# EDGAR Filing Document

**Accession Number:** 0001537395
**File Stem:** 0001445546-25-006071
**Filing Date:** 2025-9
**Character Count:** 344715
**Document Hash:** c8df7edbc6c88376dad0d6c55981caa0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001445546-25-006071.hdr.sgml**: 20250908

**ACCESSION NUMBER**: 0001445546-25-006071

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 21

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250908

**DATE AS OF CHANGE**: 20250908

**EFFECTIVENESS DATE**: 20250908

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22652
- **FILM NUMBER:** 251299932

**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/Dow Jones Dividend & Income Allocation Portfolio (Series ID: S000036417)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000111397 | Class I      |  |

### First Trust Multi Income Allocation Portfolio (Series ID: S000044584)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000138651 | Class I      |  |

### First Trust Dorsey Wright Tactical Core Portfolio (Series ID: S000051052)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000160832 | Class I      |  |

### First Trust Capital Strength Portfolio (Series ID: S000068384)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000218786 | Class I      |  |

### First Trust International Developed Capital Strength Portfolio (Series ID: S000068385)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000218789 | Class I      |  |

### First Trust Growth Strength Portfolio (Series ID: S000080224)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000241974 | Class I      |  |

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

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

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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

811-22652

First Trust Variable Insurance Trust

(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:

June 30, 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 semi-annual reports transmitted to shareholders pursuant to Rule 30e-1 under the Act.

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

#### Class I

#### SEMI-ANNUAL SHAREHOLDER REPORT \| JUNE 30, 2025
![TSR Fund Logo](images_1953.jpg)

This semi-annual shareholder report contains important information about the First Trust/Dow Jones Dividend & Income Allocation Portfolio (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/VA/FTDJDI. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

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

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust/Dow Jones Dividend & Income Allocation Portfolio - Class I | $591.18%<sup>(1)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Annualized.

KEY FUND STATISTICS (As of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$828987972 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;480 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;37% |

---

#### WHAT DID THE FUND INVEST IN? (As of June 30, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of net assets and total investments, respectively, of the Fund.

Fund Allocation

---

| | |
|:---|:---|
| Common Stocks | 51.1% |
| Corporate Bonds and Notes | 43.0% |
| Foreign Corporate Bonds and Notes | 3.3% |
| U.S. Government Bonds and Notes | 1.5% |
| Money Market Funds | 0.5% |
| Net Other Assets and Liabilities | 0.6% |

---

Sector Allocation

![Graphical Representation - Allocation 2 Chart](chartimages_646701.jpg)

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

#### OTHER INFORMATION
The Dow Jones U.S. Total Stock Market Index<sup>SM</sup>, Dow Jones Equal Weight U.S. Issued Corporate Bond Index<sup>SM</sup> and Dow Jones Composite Average<sup>TM</sup> are products of S&P Dow Jones Indices LLC ("SPDJI"), and have been licensed for use by First Trust Advisors L.P. Standard & Poor's<sup>®</sup> and S&P<sup>®</sup> are registered trademarks of Standard & Poor's Financial Services LLC ("S&P"); Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by First Trust Advisors L.P. The First Trust/Dow Jones Dividend & Income Allocation Portfolio is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates and none of such parties make any representation regarding the advisability of investing in such product nor do they have any liability for any errors, omissions, or interruptions of the Dow Jones U.S. Total Stock Market Index<sup>SM</sup>, Dow Jones Equal Weight U.S. Issued Corporate Bond Index<sup>SM</sup> and Dow Jones Composite Average<sup>TM</sup>.

First Trust/Dow Jones Dividend & Income Allocation Portfolio (Class I)

### First Trust Multi Income Allocation Portfolio

#### Class I

#### SEMI-ANNUAL SHAREHOLDER REPORT \| JUNE 30, 2025
![TSR Fund Logo](images_1953.jpg)

This semi-annual shareholder report contains important information about the First Trust Multi Income Allocation Portfolio (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/VA/FTMII. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

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

---

| |
|:---|
| **Fund** |
| First Trust Multi Income Allocation Portfolio - Class I$42<sup>(1)</sup>0.83%<sup>(1) (2)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Excludes any Acquired Fund Fees and Expenses of underlying investment companies in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Annualized.

KEY FUND STATISTICS (As of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$22390384 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;176 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;32% |

---

#### WHAT DID THE FUND INVEST IN? (As of June 30, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.

Top Ten Holdings

---

| | |
|:---|:---|
| First Trust Senior Loan ETF | 11.6% |
| First Trust Tactical High Yield ETF | 7.9% |
| First Trust Institutional Preferred Securities and Income ETF | 7.4% |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 7.0% |
| First Trust Intermediate Government Opportunities ETF | 5.4% |
| Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class - 4.16%, 0.00% | 2.9% |
| iShares 7-10 Year Treasury Bond ETF | 2.5% |
| First Trust Preferred Securities and Income ETF | 2.4% |
| First Trust Limited Duration Investment Grade Corporate ETF | 2.0% |
| First Trust Structured Credit Income Opportunities ETF | 1.1% |

---

Sector Allocation

![Graphical Representation - Allocation 2 Chart](chartimages_646688.jpg)

#### WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/VA/FTMII 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 Multi Income Allocation Portfolio (Class I)

### First Trust Dorsey Wright Tactical Core Portfolio

#### Class I

#### SEMI-ANNUAL SHAREHOLDER REPORT \| JUNE 30, 2025
![TSR Fund Logo](images_1953.jpg)

This semi-annual shareholder report contains important information about the First Trust Dorsey Wright Tactical Core Portfolio (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/VA/FTDWTCI. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

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

---

| |
|:---|
| **Fund** |
| First Trust Dorsey Wright Tactical Core Portfolio - Class I$39<sup>(1)</sup>0.77%<sup>(1) (2)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Excludes any Acquired Fund Fees and Expenses of underlying investment companies in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Annualized.

KEY FUND STATISTICS (As of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$52900070 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;21 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;58% |

---

#### WHAT DID THE FUND INVEST IN? (As of June 30, 2025)
The table below shows the investment makeup of the Fund, representing the percentage of total investments of the Fund.

Top Ten Holdings

---

| | |
|:---|:---|
| First Trust Large Cap Growth AlphaDEX<sup>®</sup> Fund | 10.7% |
| First Trust Dow Jones Internet Index Fund | 10.4% |
| First Trust Large Cap Core AlphaDEX<sup>®</sup> Fund | 10.0% |
| First Trust Mid Cap Growth AlphaDEX<sup>®</sup> Fund | 9.4% |
| First Trust Utilities AlphaDEX<sup>®</sup> Fund | 8.7% |
| First Trust Industrials/Producer Durables AlphaDEX<sup>®</sup> Fund | 8.3% |
| First Trust Financials AlphaDEX<sup>®</sup> Fund | 8.3% |
| First Trust NASDAQ-100 Ex-Technology Sector Index Fund | 8.0% |
| iShares Core U.S. Aggregate Bond ETF | 5.8% |
| SPDR Bloomberg High Yield Bond ETF | 3.4% |

---

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

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

First Trust Dorsey Wright Tactical Core Portfolio (Class I)

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

#### Class I

#### SEMI-ANNUAL SHAREHOLDER REPORT \| JUNE 30, 2025
![TSR Fund Logo](images_1953.jpg)

This semi-annual shareholder report contains important information about the First Trust Capital Strength<sup>®</sup> Portfolio (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/VA/FTACSI. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

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

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust Capital Strength<sup>®</sup> Portfolio - Class I | $561.10%<sup>(1)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Annualized.

KEY FUND STATISTICS (As of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$172855641 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;51 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;55% |

---

#### WHAT DID THE FUND INVEST IN? (As of June 30, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.

Top Ten Holdings

---

| | |
|:---|:---|
| Microsoft Corp. | 2.5% |
| TE Connectivity PLC | 2.4% |
| Cisco Systems, Inc. | 2.3% |
| BlackRock, Inc. | 2.2% |
| Honeywell International, Inc. | 2.2% |
| Moody's Corp. | 2.2% |
| Stryker Corp. | 2.1% |
| Dover Corp. | 2.1% |
| PPG Industries, Inc. | 2.1% |
| Ecolab, Inc. | 2.1% |

---

Sector Allocation

![Graphical Representation - Allocation 2 Chart](chartimages_646629.jpg)

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

#### OTHER INFORMATION
Nasdaq<sup>®</sup> and The Capital Strength<sup>™</sup> Index are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the "Corporations") and are licensed for use by First Trust. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold, or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.

First Trust Capital Strength<sup>®</sup> Portfolio (Class I)

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

#### Class I

#### SEMI-ANNUAL SHAREHOLDER REPORT \| JUNE 30, 2025
![TSR Fund Logo](images_1953.jpg)

This semi-annual shareholder report contains important information about the First Trust International Developed Capital Strength<sup>®</sup> Portfolio (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/VA/FTAIDCSI. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

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

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust International Developed Capital Strength<sup>®</sup> Portfolio - Class I | $641.20%<sup>(1)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Annualized.

KEY FUND STATISTICS (As of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$34051839 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;52 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;30% |

---

#### WHAT DID THE FUND INVEST IN? (As of June 30, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.

Top Ten Holdings

---

| | |
|:---|:---|
| Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class - 4.16%, 0.00% | 3.5% |
| Publicis Groupe S.A. | 2.1% |
| GEA Group AG | 2.1% |
| Obic Co., Ltd. | 2.1% |
| Chocoladefabriken Lindt & Spruengli AG | 2.1% |
| Sika AG | 2.1% |
| Royal Bank of Canada | 2.1% |
| QBE Insurance Group Ltd. | 2.1% |
| Bureau Veritas S.A. | 2.1% |
| Kone Oyj, Class B | 2.0% |

---

Sector Allocation

![Graphical Representation - Allocation 2 Chart](chartimages_646674.jpg)

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

#### OTHER INFORMATION
Nasdaq<sup>®</sup> and The International Developed Capital Strength<sup>™</sup> Index are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the "Corporations") and are licensed for use by First Trust. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold, or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.

First Trust International Developed Capital Strength<sup>®</sup> Portfolio (Class I)

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

#### Class I

#### SEMI-ANNUAL SHAREHOLDER REPORT \| JUNE 30, 2025
![TSR Fund Logo](images_1953.jpg)

This semi-annual shareholder report contains important information about the First Trust Growth Strength<sup>TM</sup> Portfolio (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/VA/FTGSTI. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

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

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust Growth Strength<sup>TM</sup> Portfolio - Class I | $621.20%<sup>(1)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Annualized.

KEY FUND STATISTICS (As of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$28477867 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;51 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;60% |

---

#### WHAT DID THE FUND INVEST IN? (As of June 30, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.

Top Ten Holdings

---

| | |
|:---|:---|
| Vertiv Holdings Co., Class A | 2.9% |
| Broadcom, Inc. | 2.6% |
| NVIDIA Corp. | 2.6% |
| Amphenol Corp., Class A | 2.5% |
| Meta Platforms, Inc., Class A | 2.4% |
| Arista Networks, Inc. | 2.4% |
| Trade Desk (The), Inc., Class A | 2.3% |
| Pinterest, Inc., Class A | 2.3% |
| EMCOR Group, Inc. | 2.3% |
| KLA Corp. | 2.3% |

---

Sector Allocation

![Graphical Representation - Allocation 2 Chart](chartimages_646660.jpg)

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

#### OTHER INFORMATION
Nasdaq<sup>®</sup> and The Growth Strength<sup>™</sup> Index are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the "Corporations") and are licensed for use by First Trust. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.

First Trust Growth Strength<sup>TM</sup> Portfolio (Class I)

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

#### Class I

#### SEMI-ANNUAL SHAREHOLDER REPORT \| JUNE 30, 2025
![TSR Fund Logo](images_1953.jpg)

This semi-annual shareholder report contains important information about the First Trust Capital Strength<sup>®</sup> Hedged Equity Portfolio (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/VA/FTCSHI. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

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

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust Capital Strength<sup>®</sup> Hedged Equity Portfolio - Class I | $621.25%<sup>(1)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Annualized.

KEY FUND STATISTICS (As of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$13448857 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;57 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;50% |

---

#### WHAT DID THE FUND INVEST IN? (As of June 30, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of net assets and total investments, respectively, of the Fund.

Fund Allocation

---

| | |
|:---|:---|
| Common Stocks | 109.3% |
| Money Market Funds | 0.4% |
| Put Options Purchased | 0.0% |
| Call Options Written | (12.0)% |
| Put Options Written | (0.0)% |
| Net Other Assets and Liabilities | 2.3% |

---

Sector Allocation

![Graphical Representation - Allocation 2 Chart](chartimages_646615.jpg)

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

#### OTHER INFORMATION
Nasdaq<sup>®</sup> and The Capital Strength<sup>TM</sup> Index are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the "Corporations") and are licensed for use by First Trust. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.

First Trust Capital Strength<sup>®</sup> Hedged Equity Portfolio (Class I)

------

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

**Item 2. Code of Ethics.**

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

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

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

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

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

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

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

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

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

**Item 6. Investments.**

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

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

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

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

**First Trust Variable Insurance Trust**

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

**For the Six Months Ended** 

**June 30, 2025**

------

**Table of Contents**

**First Trust Variable Insurance Trust**

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

**June 30, 2025** 

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_0c43b0de-c5b5-49b0-a322-9a739badf5ca_SOI-SOIfooter_1) <br>|  |
| [First Trust/Dow Jones Dividend & Income Allocation Portfolio](#xx_0c43b0de-c5b5-49b0-a322-9a739badf5ca_SOI-SOIfooter_1) | &nbsp;&nbsp; 1 |
| [First Trust Multi Income Allocation Portfolio](#xx_0c43b0de-c5b5-49b0-a322-9a739badf5ca_SOI-SOIfooter_15) | &nbsp;&nbsp; 15 |
| [First Trust Dorsey Wright Tactical Core Portfolio](#xx_0c43b0de-c5b5-49b0-a322-9a739badf5ca_SOI-SOIfooter_22) | &nbsp;&nbsp; 22 |
| [First Trust Capital Strength](#xx_0c43b0de-c5b5-49b0-a322-9a739badf5ca_SOI-SOIfooter_23)<sup>®</sup>[Portfolio](#xx_0c43b0de-c5b5-49b0-a322-9a739badf5ca_SOI-SOIfooter_23) | &nbsp;&nbsp; 23 |
| [First Trust International Developed Capital Strength](#xx_0c43b0de-c5b5-49b0-a322-9a739badf5ca_SOI-SOIfooter_25)<sup>®</sup>[Portfolio](#xx_0c43b0de-c5b5-49b0-a322-9a739badf5ca_SOI-SOIfooter_25) | &nbsp;&nbsp; 25 |
| [First Trust Growth Strength](#xx_0c43b0de-c5b5-49b0-a322-9a739badf5ca_SOI-SOIfooter_28)<sup>TM</sup>[Portfolio](#xx_0c43b0de-c5b5-49b0-a322-9a739badf5ca_SOI-SOIfooter_28) | &nbsp;&nbsp; 28 |
| [First Trust Capital Strength](#xx_0c43b0de-c5b5-49b0-a322-9a739badf5ca_SOI-SOIfooter_30)<sup>®</sup>[Hedged Equity Portfolio](#xx_0c43b0de-c5b5-49b0-a322-9a739badf5ca_SOI-SOIfooter_30) | &nbsp;&nbsp; 30 |
| [Statements of Assets and Liabilities](#xx_0c43b0de-c5b5-49b0-a322-9a739badf5ca_SAL-SALfooter-18_1) | &nbsp;&nbsp; 34 |
| [Statements of Operations](#xx_0c43b0de-c5b5-49b0-a322-9a739badf5ca_SOP-SOPfootnote-18_1) | &nbsp;&nbsp; 36 |
| [Statements of Changes in Net Assets](#xx_0c43b0de-c5b5-49b0-a322-9a739badf5ca_SOC-SOCfooter_1) | &nbsp;&nbsp; 38 |
| [Financial Highlights](#xx_0c43b0de-c5b5-49b0-a322-9a739badf5ca_FiHi-FiHifooter_1) | &nbsp;&nbsp; 41 |
| [Notes to Financial Statements](#xx_0c43b0de-c5b5-49b0-a322-9a739badf5ca_NTF-TOCnotes-18_1) | &nbsp;&nbsp; 48 |
| [Other Information](#xx_0c43b0de-c5b5-49b0-a322-9a739badf5ca_AI-AddILBsforsemi-18_1) | &nbsp;&nbsp; 65 |

---

**Performance and Risk Disclosure**

There is no assurance that any series (individually called a "Fund" and collectively the "Funds") of the First Trust Variable Insurance Trust will achieve its investment objectives. Each Fund is subject to market risk, which is the possibility that the market values of securities owned by each Fund will decline and that the value of a Fund's shares may therefore be less than what you paid for them. Accordingly, you can lose money by investing in a Fund.

Performance data quoted represents past performance, which is no guarantee of future results, and current performance may be lower or higher than the figures shown. For the most recent month-end performance figures, please visit www.ftportfolios.com or speak with your financial advisor. Investment returns 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 Funds' advisor, may also periodically provide additional information on Fund performance on each 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 each Fund. It includes details about each Fund and presents data that provides insight into each Fund's performance and investment approach.

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

------

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

**Portfolio of Investments** 

**June 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS – 51.1%** | **COMMON STOCKS – 51.1%** | **COMMON STOCKS – 51.1%** |
|  | **Aerospace & Defense – 1.2%** |  |
| 10476 | General Dynamics Corp. | $3055430 |
| 5577 | Northrop Grumman Corp. | 2788389 |
| 15647 | Woodward, Inc. | 3834923 |
|  |  | 9678742 |
|  | **Air Freight & Logistics – 0.3%** |  |
| 23746 | Expeditors International of Washington, Inc. | 2712981 |
|  | **Automobile Components – 0.3%** |  |
| 122555 | Gentex Corp. | 2694984 |
|  | **Banks – 4.4%** |  |
| 25540 | 1st Source Corp. | 1585268 |
| 21400 | BancFirst Corp. | 2645468 |
| 65720 | Bank OZK | 3092783 |
| 9667 | City Holding Co. | 1183434 |
| 45886 | Commerce Bancshares, Inc. | 2852733 |
| 22808 | Cullen/Frost Bankers, Inc. | 2931740 |
| 53136 | Enterprise Financial Services Corp. | 2927794 |
| 148958 | First BanCorp | 3102795 |
| 54446 | Hancock Whitney Corp. | 3125201 |
| 45282 | International Bancshares Corp. | 3013970 |
| 14565 | Lakeland Financial Corp. | 895019 |
| 27284 | National Bank Holdings Corp., Class A | 1026151 |
| 71352 | OFG Bancorp | 3053866 |
| 30915 | Popular, Inc. | 3407142 |
| 16637 | Preferred Bank | 1439849 |
|  |  | 36283213 |
|  | **Beverages – 0.6%** |  |
| 84136 | Brown-Forman Corp., Class B | 2264100 |
| 19044 | PepsiCo, Inc. | 2514570 |
|  |  | 4778670 |
|  | **Building Products – 0.8%** |  |
| 9797 | CSW Industrials, Inc. | 2810074 |
| 8476 | Trane Technologies PLC | 3707487 |
|  |  | 6517561 |
|  | **Capital Markets – 3.8%** |  |
| 5898 | Ameriprise Financial, Inc. | 3147940 |
| 12619 | Cboe Global Markets, Inc. | 2942877 |
| 10764 | CME Group, Inc. | 2966774 |
| 6280 | FactSet Research Systems, Inc. | 2808918 |
| 70041 | Federated Hermes, Inc. | 3104217 |
| 17682 | Houlihan Lokey, Inc. | 3181876 |
| 68980 | Interactive Brokers Group, Inc., Class A | 3822182 |
| 20556 | Raymond James Financial, Inc. | 3152674 |
| 36784 | SEI Investments Co. | 3305410 |
| 30295 | Stifel Financial Corp. | 3144015 |
|  |  | 31576883 |
|  | **Chemicals – 1.5%** |  |
| 36541 | CF Industries Holdings, Inc. | 3361772 |
| 30138 | Innospec, Inc. | 2534304 |
| 6133 | Linde PLC | 2877481 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Chemicals (Continued)** |  |
| 5042 | NewMarket Corp. | $3483316 |
|  |  | 12256873 |
|  | **Commercial Services & Supplies – 0.7%** |  |
| 40425 | Brady Corp., Class A | 2747687 |
| 13891 | Cintas Corp. | 3095887 |
|  |  | 5843574 |
|  | **Construction & Engineering – 0.9%** |  |
| 30793 | AECOM | 3475298 |
| 7726 | EMCOR Group, Inc. | 4132560 |
|  |  | 7607858 |
|  | **Consumer Staples Distribution & Retail – 1.2%** |  |
| 6577 | Casey's General Stores, Inc. | 3356046 |
| 42185 | Kroger (The) Co. | 3025930 |
| 32506 | PriceSmart, Inc. | 3414430 |
|  |  | 9796406 |
|  | **Containers & Packaging – 0.7%** |  |
| 19245 | AptarGroup, Inc. | 3010496 |
| 16043 | Avery Dennison Corp. | 2815065 |
|  |  | 5825561 |
|  | **Diversified Consumer Services – 0.3%** |  |
| 2973 | Graham Holdings Co., Class B | 2812963 |
|  | **Electric Utilities – 0.3%** |  |
| 35530 | Otter Tail Corp. | 2739008 |
|  | **Electrical Equipment – 0.4%** |  |
| 16589 | AMETEK, Inc. | 3001945 |
|  | **Electronic Equipment, Instruments & Components – 1.4%** |  |
| 43536 | Amphenol Corp., Class A | 4299180 |
| 15010 | Badger Meter, Inc. | 3676700 |
| 20205 | TE Connectivity PLC | 3407977 |
|  |  | 11383857 |
|  | **Financial Services – 2.8%** |  |
| 49472 | Essent Group Ltd. | 3004435 |
| 15638 | Jack Henry & Associates, Inc. | 2817499 |
| 5210 | Mastercard, Inc., Class A | 2927707 |
| 115238 | MGIC Investment Corp. | 3208226 |
| 86350 | Radian Group, Inc. | 3110327 |
| 8149 | Visa, Inc., Class A | 2893302 |
| 42141 | Voya Financial, Inc. | 2992011 |
| 269903 | Western Union (The) Co. | 2272583 |
|  |  | 23226090 |
|  | **Food Products – 2.3%** |  |
| 37365 | Bunge Global S.A. | 2999662 |
| 150215 | Flowers Foods, Inc. | 2400436 |
| 87148 | Fresh Del Monte Produce, Inc. | 2825338 |
| 47759 | General Mills, Inc. | 2474394 |
| 16696 | Hershey (The) Co. | 2770701 |
| 21121 | Ingredion, Inc. | 2864430 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Food Products (Continued)** |  |
| 42087 | Mondelez International, Inc., Class A | $2838347 |
|  |  | 19173308 |
|  | **Ground Transportation – 1.0%** |  |
| 97030 | CSX Corp. | 3166089 |
| 19012 | Landstar System, Inc. | 2643048 |
| 17260 | Old Dominion Freight Line, Inc. | 2801298 |
|  |  | 8610435 |
|  | **Health Care Equipment & Supplies – 0.4%** |  |
| 21528 | Abbott Laboratories | 2928023 |
|  | **Health Care Providers & Services – 1.2%** |  |
| 4640 | Chemed Corp. | 2259355 |
| 6563 | Elevance Health, Inc. | 2552745 |
| 22066 | Ensign Group (The), Inc. | 3403901 |
| 5451 | UnitedHealth Group, Inc. | 1700548 |
|  |  | 9916549 |
|  | **Hotels, Restaurants & Leisure – 1.0%** |  |
| 13745 | Darden Restaurants, Inc. | 2995998 |
| 17137 | Texas Roadhouse, Inc. | 3211645 |
| 195185 | Wendy's (The) Co. | 2229013 |
|  |  | 8436656 |
|  | **Household Durables – 1.0%** |  |
| 13151 | Garmin Ltd. | 2744877 |
| 24878 | Lennar Corp., Class A | 2751755 |
| 27780 | PulteGroup, Inc. | 2929679 |
|  |  | 8426311 |
|  | **Household Products – 0.3%** |  |
| 16757 | Procter & Gamble (The) Co. | 2669725 |
|  | **Insurance – 6.4%** |  |
| 25684 | Aflac, Inc. | 2708635 |
| 21743 | American Financial Group, Inc. | 2744184 |
| 13615 | Assurant, Inc. | 2688826 |
| 22956 | Brown & Brown, Inc. | 2545132 |
| 9454 | Chubb Ltd. | 2739013 |
| 19330 | Cincinnati Financial Corp. | 2878624 |
| 24838 | Employers Holdings, Inc. | 1171857 |
| 7859 | Everest Group Ltd. | 2670881 |
| 21678 | Globe Life, Inc. | 2694359 |
| 23079 | Hartford Insurance Group (The), Inc. | 2928033 |
| 11704 | Marsh & McLennan Cos., Inc. | 2558963 |
| 72810 | Old Republic International Corp. | 2798816 |
| 10036 | Primerica, Inc. | 2746552 |
| 33847 | Principal Financial Group, Inc. | 2688467 |
| 10091 | Progressive (The) Corp. | 2692884 |
| 35547 | RLI Corp. | 2567204 |
| 31193 | Selective Insurance Group, Inc. | 2702873 |
| 10797 | Travelers (The) Cos., Inc. | 2888629 |
| 35056 | Unum Group | 2831122 |
| 40129 | W.R. Berkley Corp. | 2948278 |
|  |  | 53193332 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **IT Services – 0.7%** |  |
| 9151 | Accenture PLC, Class A | $2735142 |
| 37328 | Cognizant Technology Solutions Corp., Class A | 2912704 |
|  |  | 5647846 |
|  | **Life Sciences Tools & Services – 0.3%** |  |
| 5740 | Thermo Fisher Scientific, Inc. | 2327340 |
|  | **Machinery – 4.4%** |  |
| 9111 | Cummins, Inc. | 2983852 |
| 6085 | Deere & Co. | 3094162 |
| 42583 | Donaldson Co., Inc. | 2953131 |
| 30417 | Franklin Electric Co., Inc. | 2729622 |
| 34195 | Graco, Inc. | 2939744 |
| 22109 | ITT, Inc. | 3467354 |
| 37505 | Mueller Industries, Inc. | 2980522 |
| 14155 | Nordson Corp. | 3034407 |
| 29327 | PACCAR, Inc. | 2787825 |
| 8473 | Snap-on, Inc. | 2636628 |
| 14004 | Watts Water Technologies, Inc., Class A | 3443444 |
| 15745 | Westinghouse Air Brake Technologies Corp. | 3296216 |
|  |  | 36346907 |
|  | **Media – 0.7%** |  |
| 57572 | New York Times (The) Co., Class A | 3222881 |
| 156727 | TEGNA, Inc. | 2626744 |
|  |  | 5849625 |
|  | **Metals & Mining – 0.4%** |  |
| 9889 | Reliance, Inc. | 3104157 |
|  | **Mortgage Real Estate Investment Trusts – 0.3%** |  |
| 219321 | Dynex Capital, Inc. | 2680103 |
|  | **Oil, Gas & Consumable Fuels – 1.9%** |  |
| 12341 | Cheniere Energy, Inc. | 3005280 |
| 17069 | Chevron Corp. | 2444110 |
| 25334 | Chord Energy Corp. | 2453598 |
| 27192 | ConocoPhillips | 2440210 |
| 24011 | Exxon Mobil Corp. | 2588386 |
| 113047 | Magnolia Oil & Gas Corp., Class A | 2541297 |
|  |  | 15472881 |
|  | **Pharmaceuticals – 0.9%** |  |
| 17218 | Johnson & Johnson | 2630049 |
| 31813 | Merck & Co., Inc. | 2518317 |
| 17344 | Zoetis, Inc. | 2704797 |
|  |  | 7853163 |
|  | **Professional Services – 2.1%** |  |
| 1488 | Amentum Holdings, Inc. (a) | 35132 |
| 9347 | Automatic Data Processing, Inc. | 2882615 |
| 7318 | CRA International, Inc. | 1371173 |
| 56679 | Genpact Ltd. | 2494443 |
| 23622 | Jacobs Solutions, Inc. | 3105112 |
| 42098 | Korn Ferry  | 3087046 |
| 18508 | Paychex, Inc. | 2692174 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Professional Services (Continued)** |  |
| 52350 | Robert Half, Inc. | $2148967 |
|  |  | 17816662 |
|  | **Software – 0.8%** |  |
| 35557 | Dolby Laboratories, Inc., Class A | 2640463 |
| 7607 | Microsoft Corp. | 3783798 |
|  |  | 6424261 |
|  | **Specialized REITs – 0.3%** |  |
| 102425 | Rayonier, Inc. | 2271787 |
|  | **Specialty Retail – 1.7%** |  |
| 6079 | Murphy USA, Inc. | 2472937 |
| 19833 | Penske Automotive Group, Inc. | 3407508 |
| 22346 | Ross Stores, Inc. | 2850903 |
| 23443 | TJX (The) Cos., Inc. | 2894976 |
| 51826 | Tractor Supply Co. | 2734858 |
|  |  | 14361182 |
|  | **Trading Companies & Distributors – 1.4%** |  |
| 12672 | Applied Industrial Technologies, Inc. | 2945607 |
| 73643 | Fastenal Co. | 3093006 |
| 36765 | MSC Industrial Direct Co., Inc., Class A | 3125760 |
| 5618 | Watsco, Inc. | 2481021 |
|  |  | 11645394 |
|  | **Total Common Stocks** | 423892816 |
|  | (Cost $373,593,027) |  |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **CORPORATE BONDS AND NOTES – 43.0%** | **CORPORATE BONDS AND NOTES – 43.0%** | **CORPORATE BONDS AND NOTES – 43.0%** | **CORPORATE BONDS AND NOTES – 43.0%** | **CORPORATE BONDS AND NOTES – 43.0%** |
|  | **Aerospace & Defense – 1.9%** |  |  |  |
| $2200000 | Howmet Aerospace, Inc. | 5.95<br> %<br>| 02/01/37 | 2337617 |
| 500000 | Northrop Grumman Corp. | 3.25<br> %<br>| 01/15/28 | 488674 |
| 500000 | Northrop Grumman Corp. | 4.60<br> %<br>| 02/01/29 | 506810 |
| 500000 | Northrop Grumman Corp. | 5.05<br> %<br>| 11/15/40 | 482610 |
| 750000 | Northrop Grumman Corp. | 4.03<br> %<br>| 10/15/47 | 598614 |
| 250000 | Northrop Grumman Corp. | 5.25<br> %<br>| 05/01/50 | 234836 |
| 1000000 | Northrop Grumman Corp. | 4.95<br> %<br>| 03/15/53 | 899686 |
| 2500000 | Northrop Grumman Corp. | 5.20<br> %<br>| 06/01/54 | 2331817 |
| 600000 | RTX Corp. | 5.75<br> %<br>| 01/15/29 | 628682 |
| 1000000 | RTX Corp. | 6.00<br> %<br>| 03/15/31 | 1074884 |
| 1000000 | RTX Corp. | 6.10<br> %<br>| 03/15/34 | 1081585 |
| 1500000 | RTX Corp. | 3.13<br> %<br>| 07/01/50 | 995446 |
| 1000000 | RTX Corp. | 2.82<br> %<br>| 09/01/51 | 618426 |
| 2500000 | RTX Corp. | 5.38<br> %<br>| 02/27/53 | 2395100 |
| 1000000 | RTX Corp. | 6.40<br> %<br>| 03/15/54 | 1097068 |
|  |  |  |  | 15771855 |
|  | **Banks – 6.4%** |  |  |  |
| 450000 | Bank of America Corp. (b) | 2.55<br> %<br>| 02/04/28 | 437493 |
| 475000 | Bank of America Corp. (b) | 4.38<br> %<br>| 04/27/28 | 475077 |
| 1000000 | Bank of America Corp. (b) | 4.95<br> %<br>| 07/22/28 | 1011724 |
| 1105000 | Bank of America Corp. (b) | 5.20<br> %<br>| 04/25/29 | 1129446 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** |
|  | **Banks (Continued)** |  |  |  |
| $500000 | Bank of America Corp. (b) | 4.27<br> %<br>| 07/23/29 | $498424 |
| 500000 | Bank of America Corp. (b) | 3.97<br> %<br>| 02/07/30 | 492240 |
| 500000 | Bank of America Corp. (b) | 3.19<br> %<br>| 07/23/30 | 476034 |
| 500000 | Bank of America Corp. (b) | 2.88<br> %<br>| 10/22/30 | 468100 |
| 500000 | Bank of America Corp. (b) | 1.90<br> %<br>| 07/23/31 | 439454 |
| 1000000 | Bank of America Corp. (b) | 1.92<br> %<br>| 10/24/31 | 872328 |
| 500000 | Bank of America Corp. (b) | 2.57<br> %<br>| 10/20/32 | 440811 |
| 500000 | Bank of America Corp. (b) | 4.57<br> %<br>| 04/27/33 | 492178 |
| 3500000 | Bank of America Corp. (b) | 5.29<br> %<br>| 04/25/34 | 3571402 |
| 2500000 | Bank of America Corp. (b) | 5.47<br> %<br>| 01/23/35 | 2569316 |
| 500000 | Bank of America Corp. (b) | 4.08<br> %<br>| 04/23/40 | 435170 |
| 1000000 | Bank of America Corp. (b) | 2.68<br> %<br>| 06/19/41 | 713852 |
| 1000000 | Citibank NA | 4.91<br> %<br>| 05/29/30 | 1019443 |
| 1250000 | Citigroup, Inc. (b) | 4.95<br> %<br>| 05/07/31 | 1264589 |
| 1000000 | JPMorgan Chase & Co. (b) | 1.47<br> %<br>| 09/22/27 | 965023 |
| 1000000 | JPMorgan Chase & Co. (b) | 5.04<br> %<br>| 01/23/28 | 1009804 |
| 550000 | JPMorgan Chase & Co. (b) | 2.95<br> %<br>| 02/24/28 | 537611 |
| 1000000 | JPMorgan Chase & Co. (b) | 5.57<br> %<br>| 04/22/28 | 1020915 |
| 975000 | JPMorgan Chase & Co. (b) | 4.32<br> %<br>| 04/26/28 | 974442 |
| 500000 | JPMorgan Chase & Co. (b) | 4.85<br> %<br>| 07/25/28 | 505309 |
| 500000 | JPMorgan Chase & Co. (b) | 3.51<br> %<br>| 01/23/29 | 489845 |
| 1000000 | JPMorgan Chase & Co. (b) | 2.07<br> %<br>| 06/01/29 | 938111 |
| 1000000 | JPMorgan Chase & Co. (b) | 5.30<br> %<br>| 07/24/29 | 1026911 |
| 1475000 | JPMorgan Chase & Co. (b) | 5.01<br> %<br>| 01/23/30 | 1502492 |
| 500000 | JPMorgan Chase & Co. (b) | 3.70<br> %<br>| 05/06/30 | 486732 |
| 1000000 | JPMorgan Chase & Co. (b) | 2.58<br> %<br>| 04/22/32 | 893352 |
| 1000000 | JPMorgan Chase & Co. (b) | 2.96<br> %<br>| 01/25/33 | 899093 |
| 1000000 | JPMorgan Chase & Co. (b) | 4.91<br> %<br>| 07/25/33 | 1006087 |
| 1000000 | JPMorgan Chase & Co. (b) | 5.35<br> %<br>| 06/01/34 | 1029152 |
| 1000000 | JPMorgan Chase & Co. (b) | 5.34<br> %<br>| 01/23/35 | 1024025 |
| 1000000 | JPMorgan Chase & Co. (b) | 2.53<br> %<br>| 11/19/41 | 701536 |
| 2500000 | JPMorgan Chase Bank N.A. | 5.11<br> %<br>| 12/08/26 | 2532429 |
| 2054000 | PNC Financial Services Group (The), Inc. (b) | 5.30<br> %<br>| 01/21/28 | 2085565 |
| 1500000 | PNC Financial Services Group (The), Inc. (b) | 5.58<br> %<br>| 06/12/29 | 1553733 |
| 1000000 | PNC Financial Services Group (The), Inc. (b) | 5.07<br> %<br>| 01/24/34 | 1005374 |
| 2000000 | Truist Financial Corp. (b) | 7.16<br> %<br>| 10/30/29 | 2163760 |
| 2000000 | US Bancorp (b) | 6.79<br> %<br>| 10/26/27 | 2059352 |
| 1500000 | US Bancorp (b) | 5.38<br> %<br>| 01/23/30 | 1544698 |
| 1000000 | Wells Fargo & Co. (b) | 5.71<br> %<br>| 04/22/28 | 1022054 |
| 1000000 | Wells Fargo & Co. (b) | 5.20<br> %<br>| 01/23/30 | 1024509 |
| 1000000 | Wells Fargo & Co. (b) | 5.24<br> %<br>| 01/24/31 | 1026115 |
| 1000000 | Wells Fargo & Co. (b) | 5.50<br> %<br>| 01/23/35 | 1025918 |
| 3000000 | Wells Fargo & Co. (b) | 5.21<br> %<br>| 12/03/35 | 3012729 |
| 1000000 | Wells Fargo Bank N.A. | 5.25<br> %<br>| 12/11/26 | 1014723 |
|  |  |  |  | 52888480 |
|  | **Beverages – 0.8%** |  |  |  |
| 875000 | Anheuser-Busch Cos., LLC/Anheuser-Busch InBev Worldwide, <br> Inc.<br>| 4.70<br> %<br>| 02/01/36 | 854164 |
| 1100000 | Anheuser-Busch Cos., LLC/Anheuser-Busch InBev Worldwide, <br> Inc.<br>| 4.90<br> %<br>| 02/01/46 | 1009110 |
| 2500000 | Anheuser-Busch InBev Worldwide, Inc. | 5.00<br> %<br>| 06/15/34 | 2553196 |
| 1182000 | Anheuser-Busch InBev Worldwide, Inc. | 4.60<br> %<br>| 04/15/48 | 1052183 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** |
|  | **Beverages (Continued)** |  |  |  |
| $1200000 | Molson Coors Beverage Co. | 5.00<br> %<br>| 05/01/42 | $1095460 |
|  |  |  |  | 6564113 |
|  | **Biotechnology – 1.6%** |  |  |  |
| 3250000 | AbbVie, Inc. | 4.80<br> %<br>| 03/15/29 | 3314523 |
| 2000000 | AbbVie, Inc. | 4.88<br> %<br>| 03/15/30 | 2048594 |
| 275000 | AbbVie, Inc. | 4.40<br> %<br>| 11/06/42 | 241937 |
| 300000 | AbbVie, Inc. | 4.70<br> %<br>| 05/14/45 | 269128 |
| 250000 | AbbVie, Inc. | 4.88<br> %<br>| 11/14/48 | 226532 |
| 1000000 | AbbVie, Inc. | 4.25<br> %<br>| 11/21/49 | 824389 |
| 500000 | Amgen, Inc. | 2.45<br> %<br>| 02/21/30 | 458035 |
| 500000 | Amgen, Inc. | 5.25<br> %<br>| 03/02/30 | 515336 |
| 1000000 | Amgen, Inc. | 5.25<br> %<br>| 03/02/33 | 1024373 |
| 750000 | Amgen, Inc. | 3.15<br> %<br>| 02/21/40 | 578077 |
| 1000000 | Amgen, Inc. | 2.80<br> %<br>| 08/15/41 | 724707 |
| 3000000 | Amgen, Inc. | 5.60<br> %<br>| 03/02/43 | 2977891 |
|  |  |  |  | 13203522 |
|  | **Capital Markets – 4.9%** |  |  |  |
| 1000000 | Citadel Securities Global Holdings, LLC (c) | 5.50<br> %<br>| 06/18/30 | 1012205 |
| 1000000 | Goldman Sachs Group (The), Inc. (b) | 1.54<br> %<br>| 09/10/27 | 965736 |
| 1500000 | Goldman Sachs Group (The), Inc. (b) | 1.95<br> %<br>| 10/21/27 | 1452778 |
| 950000 | Goldman Sachs Group (The), Inc. (b) | 2.64<br> %<br>| 02/24/28 | 922952 |
| 5000000 | Goldman Sachs Group (The), Inc. (b) | 4.48<br> %<br>| 08/23/28 | 5007590 |
| 500000 | Goldman Sachs Group (The), Inc. (b) | 3.81<br> %<br>| 04/23/29 | 492122 |
| 500000 | Goldman Sachs Group (The), Inc. (b) | 4.22<br> %<br>| 05/01/29 | 497230 |
| 500000 | Goldman Sachs Group (The), Inc. | 2.60<br> %<br>| 02/07/30 | 462198 |
| 1000000 | Goldman Sachs Group (The), Inc. (b) | 5.73<br> %<br>| 04/25/30 | 1041168 |
| 1000000 | Goldman Sachs Group (The), Inc. (b) | 1.99<br> %<br>| 01/27/32 | 866421 |
| 1000000 | Goldman Sachs Group (The), Inc. (b) | 2.62<br> %<br>| 04/22/32 | 889122 |
| 1500000 | Goldman Sachs Group (The), Inc. (b) | 2.65<br> %<br>| 10/21/32 | 1325859 |
| 1000000 | Goldman Sachs Group (The), Inc. (b) | 2.91<br> %<br>| 07/21/42 | 716552 |
| 500000 | Goldman Sachs Group (The), Inc. (b) | 3.44<br> %<br>| 02/24/43 | 381482 |
| 1000000 | Morgan Stanley (b) | 2.48<br> %<br>| 01/21/28 | 970963 |
| 3000000 | Morgan Stanley (b) | 5.65<br> %<br>| 04/13/28 | 3067786 |
| 1050000 | Morgan Stanley (b) | 4.21<br> %<br>| 04/20/28 | 1048226 |
| 500000 | Morgan Stanley (b) | 3.77<br> %<br>| 01/24/29 | 492934 |
| 1000000 | Morgan Stanley (b) | 5.12<br> %<br>| 02/01/29 | 1017684 |
| 2000000 | Morgan Stanley (b) | 5.16<br> %<br>| 04/20/29 | 2039554 |
| 2500000 | Morgan Stanley (b) | 5.45<br> %<br>| 07/20/29 | 2571541 |
| 500000 | Morgan Stanley (b) | 4.43<br> %<br>| 01/23/30 | 499384 |
| 1000000 | Morgan Stanley (b) | 2.51<br> %<br>| 10/20/32 | 875962 |
| 2000000 | Morgan Stanley (b) | 5.25<br> %<br>| 04/21/34 | 2035247 |
| 1000000 | Morgan Stanley (b) | 5.42<br> %<br>| 07/21/34 | 1024775 |
| 500000 | Morgan Stanley (b) | 4.46<br> %<br>| 04/22/39 | 463873 |
| 1500000 | MSCI, Inc. (c) | 4.00<br> %<br>| 11/15/29 | 1452622 |
| 2500000 | MSCI, Inc. (c) | 3.88<br> %<br>| 02/15/31 | 2359115 |
| 2250000 | Nasdaq, Inc. | 5.55<br> %<br>| 02/15/34 | 2345177 |
| 2350000 | Nasdaq, Inc. | 5.95<br> %<br>| 08/15/53 | 2399405 |
|  |  |  |  | 40697663 |
|  | **Communications Equipment – 0.2%** |  |  |  |
| 1000000 | Cisco Systems, Inc. | 5.30<br> %<br>| 02/26/54 | 970597 |
| 1000000 | Cisco Systems, Inc. | 5.50<br> %<br>| 02/24/55 | 998928 |
|  |  |  |  | 1969525 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** |
|  | **Construction Materials – 0.5%** |  |  |  |
| $2000000 | American Builders & Contractors Supply Co., Inc. (c) | 4.00<br> %<br>| 01/15/28 | $1957532 |
| 1125000 | CRH America Finance, Inc. | 5.40<br> %<br>| 05/21/34 | 1154119 |
| 1000000 | JH North America Holdings, Inc. (c) | 5.88<br> %<br>| 01/31/31 | 1009357 |
|  |  |  |  | 4121008 |
|  | **Consumer Finance – 0.5%** |  |  |  |
| 2500000 | American Express Co. (b) | 5.10<br> %<br>| 02/16/28 | 2529283 |
| 1000000 | American Express Co. (b) | 5.53<br> %<br>| 04/25/30 | 1039762 |
| 737000 | American Express Co. (b) | 5.09<br> %<br>| 01/30/31 | 754488 |
|  |  |  |  | 4323533 |
|  | **Containers & Packaging – 0.1%** |  |  |  |
| 500000 | Amcor Flexibles North America, Inc. (c) | 5.10<br> %<br>| 03/17/30 | 508748 |
|  | **Diversified Telecommunication Services – 1.4%** |  |  |  |
| 500000 | AT&T, Inc. | 2.30<br> %<br>| 06/01/27 | 482317 |
| 500000 | AT&T, Inc. | 1.65<br> %<br>| 02/01/28 | 469162 |
| 462000 | AT&T, Inc. | 4.30<br> %<br>| 02/15/30 | 460647 |
| 500000 | AT&T, Inc. | 2.75<br> %<br>| 06/01/31 | 453498 |
| 500000 | AT&T, Inc. | 2.25<br> %<br>| 02/01/32 | 430493 |
| 1392000 | AT&T, Inc. | 2.55<br> %<br>| 12/01/33 | 1165475 |
| 1186000 | AT&T, Inc. | 3.50<br> %<br>| 09/15/53 | 803381 |
| 504000 | AT&T, Inc. | 3.55<br> %<br>| 09/15/55 | 340344 |
| 1044000 | AT&T, Inc. | 3.65<br> %<br>| 09/15/59 | 700988 |
| 1119000 | Verizon Communications, Inc. | 4.02<br> %<br>| 12/03/29 | 1104395 |
| 500000 | Verizon Communications, Inc. | 1.75<br> %<br>| 01/20/31 | 430971 |
| 500000 | Verizon Communications, Inc. | 2.55<br> %<br>| 03/21/31 | 448600 |
| 1904000 | Verizon Communications, Inc. | 4.78<br> %<br>| 02/15/35 | 1855757 |
| 500000 | Verizon Communications, Inc. | 2.65<br> %<br>| 11/20/40 | 352968 |
| 500000 | Verizon Communications, Inc. | 3.40<br> %<br>| 03/22/41 | 385887 |
| 500000 | Verizon Communications, Inc. | 2.88<br> %<br>| 11/20/50 | 311728 |
| 1000000 | Verizon Communications, Inc. | 3.55<br> %<br>| 03/22/51 | 715564 |
| 1000000 | Verizon Communications, Inc. | 3.88<br> %<br>| 03/01/52 | 744707 |
|  |  |  |  | 11656882 |
|  | **Electric Utilities – 5.4%** |  |  |  |
| 1000000 | AEP Transmission Co., LLC | 5.15<br> %<br>| 04/01/34 | 1013388 |
| 900000 | AEP Transmission Co., LLC | 4.25<br> %<br>| 09/15/48 | 721984 |
| 500000 | AEP Transmission Co., LLC | 5.40<br> %<br>| 03/15/53 | 482365 |
| 2000000 | AEP Transmission Co., LLC, Series N | 2.75<br> %<br>| 08/15/51 | 1227406 |
| 1000000 | Alabama Power Co. | 5.85<br> %<br>| 11/15/33 | 1067222 |
| 500000 | Alabama Power Co. | 5.10<br> %<br>| 04/02/35 | 504164 |
| 500000 | Alabama Power Co. | 3.45<br> %<br>| 10/01/49 | 355684 |
| 1000000 | Alabama Power Co. | 3.13<br> %<br>| 07/15/51 | 669702 |
| 2542000 | American Transmission Systems, Inc. (c) | 2.65<br> %<br>| 01/15/32 | 2238243 |
| 1000000 | Appalachian Power Co., Series AA | 2.70<br> %<br>| 04/01/31 | 898866 |
| 500000 | Commonwealth Edison Co. | 4.90<br> %<br>| 02/01/33 | 503976 |
| 500000 | Commonwealth Edison Co. | 4.00<br> %<br>| 03/01/49 | 390359 |
| 1000000 | Commonwealth Edison Co. | 5.30<br> %<br>| 02/01/53 | 948605 |
| 2000000 | Duke Energy Carolinas, LLC | 4.95<br> %<br>| 01/15/33 | 2036008 |
| 1000000 | Duke Energy Carolinas, LLC | 4.85<br> %<br>| 01/15/34 | 999147 |
| 2000000 | Duke Energy Carolinas, LLC | 5.35<br> %<br>| 01/15/53 | 1921722 |
| 1000000 | Duke Energy Carolinas, LLC | 5.40<br> %<br>| 01/15/54 | 962904 |
| 1000000 | Duke Energy Florida, LLC | 5.88<br> %<br>| 11/15/33 | 1066470 |
| 500000 | Duke Energy Florida, LLC | 6.20<br> %<br>| 11/15/53 | 532859 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** |
|  | **Electric Utilities (Continued)** |  |  |  |
| $1000000 | Duke Energy Progress, LLC | 5.10<br> %<br>| 03/15/34 | $1014885 |
| 1000000 | Duke Energy Progress, LLC | 4.00<br> %<br>| 04/01/52 | 768361 |
| 1500000 | FirstEnergy Transmission, LLC | 4.55<br> %<br>| 01/15/30 | 1501471 |
| 1000000 | Florida Power & Light Co. | 5.30<br> %<br>| 06/15/34 | 1031226 |
| 2000000 | Florida Power & Light Co. | 5.69<br> %<br>| 03/01/40 | 2090595 |
| 1750000 | Florida Power & Light Co. | 5.60<br> %<br>| 06/15/54 | 1744253 |
| 1500000 | Georgia Power Co. | 4.65<br> %<br>| 05/16/28 | 1521132 |
| 2000000 | Georgia Power Co. | 4.55<br> %<br>| 03/15/30 | 2020010 |
| 500000 | Indiana Michigan Power Co. | 3.25<br> %<br>| 05/01/51 | 327481 |
| 1000000 | Indiana Michigan Power Co. | 5.63<br> %<br>| 04/01/53 | 982965 |
| 500000 | Indiana Michigan Power Co., Series L | 3.75<br> %<br>| 07/01/47 | 373411 |
| 1250000 | Northern States Power Co. | 5.40<br> %<br>| 03/15/54 | 1207694 |
| 3000000 | Ohio Edison Co. (c) | 5.50<br> %<br>| 01/15/33 | 3073977 |
| 500000 | PECO Energy Co. | 3.90<br> %<br>| 03/01/48 | 391482 |
| 4000000 | PECO Energy Co. | 4.38<br> %<br>| 08/15/52 | 3318729 |
| 1500000 | Public Service Electric and Gas Co. | 5.20<br> %<br>| 03/01/34 | 1538920 |
| 500000 | Public Service Electric and Gas Co. | 5.45<br> %<br>| 08/01/53 | 490992 |
| 1750000 | Public Service Electric and Gas Co. | 5.45<br> %<br>| 03/01/54 | 1715720 |
| 1000000 | Trans-Allegheny Interstate Line Co. (c) | 5.00<br> %<br>| 01/15/31 | 1017894 |
|  |  |  |  | 44672272 |
|  | **Financial Services – 0.6%** |  |  |  |
| 1500000 | Fidelity National Information Services, Inc. | 3.10<br> %<br>| 03/01/41 | 1103051 |
| 1000000 | Fiserv, Inc. | 3.20<br> %<br>| 07/01/26 | 988828 |
| 333000 | Fiserv, Inc. | 5.38<br> %<br>| 08/21/28 | 342510 |
| 500000 | Fiserv, Inc. | 3.50<br> %<br>| 07/01/29 | 481800 |
| 250000 | Fiserv, Inc. | 2.65<br> %<br>| 06/01/30 | 229209 |
| 1000000 | Fiserv, Inc. | 5.63<br> %<br>| 08/21/33 | 1040236 |
| 500000 | Fiserv, Inc. | 4.40<br> %<br>| 07/01/49 | 409782 |
|  |  |  |  | 4595416 |
|  | **Food Products – 0.7%** |  |  |  |
| 2000000 | Conagra Brands, Inc. | 5.30<br> %<br>| 11/01/38 | 1915732 |
| 2250000 | Kraft Heinz Foods Co. | 5.50<br> %<br>| 06/01/50 | 2106999 |
| 2000000 | The Campbell's Company | 5.40<br> %<br>| 03/21/34 | 2032472 |
|  |  |  |  | 6055203 |
|  | **Ground Transportation – 0.4%** |  |  |  |
| 1500000 | CSX Corp. | 4.50<br> %<br>| 11/15/52 | 1266249 |
| 2500000 | Union Pacific Corp. | 4.95<br> %<br>| 05/15/53 | 2273167 |
|  |  |  |  | 3539416 |
|  | **Health Care Equipment & Supplies – 0.5%** |  |  |  |
| 2350000 | Abbott Laboratories | 4.90<br> %<br>| 11/30/46 | 2226161 |
| 1000000 | Solventum Corp. | 5.40<br> %<br>| 03/01/29 | 1030027 |
| 1200000 | Solventum Corp. | 5.90<br> %<br>| 04/30/54 | 1200539 |
|  |  |  |  | 4456727 |
|  | **Health Care Providers & Services – 3.1%** |  |  |  |
| 1143000 | Centene Corp. | 4.25<br> %<br>| 12/15/27 | 1126395 |
| 2000000 | Centene Corp. | 2.45<br> %<br>| 07/15/28 | 1858600 |
| 1000000 | Centene Corp. | 2.50<br> %<br>| 03/01/31 | 861652 |
| 1200000 | Cigna (The) Group | 4.38<br> %<br>| 10/15/28 | 1201712 |
| 1150000 | Cigna (The) Group | 5.00<br> %<br>| 05/15/29 | 1176273 |
| 1100000 | Cigna (The) Group | 5.40<br> %<br>| 03/15/33 | 1137242 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** |
|  | **Health Care Providers & Services (Continued)** |  |  |  |
| $1150000 | Cigna (The) Group | 5.25<br> %<br>| 02/15/34 | $1168764 |
| 1500000 | Cigna (The) Group | 4.90<br> %<br>| 12/15/48 | 1310675 |
| 1150000 | Cigna (The) Group | 5.60<br> %<br>| 02/15/54 | 1104099 |
| 500000 | Elevance Health, Inc. | 4.55<br> %<br>| 05/15/52 | 409251 |
| 1000000 | Elevance Health, Inc. | 6.10<br> %<br>| 10/15/52 | 1019980 |
| 500000 | Elevance Health, Inc. | 5.70<br> %<br>| 02/15/55 | 484883 |
| 1000000 | HCA, Inc. | 5.25<br> %<br>| 03/01/30 | 1025578 |
| 1000000 | HCA, Inc. | 2.38<br> %<br>| 07/15/31 | 870717 |
| 2500000 | HCA, Inc. | 5.50<br> %<br>| 06/01/33 | 2560603 |
| 2500000 | HCA, Inc. | 3.50<br> %<br>| 07/15/51 | 1657600 |
| 2500000 | HCA, Inc. | 5.90<br> %<br>| 06/01/53 | 2415691 |
| 3500000 | UnitedHealth Group, Inc. | 5.30<br> %<br>| 02/15/30 | 3625813 |
| 1000000 | UnitedHealth Group, Inc. | 6.05<br> %<br>| 02/15/63 | 1015588 |
|  |  |  |  | 26031116 |
|  | **Hotels, Restaurants & Leisure – 0.3%** |  |  |  |
| 2500000 | McDonald's Corp. | 5.45<br> %<br>| 08/14/53 | 2403922 |
| 313000 | Sodexo, Inc. (c) | 5.15<br> %<br>| 08/15/30 | 318110 |
|  |  |  |  | 2722032 |
|  | **Independent Power & Renewable Electricity Producers – 0.3%** |  |  |  |
| 2000000 | Vistra Operations Co., LLC (c) | 5.70<br> %<br>| 12/30/34 | 2038218 |
|  | **Insurance – 2.4%** |  |  |  |
| 2500000 | Aon North America, Inc. | 5.13<br> %<br>| 03/01/27 | 2530613 |
| 182000 | Aon North America, Inc. | 5.15<br> %<br>| 03/01/29 | 186448 |
| 2300000 | Aon North America, Inc. | 5.75<br> %<br>| 03/01/54 | 2269235 |
| 2000000 | Arthur J. Gallagher & Co. | 6.50<br> %<br>| 02/15/34 | 2198185 |
| 1000000 | Arthur J. Gallagher & Co. | 5.15<br> %<br>| 02/15/35 | 1001051 |
| 1000000 | Arthur J. Gallagher & Co. | 5.75<br> %<br>| 03/02/53 | 975258 |
| 1000000 | Arthur J. Gallagher & Co. | 6.75<br> %<br>| 02/15/54 | 1108967 |
| 1000000 | Arthur J. Gallagher & Co. | 5.55<br> %<br>| 02/15/55 | 959848 |
| 750000 | Brown & Brown, Inc. | 4.90<br> %<br>| 06/23/30 | 757393 |
| 2750000 | Brown & Brown, Inc. | 5.65<br> %<br>| 06/11/34 | 2826248 |
| 400000 | Brown & Brown, Inc. | 5.55<br> %<br>| 06/23/35 | 408047 |
| 2500000 | Brown & Brown, Inc. | 4.95<br> %<br>| 03/17/52 | 2165970 |
| 1000000 | Marsh & McLennan Cos., Inc. | 6.25<br> %<br>| 11/01/52 | 1075235 |
| 1115000 | Marsh & McLennan Cos., Inc. | 5.45<br> %<br>| 03/15/54 | 1076375 |
| 660000 | Ryan Specialty LLC (c) | 5.88<br> %<br>| 08/01/32 | 665614 |
|  |  |  |  | 20204487 |
|  | **Life Sciences Tools & Services – 0.3%** |  |  |  |
| 2000000 | IQVIA, Inc. | 5.70<br> %<br>| 05/15/28 | 2052130 |
|  | **Media – 0.6%** |  |  |  |
| 2000000 | Comcast Corp. | 5.35<br> %<br>| 11/15/27 | 2053171 |
| 1000000 | Comcast Corp. | 4.55<br> %<br>| 01/15/29 | 1011310 |
| 500000 | Comcast Corp. | 3.25<br> %<br>| 11/01/39 | 391962 |
| 1000000 | Comcast Corp. | 3.75<br> %<br>| 04/01/40 | 830679 |
| 500000 | Comcast Corp. | 4.00<br> %<br>| 08/15/47 | 387871 |
|  |  |  |  | 4674993 |
|  | **Multi-Utilities – 0.3%** |  |  |  |
| 2000000 | Consolidated Edison Co. of New York, Inc. | 6.15<br> %<br>| 11/15/52 | 2112192 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** |
|  | **Oil, Gas & Consumable Fuels – 1.3%** |  |  |  |
| $500000 | BP Capital Markets America, Inc. | 3.94<br> %<br>| 09/21/28 | $496266 |
| 1000000 | BP Capital Markets America, Inc. | 4.70<br> %<br>| 04/10/29 | 1015174 |
| 500000 | BP Capital Markets America, Inc. | 1.75<br> %<br>| 08/10/30 | 439524 |
| 1500000 | BP Capital Markets America, Inc. | 2.72<br> %<br>| 01/12/32 | 1341777 |
| 1000000 | BP Capital Markets America, Inc. | 3.06<br> %<br>| 06/17/41 | 738902 |
| 1000000 | BP Capital Markets America, Inc. | 3.00<br> %<br>| 03/17/52 | 631171 |
| 2500000 | Energy Transfer, L.P. | 5.20<br> %<br>| 04/01/30 | 2556734 |
| 500000 | Sabine Pass Liquefaction, LLC | 5.00<br> %<br>| 03/15/27 | 503164 |
| 2750000 | Sabine Pass Liquefaction, LLC | 4.20<br> %<br>| 03/15/28 | 2736091 |
|  |  |  |  | 10458803 |
|  | **Pharmaceuticals – 0.7%** |  |  |  |
| 2600000 | AstraZeneca Finance, LLC | 4.80<br> %<br>| 02/26/27 | 2629659 |
| 500000 | AstraZeneca Finance, LLC | 1.75<br> %<br>| 05/28/28 | 469135 |
| 1850000 | AstraZeneca Finance, LLC | 4.85<br> %<br>| 02/26/29 | 1892359 |
| 1000000 | AstraZeneca Finance, LLC | 2.25<br> %<br>| 05/28/31 | 895435 |
|  |  |  |  | 5886588 |
|  | **Professional Services – 0.4%** |  |  |  |
| 2500000 | Verisk Analytics, Inc. | 5.25<br> %<br>| 06/05/34 | 2554676 |
| 1000000 | Verisk Analytics, Inc. | 5.25<br> %<br>| 03/15/35 | 1006080 |
|  |  |  |  | 3560756 |
|  | **Semiconductors & Semiconductor Equipment – 0.6%** |  |  |  |
| 500000 | Broadcom, Inc. (c) | 1.95<br> %<br>| 02/15/28 | 471840 |
| 500000 | Broadcom, Inc. | 4.75<br> %<br>| 04/15/29 | 506159 |
| 500000 | Broadcom, Inc. (c) | 2.45<br> %<br>| 02/15/31 | 447250 |
| 1250000 | Broadcom, Inc. | 4.30<br> %<br>| 11/15/32 | 1212913 |
| 250000 | Broadcom, Inc. (c) | 2.60<br> %<br>| 02/15/33 | 213920 |
| 383000 | Broadcom, Inc. (c) | 3.42<br> %<br>| 04/15/33 | 347473 |
| 500000 | Broadcom, Inc. (c) | 3.47<br> %<br>| 04/15/34 | 446833 |
| 642000 | Broadcom, Inc. (c) | 4.93<br> %<br>| 05/15/37 | 623410 |
| 500000 | Broadcom, Inc. (c) | 3.50<br> %<br>| 02/15/41 | 396515 |
| 500000 | Broadcom, Inc. (c) | 3.75<br> %<br>| 02/15/51 | 374342 |
|  |  |  |  | 5040655 |
|  | **Software – 3.9%** |  |  |  |
| 1000000 | AppLovin Corp. | 5.13<br> %<br>| 12/01/29 | 1013307 |
| 2250000 | Atlassian Corp. | 5.25<br> %<br>| 05/15/29 | 2310996 |
| 2250000 | Atlassian Corp. | 5.50<br> %<br>| 05/15/34 | 2311595 |
| 167000 | Autodesk, Inc. | 5.30<br> %<br>| 06/15/35 | 169932 |
| 2997000 | CrowdStrike Holdings, Inc. | 3.00<br> %<br>| 02/15/29 | 2837384 |
| 1000000 | Oracle Corp. | 4.50<br> %<br>| 05/06/28 | 1006363 |
| 2250000 | Oracle Corp. | 6.15<br> %<br>| 11/09/29 | 2401563 |
| 1500000 | Oracle Corp. | 4.65<br> %<br>| 05/06/30 | 1514309 |
| 2500000 | Oracle Corp. | 6.25<br> %<br>| 11/09/32 | 2706283 |
| 500000 | Oracle Corp. | 4.90<br> %<br>| 02/06/33 | 501511 |
| 500000 | Oracle Corp. | 6.50<br> %<br>| 04/15/38 | 544342 |
| 1900000 | Oracle Corp. | 5.38<br> %<br>| 07/15/40 | 1857131 |
| 500000 | Oracle Corp. | 3.65<br> %<br>| 03/25/41 | 394460 |
| 500000 | Oracle Corp. | 3.60<br> %<br>| 04/01/50 | 349996 |
| 500000 | Oracle Corp. | 3.95<br> %<br>| 03/25/51 | 369372 |
| 2000000 | Oracle Corp. | 6.90<br> %<br>| 11/09/52 | 2226470 |
| 1000000 | Oracle Corp. | 5.55<br> %<br>| 02/06/53 | 941218 |
| 1000000 | Roper Technologies, Inc. | 4.90<br> %<br>| 10/15/34 | 986639 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** |
|  | **Software (Continued)** |  |  |  |
| $3750000 | Salesforce, Inc. | 3.70<br> %<br>| 04/11/28 | $3724947 |
| 2000000 | Salesforce, Inc. | 2.90<br> %<br>| 07/15/51 | 1281227 |
| 600000 | Synopsys, Inc. | 4.85<br> %<br>| 04/01/30 | 608519 |
| 1500000 | Synopsys, Inc. | 5.15<br> %<br>| 04/01/35 | 1512523 |
| 1000000 | Synopsys, Inc. | 5.70<br> %<br>| 04/01/55 | 994965 |
|  |  |  |  | 32565052 |
|  | **Specialized REITs – 0.1%** |  |  |  |
| 1000000 | VICI Properties, L.P. | 5.13<br> %<br>| 11/15/31 | 1001942 |
|  | **Technology Hardware, Storage & Peripherals – 0.1%** |  |  |  |
| 500000 | Dell International, LLC/EMC Corp. | 5.00<br> %<br>| 04/01/30 | 508168 |
|  | **Trading Companies & Distributors – 0.3%** |  |  |  |
| 1000000 | Ashtead Capital, Inc. (c) | 5.95<br> %<br>| 10/15/33 | 1036381 |
| 1000000 | Ashtead Capital, Inc. (c) | 5.80<br> %<br>| 04/15/34 | 1023983 |
|  |  |  |  | 2060364 |
|  | **Water Utilities – 0.8%** |  |  |  |
| 4500000 | American Water Capital Corp. | 5.15<br> %<br>| 03/01/34 | 4568581 |
| 2500000 | American Water Capital Corp. | 5.45<br> %<br>| 03/01/54 | 2421768 |
|  |  |  |  | 6990349 |
|  | **Wireless Telecommunication Services – 1.6%** |  |  |  |
| 500000 | T-Mobile USA, Inc. | 3.75<br> %<br>| 04/15/27 | 495008 |
| 2000000 | T-Mobile USA, Inc. | 4.75<br> %<br>| 02/01/28 | 2000889 |
| 750000 | T-Mobile USA, Inc. | 2.05<br> %<br>| 02/15/28 | 709036 |
| 2500000 | T-Mobile USA, Inc. | 4.85<br> %<br>| 01/15/29 | 2535377 |
| 750000 | T-Mobile USA, Inc. | 2.55<br> %<br>| 02/15/31 | 671768 |
| 500000 | T-Mobile USA, Inc. | 2.25<br> %<br>| 11/15/31 | 433702 |
| 1500000 | T-Mobile USA, Inc. | 5.20<br> %<br>| 01/15/33 | 1528610 |
| 1000000 | T-Mobile USA, Inc. | 5.15<br> %<br>| 04/15/34 | 1013192 |
| 1500000 | T-Mobile USA, Inc. | 3.00<br> %<br>| 02/15/41 | 1098355 |
| 1000000 | T-Mobile USA, Inc. | 3.30<br> %<br>| 02/15/51 | 664295 |
| 1500000 | T-Mobile USA, Inc. | 5.65<br> %<br>| 01/15/53 | 1452309 |
| 1000000 | T-Mobile USA, Inc. | 5.80<br> %<br>| 09/15/62 | 980468 |
|  |  |  |  | 13583009 |
|  | **Total Corporate Bonds and Notes** | **Total Corporate Bonds and Notes** | **Total Corporate Bonds and Notes** | 356515217 |
|  | (Cost $367,081,491) |  |  |  |
| **FOREIGN CORPORATE BONDS AND NOTES – 3.3%** | **FOREIGN CORPORATE BONDS AND NOTES – 3.3%** | **FOREIGN CORPORATE BONDS AND NOTES – 3.3%** | **FOREIGN CORPORATE BONDS AND NOTES – 3.3%** | **FOREIGN CORPORATE BONDS AND NOTES – 3.3%** |
|  | **Banks – 1.0%** |  |  |  |
| 1500000 | Barclays PLC (b) | 6.50<br> %<br>| 09/13/27 | 1533617 |
| 1000000 | Barclays PLC (b) | 5.37<br> %<br>| 02/25/31 | 1021741 |
| 1250000 | Lloyds Banking Group PLC (b) | 5.09<br> %<br>| 11/26/28 | 1266779 |
| 1000000 | Lloyds Banking Group PLC (b) | 5.72<br> %<br>| 06/05/30 | 1038852 |
| 2000000 | Royal Bank of Canada (b) | 5.15<br> %<br>| 02/04/31 | 2041907 |
| 1250000 | Toronto-Dominion (The) Bank | 4.98<br> %<br>| 04/05/27 | 1265952 |
|  |  |  |  | 8168848 |
|  | **Biotechnology – 0.1%** |  |  |  |
| 500000 | CSL Finance PLC (c) | 4.75<br> %<br>| 04/27/52 | 429277 |
|  | **Capital Markets – 0.5%** |  |  |  |
| 1250000 | UBS Group AG (b) (c) | 1.49<br> %<br>| 08/10/27 | 1209235 |
| 1000000 | UBS Group AG (b) (c) | 5.62<br> %<br>| 09/13/30 | 1038606 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **FOREIGN CORPORATE BONDS AND NOTES (Continued)** | **FOREIGN CORPORATE BONDS AND NOTES (Continued)** | **FOREIGN CORPORATE BONDS AND NOTES (Continued)** | **FOREIGN CORPORATE BONDS AND NOTES (Continued)** | **FOREIGN CORPORATE BONDS AND NOTES (Continued)** |
|  | **Capital Markets (Continued)** |  |  |  |
| $2000000 | UBS Group AG (b) (c) | 5.70<br> %<br>| 02/08/35 | $2078186 |
|  |  |  |  | 4326027 |
|  | **Construction Materials – 0.1%** |  |  |  |
| 1125000 | CRH SMW Finance DAC | 5.20<br> %<br>| 05/21/29 | 1153965 |
|  | **Containers & Packaging – 0.3%** |  |  |  |
| 2500000 | Smurfit Kappa Treasury ULC | 5.44<br> %<br>| 04/03/34 | 2535200 |
|  | **Insurance – 0.2%** |  |  |  |
| 2000000 | Aon Corp./Aon Global Holdings PLC | 5.35<br> %<br>| 02/28/33 | 2060041 |
|  | **Life Sciences Tools & Services – 0.6%** |  |  |  |
| 2000000 | Icon Investments Six DAC | 5.81<br> %<br>| 05/08/27 | 2042570 |
| 1250000 | Icon Investments Six DAC | 5.85<br> %<br>| 05/08/29 | 1297312 |
| 1250000 | Icon Investments Six DAC | 6.00<br> %<br>| 05/08/34 | 1278170 |
|  |  |  |  | 4618052 |
|  | **Oil, Gas & Consumable Fuels – 0.2%** |  |  |  |
| 1377000 | Enbridge, Inc. | 5.90<br> %<br>| 11/15/26 | 1401878 |
| 500000 | Enbridge, Inc. | 4.60<br> %<br>| 06/20/28 | 503877 |
|  |  |  |  | 1905755 |
|  | **Pharmaceuticals – 0.1%** |  |  |  |
| 1000000 | AstraZeneca PLC | 3.00<br> %<br>| 05/28/51 | 673820 |
|  | **Semiconductors & Semiconductor Equipment – 0.1%** |  |  |  |
| 500000 | Broadcom Corp./Broadcom Cayman Finance Ltd. | 3.88<br> %<br>| 01/15/27 | 496742 |
|  | **Software – 0.1%** |  |  |  |
| 1125000 | Constellation Software, Inc. (c) | 5.46<br> %<br>| 02/16/34 | 1148157 |
|  | **Total Foreign Corporate Bonds and Notes** | **Total Foreign Corporate Bonds and Notes** | **Total Foreign Corporate Bonds and Notes** | 27515884 |
|  | (Cost $27,453,625) |  |  |  |
| **U.S. GOVERNMENT BONDS AND NOTES – 1.5%** | **U.S. GOVERNMENT BONDS AND NOTES – 1.5%** | **U.S. GOVERNMENT BONDS AND NOTES – 1.5%** | **U.S. GOVERNMENT BONDS AND NOTES – 1.5%** | **U.S. GOVERNMENT BONDS AND NOTES – 1.5%** |
| 1680000 | United States Treasury Bond | 4.75<br> %<br>| 02/15/45 | 1671600 |
| 2000000 | United States Treasury Bond | 4.50<br> %<br>| 11/15/54 | 1906562 |
| 1000000 | United States Treasury Bond | 4.63<br> %<br>| 02/15/55 | 973750 |
| 1400000 | United States Treasury Note | 3.75<br> %<br>| 04/30/27 | 1400000 |
| 1750000 | United States Treasury Note | 3.88<br> %<br>| 05/31/27 | 1754238 |
| 3000000 | United States Treasury Note | 3.88<br> %<br>| 04/30/30 | 3012422 |
| 1150000 | United States Treasury Note | 4.13<br> %<br>| 05/31/32 | 1159973 |
|  | **Total U.S. Government Bonds and Notes** | **Total U.S. Government Bonds and Notes** | **Total U.S. Government Bonds and Notes** | 11878545 |
|  | (Cost $11,785,131) |  |  |  |

---

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **MONEY MARKET FUNDS – 0.5%** | **MONEY MARKET FUNDS – 0.5%** | **MONEY MARKET FUNDS – 0.5%** |
| 4516908 | Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class - 4.16% (d) | 4516908 |
|  | (Cost $4,516,908) |  |

---

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

---

| | |
|:---|:---|
| **Total Investments – 99.4%** | 824319370 |
| (Cost $784,430,182)  |  |

---

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

---

| | |
|:---|:---|
| **Net Other Assets and Liabilities – 0.6%** | 4668602 |
| **Net Assets – 100.0%** | $828987972 |

---

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

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) This
 security, sold within the terms of a private placement memorandum, is exempt from registration upon resale under Rule
 144A of the Securities Act of 1933, as amended, and may be resold in transactions exempt from registration, normally to qualified
 institutional buyers. Pursuant to procedures adopted by the Trust's Board of Trustees, this security has been determined to
 be liquid by First Trust Advisors L.P., the Fund's advisor. Although market instability can result in periods of increased overall market
 illiquidity, liquidity for each security is determined based on security specific factors and assumptions, which require subjective
 judgment. At June 30, 2025, securities noted as such amounted to $28,937,043 or 3.5% of net assets.

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

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

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

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of June 30, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total**<br> **Value at**<br> **6/30/2025**<br>| &nbsp;&nbsp;&nbsp; **Level 1**<br> **Quoted**<br> **Prices**<br>| &nbsp;&nbsp;&nbsp; **Level 2**<br> **Significant**<br> **Observable**<br> **Inputs**<br>| &nbsp;&nbsp;&nbsp; **Level 3**<br> **Significant**<br> **Unobservable**<br> **Inputs**<br>|
| Common Stocks\* | &nbsp;&nbsp; $423892816 | &nbsp;&nbsp;&nbsp;&nbsp; $423892816 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Corporate Bonds and Notes\* | &nbsp;&nbsp; 356515217 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 356515217 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Foreign Corporate Bonds and Notes\* | &nbsp;&nbsp; 27515884 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 27515884 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Government Bonds and Notes | &nbsp;&nbsp; 11878545 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11878545 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Money Market Funds | &nbsp;&nbsp; 4516908 | &nbsp;&nbsp;&nbsp;&nbsp; 4516908 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Investments | &nbsp;&nbsp; $824319370 | &nbsp;&nbsp;&nbsp;&nbsp; $428409724 | &nbsp;&nbsp;&nbsp;&nbsp; $395909646 | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

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

\* See Portfolio of Investments for industry breakout.

See Notes to Financial Statements

------

**First Trust Multi Income Allocation Portfolio** 

**Portfolio of Investments** 

**June 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **EXCHANGE-TRADED FUNDS – 49.6%** | **EXCHANGE-TRADED FUNDS – 49.6%** | **EXCHANGE-TRADED FUNDS – 49.6%** |
|  | **Capital Markets – 49.6%** |  |
| 12000 | First Trust Commercial Mortgage Opportunities ETF (a) | $245760 |
| 87473 | First Trust Institutional Preferred Securities and Income ETF (a) | 1661112 |
| 60000 | First Trust Intermediate Government Opportunities ETF (a) | 1209000 |
| 23013 | First Trust Limited Duration Investment Grade Corporate ETF (a) | 440009 |
| 29737 | First Trust Preferred Securities and Income ETF (a) | 529319 |
| 56805 | First Trust Senior Loan ETF (a) | 2606780 |
| 12135 | First Trust Structured Credit Income Opportunities ETF (a) | 250830 |
| 42095 | First Trust Tactical High Yield ETF (a) | 1759992 |
| 345 | iShares 20+ Year Treasury Bond ETF | 30446 |
| 220 | iShares 3-7 Year Treasury Bond ETF | 26200 |
| 5961 | iShares 7-10 Year Treasury Bond ETF | 570885 |
| 14244 | iShares iBoxx $ Investment Grade Corporate Bond ETF | 1561285 |
| 2330 | iShares MBS ETF | 218764 |
|  | **Total Exchange-Traded Funds** | 11110382 |
|  | (Cost $10,910,113) |  |
| **COMMON STOCKS (b) – 36.4%** | **COMMON STOCKS (b) – 36.4%** | **COMMON STOCKS (b) – 36.4%** |
|  | **Aerospace & Defense – 0.5%** |  |
| 145 | BWX Technologies, Inc. | 20889 |
| 166 | Northrop Grumman Corp. | 82996 |
|  |  | 103885 |
|  | **Banks – 0.9%** |  |
| 709 | JPMorgan Chase & Co. | 205546 |
|  | **Beverages – 0.2%** |  |
| 373 | PepsiCo, Inc. | 49251 |
|  | **Capital Markets – 0.5%** |  |
| 581 | Intercontinental Exchange, Inc. | 106596 |
|  | **Construction & Engineering – 0.3%** |  |
| 164 | Quanta Services, Inc. | 62005 |
|  | **Consumer Finance – 0.5%** |  |
| 358 | American Express Co. | 114195 |
|  | **Consumer Staples Distribution & Retail – 0.5%** |  |
| 1214 | Walmart, Inc. | 118705 |
|  | **Containers & Packaging – 0.2%** |  |
| 205 | Packaging Corp. of America | 38632 |
|  | **Diversified REITs – 0.5%** |  |
| 3568 | Essential Properties Realty Trust, Inc. | 113855 |
|  | **Electric Utilities – 2.1%** |  |
| 560 | Alliant Energy Corp.  | 33863 |
| 463 | American Electric Power Co., Inc. | 48041 |
| 188 | Duke Energy Corp. | 22184 |
| 499 | Entergy Corp. | 41477 |
| 535 | Evergy, Inc. | 36878 |
| 469 | Fortis, Inc. (CAD) | 22393 |
| 98 | IDACORP, Inc. | 11314 |
| 1667 | NextEra Energy, Inc. | 115723 |
| 870 | PG&E Corp. | 12128 |
| 1361 | PPL Corp. | 46124 |
| 538 | Southern (The) Co. | 49405 |

---

See Notes to Financial Statements

------

**First Trust Multi Income Allocation Portfolio** 

**Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (b) (Continued)** | **COMMON STOCKS (b) (Continued)** | **COMMON STOCKS (b) (Continued)** |
|  | **Electric Utilities (Continued)** |  |
| 529 | Xcel Energy, Inc. | $36025 |
|  |  | 475555 |
|  | **Electrical Equipment – 0.6%** |  |
| 315 | Eaton Corp PLC | 112452 |
| 152 | Generac Holdings, Inc. (c) | 21768 |
|  |  | 134220 |
|  | **Energy Equipment & Services – 0.1%** |  |
| 1209 | Archrock, Inc. | 30019 |
|  | **Financial Services – 0.6%** |  |
| 383 | Visa, Inc., Class A | 135984 |
|  | **Food Products – 0.2%** |  |
| 705 | Mondelez International, Inc., Class A | 47545 |
|  | **Gas Utilities – 0.7%** |  |
| 796 | AltaGas Ltd. (CAD) | 23107 |
| 263 | Atmos Energy Corp. | 40531 |
| 877 | National Fuel Gas Co. | 74291 |
| 292 | ONE Gas, Inc. | 20983 |
|  |  | 158912 |
|  | **Ground Transportation – 0.2%** |  |
| 209 | Union Pacific Corp. | 48087 |
|  | **Health Care Equipment & Supplies – 0.3%** |  |
| 412 | Abbott Laboratories | 56036 |
|  | **Health Care Providers & Services – 0.5%** |  |
| 362 | Cencora, Inc. | 108546 |
|  | **Health Care REITs – 2.6%** |  |
| 4062 | CareTrust REIT, Inc. | 124297 |
| 6610 | Healthpeak Properties, Inc. | 115741 |
| 6519 | Sabra Health Care REIT, Inc. | 120210 |
| 1768 | Ventas, Inc. | 111649 |
| 780 | Welltower, Inc. | 119910 |
|  |  | 591807 |
|  | **Hotel & Resort REITs – 0.6%** |  |
| 8255 | Host Hotels & Resorts, Inc. | 126797 |
|  | **Hotels, Restaurants & Leisure – 0.6%** |  |
| 314 | McDonald's Corp. | 91741 |
| 484 | Starbucks Corp. | 44349 |
|  |  | 136090 |
|  | **Independent Power & Renewable Electricity Producers – 0.2%** |  |
| 1294 | Clearway Energy, Inc., Class A | 39156 |
|  | **Industrial Conglomerates – 0.4%** |  |
| 332 | Honeywell International, Inc. | 77316 |
|  | **Industrial REITs – 1.1%** |  |
| 1130 | Prologis, Inc. | 118786 |
| 3512 | STAG Industrial, Inc. | 127415 |
|  |  | 246201 |

---

See Notes to Financial Statements

------

**First Trust Multi Income Allocation Portfolio** 

**Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (b) (Continued)** | **COMMON STOCKS (b) (Continued)** | **COMMON STOCKS (b) (Continued)** |
|  | **Insurance – 0.7%** |  |
| 730 | Brown & Brown, Inc. | $80935 |
| 286 | Chubb Ltd. | 82860 |
|  |  | 163795 |
|  | **IT Services – 0.6%** |  |
| 437 | Accenture PLC, Class A | 130615 |
|  | **Machinery – 0.8%** |  |
| 241 | Caterpillar, Inc. | 93559 |
| 130 | Parker-Hannifin Corp. | 90801 |
|  |  | 184360 |
|  | **Media – 0.1%** |  |
| 739 | Comcast Corp., Class A | 26375 |
|  | **Metals & Mining – 0.5%** |  |
| 619 | Franco-Nevada Corp. | 101466 |
|  | **Multi-Utilities – 1.7%** |  |
| 116 | Ameren Corp. | 11141 |
| 935 | Atco Ltd., Class I (CAD) | 34866 |
| 923 | CenterPoint Energy, Inc. | 33911 |
| 311 | CMS Energy Corp. | 21546 |
| 427 | Dominion Energy, Inc. | 24134 |
| 252 | DTE Energy Co. | 33380 |
| 1959 | Public Service Enterprise Group, Inc. | 164908 |
| 310 | Sempra | 23489 |
| 335 | WEC Energy Group, Inc. | 34907 |
|  |  | 382282 |
|  | **Office REITs – 1.2%** |  |
| 4174 | Cousins Properties, Inc. | 125345 |
| 2119 | SL Green Realty Corp. | 131166 |
|  |  | 256511 |
|  | **Oil, Gas & Consumable Fuels – 2.9%** |  |
| 149 | Cheniere Energy, Inc. | 36285 |
| 983 | ConocoPhillips | 88214 |
| 699 | DT Midstream, Inc. | 76827 |
| 498 | Enbridge, Inc. | 22569 |
| 1103 | Exxon Mobil Corp. | 118903 |
| 1134 | Keyera Corp. (CAD) | 37091 |
| 1700 | Kinder Morgan, Inc. | 49980 |
| 1425 | ONEOK, Inc. | 116323 |
| 349 | Targa Resources Corp. | 60754 |
| 464 | TC Energy Corp. | 22639 |
| 388 | Williams (The) Cos., Inc. | 24370 |
|  |  | 653955 |
|  | **Pharmaceuticals – 0.8%** |  |
| 1003 | AstraZeneca PLC, ADR | 70090 |
| 402 | Merck & Co., Inc. | 31822 |
| 945 | Novo Nordisk A/S, ADR | 65224 |
|  |  | 167136 |
|  | **Residential REITs – 1.5%** |  |
| 580 | AvalonBay Communities, Inc. | 118030 |

---

See Notes to Financial Statements

------

**First Trust Multi Income Allocation Portfolio** 

**Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (b) (Continued)** | **COMMON STOCKS (b) (Continued)** | **COMMON STOCKS (b) (Continued)** |
|  | **Residential REITs (Continued)** |  |
| 1655 | Equity Residential | $111696 |
| 753 | Mid-America Apartment Communities, Inc. | 111452 |
|  |  | 341178 |
|  | **Retail REITs – 2.1%** |  |
| 4679 | Brixmor Property Group, Inc. | 121841 |
| 5583 | Kimco Realty Corp. | 117355 |
| 5252 | Kite Realty Group Trust | 118958 |
| 746 | Simon Property Group, Inc. | 119927 |
|  |  | 478081 |
|  | **Semiconductors & Semiconductor Equipment – 1.8%** |  |
| 575 | Broadcom, Inc. | 158499 |
| 835 | QUALCOMM, Inc. | 132982 |
| 525 | Taiwan Semiconductor Manufacturing Co., Ltd., ADR | 118907 |
|  |  | 410388 |
|  | **Software – 2.2%** |  |
| 315 | Microsoft Corp. | 156684 |
| 986 | Oracle Corp. | 215569 |
| 376 | SAP SE, ADR | 114342 |
|  |  | 486595 |
|  | **Specialized REITs – 3.8%** |  |
| 546 | American Tower Corp. | 120677 |
| 757 | Digital Realty Trust, Inc. | 131968 |
| 142 | Equinix, Inc. | 112957 |
| 2465 | Gaming and Leisure Properties, Inc. | 115066 |
| 1365 | Iron Mountain, Inc. | 140008 |
| 388 | Public Storage | 113847 |
| 3695 | VICI Properties, Inc. | 120457 |
|  |  | 854980 |
|  | **Specialty Retail – 0.5%** |  |
| 916 | TJX (The) Cos., Inc. | 113117 |
|  | **Technology Hardware, Storage & Peripherals – 0.2%** |  |
| 217 | Apple, Inc. | 44522 |
|  | **Water Utilities – 0.1%** |  |
| 422 | Essential Utilities, Inc. | 15673 |
|  | **Total Common Stocks** | 8135970 |
|  | (Cost $7,165,808) |  |
| **MASTER LIMITED PARTNERSHIPS – 3.4%** | **MASTER LIMITED PARTNERSHIPS – 3.4%** | **MASTER LIMITED PARTNERSHIPS – 3.4%** |
|  | **Chemicals – 0.1%** |  |
| 1347 | Westlake Chemical Partners, L.P. | 29755 |
|  | **Oil, Gas & Consumable Fuels – 3.3%** |  |
| 746 | Cheniere Energy Partners, L.P. | 41814 |
| 10554 | Energy Transfer, L.P. | 191344 |
| 7210 | Enterprise Products Partners, L.P. | 223582 |
| 749 | Hess Midstream, L.P., Class A (d) | 28844 |
| 2769 | MPLX, L.P. | 142631 |
| 3590 | Plains GP Holdings, L.P., Class A | 69754 |

---

See Notes to Financial Statements

------

**First Trust Multi Income Allocation Portfolio** 

**Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **MASTER LIMITED PARTNERSHIPS (Continued)** | **MASTER LIMITED PARTNERSHIPS (Continued)** | **MASTER LIMITED PARTNERSHIPS (Continued)** |
|  | **Oil, Gas & Consumable Fuels (Continued)** |  |
| 668 | Sunoco, L.P. | $35798 |
|  |  | 733767 |
|  | **Total Master Limited Partnerships** | 763522 |
|  | (Cost $654,337) |  |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **U.S. GOVERNMENT BONDS AND NOTES – 7.8%** | **U.S. GOVERNMENT BONDS AND NOTES – 7.8%** | **U.S. GOVERNMENT BONDS AND NOTES – 7.8%** | **U.S. GOVERNMENT BONDS AND NOTES – 7.8%** | **U.S. GOVERNMENT BONDS AND NOTES – 7.8%** |
| $14721 | U.S. Treasury Inflation Indexed Bond (e) | 0.13<br> %<br>| 07/15/26 | 14595 |
| 42263 | U.S. Treasury Inflation Indexed Bond (e) | 0.13<br> %<br>| 10/15/26 | 41782 |
| 49137 | U.S. Treasury Inflation Indexed Bond (e) | 0.38<br> %<br>| 01/15/27 | 48470 |
| 20680 | U.S. Treasury Inflation Indexed Bond (e) | 2.38<br> %<br>| 01/15/27 | 21028 |
| 40902 | U.S. Treasury Inflation Indexed Bond (e) | 0.13<br> %<br>| 04/15/27 | 40051 |
| 44588 | U.S. Treasury Inflation Indexed Bond (e) | 0.38<br> %<br>| 07/15/27 | 43991 |
| 41151 | U.S. Treasury Inflation Indexed Bond (e) | 1.63<br> %<br>| 10/15/27 | 41671 |
| 53322 | U.S. Treasury Inflation Indexed Bond (e) | 0.50<br> %<br>| 01/15/28 | 52339 |
| 24500 | U.S. Treasury Inflation Indexed Bond (e) | 1.75<br> %<br>| 01/15/28 | 24817 |
| 44919 | U.S. Treasury Inflation Indexed Bond (e) | 1.25<br> %<br>| 04/15/28 | 44843 |
| 33718 | U.S. Treasury Inflation Indexed Bond (e) | 3.63<br> %<br>| 04/15/28 | 35861 |
| 48563 | U.S. Treasury Inflation Indexed Bond (e) | 0.75<br> %<br>| 07/15/28 | 47981 |
| 45036 | U.S. Treasury Inflation Indexed Bond (e) | 2.38<br> %<br>| 10/15/28 | 46725 |
| 48277 | U.S. Treasury Inflation Indexed Bond (e) | 0.88<br> %<br>| 01/15/29 | 47539 |
| 22412 | U.S. Treasury Inflation Indexed Bond (e) | 2.50<br> %<br>| 01/15/29 | 23325 |
| 48746 | U.S. Treasury Inflation Indexed Bond (e) | 2.13<br> %<br>| 04/15/29 | 50069 |
| 39028 | U.S. Treasury Inflation Indexed Bond (e) | 3.88<br> %<br>| 04/15/29 | 42618 |
| 52673 | U.S. Treasury Inflation Indexed Bond (e) | 0.25<br> %<br>| 07/15/29 | 50596 |
| 49956 | U.S. Treasury Inflation Indexed Bond (e) | 1.63<br> %<br>| 10/15/29 | 50585 |
| 52368 | U.S. Treasury Inflation Indexed Bond (e) | 0.13<br> %<br>| 01/15/30 | 49436 |
| 53411 | U.S. Treasury Inflation Indexed Bond (e) | 1.63<br> %<br>| 04/15/30 | 53812 |
| 55052 | U.S. Treasury Inflation Indexed Bond (e) | 0.13<br> %<br>| 07/15/30 | 51732 |
| 54222 | U.S. Treasury Inflation Indexed Bond (e) | 0.13<br> %<br>| 01/15/31 | 50257 |
| 61042 | U.S. Treasury Inflation Indexed Bond (e) | 0.13<br> %<br>| 07/15/31 | 56195 |
| 64807 | U.S. Treasury Inflation Indexed Bond (e) | 0.13<br> %<br>| 01/15/32 | 58763 |
| 3615 | U.S. Treasury Inflation Indexed Bond (e) | 3.38<br> %<br>| 04/15/32 | 4025 |
| 55205 | U.S. Treasury Inflation Indexed Bond (e) | 0.63<br> %<br>| 07/15/32 | 51516 |
| 56001 | U.S. Treasury Inflation Indexed Bond (e) | 1.13<br> %<br>| 01/15/33 | 53538 |
| 51757 | U.S. Treasury Inflation Indexed Bond (e) | 1.38<br> %<br>| 07/15/33 | 50287 |
| 55311 | U.S. Treasury Inflation Indexed Bond (e) | 1.75<br> %<br>| 01/15/34 | 54857 |
| 57252 | U.S. Treasury Inflation Indexed Bond (e) | 1.88<br> %<br>| 07/15/34 | 57329 |
| 60990 | U.S. Treasury Inflation Indexed Bond (e) | 2.13<br> %<br>| 01/15/35 | 62022 |
| 23747 | U.S. Treasury Inflation Indexed Bond (e) | 2.13<br> %<br>| 02/15/40 | 23459 |
| 36329 | U.S. Treasury Inflation Indexed Bond (e) | 2.13<br> %<br>| 02/15/41 | 35585 |
| 33789 | U.S. Treasury Inflation Indexed Bond (e) | 0.75<br> %<br>| 02/15/42 | 26261 |
| 32929 | U.S. Treasury Inflation Indexed Bond (e) | 0.63<br> %<br>| 02/15/43 | 24496 |
| 32759 | U.S. Treasury Inflation Indexed Bond (e) | 1.38<br> %<br>| 02/15/44 | 27530 |
| 33104 | U.S. Treasury Inflation Indexed Bond (e) | 0.75<br> %<br>| 02/15/45 | 24190 |
| 28431 | U.S. Treasury Inflation Indexed Bond (e) | 1.00<br> %<br>| 02/15/46 | 21562 |
| 25250 | U.S. Treasury Inflation Indexed Bond (e) | 0.88<br> %<br>| 02/15/47 | 18311 |
| 26018 | U.S. Treasury Inflation Indexed Bond (e) | 1.00<br> %<br>| 02/15/48 | 19153 |
| 20397 | U.S. Treasury Inflation Indexed Bond (e) | 1.00<br> %<br>| 02/15/49 | 14814 |
| 19964 | U.S. Treasury Inflation Indexed Bond (e) | 0.25<br> %<br>| 02/15/50 | 11608 |
| 22179 | U.S. Treasury Inflation Indexed Bond (e) | 0.13<br> %<br>| 02/15/51 | 12093 |
| 24200 | U.S. Treasury Inflation Indexed Bond (e) | 0.13<br> %<br>| 02/15/52 | 12935 |
| 22663 | U.S. Treasury Inflation Indexed Bond (e) | 1.50<br> %<br>| 02/15/53 | 17967 |

---

See Notes to Financial Statements

------

**First Trust Multi Income Allocation Portfolio** 

**Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **U.S. GOVERNMENT BONDS AND NOTES (Continued)** | **U.S. GOVERNMENT BONDS AND NOTES (Continued)** | **U.S. GOVERNMENT BONDS AND NOTES (Continued)** | **U.S. GOVERNMENT BONDS AND NOTES (Continued)** | **U.S. GOVERNMENT BONDS AND NOTES (Continued)** |
| $18815 | U.S. Treasury Inflation Indexed Bond (e) | 2.13<br> %<br>| 02/15/54 | $17233 |
| 10166 | U.S. Treasury Inflation Indexed Bond (e) | 2.38<br> %<br>| 02/15/55 | 9837 |
|  | **Total U.S. Government Bonds and Notes** | **Total U.S. Government Bonds and Notes** | **Total U.S. Government Bonds and Notes** | 1739689 |
|  | (Cost $1,741,009) |  |  |  |
| **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES – 0.0%** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES – 0.0%** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES – 0.0%** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES – 0.0%** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES – 0.0%** |
|  | **Collateralized Mortgage Obligations – 0.0%** |  |  |  |
|  | Fannie Mae REMICS  |  |  |  |
| 183 | Series 1999-56, Class Z | 7.00<br> %<br>| 12/01/29 | 186 |
| 376 | Series 2002-67, Class PE | 5.50<br> %<br>| 11/01/32 | 386 |
|  | Freddie Mac REMICS  |  |  |  |
| 1 | Series 1996-1847, Class LL | 7.50<br> %<br>| 04/01/26 | 2 |
| 481 | Series 1999-2130, Class KB | 6.38<br> %<br>| 03/01/29 | 488 |
|  | **Total U.S. Government Agency Mortgage-Backed Securities** | **Total U.S. Government Agency Mortgage-Backed Securities** | **Total U.S. Government Agency Mortgage-Backed Securities** | 1062 |
|  | (Cost $1,059) |  |  |  |
| **MORTGAGE-BACKED SECURITIES – 0.0%** | **MORTGAGE-BACKED SECURITIES – 0.0%** | **MORTGAGE-BACKED SECURITIES – 0.0%** | **MORTGAGE-BACKED SECURITIES – 0.0%** | **MORTGAGE-BACKED SECURITIES – 0.0%** |
|  | **Collateralized Mortgage Obligations – 0.0%** |  |  |  |
|  | Credit Suisse First Boston Mortgage Securities Corp.  |  |  |  |
| 299 | Series 2004-6, Class 2A1 | 4.75<br> %<br>| 09/01/25 | 0 |
|  | (Cost $299) |  |  |  |

---

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **MONEY MARKET FUNDS – 2.9%** | **MONEY MARKET FUNDS – 2.9%** | **MONEY MARKET FUNDS – 2.9%** |
| 656977 | Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class - 4.16% (f) | 656977 |
|  | (Cost $656,977) |  |

---

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

---

| | |
|:---|:---|
| **Total Investments – 100.1%** | 22407602 |
| (Cost $21,129,602)  |  |

---

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

---

| | |
|:---|:---|
| **Net Other Assets and Liabilities – (0.1)%** | (17218)<br>|
| **Net Assets – 100.0%** | $22390384 |

---

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) This
 security is taxed as a "C" corporation for federal income tax purposes.

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

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

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

---

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

---

See Notes to Financial Statements

------

**First Trust Multi Income Allocation Portfolio** 

**Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of June 30, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total**<br> **Value at**<br> **6/30/2025**<br>| &nbsp;&nbsp;&nbsp; **Level 1**<br> **Quoted**<br> **Prices**<br>| &nbsp;&nbsp;&nbsp; **Level 2**<br> **Significant**<br> **Observable**<br> **Inputs**<br>| &nbsp;&nbsp;&nbsp; **Level 3**<br> **Significant**<br> **Unobservable**<br> **Inputs**<br>|
| Exchange-Traded Funds\* | &nbsp;&nbsp; $11110382 | &nbsp;&nbsp;&nbsp;&nbsp; $11110382 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Common Stocks\* | &nbsp;&nbsp; 8135970 | &nbsp;&nbsp;&nbsp;&nbsp; 8135970 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Master Limited Partnerships\* | &nbsp;&nbsp; 763522 | &nbsp;&nbsp;&nbsp;&nbsp; 763522 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Government Bonds and Notes | &nbsp;&nbsp; 1739689 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1739689 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Government Agency Mortgage-Backed Securities | &nbsp;&nbsp; 1062 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1062 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Mortgage-Backed Securities | &nbsp;&nbsp; —<br> \*\*<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —<br> \*\*<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Money Market Funds | &nbsp;&nbsp; 656977 | &nbsp;&nbsp;&nbsp;&nbsp; 656977 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Investments | &nbsp;&nbsp; $22407602 | &nbsp;&nbsp;&nbsp;&nbsp; $20666851 | &nbsp;&nbsp;&nbsp;&nbsp; $1740751 | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

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

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

See Notes to Financial Statements

------

**First Trust Dorsey Wright Tactical Core Portfolio** 

**Portfolio of Investments** 

**June 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **EXCHANGE-TRADED FUNDS – 98.4%** | **EXCHANGE-TRADED FUNDS – 98.4%** | **EXCHANGE-TRADED FUNDS – 98.4%** |
|  | **Capital Markets – 98.4%** |  |
| 12148 | First Trust China AlphaDEX<sup>®</sup> Fund (a) | $293010 |
| 11171 | First Trust Developed Markets ex-US AlphaDEX<sup>®</sup> Fund (a) | 768118 |
| 20379 | First Trust Dow Jones Internet Index Fund (a) (b) | 5488676 |
| 27482 | First Trust Emerging Markets AlphaDEX<sup>®</sup> Fund (a) | 674958 |
| 5718 | First Trust Eurozone AlphaDEX<sup>®</sup> ETF (a) | 315977 |
| 78345 | First Trust Financials AlphaDEX<sup>®</sup> Fund (a) | 4392021 |
| 4506 | First Trust Germany AlphaDEX<sup>®</sup> Fund (a) | 253958 |
| 59449 | First Trust Industrials/Producer Durables AlphaDEX<sup>®</sup> Fund (a) | 4412305 |
| 48402 | First Trust Large Cap Core AlphaDEX<sup>®</sup> Fund (a) | 5322284 |
| 37571 | First Trust Large Cap Growth AlphaDEX<sup>®</sup> Fund (a) | 5672094 |
| 60423 | First Trust Mid Cap Growth AlphaDEX<sup>®</sup> Fund (a) | 4981272 |
| 42732 | First Trust NASDAQ-100 Ex-Technology Sector Index Fund (a) | 4221921 |
| 3789 | First Trust Switzerland AlphaDEX<sup>®</sup> Fund (a) | 289821 |
| 6278 | First Trust United Kingdom AlphaDEX<sup>®</sup> Fund (a) | 294375 |
| 108238 | First Trust Utilities AlphaDEX<sup>®</sup> Fund (a) | 4587126 |
| 31034 | iShares Core U.S. Aggregate Bond ETF | 3078573 |
| 42763 | SPDR Blackstone Senior Loan ETF | 1778513 |
| 18506 | SPDR Bloomberg High Yield Bond ETF | 1800079 |
| 54007 | SPDR Bloomberg International Corporate Bond ETF | 1760088 |
| 50142 | SPDR Portfolio Intermediate Term Corporate Bond ETF | 1683768 |
|  | **Total Exchange-Traded Funds** | 52068937 |
|  | (Cost $45,094,730) |  |
| **MONEY MARKET FUNDS – 1.7%** | **MONEY MARKET FUNDS – 1.7%** | **MONEY MARKET FUNDS – 1.7%** |
| 893395 | Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class - 4.16% (c) | 893395 |
|  | (Cost $893,395) |  |

---

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

---

| | |
|:---|:---|
| **Total Investments – 100.1%** | 52962332 |
| (Cost $45,988,125)  |  |

---

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

---

| | |
|:---|:---|
| **Net Other Assets and Liabilities – (0.1)%** | (62262)<br>|
| **Net Assets – 100.0%** | $52900070 |

---

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

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

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

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

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of June 30, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total**<br> **Value at**<br> **6/30/2025**<br>| &nbsp;&nbsp;&nbsp; **Level 1**<br> **Quoted**<br> **Prices**<br>| &nbsp;&nbsp;&nbsp; **Level 2**<br> **Significant**<br> **Observable**<br> **Inputs**<br>| &nbsp;&nbsp;&nbsp; **Level 3**<br> **Significant**<br> **Unobservable**<br> **Inputs**<br>|
| Exchange-Traded Funds\* | &nbsp;&nbsp; $52068937 | &nbsp;&nbsp;&nbsp;&nbsp; $52068937 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Money Market Funds | &nbsp;&nbsp; 893395 | &nbsp;&nbsp;&nbsp;&nbsp; 893395 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Investments | &nbsp;&nbsp; $52962332 | &nbsp;&nbsp;&nbsp;&nbsp; $52962332 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

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

\* See Portfolio of Investments for industry breakout.

See Notes to Financial Statements

------

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

**Portfolio of Investments** 

**June 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| <br> **Shares**<br>| **Description** | **Value** |
| **COMMON STOCKS – 98.3%**  | **COMMON STOCKS – 98.3%**  | **COMMON STOCKS – 98.3%**  |
|  | **Aerospace & Defense – 3.7%** |  |
| 11712 | General Dynamics Corp.  | $3415922 |
| 5983 | Northrop Grumman Corp.  | 2991380 |
|  |  | 6407302 |
|  | **Air Freight & Logistics – 2.0%** |  |
| 30303 | Expeditors International of <br> Washington, Inc. <br>| 3462118 |
|  | **Beverages – 5.6%** |  |
| 44293 | Coca-Cola (The) Co.  | 3133730 |
| 55356 | Monster Beverage Corp. (a) | 3467500 |
| 22636 | PepsiCo, Inc.  | 2988857 |
|  |  | 9590087 |
|  | **Biotechnology – 2.0%** |  |
| 18691 | AbbVie, Inc.  | 3469424 |
|  | **Capital Markets – 6.5%** |  |
| 3692 | BlackRock, Inc.  | 3873831 |
| 7610 | Moody's Corp.  | 3817100 |
| 37549 | T. Rowe Price Group, Inc.  | 3623478 |
|  |  | 11314409 |
|  | **Chemicals – 8.2%** |  |
| 12299 | Air Products and Chemicals, Inc.  | 3469056 |
| 13544 | Ecolab, Inc.  | 3649295 |
| 7152 | Linde PLC  | 3355575 |
| 32318 | PPG Industries, Inc.  | 3676173 |
|  |  | 14150099 |
|  | **Commercial Services &** <br> **Supplies – 3.7%**<br>|  |
| 54178 | Copart, Inc. (a) | 2658515 |
| 36111 | Veralto Corp.  | 3645405 |
|  |  | 6303920 |
|  | **Communications Equipment –** <br> **4.2%**<br>|  |
| 57987 | Cisco Systems, Inc.  | 4023138 |
| 7681 | Motorola Solutions, Inc.  | 3229553 |
|  |  | 7252691 |
|  | **Consumer Staples** <br> **Distribution & Retail – 1.9%**<br>|  |
| 3251 | Costco Wholesale Corp.  | 3218295 |
|  | **Electronic Equipment,** <br> **Instruments & Components –** <br> **2.4%**<br>|  |
| 25018 | TE Connectivity PLC  | 4219786 |
|  | **Financial Services – 4.1%** |  |
| 6250 | Mastercard, Inc., Class A  | 3512125 |
| 9810 | Visa, Inc., Class A  | 3483041 |
|  |  | 6995166 |

---

---

| | | |
|:---|:---|:---|
| <br> **Shares**<br>| **Description** | **Value** |
|  | **Food Products – 1.9%** |  |
| 48030 | Mondelez International, Inc., <br> Class A <br>| $3239143 |
|  | **Ground Transportation – 2.0%** |  |
| 14680 | Union Pacific Corp.  | 3377574 |
|  | **Health Care Equipment &** <br> **Supplies – 4.1%**<br>|  |
| 24686 | Abbott Laboratories  | 3357543 |
| 9332 | Stryker Corp.  | 3692019 |
|  |  | 7049562 |
|  | **Health Care Providers &** <br> **Services – 2.0%**<br>|  |
| 11276 | Cencora, Inc.  | 3381109 |
|  | **Household Durables – 1.9%** |  |
| 450 | NVR, Inc. (a) | 3323547 |
|  | **Household Products – 5.2%** |  |
| 33857 | Colgate-Palmolive Co.  | 3077601 |
| 22641 | Kimberly-Clark Corp.  | 2918878 |
| 18950 | Procter & Gamble (The) Co.  | 3019114 |
|  |  | 9015593 |
|  | **Industrial Conglomerates –** <br> **2.2%**<br>|  |
| 16446 | Honeywell International, Inc.  | 3829945 |
|  | **Insurance – 9.2%** |  |
| 30095 | Aflac, Inc.  | 3173819 |
| 8800 | Aon PLC, Class A  | 3139488 |
| 52311 | Fidelity National Financial, Inc.  | 2932554 |
| 14692 | Marsh & McLennan Cos., Inc.  | 3212259 |
| 47317 | W.R. Berkley Corp.  | 3476380 |
|  |  | 15934500 |
|  | **IT Services – 4.0%** |  |
| 46564 | Cognizant Technology Solutions <br> Corp., Class A <br>| 3633389 |
| 8050 | Gartner, Inc. (a) | 3253971 |
|  |  | 6887360 |
|  | **Machinery – 4.0%** |  |
| 20073 | Dover Corp.  | 3677976 |
| 10586 | Snap-on, Inc.  | 3294151 |
|  |  | 6972127 |
|  | **Oil, Gas & Consumable Fuels –** <br> **2.0%**<br>|  |
| 29261 | EOG Resources, Inc.  | 3499908 |
|  | **Pharmaceuticals – 1.8%** |  |
| 20533 | Johnson & Johnson  | 3136416 |
|  | **Professional Services – 3.8%** |  |
| 11025 | Automatic Data Processing, Inc.  | 3400110 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| <br> **Shares**<br>| **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Professional** <br> **Services (Continued)**<br>|  |
| 22315 | Paychex, Inc.  | $3245940 |
|  |  | 6646050 |
|  | **Software – 2.5%** |  |
| 8792 | Microsoft Corp.  | 4373229 |
|  | **Specialty Retail – 5.5%** |  |
| 9107 | Home Depot (The), Inc.  | 3338990 |
| 23157 | Ross Stores, Inc.  | 2954370 |
| 25336 | TJX (The) Cos., Inc.  | 3128743 |
|  |  | 9422103 |
|  | **Trading Companies &** <br> **Distributors – 1.9%**<br>|  |
| 3225 | W. W. Grainger, Inc.  | 3354774 |
|  | **Total Common Stocks** | 169826237 |
|  | (Cost $155,547,466) |  |
| **MONEY MARKET FUNDS – 1.7%** | **MONEY MARKET FUNDS – 1.7%** | **MONEY MARKET FUNDS – 1.7%** |
| 2986425 | Morgan Stanley Institutional <br> Liquidity Funds - Treasury <br> Portfolio - Institutional Class - <br> 4.16% (b)<br>| 2986425 |
|  | (Cost $2,986,425) |  |
|  | **Total Investments – 100.0%** | 172812662 |
|  | (Cost $158,533,891)  |  |
|  | **Net Other Assets and** <br> **Liabilities – 0.0%**<br>| 42979 |
|  | **Net Assets – 100.0%** | $172855641 |

---

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

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

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

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of June 30, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total**<br> **Value at**<br> **6/30/2025**<br>| **Level 1**<br> **Quoted**<br> **Prices**<br>| **Level 2**<br> **Significant**<br> **Observable**<br> **Inputs**<br>| **Level 3**<br> **Significant**<br> **Unobservable**<br> **Inputs**<br>|
| Common Stocks\* | $169826237 | &nbsp;&nbsp; $169826237 | $— | $— |
| Money Market <br> Funds<br>| 2986425 | &nbsp;&nbsp; 2986425 |  |  |
| Total Investments | $172812662 | &nbsp;&nbsp; $172812662 | $— | $— |

---

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

\* See Portfolio of Investments for industry breakout.

See Notes to Financial Statements

------

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

**Portfolio of Investments** 

**June 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| <br> **Shares**<br>| **Description** | **Value** |
| **COMMON STOCKS (a) – 95.9%**  | **COMMON STOCKS (a) – 95.9%**  | **COMMON STOCKS (a) – 95.9%**  |
|  | **Banks – 2.1%** |  |
| 5328 | Royal Bank of Canada (CAD)  | $702196 |
|  | **Beverages – 3.8%** |  |
| 4535 | Carlsberg A/S, Class B (DKK)  | 642543 |
| 12396 | Coca-Cola HBC AG (GBP)  | 647265 |
|  |  | 1289808 |
|  | **Biotechnology – 1.9%** |  |
| 4054 | CSL Ltd. (AUD)  | 638966 |
|  | **Capital Markets – 1.9%** |  |
| 2006 | Deutsche Boerse AG (EUR)  | 654306 |
|  | **Chemicals – 4.0%** |  |
| 134 | Givaudan S.A. (CHF)  | 648679 |
| 2590 | Sika AG (CHF)  | 703114 |
|  |  | 1351793 |
|  | **Consumer Staples** <br> **Distribution & Retail – 3.7%**<br>|  |
| 12024 | Alimentation Couche-Tard, Inc. <br> (CAD) <br>| 597690 |
| 4012 | Loblaw Cos. Ltd. (CAD)  | 663634 |
|  |  | 1261324 |
|  | **Electric Utilities – 1.8%** |  |
| 8154 | Verbund AG (EUR)  | 625766 |
|  | **Food Products – 3.8%** |  |
| 42 | Chocoladefabriken Lindt & <br> Spruengli AG (CHF) <br>| 706661 |
| 5758 | Nestle S.A. (CHF)  | 572062 |
|  |  | 1278723 |
|  | **Hotels, Restaurants &** <br> **Leisure – 3.8%**<br>|  |
| 8000 | Amadeus IT Group S.A. (EUR)  | 673599 |
| 18294 | Compass Group PLC (GBP)  | 619495 |
|  |  | 1293094 |
|  | **Household Products – 1.9%** |  |
| 9508 | Reckitt Benckiser Group PLC <br> (GBP) <br>| 646685 |
|  | **Insurance – 16.8%** |  |
| 1563 | Allianz SE (EUR)  | 633535 |
| 16342 | Great-West Lifeco, Inc. (CAD)  | 621518 |
| 1972 | Hannover Rueck SE (EUR)  | 620684 |
| 907 | Muenchener <br> Rueckversicherungs-<br> Gesellschaft AG (EUR) <br>| 588261 |
| 45512 | QBE Insurance Group Ltd. <br> (AUD) <br>| 700618 |
| 61572 | Sampo Oyj, Class A (EUR)  | 662187 |
| 647 | Swiss Life Holding AG (CHF)  | 654461 |
| 3572 | Swiss Re AG (CHF)  | 617430 |

---

---

| | | |
|:---|:---|:---|
| <br> **Shares**<br>| **Description** | **Value** |
|  | **Insurance (Continued)** |  |
| 905 | Zurich Insurance Group AG <br> (CHF) <br>| $632570 |
|  |  | 5731264 |
|  | **IT Services – 3.9%** |  |
| 5882 | CGI, Inc. (CAD)  | 617723 |
| 18200 | Obic Co., Ltd. (JPY)  | 709144 |
|  |  | 1326867 |
|  | **Machinery – 9.9%** |  |
| 15230 | Alfa Laval AB (SEK)  | 640372 |
| 39894 | Atlas Copco AB, Class A (SEK)  | 644526 |
| 10279 | GEA Group AG (EUR)  | 719224 |
| 10528 | Kone Oyj, Class B (EUR)  | 692994 |
| 1849 | Schindler Holding AG (CHF)  | 687447 |
|  |  | 3384563 |
|  | **Marine Transportation – 1.8%** |  |
| 2781 | Kuehne + Nagel International <br> AG (CHF) <br>| 601624 |
|  | **Media – 2.1%** |  |
| 6416 | Publicis Groupe S.A. (EUR)  | 723123 |
|  | **Metals & Mining – 3.7%** |  |
| 26599 | BHP Group Ltd. (AUD)  | 643350 |
| 10615 | Rio Tinto PLC (GBP)  | 618526 |
|  |  | 1261876 |
|  | **Personal Care Products – 3.7%** |  |
| 1592 | L'Oreal S.A. (EUR)  | 680920 |
| 9714 | Unilever PLC (GBP)  | 590026 |
|  |  | 1270946 |
|  | **Pharmaceuticals – 7.7%** |  |
| 4611 | AstraZeneca PLC (GBP)  | 640524 |
| 34931 | GSK PLC (GBP)  | 666477 |
| 5589 | Novartis AG (CHF)  | 677414 |
| 1982 | Roche Holding AG (CHF)  | 645471 |
|  |  | 2629886 |
|  | **Professional Services – 7.8%** |  |
| 20416 | Bureau Veritas S.A. (EUR)  | 695979 |
| 6587 | SGS S.A. (CHF)  | 668288 |
| 3404 | Thomson Reuters Corp. (CAD)  | 684525 |
| 3625 | Wolters Kluwer N.V. (EUR)  | 606136 |
|  |  | 2654928 |
|  | **Software – 4.0%** |  |
| 183 | Constellation Software, Inc. <br> (CAD) <br>| 671016 |
| 39834 | Sage Group (The) PLC (GBP)  | 683750 |
|  |  | 1354766 |
|  | **Textiles, Apparel & Luxury** <br> **Goods – 1.9%**<br>|  |
| 239 | Hermes International SCA (EUR)  | 647238 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| <br> **Shares**<br>| **Description** | **Value** |
| **COMMON STOCKS (a) (Continued)** | **COMMON STOCKS (a) (Continued)** | **COMMON STOCKS (a) (Continued)** |
|  | **Trading Companies &** <br> **Distributors – 1.9%**<br>|  |
| 20404 | Bunzl PLC (GBP)  | $649775 |
|  | **Transportation Infrastructure –** <br> **2.0%**<br>|  |
| 24970 | Aena SME SA (EUR) (b) (c) | 666508 |
|  | **Total Common Stocks** | 32646025 |
|  | (Cost $29,453,244) |  |
| **WARRANTS (a) – 0.0%**  | **WARRANTS (a) – 0.0%**  | **WARRANTS (a) – 0.0%**  |
|  | **Software – 0.0%** |  |
| 92 | Constellation Software, Inc. <br> (CAD) (d) (e) (f) (g)<br>| 0 |
|  | (Cost $0) |  |
| **MONEY MARKET FUNDS – 3.5%** | **MONEY MARKET FUNDS – 3.5%** | **MONEY MARKET FUNDS – 3.5%** |
| 1200477 | Morgan Stanley Institutional <br> Liquidity Funds - Treasury <br> Portfolio - Institutional Class - <br> 4.16% (h)<br>| 1200477 |
|  | (Cost $1,200,477) |  |
|  | **Total Investments – 99.4%** | 33846502 |
|  | (Cost $30,653,721)  |  |
|  | **Net Other Assets and** <br> **Liabilities – 0.6%**<br>| 205337 |
|  | **Net Assets – 100.0%** | $34051839 |

---

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(g) This
 security's value was determined using significant unobservable
 inputs. (see Note 2A - Portfolio Valuation in the
 Notes to Financial Statements).

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

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

---

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

---

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

---

| | |
|:---|:---|
| **Country Allocation†**  | **% of Net**<br> **Assets**<br>|
| Switzerland | 24.9% |
| United Kingdom | 15.0 |
| Canada | 13.4 |
| Germany | 9.4 |
| France | 8.1 |
| Australia | 5.8 |
| Finland | 4.0 |
| Spain | 3.9 |
| Sweden | 3.8 |
| United States | 3.5 |
| Japan | 2.1 |
| Denmark | 1.9 |
| Austria | 1.8 |
| Netherlands | 1.8 |
| Total Investments | 99.4 |
| Net Other Assets and Liabilities | 0.6 |
| Total | &nbsp;&nbsp; 100.0% |

---

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

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

---

| | |
|:---|:---|
| **Currency Exposure**<br> **Diversification**<br>| **% of Total**<br> **Investments**<br>|
| EUR | 29.2% |
| CHF | 23.1 |
| GBP | 17.0 |
| CAD | 13.5 |
| AUD | 5.9 |
| SEK | 3.8 |
| USD | 3.5 |
| JPY | 2.1 |
| DKK | 1.9 |
| Total | 100.0% |

---

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

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of June 30, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total**<br> **Value at**<br> **6/30/2025**<br>| **Level 1**<br> **Quoted**<br> **Prices**<br>| **Level 2**<br> **Significant**<br> **Observable**<br> **Inputs**<br>| **Level 3**<br> **Significant**<br> **Unobservable**<br> **Inputs**<br>|
| Common Stocks\* | $32646025 | &nbsp;&nbsp; $32646025 | $— | $— |
| Warrants\* | —<br> \*\*<br>| &nbsp;&nbsp; — |  | —<br> \*\*<br>|
| Money Market Funds | 1200477 | &nbsp;&nbsp; 1200477 |  |  |
| Total Investments | $33846502 | &nbsp;&nbsp; $33846502 | $— | $—<br> \*\*<br>|

---

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

\* See Portfolio of Investments for industry breakout.

\*\* Investment is valued at $0.

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

See Notes to Financial Statements

------

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

**Portfolio of Investments** 

**June 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| <br> **Shares**<br>| **Description** | **Value** |
| **COMMON STOCKS – 97.9%**  | **COMMON STOCKS – 97.9%**  | **COMMON STOCKS – 97.9%**  |
|  | **Beverages – 1.8%** |  |
| 7944 | Monster Beverage Corp. (a) | $497612 |
|  | **Biotechnology – 1.6%** |  |
| 1630 | United Therapeutics Corp. (a) | 468381 |
|  | **Building Products – 2.1%** |  |
| 1393 | Trane Technologies PLC  | 609312 |
|  | **Capital Markets – 5.7%** |  |
| 999 | Ameriprise Financial, Inc.  | 533196 |
| 6093 | Charles Schwab (The) Corp.  | 555925 |
| 3477 | Raymond James Financial, Inc.  | 533268 |
|  |  | 1622389 |
|  | **Commercial Services &** <br> **Supplies – 1.3%**<br>|  |
| 7775 | Copart, Inc. (a) | 381519 |
|  | **Communications Equipment –** <br> **4.0%**<br>|  |
| 6517 | Arista Networks, Inc. (a) | 666754 |
| 1102 | Motorola Solutions, Inc.  | 463347 |
|  |  | 1130101 |
|  | **Construction & Engineering –** <br> **2.3%**<br>|  |
| 1225 | EMCOR Group, Inc.  | 655240 |
|  | **Consumer Finance – 2.1%** |  |
| 1846 | American Express Co.  | 588837 |
|  | **Electrical Equipment – 5.0%** |  |
| 1729 | Eaton Corp PLC  | 617236 |
| 6338 | Vertiv Holdings Co., Class A  | 813862 |
|  |  | 1431098 |
|  | **Electronic Equipment,** <br> **Instruments & Components –** <br> **2.5%**<br>|  |
| 7132 | Amphenol Corp., Class A  | 704285 |
|  | **Energy Equipment &** <br> **Services – 3.2%**<br>|  |
| 11925 | Baker Hughes Co.  | 457204 |
| 13216 | Schlumberger N.V.  | 446701 |
|  |  | 903905 |
|  | **Financial Services – 7.1%** |  |
| 3660 | Apollo Global Management, Inc.  | 519244 |
| 1503 | Corpay, Inc. (a) | 498726 |
| 897 | Mastercard, Inc., Class A  | 504060 |
| 1408 | Visa, Inc., Class A  | 499910 |
|  |  | 2021940 |
|  | **Health Care Equipment &** <br> **Supplies – 3.9%**<br>|  |
| 6767 | Dexcom, Inc. (a) | 590691 |

---

---

| | | |
|:---|:---|:---|
| <br> **Shares**<br>| **Description** | **Value** |
|  | **Health Care Equipment &** <br> **Supplies (Continued)**<br>|  |
| 1339 | Stryker Corp.  | $529749 |
|  |  | 1120440 |
|  | **Hotels, Restaurants &** <br> **Leisure – 3.8%**<br>|  |
| 4117 | Airbnb, Inc., Class A (a) | 544844 |
| 9633 | Chipotle Mexican Grill, Inc. (a) | 540893 |
|  |  | 1085737 |
|  | **Household Durables – 5.3%** |  |
| 3827 | DR Horton, Inc.  | 493377 |
| 2434 | Garmin Ltd.  | 508024 |
| 4887 | PulteGroup, Inc.  | 515383 |
|  |  | 1516784 |
|  | **Insurance – 3.3%** |  |
| 1263 | Aon PLC, Class A  | 450588 |
| 6744 | W.R. Berkley Corp.  | 495482 |
|  |  | 946070 |
|  | **Interactive Media & Services –** <br> **4.7%**<br>|  |
| 925 | Meta Platforms, Inc., Class A  | 682734 |
| 18370 | Pinterest, Inc., Class A (a) | 658748 |
|  |  | 1341482 |
|  | **Machinery – 3.9%** |  |
| 1577 | Caterpillar, Inc.  | 612207 |
| 5263 | PACCAR, Inc.  | 500301 |
|  |  | 1112508 |
|  | **Media – 2.3%** |  |
| 9232 | Trade Desk (The), Inc., <br> Class A (a)<br>| 664612 |
|  | **Pharmaceuticals – 1.7%** |  |
| 5949 | Merck & Co., Inc.  | 470923 |
|  | **Professional Services – 1.7%** |  |
| 1582 | Automatic Data Processing, Inc.  | 487889 |
|  | **Semiconductors &** <br> **Semiconductor Equipment –** <br> **7.5%**<br>|  |
| 2714 | Broadcom, Inc.  | 748114 |
| 731 | KLA Corp.  | 654786 |
| 4572 | NVIDIA Corp.  | 722330 |
|  |  | 2125230 |
|  | **Software – 16.2%** |  |
| 1330 | Adobe, Inc. (a) | 514550 |
| 1783 | Cadence Design Systems, <br> Inc. (a)<br>| 549432 |
| 10766 | Dynatrace, Inc. (a) | 594391 |
| 4827 | Fortinet, Inc. (a) | 510310 |
| 793 | Intuit, Inc.  | 624591 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| <br> **Shares**<br>| **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Software (Continued)** |  |
| 1262 | Microsoft Corp.  | $627731 |
| 2767 | Palo Alto Networks, Inc. (a) | 566239 |
| 601 | ServiceNow, Inc. (a) | 617876 |
|  |  | 4605120 |
|  | **Specialty Retail – 1.6%** |  |
| 3636 | TJX (The) Cos., Inc.  | 449010 |
|  | **Textiles, Apparel & Luxury** <br> **Goods – 1.6%**<br>|  |
| 4391 | Deckers Outdoor Corp. (a) | 452580 |
|  | **Trading Companies &** <br> **Distributors – 1.7%**<br>|  |
| 463 | W. W. Grainger, Inc.  | 481631 |
|  | **Total Common Stocks** | 27874635 |
|  | (Cost $24,878,640) |  |
| **MONEY MARKET FUNDS – 1.6%** | **MONEY MARKET FUNDS – 1.6%** | **MONEY MARKET FUNDS – 1.6%** |
| 450375 | Morgan Stanley Institutional <br> Liquidity Funds - Treasury <br> Portfolio - Institutional Class - <br> 4.16% (b)<br>| 450375 |
|  | (Cost $450,375) |  |
|  | **Total Investments – 99.5%** | 28325010 |
|  | (Cost $25,329,015)  |  |
|  | **Net Other Assets and** <br> **Liabilities – 0.5%**<br>| 152857 |
|  | **Net Assets – 100.0%** | $28477867 |

---

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

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

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

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of June 30, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total**<br> **Value at**<br> **6/30/2025**<br>| **Level 1**<br> **Quoted**<br> **Prices**<br>| **Level 2**<br> **Significant**<br> **Observable**<br> **Inputs**<br>| **Level 3**<br> **Significant**<br> **Unobservable**<br> **Inputs**<br>|
| Common Stocks\* | $27874635 | &nbsp;&nbsp; $27874635 | $— | $— |
| Money Market Funds | 450375 | &nbsp;&nbsp; 450375 |  |  |
| Total Investments | $28325010 | &nbsp;&nbsp; $28325010 | $— | $— |

---

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

\* See Portfolio of Investments for industry breakout.

See Notes to Financial Statements

------

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

**Portfolio of Investments** 

**June 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) – 109.3%**  | **COMMON STOCKS (a) – 109.3%**  | **COMMON STOCKS (a) – 109.3%**  |
|  | **Aerospace & Defense – 4.1%** |  |
| 1014 | General Dynamics Corp.  | $295743 |
| 518 | Northrop Grumman Corp.  | 258990 |
|  |  | 554733 |
|  | **Air Freight & Logistics – 2.2%** |  |
| 2625 | Expeditors International of Washington, Inc.  | 299906 |
|  | **Beverages – 6.2%** |  |
| 3836 | Coca-Cola (The) Co.  | 271397 |
| 4794 | Monster Beverage Corp. (b) | 300296 |
| 1961 | PepsiCo, Inc.  | 258931 |
|  |  | 830624 |
|  | **Biotechnology – 2.2%** |  |
| 1619 | AbbVie, Inc.  | 300519 |
|  | **Capital Markets – 7.3%** |  |
| 320 | BlackRock, Inc.  | 335760 |
| 659 | Moody's Corp.  | 330548 |
| 3252 | T. Rowe Price Group, Inc.  | 313818 |
|  |  | 980126 |
|  | **Chemicals – 9.1%** |  |
| 1065 | Air Products and Chemicals, Inc.  | 300394 |
| 1173 | Ecolab, Inc.  | 316053 |
| 619 | Linde PLC  | 290423 |
| 2799 | PPG Industries, Inc.  | 318386 |
|  |  | 1225256 |
|  | **Commercial Services & Supplies – 4.1%** |  |
| 4692 | Copart, Inc. (b) | 230236 |
| 3128 | Veralto Corp.  | 315772 |
|  |  | 546008 |
|  | **Communications Equipment – 4.7%** |  |
| 5022 | Cisco Systems, Inc.  | 348426 |
| 665 | Motorola Solutions, Inc.  | 279606 |
|  |  | 628032 |
|  | **Consumer Staples Distribution & Retail – 2.1%** |  |
| 282 | Costco Wholesale Corp.  | 279163 |
|  | **Electronic Equipment, Instruments & Components – 2.7%** |  |
| 2167 | TE Connectivity PLC  | 365508 |
|  | **Financial Services – 4.5%** |  |
| 541 | Mastercard, Inc., Class A  | 304010 |
| 850 | Visa, Inc., Class A  | 301792 |
|  |  | 605802 |
|  | **Food Products – 2.1%** |  |
| 4160 | Mondelez International, Inc., Class A  | 280550 |
|  | **Ground Transportation – 2.2%** |  |
| 1271 | Union Pacific Corp.  | 292432 |
|  | **Health Care Equipment & Supplies – 4.5%** |  |
| 2138 | Abbott Laboratories  | 290789 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) (Continued)**  | **COMMON STOCKS (a) (Continued)**  | **COMMON STOCKS (a) (Continued)**  |
|  | **Health Care Equipment & Supplies (Continued)** |  |
| 808 | Stryker Corp.  | $319669 |
|  |  | 610458 |
|  | **Health Care Providers & Services – 2.2%** |  |
| 977 | Cencora, Inc.  | 292953 |
|  | **Household Durables – 2.1%** |  |
| 39 | NVR, Inc. (b) | 288041 |
|  | **Household Products – 5.8%** |  |
| 2932 | Colgate-Palmolive Co.  | 266519 |
| 1961 | Kimberly-Clark Corp.  | 252812 |
| 1641 | Procter & Gamble (The) Co.  | 261444 |
|  |  | 780775 |
|  | **Industrial Conglomerates – 2.5%** |  |
| 1424 | Honeywell International, Inc.  | 331621 |
|  | **Insurance – 10.3%** |  |
| 2607 | Aflac, Inc.  | 274935 |
| 762 | Aon PLC, Class A  | 271851 |
| 4531 | Fidelity National Financial, Inc.  | 254008 |
| 1273 | Marsh & McLennan Cos., Inc.  | 278329 |
| 4098 | W.R. Berkley Corp.  | 301080 |
|  |  | 1380203 |
|  | **IT Services – 4.4%** |  |
| 4033 | Cognizant Technology Solutions Corp., Class A  | 314695 |
| 697 | Gartner, Inc. (b) | 281741 |
|  |  | 596436 |
|  | **Machinery – 4.5%** |  |
| 1739 | Dover Corp.  | 318637 |
| 917 | Snap-on, Inc.  | 285352 |
|  |  | 603989 |
|  | **Oil, Gas & Consumable Fuels – 2.2%** |  |
| 2534 | EOG Resources, Inc.  | 303092 |
|  | **Pharmaceuticals – 2.0%** |  |
| 1778 | Johnson & Johnson  | 271590 |
|  | **Professional Services – 4.3%** |  |
| 955 | Automatic Data Processing, Inc.  | 294522 |
| 1933 | Paychex, Inc.  | 281174 |
|  |  | 575696 |
|  | **Software – 2.8%** |  |
| 761 | Microsoft Corp.  | 378529 |
|  | **Specialty Retail – 6.1%** |  |
| 789 | Home Depot (The), Inc.  | 289279 |
| 2006 | Ross Stores, Inc.  | 255925 |
| 2194 | TJX (The) Cos., Inc.  | 270937 |
|  |  | 816141 |

---

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (a) (Continued)**  | **COMMON STOCKS (a) (Continued)**  | **COMMON STOCKS (a) (Continued)**  |
|  | **Trading Companies & Distributors – 2.1%** |  |
| 279 | W. W. Grainger, Inc.  | $290227 |
|  | **Total Common Stocks** | 14708410 |
|  | (Cost $14,104,258) |  |
| **MONEY MARKET FUNDS – 0.4%** | **MONEY MARKET FUNDS – 0.4%** | **MONEY MARKET FUNDS – 0.4%** |
| 49580 | Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class - 4.16% (c) | 49580 |
|  | (Cost $49,580) |  |
|  | **Total Investments – 109.7%** | 14757990 |
|  | (Cost $14,153,838)  |  |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Number of** <br> **Contracts**<br>| **Description** | **Notional** <br> **Amount**<br>| **Exercise** <br> **Price**<br>| **Expiration** <br> **Date**<br>| **Value** |
| **PURCHASED OPTIONS – 0.0%** | **PURCHASED OPTIONS – 0.0%** | **PURCHASED OPTIONS – 0.0%** | **PURCHASED OPTIONS – 0.0%** | **PURCHASED OPTIONS – 0.0%** | **PURCHASED OPTIONS – 0.0%** |
|  | **Put Options Purchased – 0.0%** |  |  |  |  |
| 21 | S&P 500<sup>®</sup> Index | $13030395 | $5020.00 | 07/18/25 | 2362 |
| 59 | S&P 500<sup>®</sup> Mini Index | 3660950 | 500.00 | 07/18/25 | 620 |
|  | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | 2982 |
|  | (Cost $347,618)  |  |  |  |  |
| **WRITTEN OPTIONS – (12.0)%** | **WRITTEN OPTIONS – (12.0)%** | **WRITTEN OPTIONS – (12.0)%** | **WRITTEN OPTIONS – (12.0)%** | **WRITTEN OPTIONS – (12.0)%** | **WRITTEN OPTIONS – (12.0)%** |
|  | **Call Options Written – (12.0)%** |  |  |  |  |
| (21)<br>| S&P 500<sup>®</sup> Index | (13030395)<br>| 5610.00 | 07/18/25 | (1263045)<br>|
| (59)<br>| S&P 500<sup>®</sup> Mini Index | (3660950)<br>| 562.00 | 07/18/25 | (348749)<br>|
|  | **Total Call Options Written** | **Total Call Options Written** | **Total Call Options Written** | **Total Call Options Written** | (1611794)<br>|
|  | (Premiums received $433,740)  |  |  |  |  |
|  | **Put Options Written – (0.0)%** |  |  |  |  |
| (21)<br>| S&P 500<sup>®</sup> Index | (13030395)<br>| 4225.00 | 07/18/25 | (630)<br>|
| (59)<br>| S&P 500<sup>®</sup> Mini Index | (3660950)<br>| 425.00 | 07/18/25 | (177)<br>|
|  | **Total Put Options Written** | **Total Put Options Written** | **Total Put Options Written** | **Total Put Options Written** | (807)<br>|
|  | (Premiums received $91,673)  |  |  |  |  |
|  | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | (1612601)<br>|
|  | (Premiums received $525,413)  |  |  |  |  |

---

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

---

| | |
|:---|:---|
| **Net Other Assets and Liabilities – 2.3%** | 300486 |
| **Net Assets – 100.0%** | $13448857 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 or a portion of these securities are pledged to cover index call options written. At June 30, 2025, the segregated value of these securities
 amounts to $5,457,829.

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

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

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**June 30, 2025 (Unaudited)**

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of June 30, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
|  | **Total**<br> **Value at**<br> **6/30/2025**<br>| &nbsp;&nbsp;&nbsp; **Level 1**<br> **Quoted**<br> **Prices**<br>| &nbsp;&nbsp;&nbsp; **Level 2**<br> **Significant**<br> **Observable**<br> **Inputs**<br>| &nbsp;&nbsp;&nbsp; **Level 3**<br> **Significant**<br> **Unobservable**<br> **Inputs**<br>|
| Common Stocks\* | &nbsp;&nbsp; $14708410 | &nbsp;&nbsp;&nbsp;&nbsp; $14708410 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Money Market Funds | &nbsp;&nbsp; 49580 | &nbsp;&nbsp;&nbsp;&nbsp; 49580 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Investments | &nbsp;&nbsp; 14757990 | &nbsp;&nbsp;&nbsp;&nbsp; 14757990 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Purchased Options | &nbsp;&nbsp; 2982 | &nbsp;&nbsp;&nbsp;&nbsp; 2982 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total | &nbsp;&nbsp; $14760972 | &nbsp;&nbsp;&nbsp;&nbsp; $14760972 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** |
|  | **Total**<br> **Value at**<br> **6/30/2025**<br>| &nbsp;&nbsp;&nbsp; **Level 1**<br> **Quoted**<br> **Prices**<br>| &nbsp;&nbsp;&nbsp; **Level 2**<br> **Significant**<br> **Observable**<br> **Inputs**<br>| &nbsp;&nbsp;&nbsp; **Level 3**<br> **Significant**<br> **Unobservable**<br> **Inputs**<br>|
| Written Options | &nbsp;&nbsp; $(1612601)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(1612601)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

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

\* See Portfolio of Investments for industry breakout.

See Notes to Financial Statements

------

**First Trust Variable Insurance Trust**

**Statements of Assets and Liabilities** 

**June 30, 2025 (Unaudited)**

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

---

| | | | |
|:---|:---|:---|:---|
|  | **First Trust/Dow**<br> **Jones Dividend**<br> **& Income**<br> **Allocation**<br> **Portfolio**<br>| **First Trust**<br> **Multi Income**<br> **Allocation**<br> **Portfolio**<br>| **First Trust**<br> **Dorsey Wright**<br> **Tactical Core**<br> **Portfolio**<br>|
| **ASSETS:** |  |  |  |
| Investments, at value - Unaffiliated | $824319370 | &nbsp;&nbsp; $13704800 | &nbsp;&nbsp; $10994416 |
| Investments, at value - Affiliated |  | &nbsp;&nbsp; 8702802 | &nbsp;&nbsp; 41967916 |
| Total investments, at value | 824319370 | &nbsp;&nbsp; 22407602 | &nbsp;&nbsp; 52962332 |
| Cash segregated as collateral |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Foreign currency  |  | &nbsp;&nbsp; 812 | &nbsp;&nbsp; — |
| Options contracts purchased, at value |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Due from broker |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Receivables: |  |  |  |
| Interest | 5140739 | &nbsp;&nbsp; 9322 | &nbsp;&nbsp; 2770 |
| Dividends | 293081 | &nbsp;&nbsp; 15595 | &nbsp;&nbsp; — |
| Fund shares sold | 127984 | &nbsp;&nbsp; — | &nbsp;&nbsp; 355 |
| Reclaims | 5402 | &nbsp;&nbsp; 311 | &nbsp;&nbsp; — |
| From investment advisor |  | &nbsp;&nbsp; 15044 | &nbsp;&nbsp; 8540 |
| Investment securities sold |  | &nbsp;&nbsp; 29727 | &nbsp;&nbsp; — |
| Prepaid expenses | 6802 | &nbsp;&nbsp; 1961 | &nbsp;&nbsp; 98 |
| Total Assets | 829893378 | &nbsp;&nbsp; 22480374 | &nbsp;&nbsp; 52974095 |
| **LIABILITIES:** |  |  |  |
| Options contracts written, at value |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Payables: |  |  |  |
| Investment advisory fees | 405097 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 12b-1 distribution and service fees | 168790 | &nbsp;&nbsp; 4522 | &nbsp;&nbsp; 10614 |
| Administrative service fees | 135032 | &nbsp;&nbsp; 3617 | &nbsp;&nbsp; 8491 |
| Licensing fees | 66210 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12455 |
| Administrative fees | 45336 | &nbsp;&nbsp; 1537 | &nbsp;&nbsp; 1503 |
| Fund shares redeemed | 27420 | &nbsp;&nbsp; 5578 | &nbsp;&nbsp; 15276 |
| Audit and tax fees | 18613 | &nbsp;&nbsp; 30671 | &nbsp;&nbsp; 13467 |
| Shareholder reporting fees | 11832 | &nbsp;&nbsp; 550 | &nbsp;&nbsp; 649 |
| Transfer agent fees | 10789 | &nbsp;&nbsp; 5300 | &nbsp;&nbsp; 5545 |
| Trustees' fees and expenses | 4908 | &nbsp;&nbsp; 4571 | &nbsp;&nbsp; 4582 |
| Custodian fees | 4887 | &nbsp;&nbsp; 5702 | &nbsp;&nbsp; 227 |
| Legal fees | 4160 | &nbsp;&nbsp; 229 | &nbsp;&nbsp; 278 |
| Financial reporting fees | 742 | &nbsp;&nbsp; 742 | &nbsp;&nbsp; 742 |
| Commitment and administrative agency fees |  | &nbsp;&nbsp; 68 | &nbsp;&nbsp; — |
| Investment securities purchased |  | &nbsp;&nbsp; 25456 | &nbsp;&nbsp; — |
| Other liabilities | 1590 | &nbsp;&nbsp; 1447 | &nbsp;&nbsp; 196 |
| Total Liabilities | 905406 | &nbsp;&nbsp; 89990 | &nbsp;&nbsp; 74025 |
| **NET ASSETS** | $828987972 | &nbsp;&nbsp; $22390384 | &nbsp;&nbsp; $52900070 |
| **NET ASSETS consist of:** |  |  |  |
| Paid-in capital | $782005265 | &nbsp;&nbsp; $20805786 | &nbsp;&nbsp; $45545398 |
| Accumulated distributable earnings (loss) | 46982707 | &nbsp;&nbsp; 1584598 | &nbsp;&nbsp; 7354672 |
| **NET ASSETS** | $828987972 | &nbsp;&nbsp; $22390384 | &nbsp;&nbsp; $52900070 |
| Investments, at cost - Unaffiliated | $784430182 | &nbsp;&nbsp; $12580215 | &nbsp;&nbsp; $11115818 |
| Investments, at cost - Affiliated | $— | &nbsp;&nbsp; $8549387 | &nbsp;&nbsp; $34872307 |
| Total investments, at cost | $784430182 | &nbsp;&nbsp; $21129602 | &nbsp;&nbsp; $45988125 |
| Premiums paid on options contracts purchased | $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Premiums received on options contracts written | $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Foreign currency, at cost | $— | &nbsp;&nbsp; $817 | &nbsp;&nbsp; $— |
| **Class I Shares:** |  |  |  |
| **NET ASSETS** | $828987972 | &nbsp;&nbsp; $22390384 | &nbsp;&nbsp; $52900070 |
| **NET ASSET VALUE, per share** | $13.04 | &nbsp;&nbsp; $11.19 | &nbsp;&nbsp; $13.14 |
| Number of Shares outstanding | 63593608 | &nbsp;&nbsp; 2001586 | &nbsp;&nbsp; 4025649 |

---

See Notes to Financial Statements

------

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

---

| | | | |
|:---|:---|:---|:---|
| **First Trust**<br> **Capital Strength**<sup>®</sup><br> **Portfolio**<br>| **First Trust**<br> **International**<br> **Developed**<br> **Capital Strength**<sup>®</sup><br> **Portfolio**<br>| **First Trust**<br> **Growth Strength**<sup>TM</sup><br> **Portfolio**<br>| **First Trust**<br> **Capital Strength**<sup>®</sup><br> **Hedged Equity**<br> **Portfolio**<br>|
| $172812662 | &nbsp;&nbsp; $33846502 | &nbsp;&nbsp; $28325010 | &nbsp;&nbsp; $14757990 |
| 172812662 | &nbsp;&nbsp; 33846502 | &nbsp;&nbsp; 28325010 | &nbsp;&nbsp; 14757990 |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 22130 |
|  | &nbsp;&nbsp; 5896 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2982 |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 190926 |
| 10579 | &nbsp;&nbsp; 3024 | &nbsp;&nbsp; 1722 | &nbsp;&nbsp; 734 |
| 119016 | &nbsp;&nbsp; 27544 | &nbsp;&nbsp; 15342 | &nbsp;&nbsp; 10016 |
| 84348 | &nbsp;&nbsp; 121205 | &nbsp;&nbsp; 175264 | &nbsp;&nbsp; 104164 |
|  | &nbsp;&nbsp; 90592 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; 4836 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8905 |
| 287 | &nbsp;&nbsp; 3813 | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 18 |
| 173026892 | &nbsp;&nbsp; 34103412 | &nbsp;&nbsp; 28517379 | &nbsp;&nbsp; 15097865 |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1612601 |
| 59485 | &nbsp;&nbsp; — | &nbsp;&nbsp; 920 | &nbsp;&nbsp; — |
| 34956 | &nbsp;&nbsp; 6771 | &nbsp;&nbsp; 5566 | &nbsp;&nbsp; 2696 |
| 27964 | &nbsp;&nbsp; 5417 | &nbsp;&nbsp; 4452 | &nbsp;&nbsp; 2157 |
| 12526 | &nbsp;&nbsp; 2316 | &nbsp;&nbsp; 1841 | &nbsp;&nbsp; 915 |
| 6314 | &nbsp;&nbsp; 6421 | &nbsp;&nbsp; 811 | &nbsp;&nbsp; 354 |
| 690 | &nbsp;&nbsp; 163 | &nbsp;&nbsp; 132 | &nbsp;&nbsp; 237 |
| 15003 | &nbsp;&nbsp; 16669 | &nbsp;&nbsp; 13777 | &nbsp;&nbsp; 16745 |
| 1199 | &nbsp;&nbsp; 685 | &nbsp;&nbsp; 644 | &nbsp;&nbsp; 665 |
| 5848 | &nbsp;&nbsp; 5238 | &nbsp;&nbsp; 5233 | &nbsp;&nbsp; 5319 |
| 4617 | &nbsp;&nbsp; 4564 | &nbsp;&nbsp; 4562 | &nbsp;&nbsp; 4560 |
| 938 | &nbsp;&nbsp; 2250 | &nbsp;&nbsp; 563 | &nbsp;&nbsp; 1813 |
| 672 | &nbsp;&nbsp; 119 | &nbsp;&nbsp; 105 | &nbsp;&nbsp; 41 |
| 742 | &nbsp;&nbsp; 742 | &nbsp;&nbsp; 742 | &nbsp;&nbsp; 742 |
| 297 | &nbsp;&nbsp; 218 | &nbsp;&nbsp; 164 | &nbsp;&nbsp; 163 |
| 171251 | &nbsp;&nbsp; 51573 | &nbsp;&nbsp; 39512 | &nbsp;&nbsp; 1649008 |
| $172855641 | &nbsp;&nbsp; $34051839 | &nbsp;&nbsp; $28477867 | &nbsp;&nbsp; $13448857 |
| $157839840 | &nbsp;&nbsp; $30267922 | &nbsp;&nbsp; $25671899 | &nbsp;&nbsp; $13748621 |
| 15015801 | &nbsp;&nbsp; 3783917 | &nbsp;&nbsp; 2805968 | &nbsp;&nbsp; (299764)<br>|
| $172855641 | &nbsp;&nbsp; $34051839 | &nbsp;&nbsp; $28477867 | &nbsp;&nbsp; $13448857 |
| $158533891 | &nbsp;&nbsp; $30653721 | &nbsp;&nbsp; $25329015 | &nbsp;&nbsp; $14153838 |
| $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| $158533891 | &nbsp;&nbsp; $30653721 | &nbsp;&nbsp; $25329015 | &nbsp;&nbsp; $14153838 |
| $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $347618 |
| $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $525413 |
| $— | &nbsp;&nbsp; $5940 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| $172855641 | &nbsp;&nbsp; $34051839 | &nbsp;&nbsp; $28477867 | &nbsp;&nbsp; $13448857 |
| $14.42 | &nbsp;&nbsp; $14.07 | &nbsp;&nbsp; $14.50 | &nbsp;&nbsp; $9.87 |
| 11988700 | &nbsp;&nbsp; 2419391 | &nbsp;&nbsp; 1963653 | &nbsp;&nbsp; 1362523 |

---

See Notes to Financial Statements

------

**First Trust Variable Insurance Trust**

**Statements of Operations** 

**For the Six Months Ended June 30, 2025 (Unaudited)**

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

---

| | | | |
|:---|:---|:---|:---|
|  | **First Trust/Dow**<br> **Jones Dividend**<br> **& Income**<br> **Allocation**<br> **Portfolio** <br>| **First Trust**<br> **Multi Income**<br> **Allocation**<br> **Portfolio** <br>| **First Trust**<br> **Dorsey Wright**<br> **Tactical Core**<br> **Portfolio** <br>|
| **INVESTMENT INCOME:** |  |  |  |
| Interest | &nbsp;&nbsp; $10264942 | &nbsp;&nbsp; $55519 | &nbsp;&nbsp; $13577 |
| Dividends - Unaffiliated | &nbsp;&nbsp; 4735596 | &nbsp;&nbsp; 172024 | &nbsp;&nbsp; 217120 |
| Dividends - Affiliated | &nbsp;&nbsp; — | &nbsp;&nbsp; 243750 | &nbsp;&nbsp; 179998 |
| Foreign withholding tax on dividend income | &nbsp;&nbsp; (11809)<br>| &nbsp;&nbsp; (1223)<br>| &nbsp;&nbsp; — |
| Other | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total investment income | &nbsp;&nbsp; 14988729 | &nbsp;&nbsp; 470070 | &nbsp;&nbsp; 410695 |
| **EXPENSES:** |  |  |  |
| Investment advisory fees | &nbsp;&nbsp; 2485601 | &nbsp;&nbsp; 63576 | &nbsp;&nbsp; 89129 |
| 12b-1 distribution and/or service fees: |  |  |  |
| Class I | &nbsp;&nbsp; 1035667 | &nbsp;&nbsp; 26490 | &nbsp;&nbsp; 63664 |
| Administrative service fees | &nbsp;&nbsp; 828534 | &nbsp;&nbsp; 21192 | &nbsp;&nbsp; 50931 |
| Administrative fees | &nbsp;&nbsp; 209495 | &nbsp;&nbsp; 2753 | &nbsp;&nbsp; 7286 |
| Licensing fees | &nbsp;&nbsp; 135840 | &nbsp;&nbsp; — | &nbsp;&nbsp; 25466 |
| Legal fees | &nbsp;&nbsp; 55970 | &nbsp;&nbsp; 1734 | &nbsp;&nbsp; 3323 |
| Transfer agent fees | &nbsp;&nbsp; 34996 | &nbsp;&nbsp; 16330 | &nbsp;&nbsp; 17078 |
| Commitment and administrative agency fees | &nbsp;&nbsp; 32264 | &nbsp;&nbsp; 12424 | &nbsp;&nbsp; — |
| Custodian fees | &nbsp;&nbsp; 20403 | &nbsp;&nbsp; 17866 | &nbsp;&nbsp; 4552 |
| Audit and tax fees | &nbsp;&nbsp; 18651 | &nbsp;&nbsp; 30710 | &nbsp;&nbsp; 15006 |
| Shareholder reporting fees | &nbsp;&nbsp; 14247 | &nbsp;&nbsp; 13972 | &nbsp;&nbsp; 13256 |
| Trustees' fees and expenses | &nbsp;&nbsp; 9521 | &nbsp;&nbsp; 8952 | &nbsp;&nbsp; 8972 |
| Financial reporting fees | &nbsp;&nbsp; 4597 | &nbsp;&nbsp; 4597 | &nbsp;&nbsp; 4596 |
| Other | &nbsp;&nbsp; 7562 | &nbsp;&nbsp; 2848 | &nbsp;&nbsp; 908 |
| Total expenses | &nbsp;&nbsp; 4893348 | &nbsp;&nbsp; 223444 | &nbsp;&nbsp; 304167 |
| Fees waived and expenses reimbursed by the investment advisor | &nbsp;&nbsp; — | &nbsp;&nbsp; (135497)<br>| &nbsp;&nbsp; (107562)<br>|
| Net expenses | &nbsp;&nbsp; 4893348 | &nbsp;&nbsp; 87947 | &nbsp;&nbsp; 196605 |
| **NET INVESTMENT INCOME (LOSS)** | &nbsp;&nbsp; 10095381 | &nbsp;&nbsp; 382123 | &nbsp;&nbsp; 214090 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |
| Net realized gain (loss) on: |  |  |  |
| Investments - Unaffiliated | &nbsp;&nbsp; 6911527 | &nbsp;&nbsp; 502307 | &nbsp;&nbsp; (121980)<br>|
| Investments - Affiliated | &nbsp;&nbsp; — | &nbsp;&nbsp; (67236)<br>| &nbsp;&nbsp; 1413323 |
| Purchased options contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Written options contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Foreign currency transactions | &nbsp;&nbsp; — | &nbsp;&nbsp; (22)<br>| &nbsp;&nbsp; — |
| Net realized gain (loss) | &nbsp;&nbsp; 6911527 | &nbsp;&nbsp; 435049 | &nbsp;&nbsp; 1291343 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |
| Investments - Unaffiliated | &nbsp;&nbsp; 8423248 | &nbsp;&nbsp; (31779)<br>| &nbsp;&nbsp; 299734 |
| Investments - Affiliated | &nbsp;&nbsp; — | &nbsp;&nbsp; 117202 | &nbsp;&nbsp; (138642)<br>|
| Purchased options contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Written options contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Foreign currency translation | &nbsp;&nbsp; — | &nbsp;&nbsp; (2)<br>| &nbsp;&nbsp; — |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 8423248 | &nbsp;&nbsp; 85421 | &nbsp;&nbsp; 161092 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS)** | &nbsp;&nbsp; 15334775 | &nbsp;&nbsp; 520470 | &nbsp;&nbsp; 1452435 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM** <br> **OPERATIONS** | &nbsp;&nbsp; $25430156 | &nbsp;&nbsp; $902593 | &nbsp;&nbsp; $1666525 |

---

See Notes to Financial Statements

------

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

---

| | | | |
|:---|:---|:---|:---|
| **First Trust**<br> **Capital Strength**<sup>®</sup><br> **Portfolio** <br>| **First Trust**<br> **International**<br> **Developed**<br> **Capital Strength**<sup>®</sup><br> **Portfolio** <br>| **First Trust**<br> **Growth Strength**<sup>TM</sup><br> **Portfolio** <br>| **First Trust**<br> **Capital Strength**<sup>®</sup><br> **Hedged Equity**<br> **Portfolio** <br>|
| &nbsp;&nbsp; $64271 | &nbsp;&nbsp; $17787 | &nbsp;&nbsp; $9638 | &nbsp;&nbsp; $1470 |
| &nbsp;&nbsp; 1292916 | &nbsp;&nbsp; 684949 | &nbsp;&nbsp; 92876 | &nbsp;&nbsp; 91008 |
| &nbsp;&nbsp; — | &nbsp;&nbsp; (78328)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (219)<br>|
| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 832 |
| &nbsp;&nbsp; 1357187 | &nbsp;&nbsp; 624408 | &nbsp;&nbsp; 102514 | &nbsp;&nbsp; 93091 |
| &nbsp;&nbsp; 410437 | &nbsp;&nbsp; 85694 | &nbsp;&nbsp; 68071 | &nbsp;&nbsp; 40731 |
| &nbsp;&nbsp; 205218 | &nbsp;&nbsp; 35706 | &nbsp;&nbsp; 28363 | &nbsp;&nbsp; 13577 |
| &nbsp;&nbsp; 164119 | &nbsp;&nbsp; 28031 | &nbsp;&nbsp; 22398 | &nbsp;&nbsp; 9578 |
| &nbsp;&nbsp; 33558 | &nbsp;&nbsp; 11479 | &nbsp;&nbsp; 1494 | &nbsp;&nbsp; — |
| &nbsp;&nbsp; 24730 | &nbsp;&nbsp; 8022 | &nbsp;&nbsp; 3418 | &nbsp;&nbsp; 1636 |
| &nbsp;&nbsp; 11350 | &nbsp;&nbsp; 2133 | &nbsp;&nbsp; 1568 | &nbsp;&nbsp; 803 |
| &nbsp;&nbsp; 19317 | &nbsp;&nbsp; 16421 | &nbsp;&nbsp; 16314 | &nbsp;&nbsp; 15137 |
| &nbsp;&nbsp; 3641 | &nbsp;&nbsp; 10827 | &nbsp;&nbsp; 3593 | &nbsp;&nbsp; 7323 |
| &nbsp;&nbsp; 15042 | &nbsp;&nbsp; 16707 | &nbsp;&nbsp; 13816 | &nbsp;&nbsp; 16784 |
| &nbsp;&nbsp; 14664 | &nbsp;&nbsp; 14005 | &nbsp;&nbsp; 13957 | &nbsp;&nbsp; 14301 |
| &nbsp;&nbsp; 9041 | &nbsp;&nbsp; 8947 | &nbsp;&nbsp; 8943 | &nbsp;&nbsp; 8938 |
| &nbsp;&nbsp; 4596 | &nbsp;&nbsp; 4596 | &nbsp;&nbsp; 4596 | &nbsp;&nbsp; 4596 |
| &nbsp;&nbsp; 1515 | &nbsp;&nbsp; 696 | &nbsp;&nbsp; 705 | &nbsp;&nbsp; 655 |
| &nbsp;&nbsp; 917228 | &nbsp;&nbsp; 243264 | &nbsp;&nbsp; 187236 | &nbsp;&nbsp; 134059 |
| &nbsp;&nbsp; (14267)<br>| &nbsp;&nbsp; (71876)<br>| &nbsp;&nbsp; (51094)<br>| &nbsp;&nbsp; (66174)<br>|
| &nbsp;&nbsp; 902961 | &nbsp;&nbsp; 171388 | &nbsp;&nbsp; 136142 | &nbsp;&nbsp; 67885 |
| &nbsp;&nbsp; 454226 | &nbsp;&nbsp; 453020 | &nbsp;&nbsp; (33628)<br>| &nbsp;&nbsp; 25206 |
| &nbsp;&nbsp; 721369 | &nbsp;&nbsp; 698866 | &nbsp;&nbsp; (118012)<br>| &nbsp;&nbsp; (116071)<br>|
| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 513960 |
| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 224043 |
| &nbsp;&nbsp; — | &nbsp;&nbsp; 4407 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp; 721369 | &nbsp;&nbsp; 703273 | &nbsp;&nbsp; (118012)<br>| &nbsp;&nbsp; 621932 |
| &nbsp;&nbsp; 4812140 | &nbsp;&nbsp; 3188613 | &nbsp;&nbsp; 2396512 | &nbsp;&nbsp; 551986 |
| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (259100)<br>|
| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1190645)<br>|
| &nbsp;&nbsp; — | &nbsp;&nbsp; 7494 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp; 4812140 | &nbsp;&nbsp; 3196107 | &nbsp;&nbsp; 2396512 | &nbsp;&nbsp; (897759)<br>|
| &nbsp;&nbsp; 5533509 | &nbsp;&nbsp; 3899380 | &nbsp;&nbsp; 2278500 | &nbsp;&nbsp; (275827)<br>|
| &nbsp;&nbsp; $5987735 | &nbsp;&nbsp; $4352400 | &nbsp;&nbsp; $2244872 | &nbsp;&nbsp; $(250621)<br>|

---

See Notes to Financial Statements

------

**First Trust Variable Insurance Trust**

**Statements of Changes in Net Assets** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **First Trust/Dow Jones Dividend**<br> **& Income Allocation Portfolio** | **First Trust/Dow Jones Dividend**<br> **& Income Allocation Portfolio** | **First Trust Multi Income**<br> **Allocation Portfolio** | **First Trust Multi Income**<br> **Allocation Portfolio** |
|  | **Six Months**<br> **Ended**<br> **6/30/2025**<br> **(Unaudited)** <br>| **Year**<br> **Ended**<br> **12/31/2024** <br>| **Six Months**<br> **Ended**<br> **6/30/2025**<br> **(Unaudited)** <br>| **Year**<br> **Ended**<br> **12/31/2024** <br>|
| **OPERATIONS:** |  |  |  |  |
| Net investment income (loss) | $10095381 | &nbsp;&nbsp; $21523403 | &nbsp;&nbsp; $382123 | &nbsp;&nbsp; $841190 |
| Net realized gain (loss) | 6911527 | &nbsp;&nbsp; 45591355 | &nbsp;&nbsp; 435049 | &nbsp;&nbsp; 423877 |
| Net change in unrealized appreciation (depreciation) | 8423248 | &nbsp;&nbsp; (14602676)<br>| &nbsp;&nbsp; 85421 | &nbsp;&nbsp; 463181 |
| Net increase (decrease) in net assets resulting from operations | 25430156 | &nbsp;&nbsp; 52512082 | &nbsp;&nbsp; 902593 | &nbsp;&nbsp; 1728248 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM** <br> **INVESTMENT OPERATIONS:**<br>|  |  |  |  |
| Class I Shares | (56563298)<br>| &nbsp;&nbsp; (28502566)<br>| &nbsp;&nbsp; (1227230)<br>| &nbsp;&nbsp; (1595028)<br>|
| Total distributions to shareholders from investment operations | (56563298)<br>| &nbsp;&nbsp; (28502566)<br>| &nbsp;&nbsp; (1227230)<br>| &nbsp;&nbsp; (1595028)<br>|
| **DISTRIBUTIONS TO SHAREHOLDERS FROM** <br> **RETURN OF CAPITAL:**<br>|  |  |  |  |
| Total distributions to shareholders from return of capital |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| Proceeds from shares sold | 9049125 | &nbsp;&nbsp; 24934792 | &nbsp;&nbsp; 5827123 | &nbsp;&nbsp; 4887294 |
| Proceeds from shares reinvested | 56563298<br>| &nbsp;&nbsp; 28502566<br>| &nbsp;&nbsp; 1227230<br>| &nbsp;&nbsp; 1595028<br>|
| Cost of shares redeemed  | (60025794) <br>| &nbsp;&nbsp; (134547788) <br>| &nbsp;&nbsp; (4048017) <br>| &nbsp;&nbsp; (23245842) <br>|
| Net increase (decrease) in net assets resulting from capital <br> transactions<br>| 5586629 | &nbsp;&nbsp; (81110430)<br>| &nbsp;&nbsp; 3006336 | &nbsp;&nbsp; (16763520)<br>|
| Total increase (decrease) in net assets | (25546513)<br>| &nbsp;&nbsp; (57100914)<br>| &nbsp;&nbsp; 2681699 | &nbsp;&nbsp; (16630300)<br>|
| **NET ASSETS:** |  |  |  |  |
| Beginning of period | 854534485 | &nbsp;&nbsp; 911635399 | &nbsp;&nbsp; 19708685 | &nbsp;&nbsp; 36338985 |
| End of period | $828987972 | &nbsp;&nbsp; $854534485 | &nbsp;&nbsp; $22390384 | &nbsp;&nbsp; $19708685 |

---

See Notes to Financial Statements

------

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **First Trust Dorsey Wright**<br> **Tactical Core Portfolio** | **First Trust Dorsey Wright**<br> **Tactical Core Portfolio** | **First Trust Capital**<br> **Strength**<sup>®</sup> **Portfolio** | **First Trust Capital**<br> **Strength**<sup>®</sup> **Portfolio** | **First Trust International**<br> **Developed Capital Strength**<sup>®</sup> **Portfolio** | **First Trust International**<br> **Developed Capital Strength**<sup>®</sup> **Portfolio** | **First Trust Growth**<br> **Strength**<sup>TM</sup> **Portfolio** | **First Trust Growth**<br> **Strength**<sup>TM</sup> **Portfolio** |
| **Six Months**<br> **Ended**<br> **6/30/2025**<br> **(Unaudited)** <br>| **Year**<br> **Ended**<br> **12/31/2024** <br>| **Six Months**<br> **Ended**<br> **6/30/2025**<br> **(Unaudited)** <br>| **Year**<br> **Ended**<br> **12/31/2024** <br>| **Six Months**<br> **Ended**<br> **6/30/2025**<br> **(Unaudited)** <br>| **Year**<br> **Ended**<br> **12/31/2024** <br>| **Six Months**<br> **Ended**<br> **6/30/2025**<br> **(Unaudited)** <br>| **Year**<br> **Ended**<br> **12/31/2024** <br>|
| $214090 | &nbsp;&nbsp; $438450 | &nbsp;&nbsp; $454226 | &nbsp;&nbsp; $1064802 | &nbsp;&nbsp; $453020 | &nbsp;&nbsp; $140390 | &nbsp;&nbsp; $(33628)<br>| &nbsp;&nbsp; $(8546)<br>|
| 1291343 | &nbsp;&nbsp; 2961543 | &nbsp;&nbsp; 721369 | &nbsp;&nbsp; 11388573 | &nbsp;&nbsp; 703273 | &nbsp;&nbsp; 1061066 | &nbsp;&nbsp; (118012)<br>| &nbsp;&nbsp; 1468605 |
| 161092 | &nbsp;&nbsp; 2782428 | &nbsp;&nbsp; 4812140 | &nbsp;&nbsp; (6112)<br>| &nbsp;&nbsp; 3196107 | &nbsp;&nbsp; (1347503)<br>| &nbsp;&nbsp; 2396512 | &nbsp;&nbsp; (72495)<br>|
| 1666525 | &nbsp;&nbsp; 6182421 | &nbsp;&nbsp; 5987735 | &nbsp;&nbsp; 12447263 | &nbsp;&nbsp; 4352400 | &nbsp;&nbsp; (146047)<br>| &nbsp;&nbsp; 2244872 | &nbsp;&nbsp; 1387564 |
| (164431)<br>| &nbsp;&nbsp; (472070)<br>| &nbsp;&nbsp; (333708)<br>| &nbsp;&nbsp; (10518574)<br>| &nbsp;&nbsp; (445992)<br>| &nbsp;&nbsp; (671903)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1498448)<br>|
| (164431)<br>| &nbsp;&nbsp; (472070)<br>| &nbsp;&nbsp; (333708)<br>| &nbsp;&nbsp; (10518574)<br>| &nbsp;&nbsp; (445992)<br>| &nbsp;&nbsp; (671903)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1498448)<br>|
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (244210)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (81327)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (20676)<br>|
| 3687365 | &nbsp;&nbsp; 5939020 | &nbsp;&nbsp; 16127081 | &nbsp;&nbsp; 42322913 | &nbsp;&nbsp; 9765936 | &nbsp;&nbsp; 14963174 | &nbsp;&nbsp; 7916118 | &nbsp;&nbsp; 14414194 |
| 164431<br>| &nbsp;&nbsp; 472070<br>| &nbsp;&nbsp; 333708<br>| &nbsp;&nbsp; 10762784<br>| &nbsp;&nbsp; 445992<br>| &nbsp;&nbsp; 753230<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; 1519124<br>|
| (5322009) <br>| &nbsp;&nbsp; (9614411) <br>| &nbsp;&nbsp; (6595700) <br>| &nbsp;&nbsp; (15751295) <br>| &nbsp;&nbsp; (4162731) <br>| &nbsp;&nbsp; (3121713) <br>| &nbsp;&nbsp; (1079649) <br>| &nbsp;&nbsp; (3590909) <br>|
| (1470213)<br>| &nbsp;&nbsp; (3203321)<br>| &nbsp;&nbsp; 9865089 | &nbsp;&nbsp; 37334402 | &nbsp;&nbsp; 6049197 | &nbsp;&nbsp; 12594691 | &nbsp;&nbsp; 6836469 | &nbsp;&nbsp; 12342409 |
| 31881 | &nbsp;&nbsp; 2507030 | &nbsp;&nbsp; 15519116 | &nbsp;&nbsp; 39018881 | &nbsp;&nbsp; 9955605 | &nbsp;&nbsp; 11695414 | &nbsp;&nbsp; 9081341 | &nbsp;&nbsp; 12210849 |
| 52868189 | &nbsp;&nbsp; 50361159 | &nbsp;&nbsp; 157336525 | &nbsp;&nbsp; 118317644 | &nbsp;&nbsp; 24096234 | &nbsp;&nbsp; 12400820 | &nbsp;&nbsp; 19396526 | &nbsp;&nbsp; 7185677 |
| $52900070 | &nbsp;&nbsp; $52868189 | &nbsp;&nbsp; $172855641 | &nbsp;&nbsp; $157336525 | &nbsp;&nbsp; $34051839 | &nbsp;&nbsp; $24096234 | &nbsp;&nbsp; $28477867 | &nbsp;&nbsp; $19396526 |

---

See Notes to Financial Statements

------

**First Trust Variable Insurance Trust**

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

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

---

| | | |
|:---|:---|:---|
|  | **First Trust Capital Strength**<sup>®</sup><br> **Hedged Equity Portfolio** | **First Trust Capital Strength**<sup>®</sup><br> **Hedged Equity Portfolio** |
|  | **Six Months**<br> **Ended**<br> **6/30/2025**<br> **(Unaudited)** <br>| **Year**<br> **Ended**<br> **12/31/2024** <br>|
| **OPERATIONS:** |  |  |
| Net investment income (loss) | $25206 | &nbsp;&nbsp; $39179 |
| Net realized gain (loss) | 621932 | &nbsp;&nbsp; (78635)<br>|
| Net change in unrealized appreciation (depreciation) | (897759)<br>| &nbsp;&nbsp; 70471 |
| Net increase (decrease) in net assets resulting from operations | (250621)<br>| &nbsp;&nbsp; 31015 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM INVESTMENT OPERATIONS:** |  |  |
| Class I Shares | (16395)<br>| &nbsp;&nbsp; (40521)<br>|
| Total distributions to shareholders from investment operations | (16395)<br>| &nbsp;&nbsp; (40521)<br>|
| **DISTRIBUTIONS TO SHAREHOLDERS FROM RETURN OF CAPITAL:** |  |  |
| Total distributions to shareholders from return of capital |  | &nbsp;&nbsp; (1485)<br>|
| **CAPITAL TRANSACTIONS:** |  |  |
| Proceeds from shares sold | 5289078 | &nbsp;&nbsp; 8207926 |
| Proceeds from shares reinvested | 16395<br>| &nbsp;&nbsp; 42006<br>|
| Cost of shares redeemed  | (635616) <br>| &nbsp;&nbsp; (2174854) <br>|
| Net increase (decrease) in net assets resulting from capital transactions | 4669857 | &nbsp;&nbsp; 6075078 |
| Total increase (decrease) in net assets | 4402841 | &nbsp;&nbsp; 6064087 |
| **NET ASSETS:** |  |  |
| Beginning of period | 9046016 | &nbsp;&nbsp; 2981929 |
| End of period | $13448857 | &nbsp;&nbsp; $9046016 |

---

See Notes to Financial Statements

------

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

**Financial Highlights** 

**For a Share outstanding throughout each period**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months**<br> **Ended**<br> **6/30/2025**<br> **(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class I Shares** | **Six Months**<br> **Ended**<br> **6/30/2025**<br> **(Unaudited)** | **2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| Net asset value, beginning of period | $13.58 | &nbsp;&nbsp;&nbsp;&nbsp; $13.24 | &nbsp;&nbsp;&nbsp;&nbsp; $12.47 | &nbsp;&nbsp;&nbsp;&nbsp; $16.63 | &nbsp;&nbsp;&nbsp;&nbsp; $15.07 | &nbsp;&nbsp;&nbsp;&nbsp; $14.68 |
| **Income from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) | 0.16<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.33<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp; 0.16<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.21<br> (a)<br>|
| Net realized and unrealized gain (loss) | 0.25<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.46<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.32) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.67<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br>|
| Total from investment operations | 0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp; (2.12)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 |
| **Distributions paid to shareholders** <br> **from:**<br>|  |  |  |  |  |  |
| Net investment income | (0.18) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.33) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.29) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.19) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.15) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.21) <br>|
| Net realized gain | (0.77)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.85)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.46)<br>|
| Total distributions | (0.95)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.67)<br>|
| Net asset value, end of period | $13.04 | &nbsp;&nbsp;&nbsp;&nbsp; $13.58 | &nbsp;&nbsp;&nbsp;&nbsp; $13.24 | &nbsp;&nbsp;&nbsp;&nbsp; $12.47 | &nbsp;&nbsp;&nbsp;&nbsp; $16.63 | &nbsp;&nbsp;&nbsp;&nbsp; $15.07 |
| **Total return** (b) (c) | 3.15<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.01<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.51<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (12.20)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.25<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.81<br> % <br>|
| **Ratios to average net** <br> **assets/supplemental data:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $828988 | &nbsp;&nbsp;&nbsp;&nbsp; $854534 | &nbsp;&nbsp;&nbsp;&nbsp; $909989 | &nbsp;&nbsp;&nbsp;&nbsp; $907939 | &nbsp;&nbsp;&nbsp;&nbsp; $1080143 | &nbsp;&nbsp;&nbsp;&nbsp; $1000640 |
| Ratio of total expenses to average net <br> assets<br>| 1.18<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.18<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.19<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.20<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.19<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.21<br> % <br>|
| Ratio of net expenses to average net <br> assets<br>| 1.18<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.18<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.19<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.20<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.19<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.20<br> % <br>|
| Ratio of net investment income (loss) to <br> average net assets<br>| 2.44<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.42<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.29<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.44<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.49<br> % <br>|
| Portfolio turnover rate | 37<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 95<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 124<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 119<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 120<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 105<br> % <br>|

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total
 return is based on the combination of reinvested dividends, capital gain and return of capital distributions, if any. Total return is
 not annualized for periods of less than one year. The returns for the Fund do not reflect the deduction of expenses associated with
 variable products, such as mortality and expense risk charges, separate account charges, and sales charges or the effect of taxes.
 These expenses would reduce the overall returns above.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Total
 returns would have been lower if certain fees had not been waived and expenses reimbursed by the investment advisor.

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

See Notes to Financial Statements

------

**First Trust Multi Income Allocation Portfolio** 

**Financial Highlights (Continued)**

**For a Share outstanding throughout each period**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months**<br> **Ended**<br> **6/30/2025**<br> **(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class I Shares** | **Six Months**<br> **Ended**<br> **6/30/2025**<br> **(Unaudited)** | **2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| Net asset value, beginning of period | $11.35 | &nbsp;&nbsp;&nbsp;&nbsp; $11.36 | &nbsp;&nbsp;&nbsp;&nbsp; $11.13 | &nbsp;&nbsp;&nbsp;&nbsp; $12.60 | &nbsp;&nbsp;&nbsp;&nbsp; $11.44 | &nbsp;&nbsp;&nbsp;&nbsp; $11.55 |
| **Income from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) | 0.21<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp; 0.27<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.22 |
| Net realized and unrealized gain (loss) | 0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp; (1.27)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 |
| Total from investment operations | 0.49 | &nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp; (0.96)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 |
| **Distributions paid to shareholders from:** |  |  |  |  |  |  |
| Net investment income | (0.39)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.24)<br>|
| Net realized gain | (0.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.14)<br>|
| Total distributions | (0.65)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.38)<br>|
| Net asset value, end of period | $11.19 | &nbsp;&nbsp;&nbsp;&nbsp; $11.35 | &nbsp;&nbsp;&nbsp;&nbsp; $11.36 | &nbsp;&nbsp;&nbsp;&nbsp; $11.13 | &nbsp;&nbsp;&nbsp;&nbsp; $12.60 | &nbsp;&nbsp;&nbsp;&nbsp; $11.44 |
| **Total return** (b) (c) | 4.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.98<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7.52)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.49<br> %<br>|
| **Ratios to average net assets/supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $22390 | &nbsp;&nbsp;&nbsp;&nbsp; $19709 | &nbsp;&nbsp;&nbsp;&nbsp; $36174 | &nbsp;&nbsp;&nbsp;&nbsp; $37121 | &nbsp;&nbsp;&nbsp;&nbsp; $40243 | &nbsp;&nbsp;&nbsp;&nbsp; $32345 |
| Ratio of total expenses to average net assets (d) | 2.11<br> % (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.77<br> %<br>|
| Ratio of net expenses to average net assets (d) | 0.83<br> % (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83<br> %<br>|
| Ratio of net investment income (loss) to average <br> net assets (d)<br>| 3.61<br> % (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.04<br> %<br>|
| Portfolio turnover rate | 32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 49<br> %<br>|

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total
 return is based on the combination of reinvested dividends, capital gain and return of capital distributions, if any. Total return is
 not annualized for periods of less than one year. The returns for the Fund do not reflect the deduction of expenses associated with
 variable products, such as mortality and expense risk charges, separate account charges, and sales charges or the effect of taxes.
 These expenses would reduce the overall returns above.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Total
 returns would have been lower if certain fees had not been waived and expenses reimbursed by the investment advisor.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Ratios
 of expenses to average net assets and ratio of net investment income (loss) to average net assets do not reflect the Fund's proportionate
 share of expenses and income of underlying investment companies in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized.

See Notes to Financial Statements

------

**First Trust Dorsey Wright Tactical Core Portfolio** 

**Financial Highlights (Continued)**

**For a Share outstanding throughout each period**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months**<br> **Ended**<br> **6/30/2025**<br> **(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class I Shares** | **Six Months**<br> **Ended**<br> **6/30/2025**<br> **(Unaudited)** | **2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| Net asset value, beginning of period | $12.76 | &nbsp;&nbsp;&nbsp;&nbsp; $11.44 | &nbsp;&nbsp;&nbsp;&nbsp; $10.49 | &nbsp;&nbsp;&nbsp;&nbsp; $15.10 | &nbsp;&nbsp;&nbsp;&nbsp; $13.68 | &nbsp;&nbsp;&nbsp;&nbsp; $12.37 |
| **Income from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) | 0.05<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.23<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 |
| Net realized and unrealized gain (loss) | 0.37 | &nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp; (2.75)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp;&nbsp;&nbsp;1.31 |
| Total from investment operations | 0.42 | &nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp; (2.55)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.89 | &nbsp;&nbsp;&nbsp;&nbsp;1.37 |
| **Distributions paid to shareholders from:** |  |  |  |  |  |  |
| Net investment income | (0.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.06)<br>|
| Net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1.88)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total distributions | (0.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.06)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.06)<br>|
| Net asset value, end of period | $13.14 | &nbsp;&nbsp;&nbsp;&nbsp; $12.76 | &nbsp;&nbsp;&nbsp;&nbsp; $11.44 | &nbsp;&nbsp;&nbsp;&nbsp; $10.49 | &nbsp;&nbsp;&nbsp;&nbsp; $15.10 | &nbsp;&nbsp;&nbsp;&nbsp; $13.68 |
| **Total return** (b) (c) | 3.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (17.05)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.09<br> %<br>|
| **Ratios to average net assets/supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $52900 | &nbsp;&nbsp;&nbsp;&nbsp; $52868 | &nbsp;&nbsp;&nbsp;&nbsp; $50012 | &nbsp;&nbsp;&nbsp;&nbsp; $47164 | &nbsp;&nbsp;&nbsp;&nbsp; $67914 | &nbsp;&nbsp;&nbsp;&nbsp; $49762 |
| Ratio of total expenses to average net assets (d) | 1.19<br> % (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.35<br> %<br>|
| Ratio of net expenses to average net assets (d) | 0.77<br> % (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83<br> %<br>|
| Ratio of net investment income (loss) to average <br> net assets (d)<br>| 0.84<br> % (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>|
| Portfolio turnover rate | 58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 161<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 220<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 284<br> %<br>|

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total
 return is based on the combination of reinvested dividends, capital gain and return of capital distributions, if any. Total return is
 not annualized for periods of less than one year. The returns for the Fund do not reflect the deduction of expenses associated with
 variable products, such as mortality and expense risk charges, separate account charges, and sales charges or the effect of taxes.
 These expenses would reduce the overall returns above.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Total
 returns would have been lower if certain fees had not been waived and expenses reimbursed by the investment advisor.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Ratios
 of expenses to average net assets and ratio of net investment income (loss) to average net assets do not reflect the Fund's proportionate
 share of expenses and income of underlying investment companies in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized.

See Notes to Financial Statements

------

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

**Financial Highlights (Continued)**

**For a Share outstanding throughout each period**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months**<br> **Ended**<br> **6/30/2025**<br> **(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Period**<br> **Ended**<br> **12/31/2020 (a)** |
| **Class I Shares** | **Six Months**<br> **Ended**<br> **6/30/2025**<br> **(Unaudited)** | **2024**  | **2023**  | **2022**  | **2021**  | **Period**<br> **Ended**<br> **12/31/2020 (a)** |
| Net asset value, beginning of period | $13.94 | &nbsp;&nbsp;&nbsp;&nbsp; $13.55 | &nbsp;&nbsp;&nbsp;&nbsp; $12.69 | &nbsp;&nbsp;&nbsp;&nbsp; $14.33 | &nbsp;&nbsp;&nbsp;&nbsp; $12.06 | &nbsp;&nbsp;&nbsp;&nbsp; $10.00 |
| **Income from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) | 0.04<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.11<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.13<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| Net realized and unrealized gain (loss) | 0.47 | &nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp; (1.61)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.95 | &nbsp;&nbsp;&nbsp;&nbsp;2.39 |
| Total from investment operations | 0.51 | &nbsp;&nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp; (1.53)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.02 | &nbsp;&nbsp;&nbsp;&nbsp;2.41 |
| **Distributions paid to shareholders from:** |  |  |  |  |  |  |
| Net investment income | (0.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.02)<br>|
| Net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp; (0.91)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.33)<br>|
| Return of capital |  | &nbsp;&nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total distributions | (0.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.75)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.35)<br>|
| Net asset value, end of period | $14.42 | &nbsp;&nbsp;&nbsp;&nbsp; $13.94 | &nbsp;&nbsp;&nbsp;&nbsp; $13.55 | &nbsp;&nbsp;&nbsp;&nbsp; $12.69 | &nbsp;&nbsp;&nbsp;&nbsp; $14.33 | &nbsp;&nbsp;&nbsp;&nbsp; $12.06 |
| **Total return** (c) (d) | 3.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10.68)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 24.17<br> %<br>|
| **Ratios to average net assets/supplemental** <br> **data:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $172856 | &nbsp;&nbsp;&nbsp;&nbsp; $157337 | &nbsp;&nbsp;&nbsp;&nbsp; $117039 | &nbsp;&nbsp;&nbsp;&nbsp; $85561 | &nbsp;&nbsp;&nbsp;&nbsp; $59093 | &nbsp;&nbsp;&nbsp;&nbsp; $14831 |
| Ratio of total expenses to average net <br> assets<br>| 1.12<br> % (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.27<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.37<br> % (e)<br>|
| Ratio of net expenses to average net assets | 1.10<br> % (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10<br> % (e)<br>|
| Ratio of net investment income (loss) to <br> average net assets<br>| 0.55<br> % (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> % (e)<br>|
| Portfolio turnover rate | 55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 107<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 133<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 115<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 79<br> %<br>|

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Fund's shares were seeded on April 30, 2020, and commenced operations on May 1, 2020.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Total
 return is based on the combination of reinvested dividends, capital gain and return of capital distributions, if any. Total return is
 not annualized for periods of less than one year. The returns for the Fund do not reflect the deduction of expenses associated with
 variable products, such as mortality and expense risk charges, separate account charges, and sales charges or the effect of taxes.
 These expenses would reduce the overall returns above.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Total
 returns would have been lower if certain fees had not been waived and expenses reimbursed by the investment advisor.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized.

See Notes to Financial Statements

------

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

**Financial Highlights (Continued)**

**For a Share outstanding throughout each period**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months**<br> **Ended**<br> **6/30/2025**<br> **(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Period**<br> **Ended**<br> **12/31/2020 (a)** |
| **Class I Shares** | **Six Months**<br> **Ended**<br> **6/30/2025**<br> **(Unaudited)** | **2024**  | **2023**  | **2022**  | **2021**  | **Period**<br> **Ended**<br> **12/31/2020 (a)** |
| Net asset value, beginning of period | $12.24 | &nbsp;&nbsp;&nbsp;&nbsp; $12.48 | &nbsp;&nbsp;&nbsp;&nbsp; $10.75 | &nbsp;&nbsp;&nbsp;&nbsp; $13.50 | &nbsp;&nbsp;&nbsp;&nbsp; $12.68 | &nbsp;&nbsp;&nbsp;&nbsp; $10.00 |
| **Income from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) | 0.21<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.11<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.08<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 |
| Net realized and unrealized gain (loss) | 1.81 | &nbsp;&nbsp;&nbsp;&nbsp; 0.11<br> (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp; (2.76)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.22 | &nbsp;&nbsp;&nbsp;&nbsp;3.57 |
| Total from investment operations | 2.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp; (2.62)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.38 | &nbsp;&nbsp;&nbsp;&nbsp;3.58 |
| **Distributions paid to shareholders from:** |  |  |  |  |  |  |
| Net investment income | (0.19)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.06)<br>|
| Net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.31)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.84)<br>|
| Return of capital |  | &nbsp;&nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total distributions | (0.19)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.56)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.90)<br>|
| Net asset value, end of period | $14.07 | &nbsp;&nbsp;&nbsp;&nbsp; $12.24 | &nbsp;&nbsp;&nbsp;&nbsp; $12.48 | &nbsp;&nbsp;&nbsp;&nbsp; $10.75 | &nbsp;&nbsp;&nbsp;&nbsp; $13.50 | &nbsp;&nbsp;&nbsp;&nbsp; $12.68 |
| **Total return** (d) (e) | 16.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (19.38)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 36.03<br> %<br>|
| **Ratios to average net assets/supplemental** <br> **data:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $34052 | &nbsp;&nbsp;&nbsp;&nbsp; $24096 | &nbsp;&nbsp;&nbsp;&nbsp; $11270 | &nbsp;&nbsp;&nbsp;&nbsp; $5049 | &nbsp;&nbsp;&nbsp;&nbsp; $3059 | &nbsp;&nbsp;&nbsp;&nbsp; $1199 |
| Ratio of total expenses to average net assets | 1.70<br> % (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.98<br> % (f)<br>|
| Ratio of net expenses to average net assets | 1.20<br> % (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.20<br> % (f)<br>|
| Ratio of net investment income (loss) to average <br> net assets<br>| 3.17<br> % (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.14<br> % (f)<br>|
| Portfolio turnover rate | 30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 52<br> %<br>|

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Fund's shares were seeded on April 30, 2020, and commenced operations on May 1, 2020.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 per share amount does not correlate with the aggregate realized and unrealized gain (loss) due to the timing of the Fund share sales
 and repurchases in relation to market value fluctuation of the underlying investments.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Total
 return is based on the combination of reinvested dividends, capital gain and return of capital distributions, if any. Total return is
 not annualized for periods of less than one year. The returns for the Fund do not reflect the deduction of expenses associated with
 variable products, such as mortality and expense risk charges, separate account charges, and sales charges or the effect of taxes.
 These expenses would reduce the overall returns above.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Total
 returns would have been lower if certain fees had not been waived and expenses reimbursed by the investment advisor.

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

See Notes to Financial Statements

------

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

**Financial Highlights (Continued)**

**For a Share outstanding throughout each period**

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

---

| | | | |
|:---|:---|:---|:---|
| **Class I Shares** | **Six Months**<br> **Ended**<br> **6/30/2025**<br> **(Unaudited)**<br>| **Year Ended**<br> **12/31/2024** <br>| **Period**<br> **Ended**<br> **12/31/2023 (a)**<br>|
| Net asset value, beginning of period | $13.37 | &nbsp;&nbsp;&nbsp;&nbsp; $12.63 | &nbsp;&nbsp;&nbsp;&nbsp; $10.00 |
| **Income from investment operations:** |  |  |  |
| Net investment income (loss) (b) | (0.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| Net realized and unrealized gain (loss) | 1.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.93 | &nbsp;&nbsp;&nbsp;&nbsp;2.71 |
| Total from investment operations | 1.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.92 | &nbsp;&nbsp;&nbsp;&nbsp;2.73 |
| **Distributions paid to shareholders from:** |  |  |  |
| Net investment income |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.01)<br>|
| Net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp; (1.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.09)<br>|
| Return of capital |  | &nbsp;&nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total distributions |  | &nbsp;&nbsp;&nbsp;&nbsp; (1.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.10)<br>|
| Net asset value, end of period | $14.50 | &nbsp;&nbsp;&nbsp;&nbsp; $13.37 | &nbsp;&nbsp;&nbsp;&nbsp; $12.63 |
| **Total return** (c) (d) | 8.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 27.20<br> %<br>|
| **Ratios to average net assets/supplemental data:** |  |  |  |
| Net assets, end of period (in 000's) | $28478 | &nbsp;&nbsp;&nbsp;&nbsp; $19397 | &nbsp;&nbsp;&nbsp;&nbsp; $7186 |
| Ratio of total expenses to average net assets | 1.65<br> % (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.46<br> % (e)<br>|
| Ratio of net expenses to average net assets | 1.20<br> % (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.20<br> % (e)<br>|
| Ratio of net investment income (loss) to average net assets | (0.30)% (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.07)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.24<br> % (e)<br>|
| Portfolio turnover rate | 60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 131<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 51<br> %<br>|

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Fund's shares were seeded on May 15, 2023, and commenced operations on May 16, 2023.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Total
 return is based on the combination of reinvested dividends, capital gain and return of capital distributions, if any. Total return is
 not annualized for periods of less than one year. The returns for the Fund do not reflect the deduction of expenses associated with
 variable products, such as mortality and expense risk charges, separate account charges, and sales charges or the effect of taxes.
 These expenses would reduce the overall returns above.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Total
 returns would have been lower if certain fees had not been waived and expenses reimbursed by the investment advisor.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized.

See Notes to Financial Statements

------

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

**Financial Highlights (Continued)**

**For a Share outstanding throughout each period**

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

---

| | | | |
|:---|:---|:---|:---|
| **Class I Shares** | **Six Months**<br> **Ended**<br> **6/30/2025**<br> **(Unaudited)**<br>| **Year Ended**<br> **12/31/2024** <br>| **Period**<br> **Ended**<br> **12/31/2023 (a)**<br>|
| Net asset value, beginning of period | $9.97 | &nbsp;&nbsp;&nbsp;&nbsp; $9.79 | &nbsp;&nbsp;&nbsp;&nbsp; $10.00 |
| **Income from investment operations:** |  |  |  |
| Net investment income (loss) (b) | 0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 |
| Net realized and unrealized gain (loss) | (0.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.17<br> (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.23)<br>|
| Total from investment operations | (0.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp; (0.18)<br>|
| **Distributions paid to shareholders from:** |  |  |  |
| Net investment income | (0.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.03)<br>|
| Return of capital |  | &nbsp;&nbsp;&nbsp;&nbsp; (0.00) (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total distributions | (0.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.03)<br>|
| Net asset value, end of period | $9.87 | &nbsp;&nbsp;&nbsp;&nbsp; $9.97 | &nbsp;&nbsp;&nbsp;&nbsp; $9.79 |
| **Total return** (e) (f) | (0.88)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.79)%<br>|
| **Ratios to average net assets/supplemental data:** |  |  |  |
| Net assets, end of period (in 000's) | $13449 | &nbsp;&nbsp;&nbsp;&nbsp; $9046 | &nbsp;&nbsp;&nbsp;&nbsp; $2982 |
| Ratio of total expenses to average net assets | 2.47<br> % (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.87<br> % (g)<br>|
| Ratio of net expenses to average net assets | 1.25<br> % (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.25<br> % (g)<br>|
| Ratio of net investment income (loss) to average net assets | 0.46<br> % (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.25<br> % (g)<br>|
| Portfolio turnover rate | 50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 121<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 49<br> %<br>|

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Fund's shares were seeded on August 13, 2023, and commenced operations on August 14, 2023.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 per share amount does not correlate with the aggregate realized and unrealized gain (loss) due to the timing of the Fund share sales
 and repurchases in relation to market value fluctuation of the underlying investments.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Amount
 is less than $0.01.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Total
 return is based on the combination of reinvested dividends, capital gain and return of capital distributions, if any. Total return is
 not annualized for periods of less than one year. The returns for the Fund do not reflect the deduction of expenses associated with
 variable products, such as mortality and expense risk charges, separate account charges, and sales charges or the effect of taxes.
 These expenses would reduce the overall returns above.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Total
 returns would have been lower if certain fees had not been waived and expenses reimbursed by the investment advisor.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Annualized.

See Notes to Financial Statements

------

**Notes to Financial Statements**

**First Trust Variable Insurance Trust**

**June 30, 2025 (Unaudited)**

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

**1. Organization**

First Trust Variable Insurance Trust (the "Trust") is an open-end management investment company organized as a Massachusetts business trust on December 14, 2011 and is registered with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended (the "1940 Act"). This report covers First Trust/Dow Jones Dividend & Income Allocation Portfolio ("First Trust Dow Jones"), which commenced operations on May 1, 2012, First Trust Multi Income Allocation Portfolio ("First Trust Multi Income"), which commenced operations on May 1, 2014, First Trust Dorsey Wright Tactical Core Portfolio ("First Trust Dorsey Wright"), which commenced operations on October 30, 2015, First Trust Capital Strength<sup>®</sup> Portfolio ("First Trust Capital Strength<sup>®</sup>"), which commenced operations on May 1, 2020, First Trust International Developed Capital Strength<sup>®</sup> Portfolio ("First Trust International Developed Capital Strength<sup>®</sup>"), which commenced operations on May 1, 2020, First Trust Growth Strength<sup>™</sup> Portfolio ("First Trust Growth Strength<sup>™</sup>"), which commenced operations on May 16, 2023, and First Trust Capital Strength<sup>®</sup> Hedged Equity Portfolio ("First Trust Capital Strength<sup>®</sup> Hedged Equity"), which commenced operations on August 14, 2023 (each a "Fund" and collectively, the "Funds"). Each of First Trust Capital Strength<sup>®</sup> Hedged Equity and First Trust Growth Strength<sup>™</sup> operates as a non-diversified series of the Trust. Each of First Trust Capital Strength<sup>®</sup>, First Trust Dorsey Wright, First Trust Dow Jones, First Trust Multi Income and First Trust International Developed Capital Strength<sup>®</sup> operates as a diversified open-end management investment company as defined in Section 5(b) of the 1940 Act. Each Fund's shares are sold only to variable insurance accounts (each an "Account") to fund the benefits of the variable annuity and variable life insurance contracts (each a "Contract" and collectively, the "Contracts") issued by life insurance companies writing variable annuity contracts and variable life insurance contracts with which the Trust has a contract (each a "Participating Insurance Company").

First Trust Dow Jones' investment objective seeks to provide total return by allocating among dividend-paying stocks and investment grade bonds. First Trust Dow Jones seeks to achieve its investment objective by investing, under normal market conditions, approximately 40-60% of its net assets in equity securities and approximately 40-60% of its net assets in fixed-income securities at the time of purchase. Under normal market conditions, at the time of purchase at least 80% of the Fund's net assets (including investment borrowings) will be invested in securities of issuers included in a Dow Jones index. The equity portion of the portfolio will be derived from a quantitative process that seeks to provide total return through investing generally in dividend-paying stocks included in the Dow Jones U.S. Total Stock Market Index<sup>SM</sup>. First Trust Advisors L.P. ("First Trust" or the "Advisor") reserves the right to over-weight, under-weight or exclude certain securities from the portfolio that would otherwise be selected pursuant to the quantitative process in certain instances.

First Trust Dow Jones' fixed-income component seeks to provide income and preserve capital through investing in a diversified investment-grade debt portfolio. Investment-grade debt securities are those long-term debt securities rated "BBB–" or higher by Standard & Poor's Financial Services LLC or Fitch, Inc. or "Baa3" or higher by Moody's Investors Service, Inc., and those short-term debt securities rated "A-3" or higher by Standard & Poor's Financial Services LLC, "F3" or higher by Fitch, Inc. or "Prime 3" or higher by Moody's Investor Service, Inc. at the time of purchase. Under normal market conditions, at the time of purchase approximately 80% of the net assets of the Fund allocated to corporate debt will be invested in investment-grade debt securities included in the Dow Jones Equal Weight U.S. Issued Corporate Bond Index<sup>SM</sup> (the "Bond Index") and other investment-grade debt securities of issuers whose securities are included in the Bond Index; and investment-grade debt securities of issuers included in the Dow Jones Composite Average<sup>TM</sup>. The Fund may also invest in U.S. government and agency securities, including mortgage-backed securities. The Fund may, at certain times, also hold exchange-traded funds ("ETFs") that invest in investment-grade corporate debt securities and U.S. government bonds in lieu of investing directly in such securities. The Fund may also invest in companies with various market capitalizations and when-issued, to-be-announced ("TBA") and delayed delivery securities.

First Trust Multi Income's primary investment objective is to maximize current income, with a secondary objective of capital appreciation. First Trust Multi Income seeks to achieve its objectives through diversified exposure to nine income generating asset classes: dividend paying stocks, preferred stocks, energy infrastructure companies and master limited partnerships ("MLPs"), real estate investment trusts ("REITs"), high yield or "junk" bonds, floating-rate loans, corporate bonds, mortgage-backed securities and Treasury Inflation Protected Securities. The Fund is actively managed by First Trust and implementing the strategy involves multiple portfolio management teams.

The Advisor tactically adjusts allocation weights in a manner deemed to offer attractive levels of total return relative to the level of expected risk. The Advisor intends to adjust asset allocation weights quarterly but may do so more or less frequently depending upon market conditions. The maximum weight of any asset class, at the time of adjustment, is 20%. The minimum weight of any asset class, at the time of adjustment, is 5%.

First Trust Multi Income may, at certain times, invest in ETFs that generally provide exposure to the nine asset classes in lieu of investing directly in such asset classes. Certain of the ETFs may be advised by First Trust. As a result, First Trust will also earn advisory fees on the underlying ETFs.

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**Notes to Financial Statements (Continued)**

**First Trust Variable Insurance Trust**

**June 30, 2025 (Unaudited)**

In general, the U.S. dollar-denominated fixed-income securities in which First Trust Multi Income invests may be issued by U.S. and non-U.S. issuers, of any credit quality, including high yield securities. The high yield securities in which the Fund invests are rated below investment-grade at the time of purchase or unrated and deemed by the Advisor to be of comparable quality, commonly referred to as "junk" bonds. The Fund also invests in the equity securities of domestic and foreign issuers (including emerging markets) listed on a U.S. or foreign securities exchange and non-U.S. securities that are listed on a U.S. securities exchange in the form of American Depository Receipts ("ADRs") and Global Depository Receipts ("GDRs"). The Fund may invest in equity securities issued by small, mid or large capitalization companies. The Fund may also invest in bank loans, covenant-lite loans, hybrid capital securities, senior loans and when-issued, TBA and delayed delivery securities.

First Trust Dorsey Wright's investment objective seeks to provide total return. First Trust Dorsey Wright seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its net assets (including investment borrowings) in ETFs that comprise the Dorsey Wright Tactical Tilt Moderate Core<sup>TM</sup> Index. It is expected that a majority of the ETFs in which the Fund invests will be advised by First Trust.

First Trust Capital Strength<sup>®</sup> seeks to provide capital appreciation. First Trust Capital Strength<sup>®</sup> seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its net assets (including investment borrowings) in the securities that comprise The Capital Strength<sup>™</sup> Index which is developed, maintained and sponsored by Nasdaq, Inc.

First Trust International Developed Capital Strength<sup>®</sup> seeks to provide capital appreciation. First Trust International Developed Capital Strength<sup>®</sup> seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its net assets (including investment borrowings) in the securities that comprise The International Developed Capital Strength<sup>™</sup> Index which is developed, maintained and sponsored by Nasdaq, Inc.

First Trust Growth Strength<sup>™</sup> seeks to provide long-term capital appreciation. First Trust Growth Strength<sup>™</sup> seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its net assets (plus any borrowings for investment purposes) in the securities that comprise The Growth Strength<sup>™</sup> Index which is developed, maintained and sponsored by Nasdaq, Inc.

First Trust Capital Strength<sup>®</sup> Hedged Equity seeks to provide long-term capital appreciation. First Trust Capital Strength<sup>®</sup> Hedged Equity seeks to achieve its investment objective by investing, under normal market conditions, primarily in the securities that comprise The Capital Strength<sup>™</sup> Index which is developed, maintained and sponsored by Nasdaq, Inc. and by utilizing an "option strategy" consisting of purchasing and writing (selling) U.S. exchange-traded put and call options on the S&P 500<sup>®</sup> Index or ETFs that track the S&P 500<sup>®</sup> Index.

The Funds each offer one share class: Class I. Prior to February 23, 2024, First Trust Dow Jones, First Trust Multi Income, First Trust Dorsey Wright, First Trust Capital Strength<sup>®</sup>, and First Trust International Developed Capital Strength<sup>®</sup> offered two classes of shares: Class I and Class II. Each class represented an interest in the same portfolio of investments but with a different combination of service (12b-1) fees, eligibility requirements and other features. Effective February 23, 2024, Class II shares of each applicable Fund were terminated.

**2. Significant Accounting Policies**

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

**A. Portfolio Valuation**

The net asset value ("NAV") for each class of shares in each 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. Domestic debt securities and foreign securities are priced using data reflecting the earlier closing of the principal markets for those securities. The NAV for each class is calculated by dividing the value of each 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 each Fund) by the total number of shares of the class outstanding. Differences in the NAV of each class of each Fund's shares are generally expected to be due to the daily expense accruals of the specified service (12b-1) fees, if any, 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.

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**Notes to Financial Statements (Continued)**

**First Trust Variable Insurance Trust**

**June 30, 2025 (Unaudited)**

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

Common stocks, preferred stocks, MLPs, ETFs, REITs 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.

Exchange-traded options contracts are valued at the closing price in the market where such contracts are principally traded. If no closing price is available, exchange-traded options contracts are fair valued at the mean of their most recent bid and ask price, if both are available. Over-the-counter options contracts are valued as follows, depending on the market in which the instrument trades: (1) the mean of their most recent bid and ask price, if available; or (2) a price based on the equivalent exchange-traded option.

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.

Corporate bonds, corporate notes, U.S. government securities and other debt securities are fair valued on the basis of valuations provided by a third-party pricing service approved by the Advisor's Pricing Committee, which may use the following valuation inputs when available:

1)

benchmark yields;

2)

reported trades;

3)

broker/dealer quotes;

4)

issuer spreads;

5)

benchmark securities;

6)

bids and offers; and

7)

reference data including market research publications.

Exchange-traded futures contracts are valued at the end of the day settlement price.

Commercial paper, fixed income and other debt securities having a remaining maturity of sixty days or less when purchased are fair valued at cost adjusted for amortization of premiums and accretion of discounts (amortized cost), provided the Advisor's Pricing Committee has determined that the use of amortized cost is an appropriate reflection of fair value given market and issuer-specific conditions existing at the time of the determination. Factors that may be considered in determining the appropriateness of the use of amortized cost include, but are not limited to, the following:

1)

the credit conditions in the relevant market and changes thereto;

2)

the liquidity conditions in the relevant market and changes thereto;

3)

the interest rate conditions in the relevant market and changes thereto (such as significant changes in interest rates);

4)

issuer-specific conditions (such as significant credit deterioration); and

5)

any other market-based data the Advisor's Pricing Committee considers relevant. In this regard, the Advisor's Pricing Committee may use last-obtained market-based data to assist it when valuing portfolio securities using amortized cost.

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

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**Notes to Financial Statements (Continued)**

**First Trust Variable Insurance Trust**

**June 30, 2025 (Unaudited)**

the value of the security after the market has closed but before the calculation of a Fund's NAV or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the third-party pricing service, does not reflect the security's fair value. As a general principle, the current fair value of a security would appear to be the amount which the owner might reasonably expect to receive for the security upon its current sale. When fair value prices are used, generally they will differ from market quotations or official closing prices on the applicable exchanges. A variety of factors may be considered in determining the fair value of such securities.

Fair valuation of a debt security will be based on the consideration of all available information, including, but not limited to, the following:

1)

the most recent price provided by a pricing service;

2)

available market prices for the fixed-income security;

3)

the fundamental business data relating to the borrower/issuer;

4)

an evaluation of the forces which influence the market in which these securities are purchased and sold;

5)

the type, size and cost of the security;

6)

the financial statements of the borrower/issuer, or the financial condition of the country of issue;

7)

the credit quality and cash flow of the borrower/issuer, or country of issue, based on the Pricing Committee's, sub-advisor's or portfolio manager's analysis, as applicable, or external analysis;

8)

the information as to any transactions in or offers for the security;

9)

the price and extent of public trading in similar securities (or equity securities) of the borrower/issuer, or comparable companies;

10)

the coupon payments;

11)

the quality, value and salability of collateral, if any, securing the security;

12)

the business prospects of the borrower/issuer, including any ability to obtain money or resources from a parent or affiliate and an assessment of the borrower's/issuer's management;

13)

the prospects for the borrower's/issuer's industry, and multiples (of earnings and/or cash flows) being paid for similar businesses in that industry;

14)

borrower's/issuer's competitive position within the industry;

15)

borrower's/issuer's ability to access additional liquidity through public and/or private markets; and

16)

other relevant factors.

Fair valuation of an equity security will be based on the consideration of all available information, 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;

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**Notes to Financial Statements (Continued)**

**First Trust Variable Insurance Trust**

**June 30, 2025 (Unaudited)**

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

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

&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 each Fund's investments as of June 30, 2025, is included with each Fund's Portfolio of Investments.

**B. Options Contracts**

First Trust Capital Strength<sup>®</sup> Hedged Equity employs an option overlay strategy in which the Fund systematically purchases and writes (sells) exchange-traded options that seek to lower volatility over a full market cycle. The Fund purchases and writes (sells) exchange-traded put options and exchange-traded call options to provide an option overlay strategy known as a "put/spread collar" strategy. The exchange-traded options are either on the S&P 500<sup>®</sup> Index or on exchange-traded funds that track the S&P 500<sup>®</sup> Index. The put/spread collar strategy seeks to provide investors with a level of downside protection from the put options while still allowing for a portion of upside participation in the returns of the S&P 500<sup>®</sup> Index based on the call options.

When the Fund writes (sells) an option, an amount equal to the premium received is included in "Options contracts written, at value" on the Statements of Assets and Liabilities. Gain or loss on written options is presented separately as "Net realized gain (loss) on written options contracts" on the Statements of Operations. When the Fund purchases a call or put option, the premium paid represents the cost of the call or put option, which is included in "Options contracts purchased, at value" on the Statements of Assets and Liabilities. Gain or loss on purchased options is included in "Net realized gain (loss) on purchased options contracts" on the Statements of Operations.

**C. 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 is recorded daily on the accrual basis. Amortization of premiums and accretion of discounts are recorded using the effective interest method.

Distributions received from a Fund's investments in MLPs generally are comprised of return of capital and investment income. A Fund records estimated return of capital and investment income based on historical information available from each MLP. These estimates may subsequently be revised based on information received from the MLPs after their tax reporting periods are concluded.

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**Notes to Financial Statements (Continued)**

**First Trust Variable Insurance Trust**

**June 30, 2025 (Unaudited)**

Distributions received from a Fund's investments in REITs may be comprised of return of capital, capital gains, and income. The actual character of the amounts received during the year are not known until after the REITs' fiscal year end. A Fund records the character of distributions received from the REITs during the year based on estimates available. The characterization of distributions received by a Fund may be subsequently revised based on information received from the REITs after their tax reporting periods conclude.

**D. Cash and Cash Equivalents**

Normally, the Funds invest substantially all of their assets to meet their investment objectives. The Funds may invest the remainder of their assets in securities with maturities of less than one year, cash equivalents, or they may hold cash. The investment in such instruments is not a principal investment strategy of First Trust Dow Jones, First Trust Multi Income, First Trust Capital Strength<sup>®</sup>, First Trust International Developed Capital Strength<sup>®</sup>, First Trust Growth Strength™, or First Trust Capital Strength<sup>®</sup> Hedged Equity. The percentage of each Fund's net assets invested in such holdings varies and depends on several factors, including market conditions. For temporary defensive purposes and during periods of high cash inflows or outflows, the Funds may depart from their principal investment strategies and invest part or all of their assets in these securities, or they may hold cash.

**E. Foreign Currency**

The books and records of the Funds 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 Statements 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 Statements 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 Statements 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 Statements of Operations.

**F. Principal-Only Securities**

A principal-only security ("PO Security") is the principal-only portion of a mortgage-backed security that does not receive any interest, is priced at a deep discount to its redemption value and ultimately receives the redemption value. Generally speaking, when interest rates are falling and prepayment rates are increasing, the value of a PO Security will rise. Conversely, when interest rates are rising and prepayment rates are decreasing, generally the value of a PO Security will fall. These securities, if any, are identified on the Portfolio of Investments.

**G. Interest-Only Securities**

An interest-only security ("IO Security") is the interest-only portion of a mortgage-backed security that receives some or all of the interest portion of the underlying mortgage-backed security and little or no principal. A reference principal value called a notional value is used to calculate the amount of interest due to the IO Security. IO Securities are sold at a deep discount to their notional principal amount. Generally speaking, when interest rates are falling and prepayment rates are increasing, the value of an IO Security will fall. Conversely, when interest rates are rising and prepayment rates are decreasing, generally the value of an IO Security will rise. These securities, if any, are identified on the Portfolio of Investments.

**H. Affiliated Transactions**

First Trust Multi Income and First Trust Dorsey Wright invest in securities of affiliated funds. Each Fund's investment performance and risks are directly related to the investment performance and risks of the affiliated funds. The affiliated funds' financial statements may be found at SEC.gov. Dividend income, realized gains and losses, and change in appreciation (depreciation) from affiliated funds are presented on the Statements of Operations.

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**Notes to Financial Statements (Continued)**

**First Trust Variable Insurance Trust**

**June 30, 2025 (Unaudited)**

Amounts relating to these investments in First Trust Multi Income at June 30, 2025, and for the six months then ended are:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Shares at**<br> **6/30/2025**<br>| **Value at**<br> **12/31/2024**<br>| **Purchases** | **Sales** | **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Realized**<br> **Gain**<br> **(Loss)**<br>| **Value at**<br> **6/30/2025**<br>| **Dividend**<br> **Income**<br>|
| First Trust Commercial Mortgage <br> Opportunities ETF<br>| 12000<br>| $—<br>| $243120<br>| $—<br>| $2640<br>| $—<br>| $245760<br>| $3840<br>|
| First Trust Institutional Preferred <br> Securities and Income ETF<br>| 87473<br>| 1333946<br>| 519780<br>| (219318)<br>| 18637<br>| 8067<br>| 1661112<br>| 45920<br>|
| First Trust Intermediate Government <br> Opportunities ETF<br>| 60000<br>| 718665<br>| 483117<br>| —<br>| 7218<br>| —<br>| 1209000<br>| 24361<br>|
| First Trust Limited Duration Investment <br> Grade Corporate ETF<br>| 23013<br>| 379872<br>| 162876<br>| (108419)<br>| 4599<br>| 1081<br>| 440009<br>| 10123<br>|
| First Trust Preferred Securities and Income <br> ETF<br>| 29737<br>| 429278<br>| 167263<br>| (70511)<br>| 2463 | 826<br>| 529319<br>| 14919<br>|
| First Trust Senior Loan ETF | 56805<br>| 2622455<br>| 629020<br>| (626294)<br>| 11637 | (30038)<br>| 2606780 | 86762<br>|
| First Trust Structured Credit Income <br> Opportunities ETF<br>| 12135<br>| —<br>| 247987<br>| —<br>| 2843<br>| —<br>| 250830<br>| 4156<br>|
| First Trust Tactical High Yield ETF | 42095<br>| 1772189<br>| 410621<br>| (442811)<br>| 67165<br>| (47172)<br>| 1759992<br>| 53669<br>|
|  |  | $7256405<br>| $2863784<br>| $(1467353)<br>| $117202 | $(67236)<br>| $8702802 | $243750<br>|

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**Notes to Financial Statements (Continued)**

**First Trust Variable Insurance Trust**

**June 30, 2025 (Unaudited)**

Amounts relating to these investments in First Trust Dorsey Wright at June 30, 2025, and for the six months then ended are:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Shares at**<br> **6/30/2025**<br>| **Value at**<br> **12/31/2024**<br>| **Purchases** | **Sales** | **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Realized**<br> **Gain**<br> **(Loss)**<br>| **Value at**<br> **6/30/2025**<br>| **Dividend**<br> **Income**<br>|
| First Trust China AlphaDEX<sup>®</sup> Fund | 12148<br>| $251219 | $3180 | $(10861)<br>| $49360 | $112 | $293010 | $4489 |
| First Trust Consumer Discretionary <br> AlphaDEX<sup>®</sup> Fund<br>| —<br>| 4825469<br>| 50653<br>| (4342487)<br>| (695394)<br>| 161759<br>| —<br>| 10507<br>|
| First Trust Developed Markets <br> ex-US AlphaDEX<sup>®</sup> Fund<br>| 11171<br>| 623164<br>| 7949<br>| (28589)<br>| 160917<br>| 4677<br>| 768118<br>| 12141<br>|
| First Trust Dow Jones Global Select <br> Dividend Index Fund<br>| —<br>| —<br>| 257999<br>| (270975)<br>| —<br>| 12976<br>| —<br>| —<br>|
| First Trust Dow Jones Internet <br> Index Fund<br>| 20379<br>| 5111920<br>| 55979<br>| (210531)<br>| 460936<br>| 70372<br>| 5488676<br>| —<br>|
| First Trust Emerging Markets <br> AlphaDEX<sup>®</sup> Fund<br>| 27482<br>| 624489<br>| 7619<br>| (27121)<br>| 67657<br>| 2314<br>| 674958<br>| 10016<br>|
| First Trust Eurozone AlphaDEX<sup>®</sup> <br> ETF<br>| 5718<br>| —<br>| 287262<br>| (8686)<br>| 37531<br>| (130)<br>| 315977<br>| 5912<br>|
| First Trust Financials AlphaDEX<sup>®</sup> <br> Fund<br>| 78345<br>| 4374516<br>| 48649<br>| (180947)<br>| 160130<br>| (10327)<br>| 4392021<br>| 38125<br>|
| First Trust Germany AlphaDEX<sup>®</sup> <br> Fund<br>| 4506<br>| —<br>| 244586<br>| —<br>| 9372<br>| —<br>| 253958<br>| 1690<br>|
| First Trust India NIFTY 50 Equal <br> Weight ETF<br>|  | 242772<br>| 2646<br>| (256590)<br>| (28708)<br>| 39880<br>| —<br>| —<br>|
| First Trust Industrials/Producer <br> Durables AlphaDEX<sup>®</sup> Fund<br>| 59449<br>| 4587648<br>| 49977<br>| (184035)<br>| (77446)<br>| 36161<br>| 4412305<br>| 14025<br>|
| First Trust Japan AlphaDEX<sup>®</sup> Fund | —<br>| 257315<br>| —<br>| (263445)<br>| (12738)<br>| 18868<br>| —<br>| —<br>|
| First Trust Large Cap Core <br> AlphaDEX<sup>®</sup> Fund<br>| 48402<br>| 5207256<br>| 58785<br>| (217222)<br>| 218418<br>| 55047<br>| 5322284<br>| 28034<br>|
| First Trust Large Cap Growth <br> AlphaDEX<sup>®</sup> Fund<br>| 37571<br>| 5358017<br>| 59100<br>| (221765)<br>| 414617<br>| 62125<br>| 5672094<br>| 5875<br>|
| First Trust Mid Cap Core <br> AlphaDEX<sup>®</sup> Fund<br>| —<br>| 5168402<br>| 4517256<br>| (10346377)<br>| (820367)<br>| 1481086<br>| —<br>| 11526<br>|
| First Trust Mid Cap Growth <br> AlphaDEX<sup>®</sup> Fund<br>| 60423<br>| —<br>| 10424497<br>| (4762586)<br>| 13861<br>| (694500)<br>| 4981272<br>| —<br>|
| First Trust NASDAQ-100 <br> Ex-Technology Sector Index Fund<br>| 42732 |  | 3898352 | (61013)<br>| 383306 | 1276 | 4221921 | 6863 |
| First Trust NASDAQ-100-<br> Technology Sector Index Fund<br>|  | 4680076<br>| 51613<br>| (4132242)<br>| (767361)<br>| 167914<br>| —<br>| 206<br>|
| First Trust Switzerland AlphaDEX<sup>®</sup> <br> Fund<br>| 3789<br>| 245188<br>| 3147<br>| (11294)<br>| 51059<br>| 1721<br>| 289821<br>| 4381<br>|
| First Trust United Kingdom <br> AlphaDEX<sup>®</sup> Fund<br>| 6278<br>| 246606<br>| 3058<br>| (11136)<br>| 54345<br>| 1502<br>| 294375<br>| 4387<br>|
| First Trust Utilities AlphaDEX<sup>®</sup> <br> Fund<br>| 108238<br>| —<br>| 4473829<br>| (69056)<br>| 181863<br>| 490<br>| 4587126<br>| 21821<br>|
|  |  | $41804057<br>| $24506136<br>| $(25616958)<br>| $(138642)<br>| $1413323<br>| $41967916<br>| $179998<br>|

---

**I. Dividends and Distributions to Shareholders**

Distributions from net investment income of each Fund, if any, are declared and paid semi-annually. Each Fund distributes its net realized capital gains, if any, to shareholders at least annually. All dividends payable by each Fund will be reinvested in the Fund. A Fund may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.

------

**Notes to Financial Statements (Continued)**

**First Trust Variable Insurance Trust**

**June 30, 2025 (Unaudited)**

Distributions from income and 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 Funds and have no impact on net assets or NAV per share. Temporary differences, which arise from recognizing certain items of income, expense and gain/loss in different periods for financial statement and tax purposes, will reverse at some time in the future.

The tax character of distributions paid by each Fund listed below during the fiscal year ended December 31, 2024, were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Distributions<br> paid from<br> Ordinary<br> Income<br>| Distributions<br> paid from<br> Capital<br> Gains<br>| Distributions<br> paid from<br> Return of<br> Capital<br>|
| First Trust Dow Jones | $27851656 | &nbsp;&nbsp; $650910 | &nbsp;&nbsp; $— |
| First Trust Multi Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;941490 | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;653538 | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| First Trust Dorsey Wright | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472070 | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| First Trust Capital Strength<sup>®</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6078716 | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4439858 | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244210 |
| First Trust International Developed Capital Strength<sup>®</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554241 | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117662 | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81327 |
| First Trust Growth Strength<sup>TM</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1378572 | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119876 | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20676 |
| First Trust Capital Strength<sup>®</sup> Hedged Equity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40521 | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1485 |

---

As of December 31, 2024, the components of distributable earnings on a tax basis for each Fund were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Undistributed<br> Ordinary<br> Income<br>| Accumulated<br> Capital and<br> Other<br> Gain (Loss)<br>| Net<br> Unrealized<br> Appreciation<br> (Depreciation)<br>|
| First Trust Dow Jones | $30695940 | &nbsp;&nbsp; $17109561 | &nbsp;&nbsp; $30310348 |
| First Trust Multi Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;628052 | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329134 | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;952049 |
| First Trust Dorsey Wright | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58080 | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(950174)<br>| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6744672 |
| First Trust Capital Strength<sup>®</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9361774 |
| First Trust International Developed Capital Strength<sup>®</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(122491)<br>|
| First Trust Growth Strength<sup>TM</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561096 |
| First Trust Capital Strength<sup>®</sup> Hedged Equity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(65315)<br>| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32567 |

---

**J. Income Taxes**

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

The Funds are subject to accounting standards that establish a minimum threshold for recognizing, and a system for measuring, the benefits of a tax position taken or expected to be taken in a tax return. Taxable years ended 2021, 2022, 2023 and 2024 remain open to federal and state audit for First Trust Dow Jones, First Trust Multi Income, First Trust Dorsey Wright, First Trust Capital Strength<sup>®</sup>, and First Trust International Developed Capital Strength<sup>®</sup>. The taxable years ended 2023 and 2024 remain open to federal and state audit for First Trust Growth Strength<sup>™</sup> and First Trust Capital Strength<sup>®</sup> Hedged Equity. As of June 30, 2025, management has evaluated the application of these standards to the Funds and has determined that no provision for income tax is required in the Funds' financial statements for uncertain tax positions.

The Funds intend to utilize provisions of the federal income tax laws, which allow them 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 Funds are 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, 2024, for federal income tax purposes, the Funds had capital loss carryforwards available as shown in the following table, to the extent provided by regulations, to offset future capital gains. To the

------

**Notes to Financial Statements (Continued)**

**First Trust Variable Insurance Trust**

**June 30, 2025 (Unaudited)**

extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to each applicable Fund's shareholders.

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

---

| | |
|:---|:---|
|  | Non-Expiring<br> Capital Loss<br> Carryforward<br>|
| First Trust Dow Jones | $— |
| First Trust Multi Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| First Trust Dorsey Wright | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950174 |
| First Trust Capital Strength<sup>®</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| First Trust International Developed Capital Strength<sup>®</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| First Trust Growth Strength<sup>TM</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| First Trust Capital Strength<sup>®</sup> Hedged Equity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65315 |

---

During the taxable year ended December 31, 2024, the following Funds utilized non-expiring capital loss carryforwards in the following amounts:

---

| | |
|:---|:---|
|  | Capital Loss<br> Carryforward Utilized<br>|
| First Trust Dow Jones | $— |
| First Trust Multi Income |  |
| First Trust Dorsey Wright | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2940202 |
| First Trust Capital Strength<sup>®</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1883770 |
| First Trust International Developed Capital Strength<sup>®</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625010 |
| First Trust Growth Strength<sup>TM</sup> |  |
| First Trust Capital Strength<sup>®</sup> Hedged Equity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90238 |

---

As of June 30, 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>|
| First Trust Dow Jones | $784430182 | &nbsp;&nbsp; $73522358 | &nbsp;&nbsp; $(33633170)<br>| &nbsp;&nbsp; $39889188 |
| First Trust Multi Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21129602 | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1465276 | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(187276)<br>| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1278000 |
| First Trust Dorsey Wright | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45988125 | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7318659 | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(344452)<br>| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6974207 |
| First Trust Capital Strength<sup>®</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158533891 | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19250464 | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4971693)<br>| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14278771 |
| First Trust International Developed Capital Strength<sup>®</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30653721 | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3593140 | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(400359)<br>| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3192781 |
| First Trust Growth Strength<sup>TM</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25329015 | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3695266 | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(699271)<br>| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2995995 |
| First Trust Capital Strength<sup>®</sup> Hedged Equity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13976043 | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1003409 | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1831081)<br>| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(827672)<br>|

---

**K. Expenses**

Each Fund will pay all expenses directly related to its operations.

Each Participating Insurance Company performs certain administrative services for the Funds, their Accounts and the Contracts. Each Fund pays an administrative services fee of 0.20% of average daily net assets to cover expenses incurred by Participating Insurance Companies in connection with these services.

First Trust has entered into various licensing agreements, which allow First Trust to use certain trademarks and trade names of the applicable licensors (see Disclaimer in the Other Information section of this report). The Trust, on behalf of First Trust Dow Jones, First Trust Dorsey Wright, First Trust Capital Strength<sup>®</sup>, First Trust International Developed Capital Strength<sup>®</sup>, First Trust Growth

------

**Notes to Financial Statements (Continued)**

**First Trust Variable Insurance Trust**

**June 30, 2025 (Unaudited)**

Strength<sup>TM</sup> and First Trust Capital Strength<sup>®</sup> Hedged Equity, is a sub-licensee to these license agreements and is required to pay licensing fees, which are shown on the Statements of Operations.

**L. Segment Reporting**

Each Fund has adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Adoption of the standard impacted financial statement disclosures only and did not affect each Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is the President and Chief Executive Officer of each Fund. Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of each Fund, using the information presented in the financial statements and financial highlights.

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

First Trust, the investment advisor to the Funds, is a limited partnership with one limited partner, Grace Partners of DuPage L.P., and one general partner, The Charger Corporation. The Charger Corporation is an Illinois corporation controlled by James A. Bowen, Chief Executive Officer of First Trust. First Trust provides each Fund with discretionary investment services and certain administrative services necessary for the management of the Funds. For its investment advisory and management services, First Trust is entitled to a monthly fee calculated at an annual rate of 0.60% of the average daily net assets for First Trust Dow Jones, First Trust Multi Income, First Trust International Developed Capital Strength<sup>®</sup>, and First Trust Growth Strength<sup>TM</sup>, 0.35% of the average daily net assets for First Trust Dorsey Wright, 0.50% of the average daily net assets for First Trust Capital Strength<sup>®</sup> and 0.75% of the average daily net assets for First Trust Capital Strength<sup>®</sup> Hedged Equity. First Trust also provides fund reporting services to the Funds for a flat annual fee in the amount of $9,250 per Fund.

In addition, First Trust Multi Income and First Trust Dorsey Wright incur their respective pro rata share of fees and expenses attributable to each Fund's investments in other investment companies ("acquired fund fees and expenses"). The total of net expenses and acquired fund fees and expenses represents each Fund's total net annual operating expenses.

First Trust Multi Income and First Trust have retained Energy Income Partners, LLC ("EIP") and Stonebridge Advisors LLC ("Stonebridge") (collectively, the "Sub-Advisors"), affiliates of First Trust, to serve as investment sub-advisors. In this capacity, the Sub-Advisors provide recommendations to the Advisor regarding the selection and ongoing monitoring of certain securities in First Trust Multi Income's investment portfolio. EIP acts as sub-advisor for, and manages on a discretionary basis the investment and reinvestment of, only the assets of First Trust Multi Income allocated to EIP by the Advisor and furnishes an investment program in respect of and makes investment decisions only with respect to the portion of First Trust Multi Income's investment portfolio allocated to it by the Advisor. EIP, an affiliate of the Advisor, has been retained by First Trust Multi Income and the Advisor to provide recommendations regarding the selection and ongoing monitoring of the MLP, MLP affiliate and energy infrastructure securities in First Trust Multi Income's investment portfolio and to exercise discretion only with respect to assets of First Trust Multi Income allocated to EIP. Stonebridge serves as a nondiscretionary sub-advisor. Stonebridge has been retained by First Trust Multi Income and the Advisor to provide recommendations regarding the selection and ongoing monitoring of the preferred and hybrid securities in First Trust Multi Income's investment portfolio.

For the services provided and the expenses assumed pursuant to the investment sub-advisory agreement, First Trust will pay EIP a sub-advisory fee equal to 40% monthly in arrears of any remaining monthly investment management fee paid to the Advisor for the average daily net assets allocated to EIP after First Trust's waiver of any of its investment management fee to comply with the then-current expense cap, as defined below. For the services provided and the expenses assumed pursuant to the investment sub-advisory agreement, First Trust will pay Stonebridge a portfolio management fee equal to an annual rate of 0.20% of the Fund's average daily net assets allocated to Stonebridge.

First Trust Capital Partners, LLC ("FTCP"), an affiliate of First Trust, owns, through a wholly-owned subsidiary, a 15% ownership interest in each of EIP and EIP Partners, LLC, an affiliate of EIP. FTCP also owns, through a wholly-owned subsidiary, a 51% ownership interest in Stonebridge.

Vest Financial LLC ("Vest"), an affiliate of First Trust, serves as sub-advisor to First Trust Capital Strength<sup>®</sup> Hedged Equity. Pursuant to the Investment Management Agreement and the Investment Sub-Advisory Agreement, Vest is responsible for the selection and ongoing monitoring of the securities in the First Trust Capital Strength<sup>®</sup> Hedge Equity's investment portfolio, and First Trust will supervise Vest and its management of the investment of the Fund's assets. For the services provided and the expenses assumed

------

**Notes to Financial Statements (Continued)**

**First Trust Variable Insurance Trust**

**June 30, 2025 (Unaudited)**

pursuant to the investment sub-advisory agreement, First Trust will pay Vest an investment management fee equal to the annual rate of 0.20% of the Fund's average daily net assets.

First Trust has agreed to waive fees and/or pay First Trust Dow Jones', First Trust Multi Income's, First Trust International Developed Capital Strength<sup>®</sup>'s and First Trust Growth Strength<sup>TM</sup>'s expenses to the extent necessary to prevent the annual operating expenses of Class I shares (excluding interest expense, brokerage commissions and other trading expenses, acquired fund fees and expenses, if any, taxes and extraordinary expenses) from exceeding 1.20% (the "Expense Cap"), of each Fund's average daily net assets per year at least until May 1, 2027. First Trust has agreed to waive fees and/or pay First Trust Dorsey Wright's expenses to the extent necessary to prevent the operating expenses of Class I shares (excluding interest expense, brokerage commissions and other trading expenses, taxes and extraordinary expenses) from exceeding 1.30% (the "Expense Cap") of the Fund's average daily net assets per year at least until May 1, 2027. For First Trust Dorsey Wright, because acquired fund fees and expenses are estimated, First Trust will periodically adjust the amount of the fee waiver and expense reimbursement in order to attempt to meet the Expense Cap. However, total net annual fund expenses may be higher or lower than the Expense Cap. First Trust has agreed to waive fees and/or pay First Trust Capital Strength<sup>®</sup>'s expenses to the extent necessary to prevent the annual operating expenses of Class I shares (excluding interest expense, brokerage commissions and other trading expenses, acquired fund fees and expenses, if any, taxes and extraordinary expenses) from exceeding 1.10% (the "Expense Cap") of the Fund's average daily net assets per year at least until May 1, 2027. First Trust has agreed to waive fees and/or pay First Trust Capital Strength<sup>®</sup> Hedged Equity's expenses to the extent necessary to prevent the annual operating expenses of Class I shares (excluding interest expense, brokerage commissions and other trading expenses, acquired fund fees and expenses, if any, taxes and extraordinary expenses) from exceeding 1.25% (the "Expense Cap") of the Fund's average daily net assets per year at least until May 1, 2027.

Expenses borne and fees waived by First Trust are subject to reimbursement by each Fund for up to three years from the date the fee or expense was incurred by the Fund, 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 Expense Cap in place for the most recent fiscal year for which such expense limitation was in place, (ii) the Expense Cap in place at the time the fees were waived or expenses reimbursed, or (iii) the current Expense Cap. These amounts, if any, are included in "Expenses previously waived or reimbursed" on the Statements of Operations.

The advisory fee waivers and expense reimbursements for the six months ended June 30, 2025, and the expenses borne and fees waived by First Trust subject to recovery from the applicable Fund at June 30, 2025, are included in the following table.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **Fees Waived or Expenses Borne by First Trust Subject to Recovery** | **Fees Waived or Expenses Borne by First Trust Subject to Recovery** | **Fees Waived or Expenses Borne by First Trust Subject to Recovery** | **Fees Waived or Expenses Borne by First Trust Subject to Recovery** | **Fees Waived or Expenses Borne by First Trust Subject to Recovery** |
|  | **Fees**<br> **Waived**<br>| **Expenses**<br> **Reimbursed**<br>| **Six Months**<br> **Ended**<br> **December 31,**<br> **2022**<br>| **Year Ended**<br> **December 31,**<br> **2023**<br>| **Year Ended**<br> **December 31,**<br> **2024**<br>| **Six Months**<br> **Ended**<br> **June 30,**<br> **2025**<br>| **Total** |
| First Trust Multi Income | $63576 | &nbsp;&nbsp; $71921 | &nbsp;&nbsp; $92964 | &nbsp;&nbsp; $215054 | &nbsp;&nbsp; $197137 | &nbsp;&nbsp; $96292 | &nbsp;&nbsp; $601447 |
| First Trust Dorsey Wright | 89129 | &nbsp;&nbsp; 18433 | &nbsp;&nbsp; 84572 | &nbsp;&nbsp; 242628 | &nbsp;&nbsp; 203129 | &nbsp;&nbsp; 107562 | &nbsp;&nbsp; 637891 |
| First Trust Capital Strength<sup>®</sup> | 14267 | &nbsp;&nbsp; — | &nbsp;&nbsp; 53531 | &nbsp;&nbsp; 86886 | &nbsp;&nbsp; 33248 | &nbsp;&nbsp; 14267 | &nbsp;&nbsp; 187932 |
| First Trust International <br> Developed Capital Strength<sup>®</sup><br>| 71876 | &nbsp;&nbsp; — | &nbsp;&nbsp; 64699 | &nbsp;&nbsp; 145148 | &nbsp;&nbsp; 135426 | &nbsp;&nbsp; 71876 | &nbsp;&nbsp; 417149 |
| First Trust Growth Strength™ | 51094 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 66744 | &nbsp;&nbsp; 89715 | &nbsp;&nbsp; 51094 | &nbsp;&nbsp; 207553 |
| First Trust Capital Strength<sup>®</sup> <br> Hedged Equity<br>| 40731 | &nbsp;&nbsp; 25443 | &nbsp;&nbsp; — | &nbsp;&nbsp; 44759 | &nbsp;&nbsp; 115942 | &nbsp;&nbsp; 66174 | &nbsp;&nbsp; 226875 |

---

First Trust agreed to waive fees in the amount of 0.37% of the First Trust Multi Income's average daily net assets through May 1, 2026. During the six months ended June 30, 2025, First Trust reimbursed First Trust Multi Income $39,205 of fees that are not subject to recovery.

BNY Mellon Investment Servicing (US) Inc. ("BNY IS") serves as each Fund's transfer agent in accordance with certain fee arrangements. As transfer agent, BNY IS is responsible for maintaining shareholder records for the Funds. BNY IS is a subsidiary of The Bank of New York Mellon Corporation, a financial holding company.

The Bank of New York Mellon ("BNY") serves as each 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 Funds, including maintaining the Funds' books of account, records of the Funds' securities transactions, and certain other books and records. As custodian, BNY is responsible for custody of each Fund's assets. BNY is a subsidiary of The Bank of New York Mellon Corporation, a financial holding company.

------

**Notes to Financial Statements (Continued)**

**First Trust Variable Insurance Trust**

**June 30, 2025 (Unaudited)**

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 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 Committee Chairs, the Audit Committee Vice Chair, the Lead Independent Trustee and the Vice Lead Independent Trustee rotate periodically in serving in such capacities. The officers and "Interested" Trustee receive no compensation from the Trust for acting in such capacities.

**4. Capital Share Transactions**

Capital transactions for First Trust Dow Jones were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended**<br> **June 30, 2025** | **Six Months Ended**<br> **June 30, 2025** | &nbsp;&nbsp;&nbsp; **Year Ended**<br> **December 31, 2024** | &nbsp;&nbsp;&nbsp; **Year Ended**<br> **December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| Sales: |  |  |  |  |
| Class I | &nbsp;&nbsp; 669891 | &nbsp;&nbsp;&nbsp;&nbsp; $9049125 | &nbsp;&nbsp;&nbsp;&nbsp; 1830405 | &nbsp;&nbsp;&nbsp;&nbsp; $24929379 |
| Class II | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 411 | &nbsp;&nbsp;&nbsp;&nbsp; 5413 |
| Total Sales | &nbsp;&nbsp; 669891 | &nbsp;&nbsp;&nbsp;&nbsp; $9049125 | &nbsp;&nbsp;&nbsp;&nbsp; 1830816 | &nbsp;&nbsp;&nbsp;&nbsp; $24934792 |
| Dividend Reinvestment: |  |  |  |  |
| Class I | &nbsp;&nbsp; 4408674 | &nbsp;&nbsp;&nbsp;&nbsp; $56563298 | &nbsp;&nbsp;&nbsp;&nbsp; 2136377 | &nbsp;&nbsp;&nbsp;&nbsp; $28502566 |
| Class II | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Dividend Reinvestment | &nbsp;&nbsp; 4408674 | &nbsp;&nbsp;&nbsp;&nbsp; $56563298 | &nbsp;&nbsp;&nbsp;&nbsp; 2136377 | &nbsp;&nbsp;&nbsp;&nbsp; $28502566 |
| Redemptions: |  |  |  |  |
| Class I | &nbsp;&nbsp; (4400274)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(60025794)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9766884)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(132892208 |
| Class II | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (124350)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1655580)<br>|
| Total Redemptions | &nbsp;&nbsp; (4400274)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(60025794)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9891234)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(134547788)<br>|

---

Capital transactions for First Trust Multi Income were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended**<br> **June 30, 2025** | **Six Months Ended**<br> **June 30, 2025** | &nbsp;&nbsp;&nbsp; **Year Ended**<br> **December 31, 2024** | &nbsp;&nbsp;&nbsp; **Year Ended**<br> **December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| Sales: |  |  |  |  |
| Class I | &nbsp;&nbsp; 510731 | &nbsp;&nbsp;&nbsp;&nbsp; $5827123 | &nbsp;&nbsp;&nbsp;&nbsp; 427862 | &nbsp;&nbsp;&nbsp;&nbsp; $4887294 |
| Class II | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Sales | &nbsp;&nbsp; 510731 | &nbsp;&nbsp;&nbsp;&nbsp; $5827123 | &nbsp;&nbsp;&nbsp;&nbsp; 427862 | &nbsp;&nbsp;&nbsp;&nbsp; $4887294 |
| Dividend Reinvestment: |  |  |  |  |
| Class I | &nbsp;&nbsp; 110861 | &nbsp;&nbsp;&nbsp;&nbsp; $1227230 | &nbsp;&nbsp;&nbsp;&nbsp; 148091 | &nbsp;&nbsp;&nbsp;&nbsp; $1595028 |
| Class II | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Dividend Reinvestment | &nbsp;&nbsp; 110861 | &nbsp;&nbsp;&nbsp;&nbsp; $1227230 | &nbsp;&nbsp;&nbsp;&nbsp; 148091 | &nbsp;&nbsp;&nbsp;&nbsp; $1595028 |
| Redemptions: |  |  |  |  |
| Class I | &nbsp;&nbsp; (356081)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(4048017)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2025076)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(23079886)<br>|
| Class II | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (14539)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (165956)<br>|
| Total Redemptions | &nbsp;&nbsp; (356081)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(4048017)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2039615)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(23245842)<br>|

---

------

**Notes to Financial Statements (Continued)**

**First Trust Variable Insurance Trust**

**June 30, 2025 (Unaudited)**

Capital transactions for First Trust Dorsey Wright were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended**<br> **June 30, 2025** | **Six Months Ended**<br> **June 30, 2025** | &nbsp;&nbsp;&nbsp; **Year Ended**<br> **December 31, 2024** | &nbsp;&nbsp;&nbsp; **Year Ended**<br> **December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| Sales: |  |  |  |  |
| Class I | &nbsp;&nbsp; 296631 | &nbsp;&nbsp;&nbsp;&nbsp; $3687365 | &nbsp;&nbsp;&nbsp;&nbsp; 483786 | &nbsp;&nbsp;&nbsp;&nbsp; $5939003 |
| Class II | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; 17 |
| Total Sales | &nbsp;&nbsp; 296631 | &nbsp;&nbsp;&nbsp;&nbsp; $3687365 | &nbsp;&nbsp;&nbsp;&nbsp; 483788 | &nbsp;&nbsp;&nbsp;&nbsp; $5939020 |
| Dividend Reinvestment: |  |  |  |  |
| Class I | &nbsp;&nbsp; 12896 | &nbsp;&nbsp;&nbsp;&nbsp; $164431 | &nbsp;&nbsp;&nbsp;&nbsp; 36912 | &nbsp;&nbsp;&nbsp;&nbsp; $472070 |
| Class II | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Dividend Reinvestment | &nbsp;&nbsp; 12896 | &nbsp;&nbsp;&nbsp;&nbsp; $164431 | &nbsp;&nbsp;&nbsp;&nbsp; 36912 | &nbsp;&nbsp;&nbsp;&nbsp; $472070 |
| Redemptions: |  |  |  |  |
| Class I | &nbsp;&nbsp; (428309)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(5322009)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (748056)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(9250474)<br>|
| Class II | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (30738)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (363937)<br>|
| Total Redemptions | &nbsp;&nbsp; (428309)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(5322009)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (778794)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(9614411)<br>|

---

Capital transactions for First Trust Capital Strength<sup>®</sup> were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended**<br> **June 30, 2025** | **Six Months Ended**<br> **June 30, 2025** | &nbsp;&nbsp;&nbsp; **Year Ended**<br> **December 31, 2024** | &nbsp;&nbsp;&nbsp; **Year Ended**<br> **December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| Sales: |  |  |  |  |
| Class I | &nbsp;&nbsp; 1141088 | &nbsp;&nbsp;&nbsp;&nbsp; $16127081 | &nbsp;&nbsp;&nbsp;&nbsp; 2897465 | &nbsp;&nbsp;&nbsp;&nbsp; $42322817 |
| Class II | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; 96 |
| Total Sales | &nbsp;&nbsp; 1141088 | &nbsp;&nbsp;&nbsp;&nbsp; $16127081 | &nbsp;&nbsp;&nbsp;&nbsp; 2897472 | &nbsp;&nbsp;&nbsp;&nbsp; 42322913 |
| Dividend Reinvestment: |  |  |  |  |
| Class I | &nbsp;&nbsp; 23701 | &nbsp;&nbsp;&nbsp;&nbsp; $333708 | &nbsp;&nbsp;&nbsp;&nbsp; 761750 | &nbsp;&nbsp;&nbsp;&nbsp; $10762784 |
| Class II | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Dividend Reinvestment | &nbsp;&nbsp; 23701 | &nbsp;&nbsp;&nbsp;&nbsp; $333708 | &nbsp;&nbsp;&nbsp;&nbsp; 761750 | &nbsp;&nbsp;&nbsp;&nbsp; $10762784 |
| Redemptions: |  |  |  |  |
| Class I | &nbsp;&nbsp; (463477)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(6595700)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1006841)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(14424981)<br>|
| Class II | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (94328)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1326314)<br>|
| Total Redemptions | &nbsp;&nbsp; (463477)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(6595700)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1101169)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(15751295)<br>|

---

Capital transactions for First Trust International Developed Capital Strength<sup>®</sup> were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended**<br> **June 30, 2025** | **Six Months Ended**<br> **June 30, 2025** | &nbsp;&nbsp;&nbsp; **Year Ended**<br> **December 31, 2024** | &nbsp;&nbsp;&nbsp; **Year Ended**<br> **December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| Sales: |  |  |  |  |
| Class I | &nbsp;&nbsp; 725300 | &nbsp;&nbsp;&nbsp;&nbsp; $9765936 | &nbsp;&nbsp;&nbsp;&nbsp; 1158305 | &nbsp;&nbsp;&nbsp;&nbsp; $14963174 |
| Class II | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Sales | &nbsp;&nbsp; 725300 | &nbsp;&nbsp;&nbsp;&nbsp; $9765936 | &nbsp;&nbsp;&nbsp;&nbsp; 1158305 | &nbsp;&nbsp;&nbsp;&nbsp; $14963174 |

---

------

**Notes to Financial Statements (Continued)**

**First Trust Variable Insurance Trust**

**June 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended**<br> **June 30, 2025** | **Six Months Ended**<br> **June 30, 2025** | &nbsp;&nbsp;&nbsp; **Year Ended**<br> **December 31, 2024** | &nbsp;&nbsp;&nbsp; **Year Ended**<br> **December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| Dividend Reinvestment: |  |  |  |  |
| Class I | &nbsp;&nbsp; 32412 | &nbsp;&nbsp;&nbsp;&nbsp; $445992 | &nbsp;&nbsp;&nbsp;&nbsp; 60685 | &nbsp;&nbsp;&nbsp;&nbsp; $753230 |
| Class II | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Dividend Reinvestment | &nbsp;&nbsp; 32412 | &nbsp;&nbsp;&nbsp;&nbsp; $445992 | &nbsp;&nbsp;&nbsp;&nbsp; 60685 | &nbsp;&nbsp;&nbsp;&nbsp; $753230 |
| Redemptions: |  |  |  |  |
| Class I | &nbsp;&nbsp; (307122)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(4162731)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (153408)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(1968007)<br>|
| Class II | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (90458)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1153706)<br>|
| Total Redemptions | &nbsp;&nbsp; (307122)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(4162731)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (243866)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(3121713)<br>|

---

Capital transactions for First Trust Growth Strength<sup>TM</sup> were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended**<br> **June 30, 2025** | **Six Months Ended**<br> **June 30, 2025** | &nbsp;&nbsp;&nbsp; **Year Ended**<br> **December 31, 2024** | &nbsp;&nbsp;&nbsp; **Year Ended**<br> **December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| Sales: |  |  |  |  |
| Class I | &nbsp;&nbsp; 595388 | &nbsp;&nbsp;&nbsp;&nbsp; $7916118 | &nbsp;&nbsp;&nbsp;&nbsp; 1021978 | &nbsp;&nbsp;&nbsp;&nbsp; $14414194 |
| Total Sales | &nbsp;&nbsp; 595388 | &nbsp;&nbsp;&nbsp;&nbsp; $7916118 | &nbsp;&nbsp;&nbsp;&nbsp; 1021978 | &nbsp;&nbsp;&nbsp;&nbsp; $14414194 |
| Dividend Reinvestment: |  |  |  |  |
| Class I | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; 111605 | &nbsp;&nbsp;&nbsp;&nbsp; $1519124 |
| Total Dividend Reinvestment | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; 111605 | &nbsp;&nbsp;&nbsp;&nbsp; $1519124 |
| Redemptions: |  |  |  |  |
| Class I | &nbsp;&nbsp; (82514)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(1079649)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (251870)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(3590909)<br>|
| Total Redemptions | &nbsp;&nbsp; (82514)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(1079649)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (251870)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(3590909)<br>|

---

Capital transactions for First Trust Capital Strength<sup>®</sup> Hedged Equity were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended**<br> **June 30, 2025** | **Six Months Ended**<br> **June 30, 2025** | &nbsp;&nbsp;&nbsp; **Year Ended**<br> **December 31, 2024** | &nbsp;&nbsp;&nbsp; **Year Ended**<br> **December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| Sales: |  |  |  |  |
| Class I | &nbsp;&nbsp; 515794 | &nbsp;&nbsp;&nbsp;&nbsp; $5289078 | &nbsp;&nbsp;&nbsp;&nbsp; 817191 | &nbsp;&nbsp;&nbsp;&nbsp; $8207926 |
| Total Sales | &nbsp;&nbsp; 515794 | &nbsp;&nbsp;&nbsp;&nbsp; $5289078 | &nbsp;&nbsp;&nbsp;&nbsp; 817191 | &nbsp;&nbsp;&nbsp;&nbsp; $8207926 |
| Dividend Reinvestment: |  |  |  |  |
| Class I | &nbsp;&nbsp; 1640 | &nbsp;&nbsp;&nbsp;&nbsp; $16395 | &nbsp;&nbsp;&nbsp;&nbsp; 4219 | &nbsp;&nbsp;&nbsp;&nbsp; $42006 |
| Total Dividend Reinvestment | &nbsp;&nbsp; 1640 | &nbsp;&nbsp;&nbsp;&nbsp; $16395 | &nbsp;&nbsp;&nbsp;&nbsp; 4219 | &nbsp;&nbsp;&nbsp;&nbsp; $42006 |
| Redemptions: |  |  |  |  |
| Class I | &nbsp;&nbsp; (62500)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(635616)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (218459)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(2174854)<br>|
| Total Redemptions | &nbsp;&nbsp; (62500)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(635616)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (218459)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(2174854)<br>|

---

------

**Notes to Financial Statements (Continued)**

**First Trust Variable Insurance Trust**

**June 30, 2025 (Unaudited)**

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

**5. Purchases and Sales of Securities**

For the six months ended June 30, 2025, the cost of purchases and proceeds from sales of investment securities for each Fund, excluding U.S. Government investment securities and short-term investments, were as follows:

---

| | | |
|:---|:---|:---|
|  | Purchases | Sales |
| First Trust Dow Jones | &nbsp;&nbsp; $238137656 | &nbsp;&nbsp;&nbsp;&nbsp; $286166666 |
| First Trust Multi Income | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7935734 | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6101884 |
| First Trust Dorsey Wright | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29726211 | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31143452 |
| First Trust Capital Strength<sup>®</sup> | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100705327 | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89952808 |
| First Trust International Developed Capital Strength<sup>®</sup>  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14223760 | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8517807 |
| First Trust Growth Strength<sup>TM</sup> | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20463444 | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13697773 |
| First Trust Capital Strength<sup>®</sup> Hedged Equity | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10894354 | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5636905 |

---

For the six months ended June 30, 2025, the cost of purchases and proceeds from sales of U.S. government investment securities for each Fund, excluding short-term investments, were as follows:

---

| | | |
|:---|:---|:---|
|  | Purchases | Sales |
| First Trust Dow Jones | &nbsp;&nbsp; $68389235 | &nbsp;&nbsp;&nbsp;&nbsp; $61926463 |
| First Trust Multi Income | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586209 | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640803 |
| First Trust Dorsey Wright | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| First Trust Capital Strength<sup>®</sup> | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| First Trust International Developed Capital Strength<sup>®</sup>  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| First Trust Growth Strength<sup>TM</sup> | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| First Trust Capital Strength<sup>®</sup> Hedged Equity | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

**6. Derivative Transactions**

The following table presents the type of derivatives held by First Trust Capital Strength<sup>®</sup> Hedged Equity at June 30, 2025, the primary underlying risk exposure and the location of these instruments as presented on the Statements of Assets and Liabilities.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivative**<br> **Instrument**<br>| **Risk**<br> **Exposure**<br>| **Statements of Assets and**<br> **Liabilities Location**<br>| **Value** | **Statements of Assets and**<br> **Liabilities Location**<br>| **Value** |
| Option contracts | Equity Risk | Options contracts purchased, at value | &nbsp;&nbsp; $2982 | Options contracts written, at value | &nbsp;&nbsp; $1612601 |

---

The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized for the six months ended June 30, 2025, on derivative instruments held by First Trust Capital Strength<sup>®</sup> Hedged Equity, as well as the primary underlying risk exposure associated with each instrument.

---

| | |
|:---|:---|
| **Statements of Operations Location** | **First Trust Capital Strength**<sup>®</sup> **Hedged Equity** |
| **Equity Risk Exposure** |  |
| Net realized gain (loss) on purchased options contracts | &nbsp;&nbsp; $513960 |
| Net realized gain (loss) on written options contracts | &nbsp;&nbsp; 224043 |
| Net change in unrealized appreciation (depreciation) on purchased options <br> contracts<br>| &nbsp;&nbsp; (259100)<br>|
| Net change in unrealized appreciation (depreciation) on written options <br> contracts<br>| &nbsp;&nbsp; (1190645)<br>|

---

During the six months ended June 30, 2025, for First Trust Capital Strength<sup>®</sup> Hedged Equity, the premiums for purchased options contracts opened were $483,897, and the premiums for purchased options closed, exercised and expired were $236,167. The premiums for written options contracts opened were $641,414, and the premiums for written options closed, exercised and expired were $224,918.

------

**Notes to Financial Statements (Continued)**

**First Trust Variable Insurance Trust**

**June 30, 2025 (Unaudited)**

First Trust Capital Strength<sup>®</sup> Hedged Equity does not have the right to offset financial assets and liabilities related to options contracts on the Statements of Assets and Liabilities.

**7. 12b-1 Service Plan**

The Trust has adopted a plan (the "Plan") pursuant to Rule 12b-1 under the 1940 Act, which provides that Class I shares of each of the Funds will be subject to an annual service fee.

First Trust Portfolios L.P. ("FTP"), an affiliate of First Trust, serves as the selling agent and distributor of shares of the Funds. FTP uses the service fee to compensate each Participating Insurance Company for providing account services to contract owners. These services include establishing and maintaining Contract owners' accounts, supplying information to Contract owners, delivering Fund materials to Contract owners, answering inquiries, and providing other personal services to Contract owners. Each Fund may spend up to 0.25% per year of the average daily net assets of its Class I shares as a service fee under the Plan. In addition, the Plan permits First Trust to use a portion of its advisory fee to compensate FTP for expenses incurred in connection with the sale of a Fund's Class I shares including, without limitation, compensation of its sales force, expenses of printing and distributing the Prospectus to persons other than Contract owners, expenses of preparing, printing and distributing advertising and sales literature and reports to Contract owners used in connection with the sale of a Fund's Class I shares, certain other expenses associated with the servicing of Class I shares of a Fund, and any service-related expenses that may be authorized from time to time by the Board.

During the six months ended June 30, 2025, all service fees received by FTP were paid to the Participating Insurance Companies, with no portion of such fees retained by FTP. The Plan may be renewed from year to year if approved by a vote of the Trust's Board and a vote of the Independent Trustees, who have no direct or indirect financial interest in the Plan, cast in person at a meeting called for the purpose of voting on the Plan.

**8. Borrowings**

The Trust, on behalf of First Trust Dow Jones and First Trust Multi Income, along with First Trust Series Fund, First Trust Exchange-Traded Fund III and First Trust Exchange-Traded Fund IV, 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. For any day before February 26, 2025, BNY charged a commitment fee of 0.20% of the daily amount of the excess of the commitment amount over the outstanding principal balance of the loans and an agency fee. First Trust allocates the commitment fee and agency fee amongst the funds that have access to the credit line. These fees are reflected in the Statements of Operations in the "Commitment and administrative agency fees" line item. To the extent that either Fund accesses the credit line, there would also be an interest fee charged. Neither First Trust Dow Jones or First Trust Multi Income drew on the credit line during the six months ended June 30, 2025.

**9. Indemnification**

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

**10. Subsequent Events**

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

Effective July 1, 2025, the flat annual fee for fund reporting services that First Trust provides to the Funds increased to $10,000 from $9,250.

------

**Other Information**

**First Trust Variable Insurance Trust** 

**June 30, 2025 (Unaudited)**

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

There were no changes in or disagreements with the Funds' accountants during the six months ended June 30, 2025.

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

There were no matters submitted for vote by shareholders of the Funds during the six months ended June 30, 2025.

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

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

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

The Board of Trustees of First Trust Variable Insurance Trust (the "Trust"), including the Independent Trustees, unanimously approved the continuation of the Investment Management Agreement (the "Advisory Agreement") with First Trust Advisors L.P. (the "Advisor") on behalf of the following series of the Trust (each a "Fund" and collectively, the "Funds"):

First Trust Capital Strength Hedged Equity Portfolio

First Trust Capital Strength Portfolio

First Trust Dorsey Wright Tactical Core Portfolio

First Trust Growth Strength Portfolio

First Trust International Developed Capital Strength Portfolio

First Trust Multi Income Allocation Portfolio

First Trust/Dow Jones Dividend & Income Allocation Portfolio

The Board, including the Independent Trustees, also unanimously approved the continuation of the Investment Sub-Advisory Agreement (the "Stonebridge Sub-Advisory Agreement") among the Trust, on behalf of First Trust Multi Income Allocation Portfolio, the Advisor and Stonebridge Advisors LLC ("Stonebridge"); the Investment Sub-Advisory Agreement (the "Energy Income Partners Sub-Advisory Agreement") among the Trust, on behalf of First Trust Multi Income Allocation Portfolio, the Advisor and Energy Income Partners, LLC ("Energy Income Partners"); and the Investment Sub-Advisory Agreement (the "Vest Sub-Advisory Agreement") among the Trust, on behalf of First Trust Capital Strength Hedged Equity Portfolio, the Advisor and Vest Financial LLC ("Vest"). The Stonebridge Sub-Advisory Agreement, the Energy Income Partners Sub-Advisory Agreement and the Vest Sub-Advisory Agreement are collectively referred to as the "Sub-Advisory Agreements." Stonebridge, Energy Income Partners and Vest are individually referred to as a "Sub-Advisor" and are collectively referred to as the "Sub-Advisors." The Sub-Advisory Agreements together with the Advisory Agreement are referred to as the "Agreements." The Board approved the continuation of the Agreements for a one-year period ending June 30, 2026 at a meeting held on June 8–9, 2025. The Board determined that the continuation of the Advisory Agreement is in the best interests of each Fund and the continuation of each applicable Sub-Advisory Agreement is in the best interests of First Trust Multi Income Allocation Portfolio and First Trust Capital Strength Hedged Equity Portfolio in light of the nature, extent and quality of the services provided and such other matters as the Board considered to be relevant in the exercise of its business judgment.

To reach this determination, the Board considered its duties under the Investment Company Act of 1940, as amended (the "1940 Act"), as well as under the general principles of state law, in reviewing and approving advisory contracts; the requirements of the 1940 Act in such matters; the fiduciary duty of investment advisors with respect to advisory agreements and compensation; the standards used by courts in determining whether investment company boards have fulfilled their duties; and the factors to be considered by the Board in voting on such agreements. At meetings held on April 22, 2025 and June 8–9, 2025, the Board, including the Independent Trustees, reviewed materials provided by the Advisor and each of the Sub-Advisors responding to requests for information from counsel to the Independent Trustees, submitted on behalf of the Independent Trustees, that, among other things, outlined: the services provided by the Advisor to the Funds, by Stonebridge and Energy Income Partners to First Trust Multi Income Allocation Portfolio and by Vest to First Trust Capital Strength Hedged Equity Portfolio (including the relevant personnel responsible for these services and their experience); the advisory fee rate payable by each Fund and the sub-advisory fee rates for First Trust Multi Income Allocation Portfolio and First Trust Capital Strength Hedged Equity Portfolio as compared to fees charged to a peer group of funds (the "Expense Group") and a broad peer universe of funds (the "Expense Universe"), each assembled by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent source, and as compared to fees charged to other clients of the Advisor and the Sub-Advisors; the expense ratio of each Fund as compared to expense ratios of the funds in each Fund's Expense Group and Expense Universe; performance information for each Fund, including comparisons of each Fund's performance to that of one or more relevant benchmark indexes and to that of a performance group of funds and a broad performance universe of funds (the "Performance Universe"), each assembled by Broadridge; the nature of expenses incurred in providing services to the Funds and the potential for the Advisor and each Sub-Advisor to realize

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**Other Information (Continued)**

**First Trust Variable Insurance Trust** 

**June 30, 2025 (Unaudited)**

economies of scale, if any; profitability and other financial data for the Advisor; financial data for each Sub-Advisor; any indirect benefits to the Advisor and its affiliates, First Trust Portfolios L.P. ("FTP") and First Trust Capital Partners, LLC ("FTCP"), and the Sub-Advisors; and information on the Advisor's and each Sub-Advisor's compliance programs. The Board reviewed initial materials with the Advisor at the meeting held on April 22, 2025, prior to which the Independent Trustees and their counsel met separately to discuss the information provided by the Advisor and each of the Sub-Advisors. Following the April meeting, counsel to the Independent Trustees, on behalf of the Independent Trustees, requested certain clarifications and supplements to the materials provided, and the information provided in response to those requests was considered at an executive session of the Independent Trustees and their counsel held prior to the June 8–9, 2025 meeting, as well as at the June meeting. The Board applied its business judgment to determine whether the arrangements between the Trust and the Advisor continue to be reasonable business arrangements from the Funds' perspective. Similarly, the Board applied its business judgment to determine whether the arrangements among the Trust, the Advisor and each applicable Sub-Advisor continue to be reasonable business arrangements from the perspective of First Trust Multi Income Allocation Portfolio and First Trust Capital Strength Hedged Equity Portfolio. The Board determined that, given the totality of the information provided with respect to the Agreements, the Board had received sufficient information to renew the Agreements. The Board considered that shareholders chose to invest or remain invested in the Funds knowing that the Advisor manages the Funds, knowing that Stonebridge and Energy Income Partners serve as sub-advisors for First Trust Multi Income Allocation Portfolio, knowing that Vest serves as sub-advisor for First Trust Capital Strength Hedged Equity Portfolio and knowing each Fund's advisory fee.

In reviewing the Agreements, the Board considered the nature, extent and quality of the services provided by the Advisor and each Sub-Advisor under the Agreements. With respect to the Advisory Agreement, the Board considered that the Advisor is responsible for the overall management and administration of the Trust and the Funds and reviewed all of the services provided by the Advisor to the Funds, including the oversight of each applicable Sub-Advisor for First Trust Multi Income Allocation Portfolio and First Trust Capital Strength Hedged Equity Portfolio, as well as the background and experience of the persons responsible for such services. The Board noted that the Advisor oversees each applicable Sub-Advisor's management of First Trust Multi Income Allocation Portfolio's or First Trust Capital Strength Hedged Equity Portfolio's investment portfolio, or a portion thereof, including risk monitoring and performance review. In reviewing the services provided, the Board noted the compliance program that had been developed by the Advisor and considered that it includes a robust program for monitoring the Advisor's, the Sub-Advisors' and the Funds' compliance with the 1940 Act, as well as each Fund's compliance with its investment objective or objectives, policies and restrictions. The Board also considered a report from the Advisor with respect to its risk management functions related to the operation of the Funds. Finally, as part of the Board's consideration of the Advisor's services, the Advisor, in its written materials and at the April 22, 2025 meeting, described to the Board the scope of its ongoing investment in additional personnel and infrastructure to maintain and improve the quality of services provided to the Funds and the other funds in the First Trust Fund Complex. With respect to the Sub-Advisory Agreements for First Trust Multi Income Allocation Portfolio and First Trust Capital Strength Hedged Equity Portfolio, the Board reviewed the materials provided by each Sub-Advisor and considered the services that each Sub-Advisor provides to the applicable Fund, noting that Energy Income Partners is responsible for the day-to-day management of a portion of First Trust Multi Income Allocation Portfolio's investments, that Stonebridge serves in a non-discretionary capacity for a portion of First Trust Multi Income Allocation Portfolio's investments and that Vest is responsible for the day-to-day management of First Trust Capital Strength Hedged Equity Portfolio's investments. In considering each applicable Sub-Advisor's services to First Trust Multi Income Allocation Portfolio and First Trust Capital Strength Hedged Equity Portfolio, the Board noted the background and experience of each Sub-Advisor's portfolio management team, including the Board's prior meetings with members of each portfolio management team. The Board also received a presentation from representatives of Vest at the June 8–9, 2025 meeting. In light of the information presented and the considerations made, the Board concluded that the nature, extent and quality of the services provided to the Funds by the Advisor and to First Trust Multi Income Allocation Portfolio and First Trust Capital Strength Hedged Equity Portfolio by each applicable Sub-Advisor under the Agreements have been and are expected to remain satisfactory and that the Advisor and, for First Trust Multi Income Allocation Portfolio and First Trust Capital Strength Hedged Equity Portfolio, each applicable Sub-Advisor, have managed the Funds consistent with each Fund's respective investment objective or objectives, policies and restrictions.

The Board considered the advisory fee rate payable by each Fund under the Advisory Agreement and, for First Trust Multi Income Allocation Portfolio and First Trust Capital Strength Hedged Equity Portfolio, considered the sub-advisory fee rates payable under the applicable Sub-Advisory Agreements for the services provided, noting that the sub-advisory fees are paid by the Advisor from its advisory fee. The Board considered that the Advisor agreed to extend the current expense cap for Class I shares of each Fund at least until May 1, 2027. For each Fund, the Board noted that expenses borne by the Advisor are subject to reimbursement by the Fund for up to three years from the date the fee or expense was incurred, but no reimbursement payment will be made by the Fund at any time if it would result in Class I share expenses (excluding interest expense, brokerage commissions and other trading expenses, taxes, and extraordinary expenses and acquired fund fees and expenses for First Trust Multi Income Allocation Portfolio and First Trust/Dow Jones Dividend & Income Allocation Portfolio) 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

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**Other Information (Continued)**

**First Trust Variable Insurance Trust** 

**June 30, 2025 (Unaudited)**

expenses were reimbursed, or (iii) the current expense limitation. The Board also noted that the Advisor had extended through May 1, 2026 its agreement to reduce the advisory fee payable by First Trust Multi Income Allocation Portfolio in the amount of 0.37% of the Fund's average daily net assets, which is intended to offset the acquired fund fees and expenses associated with the Fund's investments in underlying ETFs, including ETFs in the First Trust Fund Complex. The Board received and reviewed information showing the fee rates and expense ratios of the peer funds in the Expense Groups, as well as advisory and unitary fee rates charged by the Advisor and the Sub-Advisors to other fund and non-fund clients, as applicable. With respect to the Expense Groups, the Board discussed with the Advisor limitations in creating relevant peer groups for the Funds. The Board also noted that not all peer funds in First Trust Multi Income Allocation Portfolio's and First Trust Capital Strength Hedged Equity Portfolio's Expense Groups employ an advisor/sub-advisor management structure. The Board took these limitations into account in considering the peer data. The Board noted that because First Trust Dorsey Wright Tactical Core Portfolio invests in underlying ETFs, including ETFs in the First Trust Fund Complex, such Fund will incur acquired fund fees and expenses, and that such acquired fund fees and expenses will change over time as assets are reallocated among the underlying ETFs. Based on the information provided, the Board noted that the contractual advisory fee rate payable by each of First Trust Capital Strength Hedged Equity Portfolio and First Trust/Dow Jones Dividend & Income Allocation Portfolio was above the median contractual advisory fee of the peer funds in the Fund's respective Expense Group and that the contractual advisory fee rate payable by each of the other Funds was below the median contractual advisory fee of the peer funds in the Fund's respective Expense Group. The Board also noted that with respect to the total (net) expense ratio of each Fund's Class I shares, the net expense ratio (excluding acquired fund fees and expenses) of each of First Trust Dorsey Wright Tactical Core Portfolio and First Trust Multi Income Allocation Portfolio was below the median net expense ratio (excluding acquired fund fees and expenses) of the peer funds in the Fund's respective Expense Group and that the net expense ratio (excluding acquired fund fees and expenses) of each of the other Funds was above the median net expense ratio (excluding acquired fund fees and expenses) of the peer funds in the Fund's respective Expense Group. With respect to fees charged to other clients, the Board considered differences between the Funds and other clients that limited their comparability. In considering the advisory fee rates overall, the Board also considered the Advisor's statement that it seeks to meet investor needs through innovative and value-added investment solutions and the Advisor's demonstrated long-term commitment to each Fund and the other funds in the First Trust Fund Complex.

The Board considered performance information for the Funds. The Board noted the process it has established for monitoring the Funds' performance and portfolio risk on an ongoing basis, which includes quarterly performance reporting from the Advisor for the Funds and each applicable Sub-Advisor for First Trust Multi Income Allocation Portfolio and First Trust Capital Strength Hedged Equity Portfolio. The Board determined that this process continues to be effective for reviewing the Funds' performance. The Board received and reviewed information comparing each Fund's performance for one or more periods ended December 31, 2024 to the performance of the funds in the Fund's respective Performance Universe and to that of a benchmark index or blended benchmark index, as applicable. Based on the information provided, the Board noted that First Trust Capital Strength Hedged Equity Portfolio (Class I shares) underperformed its Performance Universe median and benchmark index for the one-year period ended December 31, 2024. The Board noted that First Trust Capital Strength Portfolio (Class I shares) underperformed its Performance Universe median and benchmark index for the one- and three-year periods ended December 31, 2024. The Board noted the Advisor's discussion of First Trust Capital Strength Portfolio's performance at the April 22, 2025 meeting. The Board noted that First Trust Dorsey Wright Tactical Core Portfolio (Class I shares) outperformed its Performance Universe median and underperformed its blended benchmark index for the one- and five-year periods ended December 31, 2024 and underperformed its Performance Universe median and blended benchmark index for the three-year period ended December 31, 2024. The Board noted that First Trust Growth Strength Portfolio (Class I shares) underperformed its Performance Universe median and benchmark index for the one-year period ended December 31, 2024. The Board noted that First Trust International Developed Capital Strength Portfolio (Class I shares) underperformed its Performance Universe median and benchmark index for the one-year period ended December 31, 2024 and outperformed its Performance Universe median and underperformed its benchmark index for the three-year period ended December 31, 2024. The Board noted that First Trust Multi Income Allocation Portfolio (Class I shares) underperformed its Performance Universe median and outperformed its blended benchmark index for the one-year period ended December 31, 2024, outperformed its Performance Universe median and blended benchmark index for the three-year period ended December 31, 2024 and underperformed its Performance Universe median and blended benchmark index for the five- and ten-year periods ended December 31, 2024. The Board noted that First Trust/Dow Jones Dividend & Income Allocation Portfolio (Class I shares) underperformed its Performance Universe median and blended benchmark index for the one-, three- and five-year periods ended December 31, 2024 and outperformed its Performance Universe median and underperformed its blended benchmark index for the ten-year period ended December 31, 2024. The Board noted the Advisor's discussion of First Trust/Dow Jones Dividend & Income Allocation Portfolio's performance at the April 22, 2025 meeting.

On the basis of all the information provided on the fees, expenses and performance of each Fund and the ongoing oversight by the Board, the Board concluded that the advisory fee for each Fund and the sub-advisory fees for First Trust Multi Income Allocation Portfolio and First Trust Capital Strength Hedged Equity Portfolio continue to be reasonable and appropriate in light of the nature, extent and quality of the services provided by the Advisor to each Fund under the Advisory Agreement and provided by each

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**Other Information (Continued)**

**First Trust Variable Insurance Trust** 

**June 30, 2025 (Unaudited)**

applicable Sub-Advisor to First Trust Multi Income Allocation Portfolio and First Trust Capital Strength Hedged Equity Portfolio under the respective Sub-Advisory Agreements.

The Board considered information and discussed with the Advisor whether there were any economies of scale in connection with providing advisory services to the Funds at current asset levels and whether the Funds may benefit from any economies of scale. The Board noted the Advisor's statement that it believes that its expenses relating to providing advisory services to the Funds will increase during the next twelve months as the Advisor continues to build infrastructure and add new staff. The Board concluded that the advisory fee rate for each Fund reflects an appropriate level of sharing of any economies of scale that may be realized in the management of the Fund at current asset levels. The Board considered the revenues and allocated costs (including the allocation methodology) of the Advisor in serving as investment advisor to each Fund for the twelve months ended December 31, 2024 and the estimated profitability level for each Fund calculated by the Advisor based on such data, as well as complex-wide and product-line profitability data, for the same period. The Board noted the inherent limitations in the profitability analysis and concluded that, based on the information provided, the Advisor's profitability level for each Fund was not unreasonable. In addition, the Board considered indirect benefits described by the Advisor that may be realized from its relationship with the Funds. The Board considered that the Advisor had identified as an indirect benefit to the Advisor and FTP their exposure to investors and brokers who, absent their exposure to the Funds, may have had no dealings with the Advisor or FTP. The Board considered the ownership interests of FTCP in Stonebridge, Energy Income Partners and Vest's parent company and potential indirect benefits to the Advisor from such ownership interests. The Board noted that FTP is compensated for services provided to the Funds through Rule 12b-1 distribution and service fees payable by Class I shares, and that the Advisor receives compensation from each Fund for providing fund reporting services pursuant to a separate Fund Reporting Services Agreement. The Board also noted that the Advisor does not utilize soft dollars in connection with the Funds for which it executes portfolio trades. In addition, the Board considered that the Advisor, as the investment advisor to certain underlying ETFs in which First Trust Dorsey Wright Tactical Core Portfolio and First Trust Multi Income Allocation Portfolio invest, will recognize additional revenue from the underlying ETFs if investment by such Funds causes the assets of the underlying ETFs to grow. The Board concluded that the character and amount of potential indirect benefits to the Advisor were not unreasonable.

With respect to the Stonebridge Sub-Advisory Agreement, the Board considered Stonebridge's statements that Stonebridge bears a combination of fixed and variable costs related to managing First Trust Multi Income Allocation Portfolio and that Stonebridge would add resources as needed if it experiences significant asset growth in the future. The Board noted that the Advisor pays Stonebridge from its advisory fee and its understanding that First Trust Multi Income Allocation Portfolio's sub-advisory fee rate was the product of an arm's length negotiation. The Board did not review the profitability of Stonebridge with respect to the Fund. The Board concluded that the profitability analysis for the Advisor was more relevant. The Board considered indirect benefits that may be realized by Stonebridge from its relationship with First Trust Multi Income Allocation Portfolio, including potential indirect benefits to Stonebridge from the ownership interest of FTCP in Stonebridge. The Board noted Stonebridge's statement that its relationship with the Advisor has helped it build relationships with Wall Street firms that have preferred and hybrid securities trading desks, which has led to access to each of those firms' research reports, various analysts and investment bankers on new issues. The Board noted that Stonebridge acts as a non-discretionary manager providing model portfolio recommendations to the Advisor and does not provide trade execution services to First Trust Multi Income Allocation Portfolio. The Board concluded that the character and amount of potential indirect benefits to Stonebridge were not unreasonable.

With respect to the Energy Income Partners Sub-Advisory Agreement, the Board considered that Energy Income Partners anticipates that its expenses will continue to rise due to additions to personnel and system upgrades. The Board noted that the Advisor pays Energy Income Partners from its advisory fee and its understanding that First Trust Multi Income Allocation Portfolio's sub-advisory fee rate was the product of an arm's length negotiation. The Board did not review the profitability of Energy Income Partners with respect to First Trust Multi Asset Income Allocation Portfolio. The Board concluded that the profitability analysis for the Advisor was more relevant. The Board considered indirect benefits that may be realized by Energy Income Partners from its relationship with First Trust Multi Income Allocation Portfolio, including the potential indirect benefits to Energy Income Partners from the ownership interest of FTCP in Energy Income Partners. The Board noted that Energy Income Partners does not provide trade execution services on behalf of First Trust Multi Income Allocation Portfolio. The Board concluded that the character and amount of potential indirect benefits to Energy Income Partners were not unreasonable.

With respect to the Vest Sub-Advisory Agreement, the Board considered Vest's statement that it believes that the sub-advisory fee for First Trust Capital Strength Hedged Equity Portfolio is appropriate. The Board noted Vest's statements that it continues to invest infrastructure, technology and personnel, and that it anticipates that its expenses relating to providing services to First Trust Capital Strength Hedged Equity Portfolio will remain approximately the same for the next twelve months. The Board noted that the Advisor pays Vest from its advisory fee and its understanding that First Trust Capital Strength Hedged Equity Portfolio's sub-advisory fee rate was the product of an arm's length negotiation. The Board did not review the profitability of Vest with respect to First Trust Capital Strength Hedged Equity Portfolio. The Board concluded that the profitability analysis for the Advisor was more relevant. The Board

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**Other Information (Continued)**

**First Trust Variable Insurance Trust** 

**June 30, 2025 (Unaudited)**

considered indirect benefits that may be realized by Vest from its relationship with First Trust Capital Strength Hedged Equity Portfolio, including potential indirect benefits to Vest from the ownership interest of FTCP in Vest's parent company. The Board noted Vest's statements that it is Vest's policy currently not to enter into soft-dollar arrangements for the procurement of research services in connection with client securities transactions and that, as a result, there are no foreseen indirect benefits from its relationship with First Trust Capital Strength Hedged Equity Portfolio. The Board concluded that the character and amount of potential indirect benefits to Vest were not unreasonable.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, unanimously determined that the terms of the Agreements continue to be fair and reasonable and that the continuation of the Agreements is in the best interests of the applicable Funds. No single factor was determinative in the Board's analysis.

**Disclaimer**

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

NEITHER S&P DOW JONES INDICES NOR ITS AFFILIATES GUARANTEES THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE DOW JONES EQUAL WEIGHT U.S. ISSUED CORPORATE BOND INDEX<sup>SM</sup>, DOW JONES U.S. TOTAL STOCK MARKET INDEX<sup>SM</sup> AND DOW JONES COMPOSITE AVERAGE<sup>TM</sup> OR ANY DATA RELATED THERETO OR ANY COMMUNICATION, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S&P DOW JONES INDICES SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. S&P DOW JONES INDICES MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY FIRST TRUST, OWNERS OF THE FIRST TRUST/DOW JONES DIVIDEND & INCOME ALLOCATION PORTFOLIO, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE DOW JONES EQUAL WEIGHT U.S. ISSUED CORPORATE BOND INDEX<sup>SM</sup>, DOW JONES U.S. TOTAL STOCK MARKET INDEX<sup>SM</sup> AND DOW JONES COMPOSITE AVERAGE<sup>TM</sup> OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P DOW JONES INDICES BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST

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**Other Information (Continued)**

**First Trust Variable Insurance Trust** 

**June 30, 2025 (Unaudited)**

TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE. THERE ARE NO THIRD-PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN S&P DOW JONES INDICES AND FIRST TRUST, OTHER THAN THE LICENSORS OF S&P DOW JONES INDICES.

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

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

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

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

THE CORPORATIONS DO NOT GUARANTEE THE ACCURACY AND/OR UNINTERRUPTED CALCULATION OF THE INDEXES OR ANY DATA INCLUDED THEREIN. THE CORPORATIONS MAKE NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY LICENSEE, OWNERS OF THE PRODUCT(S) OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE INDEXES OR ANY DATA INCLUDED THEREIN. THE CORPORATIONS MAKE NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIM ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A

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**Other Information (Continued)**

**First Trust Variable Insurance Trust** 

**June 30, 2025 (Unaudited)**

PARTICULAR PURPOSE OR USE WITH RESPECT TO THE INDEXES OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL THE CORPORATIONS HAVE ANY LIABILITY FOR ANY LOST PROFITS OR SPECIAL, INCIDENTAL, PUNITIVE, INDIRECT OR CONSEQUENTIAL DAMAGES, EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Financial Highlights is included in the Financial Statements and Other Information filed under Item 7(a) of this form.

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

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

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

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

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

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

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

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

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

Not applicable to the Registrant.

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

Not applicable to the Registrant.

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

Not applicable to the Registrant.

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

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

**Item 16. Controls and Procedures.**

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

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

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

(a) Not applicable to the Registrant.

(b) Not applicable to the Registrant.

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

(a) Not applicable to the Registrant.

(b) Not applicable to the Registrant.

**Item 19. Exhibits.**

(a)(1) Not applicable to semi-annual reports on Form N-CSR.

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

(a)(3) Not applicable to the Registrant.

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

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

**SIGNATURES**

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

(registrant) First Trust Variable Insurance Trust

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| | |
|:---|:---|
| 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> September 8, 2025</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> September 8, 2025</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> September 8, 2025</u>

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

## Ex-99.Cert

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 <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 Variable Insurance Trust;

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: | September 8, 2025 | &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 Variable Insurance Trust;

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: | September 8, 2025 | &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 Variable Insurance Trust (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: | September 8, 2025 | &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 Variable Insurance Trust (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: | September 8, 2025 | &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) |

---