# EDGAR Filing Document

**Accession Number:** 0001497778
**File Stem:** 0001445546-26-001925
**Filing Date:** 2026-3
**Character Count:** 118111
**Document Hash:** 85e3fd365d4729ec95b24e99d0b4d1d2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001445546-26-001925.hdr.sgml**: 20260310

**ACCESSION NUMBER**: 0001445546-26-001925

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 24

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260310

**DATE AS OF CHANGE**: 20260310

**EFFECTIVENESS DATE**: 20260310

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIRST TRUST SERIES FUND
- **CENTRAL INDEX KEY:** 0001497778

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22452
- **FILM NUMBER:** 26737737

**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 WCM Focused Global Growth Fund (Series ID: S000086667)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000252256 | Institutional Class | WCMGX           |
| C000252257 | Investor Class      | WFGGX           |

?xml version='1.0' encoding='ASCII'? 3f3340b2-4b4a-4e1c-b656-523c0303f201

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

------

#### FORM N-CSR

------

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

First Trust Series Fund

(Exact name of registrant as specified in charter)

------

120 East Liberty Drive, Suite 400

Wheaton, IL 60187

(Address of principal executive offices) (Zip code)

W. Scott Jardine, Esq.

First Trust Portfolios L.P.

120 East Liberty Drive, Suite 400

Wheaton, IL 60187

(Name and address of agent for service)

Registrant's telephone number, including area code:

(630)-765-8000

Date of fiscal year end:

December 31

Date of reporting period:

December 31, 2025

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

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

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

**Item 1. Reports to Shareholders.**

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

### First Trust WCM Focused Global Growth Fund

#### WCMGX \| Institutional Class

#### ANNUAL SHAREHOLDER REPORT \| DECEMBER 31, 2025
![TSR Fund Logo](images_2011.jpg)

This annual shareholder report contains important information about the First Trust WCM Focused Global Growth Fund (the "Fund") for the year of January 1, 2025 to December 31, 2025 (the "Period"). You can find additional information about the Fund at www.ftportfolios.com/fund-documents/MF/WCMGX. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| First Trust WCM Focused Global Growth Fund - Institutional Class | $109 | 0.97% |

---

#### HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND'S PERFORMANCE?
The Fund's Institutional Class returned 25.61% for the 12 months ended December 31, 2025. The Fund outperformed its benchmark, the MSCI ACWI Index, which returned 22.34% for the same Period.

The outperformance was predominantly from stock selection, but sector allocation was a modest tailwind and added slightly. The largest contributors came from the Industrials and Technology sectors, reflecting strong stock results in capital goods, defense, and data/artificial intelligence ("AI")-adjacent beneficiaries. These positives were partially offset by underperformance in the Communication Services, Health Care, and Financials sectors, where several large holdings lagged.

The Period was a good reminder that equity returns do not move in a straight line. Global equities delivered robust gains, but with meaningful volatility and sharp regional dispersion, as non-US developed and emerging markets easily outpaced the U.S. This performance was driven by a weaker U.S. dollar, lower starting valuations, fiscal support, and broad corporate governance reforms.

Policy and geopolitics drove sharp rotations during the Period, with markets repeatedly repricing trade, tariff, and geopolitical risks while still grinding higher overall. AI- and compute-related capital expenditures remained a central equity narrative, sustaining strong results in AI-adjacent and platform-heavy segments. Dollar weakness and relative valuation gaps reinforced a rotation into non-U.S. equities for U.S. dollar-based investors. These evolving market conditions influenced the Fund's holdings and positioning decisions during the Period.

Three pervasive themes underpinned the Fund's positioning during the Period: AI-enabled advertising monetization, power infrastructure tied to data center buildouts, and European defense rearmament. While the "Magnificent Seven", a group of large-capitalization U.S. technology and technology-adjacent companies (Apple, Microsoft, Alphabet, Amazon, NVIDIA, Meta Platforms, and Tesla) stocks stayed in the headlines and helped support the MSCI ACWI Index's returns during the Period, the Fund kept its exposure light, holding three of the Magnificent Seven stocks (Amazon, Microsoft and NVIDIA), which together represented approximately 10% of the portfolio's weight during the Period.

The most significant positive contributors to performance were AppLovin, Robinhood, and SAAB, while UnitedHealth, Novo Nordisk, and Freshpet were the largest detractors. AppLovin benefited from strong results, high profitability, and a larger buyback. Robinhood's gains came from renewed retail trading and new product growth. SAAB outperformed due to strong European defense demand and an improved outlook.

During the Period, Novo Nordisk declined due to GLP-1 competition and a lowered 2025 outlook. UnitedHealth was hurt by high Medicare Advantage utilization and market exits, signaling margin pressure. Freshpet's guidance cut, despite sales growth, highlighted tougher demand and cost challenges.

#### FUND PERFORMANCE (December 31, 2015 to December 31, 2025)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund's performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.

 **INVESTMENT PERFORMANCE OF $10,000**

![Fund Performance - Growth of 10K](chartimages_677793.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (as of December 31, 2025)** | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;&nbsp;First Trust WCM Focused Global Growth Fund - Institutional Class | 25.61% | 10.66% | 14.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;MSCI ACWI Index | 22.34% | 11.19% | 11.72% |

---

 **Visit www.ftportfolios.com/MF/WCMGX for more recent performance information.**

Effective October 7, 2024, the WCM Focused Global Growth Fund (the "Predecessor Mutual Fund") was reorganized into the Fund. Information presented prior to October 7, 2024 is the performance of the Institutional Class Shares of the Predecessor Mutual Fund.

&nbsp;&nbsp;&nbsp;&nbsp;**The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's total returns would have been lower during certain periods if certain fees had not been waived by the investment advisor.

KEY FUND STATISTICS (As of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1150059520 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;38 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$7032184 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;40% |

---

#### WHAT DID THE FUND INVEST IN? (As of December 31, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| AppLovin Corp., Class A | 9.8% |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 5.2% |
| Siemens Energy AG | 4.8% |
| SAAB AB, Class B | 4.4% |
| Amazon.com, Inc. | 4.3% |
| Rolls-Royce Holdings PLC | 3.9% |
| Western Digital Corp. | 3.6% |
| Tencent Holdings Ltd. | 3.6% |
| 3i Group PLC | 3.3% |
| Microsoft Corp. | 3.0% |

---

Sector Allocation

![Graphical Representation - Allocation 2 Chart](chartimages_677769.jpg)

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

First Trust WCM Focused Global Growth Fund (WCMGX)

### First Trust WCM Focused Global Growth Fund

#### WFGGX \| Investor Class

#### ANNUAL SHAREHOLDER REPORT \| DECEMBER 31, 2025
![TSR Fund Logo](images_2011.jpg)

This annual shareholder report contains important information about the First Trust WCM Focused Global Growth Fund (the "Fund") for the year of January 1, 2025 to December 31, 2025 (the "Period"). You can find additional information about the Fund at www.ftportfolios.com/fund-documents/MF/WFGGX. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| First Trust WCM Focused Global Growth Fund - Investor Class | $144 | 1.28% |

---

#### HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND'S PERFORMANCE?
The Fund's Investor Class returned 25.24% for the 12 months ended December 31, 2025. The Fund's Investor Class outperformed its benchmark, the MSCI ACWI Index, which returned 22.34% for the same Period.

The outperformance was predominantly from stock selection, but sector allocation was a modest tailwind and added slightly. The largest contributors came from the Industrials and Technology sectors, reflecting strong stock results in capital goods, defense, and data/artificial intelligence ("AI")-adjacent beneficiaries. These positives were partially offset by underperformance in the Communication Services, Health Care, and Financials sectors, where several large holdings lagged.

The Period was a good reminder that equity returns do not move in a straight line. Global equities delivered robust gains, but with meaningful volatility and sharp regional dispersion, as non-US developed and emerging markets easily outpaced the U.S. This performance was driven by a weaker U.S. dollar, lower starting valuations, fiscal support, and broad corporate governance reforms.

Policy and geopolitics drove sharp rotations during the Period, with markets repeatedly repricing trade, tariff, and geopolitical risks while still grinding higher overall. AI- and compute-related capital expenditures remained a central equity narrative, sustaining strong results in AI-adjacent and platform-heavy segments. Dollar weakness and relative valuation gaps reinforced a rotation into non-U.S. equities for U.S. dollar-based investors. These evolving market conditions influenced the Fund's holdings and positioning decisions during the Period.

Three pervasive themes underpinned the Fund's positioning during the Period: AI-enabled advertising monetization, power infrastructure tied to data center buildouts, and European defense rearmament. While the "Magnificent Seven", a group of large-capitalization U.S. technology and technology-adjacent companies (Apple, Microsoft, Alphabet, Amazon, NVIDIA, Meta Platforms, and Tesla) stocks stayed in the headlines and helped support the MSCI ACWI Index's returns during the Period, the Fund kept its exposure light, holding three of the Magnificent Seven stocks (Amazon, Microsoft and NVIDIA), which together represented approximately 10% of the portfolio's weight during the Period.

The most significant positive contributors to performance were AppLovin, Robinhood, and SAAB, while UnitedHealth, Novo Nordisk, and Freshpet were the largest detractors. AppLovin benefited from strong results, high profitability, and a larger buyback. Robinhood's gains came from renewed retail trading and new product growth. SAAB outperformed due to strong European defense demand and an improved outlook.

During the Period, Novo Nordisk declined due to GLP-1 competition and a lowered 2025 outlook. UnitedHealth was hurt by high Medicare Advantage utilization and market exits, signaling margin pressure. Freshpet's guidance cut, despite sales growth, highlighted tougher demand and cost challenges.

#### FUND PERFORMANCE (December 31, 2015 to December 31, 2025)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund's performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.

 **INVESTMENT PERFORMANCE OF $10,000**

![Fund Performance - Growth of 10K](chartimages_677803.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (as of December 31, 2025)** | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;&nbsp;First Trust WCM Focused Global Growth Fund - Investor Class | 25.24% | 10.37% | 14.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;MSCI ACWI Index | 22.34% | 11.19% | 11.72% |

---

 **Visit www.ftportfolios.com/MF/WFGGX for more recent performance information.**

Effective October 7, 2024, the WCM Focused Global Growth Fund (the "Predecessor Mutual Fund") was reorganized into the Fund. Information presented prior to October 7, 2024 is the performance of the Investor Class Shares of the Predecessor Mutual Fund.

&nbsp;&nbsp;&nbsp;&nbsp;**The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's total returns would have been lower during certain periods if certain fees had not been waived by the investment advisor.

KEY FUND STATISTICS (As of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1150059520 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;38 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$7032184 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;40% |

---

#### WHAT DID THE FUND INVEST IN? (As of December 31, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| AppLovin Corp., Class A | 9.8% |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 5.2% |
| Siemens Energy AG | 4.8% |
| SAAB AB, Class B | 4.4% |
| Amazon.com, Inc. | 4.3% |
| Rolls-Royce Holdings PLC | 3.9% |
| Western Digital Corp. | 3.6% |
| Tencent Holdings Ltd. | 3.6% |
| 3i Group PLC | 3.3% |
| Microsoft Corp. | 3.0% |

---

Sector Allocation

![Graphical Representation - Allocation 2 Chart](chartimages_677785.jpg)

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

First Trust WCM Focused Global Growth Fund (WFGGX)

(b) Not applicable to the Registrant.

**Item 2. Code of Ethics.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The First Trust Series Fund ("Registrant"), as of the end of the period covered by this report,
 has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer, principal
 accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the
 Registrant or a third party.

&nbsp;&nbsp;&nbsp;&nbsp;(c) There have been no amendments, during the period covered by this report, to a provision of the code of ethics
 that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller,
 or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party, and
 that relates to any element of the code of ethics description.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Registrant, during the period covered by this report, has not granted any waivers, including an implicit
 waiver, from a provision of the code of ethics that applies to the Registrant's principal executive officer, principal financial
 officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals
 are employed by the Registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this item's
 instructions.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(f) A copy of the code of ethics that applies to the Registrant's principal executive officer, principal
 financial officer, principal accounting officer or controller is filed as an exhibit pursuant to Item 13(a)(1).

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

The Registrant's Board of Trustees has determined that Thomas J. Driscoll, Thomas R. Kadlec and Robert F. Keith are qualified to serve as audit committee financial experts serving on its audit committee and that each of them is "independent," as defined by Item 3 of Form N-CSR.

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Audit Fees (Registrant) -- The aggregate fees billed for professional services rendered by the principal accountant
 for the audit of the Registrant's annual financial statements or services that are normally provided by the accountant in connection
 with statutory and regulatory filings or engagements were $29,000 for the fiscal year ended 2024 and $29,000 for the fiscal year ended
 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Audit-Related Fees (Registrant) -- The aggregate fees billed for assurance and related services by the principal
 accountant that are reasonably related to the performance of the audit of the Registrant's financial statements and are not reported
 under paragraph (a) of this Item were $0 for the fiscal year ended 2024 and $0 for the fiscal year ended 2025.

Audit-Related Fees (Investment Advisor) -- The aggregate fees billed for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the Registrant's financial statements and are not reported under paragraph (a) of this Item were $0 for the fiscal year ended 2024 and $0 for the fiscal year ended 2025.

Audit-Related Fees (Distributor) -- The aggregate fees billed for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the Registrant's financial statements and are not reported under paragraph (a) of this Item were $0 for the fiscal year ended 2024 and $0 for the fiscal year ended 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Tax Fees (Registrant) -- The aggregate fees billed for professional services rendered by the principal accountant
 for tax return review and debt instrument tax analysis and reporting were $0 for the fiscal year ended 2024 and $21,617 for the fiscal
 year ended 2025.

Tax Fees (Investment Advisor) -- The aggregate fees billed for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning to the Registrant's advisor were $0 for the fiscal year ended 2024 and $0 for the fiscal year ended 2025.

Tax Fees (Distributor) -- The aggregate fees billed for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning to the Registrant's distributor were $0 for the fiscal year ended 2024 and $0 for the fiscal year ended 2025.

These fees were for tax consultation and/or tax return preparation and professional services rendered for PFIC (Passive Foreign Investment Company) Identification Services.

&nbsp;&nbsp;&nbsp;&nbsp;(d) All Other Fees (Registrant) -- The aggregate fees billed for products and services provided by the principal
 accountant to the Registrant, other than the services reported in paragraphs (a) through (c) of this Item were $0 for the fiscal year
 ended 2024 and $0 for the fiscal year ended 2025.

All Other Fees (Investment Advisor) -- The aggregate fees billed for products and services provided by the principal accountant to the Registrant's investment advisor, other than the services reported in paragraphs (a) through (c) of this Item were $0 for the fiscal year ended 2024 and $0 for the fiscal year ended 2025.

All Other Fees (Distributor) -- The aggregate fees billed for products and services provided by the principal accountant to the Registrant's distributor, other than the services reported in paragraphs (a) through (c) of this Item were $0 for the fiscal year ended 2024 and $0 for the fiscal year ended 2025.

(e)(1) Disclose the audit committee's pre-approval policies and procedures described in paragraph (c) (7) of Rule 2-01 of Regulation S-X.

Pursuant to its charter and its Audit and Non-Audit Services Pre-Approval Policy, the Audit Committee (the "Committee") is responsible for the pre-approval of all audit services and permitted non-audit services (including the fees and terms thereof) to be performed for the Registrant by its independent auditors. The Chairman of the Committee is authorized to give such pre-approvals on behalf of the Committee up to $25,000 and report any such pre-approval to the full Committee.

The Committee is also responsible for the pre-approval of the independent auditor's engagements for non-audit services with the Registrant's advisor (not including a sub-advisor whose role is primarily portfolio management and is sub-contracted or overseen by another investment advisor) and any entity controlling, controlled by or under common control with the investment advisor that provides ongoing services to the Registrant, if the engagement relates directly to the operations and financial reporting of the Registrant, subject to the de minimis exceptions for non-audit services described in Rule 2-01 of Regulation S-X. If the independent auditor has provided non-audit services to the Registrant's advisor (other than any sub-advisor whose role is primarily portfolio management and is sub-contracted with or overseen by another investment advisor) and any entity controlling, controlled by or under common control with the investment advisor that provides ongoing services to the Registrant that were not pre-approved pursuant to its policies, the Committee will consider whether the provision of such non-audit services is compatible with the auditor's independence.

(e)(2) The percentage of services described in each of paragraphs (b) through (d) for the Registrant and the Registrant's investment advisor and distributor of this Item that were approved by the audit committee pursuant to the pre-approval exceptions included in paragraph (c)(7)(i)(C) or paragraph(C)(7)(ii) of Rule 2-01 of Regulation S-X are as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;Registrant: | &nbsp;&nbsp;Advisor and Distributor: |
| &nbsp;&nbsp;(b) 0% | &nbsp;&nbsp; (b) 0% |
| &nbsp;&nbsp;(c) 0% | &nbsp;&nbsp; (c) 0% |
| &nbsp;&nbsp;(d) 0% | &nbsp;&nbsp; (d) 0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(f) The percentage of hours expended on the principal accountant's engagement to audit the Registrant's
 financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's
 full-time, permanent employees was less than fifty percent.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The aggregate non-audit fees billed by the Registrant's accountant for services rendered to the Registrant,
 and rendered to the Registrant's investment advisor (not including any sub-advisor whose role is primarily portfolio management
 and is subcontracted with or overseen by another investment advisor), and any entity controlling, controlled by, or under common control
 with the advisor that provides ongoing services to the Registrant for the fiscal year ended 2024 were $0 for the Registrant, $12,480 for
 the Registrant's investment advisor and $14,400 for the Registrant's distributor; and for the fiscal year ended 2025 were
 $21,617 for the Registrant, $28,620 for the Registrant's investment advisor and $32,940 for the Registrant's distributor.

&nbsp;&nbsp;&nbsp;&nbsp;(h) The Registrant's audit committee of its Board of Trustees has determined that the provision of non-audit
 services that were rendered to the Registrant's investment advisor (not including any sub-advisor whose role is primarily portfolio
 management and is subcontracted with or overseen by another investment advisor), and any entity controlling, controlled by, or under common
 control with the investment advisor that provides ongoing services to the Registrant that were not pre-approved pursuant to paragraph
 (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

(i) Not applicable to the Registrant.

(j) Not applicable to the Registrant.

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant has a separately designated standing audit committee established in accordance with Section
 3(a)(58)(A) of the Securities Exchange Act of 1934 consisting of all the independent directors of the Registrant. The audit committee
 of the Registrant is comprised of: Thomas J. Driscoll, Richard E. Erickson, Thomas R. Kadlec, Denise M. Keefe, Robert F. Keith, Niel B.
 Nielson and Bronwyn Wright.

(b) Not applicable to the Registrant.

**Item 6. Investments.**

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

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

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

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

![](img191000d01.jpg)

![](img73393a262.jpg)

First Trust WCM Focused Global Growth Fund

------

Annual Financial Statements and Other Information

For the Year Ended

December 31, 2025

------

**Table of Contents**

**First Trust WCM Focused Global Growth Fund** 

**Annual Financial Statements and Other Information**

**December 31, 2025** 

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_203fd06e-210a-459d-8bc0-5fa7fefd062a_SOI-SOIfooter-107_1) | &nbsp;&nbsp; 1 |
| [Statement of Assets and Liabilities](#xx_203fd06e-210a-459d-8bc0-5fa7fefd062a_SAL-SALfooter-107_1) | &nbsp;&nbsp; 3 |
| [Statement of Operations](#xx_203fd06e-210a-459d-8bc0-5fa7fefd062a_SOP-SOPfootnote-107_1) | &nbsp;&nbsp; 4 |
| [Statements of Changes in Net Assets](#xx_203fd06e-210a-459d-8bc0-5fa7fefd062a_SOC-SOCfooter-107_1) | &nbsp;&nbsp; 5 |
| [Financial Highlights](#xx_203fd06e-210a-459d-8bc0-5fa7fefd062a_FiHi-FiHifooter-107_1) | &nbsp;&nbsp; 6 |
| [Notes to Financial Statements](#xx_203fd06e-210a-459d-8bc0-5fa7fefd062a_NTF-TOCnotes-107_1) | &nbsp;&nbsp; 8 |
| [Report of Independent Registered Public Accounting Firm](#xx_203fd06e-210a-459d-8bc0-5fa7fefd062a_Audit-TOCauditletter-107_1) | &nbsp;&nbsp; 15 |
| [Other Information](#xx_203fd06e-210a-459d-8bc0-5fa7fefd062a_AI-TOCadditionalinfo-107_1) | &nbsp;&nbsp; 16 |

---

**Performance and Risk Disclosure**

There is no assurance that First Trust WCM Focused Global Growth Fund (the "Fund") will achieve its investment objective. The Fund is subject to market risk, which is the possibility that the market values of securities owned by the Fund will decline and that the value of the Fund's shares may therefore be less than what you paid for them. Accordingly, you can lose money by investing in the Fund.

Performance data quoted represents past performance, which is no guarantee of future results, and current performance may be lower or higher than the figures shown. For the most recent month-end performance figures, please visit www.ftportfolios.com or speak with your financial advisor. Investment returns and net asset value will fluctuate and Fund shares, when sold, may be worth more or less than their original cost.

First Trust Advisors L.P., the Fund's advisor, may also periodically provide additional information on Fund performance on the Fund's web page at www.ftportfolios.com.

**How to Read This Report**

This report contains information that may help you evaluate your investment in the Fund. It includes details about the Fund and presents data that provides insight into the Fund's performance and investment approach.

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

------

**First Trust WCM Focused Global Growth Fund** 

**Portfolio of Investments** 

**December 31, 2025**

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

---

| | | |
|:---|:---|:---|
| <br> **Shares**<br>| **Description** | **Value** |
| **COMMON STOCKS (a) (b) – 97.7%** | **COMMON STOCKS (a) (b) – 97.7%** | **COMMON STOCKS (a) (b) – 97.7%** |
|  | **Canada – 1.4%** |  |
| 92165 | Waste Connections, Inc.  | $16162054 |
|  | **Cayman Islands – 6.4%** |  |
| 257048 | Sea Ltd., ADR (c) | 32791613 |
| 527100 | Tencent Holdings Ltd. (HKD)  | 40568556 |
|  |  | 73360169 |
|  | **Denmark – 0.9%** |  |
| 211456 | Novo Nordisk A.S., Class B <br> (DKK) <br>| 10821248 |
|  | **Germany – 7.4%** |  |
| 116650 | Heidelberg Materials AG (EUR)  | 30570419 |
| 381976 | Siemens Energy AG (EUR) (c) | 54047343 |
|  |  | 84617762 |
|  | **India – 1.9%** |  |
| 726707 | ICICI Bank, Ltd., ADR  | 21655869 |
|  | **Ireland – 1.7%** |  |
| 47075 | Linde PLC  | 20072309 |
|  | **Japan – 2.2%** |  |
| 374900 | Nintendo Co., Ltd. (JPY)  | 25357926 |
|  | **Netherlands – 2.6%** |  |
| 10493 | Adyen N.V. (EUR) (c) (d) (e) | 16955638 |
| 33328 | Ferrari N.V. (EUR)  | 12482544 |
|  |  | 29438182 |
|  | **Sweden – 4.3%** |  |
| 838998 | SAAB AB, Class B (SEK)  | 48992052 |
|  | **Taiwan – 5.0%** |  |
| 1175000 | Taiwan Semiconductor <br> Manufacturing Co., Ltd. (TWD) <br>| 57963750 |
|  | **United Kingdom – 11.3%** |  |
| 835284 | 3i Group PLC (GBP)  | 36738804 |
| 116736 | AstraZeneca PLC (GBP)  | 21699157 |
| 1200383 | BAE Systems PLC (GBP)  | 27733484 |
| 2843489 | Rolls-Royce Holdings PLC <br> (GBP) <br>| 44078132 |
|  |  | 130249577 |
|  | **United States – 52.6%** |  |
| 207339 | Amazon.com, Inc. (c) | 47857988 |
| 163205 | AppLovin Corp., Class A (c) | 109970793 |
| 86653 | Arthur J. Gallagher & Co.  | 22424930 |
| 145874 | Cardinal Health, Inc.  | 29977107 |
| 308337 | Corning, Inc.  | 26997988 |
| 331470 | Corteva, Inc.  | 22218434 |
| 20765 | GE Vernova, Inc.  | 13571381 |
| 83238 | General Electric Co.  | 25639801 |
| 121688 | GoDaddy, Inc., Class A (c) | 15099047 |
| 147530 | Illumina, Inc. (c) | 19350035 |
| 57857 | LPL Financial Holdings, Inc.  | 20664785 |
| 33976 | McKesson Corp.  | 27870173 |

---

---

| | | |
|:---|:---|:---|
| <br> **Shares**<br>| **Description** | **Value** |
|  | **United States (Continued)** |  |
| 279800 | Medline, Inc. (c) | $11751600 |
| 69168 | Microsoft Corp.  | 33451028 |
| 157792 | NVIDIA Corp.  | 29428208 |
| 83331 | Reinsurance Group of America, <br> Inc. <br>| 16954525 |
| 190953 | Robinhood Markets, Inc., <br> Class A (c)<br>| 21596784 |
| 41619 | Vertex Pharmaceuticals, Inc. (c) | 18868390 |
| 77834 | Visa, Inc., Class A  | 27297162 |
| 121472 | Welltower, Inc.  | 22546418 |
| 237565 | Western Digital Corp.  | 40925323 |
|  |  | 604461900 |
|  | **Total Investments – 97.7%** | 1123152798 |
|  | (Cost $809,282,451)  |  |
|  | **Net Other Assets and** <br> **Liabilities – 2.3%**<br>| 26906722 |
|  | **Net Assets – 100.0%** | $1150059520 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Portfolio
 securities are categorized based upon their country of
 incorporation.

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

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

---

| | |
|:---|:---|
| Abbreviations throughout the Portfolio of Investments: | Abbreviations throughout the Portfolio of Investments: |
| ADR | – American Depositary Receipt |
| DKK | – Danish Krone |
| EUR | – Euro |
| GBP | – British Pound Sterling |
| HKD | – Hong Kong Dollar |
| JPY | – Japanese Yen |
| SEK | – Swedish Krona |
| TWD | – New Taiwan Dollar |
| USD | – United States Dollar |

---

See Notes to Financial Statements

------

**First Trust WCM Focused Global Growth Fund** 

**Portfolio of Investments (Continued)**

**December 31, 2025**

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

---

| | |
|:---|:---|
| **Currency Exposure**<br> **Diversification**<br>| **% of Total**<br> **Investments**<br>|
| USD | 61.9% |
| GBP | 11.6 |
| EUR | 10.1 |
| TWD | 5.2 |
| SEK | 4.4 |
| HKD | 3.6 |
| JPY | 2.2 |
| DKK | 1.0 |
| Total | 100.0% |

---

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

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of December 31, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total**<br> **Value at**<br> **12/31/2025**<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 <br> Stocks\*<br>| $1123152798 | &nbsp;&nbsp; $1123152798 | $— | $— |

---

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

\* See Portfolio of Investments for country breakout.

See Notes to Financial Statements

------

**First Trust WCM Focused Global Growth Fund** 

**Statement of Assets and Liabilities** 

**December 31, 2025**

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

---

| | |
|:---|:---|
| **ASSETS:** |  |
| Investments, at value | $1123152798 |
| Cash | 33520561 |
| Receivables: |  |
| Fund shares sold | 960534 |
| Dividends | 607684 |
| Reclaims | 270618 |
| Prepaid expenses | 30501 |
| Total Assets | 1158542696 |
| **LIABILITIES:** |  |
| Payables: |  |
| Investment securities purchased | 6848206 |
| Investment advisory fees | 814519 |
| Fund shares redeemed | 666303 |
| Administrative fees | 47504 |
| Audit and tax fees | 36180 |
| Transfer agent fees | 33135 |
| Shareholder reporting fees | 14810 |
| Legal fees | 9839 |
| 12b-1 distribution and service fees | 7128 |
| Custodian fees | 2647 |
| Registration fees | 1705 |
| Financial reporting fees | 833 |
| Commitment and administrative agency fees | 137 |
| Other liabilities | 230 |
| Total Liabilities | 8483176 |
| **NET ASSETS** | $1150059520 |
| **NET ASSETS consist of:** |  |
| Paid-in capital | $862569592 |
| Par value | 351321 |
| Accumulated distributable earnings (loss) | 287138607 |
| **NET ASSETS** | $1150059520 |
| Investments, at cost | $809282451 |
| **Institutional Shares:** |  |
| Net asset value and redemption price per share (Based on net assets of $1,116,856,586 and 34,088,233 shares of <br> beneficial interest issued and outstanding, unlimited number of shares authorized)<br>| $32.76 |
| **Investor Shares:** |  |
| Net asset value and redemption price per share (Based on net assets of $33,202,934 and 1,043,850 shares of <br> beneficial interest issued and outstanding, unlimited number of shares authorized)<br>| $31.81 |

---

See Notes to Financial Statements

------

**First Trust WCM Focused Global Growth Fund** 

**Statement of Operations** 

**For the Year Ended December 31, 2025**

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

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** |  |
| Dividends | &nbsp;&nbsp; $5783883 |
| Foreign withholding tax | &nbsp;&nbsp; (330253)<br>|
| Total investment income | &nbsp;&nbsp; 5453630 |
| **EXPENSES:** |  |
| Investment advisory fees | &nbsp;&nbsp; 7032184 |
| Administrative fees | &nbsp;&nbsp; 364713 |
| Transfer agent fees | &nbsp;&nbsp; 224398 |
| Shareholder reporting fees | &nbsp;&nbsp; 83463 |
| Registration fees | &nbsp;&nbsp; 83169 |
| 12b-1 distribution and/or service fees: |  |
| Investor Class | &nbsp;&nbsp; 74245 |
| Audit and tax fees | &nbsp;&nbsp; 66204 |
| Legal fees | &nbsp;&nbsp; 51365 |
| Commitment and administrative agency fees | &nbsp;&nbsp; 48241 |
| Trustees' fees and expenses | &nbsp;&nbsp; 19821 |
| Financial reporting fees | &nbsp;&nbsp; 9625 |
| Custodian fees | &nbsp;&nbsp; 6140 |
| Listing fees | &nbsp;&nbsp; 1700 |
| Interest and fees | &nbsp;&nbsp; 4 |
| Other | &nbsp;&nbsp; 66254 |
| Total expenses | &nbsp;&nbsp; 8131526 |
| **NET INVESTMENT INCOME (LOSS)** | &nbsp;&nbsp; (2677896)<br>|
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |
| Net realized gain (loss) on: |  |
| Investments | &nbsp;&nbsp; 27632732 |
| Foreign currency transactions | &nbsp;&nbsp; (129310)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; 27503422 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | &nbsp;&nbsp; 157271305 |
| Foreign currency translation | &nbsp;&nbsp; 31538 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 157302843 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS)** | &nbsp;&nbsp; 184806265 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp; $182128369 |

---

See Notes to Financial Statements

------

**First Trust WCM Focused Global Growth Fund** 

**Statements of Changes in Net Assets** 

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

---

| | | |
|:---|:---|:---|
|  | **Year**<br> **Ended**<br> **12/31/2025** <br>| **Year**<br> **Ended**<br> **12/31/2024** <br>|
| **OPERATIONS:** |  |  |
| Net investment income (loss) | $(2677896)<br>| &nbsp;&nbsp; $(1649117)<br>|
| Net realized gain (loss) | 27503422 | &nbsp;&nbsp; 48815948 |
| Net change in unrealized appreciation (depreciation) | 157302843 | &nbsp;&nbsp; 85630305 |
| Net increase (decrease) in net assets resulting from operations | 182128369 | &nbsp;&nbsp; 132797136 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM INVESTMENT OPERATIONS:** |  |  |
| Institutional Class Shares | (48268803)<br>| &nbsp;&nbsp; (24785476)<br>|
| Investor Class Shares | (1446529)<br>| &nbsp;&nbsp; (1297669)<br>|
| Total distributions to shareholders from investment operations | (49715332)<br>| &nbsp;&nbsp; (26083145)<br>|
| **CAPITAL TRANSACTIONS:** |  |  |
| Proceeds from shares sold | 747918321 | &nbsp;&nbsp; 143629705 |
| Proceeds from shares reinvested | 48878650<br>| &nbsp;&nbsp; 25969803<br>|
| Cost of shares redeemed  | (338368502) <br>| &nbsp;&nbsp; (143882424) <br>|
| Net increase (decrease) in net assets resulting from capital transactions | 458428469 | &nbsp;&nbsp; 25717084 |
| Total increase (decrease) in net assets | 590841506 | &nbsp;&nbsp; 132431075 |
| **NET ASSETS:** |  |  |
| Beginning of period | 559218014 | &nbsp;&nbsp; 426786939 |
| End of period | $1150059520 | &nbsp;&nbsp; $559218014 |

---

See Notes to Financial Statements

------

**First Trust WCM Focused Global Growth Fund** 

**Financial Highlights** 

**For a Share outstanding throughout each period**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **For the Period**<br> **May 1, 2022 through**<br> **December 31, 2022 (a)** | **Year Ended April 30,** | **Year Ended April 30,** |
| **Institutional Class Shares** | **2025**  | **2024**  | **2023**  | **For the Period**<br> **May 1, 2022 through**<br> **December 31, 2022 (a)** | **2022**  | **2021**  |
| Net asset value, beginning of <br> period<br>| $27.33 | &nbsp;&nbsp;&nbsp;&nbsp; $21.85 | &nbsp;&nbsp;&nbsp;&nbsp; $17.28 | &nbsp;&nbsp;&nbsp;&nbsp; $19.33 | &nbsp;&nbsp;&nbsp;&nbsp; $25.70 | &nbsp;&nbsp;&nbsp;&nbsp; $17.63 |
| **Income from investment** <br> **operations:**<br>|  |  |  |  |  |  |
| Net investment income (loss) (b) | (0.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.09)<br>|
| Net realized and unrealized gain <br> (loss)<br>| 7.07 | &nbsp;&nbsp;&nbsp;&nbsp;6.90 | &nbsp;&nbsp;&nbsp;&nbsp;4.60 | &nbsp;&nbsp;&nbsp;&nbsp; (1.44)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.60)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.99 |
| Total from investment operations | 6.97 | &nbsp;&nbsp;&nbsp;&nbsp;6.82 | &nbsp;&nbsp;&nbsp;&nbsp;4.57 | &nbsp;&nbsp;&nbsp;&nbsp; (1.45)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.73)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.90 |
| **Distributions paid to** <br> **shareholders from:**<br>|  |  |  |  |  |  |
| Net investment income | (0.19)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Net realized gain | (1.35)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.64)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.83)<br>|
| Total distributions | (1.54)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.64)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.83)<br>|
| Net asset value, end of period | $32.76 | &nbsp;&nbsp;&nbsp;&nbsp; $27.33 | &nbsp;&nbsp;&nbsp;&nbsp; $21.85 | &nbsp;&nbsp;&nbsp;&nbsp; $17.28 | &nbsp;&nbsp;&nbsp;&nbsp; $19.33 | &nbsp;&nbsp;&nbsp;&nbsp; $25.70 |
| **Total return** (c) | 25.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 31.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 26.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7.55)% (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (17.09)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 50.89<br> %<br>|
| **Ratios to average net** <br> **assets/supplemental data:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in <br> 000's)<br>| $1116857 | &nbsp;&nbsp;&nbsp;&nbsp; $530615 | &nbsp;&nbsp;&nbsp;&nbsp; $387992 | &nbsp;&nbsp;&nbsp;&nbsp; $277438 | &nbsp;&nbsp;&nbsp;&nbsp; $438016 | &nbsp;&nbsp;&nbsp;&nbsp; $468073 |
| Ratio of total expenses to <br> average net assets<br>| 0.97<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.14<br> % (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.19<br> % (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.19<br> %<br>|
| Ratio of net expenses to average <br> net assets<br>| 0.97<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.05<br> % (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.05<br> % (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.05<br> %<br>|
| Ratio of net investment income <br> (loss) to average net assets<br>| (0.31)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.31)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.14)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.12)% (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.53)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.41)%<br>|
| Portfolio turnover rate | 40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 36<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 56<br> %<br>|

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Fiscal
 year end changed to December 31, effective December 14, 2022.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes
 reinvestment of all distributions for the period. These returns do not reflect the deduction of taxes that a shareholder would
 pay on Fund distributions or the redemption of Fund shares. The total returns would have been lower if certain fees had not been
 waived by the investment advisor. Total return is calculated for the time period presented and is not annualized for periods of less
 than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Not
 annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) If
 tax reclaim expense had been excluded, the expense ratios would of been lowered by 0.00% for the year ended December 31, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized.

See Notes to Financial Statements

------

**First Trust WCM Focused Global Growth Fund** 

**Financial Highlights (Continued)**

**For a Share outstanding throughout each period**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **For the Period**<br> **May 1, 2022 through**<br> **December 31, 2022 (a)** | **Year Ended April 30,** | **Year Ended April 30,** |
| **Investor Class Shares** | **2025**  | **2024**  | **2023**  | **For the Period**<br> **May 1, 2022 through**<br> **December 31, 2022 (a)** | **2022**  | **2021**  |
| Net asset value, beginning of period | $26.59 | &nbsp;&nbsp;&nbsp;&nbsp; $21.29 | &nbsp;&nbsp;&nbsp;&nbsp; $16.88 | &nbsp;&nbsp;&nbsp;&nbsp; $18.93 | &nbsp;&nbsp;&nbsp;&nbsp; $25.28 | &nbsp;&nbsp;&nbsp;&nbsp; $17.39 |
| **Income from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) (b) | (0.19)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.15)<br>|
| Net realized and unrealized gain (loss) | 6.88 | &nbsp;&nbsp;&nbsp;&nbsp;6.72 | &nbsp;&nbsp;&nbsp;&nbsp;4.48 | &nbsp;&nbsp;&nbsp;&nbsp; (1.41)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.52)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.87 |
| Total from investment operations | 6.69 | &nbsp;&nbsp;&nbsp;&nbsp;6.57 | &nbsp;&nbsp;&nbsp;&nbsp;4.41 | &nbsp;&nbsp;&nbsp;&nbsp; (1.45)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.71)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.72 |
| **Distributions paid to shareholders** <br> **from:**<br>|  |  |  |  |  |  |
| Net investment income | (0.12)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Net realized gain | (1.35)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.64)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.83)<br>|
| Total distributions | (1.47)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.27)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.64)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.83)<br>|
| Net asset value, end of period | $31.81 | &nbsp;&nbsp;&nbsp;&nbsp; $26.59 | &nbsp;&nbsp;&nbsp;&nbsp; $21.29 | &nbsp;&nbsp;&nbsp;&nbsp; $16.88 | &nbsp;&nbsp;&nbsp;&nbsp; $18.93 | &nbsp;&nbsp;&nbsp;&nbsp; $25.28 |
| **Total return** (c) | 25.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 26.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7.71)% (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (17.30)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 50.55<br> %<br>|
| **Ratios to average net** <br> **assets/supplemental data:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $33203 | &nbsp;&nbsp;&nbsp;&nbsp; $28603 | &nbsp;&nbsp;&nbsp;&nbsp; $38795 | &nbsp;&nbsp;&nbsp;&nbsp; $12943 | &nbsp;&nbsp;&nbsp;&nbsp; $16396 | &nbsp;&nbsp;&nbsp;&nbsp; $21378 |
| Ratio of total expenses to average net <br> assets<br>| 1.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.39<br> % (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.44<br> % (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.44<br> %<br>|
| Ratio of net expenses to average net <br> assets<br>| 1.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.30<br> % (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.30<br> % (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.30<br> %<br>|
| Ratio of net investment income (loss) to <br> average net assets<br>| (0.63)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.59)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.39)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.37)% (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.66)%<br>|
| Portfolio turnover rate | 40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 36<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 56<br> %<br>|

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Fiscal
 year end changed to December 31, effective December 14, 2022.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes
 reinvestment of all distributions for the period. These returns do not reflect the deduction of taxes that a shareholder would
 pay on Fund distributions or the redemption of Fund shares. The total returns would have been lower if certain fees had not been
 waived by the investment advisor. Total return is calculated for the time period presented and is not annualized for periods of less
 than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Not
 annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) If
 tax reclaim expense had been excluded, the expense ratios would of been lowered by 0.00% for the year ended December 31, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized.

See Notes to Financial Statements

------

**Notes to Financial Statements**

**First Trust WCM Focused Global Growth Fund** 

**December 31, 2025**

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

**1. Organization**

First Trust WCM Focused Global Growth Fund (the "Fund") is a series of the First Trust Series Fund (the "Trust"), a Massachusetts business trust organized on July 9, 2010, and is registered as a diversified open-end management investment company with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended (the "1940 Act"). The Fund offers two classes of shares: Institutional Class and Investor Class. Each class represents an interest in the same portfolio of investments but with a different combination of sales charges, distribution and service (12b-1) fees, eligibility requirements and other features.

The Fund seeks to provide long-term capital appreciation. Under normal market conditions, the Fund seeks to achieve its investment objective by investing in the equity securities of companies located throughout the world, including the United States. Under normal market conditions, the Fund invests at least 40% of its net assets in companies organized, headquartered or doing a substantial amount of business outside the United States, including emerging and frontier market countries.The Fund's sub-advisor, WCM Investment Management, LLC ("WCM Investment Management" or the "Sub-Advisor"), considers a company to be located in a country if the company has been organized under the laws of, has its principal offices in, or has its securities principally traded in, the country, or if the company derives at least 50% of its revenues or net profits from, or has at least 50% of its assets or production capacities in, the country. The Sub-Advisor considers a company that has at least 50% of its assets, or derives at least 50% of its revenues from business, outside the United States as doing a substantial amount of business outside the United States.

**2. Significant Accounting Policies**

The Fund is considered an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, "Financial Services-Investment Companies." The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of the financial statements. The preparation of the financial statements in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

**A. Portfolio Valuation**

The net asset value ("NAV") of each class of shares of the Fund is determined daily as of the close of regular trading on the New York Stock Exchange ("NYSE"), normally 4:00 p.m. Eastern time, on each day the NYSE is open for trading. If the NYSE closes early on a valuation day, the NAV is determined as of that time. The NAV for each class is calculated by dividing the value of the Fund's total assets attributable to such class (including accrued interest and dividends), less all liabilities attributable to such class (including accrued expenses, dividends declared but unpaid and any borrowings of the Fund), by the total number of shares of the class outstanding. Differences in NAV of each class of the Fund's shares are generally expected to be due to the daily expense accruals of the specified distribution and service (12b-1) fees and transfer agency costs applicable to such class of shares and the resulting differential in the dividends that may be paid on each class of shares.

The Fund's investments are valued daily at market value or, in the absence of market value with respect to any portfolio securities, at fair value. Market value prices represent readily available market quotations such as last sale or official closing prices from a national or foreign exchange (i.e., a regulated market) and are primarily obtained from third-party pricing services. Fair value prices represent any prices not considered market value prices and are either obtained from a third-party pricing service or are determined by the Pricing Committee of the Fund's investment advisor, First Trust Advisors L.P. ("First Trust" or the "Advisor"), in accordance with valuation procedures approved by the Trust's Board of Trustees, and in accordance with provisions of the 1940 Act and rules thereunder. Investments valued by the Advisor's Pricing Committee, if any, are footnoted as such in the footnotes to the Portfolio of Investments. The Fund's investments are valued as follows:

Common stocks and other equity securities listed on any national or foreign exchange (excluding Nasdaq, Inc. ("Nasdaq") and the London Stock Exchange Alternative Investment Market ("AIM")) are valued at the last sale price on the exchange on which they are principally traded or, for Nasdaq and AIM securities, the official closing price. Securities traded on more than one securities exchange are valued at the last sale price or official closing price, as applicable, at the close of the securities exchange representing the primary exchange for such securities.

Securities trading on foreign exchanges or over-the-counter markets that close prior to the NYSE close may be valued using a systematic fair valuation model provided by a third-party pricing service. If these foreign securities meet certain criteria in relation to the valuation model, their valuation is systematically adjusted to reflect the impact of movement in the U.S. market after the close of the foreign markets.

Equity securities traded in an over-the-counter market are valued at the close price or the last trade price.

------

**Notes to Financial Statements (Continued)**

**First Trust WCM Focused Global Growth Fund** 

**December 31, 2025**

Certain securities may not be able to be priced by pre-established pricing methods. Such securities may be valued by the Advisor's Pricing Committee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a third-party pricing service is unable to provide a market price; securities whose trading has been formally suspended; a security whose market or fair value price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of the Fund's NAV or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the third-party pricing service, does not reflect the security's fair value. As a general principle, the current fair value of a security would appear to be the amount which the owner might reasonably expect to receive for the security upon its current sale. When fair value prices are used, generally they will differ from market quotations or official closing prices on the applicable exchanges. A variety of factors may be considered in determining the fair value of such securities, including, but not limited to, the following:

1)

the last sale price on the exchange on which they are principally traded or, for Nasdaq and AIM securities, the official closing price;

2)

the type of security;

3)

the size of the holding;

4)

the initial cost of the security;

5)

transactions in comparable securities;

6)

price quotes from dealers and/or third-party pricing services;

7)

relationships among various securities;

8)

information obtained by contacting the issuer, analysts, or the appropriate stock exchange;

9)

an analysis of the issuer's financial statements;

10)

the existence of merger proposals or tender offers that might affect the value of the security; and

11)

other relevant factors.

If the securities in question are foreign securities, the following additional information may be considered:

1)

the last sale price on the exchange on which they are principally traded;

2)

the value of similar foreign securities traded on other foreign markets;

3)

ADR trading of similar securities;

4)

closed-end fund or exchange-traded fund trading of similar securities;

5)

foreign currency exchange activity;

6)

the trading prices of financial products that are tied to baskets of foreign securities;

7)

factors relating to the event that precipitated the pricing problem;

8)

whether the event is likely to recur;

9)

whether the effects of the event are isolated or whether they affect entire markets, countries or regions; and

10)

other relevant factors.

Because foreign markets may be open on different days than the days during which investors may transact in the shares of the Fund, the value of the Fund's securities may change on the days when investors are not able to transact in the shares of the Fund. The value of the securities denominated in foreign currencies is converted into U.S. dollars using exchange rates determined daily as of the close of regular trading on the NYSE.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Level 1 inputs are quoted prices in active markets for identical investments. An active market is a market in which transactions for the investment occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Level 2 inputs are observable inputs, either directly or indirectly, and include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o

Quoted prices for similar investments in active markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o

Quoted prices for identical or similar investments in markets that are non-active. A non-active market is a market where there are few transactions for the investment, the prices are not current, or price quotations vary substantially either over time or among market makers, or in which little information is released publicly.

------

**Notes to Financial Statements (Continued)**

**First Trust WCM Focused Global Growth Fund** 

**December 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o

Inputs other than quoted prices that are observable for the investment (for example, interest rates and yield curves observable at commonly quoted intervals, volatilities, prepayment speeds, loss severities, credit risks, and default rates).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o

Inputs that are derived principally from or corroborated by observable market data by correlation or other means.

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

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in those investments. A summary of the inputs used to value the Fund's investments as of December 31, 2025, is included with the Fund's Portfolio of Investments.

**B. Securities Transactions and Investment Income**

Securities transactions are recorded as of the trade date. Realized gains and losses from securities transactions are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date. Interest income, if any, is recorded daily on the accrual basis, including the amortization of premiums and the accretion of discounts. Income is allocated on a pro rata basis to each class of shares.

Withholding taxes and tax reclaims on foreign dividends have been provided for in accordance with the Fund's understanding of the applicable country's tax rules and rates.

**C. Foreign Currency**

The books and records of the Fund are maintained in U.S. dollars. Foreign currencies, investments and other assets and liabilities are translated into U.S. dollars at the exchange rates prevailing at the end of the period. Purchases and sales of investments and items of income and expense are translated on the respective dates of such transactions. Unrealized gains and losses on assets and liabilities, other than investments in securities, which result from changes in foreign currency exchange rates have been included in "Net change in unrealized appreciation (depreciation) on foreign currency translation" on the Statement of Operations. Unrealized gains and losses on investments in securities which result from changes in foreign exchange rates are included with fluctuations arising from changes in market price and are included in "Net change in unrealized appreciation (depreciation) on investments" on the Statement of Operations. Net realized foreign currency gains and losses include the effect of changes in exchange rates between trade date and settlement date on investment security transactions, foreign currency transactions and interest and dividends received and are included in "Net realized gain (loss) on foreign currency transactions" on the Statement of Operations. The portion of foreign currency gains and losses related to fluctuations in exchange rates between the initial purchase settlement date and subsequent sale trade date is included in "Net realized gain (loss) on investments" on the Statement of Operations.

**D. Dividends and Distributions to Shareholders**

The Fund will distribute to holders of its shares semi-annual dividends of all or a portion of its net income. Distributions of any net capital gains earned by the Fund will be distributed at least annually. Distributions will automatically be reinvested into additional Fund shares unless cash distributions are elected by the shareholder. The Fund may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.

Distributions from net investment income and realized capital gains are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These permanent differences are primarily due to the varying treatment of income and gain/loss on portfolio securities held by the Fund and have no impact on net assets or NAV per share. Temporary differences, which arise from recognizing certain items of income, expense and gain/loss in different periods for financial statement and tax purposes, will reverse at some point in the future. Permanent differences incurred during the fiscal year ended December 31, 2025, resulting in book and tax accounting differences, have been reclassified at year end to reflect a decrease in accumulated net investment income (loss) of $64,057, an increase in accumulated net realized gain (loss) of $107,029, and a decrease to paid-in capital of $42,972. Accumulated distributable earnings (loss) consists of accumulated net investment income (loss), accumulated net realized gain (loss) on investments, and unrealized appreciation (depreciation) on investments. Net assets were not affected by this reclassification.

The tax character of distributions paid by the Fund during the fiscal years ended December 31, 2025 and 2024, was as follows:

---

| | | |
|:---|:---|:---|
| Distributions paid from: | **2025** | **2024** |
| Ordinary income | &nbsp;&nbsp; $22149851 | &nbsp;&nbsp;&nbsp; $4014368 |
| Capital gains | &nbsp;&nbsp; 27565481 | &nbsp;&nbsp;&nbsp; 22068777 |
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |

---

------

**Notes to Financial Statements (Continued)**

**First Trust WCM Focused Global Growth Fund** 

**December 31, 2025**

As of December 31, 2025, the components of distributable earnings and net assets on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | &nbsp;&nbsp; $— |
| Undistributed capital gains | &nbsp;&nbsp; — |
| Total undistributed earnings | &nbsp;&nbsp; — |
| Accumulated capital and other losses | &nbsp;&nbsp; — |
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; 301973381 |
| Total accumulated earnings (losses) | &nbsp;&nbsp; 301973381 |
| Other | &nbsp;&nbsp; (14834774)<br>|
| Paid-in capital | &nbsp;&nbsp; 862920913 |
| Total net assets | &nbsp;&nbsp; $1150059520 |

---

**E. Income Taxes**

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

The Fund intends to utilize provisions of the federal income tax laws, which allow it to carry a realized capital loss forward indefinitely following the year of the loss and offset such loss against any future realized capital gains. The Fund is subject to certain limitations under U.S. tax rules on the use of capital loss carryforwards and net unrealized built-in losses. These limitations apply when there has been a 50% change in ownership. At December 31, 2025, the Fund had no non-expiring net capital loss carryforwards for federal income tax purposes.

Certain losses realized during the current fiscal year may be deferred and treated as occurring on the first day of the following fiscal year for federal income tax purposes. For the fiscal year ended December 31, 2025, the Fund incurred and elected to defer net late year ordinary losses in the amount of $8,118,423 and capital losses in the amount of $6,716,351.

The Fund is subject to accounting standards that establish a minimum threshold for recognizing, and a system for measuring, the benefits of a tax position taken or expected to be taken in a tax return. The taxable periods ended April 30, 2022, and December 31, 2022, 2023, 2024 and 2025 remain open to federal and state audit. As of December 31, 2025, management has evaluated the application of these standards to the Fund and has determined that no provision for income tax is required in the Fund's financial statements for uncertain tax positions.

As of December 31, 2025, the aggregate cost, gross unrealized appreciation, gross unrealized depreciation, and net unrealized appreciation/(depreciation) on investments (including short positions and derivatives, if any) for federal income tax purposes were as follows:

---

| | | | |
|:---|:---|:---|:---|
| Tax Cost | Gross<br> Unrealized<br> Appreciation<br>| Gross<br> Unrealized<br> (Depreciation)<br>| Net Unrealized<br> Appreciation<br> (Depreciation)<br>|
| $821200651 | $328625599 | $(26673452) | $301952147 |

---

**F. Expenses**

The Fund will pay all expenses directly related to its operations. Expenses of the Fund are allocated on a pro rata basis to each class of shares, except for distribution and service (12b-1) fees and incremental transfer agency costs which are unique to each class of shares.

**G. Segment Reporting**

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

------

**Notes to Financial Statements (Continued)**

**First Trust WCM Focused Global Growth Fund** 

**December 31, 2025**

monitored and assessed as a whole by the CODM responsible for oversight functions of the Fund, using the information presented in the financial statements and financial highlights.

**3. Investment Advisory Fee, Affiliated Transactions and Other Fee Arrangements**

First Trust, the investment advisor to the Fund, is a limited partnership with one limited partner, Grace Partners of DuPage L.P., and one general partner, The Charger Corporation. The Charger Corporation is an Illinois corporation controlled by James A. Bowen, Chief Executive Officer of First Trust. First Trust is responsible for the ongoing monitoring of the Fund's investment portfolio, managing the Fund's business affairs and providing certain administrative services necessary for the management of the Fund. For these services, First Trust is entitled to a monthly fee calculated at an annual rate of 0.85% of the Fund's average daily net assets. First Trust also provides fund reporting services to the Fund for a flat annual fee in the amount of $10,000. Prior to July 1, 2025, the financial reporting fee was $9,250.

WCM Investment Management serves as the Fund's sub-advisor and manages the Fund's portfolio subject to First Trust's supervision. The Sub-Advisor receives a monthly sub-advisory fee equal to 50% of the monthly management fee paid to First Trust, less the Sub-Advisor's share of Fund expenses. The sub-advisory fee is paid by First Trust out of its investment advisory fee.

First Trust and the Sub-Advisor have agreed to waive fees and/or reimburse Fund expenses to the extent necessary, through March 1, 2027, to prevent the total annual fund operating expenses (excluding taxes, interest, all brokerage commissions, other normal charges incident to the purchase and sale of portfolio securities, distribution and service fees payable pursuant to a Rule 12b-1 plan, if any, and extraordinary expenses) from exceeding 1.05% of the average daily net assets of any class of shares of the Fund. Fees waived or expenses borne by the Fund's investment advisor and sub-advisor are subject to reimbursement by the Fund for up to three years from the date the fee was waived or expense was incurred, but no reimbursement payment will be made by the Fund at any time if it would result in the Fund's expenses exceeding (i) the applicable expense limitation in place for the most recent fiscal year for which such expense limitation was in place, (ii) the applicable expense limitation in place at the time the fees were waived, or (iii) the current expense limitation. Expense limitations may be terminated or modified prior to their expiration only with the approval of the Board of Trustees of the Trust. These amounts would be included in "Expenses previously waived or reimbursed" on the Statement of Operations.

BNY Mellon Investment Servicing (US) Inc. ("BNY IS") serves as the Fund's transfer agent in accordance with certain fee arrangements. As transfer agent, BNY IS is responsible for maintaining shareholder records for the Fund. The Bank of New York Mellon ("BNY") serves as the Fund's administrator, fund accountant, and custodian in accordance with certain fee arrangements. As administrator and fund accountant, BNY is responsible for providing certain administrative and accounting services to the Fund, including maintaining the Fund's books of account, records of the Fund's securities transactions, and certain other books and records. As custodian, BNY is responsible for custody of the Fund's assets. BNY IS and BNY are subsidiaries of The Bank of New York Mellon Corporation, a financial holding company.

Each Trustee who is not an officer or employee of First Trust, any sub-advisor or any of their affiliates ("Independent Trustees") is paid a fixed annual retainer that is allocated equally among each fund in the First Trust Fund Complex. Each Independent Trustee is also paid an annual per fund fee that varies based on whether the fund is a closed-end or other actively managed fund, a target outcome fund or an index fund.

Additionally, the Chairs of the Audit Committee, Nominating and Governance Committee and Valuation, Risk and Regulatory Oversight Committee, the Vice Chair of the Audit Committee, the Lead Independent Trustee and the Vice Lead Independent Trustee are paid annual fees to serve in such capacities, with such compensation allocated pro rata among each fund in the First Trust Fund Complex based on net assets. Independent Trustees are reimbursed for travel and out-of-pocket expenses in connection with all meetings. The officers and "Interested" Trustee receive no compensation from the Trust for acting in such capacities.

**4. Reorganization**

Effective October 7, 2024, the Fund acquired all of the assets and assumed all of the liabilities of WCM Focused Global Growth Fund (the "Predecessor Fund") pursuant to an agreement and plan of reorganization approved by the Board of Trustees of the Fund on June 3, 2024. The Predecessor Fund is the accounting survivor. As a result, the historical information received from the Predecessor Fund was carried forward to the Fund for U.S. GAAP and tax purposes.

Under the terms of reorganization, which was tax-free, the assets of the Predecessor Fund were assumed by the Fund. The shareholders of the Predecessor Fund received shares of the Fund with a value equal to the aggregate net asset value of the shares of the Predecessor Fund held by them.

------

**Notes to Financial Statements (Continued)**

**First Trust WCM Focused Global Growth Fund** 

**December 31, 2025**

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

**5. Capital Share Transactions**

Capital transactions were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended**<br> **December 31, 2025** | **Year Ended**<br> **December 31, 2025** | &nbsp;&nbsp;&nbsp; **Year Ended**<br> **December 31, 2024** | &nbsp;&nbsp;&nbsp; **Year Ended**<br> **December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| Sales: |  |  |  |  |
| Institutional Class | &nbsp;&nbsp; 23879190 | &nbsp;&nbsp;&nbsp;&nbsp; $729621839 | &nbsp;&nbsp;&nbsp;&nbsp; 5278555 | &nbsp;&nbsp;&nbsp;&nbsp; $134657913 |
| Investor Class | &nbsp;&nbsp; 612746 | &nbsp;&nbsp;&nbsp;&nbsp; 18296482 | &nbsp;&nbsp;&nbsp;&nbsp; 366382 | &nbsp;&nbsp;&nbsp;&nbsp; 8971792 |
| Total Sales | &nbsp;&nbsp; 24491936 | &nbsp;&nbsp;&nbsp;&nbsp; $747918321 | &nbsp;&nbsp;&nbsp;&nbsp; 5644937 | &nbsp;&nbsp;&nbsp;&nbsp; $143629705 |
| Dividend Reinvestment: |  |  |  |  |
| Institutional Class | &nbsp;&nbsp; 1456718 | &nbsp;&nbsp;&nbsp;&nbsp; $47441365 | &nbsp;&nbsp;&nbsp;&nbsp; 880099 | &nbsp;&nbsp;&nbsp;&nbsp; $24677981 |
| Investor Class | &nbsp;&nbsp; 45402 | &nbsp;&nbsp;&nbsp;&nbsp; 1437285 | &nbsp;&nbsp;&nbsp;&nbsp; 47354 | &nbsp;&nbsp;&nbsp;&nbsp; 1291822 |
| Total Dividend Reinvestment | &nbsp;&nbsp; 1502120 | &nbsp;&nbsp;&nbsp;&nbsp; $48878650 | &nbsp;&nbsp;&nbsp;&nbsp; 927453 | &nbsp;&nbsp;&nbsp;&nbsp; $25969803 |
| Redemptions: |  |  |  |  |
| Institutional Class | &nbsp;&nbsp; (10664948)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(317986336)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4498230)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(116012377 |
| Investor Class | &nbsp;&nbsp; (690170)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (20382166)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1159892)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (27870047)<br>|
| Total Redemptions | &nbsp;&nbsp; (11355118)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(338368502)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5658122)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(143882424)<br>|

---

**6. Purchases and Sales of Securities**

The cost of purchases and proceeds from sales of securities, excluding short-term investments, for the fiscal year ended December 31, 2025, were $709,134,230 and $317,619,521, respectively.

**7. Distribution and Service Plan**

The Board of Trustees adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act. In accordance with the Rule 12b-1 plan, the Investor Class of the Fund is authorized to pay an amount up to 0.25% of its average daily net assets each year to reimburse First Trust Portfolios L.P. ("FTP"), the distributor of the Fund, for amounts expended to finance activities primarily intended to result in the sale of Fund shares or the provision of investor services. FTP may also use this amount to compensate securities dealers or other persons for providing distribution assistance, including broker-dealer and shareholder support and educational and promotional services. Institutional Class has no 12b-1 fees.

**8. Borrowings**

The Trust, on behalf of the Fund, along with First Trust Exchange-Traded Fund III, First Trust Exchange-Traded Fund IV and First Trust Variable Insurance Trust, has a credit agreement with BNY (the "Credit Agreement") as administrative agent for a group of lenders. The borrowing rate is the higher of the federal funds effective rate and the adjusted daily simple SOFR rate plus 1.00%. The commitment amount under the Credit Agreement is $620 million and such commitment amount may be increased up to $700 million with the consent of one or more lenders. For any day on and after February 26, 2025, BNY charges on behalf of the lenders a commitment fee of 0.15% of the daily amount of the excess of the commitment amount over the outstanding principal balance of the loans and an agency fee. The Credit Agreement dated February 26, 2025 was amended to include the Fund. The commitment fee and agency fee are allocated amongst the funds that have access to the credit line pursuant to procedures approved by the Board of Trustees. These fees are reflected in the Statement of Operations in the "Commitment and administrative agency fees" line item. To the extent that the Fund accesses the credit line, there would also be an interest fee charged. The Fund did not draw on the credit line during the fiscal year ended December 31, 2025.

**9. Indemnification**

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

------

**Notes to Financial Statements (Continued)**

**First Trust WCM Focused Global Growth Fund** 

**December 31, 2025**

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

**10. Subsequent Events**

Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were issued and has determined that there was the following subsequent event:

On December 22, 2025, the Trust filed a new registration statement with the SEC for two additional share classes of the Fund.

------

**Report of Independent Registered Public Accounting Firm**

**To the Shareholders and the Board of Trustees of First Trust Series Fund:**

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of First Trust WCM Focused Global Growth Fund (the "Fund"), one of the funds constituting the First Trust Series Fund, as of December 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets and financial highlights for each of the two years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, and the results of its operations for the year then ended, and the changes in its net assets and financial highlights for each of the two years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. The financial highlights for the year ended December 31, 2023, for the eight months period ended December 31, 2022, and for each of the two years in the period ended April 30, 2022, were audited by other auditors whose report dated February 29, 2024, expressed an unqualified opinion on such financial highlights.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audit provides a reasonable basis for our opinion.

/s/ Deloitte & Touche, LLP

Chicago, Illinois

February 20, 2026

We have served as the auditor of one or more First Trust investment companies since 2001.

------

**Other Information**

**First Trust WCM Focused Global Growth Fund** 

**December 31, 2025 (Unaudited)**

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

There were no changes in or disagreements with the Fund's accountants during the fiscal year ended December 31, 2025.

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp; James A. Bowen\*<br> Votes For<br> Votes Withheld<br>| &nbsp;&nbsp; <br> 30793084<br> 224044<br>|
| &nbsp;&nbsp; Thomas J. Driscoll\*\*<br> Votes For<br> Votes Withheld<br>| &nbsp;&nbsp; <br> 30803794<br> 213334<br>|
| &nbsp;&nbsp; Richard E. Erickson\*<br> Votes For<br> Votes Withheld<br>| &nbsp;&nbsp; <br> 30646724<br> 370404<br>|
| &nbsp;&nbsp; Thomas R. Kadlec\*<br> Votes For<br> Votes Withheld<br>| &nbsp;&nbsp; <br> 30663695<br> 353433<br>|
| &nbsp;&nbsp; Denise M. Keefe\*\*\*<br> Votes For<br> Votes Withheld<br>| &nbsp;&nbsp; <br> 30691353<br> 325775<br>|
| &nbsp;&nbsp; Robert F. Keith\*<br> Votes For<br> Votes Withheld<br>| &nbsp;&nbsp; <br> 30688459<br> 328669<br>|
| &nbsp;&nbsp; Niel B. Nielson\*<br> Votes For<br> Votes Withheld<br>| &nbsp;&nbsp; <br> 30619318<br> 397810<br>|
| &nbsp;&nbsp; Bronwyn Wright\*\*\*<br> Votes For<br> Votes Withheld<br>| &nbsp;&nbsp; <br> 19532390<br> 11484738<br>|

---

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

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

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

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

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

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

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

Not applicable for the most recent fiscal half year.

**Federal Tax Information**

The Fund hereby designates as qualified dividend income 27.46% of its ordinary income distributions (including short-term capital gains, if applicable) for the year ended December 31, 2025. In addition 11.89% or the ordinary income distributions (including short-term capital gain, if applicable) made by the Fund during the fiscal year ended December 31, 2025, qualify for corporate dividends received deduction available to corporate shareholders.

------

**Other Information (Continued)**

**First Trust WCM Focused Global Growth Fund** 

**December 31, 2025 (Unaudited)**

Long-term capital gain distributions designed by the Fund are taxable at the applicable capital gain tax rates for federal income tax purposes. For the fiscal year ended December 31, 2025, the Fund designated $27,565,481 of long-term capital gain distributions.

------

(b) The Financial Highlights is included in the Financial Statements and Other Information filed under Item 7(a) of this Form N-CSR.

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

This information is included in the Financial Statements and Other Information filed under Item 7(a) of this Form N-CSR.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

This information is included in the Financial Statements and Other Information filed under Item 7(a) of this Form N-CSR.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

This information is included in the Financial Statements and Other Information filed under Item 7(a) of this Form N-CSR.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

This information is included in the Financial Statements and Other Information filed under Item 7(a) of this Form N-CSR.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable to the Registrant.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable to the Registrant.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable to the Registrant.

**Item 15. Submission of Matters to a Vote of Security Holders.**

There have been no material changes to the procedures by which the shareholders may recommend nominees to the Registrant's board of directors, where those changes were implemented after the Registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

**Item 16. Controls and Procedures.**

(a) The Registrant's principal executive and principal financial officers,
 or persons performing similar functions, have concluded that the Registrant's disclosure controls and procedures (as defined in
 Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective,
 as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation
 of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under
 the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the Registrant's internal control over financial
 reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report
 that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** 

(a) Not applicable to the Registrant.

(b) Not applicable to the Registrant.

**Item 18. Recovery of Erroneously Awarded Compensation.**

(a) Not applicable to the Registrant.

(b) Not applicable to the Registrant.

**Item 19. Exhibits.**

(a)(1) [Code of ethics, or any amendment thereto, that is the subject of disclosure required by Item 2 is attached hereto.](ethics.htm)

(a)(2) Not applicable to the Registrant.

(a)(3) [The certifications required by Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](certs_302.htm)

(a)(4) Not applicable to the Registrant.

(a)(5) Not applicable to the Registrant.

(b) [Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.](certs_906.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) First Trust Series Fund

---

| | |
|:---|:---|
| By (Signature and Title)\* | &nbsp;&nbsp;&nbsp;/s/ James M. Dykas |
|  | &nbsp;&nbsp;&nbsp;James M. Dykas, President and Chief Executive Officer<br> (principal executive officer) |

---

Date: <u> March 10, 2026</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | &nbsp;&nbsp;&nbsp;/s/ James M. Dykas |
|  | &nbsp;&nbsp;&nbsp;James M. Dykas, President and Chief Executive Officer<br> (principal executive officer) |

---

Date: <u> March 10, 2026</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | &nbsp;&nbsp;&nbsp;/s/ Derek D. Maltbie |
|  | &nbsp;&nbsp;&nbsp;Derek D. Maltbie, Treasurer, Chief Financial Officer <br> and Chief Accounting Officer<br> (principal financial officer) |

---

Date: <u> March 10, 2026</u>

<sup>\*</sup> Print the name and title of each signing officer under his or her signature.

------

## Ex-99.Code

#### SENIOR FINANCIAL OFFICER<br> CODE OF CONDUCT
I. Introduction

This code of conduct is being adopted by the investment companies advised by First Trust Advisors L.P., from time to time, (the "FUNDS"). The reputation and integrity of the Funds are valuable assets that are vital to the Funds' success. Each officer of the Funds, and officers and employees of the investment adviser to the Funds who work on Fund matters, including each of the Funds' senior financial officers ("SFOS"), is responsible for conducting each Fund's business in a manner that demonstrates a commitment to the highest standards of integrity. SFOs include the Principal Executive Officer (who is the President), the Controller (who is the principal accounting officer), and the Treasurer (who is the principal financial officer), and any person who performs a similar function.

The Funds, First Trust Advisors L.P. and First Trust Portfolios have adopted Codes of Ethics under Rule 17j-1 under the Investment Company Act of 1940 (the "RULE 17J-1 CODE"). These Codes of Ethics are designed to prevent certain conflicts of interest that may arise when officers, employees, or directors of the Funds and the foregoing entities know about present or future Fund transactions and/or have the power to influence those transactions, and engage in transactions with respect to those same securities in their personal account(s) or otherwise take advantage of their position and knowledge with respect to those securities. In an effort to prevent these conflicts and in accordance with Rule 17j-1, the Funds adopted their Rule 17j-1 Code to prohibit transactions and conduct that create conflicts of interest, and to establish compliance procedures.

The Sarbanes-Oxley Act of 2002 was designed to address corporate malfeasance and to help assure investors that the companies in which they invest are accurately and completely disclosing financial information. Under Section 406 of the Act, all public companies (including the Funds) must either have a code of ethics for their SFOs, or disclose why they do not. The Act was intended to prevent future situations (such as occurred in well-reported situations involving such companies as Enron and WorldCom) where a company creates an environment in which employees are afraid to express their opinions or to question unethical and potentially illegal business practices.

The Funds have chosen to adopt a senior financial officer Code of Conduct to encourage their SFOs, and other Fund officers and employees of First Trust Advisors or First Trust Portfolios to act ethically and to question potentially unethical or illegal practices, and to strive to ensure that the Funds' financial disclosures are complete, accurate, and understandable.

II. Purposes of This Code of Conduct

The purposes of this Code are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. To promote honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. To promote full, fair, accurate, timely, and understandable disclosure in reports and documents that the Funds file with, or submits to, the SEC and in other public communications the Funds make;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. To promote compliance with applicable governmental laws, rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. To encourage the prompt internal reporting to an appropriate person of violations of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. To establish accountability for adherence to the Code.

III. Questions About This Code

The Funds' Boards of Trustees have designated W. Scott Jardine or other appropriate officer designated by the President of the respective Funds to be the Compliance Coordinator for the implementation and administration of the Code.

IV. Handling of Financial Information

The Funds have adopted guidelines under which its SFOs perform their duties. However, the Funds expect that all officers or employees of the adviser or distributor who participate in the preparation of any part of any Fund's financial statements follow these guidelines with respect to each Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Act with honesty and integrity and avoid violations of this Code, including actual or apparent conflicts of interest with the Fund in personal and professional relationships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Disclose to the Fund's Compliance Coordinator any material transaction or relationship that reasonably could be expected to give rise to any violations of the Code, including actual or apparent conflicts of interest with the Fund. You should disclose these transactions or relationships whether you are involved or have only observed the transaction or relationship. If it is not possible to disclose the matter to the Compliance Coordinator, it should be disclosed to the Fund's Principal Financial Officer or Principal Executive Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Provide information to the Fund's other officers and appropriate employees of service providers (adviser, administrator, outside auditor, outside counsel, custodian, etc.) that is accurate, complete, objective, relevant, timely, and understandable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Endeavor to ensure full, fair, timely, accurate, and understandable disclosure in the Fund's periodic reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Comply with the federal securities laws and other applicable laws and rules, such as the Internal Revenue Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Act in good faith, responsibly, and with due care, competence and diligence, without misrepresenting material facts or allowing your independent judgment to be subordinated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. Respect the confidentiality of information acquired in the course of your work except when you have Fund approval to disclose it or where disclosure is otherwise legally mandated. You may not use confidential information acquired in the course of your work for personal advantage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. Share and maintain skills important and relevant to the Fund's needs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Proactively promote ethical behavior among peers in your work environment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. Responsibly use and control all assets and resources employed or entrusted to you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. Record or participate in the recording of entries in the Fund's books and records that are accurate to the best of your knowledge.

V. Waivers of This Code

SFOs and other parties subject to this Code may request a waiver of a provision of this Code (or certain provisions of the Fund's Rule 17j-1 Code) by submitting their request in writing to the Compliance Coordinator for appropriate review. An executive officer of the Fund or the Audit Committee will decide whether to grant a waiver. All waivers of this Code must be disclosed to the Fund's shareholders to the extent required by SEC rules. A good faith interpretation of the provisions of this Code, however, shall not constitute a waiver.

VI. Annual Certification

Each SFO will be asked to certify on an annual basis that he/she is in full compliance with the Code and any related policy statements.

VII. Reporting Suspected Violations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. SFOs or other officers of the Funds or employees of the First Trust group who work on Fund matters who observe, learn of, or, in good faith, suspect a violation of the Code MUST immediately report the violation to the Compliance Coordinator, another member of the Funds' or First Trust's senior management, or to the Audit Committee of the Fund Board. An example of a possible Code violation is the preparation and filing of financial disclosure that omits material facts, or that is accurate but is written in a way that obscures its meaning.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Because service providers such as an administrator, outside accounting firm, and custodian provide much of the work relating to the Funds' financial statements, you should be alert for actions by service providers that may be illegal, or that could be viewed as dishonest or unethical conduct. You should report these actions to the Compliance Coordinator even if you know, or think, that the service provider has its own code of ethics for its SFOs or employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. SFOs or other officers or employees who report violations or suspected violations in good faith will not be subject to retaliation of any kind. Reported violations will be investigated and addressed promptly and will be treated confidentially to the extent possible.

VIII. Violations of The Code

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Dishonest, unethical or illegal conduct will constitute a violation of this Code, regardless of whether this Code specifically refers to that particular conduct. A violation of this Code may result in disciplinary action, up to and including termination of employment. A variety of laws apply to the Funds and their operations, including the Securities Act of 1933, the Investment Company Act of 1940, state laws relating to duties owed by Fund directors and officers, and criminal laws. The federal securities laws generally prohibit the Funds from making material misstatements in its prospectus and other documents filed with the SEC, or from omitting to state a material fact. These material misstatements and omissions include financial statements that are misleading or omit materials facts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Examples of criminal violations of the law include stealing, embezzling, misapplying corporate or bank funds, making a payment for an expressed purpose on a Fund's behalf to an individual who intends to use it for a different purpose; or making payments, whether corporate or personal, of cash or other items of value that are intended to influence the judgment or actions of political candidates, government officials or businesses in connection with any of the Funds' activities. The Funds must and will report all suspected criminal violations to the appropriate authorities for possible prosecution, and will investigate, address and report, as appropriate, non-criminal violations.

Amended: June 1, 2009

## Ex-99.Cert

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 <br> of the Sarbanes-Oxley Act**

I, James M. Dykas, certify that:

1. I have reviewed this report on Form N-CSR of First Trust Series Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | March 10, 2026 | &nbsp;&nbsp;&nbsp;/s/ James M. Dykas |
|  |  | &nbsp;&nbsp;&nbsp;James M. Dykas, President and Chief Executive Officer<br> (principal executive officer) |

---

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 <br> of the Sarbanes-Oxley Act**

I, Derek D. Maltbie, certify that:

1. I have reviewed this report on Form N-CSR of First Trust Series Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | March 10, 2026 | &nbsp;&nbsp;&nbsp;/s/ Derek D. Maltbie |
|  |  | &nbsp;&nbsp;&nbsp;Derek D. Maltbie, Treasurer, Chief Financial Officer <br> and Chief Accounting Officer<br> (principal financial officer) |

---

## Exhibit 99.906

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 <br> of the Sarbanes-Oxley Act**

I, James M. Dykas, President and Chief Executive Officer of First Trust Series Fund (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully complies with the requirements of Section
13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

---

| | | |
|:---|:---|:---|
| Date: | March 10, 2026 | &nbsp;&nbsp;&nbsp;/s/ James M. Dykas |
|  |  | &nbsp;&nbsp;&nbsp;James M. Dykas, President and Chief Executive Officer<br> (principal executive officer) |

---

I, Derek D. Maltbie, Treasurer, Chief Financial Officer and Chief Accounting Officer of First Trust Series Fund (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully complies with the requirements of Section
13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

---

| | | |
|:---|:---|:---|
| Date: | March 10, 2026 | &nbsp;&nbsp;&nbsp;/s/ Derek D. Maltbie |
|  |  | &nbsp;&nbsp;&nbsp;Derek D. Maltbie, Treasurer, Chief Financial Officer <br> and Chief Accounting Officer<br> (principal financial officer) |

---