —<br>| 3875<br>| —<br>| 251862<br>| 8342<br>|
| First Trust Tactical High Yield ETF | 44882<br>| 1772189<br>| 548670<br>| (463706)<br>| 78794<br>| (48659)<br>| 1887288<br>| 83695<br>|
|  |  | $7256405<br>| $5093920<br>| $(3224424)<br>| $113856<br>| $17414<br>| $9257171<br>| $376334<br>|

---

------

**First Trust Dorsey Wright Tactical Core Portfolio** 

**Portfolio of Investments** 

**September 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **EXCHANGE-TRADED FUNDS – 98.6%** | **EXCHANGE-TRADED FUNDS – 98.6%** | **EXCHANGE-TRADED FUNDS – 98.6%** |
|  | **Capital Markets – 98.6%** |  |
| 11992 | First Trust China AlphaDEX<sup>®</sup> Fund (a) | $347402 |
| 11027 | First Trust Developed Markets ex-US AlphaDEX<sup>®</sup> Fund (a) | 831105 |
| 20117 | First Trust Dow Jones Internet Index Fund (a) (b) | 5629541 |
| 27129 | First Trust Emerging Markets AlphaDEX<sup>®</sup> Fund (a) | 735196 |
| 5644 | First Trust Eurozone AlphaDEX<sup>®</sup> ETF (a) | 331731 |
| 77337 | First Trust Financials AlphaDEX<sup>®</sup> Fund (a) | 4593044 |
| 4448 | First Trust Germany AlphaDEX<sup>®</sup> Fund (a) | 261576 |
| 58685 | First Trust Industrials/Producer Durables AlphaDEX<sup>®</sup> Fund (a) | 4580951 |
| 47779 | First Trust Large Cap Core AlphaDEX<sup>®</sup> Fund (a) | 5581586 |
| 37088 | First Trust Large Cap Growth AlphaDEX<sup>®</sup> Fund (a) | 5958569 |
| 59627 | First Trust Mid Cap Growth AlphaDEX<sup>®</sup> Fund (a) | 5462722 |
| 42183 | First Trust NASDAQ-100 Ex-Technology Sector Index Fund (a) | 4173282 |
| 3740 | First Trust Switzerland AlphaDEX<sup>®</sup> Fund (a) | 287309 |
| 6197 | First Trust United Kingdom AlphaDEX<sup>®</sup> Fund (a) | 300359 |
| 106846 | First Trust Utilities AlphaDEX<sup>®</sup> Fund (a) | 4856151 |
| 30635 | iShares Core U.S. Aggregate Bond ETF | 3071159 |
| 42213 | SPDR Blackstone Senior Loan ETF | 1755217 |
| 77672 | SPDR Bloomberg Emerging Markets Local Bond ETF | 1659074 |
| 18268 | SPDR Bloomberg High Yield Bond ETF | 1790081 |
| 53335 | SPDR Bloomberg International Corporate Bond ETF | 1722187 |
|  | **Total Exchange-Traded Funds** | 53928242 |
|  | (Cost $44,534,635) |  |
| **MONEY MARKET FUNDS – 1.5%** | **MONEY MARKET FUNDS – 1.5%** | **MONEY MARKET FUNDS – 1.5%** |
| 834011 | Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class - 3.99% (c) | 834011 |
|  | (Cost $834,011) |  |

---

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

---

| | |
|:---|:---|
| **Total Investments – 100.1%** | 54762253 |
| (Cost $45,368,646)  |  |

---

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

---

| | |
|:---|:---|
| **Net Other Assets and Liabilities – (0.1)%** | (78375)<br>|
| **Net Assets – 100.0%** | $54683878 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Investment in an affiliated fund.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Rate shown reflects yield as of September 30, 2025.

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of September 30, 2025 is as follows (see Valuation Inputs in the Additional Information section):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total**<br> **Value at**<br> **9/30/2025**<br>| &nbsp;&nbsp;&nbsp; **Level 1**<br> **Quoted**<br> **Prices**<br>| &nbsp;&nbsp;&nbsp; **Level 2**<br> **Significant**<br> **Observable**<br> **Inputs**<br>| &nbsp;&nbsp;&nbsp; **Level 3**<br> **Significant**<br> **Unobservable**<br> **Inputs**<br>|
| Exchange-Traded Funds\* | &nbsp;&nbsp; $53928242 | &nbsp;&nbsp;&nbsp;&nbsp; $53928242 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Money Market Funds | &nbsp;&nbsp; 834011 | &nbsp;&nbsp;&nbsp;&nbsp; 834011 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Investments | &nbsp;&nbsp; $54762253 | &nbsp;&nbsp;&nbsp;&nbsp; $54762253 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

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

\* See Portfolio of Investments for industry breakout.

------

**First Trust Dorsey Wright Tactical Core Portfolio** 

**Portfolio of Investments (Continued)**

**September 30, 2025 (Unaudited)**

------

**Affiliated Transactions**

Amounts relating to investments in affiliated funds at September 30, 2025, and for the fiscal year-to-date period (January 1, 2025 to September 30, 2025) are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Shares at**<br> **9/30/2025**<br>| **Value at**<br> **12/31/2024**<br>| **Purchases** | **Sales** | **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Realized**<br> **Gain**<br> **(Loss)**<br>| **Value at**<br> **9/30/2025**<br>| **Dividend**<br> **Income**<br>|
| First Trust China AlphaDEX<sup>®</sup> Fund | 11992<br>| $251219 | $3179 | $(15158)<br>| $106916 | $1246 | $347402 | $7567 |
| &nbsp;&nbsp; First Trust Consumer Discretionary <br> AlphaDEX<sup>®</sup> Fund<br>| —<br>| 4825469<br>| 50653<br>| (4342487)<br>| (695394)<br>| 161759<br>| —<br>| 10507<br>|
| &nbsp;&nbsp; First Trust Developed Markets <br> ex-US AlphaDEX<sup>®</sup> Fund<br>| 11027<br>| 623164<br>| 7949<br>| (39149)<br>| 230974<br>| 8167<br>| 831105<br>| 16635<br>|
| &nbsp;&nbsp; First Trust Dow Jones Global Select <br> Dividend Index Fund<br>| —<br>| —<br>| 257999<br>| (270975)<br>| —<br>| 12976<br>| —<br>| —<br>|
| &nbsp;&nbsp; First Trust Dow Jones Internet <br> Index Fund<br>| 20117<br>| 5111920<br>| 55980<br>| (281827)<br>| 643108<br>| 100360<br>| 5629541<br>| —<br>|
| &nbsp;&nbsp; First Trust Emerging Markets <br> AlphaDEX<sup>®</sup> Fund<br>| 27129<br>| 624489<br>| 7619<br>| (36328)<br>| 135199<br>| 4217<br>| 735196<br>| 17685<br>|
| &nbsp;&nbsp; First Trust Eurozone AlphaDEX<sup>®</sup> <br> ETF<br>| 5644<br>| —<br>| 287263<br>| (13033)<br>| 56889<br>| 612<br>| 331731<br>| 7122<br>|
| &nbsp;&nbsp; First Trust Financials AlphaDEX<sup>®</sup> <br> Fund<br>| 77337<br>| 4374516<br>| 48649<br>| (238897)<br>| 417612<br>| (8836)<br>| 4593044<br>| 56539<br>|
| &nbsp;&nbsp; First Trust Germany AlphaDEX<sup>®</sup> <br> Fund<br>| 4448<br>| —<br>| 244585<br>| (3361)<br>| 20139<br>| 213<br>| 261576<br>| 1690<br>|
| &nbsp;&nbsp; First Trust India NIFTY 50 Equal <br> Weight ETF<br>|  | 242772<br>| 2646<br>| (256589)<br>| (28708)<br>| 39879<br>| —<br>| —<br>|
| &nbsp;&nbsp; First Trust Industrials/Producer <br> Durables AlphaDEX<sup>®</sup> Fund<br>| 58685<br>| 4587648<br>| 49977<br>| (243753)<br>| 134786<br>| 52293<br>| 4580951<br>| 23690<br>|
| First Trust Japan AlphaDEX<sup>®</sup> Fund | —<br>| 257315<br>| —<br>| (263445)<br>| (12738)<br>| 18868<br>| —<br>| —<br>|
| &nbsp;&nbsp; First Trust Large Cap Core <br> AlphaDEX<sup>®</sup> Fund<br>| 47779<br>| 5207256<br>| 58785<br>| (287861)<br>| 525603<br>| 77803<br>| 5581586<br>| 43505<br>|
| &nbsp;&nbsp; First Trust Large Cap Growth <br> AlphaDEX<sup>®</sup> Fund<br>| 37088<br>| 5358017<br>| 59100<br>| (297088)<br>| 748165<br>| 90375<br>| 5958569<br>| 10785<br>|
| &nbsp;&nbsp; First Trust Mid Cap Core <br> AlphaDEX<sup>®</sup> Fund<br>| —<br>| 5168402<br>| 4517256<br>| (10346377)<br>| (820367)<br>| 1481086<br>| —<br>| 11526<br>|
| &nbsp;&nbsp; First Trust Mid Cap Growth <br> AlphaDEX<sup>®</sup> Fund<br>| 59627<br>| —<br>| 10424497<br>| (4830702)<br>| 560750<br>| (691823)<br>| 5462722<br>| —<br>|
| &nbsp;&nbsp; First Trust NASDAQ-100 <br> Ex-Technology Sector Index Fund<br>| 42183<br>| —<br>| 3898353<br>| (115316)<br>| 383983<br>| 6262<br>| 4173282<br>| 13034<br>|
| &nbsp;&nbsp; First Trust NASDAQ-100-<br> Technology Sector Index Fund<br>|  | 4680076<br>| 51613<br>| (4132242)<br>| (767361)<br>| 167914<br>| —<br>| 207<br>|
| &nbsp;&nbsp; First Trust Switzerland AlphaDEX<sup>®</sup> <br> Fund<br>| 3740<br>| 245188<br>| 3146<br>| (15132)<br>| 51391<br>| 2716<br>| 287309<br>| 4381<br>|
| &nbsp;&nbsp; First Trust United Kingdom <br> AlphaDEX<sup>®</sup> Fund<br>| 6197<br>| 246606<br>| 3059<br>| (14958)<br>| 63176<br>| 2476<br>| 300359<br>| 6367<br>|
| &nbsp;&nbsp; First Trust Utilities AlphaDEX<sup>®</sup> <br> Fund<br>| 106846<br>| —<br>| 4473829<br>| (130860)<br>| 507597<br>| 5585<br>| 4856151<br>| 51043<br>|
|  |  | $41804057<br>| $24506137<br>| $(26175538)<br>| $2261720<br>| $1534148<br>| $43930524<br>| $282283<br>|

---

------

**First Trust Capital Strength**<sup>®</sup> **Portfolio** 

**Portfolio of Investments** 

**September 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| <br> **Shares**<br>| **Description** | **Value** |
| **COMMON STOCKS – 98.0%**  | **COMMON STOCKS – 98.0%**  | **COMMON STOCKS – 98.0%**  |
|  | **Aerospace & Defense – 6.4%** |  |
| 11863 | General Dynamics Corp.  | $4045283 |
| 7645 | Lockheed Martin Corp.  | 3816460 |
| 6833 | Northrop Grumman Corp.  | 4163484 |
|  |  | 12025227 |
|  | **Air Freight & Logistics – 2.1%** |  |
| 31761 | &nbsp;&nbsp; Expeditors International of <br> Washington, Inc. <br>| 3893581 |
|  | **Beverages – 5.8%** |  |
| 50777 | Coca-Cola (The) Co.  | 3367530 |
| 60115 | Monster Beverage Corp. (a) | 4046341 |
| 24761 | PepsiCo, Inc.  | 3477435 |
|  |  | 10891306 |
|  | **Biotechnology – 1.9%** |  |
| 32774 | Gilead Sciences, Inc.  | 3637914 |
|  | **Broadline Retail – 2.2%** |  |
| 45390 | eBay, Inc.  | 4128221 |
|  | **Capital Markets – 3.8%** |  |
| 14864 | Cboe Global Markets, Inc.  | 3645396 |
| 37023 | Charles Schwab (The) Corp.  | 3534586 |
|  |  | 7179982 |
|  | **Chemicals – 3.9%** |  |
| 13197 | Ecolab, Inc.  | 3614130 |
| 7627 | Linde PLC  | 3622825 |
|  |  | 7236955 |
|  | **Commercial Services &** <br> **Supplies – 3.8%**<br>|  |
| 77137 | Copart, Inc. (a) | 3468851 |
| 34321 | Veralto Corp.  | 3658962 |
|  |  | 7127813 |
|  | **Communications Equipment –** <br> **4.0%**<br>|  |
| 52120 | Cisco Systems, Inc.  | 3566051 |
| 8435 | Motorola Solutions, Inc.  | 3857241 |
|  |  | 7423292 |
|  | **Construction & Engineering –** <br> **2.2%**<br>|  |
| 31301 | AECOM  | 4083841 |
|  | **Consumer Staples** <br> **Distribution & Retail – 3.9%**<br>|  |
| 3730 | Costco Wholesale Corp.  | 3452600 |
| 37315 | Walmart, Inc.  | 3845684 |
|  |  | 7298284 |
|  | **Entertainment – 2.5%** |  |
| 23628 | Electronic Arts, Inc.  | 4765768 |

---

---

| | | |
|:---|:---|:---|
| <br> **Shares**<br>| **Description** | **Value** |
|  | **Financial Services – 3.8%** |  |
| 6418 | Mastercard, Inc., Class A  | $3650623 |
| 10161 | Visa, Inc., Class A  | 3468762 |
|  |  | 7119385 |
|  | **Food Products – 2.1%** |  |
| 20706 | Hershey (The) Co.  | 3873057 |
|  | **Ground Transportation – 2.0%** |  |
| 15772 | Union Pacific Corp.  | 3728028 |
|  | **Health Care Equipment &** <br> **Supplies – 2.1%**<br>|  |
| 28679 | Abbott Laboratories  | 3841265 |
|  | **Health Care Providers &** <br> **Services – 2.0%**<br>|  |
| 12110 | Cencora, Inc.  | 3784738 |
|  | **Household Durables – 2.1%** |  |
| 478 | NVR, Inc. (a) | 3840567 |
|  | **Household Products – 3.6%** |  |
| 40842 | Colgate-Palmolive Co.  | 3264910 |
| 22868 | Procter & Gamble (The) Co.  | 3513668 |
|  |  | 6778578 |
|  | **Industrial Conglomerates –** <br> **1.7%**<br>|  |
| 14994 | Honeywell International, Inc.  | 3156237 |
|  | **Insurance – 7.8%** |  |
| 9960 | Aon PLC, Class A  | 3551537 |
| 40144 | Arch Capital Group Ltd.  | 3642265 |
| 16708 | Marsh & McLennan Cos., Inc.  | 3367163 |
| 51589 | W.R. Berkley Corp.  | 3952749 |
|  |  | 14513714 |
|  | **IT Services – 6.6%** |  |
| 12558 | Accenture PLC, Class A  | 3096803 |
| 46865 | &nbsp;&nbsp; Cognizant Technology Solutions <br> Corp., Class A <br>| 3143235 |
| 9980 | Gartner, Inc. (a) | 2623443 |
| 12407 | &nbsp;&nbsp; International Business Machines <br> Corp. <br>| 3500759 |
|  |  | 12364240 |
|  | **Machinery – 2.0%** |  |
| 10534 | Snap-on, Inc.  | 3650347 |
|  | **Pharmaceuticals – 4.0%** |  |
| 21666 | Johnson & Johnson  | 4017309 |
| 23868 | Zoetis, Inc.  | 3492366 |
|  |  | 7509675 |
|  | **Professional Services – 5.1%** |  |
| 11752 | Automatic Data Processing, Inc.  | 3449212 |
| 24723 | Paychex, Inc.  | 3133888 |

---

------

**First Trust Capital Strength**<sup>®</sup> **Portfolio** 

**Portfolio of Investments (Continued)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| <br> **Shares**<br>| **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Professional** <br> **Services (Continued)**<br>|  |
| 11748 | Verisk Analytics, Inc.  | $2954739 |
|  |  | 9537839 |
|  | **Software – 4.0%** |  |
| 11941 | Autodesk, Inc. (a) | 3793298 |
| 6954 | Microsoft Corp.  | 3601824 |
|  |  | 7395122 |
|  | **Specialty Retail – 6.6%** |  |
| 9869 | Home Depot (The), Inc.  | 3998820 |
| 27295 | Ross Stores, Inc.  | 4159485 |
| 29031 | TJX (The) Cos., Inc.  | 4196141 |
|  |  | 12354446 |
|  | **Total Common Stocks** | 183139422 |
|  | (Cost $168,402,138) |  |
| **MONEY MARKET FUNDS – 2.0%** | **MONEY MARKET FUNDS – 2.0%** | **MONEY MARKET FUNDS – 2.0%** |
| 3831521 | &nbsp;&nbsp; Morgan Stanley Institutional <br> Liquidity Funds - Treasury <br> Portfolio - Institutional Class - <br> 3.99% (b)<br>| 3831521 |
|  | (Cost $3,831,521) |  |
|  | **Total Investments – 100.0%** | 186970943 |
|  | (Cost $172,233,659)  |  |
|  | **Net Other Assets and** <br> **Liabilities – (0.0)%**<br>| (30637)<br>|
|  | **Net Assets – 100.0%** | $186940306 |

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Rate shown reflects yield as of September 30, 2025.

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of September 30, 2025 is as follows (see Valuation Inputs in the Additional Information section):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total**<br> **Value at**<br> **9/30/2025**<br>| **Level 1**<br> **Quoted**<br> **Prices**<br>| **Level 2**<br> **Significant**<br> **Observable**<br> **Inputs**<br>| **Level 3**<br> **Significant**<br> **Unobservable**<br> **Inputs**<br>|
| Common Stocks\* | $183139422 | &nbsp;&nbsp; $183139422 | $— | $— |
| Money Market <br> Funds<br>| 3831521 | &nbsp;&nbsp; 3831521 |  |  |
| Total Investments | $186970943 | &nbsp;&nbsp; $186970943 | $— | $— |

---

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

\* See Portfolio of Investments for industry breakout.

------

**First Trust International Developed Capital Strength**<sup>®</sup> **Portfolio** 

**Portfolio of Investments** 

**September 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| <br> **Shares**<br>| **Description** | **Value** |
| **COMMON STOCKS (a) – 96.0%**  | **COMMON STOCKS (a) – 96.0%**  | **COMMON STOCKS (a) – 96.0%**  |
|  | **Banks – 2.4%** |  |
| 5896 | Royal Bank of Canada (CAD)  | $869000 |
|  | **Beverages – 3.4%** |  |
| 5024 | Carlsberg A/S, Class B (DKK)  | 583784 |
| 13733 | Coca-Cola HBC AG (GBP)  | 647172 |
|  |  | 1230956 |
|  | **Biotechnology – 1.7%** |  |
| 4600 | CSL Ltd. (AUD)  | 603285 |
|  | **Capital Markets – 1.6%** |  |
| 2222 | Deutsche Boerse AG (EUR)  | 595053 |
|  | **Chemicals – 3.4%** |  |
| 149 | Givaudan S.A. (CHF)  | 604947 |
| 2870 | Sika AG (CHF)  | 638499 |
|  |  | 1243446 |
|  | **Consumer Staples** <br> **Distribution & Retail – 3.8%**<br>|  |
| 13324 | &nbsp;&nbsp; Alimentation Couche-Tard, Inc. <br> (CAD) <br>| 710862 |
| 17771 | Loblaw Cos. Ltd. (CAD)  | 687370 |
|  |  | 1398232 |
|  | **Electric Utilities – 1.8%** |  |
| 9034 | Verbund AG (EUR)  | 656534 |
|  | **Food Products – 3.5%** |  |
| 46 | &nbsp;&nbsp; Chocoladefabriken Lindt & <br> Spruengli AG (CHF) <br>| 702670 |
| 6379 | Nestle S.A. (CHF)  | 585533 |
|  |  | 1288203 |
|  | **Hotels, Restaurants &** <br> **Leisure – 3.8%**<br>|  |
| 8862 | Amadeus IT Group S.A. (EUR)  | 702299 |
| 20266 | Compass Group PLC (GBP)  | 689298 |
|  |  | 1391597 |
|  | **Household Products – 2.2%** |  |
| 10534 | &nbsp;&nbsp; Reckitt Benckiser Group PLC <br> (GBP) <br>| 810079 |
|  | **Insurance – 17.7%** |  |
| 1732 | Allianz SE (EUR)  | 726757 |
| 18094 | Great-West Lifeco, Inc. (CAD)  | 734317 |
| 2184 | Hannover Rueck SE (EUR)  | 657954 |
| 1005 | &nbsp;&nbsp; Muenchener <br> Rueckversicherungs-<br> Gesellschaft AG (EUR) <br>| 641169 |
| 51644 | &nbsp;&nbsp; QBE Insurance Group Ltd. <br> (AUD) <br>| 703619 |
| 68212 | Sampo Oyj, Class A (EUR)  | 783064 |
| 717 | Swiss Life Holding AG (CHF)  | 770636 |
| 3958 | Swiss Re AG (CHF)  | 731140 |

---

---

| | | |
|:---|:---|:---|
| <br> **Shares**<br>| **Description** | **Value** |
|  | **Insurance (Continued)** |  |
| 1002 | &nbsp;&nbsp; Zurich Insurance Group AG <br> (CHF) <br>| $713188 |
|  |  | 6461844 |
|  | **IT Services – 3.6%** |  |
| 6494 | CGI, Inc. (CAD)  | 578427 |
| 20600 | Obic Co., Ltd. (JPY)  | 717939 |
|  |  | 1296366 |
|  | **Machinery – 10.7%** |  |
| 16873 | Alfa Laval AB (SEK)  | 767802 |
| 44196 | Atlas Copco AB, Class A (SEK)  | 745958 |
| 11388 | GEA Group AG (EUR)  | 840309 |
| 11663 | Kone Oyj, Class B (EUR)  | 794191 |
| 2048 | Schindler Holding AG (CHF)  | 774898 |
|  |  | 3923158 |
|  | **Marine Transportation – 1.6%** |  |
| 3081 | &nbsp;&nbsp; Kuehne + Nagel International <br> AG (CHF) <br>| 573394 |
|  | **Media – 1.9%** |  |
| 7107 | Publicis Groupe S.A. (EUR)  | 681536 |
|  | **Metals & Mining – 4.4%** |  |
| 30183 | BHP Group Ltd. (AUD)  | 849413 |
| 11760 | Rio Tinto PLC (GBP)  | 773008 |
|  |  | 1622421 |
|  | **Personal Care Products – 3.8%** |  |
| 1764 | L'Oreal S.A. (EUR)  | 763172 |
| 10761 | Unilever PLC (GBP)  | 636789 |
|  |  | 1399961 |
|  | **Pharmaceuticals – 8.4%** |  |
| 5109 | AstraZeneca PLC (GBP)  | 768326 |
| 38698 | GSK PLC (GBP)  | 819448 |
| 6192 | Novartis AG (CHF)  | 778774 |
| 2196 | Roche Holding AG (CHF)  | 716965 |
|  |  | 3083513 |
|  | **Professional Services – 7.1%** |  |
| 22618 | Bureau Veritas S.A. (EUR)  | 707416 |
| 7298 | SGS S.A. (CHF)  | 756157 |
| 3762 | Thomson Reuters Corp. (CAD)  | 584155 |
| 4016 | Wolters Kluwer N.V. (EUR)  | 547646 |
|  |  | 2595374 |
|  | **Software – 3.3%** |  |
| 203 | &nbsp;&nbsp; Constellation Software, Inc. <br> (CAD) <br>| 551074 |
| 44129 | Sage Group (The) PLC (GBP)  | 652840 |
|  |  | 1203914 |
|  | **Textiles, Apparel & Luxury** <br> **Goods – 1.8%**<br>|  |
| 265 | Hermes International SCA (EUR)  | 648070 |

---

------

**First Trust International Developed Capital Strength**<sup>®</sup> **Portfolio** 

**Portfolio of Investments (Continued)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| <br> **Shares**<br>| **Description** | **Value** |
| **COMMON STOCKS (a) (Continued)** | **COMMON STOCKS (a) (Continued)** | **COMMON STOCKS (a) (Continued)** |
|  | **Trading Companies &** <br> **Distributors – 2.0%**<br>|  |
| 22605 | Bunzl PLC (GBP)  | $713218 |
|  | **Transportation Infrastructure –** <br> **2.1%**<br>|  |
| 27660 | Aena SME S.A. (EUR) (b) (c) | 755675 |
|  | **Total Common Stocks** | 35044829 |
|  | (Cost $33,045,600) |  |
| **WARRANTS (a) – 0.0%**  | **WARRANTS (a) – 0.0%**  | **WARRANTS (a) – 0.0%**  |
|  | **Software – 0.0%** |  |
| 92 | &nbsp;&nbsp; Constellation Software, Inc. <br> (CAD) (d) (e) (f) (g)<br>| 0 |
|  | (Cost $0) |  |
| **MONEY MARKET FUNDS – 3.9%** | **MONEY MARKET FUNDS – 3.9%** | **MONEY MARKET FUNDS – 3.9%** |
| 1413576 | &nbsp;&nbsp; Morgan Stanley Institutional <br> Liquidity Funds - Treasury <br> Portfolio - Institutional Class - <br> 3.99% (h)<br>| 1413576 |
|  | (Cost $1,413,576) |  |
|  | **Total Investments – 99.9%** | 36458405 |
|  | (Cost $34,459,176)  |  |
|  | **Net Other Assets and** <br> **Liabilities – 0.1%**<br>| 37837 |
|  | **Net Assets – 100.0%** | $36496242 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Securities are issued in U.S. dollars unless otherwise indicated in the security description.

&nbsp;&nbsp;&nbsp;&nbsp;(b) This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933, as amended (the "1933 Act").

&nbsp;&nbsp;&nbsp;&nbsp;(c) This security is exempt from registration upon resale under Rule 144A of the 1933 Act and may be resold in transactions exempt from registration, normally to qualified institutional buyers. This security is not restricted on the foreign exchange where it trades freely without any additional registration.

&nbsp;&nbsp;&nbsp;&nbsp;(d) This security is fair valued by the Advisor's Pricing Committee in accordance with procedures approved by the Trust's Board of Trustees, and in accordance with the provisions of the Investment Company Act of 1940 and rules thereunder, as amended. At September 30, 2025, securities noted as such are valued at $0 or 0.0% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Pursuant to procedures adopted by the Trust's Board of Trustees, this security has been determined to be illiquid by First Trust Advisors L.P., the Fund's advisor.

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

&nbsp;&nbsp;&nbsp;&nbsp;(g) This security's value was determined using significant unobservable inputs. (see Valuation Inputs in the Additional Information section).

&nbsp;&nbsp;&nbsp;&nbsp;(h) Rate shown reflects yield as of September 30, 2025.

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

---

| | |
|:---|:---|
| Abbreviations throughout the Portfolio of Investments: | Abbreviations throughout the Portfolio of Investments: |
| AUD | – Australian Dollar |
| CAD | – Canadian Dollar |
| CHF | – Swiss Franc |
| DKK | – Danish Krone |
| EUR | – Euro |
| GBP | – British Pound Sterling |
| JPY | – Japanese Yen |
| SEK | – Swedish Krona |
| USD | – United States Dollar |

---

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

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

---

| | |
|:---|:---|
| **Currency Exposure**<br> **Diversification**<br>| **% of Total**<br> **Investments**<br>|
| EUR | &nbsp;&nbsp; 28.8% |
| CHF | &nbsp;&nbsp; 22.9 |
| GBP | &nbsp;&nbsp; 17.9 |
| CAD | &nbsp;&nbsp; 12.9 |
| AUD | &nbsp;&nbsp;&nbsp; 5.9 |
| SEK | &nbsp;&nbsp;&nbsp; 4.1 |
| USD | &nbsp;&nbsp;&nbsp; 3.9 |
| JPY | &nbsp;&nbsp;&nbsp; 2.0 |
| DKK | &nbsp;&nbsp;&nbsp; 1.6 |
| &nbsp;&nbsp; Total | 100.0% |

---

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

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

---

| | |
|:---|:---|
| **Country Allocation †** | **% of Net**<br> **Assets**<br>|
| Switzerland | &nbsp;&nbsp; 24.6% |
| United Kingdom | &nbsp;&nbsp; 16.1 |
| Canada | &nbsp;&nbsp; 12.9 |
| Germany | &nbsp;&nbsp;&nbsp; 9.5 |
| France | &nbsp;&nbsp;&nbsp; 7.7 |
| Australia | &nbsp;&nbsp;&nbsp; 5.9 |
| Finland | &nbsp;&nbsp;&nbsp; 4.3 |
| Sweden | &nbsp;&nbsp;&nbsp; 4.1 |
| Spain | &nbsp;&nbsp;&nbsp; 4.0 |
| United States | &nbsp;&nbsp;&nbsp; 3.9 |
| Japan | &nbsp;&nbsp;&nbsp; 2.0 |
| Austria | &nbsp;&nbsp;&nbsp; 1.8 |
| Denmark | &nbsp;&nbsp;&nbsp; 1.6 |
| Netherlands | &nbsp;&nbsp;&nbsp; 1.5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments | &nbsp;&nbsp; 99.9 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Other Assets and Liabilities | &nbsp;&nbsp;&nbsp; 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | &nbsp;&nbsp; 100.0% |

---

† Portfolio securities are categorized based upon their country of incorporation.

------

**First Trust International Developed Capital Strength**<sup>®</sup> **Portfolio** 

**Portfolio of Investments (Continued)**

**September 30, 2025 (Unaudited)**

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of September 30, 2025 is as follows (see Valuation Inputs in the Additional Information section):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total**<br> **Value at**<br> **9/30/2025**<br>| **Level 1**<br> **Quoted**<br> **Prices**<br>| **Level 2**<br> **Significant**<br> **Observable**<br> **Inputs**<br>| **Level 3**<br> **Significant**<br> **Unobservable**<br> **Inputs**<br>|
| Common Stocks\* | $35044829 | &nbsp;&nbsp; $35044829 | $— | $— |
| Warrants\* | —<br> \*\*<br>| &nbsp;&nbsp; — |  | —<br> \*\*<br>|
| Money Market Funds | 1413576 | &nbsp;&nbsp; 1413576 |  |  |
| Total Investments | $36458405 | &nbsp;&nbsp; $36458405 | $— | $—<br> \*\*<br>|

---

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

\* See Portfolio of Investments for industry breakout.

\*\* Investment is valued at $0.

Level 3 investments are fair valued by the Advisor's Pricing Committee and are footnoted in the Portfolio of Investments. All Level 3 values are based on unobservable inputs.

------

**First Trust Growth Strength**<sup>TM</sup> **Portfolio** 

**Portfolio of Investments** 

**September 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| <br> **Shares**<br>| **Description** | **Value** |
| **COMMON STOCKS – 98.5%**  | **COMMON STOCKS – 98.5%**  | **COMMON STOCKS – 98.5%**  |
|  | **Beverages – 2.2%** |  |
| 10623 | Monster Beverage Corp. (a) | $715034 |
|  | **Biotechnology – 2.7%** |  |
| 2147 | United Therapeutics Corp. (a) | 900044 |
|  | **Capital Markets – 9.5%** |  |
| 1151 | Ameriprise Financial, Inc.  | 565429 |
| 2627 | Cboe Global Markets, Inc.  | 644272 |
| 9786 | &nbsp;&nbsp; Interactive Brokers Group, Inc., <br> Class A <br>| 673374 |
| 1254 | Moody's Corp.  | 597506 |
| 4900 | Northern Trust Corp.  | 659540 |
|  |  | 3140121 |
|  | **Commercial Services &** <br> **Supplies – 1.9%**<br>|  |
| 13633 | Copart, Inc. (a) | 613076 |
|  | **Communications Equipment –** <br> **4.5%**<br>|  |
| 5607 | Arista Networks, Inc. (a) | 816996 |
| 1490 | Motorola Solutions, Inc.  | 681362 |
|  |  | 1498358 |
|  | **Consumer Staples** <br> **Distribution & Retail – 3.9%**<br>|  |
| 660 | Costco Wholesale Corp.  | 610916 |
| 6595 | Walmart, Inc.  | 679680 |
|  |  | 1290596 |
|  | **Electrical Equipment – 1.9%** |  |
| 1656 | Eaton Corp. PLC  | 619758 |
|  | **Electronic Equipment,** <br> **Instruments & Components –** <br> **2.3%**<br>|  |
| 6065 | Amphenol Corp., Class A  | 750544 |
|  | **Energy Equipment &** <br> **Services – 4.3%**<br>|  |
| 15781 | Baker Hughes Co.  | 768850 |
| 18812 | Schlumberger N.V.  | 646569 |
|  |  | 1415419 |
|  | **Financial Services – 7.1%** |  |
| 4124 | Apollo Global Management, Inc.  | 549605 |
| 1888 | Corpay, Inc. (a) | 543857 |
| 1134 | Mastercard, Inc., Class A  | 645031 |
| 1795 | Visa, Inc., Class A  | 612777 |
|  |  | 2351270 |
|  | **Health Care Equipment &** <br> **Supplies – 1.5%**<br>|  |
| 7471 | Dexcom, Inc. (a) | 502724 |
|  | **Health Care Providers &** <br> **Services – 2.3%**<br>|  |
| 2218 | UnitedHealth Group, Inc.  | 765875 |

---

---

| | | |
|:---|:---|:---|
| <br> **Shares**<br>| **Description** | **Value** |
|  | **Hotels, Restaurants &** <br> **Leisure – 3.0%**<br>|  |
| 4499 | Airbnb, Inc., Class A (a) | $546269 |
| 11622 | Chipotle Mexican Grill, Inc. (a) | 455466 |
|  |  | 1001735 |
|  | **Household Durables – 4.3%** |  |
| 2751 | Garmin Ltd.  | 677351 |
| 5768 | PulteGroup, Inc.  | 762126 |
|  |  | 1439477 |
|  | **Insurance – 7.7%** |  |
| 1760 | Aon PLC, Class A  | 627581 |
| 7094 | Arch Capital Group Ltd.  | 643639 |
| 2952 | Marsh & McLennan Cos., Inc.  | 594917 |
| 9117 | W.R. Berkley Corp.  | 698544 |
|  |  | 2564681 |
|  | **Interactive Media & Services –** <br> **3.6%**<br>|  |
| 890 | Meta Platforms, Inc., Class A  | 653598 |
| 16890 | Pinterest, Inc., Class A (a) | 543351 |
|  |  | 1196949 |
|  | **Machinery – 2.2%** |  |
| 1515 | Caterpillar, Inc.  | 722882 |
|  | **Media – 1.2%** |  |
| 7815 | &nbsp;&nbsp; Trade Desk (The), Inc., <br> Class A (a)<br>| 383013 |
|  | **Metals & Mining – 2.7%** |  |
| 10771 | Newmont Corp.  | 908103 |
|  | **Professional Services – 1.8%** |  |
| 2077 | Automatic Data Processing, Inc.  | 609600 |
|  | **Semiconductors &** <br> **Semiconductor Equipment –** <br> **8.8%**<br>|  |
| 2212 | Broadcom, Inc.  | 729761 |
| 673 | KLA Corp.  | 725898 |
| 864 | Monolithic Power Systems, Inc.  | 795433 |
| 3635 | NVIDIA Corp.  | 678218 |
|  |  | 2929310 |
|  | **Software – 12.7%** |  |
| 1713 | Adobe, Inc. (a) | 604261 |
| 1986 | &nbsp;&nbsp; Cadence Design Systems, <br> Inc. (a)<br>| 697602 |
| 11768 | Dynatrace, Inc. (a) | 570160 |
| 5945 | Fortinet, Inc. (a) | 499856 |
| 833 | Intuit, Inc.  | 568864 |
| 3202 | Palo Alto Networks, Inc. (a) | 651991 |
| 650 | ServiceNow, Inc. (a) | 598182 |
|  |  | 4190916 |

---

------

**First Trust Growth Strength**<sup>TM</sup> **Portfolio** 

**Portfolio of Investments (Continued)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| <br> **Shares**<br>| **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Specialty Retail – 4.5%** |  |
| 4824 | Ross Stores, Inc.  | $735129 |
| 5131 | TJX (The) Cos., Inc.  | 741635 |
|  |  | 1476764 |
|  | **Textiles, Apparel & Luxury** <br> **Goods – 1.9%**<br>|  |
| 6150 | Deckers Outdoor Corp. (a) | 623425 |
|  | **Total Common Stocks** | 32609674 |
|  | (Cost $29,469,800) |  |
| **MONEY MARKET FUNDS – 1.7%** | **MONEY MARKET FUNDS – 1.7%** | **MONEY MARKET FUNDS – 1.7%** |
| 565824 | &nbsp;&nbsp; Morgan Stanley Institutional <br> Liquidity Funds - Treasury <br> Portfolio - Institutional Class - <br> 3.99% (b)<br>| 565824 |
|  | (Cost $565,824) |  |
|  | **Total Investments – 100.2%** | 33175498 |
|  | (Cost $30,035,624)  |  |
|  | **Net Other Assets and** <br> **Liabilities – (0.2)%**<br>| (54813)<br>|
|  | **Net Assets – 100.0%** | $33120685 |

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Rate shown reflects yield as of September 30, 2025.

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of September 30, 2025 is as follows (see Valuation Inputs in the Additional Information section):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total**<br> **Value at**<br> **9/30/2025**<br>| **Level 1**<br> **Quoted**<br> **Prices**<br>| **Level 2**<br> **Significant**<br> **Observable**<br> **Inputs**<br>| **Level 3**<br> **Significant**<br> **Unobservable**<br> **Inputs**<br>|
| Common Stocks\* | $32609674 | &nbsp;&nbsp; $32609674 | $— | $— |
| Money Market Funds | 565824 | &nbsp;&nbsp; 565824 |  |  |
| Total Investments | $33175498 | &nbsp;&nbsp; $33175498 | $— | $— |

---

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

\* See Portfolio of Investments for industry breakout.

------

**First Trust Capital Strength**<sup>®</sup> **Hedged Equity Portfolio** 

**Portfolio of Investments** 

**September 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS – 103.4%**  | **COMMON STOCKS – 103.4%**  | **COMMON STOCKS – 103.4%**  |
|  | **Aerospace & Defense – 6.8%** |  |
| 931 | General Dynamics Corp. (a) | $317471 |
| 600 | Lockheed Martin Corp.  | 299526 |
| 536 | Northrop Grumman Corp. (a) | 326596 |
|  |  | 943593 |
|  | **Air Freight & Logistics – 2.2%** |  |
| 2493 | Expeditors International of Washington, Inc. (a) | 305617 |
|  | **Beverages – 6.1%** |  |
| 3985 | Coca-Cola (The) Co. (a) | 264285 |
| 4718 | Monster Beverage Corp. (a) (b) | 317569 |
| 1943 | PepsiCo, Inc. (a) | 272875 |
|  |  | 854729 |
|  | **Biotechnology – 2.1%** |  |
| 2572 | Gilead Sciences, Inc.  | 285492 |
|  | **Broadline Retail – 2.3%** |  |
| 3563 | eBay, Inc.  | 324055 |
|  | **Capital Markets – 4.0%** |  |
| 1167 | Cboe Global Markets, Inc.  | 286207 |
| 2906 | Charles Schwab (The) Corp.  | 277436 |
|  |  | 563643 |
|  | **Chemicals – 4.1%** |  |
| 1036 | Ecolab, Inc. (a) | 283719 |
| 599 | Linde PLC (a) | 284525 |
|  |  | 568244 |
|  | **Commercial Services & Supplies – 4.0%** |  |
| 6054 | Copart, Inc. (a) (b) | 272249 |
| 2694 | Veralto Corp. (a) | 287207 |
|  |  | 559456 |
|  | **Communications Equipment – 4.2%** |  |
| 4091 | Cisco Systems, Inc. (a) | 279906 |
| 662 | Motorola Solutions, Inc. (a) | 302726 |
|  |  | 582632 |
|  | **Construction & Engineering – 2.3%** |  |
| 2457 | AECOM  | 320565 |
|  | **Consumer Staples Distribution & Retail – 4.1%** |  |
| 293 | Costco Wholesale Corp. (a) | 271209 |
| 2929 | Walmart, Inc.  | 301863 |
|  |  | 573072 |
|  | **Entertainment – 2.7%** |  |
| 1855 | Electronic Arts, Inc.  | 374154 |
|  | **Financial Services – 4.0%** |  |
| 504 | Mastercard, Inc., Class A (a) | 286680 |
| 798 | Visa, Inc., Class A (a) | 272421 |
|  |  | 559101 |
|  | **Food Products – 2.2%** |  |
| 1625 | Hershey (The) Co.  | 303956 |

---

------

**First Trust Capital Strength**<sup>®</sup> **Hedged Equity Portfolio** 

**Portfolio of Investments (Continued)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)**  | **COMMON STOCKS (Continued)**  | **COMMON STOCKS (Continued)**  |
|  | **Ground Transportation – 2.1%** |  |
| 1238 | Union Pacific Corp. (a) | $292626 |
|  | **Health Care Equipment & Supplies – 2.2%** |  |
| 2251 | Abbott Laboratories (a) | 301499 |
|  | **Health Care Providers & Services – 2.1%** |  |
| 951 | Cencora, Inc. (a) | 297216 |
|  | **Household Durables – 2.2%** |  |
| 38 | NVR, Inc. (a) (b) | 305317 |
|  | **Household Products – 3.8%** |  |
| 3206 | Colgate-Palmolive Co. (a) | 256287 |
| 1795 | Procter & Gamble (The) Co. (a) | 275802 |
|  |  | 532089 |
|  | **Industrial Conglomerates – 1.8%** |  |
| 1177 | Honeywell International, Inc. (a) | 247759 |
|  | **Insurance – 8.2%** |  |
| 782 | Aon PLC, Class A (a) | 278846 |
| 3151 | Arch Capital Group Ltd.  | 285890 |
| 1311 | Marsh & McLennan Cos., Inc. (a) | 264206 |
| 4049 | W.R. Berkley Corp. (a) | 310234 |
|  |  | 1139176 |
|  | **IT Services – 7.0%** |  |
| 986 | Accenture PLC, Class A  | 243148 |
| 3678 | Cognizant Technology Solutions Corp., Class A (a) | 246683 |
| 783 | Gartner, Inc. (a) (b) | 205827 |
| 974 | International Business Machines Corp.  | 274824 |
|  |  | 970482 |
|  | **Machinery – 2.1%** |  |
| 827 | Snap-on, Inc. (a) | 286580 |
|  | **Pharmaceuticals – 4.2%** |  |
| 1701 | Johnson & Johnson (a) | 315400 |
| 1873 | Zoetis, Inc.  | 274057 |
|  |  | 589457 |
|  | **Professional Services – 5.4%** |  |
| 922 | Automatic Data Processing, Inc. (a) | 270607 |
| 1940 | Paychex, Inc. (a) | 245915 |
| 922 | Verisk Analytics, Inc.  | 231892 |
|  |  | 748414 |
|  | **Software – 4.2%** |  |
| 937 | Autodesk, Inc. (b) | 297657 |
| 546 | Microsoft Corp. (a) | 282800 |
|  |  | 580457 |
|  | **Specialty Retail – 7.0%** |  |
| 775 | Home Depot (The), Inc. (a) | 314022 |
| 2142 | Ross Stores, Inc. (a) | 326419 |

---

------

**First Trust Capital Strength**<sup>®</sup> **Hedged Equity Portfolio** 

**Portfolio of Investments (Continued)**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)**  | **COMMON STOCKS (Continued)**  | **COMMON STOCKS (Continued)**  |
|  | **Specialty Retail (Continued)** |  |
| 2279 | TJX (The) Cos., Inc. (a) | $329407 |
|  |  | 969848 |
|  | **Total Common Stocks** | 14379229 |
|  | (Cost $13,838,207) |  |
| **MONEY MARKET FUNDS – 0.9%** | **MONEY MARKET FUNDS – 0.9%** | **MONEY MARKET FUNDS – 0.9%** |
| 125484 | Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class - 3.99% (c) | 125484 |
|  | (Cost $125,484) |  |
|  | **Total Investments – 104.3%** | 14504713 |
|  | (Cost $13,963,691)  |  |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Number of** <br> **Contracts**<br>| **Description** | **Notional** <br> **Amount**<br>| **Exercise** <br> **Price**<br>| **Expiration** <br> **Date**<br>| **Value** |
| **PURCHASED OPTIONS – 0.1%** | **PURCHASED OPTIONS – 0.1%** | **PURCHASED OPTIONS – 0.1%** | **PURCHASED OPTIONS – 0.1%** | **PURCHASED OPTIONS – 0.1%** | **PURCHASED OPTIONS – 0.1%** |
|  | **Put Options Purchased – 0.1%** |  |  |  |  |
| 19 | S&P 500<sup>®</sup> Index | $12708074 | $5980.00 | 10/17/25 | 7600 |
| 32 | S&P 500<sup>®</sup> Mini Index | 2140320 | 600.00 | 10/17/25 | 1312 |
|  | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | 8912 |
|  | (Cost $184,466)  |  |  |  |  |
| **WRITTEN OPTIONS – (2.5)%** | **WRITTEN OPTIONS – (2.5)%** | **WRITTEN OPTIONS – (2.5)%** | **WRITTEN OPTIONS – (2.5)%** | **WRITTEN OPTIONS – (2.5)%** | **WRITTEN OPTIONS – (2.5)%** |
|  | **Call Options Written – (2.5)%** |  |  |  |  |
| (19)<br>| S&P 500<sup>®</sup> Index | (12708074)<br>| 6575.00 | 10/17/25 | (291650)<br>|
| (32)<br>| S&P 500<sup>®</sup> Mini Index | (2140320)<br>| 655.00 | 10/17/25 | (47680)<br>|
|  | **Total Call Options Written** | **Total Call Options Written** | **Total Call Options Written** | **Total Call Options Written** | (339330)<br>|
|  | (Premiums received $172,081)  |  |  |  |  |
|  | **Put Options Written – (0.0)%** |  |  |  |  |
| (19)<br>| S&P 500<sup>®</sup> Index | (12708074)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5025.00 | 10/17/25 | (1330)<br>|
| (32)<br>| S&P 500<sup>®</sup> Mini Index | (2140320)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 505.00 | 10/17/25 | (192)<br>|
|  | **Total Put Options Written** | **Total Put Options Written** | **Total Put Options Written** | **Total Put Options Written** | (1522)<br>|
|  | (Premiums received $39,412)  |  |  |  |  |
|  | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | (340852)<br>|
|  | (Premiums received $211,493)  |  |  |  |  |

---

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

---

| | |
|:---|:---|
| **Net Other Assets and Liabilities – (1.9)%** | (261977)<br>|
| **Net Assets – 100.0%** | $13910796 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of these securities are pledged to cover index call options written.
 At September 30, 2025, the segregated value of these securities amounts to $5,162,123.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Rate shown reflects yield as of September 30, 2025.

------

**First Trust Capital Strength**<sup>®</sup> **Hedged Equity Portfolio** 

**Portfolio of Investments (Continued)**

**September 30, 2025 (Unaudited)**

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of September 30, 2025 is as follows (see Valuation Inputs in the Additional Information section):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
|  | **Total**<br> **Value at**<br> **9/30/2025**<br>| &nbsp;&nbsp;&nbsp; **Level 1**<br> **Quoted**<br> **Prices**<br>| &nbsp;&nbsp;&nbsp; **Level 2**<br> **Significant**<br> **Observable**<br> **Inputs**<br>| &nbsp;&nbsp;&nbsp; **Level 3**<br> **Significant**<br> **Unobservable**<br> **Inputs**<br>|
| Common Stocks\* | &nbsp;&nbsp; $14379229 | &nbsp;&nbsp;&nbsp;&nbsp; $14379229 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Money Market Funds | &nbsp;&nbsp; 125484 | &nbsp;&nbsp;&nbsp;&nbsp; 125484 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Investments | &nbsp;&nbsp; 14504713 | &nbsp;&nbsp;&nbsp;&nbsp; 14504713 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Purchased Options | &nbsp;&nbsp; 8912 | &nbsp;&nbsp;&nbsp;&nbsp; 8912 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total | &nbsp;&nbsp; $14513625 | &nbsp;&nbsp;&nbsp;&nbsp; $14513625 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** |
|  | **Total**<br> **Value at**<br> **9/30/2025**<br>| &nbsp;&nbsp;&nbsp; **Level 1**<br> **Quoted**<br> **Prices**<br>| &nbsp;&nbsp;&nbsp; **Level 2**<br> **Significant**<br> **Observable**<br> **Inputs**<br>| &nbsp;&nbsp;&nbsp; **Level 3**<br> **Significant**<br> **Unobservable**<br> **Inputs**<br>|
| Written Options | &nbsp;&nbsp; $(340852)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(339522)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(1330)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

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

\* See Portfolio of Investments for industry breakout.

------

**Additional Information**

**First Trust Variable Insurance Trust** 

**September 30, 2025 (Unaudited)**

**Valuation Inputs**

The Funds are subject to fair value accounting standards that define fair value, establish the framework for measuring fair value and provide a three-level hierarchy for fair valuation based upon the inputs to the valuation as of the measurement date. The three levels of the fair value hierarchy are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Level 1 inputs are quoted prices in active markets for identical investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Level 2 inputs are observable inputs, either directly or indirectly. (Quoted prices for similar investments, valuations based on interest rates and yield curves, or valuations derived from observable market data.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Level 3 inputs are unobservable inputs that may reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the investment.

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in those investments.

**Disclaimer**

S&P<sup>®</sup> is a registered trademark of Standard & Poor's Financial Services LLC ("S&P") and Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"). The trademarks have been licensed to S&P Dow Jones Indices LLC and have been sublicensed for use for certain purposes by First Trust Advisors L.P. ("First Trust"). The DOW JONES EQUAL WEIGHT U.S. ISSUED CORPORATE BOND INDEX<sup>SM</sup>, DOW JONES U.S. TOTAL STOCK MARKET INDEX<sup>SM</sup> and DOW JONES COMPOSITE AVERAGE<sup>TM</sup> are products of S&P Dow Jones Indices LLC and have been licensed for use by First Trust. The First Trust/Dow Jones Dividend & Income Allocation Portfolio and the First Trust Multi Income Allocation Portfolio are not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, Dow Jones, S&P, or any of their respective affiliates (collectively, "S&P Dow Jones Indices"). Neither S&P Dow Jones Indices nor its affiliates make any representation or warranty, express or implied, to the owners of the First Trust/Dow Jones Dividend & Income Allocation Portfolio or any member of the public regarding the advisability of investing in securities generally or in the First Trust/Dow Jones Dividend & Income Allocation Portfolio particularly or the ability of the DOW JONES EQUAL WEIGHT U.S. ISSUED CORPORATE BOND INDEX<sup>SM</sup>, DOW JONES U.S. TOTAL STOCK MARKET INDEX<sup>SM</sup> and DOW JONES COMPOSITE AVERAGE<sup>TM</sup> to track general market performance. S&P Dow Jones Indices' only relationship to First Trust with respect to the DOW JONES EQUAL WEIGHT U.S. ISSUED CORPORATE BOND INDEX<sup>SM</sup>, DOW JONES U.S. TOTAL STOCK MARKET INDEX<sup>SM</sup> and DOW JONES COMPOSITE AVERAGE<sup>TM</sup> is the licensing of the Indexes and certain trademarks, service marks and/or trade names of S&P Dow Jones Indices. The DOW JONES EQUAL WEIGHT U.S. ISSUED CORPORATE BOND INDEX<sup>SM</sup>, DOW JONES U.S. TOTAL STOCK MARKET INDEX<sup>SM</sup> and DOW JONES COMPOSITE AVERAGE<sup>TM</sup> are determined, composed and calculated by S&P Dow Jones Indices without regard to First Trust or the First Trust/Dow Jones Dividend & Income Allocation Portfolio. S&P Dow Jones Indices has no obligation to take the needs of First Trust or the owners of the First Trust/Dow Jones Dividend & Income Allocation Portfolio into consideration in determining, composing or calculating the DOW JONES EQUAL WEIGHT U.S. ISSUED CORPORATE BOND INDEX<sup>SM</sup>, DOW JONES U.S. TOTAL STOCK MARKET INDEX<sup>SM</sup> and DOW JONES COMPOSITE AVERAGE<sup>TM</sup>. Neither S&P Dow Jones Indices nor its affiliates are responsible for and have not participated in the determination of the prices, and amount of the First Trust/Dow Jones Dividend & Income Allocation Portfolio or the timing of the issuance or sale of the First Trust/Dow Jones Dividend & Income Allocation Portfolio or in the determination or calculation of the equation by which the First Trust/Dow Jones Dividend & Income Allocation Portfolio is to be managed. S&P Dow Jones Indices has no obligation or liability in connection with the administration, marketing or trading of the First Trust/Dow Jones Dividend & Income Allocation Portfolio. There is no assurance that investment products based on the DOW JONES EQUAL WEIGHT U.S. ISSUED CORPORATE BOND INDEX<sup>SM</sup>, DOW JONES U.S. TOTAL STOCK MARKET INDEX<sup>SM</sup> and DOW JONES COMPOSITE AVERAGE<sup>TM</sup> will accurately track index performance or provide positive investment returns. S&P Dow Jones Indices LLC is not an investment advisor. Inclusion of a security within an index is not a recommendation by S&P Dow Jones Indices to buy, sell, or hold such security, nor is it considered to be investment advice.

NEITHER S&P DOW JONES INDICES NOR ITS AFFILIATES GUARANTEES THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE DOW JONES EQUAL WEIGHT U.S. ISSUED CORPORATE BOND INDEX<sup>SM</sup>, DOW JONES U.S. TOTAL STOCK MARKET INDEX<sup>SM</sup> AND DOW JONES COMPOSITE AVERAGE<sup>TM</sup> OR ANY DATA RELATED THERETO OR ANY COMMUNICATION, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S&P DOW JONES INDICES SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. S&P DOW JONES INDICES MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY FIRST TRUST, OWNERS OF THE FIRST TRUST/DOW JONES DIVIDEND & INCOME ALLOCATION PORTFOLIO, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE DOW JONES EQUAL WEIGHT U.S. ISSUED CORPORATE BOND INDEX<sup>SM</sup>, DOW JONES U.S. TOTAL STOCK MARKET INDEX<sup>SM</sup> AND DOW JONES COMPOSITE AVERAGE<sup>TM</sup> OR WITH

------

**Additional Information (Continued)**

**First Trust Variable Insurance Trust** 

**September 30, 2025 (Unaudited)**

RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P DOW JONES INDICES BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE. THERE ARE NO THIRD-PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN S&P DOW JONES INDICES AND FIRST TRUST, OTHER THAN THE LICENSORS OF S&P DOW JONES INDICES.

The First Trust Dorsey Wright Tactical Core Portfolio (the "Fund") is not sponsored, endorsed, sold or promoted by Dorsey, Wright & Associates, LLC or its affiliates ("Licensor"). Licensor makes no representation or warranty, express or implied, to the owners of the Fund or any member of the public regarding the advisability of trading in the Fund. Licensor's only relationship to First Trust is the licensing of certain trademarks and trade names of Licensor and of the Dorsey Wright Tactical Tilt Moderate Core<sup>™</sup> Index (the "Index") which is determined, composed and calculated by Licensor, or its agent, without regard to First Trust or the Fund. Licensor has no obligation to take the needs of First Trust or the owners of the Fund into consideration in determining, composing or calculating the Index. Licensor is not responsible for and has not participated in the determination of the timing of, prices at, or quantities of the Fund to be listed or in the determination or calculation of the equation by which the Fund is to be converted into cash. Licensor has no obligation or liability in connection with the administration, marketing or trading of the Fund.

LICENSOR DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE DORSEY WRIGHT TACTICAL TILT MODERATE CORE<sup>TM</sup> INDEX OR ANY DATA INCLUDED THEREIN AND LICENSOR SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN. LICENSOR MAKES NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY FIRST TRUST, OWNERS OF THE FIRST TRUST DORSEY WRIGHT TACTICAL CORE PORTFOLIO, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE DORSEY WRIGHT TACTICAL TILT MODERATE CORE<sup>TM</sup> INDEX OR ANY DATA INCLUDED THEREIN. LICENSOR MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE DORSEY WRIGHT TACTICAL TILT MODERATE CORE<sup>TM</sup> INDEX OR ANY DATA INCLUDED THEREIN, WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL LICENSOR HAVE ANY LIABILITY FOR ANY LOST PROFITS OR INDIRECT, PUNITIVE, SPECIAL OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES. THERE ARE NO THIRD-PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN LICENSOR AND FIRST TRUST.

First Trust does not guarantee the accuracy and/or the completeness of The Capital Strength<sup>™</sup> Index, The International Capital Strength<sup>™</sup> Index and/or The Growth Strength<sup>™</sup> Index (together, the "Indexes") or any data included therein, and First Trust shall have no liability for any errors, omissions or interruptions therein. First Trust makes no warranty, express or implied, as to results to be obtained by the Fund, owners of the shares of the Fund or any other person or entity from the use of the Indexes or any data included therein. First Trust makes no express or implied warranties, and expressly disclaims all warranties of merchantability or fitness for a particular purpose or use with respect to the Indexes or any data included therein. Without limiting any of the foregoing, in no event shall First Trust have any liability for any special, punitive, direct, indirect or consequential damages (including lost profits) arising out of matters relating to the use of the Indexes, even if notified of the possibility of such damages.

The First Trust Capital Strength<sup>®</sup> Portfolio, the First Trust International Developed Capital Strength<sup>®</sup> Portfolio, the First Trust Growth Strength<sup>TM</sup> Portfolio, and the First Trust Capital Strength<sup>®</sup> Hedged Equity Portfolio (the "Capital Strength Funds") are not sponsored, endorsed, sold or promoted by Nasdaq, Inc. ("Nasdaq") or its affiliates (Nasdaq with its affiliates are referred to as the "Corporations"). The Corporations have not passed on the legality or suitability of, or the accuracy or adequacy of descriptions and disclosures relating to, the Capital Strength Funds. The Corporations make no representation or warranty, express or implied, to the owners of the Capital Strength Funds or any member of the public regarding the advisability of investing in securities generally or in the Capital Strength Funds particularly, or the ability of the Indexes to track general stock market performance. The Corporations' only relationship to First Trust with respect to the Capital Strength Funds is in the licensing of the Indexes, and certain trade names of the Corporations and the use of the Indexes, which are determined, composed and calculated by Nasdaq without regard to First Trust or the Capital Strength Funds. Nasdaq has no obligation to take the needs of First Trust or the owners of the Capital Strength Funds into consideration in determining, composing or calculating the Indexes. The Corporations are not responsible for and have not participated in the determination of the timing of, prices at, or quantities of Capital Strength Fund Shares to be issued or in the determination or calculation of the equation by which the Capital Strength Fund Shares are to be converted into cash. The Corporations have no liability in connection with the administration, marketing or trading of the Capital Strength Funds.

THE CORPORATIONS DO NOT GUARANTEE THE ACCURACY AND/OR UNINTERRUPTED CALCULATION OF THE INDEXES OR ANY DATA INCLUDED THEREIN. THE CORPORATIONS MAKE NO WARRANTY, EXPRESS OR IMPLIED,

------

**Additional Information (Continued)**

**First Trust Variable Insurance Trust** 

**September 30, 2025 (Unaudited)**

AS TO RESULTS TO BE OBTAINED BY LICENSEE, OWNERS OF THE PRODUCT(S) OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE INDEXES OR ANY DATA INCLUDED THEREIN. THE CORPORATIONS MAKE NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIM ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE INDEXES OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL THE CORPORATIONS HAVE ANY LIABILITY FOR ANY LOST PROFITS OR SPECIAL, INCIDENTAL, PUNITIVE, INDIRECT OR CONSEQUENTIAL DAMAGES, EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

------

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** First Trust Variable Insurance Trust

- **b. Investment Company Act file number:** 811-22652

- **c. CIK number of Registrant:** 0001537395

- **d. LEI of Registrant:** 549300JPONC55SJXNC46

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 120 EAST LIBERTY DRIVE

  - **City:** Wheaton

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60187

  - **Telephone number:** 630-765-8000

**Item A.2. Information about the Series.**

- **a. Name of Series:** First Trust Capital Strength Hedged Equity Portfolio

- **b. EDGAR series identifier (if any):** S000080226

- **c. LEI of Series:** 54930003LPVTW5ZPXR18

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $14483617.35

**Total Liabilities:** $378099.72

**Net Assets:** $14105517.63

**Cash Not Reported:** $157126.17

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000241976 | -2.63%               | 2.50%                | -0.81%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $415846.90               | $-454002.77                                |
| Month 2  | $50110.60                | $284985.93                                 |
| Month 3  | $6734.44                 | $105621.48                                 |

**Designated Index Information**

- **Index Name:** S&P 500

- **Index Identifier:** SPX US

### Schedule of Portfolio Investments

| Name                           | Title                                      | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Automatic Data Processing Inc  | Automatic Data Processing Inc              | CUSIP: 053015103<br>LEI: HGBOLILQXWER4SAL2I23 | Long             | EC               | CORP              | US        |       917 | NS      | $269139.50    | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| CBOE GLOBAL MARKETS, INC.      | S&P 500 MINI INDEX                         | CUSIP: 000000000<br>LEI: 529900RLNSGA90UPEH54 | N/A              | DE               | CORP              | US        |       -23 | NC      | $-138.00      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Autodesk Inc                   | Autodesk Inc                               | CUSIP: 052769106<br>LEI: FRKKVKAIQEF3FCSTPG55 | Long             | EC               | CORP              | US        |       931 | NS      | $295750.77    | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| CBOE GLOBAL MARKETS, INC.      | S&P 500 MINI INDEX                         | CUSIP: 000000000<br>LEI: 529900RLNSGA90UPEH54 | N/A              | DE               | CORP              | US        |       -23 | NC      | $-34270.00    | -0.24%            |  |  |  | No            |                  1 | On Loan: No      |
| CBOE GLOBAL MARKETS, INC.      | S&P 500 INDEX                              | CUSIP: 000000000<br>LEI: 529900RLNSGA90UPEH54 | N/A              | DE               | CORP              | US        |       -19 | NC      | $-291650.00   | -2.07%            |  |  |  | No            |                  1 | On Loan: No      |
| Gartner Inc                    | Gartner Inc                                | CUSIP: 366651107<br>LEI: PP55B5R38BFB8O8HH686 | Long             | EC               | CORP              | US        |       778 | NS      | $204512.86    | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| W R Berkley Corp               | W R Berkley Corp                           | CUSIP: 084423102<br>LEI: SQOAGCLKBDWNVYV1OV80 | Long             | EC               | CORP              | US        |      4024 | NS      | $308318.88    | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Hershey Co/The                 | Hershey Co/The                             | CUSIP: 427866108<br>LEI: 21X2CX66SU2BR6QTAD08 | Long             | EC               | CORP              | US        |      1615 | NS      | $302085.75    | 2.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Procter & Gamble Co/The        | Procter & Gamble Co/The                    | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |      1784 | NS      | $274111.60    | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Co/The               | Coca-Cola Co/The                           | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |      3960 | NS      | $262627.20    | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Accenture PLC                  | Accenture PLC                              | CUSIP: 000000000<br>LEI: 5493000EWHDSR3MZWH98 | Long             | EC               | CORP              | IE        |       979 | NS      | $241421.40    | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Gilead Sciences Inc            | Gilead Sciences Inc                        | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |      2556 | NS      | $283716.00    | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Paychex Inc                    | Paychex Inc                                | CUSIP: 704326107<br>LEI: 529900K900DW6SUBM174 | Long             | EC               | CORP              | US        |      1928 | NS      | $244393.28    | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Cboe Global Markets Inc        | Cboe Global Markets Inc                    | CUSIP: 12503M108<br>LEI: 529900RLNSGA90UPEH54 | Long             | EC               | CORP              | US        |      1159 | NS      | $284244.75    | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Ross Stores Inc                | Ross Stores Inc                            | CUSIP: 778296103<br>LEI: 549300ENZFLPGRDFZQ60 | Long             | EC               | CORP              | US        |      2129 | NS      | $324438.31    | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Cognizant Technology Solutions | Cognizant Technology Solutions Corp        | CUSIP: 192446102<br>LEI: 5493006IEVQEFQO40L83 | Long             | EC               | CORP              | US        |      3655 | NS      | $245140.85    | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| eBay Inc                       | eBay Inc                                   | CUSIP: 278642103<br>LEI: OML71K8X303XQONU6T67 | Long             | EC               | CORP              | US        |      3540 | NS      | $321963.00    | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Northrop Grumman Corp          | Northrop Grumman Corp                      | CUSIP: 666807102<br>LEI: RIMU48P07456QXSO0R61 | Long             | EC               | CORP              | US        |       533 | NS      | $324767.56    | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Verisk Analytics Inc           | Verisk Analytics Inc                       | CUSIP: 92345Y106<br>LEI: 549300I1YSWNIRKBWP67 | Long             | EC               | CORP              | US        |       916 | NS      | $230383.16    | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc/The             | Home Depot Inc/The                         | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |       770 | NS      | $311996.30    | 2.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Copart Inc                     | Copart Inc                                 | CUSIP: 217204106<br>LEI: 549300KVYX3JWMYEHU61 | Long             | EC               | CORP              | US        |      6016 | NS      | $270539.52    | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| MSILF Treasury Portfolio       | MSILF Treasury Portfolio                   | CUSIP: 61747C582<br>LEI: 549300D1XR6GP7EZ0T47 | Long             | STIV             | RF                | US        |     30649 | NS      | $30649.24     | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Abbott Laboratories            | Abbott Laboratories                        | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |      2237 | NS      | $299623.78    | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                 | Microsoft Corp                             | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |       542 | NS      | $280728.90    | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Lockheed Martin Corp           | Lockheed Martin Corp                       | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |       596 | NS      | $297529.16    | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| General Dynamics Corp          | General Dynamics Corp                      | CUSIP: 369550108<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | EC               | CORP              | US        |       925 | NS      | $315425.00    | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| CBOE GLOBAL MARKETS, INC.      | S&P 500 INDEX                              | CUSIP: 000000000<br>LEI: 529900RLNSGA90UPEH54 | N/A              | DE               | CORP              | US        |       -19 | NC      | $-1330.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Aon PLC                        | Aon PLC                                    | CUSIP: 000000000<br>LEI: 635400FALWQYX5E6QC64 | Long             | EC               | CORP              | GB        |       777 | NS      | $277062.66    | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| CBOE GLOBAL MARKETS, INC.      | S&P 500 MINI INDEX                         | CUSIP: 000000000<br>LEI: 529900RLNSGA90UPEH54 | N/A              | DE               | CORP              | US        |        -7 | NC      | $-10430.00    | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| NVR Inc                        | NVR Inc                                    | CUSIP: 62944T105<br>LEI: 529900RWXR4JI3JYTV70 | Long             | EC               | CORP              | US        |        37 | NS      | $297282.42    | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Union Pacific Corp             | Union Pacific Corp                         | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |      1230 | NS      | $290735.10    | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Snap-on Inc                    | Snap-on Inc                                | CUSIP: 833034101<br>LEI: HHWAT5TDOYZMM26KKQ73 | Long             | EC               | CORP              | US        |       822 | NS      | $284847.66    | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Zoetis Inc                     | Zoetis Inc                                 | CUSIP: 98978V103<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | EC               | CORP              | US        |      1862 | NS      | $272447.84    | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Expeditors International of Wa | Expeditors International of Washington Inc | CUSIP: 302130109<br>LEI: 984500B055A804AB6E40 | Long             | EC               | CORP              | US        |      2477 | NS      | $303655.43    | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| CBOE GLOBAL MARKETS, INC.      | S&P 500 MINI INDEX                         | CUSIP: 000000000<br>LEI: 529900RLNSGA90UPEH54 | N/A              | DE               | CORP              | US        |        23 | NC      | $943.00       | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Ecolab Inc                     | Ecolab Inc                                 | CUSIP: 278865100<br>LEI: 82DYEISM090VG8LTLS26 | Long             | EC               | CORP              | US        |      1029 | NS      | $281801.94    | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| AECOM                          | AECOM                                      | CUSIP: 00766T100<br>LEI: 0EEB8GF0W0NPCIHZX097 | Long             | EC               | CORP              | US        |      2441 | NS      | $318477.27    | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                       | Visa Inc                                   | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |       793 | NS      | $270714.34    | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| CBOE GLOBAL MARKETS, INC.      | S&P 500 INDEX                              | CUSIP: 000000000<br>LEI: 529900RLNSGA90UPEH54 | N/A              | DE               | CORP              | US        |        19 | NC      | $7600.00      | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Motorola Solutions Inc         | Motorola Solutions Inc                     | CUSIP: 620076307<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | EC               | CORP              | US        |       658 | NS      | $300896.82    | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| PepsiCo Inc                    | PepsiCo Inc                                | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |      1931 | NS      | $271189.64    | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| CBOE GLOBAL MARKETS, INC.      | S&P 500 MINI INDEX                         | CUSIP: 000000000<br>LEI: 529900RLNSGA90UPEH54 | N/A              | DE               | CORP              | US        |         7 | NC      | $287.00       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson              | Johnson & Johnson                          | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |      1690 | NS      | $313359.80    | 2.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Costco Wholesale Corp          | Costco Wholesale Corp                      | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |       291 | NS      | $269358.33    | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Colgate-Palmolive Co           | Colgate-Palmolive Co                       | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | EC               | CORP              | US        |      3185 | NS      | $254608.90    | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Arch Capital Group Ltd         | Arch Capital Group Ltd                     | CUSIP: 000000000<br>LEI: 549300AYR4P8AFKDCE43 | Long             | EC               | CORP              | BM        |      3131 | NS      | $284075.63    | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CBOE GLOBAL MARKETS, INC.      | S&P 500 MINI INDEX                         | CUSIP: 000000000<br>LEI: 529900RLNSGA90UPEH54 | N/A              | DE               | CORP              | US        |        -7 | NC      | $-42.00       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems Inc              | Cisco Systems Inc                          | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |      4065 | NS      | $278127.30    | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Linde PLC                      | Linde PLC                                  | CUSIP: 000000000<br>LEI: 5299003QR1WT0EF88V51 | Long             | EC               | CORP              | US        |       595 | NS      | $282625.00    | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Electronic Arts Inc            | Electronic Arts Inc                        | CUSIP: 285512109<br>LEI: 549300O7A67PUEYKDL45 | Long             | EC               | CORP              | US        |      1843 | NS      | $371733.10    | 2.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Charles Schwab Corp/The        | Charles Schwab Corp/The                    | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |      2888 | NS      | $275717.36    | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Veralto Corp                   | Veralto Corp                               | CUSIP: 92338C103<br>LEI: 635400FJE6GSOJUSNY27 | Long             | EC               | CORP              | US        |      2677 | NS      | $285394.97    | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Cencora Inc                    | Cencora Inc                                | CUSIP: 03073E105<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | EC               | CORP              | US        |       945 | NS      | $295340.85    | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| IBM                            | International Business Machines Corp       | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |       968 | NS      | $273130.88    | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| TJX Cos Inc/The                | TJX Cos Inc/The                            | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |      2264 | NS      | $327238.56    | 2.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Marsh & McLennan Cos Inc       | Marsh & McLennan Cos Inc                   | CUSIP: 571748102<br>LEI: 549300XMP3KDCKJXIU47 | Long             | EC               | CORP              | US        |      1303 | NS      | $262593.59    | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                    | Walmart Inc                                | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |      2910 | NS      | $299904.60    | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard Inc                 | Mastercard Inc                             | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |       501 | NS      | $284973.81    | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Honeywell International Inc    | Honeywell International Inc                | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |      1169 | NS      | $246074.50    | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Monster Beverage Corp          | Monster Beverage Corp                      | CUSIP: 61174X109<br>LEI: 52990090AP0E7HCB6F33 | Long             | EC               | CORP              | US        |      4689 | NS      | $315616.59    | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-25

**Name of Applicant:** First Trust Variable Insurance Trust

**Signature:** Derek Maltbie

**Name of Signer:** Derek Maltbie

**Title:** Treasurer, Chief Financial Officer and Chief Accounting Officer