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:
December 31, 2025
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
The information presented in this Form N-CSR relates solely to the fund(s) for which a report is included in Item 1 below, each a series of the Registrant.
Item 1. Reports to Shareholders.
(a) Following is a copy of the annual reports transmitted to shareholders pursuant to Rule 30e-1 under the Act.
First Trust/Dow Jones Dividend
& Income Allocation Portfolio
Class I
ANNUAL SHAREHOLDER REPORT | DECEMBER 31, 2025
TSR Fund Logo
This annual shareholder report contains important information about the First Trust/Dow Jones Dividend & Income Allocation Portfolio (the “Fund”) for the year of January 1, 2025 to December 31, 2025 (the “Period”). You can find additional information about the Fund at www.ftportfolios.com/fund-documents/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 YEAR?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
First Trust/Dow Jones Dividend & Income Allocation Portfolio - Class I $121 1.18%
HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND’S PERFORMANCE?
The Fund's Class I returned 5.30% for the 12 months ended December 31, 2025. The Fund's Class I underperformed its benchmark, which is a blended benchmark consisting of a 50/50 blend of the Russell 3000® Index and the Bloomberg U.S. Corporate Investment-Grade Index, which returned 12.52% for the same Period.
This underperformance was mainly due to the equity holdings in the Fund. The Fund’s equity allocation underperformed the Russell 3000® Index. For the third straight year, equity markets were dominated by large-cap growth stocks, creating a headwind for more value-oriented, dividend-focused strategies. The Fund’s underperformance was largely attributable to its underweight to the outperforming technology industry and overweights to the underperforming industrials and financials industries. Technology was the best-performing industry in 2025, led in part by strong gains in semiconductor stocks.  The Fund lacked exposure to several mega-cap semiconductor companies included in the benchmark, such as NVIDIA Corp. (NVDA), Broadcom Inc. (AVGO), and Advanced Micro Devices Inc. (AMD), which returned 38.92%, 50.65%, and 77.30% respectively, during the Period. The Fund also lacked exposure to other mega-cap technology benchmark holdings, including Alphabet Inc. (GOOGL) and Palantir Technologies Inc. Class A (PLTR), both of which returned more than 60% during the Period. The Fund’s stock selection within the industrials and financials sectors also contributed to relative underperformance over the Period.
The Fund’s fixed income allocation underperformed the Bloomberg U.S. Corporate Investment-Grade Index. The Fund’s allocation to U.S. Treasuries detracted from relative performance, as Treasury securities underperformed corporate bonds during the Period.  Relative to the Bloomberg U.S. Corporate Investment-Grade Index, the primary contributors to the Fund’s performance were its underweight allocation to the Media & Entertainment sector and its overweight allocations to the Healthcare and Aerospace & Defense sectors.  Conversely, the Fund’s security selection within the Technology and Banking sectors were the primary detractors from relative performance. On average, the Fund maintained a duration that was 0.19 years longer than the Bloomberg U.S. Corporate Investment-Grade Index, which modestly detracted from relative performance due to the weaker performance of longer-maturity bonds.
FUND PERFORMANCE (December 31, 2015 to December 31, 2025)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund’s performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.
INVESTMENT PERFORMANCE OF $10,000
Fund Performance - Growth of 10K
Average Annual Total Returns (as of December 31, 2025) 1 Year 5 Year 10 Year
First Trust/Dow Jones Dividend & Income Allocation Portfolio - Class I 5.30% 3.98% 6.68%
Blended Benchmark(1) 12.52% 6.51% 8.87%
Bloomberg U.S. Corporate Investment-Grade Index 7.77% -0.09% 3.27%
Russell 3000® Index 17.15% 13.15% 14.29%
Secondary Blended Benchmark(2) 12.21% 6.27% 8.80%
Dow Jones Equal Weight U.S. Issued Corporate Bond IndexSM 7.25% -0.46% 3.20%
Dow Jones U.S. Total Stock Market IndexSM 17.05% 13.07% 14.21%
(1)
The Blended Benchmark returns are a 50/50 split between the Russell 3000® Index and the Bloomberg U.S. Corporate Investment-Grade Index returns.
(2)
The Secondary Blended Benchmark return is a 50/50 split between the Dow Jones U.S. Total Stock Market IndexSM and the Dow Jones Equal Weight U.S. Issued Corporate Bond IndexSM returns.
Visit www.ftportfolios.com/VA/FTDJDI    for more recent performance information.
The Fund’s past performance is not a good predictor of the Fund’s future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's total returns would have been lower if certain fees had not been waived and expenses reimbursed by the investment advisor.
KEY FUND STATISTICS (As of December 31, 2025)
Fund net assets $752,774,328
Total number of portfolio holdings 464
Total advisory fee paid $4,905,736
Portfolio turnover rate 67%
WHAT DID THE FUND INVEST IN? (As of December 31, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of net assets and total investments, respectively, of the Fund.
Fund Allocation
Common Stocks 51.1%
Corporate Bonds and Notes 43.3%
Foreign Corporate Bonds and Notes 4.2%
Money Market Funds 0.6%
U.S. Government Bonds and Notes 0.3%
Net Other Assets and Liabilities 0.5%
Sector Allocation
Graphical Representation - Allocation 2 Chart
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 IndexSM, Dow Jones Equal Weight U.S. Issued Corporate Bond IndexSM and Dow Jones Composite AverageTM 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® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones® 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 IndexSM, Dow Jones Equal Weight U.S. Issued Corporate Bond IndexSM and Dow Jones Composite AverageTM.
First Trust/Dow Jones Dividend & Income Allocation Portfolio (Class I)
First Trust Multi Income
Allocation Portfolio
Class I
ANNUAL SHAREHOLDER REPORT | DECEMBER 31, 2025
TSR Fund Logo
This annual shareholder report contains important information about the First Trust Multi Income Allocation Portfolio (the “Fund”) for the year of January 1, 2025 to December 31, 2025 (the “Period”). You can find additional information about the Fund at www.ftportfolios.com/fund-documents/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 YEAR?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
First Trust Multi Income Allocation Portfolio - Class I $87(1) 0.84%(1) (2)
(1)
Excludes any Acquired Fund Fees and Expenses of underlying investment companies in which the Fund invests.
(2)
Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.83%.
HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND’S PERFORMANCE?
The Fund's Class I returned 7.71% for the 12 months ended December 31, 2025. The Fund's Class I underperformed its benchmark, a blended benchmark consisting of a 60/40% blend of the Bloomberg U.S. Aggregate Bond Index and the Russell 3000® Index, respectively, which returned 11.32% for the same Period.
The Fund allocates across nine 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.
It was another strong year for risk assets in 2025. Once again technology and technology-related stocks led equities higher as massive artificial intelligence (“AI”)-related capital expenditure spending continued. Stocks were further supported by a resilient economy and easing monetary policy from the Federal Reserve. The dividend-paying stock sleeve led Fund returns for the Period, followed by MLPs. REITs, on the other hand, lagged and were the worst-performing sleeve.
Fixed income delivered its best results since 2020 during the Period, as the Federal Reserve cut interest rates by a cumulative 75 basis points across three meetings. High-yield bonds and mortgage-backed securities led performance during the Period, as tight credit spreads held firm on strong fundamentals and robust demand for income. Preferred stocks generated positive performance during the Period but lagged the broader market, as their longer duration limited gains while long-end yields remained range-bound.
FUND PERFORMANCE (December 31, 2015 to December 31, 2025)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund’s performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.
INVESTMENT PERFORMANCE OF $10,000
Fund Performance - Growth of 10K
Average Annual Total Returns (as of December 31, 2025) 1 Year 5 Year 10 Year
First Trust Multi Income Allocation Portfolio - Class I 7.71% 6.11% 5.91%
Broad Blended Benchmark(1) 11.32% 5.04% 7.03%
Bloomberg U.S. Aggregate Bond Index 7.30% -0.36% 2.01%
Russell 3000® Index 17.15% 13.15% 14.29%
Asset Class Blended Benchmark(2) 7.71% 8.42% 6.81%
(1)
The Broad Blended Benchmark returns are split between the Bloomberg U.S. Aggregate Bond Index (60%) and the Russell 3000® Index (40%).
(2)
The Asset Class Blended Benchmark is weighted to include nine indexes: Dow Jones U.S. Select Dividend TM Index (15%), ICE BofA Fixed Rate Preferred Securities Index (8%), Alerian MLP Index (15%), S&P U.S. REIT Index (15%), ICE BofA U.S. High Yield Constrained Index (8%),  Morningstar® LSTA® U.S. Leveraged Loan Index (15%), Bloomberg U.S. Corporate Investment-Grade Index (8%), ICE BofA U.S. MBS Index (8%), and ICE BofA U.S. Inflation-Linked Treasury Index (8%).
Visit www.ftportfolios.com/VA/FTMII    for more recent performance information.
The Fund’s past performance is not a good predictor of the Fund’s future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's total returns would have been lower if certain fees had not been waived and expenses reimbursed by the investment advisor.
Performance in securitized product investment strategies can by impacted from the benefits of purchasing odd lot positions.  The impact of these investments can be particularly meaningful when funds have limited assets under management and may not be a sustainable source of performance as a fund grows in size.
KEY FUND STATISTICS (As of December 31, 2025)
Fund net assets $15,428,620
Total number of portfolio holdings 176
Total advisory fee paid $0
Portfolio turnover rate 75%
WHAT DID THE FUND INVEST IN? (As of December 31, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
Top Ten Holdings
First Trust Senior Loan ETF 11.9%
First Trust Preferred Securities and Income ETF 9.0%
First Trust Tactical High Yield ETF 8.9%
iShares iBoxx $ Investment Grade Corporate Bond ETF 7.0%
First Trust Intermediate Government Opportunities ETF 4.1%
iShares 7-10 Year Treasury Bond ETF 2.8%
iShares MBS ETF 2.4%
First Trust Limited Duration Investment Grade Corporate ETF 2.0%
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class - 3.64% 1.6%
Enterprise Products Partners, L.P. 1.1%
Sector Allocation
Graphical Representation - Allocation 2 Chart
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
ANNUAL SHAREHOLDER REPORT | DECEMBER 31, 2025
TSR Fund Logo
This annual shareholder report contains important information about the First Trust Dorsey Wright Tactical Core Portfolio (the “Fund”) for the year of January 1, 2025 to December 31, 2025 (the “Period”). You can find additional information about the Fund at www.ftportfolios.com/fund-documents/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 YEAR?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
First Trust Dorsey Wright Tactical Core Portfolio - Class I $81(1) 0.77%(1) (2)
(1)
Excludes any Acquired Fund Fees and Expenses of underlying investment companies in which the Fund invests.
(2)
Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.76%.
HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND’S PERFORMANCE?
The Fund's Class I returned 9.69% for the 12 months ended December 31, 2025. The Fund's Class I underperformed its benchmark, a blended benchmark consisting of a 60/40 blend of the S&P 500® Index and the Bloomberg U.S. Aggregate Bond Index, which returned 13.70% for the same Period.
This underperformance was driven by negative security selection within the Fund’s equity holdings. The largest detractors among the equity positions were the First Trust NASDAQ-100-Technology Sector Index Fund and the First Trust Consumer Discretionary AlphaDEX® Fund.
Despite these headwinds, the Fund benefited from an overall overweight allocation to equities relative to the blended benchmark.
FUND PERFORMANCE (December 31, 2015 to December 31, 2025)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund’s performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.
INVESTMENT PERFORMANCE OF $10,000
Fund Performance - Growth of 10K
Average Annual Total Returns (as of December 31, 2025) 1 Year 5 Year 10 Year
First Trust Dorsey Wright Tactical Core Portfolio - Class I 9.69% 5.34% 6.63%
Broad Blended Benchmark(1) 13.70% 8.47% 9.78%
Bloomberg U.S. Aggregate Bond Index 7.30% -0.36% 2.01%
S&P 500® Index 17.88% 14.42% 14.82%
(1)
The Broad Blended Benchmark return is split between the Bloomberg U.S. Aggregate Bond Index (40%) and the S&P 500® Index (60%).
Visit www.ftportfolios.com/VA/FTDWTCI    for more recent performance information.
The Fund’s past performance is not a good predictor of the Fund’s future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's total returns would have been lower if certain fees had not been waived and expenses reimbursed by the investment advisor.
KEY FUND STATISTICS (As of December 31, 2025)
Fund net assets $54,108,469
Total number of portfolio holdings 21
Total advisory fee paid $0
Portfolio turnover rate 78%
WHAT DID THE FUND INVEST IN? (As of December 31, 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® Fund 10.8%
First Trust Large Cap Core AlphaDEX® Fund 10.3%
First Trust Mid Cap Growth AlphaDEX® Fund 9.9%
First Trust Dow Jones Internet Index Fund 9.9%
First Trust Indxx Aerospace & Defense ETF 8.8%
First Trust Utilities AlphaDEX® Fund 8.8%
First Trust Financials AlphaDEX® Fund 8.5%
First Trust Nasdaq Semiconductor ETF 7.9%
iShares Core U.S. Aggregate Bond ETF 5.6%
State Street SPDR Bloomberg High Yield Bond ETF 3.2%
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® Portfolio
Class I
ANNUAL SHAREHOLDER REPORT | DECEMBER 31, 2025
TSR Fund Logo
This annual shareholder report contains important information about the First Trust Capital Strength® Portfolio (the “Fund”) for the year of January 1, 2025 to December 31, 2025 (the “Period”). You can find additional information about the Fund at www.ftportfolios.com/fund-documents/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 YEAR?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
First Trust Capital Strength® Portfolio - Class I $114 1.11%(1)
(1)
Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 1.10%.
HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND’S PERFORMANCE?
The Fund's Class I returned 5.70% for the 12 months ended December 31, 2025. The Fund's Class I underperformed its benchmark, the S&P 500® Index, which returned 17.88% for the same Period.
This underperformance was largely driven by broad factor weakness during the Period. During the Period, both the small size and low volatility factors were among the weakest-performing market factors, which detracted from performance relative to the benchmark. However, value outperformed which slightly mitigated the relative underperformance. The Fund was also hurt by an underweight and poor selection within the information technology sector, particularly being overweight information technology services and underweight semiconductors & semiconductor equipment. This proved to be costly as the prevalence of artificial intelligence increased the demand for chips, while introducing a new risk to technology services.
FUND PERFORMANCE (May 1, 2020 to December 31, 2025)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund’s performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.
INVESTMENT PERFORMANCE OF $10,000
Fund Performance - Growth of 10K
Average Annual Total Returns (as of December 31, 2025) 1 Year 5 Year Since
Inception
(5/01/20)
First Trust Capital Strength® Portfolio - Class I 5.70% 7.07% 10.35%
S&P 500® Index 17.88% 14.42% 18.63%
Visit www.ftportfolios.com/VA/FTACSI    for more recent performance information.
The Fund’s past performance is not a good predictor of the Fund’s future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's total returns would have been lower if certain fees had not been waived and expenses reimbursed by the investment advisor.
KEY FUND STATISTICS (As of December 31, 2025)
Fund net assets $189,426,984
Total number of portfolio holdings 51
Total advisory fee paid $868,589
Portfolio turnover rate 116%
WHAT DID THE FUND INVEST IN? (As of December 31, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
Top Ten Holdings
Cognizant Technology Solutions Corp., Class A 2.5%
Expeditors International of Washington, Inc. 2.4%
Cummins, Inc. 2.4%
Dover Corp. 2.3%
Ross Stores, Inc. 2.3%
Cisco Systems, Inc. 2.2%
Monster Beverage Corp. 2.1%
Moody's Corp. 2.1%
Johnson & Johnson 2.1%
TJX (The) Cos., Inc. 2.1%
Sector Allocation
Graphical Representation - Allocation 2 Chart
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® and The Capital Strength™ 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® Portfolio (Class I)
First Trust International
Developed Capital Strength® Portfolio
Class I
ANNUAL SHAREHOLDER REPORT | DECEMBER 31, 2025
TSR Fund Logo
This annual shareholder report contains important information about the First Trust International Developed Capital Strength® Portfolio (the “Fund”) for the year of January 1, 2025 to December 31, 2025 (the “Period”). You can find additional information about the Fund at www.ftportfolios.com/fund-documents/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 YEAR?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
First Trust International Developed Capital Strength® Portfolio - Class I $133 1.21%(1)
(1)
Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 1.20%.
HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND’S PERFORMANCE?
The Fund's Class I returned 19.53% for the 12 months ended December 31, 2025. The Fund's Class I underperformed its benchmark, the MSCI World ex USA Index, which returned 31.85% for the same Period.
This underperformance was largely driven by broad factor weakness during the Period. During the Period, both the small size and low volatility factors were among the weakest-performing market factors, which detracted from performance relative to the benchmark. However, quality outperformed which slightly mitigated the relative underperformance. The Fund was also hurt by poor selection of financials securities, which was the strongest performing sector in the benchmark during the Period. The Fund was also underweight banks, which performed particularly well during the Period.
FUND PERFORMANCE (May 1, 2020 to December 31, 2025)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund’s performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.
INVESTMENT PERFORMANCE OF $10,000
Fund Performance - Growth of 10K
Average Annual Total Returns (as of December 31, 2025) 1 Year 5 Year Since
Inception
(5/01/20)
First Trust International Developed Capital Strength® Portfolio - Class I 19.53% 6.45% 11.57%
MSCI World ex USA Index 31.85% 9.46% 13.88%
Visit www.ftportfolios.com/VA/FTAIDCSI    for more recent performance information.
The Fund’s past performance is not a good predictor of the Fund’s future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's total returns would have been lower if certain fees had not been waived and expenses reimbursed by the investment advisor.
KEY FUND STATISTICS (As of December 31, 2025)
Fund net assets $40,727,720
Total number of portfolio holdings 52
Total advisory fee paid $71,391
Portfolio turnover rate 68%
WHAT DID THE FUND INVEST IN? (As of December 31, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
Top Ten Holdings
Great-West Lifeco, Inc. 2.3%
Rio Tinto PLC 2.3%
Toronto-Dominion Bank (The) 2.3%
Industria de Diseno Textil S.A. 2.2%
Royal Bank of Canada 2.2%
Prudential PLC 2.2%
Roche Holding AG 2.2%
ITOCHU Corp. 2.2%
Allianz SE 2.1%
GSK PLC 2.1%
Sector Allocation
Graphical Representation - Allocation 2 Chart
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® and The International Developed Capital Strength™ 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® Portfolio (Class I)
First Trust Growth
StrengthTM Portfolio
Class I
ANNUAL SHAREHOLDER REPORT | DECEMBER 31, 2025
TSR Fund Logo
This annual shareholder report contains important information about the First Trust Growth StrengthTM Portfolio (the “Fund”) for the year of January 1, 2025 to December 31, 2025 (the “Period”). You can find additional information about the Fund at www.ftportfolios.com/fund-documents/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 YEAR?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
First Trust Growth StrengthTM Portfolio - Class I $128 1.21%(1)
(1)
Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 1.20%.
HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND’S PERFORMANCE?
The Fund's Class I returned 11.75% for the 12 months ended December 31, 2025. The Fund's Class I underperformed its benchmark, the S&P 500® Index, which returned 17.88% for the same Period.
This underperformance was partially due to exposure to the quality, growth, and small size factors. Quality outperformed the benchmark during the Period while growth and small size lagged, which detracted slightly from the Fund’s relative performance. Security selection within the Communication Services sector contributed to relative underperformance, as the Fund was significantly underweight both share classes of Alphabet, Inc. In addition, within the Consumer Discretionary sector, the Fund held an overweight position in the Household Durables industry, which performed poorly during the Period.
FUND PERFORMANCE (May 16, 2023 to December 31, 2025)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund’s performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.
INVESTMENT PERFORMANCE OF $10,000
Fund Performance - Growth of 10K
Average Annual Total Returns (as of December 31, 2025) 1 Year Since
Inception
(5/16/23)
First Trust Growth StrengthTM Portfolio - Class I 11.75% 20.62%
S&P 500® Index 17.88% 23.14%
Visit www.ftportfolios.com/VA/FTGSTI    for more recent performance information.
The Fund’s past performance is not a good predictor of the Fund’s future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's total returns would have been lower if certain fees had not been waived and expenses reimbursed by the investment advisor.
KEY FUND STATISTICS (As of December 31, 2025)
Fund net assets $36,707,978
Total number of portfolio holdings 51
Total advisory fee paid $71,294
Portfolio turnover rate 113%
WHAT DID THE FUND INVEST IN? (As of December 31, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.
Top Ten Holdings
Eli Lilly & Co. 2.7%
Apollo Global Management, Inc. 2.4%
Schlumberger N.V. 2.4%
Incyte Corp. 2.3%
United Therapeutics Corp. 2.2%
AppLovin Corp., Class A 2.2%
Newmont Corp. 2.2%
Monster Beverage Corp. 2.2%
Caterpillar, Inc. 2.2%
Moody's Corp. 2.2%
Sector Allocation
Graphical Representation - Allocation 2 Chart
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® and The Growth Strength™ 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 StrengthTM Portfolio (Class I)
First Trust Capital Strength®
Hedged Equity Portfolio
Class I
ANNUAL SHAREHOLDER REPORT | DECEMBER 31, 2025
TSR Fund Logo
This annual shareholder report contains important information about the First Trust Capital Strength® Hedged Equity Portfolio (the “Fund”) for the year of January 1, 2025 to December 31, 2025 (the “Period”). You can find additional information about the Fund at www.ftportfolios.com/fund-documents/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 YEAR?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
First Trust Capital Strength® Hedged Equity Portfolio - Class I $125 1.26%(1)
(1)
Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 1.25%.
HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND’S PERFORMANCE?
The Fund's Class I returned -2.26% for the 12 months ended December 31, 2025. The Fund's Class I underperformed its benchmark, the S&P 500® Index, which returned 17.88% for the same Period.
This underperformance was largely driven by broad factor weakness during the Period. During the Period, both the small size and low volatility factors were among the weakest-performing market factors, which detracted from performance relative to the benchmark. However, value outperformed which slightly mitigated the relative underperformance. The Fund was also hurt by an underweight and poor selection within the information technology sector, particularly being overweight information technology services and underweight semiconductors & semiconductor equipment. This proved to be costly as the prevalence of artificial intelligence increased the demand for chips, while introducing a new risk to technology services. The Fund was also negatively impacted by its put spread and short call options strategy. Given the benchmark’s strong positive returns in 2025, this options strategy detracted from the Fund’s performance.
FUND PERFORMANCE (August 14, 2023 to December 31, 2025)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund’s performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.
INVESTMENT PERFORMANCE OF $10,000
Fund Performance - Growth of 10K
Average Annual Total Returns (as of December 31, 2025) 1 Year Since
Inception
(8/14/23)
First Trust Capital Strength® Hedged Equity Portfolio - Class I -2.26% -0.71%
S&P 500® Index 17.88% 21.05%
Visit www.ftportfolios.com/VA/FTCSHI    for more recent performance information.
The Fund’s past performance is not a good predictor of the Fund’s future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's total returns would have been lower if certain fees had not been waived and expenses reimbursed by the investment advisor.
KEY FUND STATISTICS (As of December 31, 2025)
Fund net assets $15,261,252
Total number of portfolio holdings 56
Total advisory fee paid $0
Portfolio turnover rate 136%
WHAT DID THE FUND INVEST IN? (As of December 31, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of net assets and total investments, respectively, of the Fund.
Fund Allocation
Common Stocks 99.6%
Put Options Purchased 0.1%
Call Options Written (0.3)%
Put Options Written (0.0)%
Net Other Assets and Liabilities 0.6%
Sector Allocation
Graphical Representation - Allocation 2 Chart
Any amount shown as 0.0% represents less than 0.1%.
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® and The Capital StrengthTM 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® Hedged Equity Portfolio (Class I)
 
(b) Not applicable to the Registrant.

Item 2. Code of Ethics.

(a) The First Trust Variable Insurance Trust (“Registrant”), as of the end of the period covered by this report, has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party.
(c) There have been no amendments, during the period covered by this report, to a provision of the code of ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party, and that relates to any element of the code of ethics description.
(d) The Registrant, during the period covered by this report, has not granted any waivers, including an implicit waiver, from a provision of the code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this item’s instructions.
(e) Not applicable.
(f) A copy of the code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller is filed as an exhibit pursuant to Item 13(a)(1).

Item 3. Audit Committee Financial Expert.

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

Item 4. Principal Accountant Fees and Services.

(a) Audit Fees (Registrant) -- The aggregate fees billed for professional services rendered by the principal accountant for the audit of the Registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements were $179,188 for the fiscal year ended 2024 and $184,750 for the fiscal year ended 2025.
(b) Audit-Related Fees (Registrant) -- The aggregate fees billed for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the Registrant’s financial statements and are not reported under paragraph (a) of this Item were $0 for the fiscal year ended 2024 and $0 for the fiscal year ended 2025.

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

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

(c) Tax Fees (Registrant) -- The aggregate fees billed for professional services rendered by the principal accountant for tax return review and debt instrument tax analysis and reporting were $62,441 for the fiscal year ended 2024 and $68,295 for the fiscal year ended 2025.

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

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

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

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

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

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

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

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

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

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

Registrant:   Advisor and Distributor:
(b) 0%    (b) 0%
(c) 0%    (c) 0%
(d) 0%    (d) 0%
(f) The percentage of hours expended on the principal accountant’s engagement to audit the Registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees was less than fifty percent.
(g) The aggregate non-audit fees billed by the Registrant’s accountant for services rendered to the Registrant, and rendered to the Registrant’s investment advisor (not including any sub-advisor whose role is primarily portfolio management and is subcontracted with or overseen by another investment advisor), and any entity controlling, controlled by, or under common control with the advisor that provides ongoing services to the Registrant for the fiscal year ended 2024 were $62,441 for the Registrant, $28,080 for the Registrant’s investment advisor, $32,400 for the Registrant’s distributor and $8,640 for the Registrant’s investment sub-advisor; and for the fiscal year ended 2025 were $68,295 for the Registrant, $28,620 for the Registrant’s investment advisor, $32,940 for the Registrant’s distributor and $9,180 for the Registrant’s investment sub-advisor.
(h) The Registrant’s audit committee of its Board of Trustees has determined that the provision of non-audit services that were rendered to the Registrant’s investment advisor (not including any sub-advisor whose role is primarily portfolio management and is subcontracted with or overseen by another investment advisor), and any entity controlling, controlled by, or under common control with the investment advisor that provides ongoing services to the Registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

(i) Not applicable to the Registrant.

(j) Not applicable to the Registrant.

Item 5. Audit Committee of Listed Registrants.

(a) The Registrant has a separately designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934 consisting of all the independent directors of the Registrant. The audit committee of the Registrant is comprised of: Thomas J. Driscoll, Richard E. Erickson, Thomas R. Kadlec, Denise M. Keefe, Robert F. Keith, Niel B. Nielson and Bronwyn Wright.
(b) Not applicable to the Registrant.

Item 6. Investments.

(a) The Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included in the Financial Statements and Other Information filed under Item 7(a) of this Form N-CSR.
(b) Not applicable to the Registrant.

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

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

 

 
 
First Trust Variable Insurance Trust
Annual Financial Statements and Other Information
For the Year Ended
December 31, 2025
Table of Contents
First Trust Variable Insurance Trust
Annual Financial Statements and Other Information
December 31, 2025 
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
December 31, 2025
 
Shares
Description
Value
COMMON STOCKS – 51.1%
Aerospace & Defense – 1.5%
7,723
General Dynamics Corp.
$2,600,025
8,754
General Electric Co.
2,696,495
4,320
Northrop Grumman Corp.
2,463,307
10,421
Woodward, Inc.
3,150,477
 
10,910,304
Air Freight & Logistics – 0.4%
21,480
Expeditors International of Washington, Inc.
3,200,735
Automobile Components – 0.3%
21,322
Autoliv, Inc.
2,530,921
Banks – 4.1%
20,826
BancFirst Corp.
2,207,972
21,445
Bank First Corp.
2,612,430
9,304
City Holding Co.
1,109,037
46,276
Commerce Bancshares, Inc.
2,422,086
20,774
Cullen/Frost Bankers, Inc.
2,630,612
119,427
First BanCorp
2,475,722
42,061
Hancock Whitney Corp.
2,678,444
93,052
Home BancShares, Inc.
2,584,984
38,304
International Bancshares Corp.
2,544,918
14,016
Lakeland Financial Corp.
799,753
68,152
National Bank Holdings Corp., Class A
2,590,457
59,235
OFG Bancorp
2,427,450
20,734
Popular, Inc.
2,581,798
14,876
Preferred Bank
1,404,741
 
31,070,404
Beverages – 0.7%
97,245
Brown-Forman Corp., Class B
2,534,205
18,751
PepsiCo, Inc.
2,691,143
 
5,225,348
Building Products – 1.4%
35,873
A.O. Smith Corp.
2,399,186
10,848
CSW Industrials, Inc.
3,184,214
4,973
Lennox International, Inc.
2,414,789
6,242
Trane Technologies PLC
2,429,386
 
10,427,575
Capital Markets – 3.8%
5,360
Ameriprise Financial, Inc.
2,628,222
10,737
Cboe Global Markets, Inc.
2,694,987
9,747
CME Group, Inc.
2,661,711
9,192
FactSet Research Systems, Inc.
2,667,426
50,712
Federated Hermes, Inc.
2,640,574
15,256
Raymond James Financial, Inc.
2,449,961
31,037
SEI Investments Co.
2,545,655
23,209
Stifel Financial Corp.
2,906,231
25,657
T. Rowe Price Group, Inc.
2,626,764
23,728
Tradeweb Markets, Inc., Class A
2,551,709
13,859
Virtus Investment Partners, Inc.
2,261,096
 
28,634,336
Chemicals – 0.9%
29,358
CF Industries Holdings, Inc.
2,270,547
See Notes to Financial Statements
Page 1
First Trust/Dow Jones Dividend & Income Allocation Portfolio
Portfolio of Investments (Continued)
December 31, 2025
Shares
Description
Value
COMMON STOCKS (Continued)
Chemicals (Continued)
5,546
Linde PLC
$2,364,759
3,180
NewMarket Corp.
2,185,487
 
6,820,793
Commercial Services & Supplies – 1.0%
33,749
Brady Corp., Class A
2,644,909
12,830
Cintas Corp.
2,412,938
44,831
Rollins, Inc.
2,690,757
 
7,748,604
Construction & Engineering – 0.6%
20,183
AECOM
1,924,045
4,053
EMCOR Group, Inc.
2,479,585
 
4,403,630
Consumer Staples Distribution & Retail – 1.0%
4,657
Casey’s General Stores, Inc.
2,573,970
39,066
Kroger (The) Co.
2,440,844
25,552
Walmart, Inc.
2,846,748
 
7,861,562
Containers & Packaging – 0.7%
19,701
AptarGroup, Inc.
2,402,734
16,237
Avery Dennison Corp.
2,953,186
 
5,355,920
Diversified Consumer Services – 0.6%
2,236
Graham Holdings Co., Class B
2,456,470
52,074
H&R Block, Inc.
2,269,385
 
4,725,855
Electric Utilities – 0.4%
32,127
Otter Tail Corp.
2,596,183
Electrical Equipment – 0.4%
14,007
AMETEK, Inc.
2,875,777
Electronic Equipment, Instruments & Components – 0.7%
21,280
Amphenol Corp., Class A
2,875,779
14,747
Badger Meter, Inc.
2,572,024
 
5,447,803
Financial Services – 3.3%
68,687
Enact Holdings, Inc.
2,722,753
41,432
Essent Group Ltd.
2,693,494
17,682
Jack Henry & Associates, Inc.
3,226,611
4,631
Mastercard, Inc., Class A
2,643,745
92,824
MGIC Investment Corp.
2,712,317
72,705
Radian Group, Inc.
2,616,653
7,714
Visa, Inc., Class A
2,705,377
35,204
Voya Financial, Inc.
2,622,346
329,586
Western Union (The) Co.
3,068,446
 
25,011,742
Food Products – 2.3%
27,985
Cal-Maine Foods, Inc.
2,226,766
74,930
Fresh Del Monte Produce, Inc.
2,669,756
See Notes to Financial Statements
Page 2
First Trust/Dow Jones Dividend & Income Allocation Portfolio
Portfolio of Investments (Continued)
December 31, 2025
Shares
Description
Value
COMMON STOCKS (Continued)
Food Products (Continued)
52,229
General Mills, Inc.
$2,428,649
14,079
Hershey (The) Co.
2,562,096
21,565
Ingredion, Inc.
2,377,757
27,405
J&J Snack Foods Corp.
2,476,590
42,155
Mondelez International, Inc., Class A
2,269,204
 
17,010,818
Ground Transportation – 0.8%
21,486
Landstar System, Inc.
3,087,538
18,705
Old Dominion Freight Line, Inc.
2,932,944
 
6,020,482
Health Care Equipment & Supplies – 0.6%
19,661
Abbott Laboratories
2,463,327
9,621
ResMed, Inc.
2,317,410
 
4,780,737
Health Care Providers & Services – 0.7%
5,882
Chemed Corp.
2,516,673
15,242
Ensign Group (The), Inc.
2,655,156
 
5,171,829
Hotels, Restaurants & Leisure – 0.7%
13,835
Darden Restaurants, Inc.
2,545,917
15,850
Texas Roadhouse, Inc.
2,631,100
 
5,177,017
Household Durables – 0.6%
10,694
Garmin Ltd.
2,169,278
20,894
Lennar Corp., Class A
2,147,903
 
4,317,181
Household Products – 0.3%
17,138
Procter & Gamble (The) Co.
2,456,047
Insurance – 6.3%
23,575
Aflac, Inc.
2,599,615
12,269
Allstate (The) Corp.
2,553,792
33,530
American International Group, Inc.
2,868,492
12,158
Assurant, Inc.
2,928,254
31,109
Assured Guaranty Ltd.
2,795,766
9,330
Chubb Ltd.
2,912,080
16,657
Cincinnati Financial Corp.
2,720,421
7,519
Everest Group Ltd.
2,551,573
14,499
Hanover Insurance Group (The), Inc.
2,649,982
19,742
Hartford Insurance Group (The), Inc.
2,720,448
13,067
Marsh & McLennan Cos., Inc.
2,424,190
9,486
Primerica, Inc.
2,450,803
10,665
Progressive (The) Corp.
2,428,634
40,378
RLI Corp.
2,583,384
32,484
Selective Insurance Group, Inc.
2,717,936
9,432
Travelers (The) Cos., Inc.
2,735,846
33,857
Unum Group
2,623,918
34,370
W.R. Berkley Corp.
2,410,024
 
47,675,158
See Notes to Financial Statements
Page 3
First Trust/Dow Jones Dividend & Income Allocation Portfolio
Portfolio of Investments (Continued)
December 31, 2025
Shares
Description
Value
COMMON STOCKS (Continued)
IT Services – 0.8%
10,678
Accenture PLC, Class A
$2,864,907
39,264
Cognizant Technology Solutions Corp., Class A
3,258,912
 
6,123,819
Machinery – 3.6%
5,760
Deere & Co.
2,681,683
32,174
Donaldson Co., Inc.
2,852,547
27,662
Franklin Electric Co., Inc.
2,642,551
30,997
Graco, Inc.
2,540,824
14,732
ITT, Inc.
2,556,149
26,045
Mueller Industries, Inc.
2,989,966
26,784
PACCAR, Inc.
2,933,116
7,599
Snap-on, Inc.
2,618,615
9,430
Watts Water Technologies, Inc., Class A
2,602,869
13,136
Westinghouse Air Brake Technologies Corp.
2,803,879
 
27,222,199
Media – 0.8%
83,813
Comcast Corp., Class A
2,505,171
45,879
New York Times (The) Co., Class A
3,184,920
 
5,690,091
Metals & Mining – 0.4%
9,378
Reliance, Inc.
2,709,023
Mortgage Real Estate Investment Trusts – 0.4%
214,272
Dynex Capital, Inc.
3,001,951
Oil, Gas & Consumable Fuels – 1.6%
49,517
California Resources Corp.
2,213,905
11,206
Cheniere Energy, Inc.
2,178,334
16,958
Chevron Corp.
2,584,569
23,356
Exxon Mobil Corp.
2,810,661
110,322
Magnolia Oil & Gas Corp., Class A
2,414,949
 
12,202,418
Pharmaceuticals – 1.1%
14,202
Johnson & Johnson
2,939,104
31,376
Merck & Co., Inc.
3,302,638
17,999
Zoetis, Inc.
2,264,634
 
8,506,376
Professional Services – 3.3%
8,972
Automatic Data Processing, Inc.
2,307,868
11,055
Broadridge Financial Solutions, Inc.
2,467,144
12,628
CRA International, Inc.
2,534,376
37,902
Exponent, Inc.
2,632,673
62,864
Genpact Ltd.
2,940,778
17,571
Jacobs Solutions, Inc.
2,327,455
37,632
Korn Ferry
2,484,465
20,775
Paychex, Inc.
2,330,539
77,499
Robert Half, Inc.
2,104,873
10,470
Verisk Analytics, Inc.
2,342,034
 
24,472,205
Software – 1.0%
36,388
Dolby Laboratories, Inc., Class A
2,336,837
See Notes to Financial Statements
Page 4
First Trust/Dow Jones Dividend & Income Allocation Portfolio
Portfolio of Investments (Continued)
December 31, 2025
Shares
Description
Value
COMMON STOCKS (Continued)
Software (Continued)
3,856
Intuit, Inc.
$2,554,292
5,084
Microsoft Corp.
2,458,724
 
7,349,853
Specialized REITs – 0.3%
104,121
Rayonier, Inc.
2,254,220
Specialty Retail – 2.1%
11,850
Dick’s Sporting Goods, Inc.
2,345,945
6,782
Murphy USA, Inc.
2,736,673
15,143
Penske Automotive Group, Inc.
2,396,985
17,281
Ross Stores, Inc.
3,112,999
18,219
TJX (The) Cos., Inc.
2,798,621
46,305
Tractor Supply Co.
2,315,713
 
15,706,936
Trading Companies & Distributors – 1.6%
10,088
Applied Industrial Technologies, Inc.
2,590,296
53,698
Fastenal Co.
2,154,901
28,580
MSC Industrial Direct Co., Inc., Class A
2,403,578
2,762
W.W. Grainger, Inc.
2,786,996
6,515
Watsco, Inc.
2,195,229
 
12,131,000
Total Common Stocks
384,826,852
(Cost $351,453,485)
 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
CORPORATE BONDS AND NOTES – 43.3%
Aerospace & Defense – 2.0%
$2,000,000
Boeing (The) Co.
3.55
%
03/01/38
1,689,544
500,000
Northrop Grumman Corp.
3.25
%
01/15/28
493,772
500,000
Northrop Grumman Corp.
4.60
%
02/01/29
507,698
500,000
Northrop Grumman Corp.
5.05
%
11/15/40
494,076
750,000
Northrop Grumman Corp.
4.03
%
10/15/47
602,904
250,000
Northrop Grumman Corp.
5.25
%
05/01/50
236,583
1,000,000
Northrop Grumman Corp.
4.95
%
03/15/53
901,869
2,500,000
Northrop Grumman Corp.
5.20
%
06/01/54
2,342,340
600,000
RTX Corp.
5.75
%
01/15/29
628,414
1,000,000
RTX Corp.
6.00
%
03/15/31
1,077,525
1,000,000
RTX Corp.
6.10
%
03/15/34
1,094,612
1,500,000
RTX Corp.
3.13
%
07/01/50
1,010,898
1,000,000
RTX Corp.
2.82
%
09/01/51
624,369
2,500,000
RTX Corp.
5.38
%
02/27/53
2,415,192
1,000,000
RTX Corp.
6.40
%
03/15/54
1,101,211
 
15,221,007
Banks – 7.1%
450,000
Bank of America Corp. (a)
2.55
%
02/04/28
442,750
475,000
Bank of America Corp. (a)
4.38
%
04/27/28
477,020
1,000,000
Bank of America Corp. (a)
4.95
%
07/22/28
1,014,610
1,105,000
Bank of America Corp. (a)
5.20
%
04/25/29
1,133,480
500,000
Bank of America Corp. (a)
4.27
%
07/23/29
502,390
500,000
Bank of America Corp. (a)
3.97
%
02/07/30
497,447
See Notes to Financial Statements
Page 5
First Trust/Dow Jones Dividend & Income Allocation Portfolio
Portfolio of Investments (Continued)
December 31, 2025
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
CORPORATE BONDS AND NOTES (Continued)
Banks (Continued)
$500,000
Bank of America Corp. (a)
3.19
%
07/23/30
$483,072
500,000
Bank of America Corp. (a)
2.88
%
10/22/30
475,986
500,000
Bank of America Corp. (a)
1.90
%
07/23/31
449,298
1,000,000
Bank of America Corp. (a)
1.92
%
10/24/31
894,661
500,000
Bank of America Corp. (a)
2.57
%
10/20/32
451,079
500,000
Bank of America Corp. (a)
4.57
%
04/27/33
498,928
3,500,000
Bank of America Corp. (a)
5.29
%
04/25/34
3,604,500
2,500,000
Bank of America Corp. (a)
5.47
%
01/23/35
2,605,145
500,000
Bank of America Corp. (a)
4.08
%
04/23/40
447,392
1,000,000
Bank of America Corp. (a)
2.68
%
06/19/41
738,288
1,000,000
Citibank NA
4.91
%
05/29/30
1,029,034
1,250,000
Citigroup, Inc. (a)
4.95
%
05/07/31
1,277,209
1,000,000
Citigroup, Inc. (a)
5.17
%
09/11/36
1,009,786
1,000,000
JPMorgan Chase & Co. (a)
5.04
%
01/23/28
1,010,634
550,000
JPMorgan Chase & Co. (a)
2.95
%
02/24/28
543,498
1,000,000
JPMorgan Chase & Co. (a)
5.57
%
04/22/28
1,020,171
975,000
JPMorgan Chase & Co. (a)
4.32
%
04/26/28
979,140
500,000
JPMorgan Chase & Co. (a)
4.85
%
07/25/28
506,561
500,000
JPMorgan Chase & Co. (a)
3.51
%
01/23/29
495,550
1,000,000
JPMorgan Chase & Co. (a)
2.07
%
06/01/29
955,708
1,000,000
JPMorgan Chase & Co. (a)
5.30
%
07/24/29
1,030,874
1,475,000
JPMorgan Chase & Co. (a)
5.01
%
01/23/30
1,512,519
500,000
JPMorgan Chase & Co. (a)
3.70
%
05/06/30
492,631
1,000,000
JPMorgan Chase & Co. (a)
4.26
%
10/22/31
997,181
1,000,000
JPMorgan Chase & Co. (a)
2.58
%
04/22/32
914,417
1,000,000
JPMorgan Chase & Co. (a)
2.96
%
01/25/33
918,028
1,000,000
JPMorgan Chase & Co. (a)
4.91
%
07/25/33
1,019,027
1,000,000
JPMorgan Chase & Co. (a)
5.35
%
06/01/34
1,039,342
1,000,000
JPMorgan Chase & Co. (a)
5.34
%
01/23/35
1,036,767
1,000,000
JPMorgan Chase & Co. (a)
2.53
%
11/19/41
720,289
2,054,000
PNC Financial Services Group (The), Inc. (a)
5.30
%
01/21/28
2,081,154
1,500,000
PNC Financial Services Group (The), Inc. (a)
5.58
%
06/12/29
1,556,093
1,000,000
PNC Financial Services Group (The), Inc. (a)
5.07
%
01/24/34
1,023,527
1,500,000
Truist Bank (a)
4.14
%
10/23/29
1,499,078
2,000,000
Truist Financial Corp. (a)
7.16
%
10/30/29
2,157,936
1,500,000
US Bancorp (a)
5.38
%
01/23/30
1,553,850
1,000,000
US Bancorp (a)
5.42
%
02/12/36
1,039,703
1,000,000
Wells Fargo & Co. (a)
5.71
%
04/22/28
1,020,888
1,000,000
Wells Fargo & Co. (a)
4.08
%
09/15/29
999,323
1,000,000
Wells Fargo & Co. (a)
5.20
%
01/23/30
1,030,047
1,000,000
Wells Fargo & Co. (a)
5.24
%
01/24/31
1,036,061
1,000,000
Wells Fargo & Co. (a)
5.15
%
04/23/31
1,032,451
1,000,000
Wells Fargo & Co. (a)
5.50
%
01/23/35
1,043,947
3,000,000
Wells Fargo & Co. (a)
5.21
%
12/03/35
3,065,974
 
53,364,444
Beverages – 0.4%
875,000
Anheuser-Busch Cos., LLC/Anheuser-Busch InBev Worldwide,
Inc.
4.70
%
02/01/36
866,458
1,100,000
Anheuser-Busch Cos., LLC/Anheuser-Busch InBev Worldwide,
Inc.
4.90
%
02/01/46
1,018,007
1,182,000
Anheuser-Busch InBev Worldwide, Inc.
4.60
%
04/15/48
1,046,464
 
2,930,929
See Notes to Financial Statements
Page 6
First Trust/Dow Jones Dividend & Income Allocation Portfolio
Portfolio of Investments (Continued)
December 31, 2025
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
CORPORATE BONDS AND NOTES (Continued)
Biotechnology – 1.8%
$3,250,000
AbbVie, Inc.
4.80
%
03/15/29
$3,330,473
2,000,000
AbbVie, Inc.
4.88
%
03/15/30
2,061,043
275,000
AbbVie, Inc.
4.40
%
11/06/42
244,828
300,000
AbbVie, Inc.
4.70
%
05/14/45
271,466
250,000
AbbVie, Inc.
4.88
%
11/14/48
227,850
1,000,000
AbbVie, Inc.
4.25
%
11/21/49
824,196
500,000
Amgen, Inc.
2.45
%
02/21/30
466,526
500,000
Amgen, Inc.
5.25
%
03/02/30
519,208
1,000,000
Amgen, Inc.
5.25
%
03/02/33
1,035,460
750,000
Amgen, Inc.
3.15
%
02/21/40
591,793
1,000,000
Amgen, Inc.
2.80
%
08/15/41
732,660
3,000,000
Amgen, Inc.
5.60
%
03/02/43
3,019,242
 
13,324,745
Capital Markets – 4.7%
1,000,000
Citadel Securities Global Holdings, LLC (b)
5.50
%
06/18/30
1,026,993
5,000,000
Goldman Sachs Group (The), Inc. (a)
4.48
%
08/23/28
5,035,940
500,000
Goldman Sachs Group (The), Inc. (a)
3.81
%
04/23/29
497,239
500,000
Goldman Sachs Group (The), Inc. (a)
4.22
%
05/01/29
501,469
500,000
Goldman Sachs Group (The), Inc.
2.60
%
02/07/30
470,024
1,000,000
Goldman Sachs Group (The), Inc. (a)
5.73
%
04/25/30
1,044,939
1,000,000
Goldman Sachs Group (The), Inc. (a)
4.37
%
10/21/31
997,831
1,000,000
Goldman Sachs Group (The), Inc. (a)
1.99
%
01/27/32
889,305
1,000,000
Goldman Sachs Group (The), Inc. (a)
2.62
%
04/22/32
912,154
1,500,000
Goldman Sachs Group (The), Inc. (a)
2.65
%
10/21/32
1,354,476
1,000,000
Goldman Sachs Group (The), Inc. (a)
2.91
%
07/21/42
733,975
500,000
Goldman Sachs Group (The), Inc. (a)
3.44
%
02/24/43
391,973
931,000
Intercontinental Exchange, Inc.
4.20
%
03/15/31
931,942
1,000,000
Morgan Stanley (a)
2.48
%
01/21/28
983,945
1,050,000
Morgan Stanley (a)
4.21
%
04/20/28
1,052,522
500,000
Morgan Stanley (a)
3.77
%
01/24/29
497,268
1,000,000
Morgan Stanley (a)
5.12
%
02/01/29
1,020,933
2,000,000
Morgan Stanley (a)
5.16
%
04/20/29
2,045,738
2,500,000
Morgan Stanley (a)
5.45
%
07/20/29
2,580,313
500,000
Morgan Stanley (a)
4.43
%
01/23/30
502,876
1,000,000
Morgan Stanley (a)
2.51
%
10/20/32
897,257
2,000,000
Morgan Stanley (a)
5.25
%
04/21/34
2,059,744
1,000,000
Morgan Stanley (a)
5.42
%
07/21/34
1,040,657
500,000
Morgan Stanley (a)
4.46
%
04/22/39
470,673
3,000,000
Morgan Stanley Private Bank NA (a)
4.47
%
07/06/28
3,020,802
1,500,000
MSCI, Inc. (b)
4.00
%
11/15/29
1,467,325
2,500,000
MSCI, Inc. (b)
3.88
%
02/15/31
2,402,512
333,000
MSCI, Inc.
5.25
%
09/01/35
335,320
 
35,166,145
Communications Equipment – 0.2%
1,000,000
Cisco Systems, Inc.
5.30
%
02/26/54
959,289
1,000,000
Cisco Systems, Inc.
5.50
%
02/24/55
991,335
 
1,950,624
Construction Materials – 0.7%
2,000,000
American Builders & Contractors Supply Co., Inc. (b)
4.00
%
01/15/28
1,987,812
1,125,000
CRH America Finance, Inc.
5.40
%
05/21/34
1,168,966
2,000,000
JH North America Holdings, Inc. (b)
5.88
%
01/31/31
2,044,150
 
5,200,928
See Notes to Financial Statements
Page 7
First Trust/Dow Jones Dividend & Income Allocation Portfolio
Portfolio of Investments (Continued)
December 31, 2025
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
CORPORATE BONDS AND NOTES (Continued)
Consumer Finance – 0.8%
$2,500,000
American Express Co. (a)
5.10
%
02/16/28
$2,529,764
1,000,000
American Express Co. (a)
5.53
%
04/25/30
1,043,417
737,000
American Express Co. (a)
5.09
%
01/30/31
760,017
1,000,000
American Express Co. (a)
4.92
%
07/20/33
1,018,039
1,000,000
American Express Co. (a)
4.80
%
10/24/36
987,820
 
6,339,057
Containers & Packaging – 0.2%
500,000
Amcor Flexibles North America, Inc.
5.10
%
03/17/30
513,538
1,000,000
Packaging Corp. of America
5.20
%
08/15/35
1,017,105
 
1,530,643
Diversified Telecommunication Services – 1.6%
500,000
AT&T, Inc.
2.30
%
06/01/27
488,827
500,000
AT&T, Inc.
1.65
%
02/01/28
476,743
462,000
AT&T, Inc.
4.30
%
02/15/30
462,764
500,000
AT&T, Inc.
2.75
%
06/01/31
459,437
500,000
AT&T, Inc.
2.25
%
02/01/32
438,762
1,392,000
AT&T, Inc.
2.55
%
12/01/33
1,188,445
500,000
AT&T, Inc.
5.55
%
11/01/45
481,941
1,186,000
AT&T, Inc.
3.50
%
09/15/53
794,300
504,000
AT&T, Inc.
3.55
%
09/15/55
335,852
1,044,000
AT&T, Inc.
3.65
%
09/15/59
689,021
1,119,000
Verizon Communications, Inc.
4.02
%
12/03/29
1,110,802
500,000
Verizon Communications, Inc.
1.75
%
01/20/31
440,339
500,000
Verizon Communications, Inc.
2.55
%
03/21/31
456,773
1,650,000
Verizon Communications, Inc.
4.78
%
02/15/35
1,625,137
500,000
Verizon Communications, Inc.
2.65
%
11/20/40
357,336
500,000
Verizon Communications, Inc.
3.40
%
03/22/41
391,993
500,000
Verizon Communications, Inc.
2.88
%
11/20/50
310,855
1,000,000
Verizon Communications, Inc.
3.55
%
03/22/51
710,980
1,000,000
Verizon Communications, Inc.
3.88
%
03/01/52
741,498
 
11,961,805
Electric Utilities – 6.5%
1,000,000
AEP Transmission Co., LLC
5.15
%
04/01/34
1,021,816
900,000
AEP Transmission Co., LLC
4.25
%
09/15/48
743,425
500,000
AEP Transmission Co., LLC
5.40
%
03/15/53
486,695
2,000,000
AEP Transmission Co., LLC, Series N
2.75
%
08/15/51
1,238,360
1,000,000
Alabama Power Co.
5.85
%
11/15/33
1,075,053
500,000
Alabama Power Co.
5.10
%
04/02/35
512,113
500,000
Alabama Power Co.
3.45
%
10/01/49
356,129
1,000,000
Alabama Power Co.
3.13
%
07/15/51
665,440
1,000,000
Alabama Power Co., Series C
4.30
%
03/15/31
1,003,812
2,542,000
American Transmission Systems, Inc. (b)
2.65
%
01/15/32
2,292,241
1,000,000
Appalachian Power Co., Series AA
2.70
%
04/01/31
916,727
500,000
Commonwealth Edison Co.
4.90
%
02/01/33
512,274
500,000
Commonwealth Edison Co.
4.00
%
03/01/49
391,811
1,000,000
Commonwealth Edison Co.
5.30
%
02/01/53
947,237
1,000,000
Duke Energy Carolinas, LLC
4.85
%
01/15/34
1,013,618
2,000,000
Duke Energy Carolinas, LLC
5.35
%
01/15/53
1,926,612
1,000,000
Duke Energy Carolinas, LLC
5.40
%
01/15/54
973,347
1,000,000
Duke Energy Florida, LLC
5.88
%
11/15/33
1,080,236
267,000
Duke Energy Florida, LLC
4.85
%
12/01/35
265,952
500,000
Duke Energy Florida, LLC
6.20
%
11/15/53
537,191
See Notes to Financial Statements
Page 8
First Trust/Dow Jones Dividend & Income Allocation Portfolio
Portfolio of Investments (Continued)
December 31, 2025
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
CORPORATE BONDS AND NOTES (Continued)
Electric Utilities (Continued)
$1,000,000
Duke Energy Progress, LLC
4.00
%
04/01/52
$779,617
1,500,000
FirstEnergy Transmission, LLC
4.55
%
01/15/30
1,512,522
1,000,000
Florida Power & Light Co.
5.30
%
06/15/34
1,048,030
1,500,000
Florida Power & Light Co.
4.70
%
02/15/36
1,486,333
2,000,000
Florida Power & Light Co.
5.69
%
03/01/40
2,105,373
1,750,000
Florida Power & Light Co.
5.60
%
06/15/54
1,759,390
1,500,000
Florida Power & Light Co.
5.60
%
02/15/66
1,478,010
500,000
Georgia Power Co.
4.00
%
10/01/28
502,949
2,000,000
Georgia Power Co.
4.55
%
03/15/30
2,034,525
1,000,000
Georgia Power Co.
4.85
%
03/15/31
1,026,600
500,000
Indiana Michigan Power Co.
3.25
%
05/01/51
333,795
1,000,000
Indiana Michigan Power Co.
5.63
%
04/01/53
991,084
500,000
Indiana Michigan Power Co., Series L
3.75
%
07/01/47
384,393
1,250,000
Northern States Power Co.
5.40
%
03/15/54
1,217,797
1,000,000
NRG Energy, Inc. (b)
4.73
%
10/15/30
1,001,917
1,000,000
NRG Energy, Inc. (b)
5.41
%
10/15/35
999,481
3,000,000
Ohio Edison Co. (b)
5.50
%
01/15/33
3,127,069
500,000
PECO Energy Co.
3.90
%
03/01/48
393,014
4,000,000
PECO Energy Co.
4.38
%
08/15/52
3,313,969
1,500,000
Public Service Electric and Gas Co.
5.20
%
03/01/34
1,545,867
500,000
Public Service Electric and Gas Co.
5.45
%
08/01/53
490,540
1,750,000
Public Service Electric and Gas Co.
5.45
%
03/01/54
1,717,890
1,000,000
Trans-Allegheny Interstate Line Co. (b)
5.00
%
01/15/31
1,027,905
500,000
Virginia Electric and Power Co.
5.60
%
09/15/55
486,094
 
48,724,253
Electronic Equipment, Instruments & Components – 0.1%
1,000,000
Amphenol Corp.
4.13
%
11/15/30
995,081
Financial Services – 0.5%
1,250,000
Global Payments, Inc.
4.88
%
11/15/30
1,251,681
2,250,000
Global Payments, Inc.
5.55
%
11/15/35
2,237,230
 
3,488,911
Food Products – 1.0%
1,000,000
Conagra Brands, Inc.
5.00
%
08/01/30
1,012,453
2,000,000
Conagra Brands, Inc.
5.30
%
11/01/38
1,910,489
500,000
Conagra Brands, Inc.
5.40
%
11/01/48
448,242
2,250,000
Kraft Heinz Foods Co.
5.50
%
06/01/50
2,109,807
2,000,000
The Campbell’s Company
5.40
%
03/21/34
2,037,698
 
7,518,689
Ground Transportation – 0.5%
1,500,000
CSX Corp.
4.50
%
11/15/52
1,273,997
2,500,000
Union Pacific Corp.
4.95
%
05/15/53
2,281,281
 
3,555,278
Health Care Equipment & Supplies – 0.9%
1,500,000
180 Medical, Inc. (b)
5.30
%
10/08/35
1,498,526
2,350,000
Abbott Laboratories
4.90
%
11/30/46
2,214,055
2,000,000
Medline Borrower, L.P. (b)
3.88
%
04/01/29
1,954,008
1,170,000
Solventum Corp.
5.90
%
04/30/54
1,176,065
 
6,842,654
See Notes to Financial Statements
Page 9
First Trust/Dow Jones Dividend & Income Allocation Portfolio
Portfolio of Investments (Continued)
December 31, 2025
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
CORPORATE BONDS AND NOTES (Continued)
Health Care Providers & Services – 3.9%
$1,143,000
Centene Corp.
4.25
%
12/15/27
$1,136,979
1,000,000
Centene Corp.
2.45
%
07/15/28
937,124
1,200,000
Cigna (The) Group
4.38
%
10/15/28
1,211,143
1,150,000
Cigna (The) Group
5.00
%
05/15/29
1,181,373
1,000,000
Cigna (The) Group
4.50
%
09/15/30
1,007,106
1,100,000
Cigna (The) Group
5.40
%
03/15/33
1,147,582
1,150,000
Cigna (The) Group
5.25
%
02/15/34
1,184,659
1,500,000
Cigna (The) Group
4.90
%
12/15/48
1,341,813
1,150,000
Cigna (The) Group
5.60
%
02/15/54
1,116,010
1,000,000
Cigna (The) Group
6.00
%
01/15/56
1,029,038
2,000,000
CVS Health Corp.
6.20
%
09/15/55
2,032,057
500,000
Elevance Health, Inc.
4.55
%
05/15/52
416,445
1,000,000
Elevance Health, Inc.
6.10
%
10/15/52
1,035,182
500,000
Elevance Health, Inc.
5.70
%
02/15/55
488,866
500,000
Elevance Health, Inc.
5.70
%
09/15/55
490,195
1,000,000
HCA, Inc.
5.25
%
03/01/30
1,032,608
1,000,000
HCA, Inc.
2.38
%
07/15/31
897,718
2,500,000
HCA, Inc.
5.50
%
06/01/33
2,602,869
2,500,000
HCA, Inc.
3.50
%
07/15/51
1,701,252
2,500,000
HCA, Inc.
5.90
%
06/01/53
2,450,333
3,500,000
UnitedHealth Group, Inc.
5.30
%
02/15/30
3,650,122
1,000,000
UnitedHealth Group, Inc.
6.05
%
02/15/63
1,026,232
 
29,116,706
Hotels, Restaurants & Leisure – 0.4%
500,000
Hyatt Hotels Corp.
5.40
%
12/15/35
501,260
2,500,000
McDonald’s Corp.
5.45
%
08/14/53
2,429,209
313,000
Sodexo, Inc. (b)
5.15
%
08/15/30
321,283
 
3,251,752
Independent Power & Renewable Electricity Producers – 0.4%
1,000,000
Vistra Operations Co., LLC (b)
4.60
%
10/15/30
1,000,825
2,000,000
Vistra Operations Co., LLC (b)
5.70
%
12/30/34
2,065,764
 
3,066,589
Insurance – 2.7%
2,500,000
Aon North America, Inc.
5.13
%
03/01/27
2,531,912
182,000
Aon North America, Inc.
5.15
%
03/01/29
187,299
2,300,000
Aon North America, Inc.
5.75
%
03/01/54
2,290,038
1,000,000
Arthur J. Gallagher & Co.
5.15
%
02/15/35
1,011,112
1,000,000
Arthur J. Gallagher & Co.
5.75
%
03/02/53
982,601
1,000,000
Arthur J. Gallagher & Co.
6.75
%
02/15/54
1,106,542
1,000,000
Arthur J. Gallagher & Co.
5.55
%
02/15/55
960,625
750,000
Brown & Brown, Inc.
4.90
%
06/23/30
760,910
2,750,000
Brown & Brown, Inc.
5.65
%
06/11/34
2,844,637
400,000
Brown & Brown, Inc.
5.55
%
06/23/35
410,403
2,500,000
Brown & Brown, Inc.
4.95
%
03/17/52
2,182,840
1,000,000
Marsh & McLennan Cos., Inc.
6.25
%
11/01/52
1,082,606
1,115,000
Marsh & McLennan Cos., Inc.
5.45
%
03/15/54
1,084,753
1,660,000
Ryan Specialty LLC (b)
5.88
%
08/01/32
1,697,197
1,000,000
Willis North America, Inc.
4.55
%
03/15/31
1,001,639
 
20,135,114
Life Sciences Tools & Services – 0.3%
2,000,000
IQVIA, Inc.
5.70
%
05/15/28
2,070,520
See Notes to Financial Statements
Page 10
First Trust/Dow Jones Dividend & Income Allocation Portfolio
Portfolio of Investments (Continued)
December 31, 2025
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
CORPORATE BONDS AND NOTES (Continued)
Media – 0.3%
$500,000
Charter Communications Operating, LLC/Charter Communications
Operating Capital
5.85
%
12/01/35
$499,006
500,000
Comcast Corp.
3.25
%
11/01/39
390,944
1,000,000
Comcast Corp.
3.75
%
04/01/40
825,005
500,000
Comcast Corp.
4.00
%
08/15/47
378,710
 
2,093,665
Multi-Utilities – 0.3%
2,000,000
Consolidated Edison Co. of New York, Inc.
6.15
%
11/15/52
2,106,595
Oil, Gas & Consumable Fuels – 1.2%
1,000,000
BP Capital Markets America, Inc.
4.70
%
04/10/29
1,019,643
500,000
BP Capital Markets America, Inc.
1.75
%
08/10/30
450,137
1,500,000
BP Capital Markets America, Inc.
2.72
%
01/12/32
1,367,546
1,000,000
BP Capital Markets America, Inc.
3.06
%
06/17/41
761,754
1,000,000
BP Capital Markets America, Inc.
3.00
%
03/17/52
640,150
1,000,000
Energy Transfer, L.P.
5.20
%
04/01/30
1,030,743
3,750,000
Sabine Pass Liquefaction, LLC
4.20
%
03/15/28
3,756,719
 
9,026,692
Pharmaceuticals – 0.1%
1,000,000
AstraZeneca Finance, LLC
2.25
%
05/28/31
910,710
Professional Services – 0.3%
1,000,000
Verisk Analytics, Inc.
5.25
%
03/15/35
1,018,162
1,000,000
Verisk Analytics, Inc.
5.13
%
02/15/36
1,007,038
 
2,025,200
Semiconductors & Semiconductor Equipment – 0.5%
500,000
Broadcom, Inc.
4.75
%
04/15/29
509,539
500,000
Broadcom, Inc.
2.45
%
02/15/31
457,564
1,250,000
Broadcom, Inc.
4.30
%
11/15/32
1,233,735
250,000
Broadcom, Inc.
2.60
%
02/15/33
220,585
383,000
Broadcom, Inc.
3.42
%
04/15/33
354,642
500,000
Broadcom, Inc.
3.47
%
04/15/34
456,082
642,000
Broadcom, Inc. (b)
4.93
%
05/15/37
633,932
 
3,866,079
Software – 0.8%
1,000,000
AppLovin Corp.
5.13
%
12/01/29
1,026,065
2,997,000
CrowdStrike Holdings, Inc.
3.00
%
02/15/29
2,878,516
1,000,000
Oracle Corp.
6.15
%
11/09/29
1,044,397
1,000,000
Roper Technologies, Inc.
4.90
%
10/15/34
998,169
 
5,947,147
Specialized REITs – 0.1%
1,000,000
VICI Properties, L.P.
5.13
%
11/15/31
1,013,520
Specialty Retail – 0.1%
1,000,000
Lowe’s Cos, Inc.
4.25
%
03/15/31
996,088
Technology Hardware, Storage & Peripherals – 0.1%
500,000
Dell International, LLC/EMC Corp.
4.50
%
02/15/31
499,645
Trading Companies & Distributors – 0.3%
1,000,000
Ashtead Capital, Inc. (b)
5.95
%
10/15/33
1,058,562
See Notes to Financial Statements
Page 11
First Trust/Dow Jones Dividend & Income Allocation Portfolio
Portfolio of Investments (Continued)
December 31, 2025
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
CORPORATE BONDS AND NOTES (Continued)
Trading Companies & Distributors (Continued)
$1,000,000
Ashtead Capital, Inc. (b)
5.80
%
04/15/34
$1,049,050
 
2,107,612
Water Utilities – 1.0%
4,500,000
American Water Capital Corp.
5.15
%
03/01/34
4,636,159
2,500,000
American Water Capital Corp.
5.45
%
03/01/54
2,433,650
667,000
American Water Capital Corp.
5.70
%
09/01/55
668,443
 
7,738,252
Wireless Telecommunication Services – 1.5%
500,000
T-Mobile USA, Inc.
3.75
%
04/15/27
498,584
750,000
T-Mobile USA, Inc.
2.05
%
02/15/28
720,246
2,500,000
T-Mobile USA, Inc.
4.85
%
01/15/29
2,554,020
750,000
T-Mobile USA, Inc.
2.55
%
02/15/31
685,401
500,000
T-Mobile USA, Inc.
2.25
%
11/15/31
443,105
1,500,000
T-Mobile USA, Inc.
5.20
%
01/15/33
1,548,659
1,000,000
T-Mobile USA, Inc.
5.15
%
04/15/34
1,022,576
1,500,000
T-Mobile USA, Inc.
3.00
%
02/15/41
1,118,359
1,000,000
T-Mobile USA, Inc.
3.30
%
02/15/51
669,196
1,500,000
T-Mobile USA, Inc.
5.65
%
01/15/53
1,452,232
1,000,000
T-Mobile USA, Inc.
5.80
%
09/15/62
986,014
 
11,698,392
Total Corporate Bonds and Notes
325,785,471
(Cost $334,296,839)
FOREIGN CORPORATE BONDS AND NOTES – 4.2%
Banks – 1.8%
1,000,000
Banco Santander S.A.
4.55
%
11/06/30
1,001,308
1,000,000
Banco Santander S.A.
5.13
%
11/06/35
1,000,035
2,000,000
Barclays PLC (a)
5.37
%
02/25/31
2,067,528
500,000
BNP Paribas S.A. (a) (b)
5.09
%
05/09/31
510,634
1,250,000
Lloyds Banking Group PLC (a)
5.09
%
11/26/28
1,274,138
2,250,000
Lloyds Banking Group PLC (a)
5.72
%
06/05/30
2,359,211
2,000,000
Royal Bank of Canada (a)
5.15
%
02/04/31
2,060,026
1,000,000
Royal Bank of Canada (a)
4.70
%
08/06/31
1,013,297
1,250,000
Toronto-Dominion (The) Bank
4.98
%
04/05/27
1,266,533
1,000,000
Toronto-Dominion (The) Bank
4.81
%
06/03/30
1,020,930
 
13,573,640
Capital Markets – 0.7%
1,000,000
UBS Group AG (a) (b)
5.62
%
09/13/30
1,044,933
444,000
UBS Group AG (a) (b)
4.40
%
09/23/31
441,969
1,500,000
UBS Group AG (a) (b)
4.84
%
11/06/33
1,501,872
2,000,000
UBS Group AG (a) (b)
5.70
%
02/08/35
2,104,008
 
5,092,782
Containers & Packaging – 0.3%
2,500,000
Smurfit Kappa Treasury ULC
5.44
%
04/03/34
2,589,371
Hotels, Restaurants & Leisure – 0.1%
1,000,000
Flutter Treasury DAC (b)
5.88
%
06/04/31
1,014,445
Insurance – 0.3%
2,000,000
Aon Corp./Aon Global Holdings PLC
5.35
%
02/28/33
2,083,506
See Notes to Financial Statements
Page 12
First Trust/Dow Jones Dividend & Income Allocation Portfolio
Portfolio of Investments (Continued)
December 31, 2025
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
FOREIGN CORPORATE BONDS AND NOTES (Continued)
Life Sciences Tools & Services – 0.3%
$1,250,000
Icon Investments Six DAC
5.85
%
05/08/29
$1,304,911
1,250,000
Icon Investments Six DAC
6.00
%
05/08/34
1,322,490
 
2,627,401
Oil, Gas & Consumable Fuels – 0.4%
500,000
Enbridge, Inc.
4.60
%
06/20/28
505,692
1,500,000
Enbridge, Inc.
4.20
%
11/20/28
1,502,945
1,000,000
Enbridge, Inc.
4.50
%
02/15/31
1,000,740
 
3,009,377
Software – 0.2%
1,125,000
Constellation Software, Inc. (b)
5.46
%
02/16/34
1,135,894
Textiles, Apparel & Luxury Goods – 0.1%
500,000
Gildan Activewear, Inc. (b)
5.40
%
10/07/35
499,152
Total Foreign Corporate Bonds and Notes
31,625,568
(Cost $31,035,160)
U.S. GOVERNMENT BONDS AND NOTES – 0.3%
325,000
United States Treasury Bond
4.63
%
11/15/45
317,637
365,000
United States Treasury Bond
4.75
%
08/15/55
358,954
855,000
United States Treasury Note
3.50
%
11/30/30
846,517
545,000
United States Treasury Note
4.00
%
11/15/35
537,208
Total U.S. Government Bonds and Notes
2,060,316
(Cost $2,075,946)
 
Shares
Description
Value
MONEY MARKET FUNDS – 0.6%
4,485,640
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class - 3.64% (c)
4,485,640
(Cost $4,485,640)
 
Total Investments – 99.5%
748,783,847
(Cost $723,347,070)
 
Net Other Assets and Liabilities – 0.5%
3,990,481
Net Assets – 100.0%
$752,774,328
 
(a)
Fixed-to-floating or fixed-to-variable rate security. The interest rate shown reflects the fixed rate in effect at December 31, 2025.
At a predetermined date, the fixed rate will change to a floating rate or a variable rate.
(b)
This security, sold within the terms of a private placement memorandum, is exempt from registration upon resale under
Rule 144A of the Securities Act of 1933, as amended, and may be resold in transactions exempt from registration, normally to
qualified institutional buyers. Pursuant to procedures adopted by the Trust’s Board of Trustees, this security has been determined
to be liquid by First Trust Advisors L.P., the Fund’s advisor. Although market instability can result in periods of increased overall
market illiquidity, liquidity for each security is determined based on security specific factors and assumptions, which require
subjective judgment. At December 31, 2025, securities noted as such amounted to $36,909,459 or 4.9% of net assets.
(c)
Rate shown reflects yield as of December 31, 2025.
 
Abbreviations throughout the Portfolio of Investments:
REITs
– Real Estate Investment Trusts
See Notes to Financial Statements
Page 13
First Trust/Dow Jones Dividend & Income Allocation Portfolio
Portfolio of Investments (Continued)
December 31, 2025
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of December 31, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements): 
 
Total
Value at
12/31/2025
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks*
$384,826,852
$384,826,852
$—
$—
Corporate Bonds and Notes*
325,785,471
—
325,785,471
—
Foreign Corporate Bonds and Notes*
31,625,568
—
31,625,568
—
U.S. Government Bonds and Notes
2,060,316
—
2,060,316
—
Money Market Funds
4,485,640
4,485,640
—
—
Total Investments
$748,783,847
$389,312,492
$359,471,355
$—
 
*
See Portfolio of Investments for industry breakout.
See Notes to Financial Statements
Page 14
First Trust Multi Income Allocation Portfolio
Portfolio of Investments
December 31, 2025
 
Shares
Description
Value
EXCHANGE-TRADED FUNDS – 50.9%
Capital Markets – 50.9%
7,790
First Trust AAA CMBS ETF (a)
$159,695
31,000
First Trust Intermediate Government Opportunities ETF (a)
634,725
15,928
First Trust Limited Duration Investment Grade Corporate ETF (a)
305,658
76,160
First Trust Preferred Securities and Income ETF (a)
1,387,635
40,253
First Trust Senior Loan ETF (a)
1,846,808
7,601
First Trust Structured Credit Income Opportunities ETF (a)
158,101
32,901
First Trust Tactical High Yield ETF (a)
1,377,236
169
iShares 20+ Year Treasury Bond ETF
14,730
651
iShares 3-7 Year Treasury Bond ETF
77,697
4,510
iShares 7-10 Year Treasury Bond ETF
433,682
9,848
iShares iBoxx $ Investment Grade Corporate Bond ETF
1,085,151
3,898
iShares MBS ETF
371,167
Total Exchange-Traded Funds
7,852,285
(Cost $7,773,410)
COMMON STOCKS (b) – 36.4%
Aerospace & Defense – 0.4%
103
Northrop Grumman Corp.
58,732
Automobiles – 0.2%
66
Ferrari N.V.
24,391
Banks – 0.9%
424
JPMorgan Chase & Co.
136,621
Beverages – 0.2%
233
PepsiCo, Inc.
33,440
Biotechnology – 0.3%
193
AbbVie, Inc.
44,098
Capital Markets – 0.4%
356
Intercontinental Exchange, Inc.
57,658
Construction & Engineering – 0.1%
56
Quanta Services, Inc.
23,635
Consumer Finance – 0.6%
253
American Express Co.
93,597
Consumer Staples Distribution & Retail – 0.5%
722
Walmart, Inc.
80,438
Diversified REITs – 0.5%
1,285
WP Carey, Inc.
82,703
Electric Utilities – 2.7%
512
Alliant Energy Corp.
33,285
292
American Electric Power Co., Inc.
33,671
286
Duke Energy Corp.
33,522
455
Entergy Corp.
42,056
456
Evergy, Inc.
33,055
195
FirstEnergy Corp.
8,730
199
IDACORP, Inc.
25,185
1,127
NextEra Energy, Inc.
90,476
389
OGE Energy Corp.
16,610
534
PG&E Corp.
8,581
1,222
PPL Corp.
42,795
385
Southern (The) Co.
33,572
See Notes to Financial Statements
Page 15
First Trust Multi Income Allocation Portfolio
Portfolio of Investments (Continued)
December 31, 2025
Shares
Description
Value
COMMON STOCKS (b) (Continued)
Electric Utilities (Continued)
229
Xcel Energy, Inc.
$16,914
 
418,452
Electrical Equipment – 0.6%
233
Eaton Corp. PLC
74,213
132
Generac Holdings, Inc. (c)
18,001
 
92,214
Electronic Equipment, Instruments & Components – 0.4%
248
TE Connectivity PLC
56,423
Energy Equipment & Services – 0.1%
665
Archrock, Inc.
17,303
Financial Services – 0.5%
239
Visa, Inc., Class A
83,820
Gas Utilities – 1.0%
149
Atmos Energy Corp.
24,977
68
Chesapeake Utilities Corp.
8,484
819
National Fuel Gas Co.
65,569
615
New Jersey Resources Corp.
28,364
425
ONE Gas, Inc.
32,831
 
160,225
Health Care Equipment & Supplies – 0.5%
252
Abbott Laboratories
31,573
421
Medtronic PLC
40,441
 
72,014
Health Care Providers & Services – 0.4%
207
Cencora, Inc.
69,914
Health Care REITs – 2.2%
2,337
CareTrust REIT, Inc.
84,506
4,479
Sabra Health Care REIT, Inc.
84,832
1,100
Ventas, Inc.
85,118
452
Welltower, Inc.
83,896
 
338,352
Hotel & Resort REITs – 1.1%
4,641
Host Hotels & Resorts, Inc.
82,285
884
Ryman Hospitality Properties, Inc.
83,644
 
165,929
Hotels, Restaurants & Leisure – 0.5%
199
McDonald’s Corp.
60,820
213
Starbucks Corp.
17,937
 
78,757
Independent Power & Renewable Electricity Producers – 0.3%
1,258
Clearway Energy, Inc., Class A
39,526
Industrial Conglomerates – 0.3%
203
Honeywell International, Inc.
39,603
Industrial REITs – 1.6%
462
EastGroup Properties, Inc.
82,301
644
Prologis, Inc.
82,213
See Notes to Financial Statements
Page 16
First Trust Multi Income Allocation Portfolio
Portfolio of Investments (Continued)
December 31, 2025
Shares
Description
Value
COMMON STOCKS (b) (Continued)
Industrial REITs (Continued)
2,239
STAG Industrial, Inc.
$82,305
 
246,819
Insurance – 0.5%
276
Brown & Brown, Inc.
21,997
169
Chubb Ltd.
52,749
 
74,746
IT Services – 1.0%
348
Accenture PLC, Class A
93,368
203
International Business Machines Corp.
60,131
 
153,499
Machinery – 1.0%
146
Caterpillar, Inc.
83,639
17
Cummins, Inc.
8,677
80
Parker-Hannifin Corp.
70,317
 
162,633
Media – 0.2%
348
Fox Corp., Class A
25,428
Metals & Mining – 0.7%
301
Franco-Nevada Corp.
62,391
246
Nucor Corp.
40,125
 
102,516
Multi-Utilities – 2.0%
170
Ameren Corp.
16,976
624
Atco Ltd., Class I (CAD)
25,632
882
CenterPoint Energy, Inc.
33,816
359
CMS Energy Corp.
25,105
282
Dominion Energy, Inc.
16,522
197
DTE Energy Co.
25,409
1,258
Public Service Enterprise Group, Inc.
101,018
483
Sempra
42,644
281
WEC Energy Group, Inc.
29,634
 
316,756
Office REITs – 1.1%
3,243
Cousins Properties, Inc.
83,605
1,792
SL Green Realty Corp.
82,199
 
165,804
Oil, Gas & Consumable Fuels – 2.2%
129
Cheniere Energy, Inc.
25,076
620
ConocoPhillips
58,038
123
DT Midstream, Inc.
14,721
271
Enbridge, Inc.
12,962
426
Exxon Mobil Corp.
51,265
802
Keyera Corp. (CAD)
25,710
2,219
Kinder Morgan, Inc.
61,000
232
ONEOK, Inc.
17,052
210
Targa Resources Corp.
38,745
318
TC Energy Corp.
17,493
See Notes to Financial Statements
Page 17
First Trust Multi Income Allocation Portfolio
Portfolio of Investments (Continued)
December 31, 2025
Shares
Description
Value
COMMON STOCKS (b) (Continued)
Oil, Gas & Consumable Fuels (Continued)
281
Williams (The) Cos., Inc.
$16,891
 
338,953
Pharmaceuticals – 0.5%
599
AstraZeneca PLC, ADR
55,066
245
Merck & Co., Inc.
25,789
 
80,855
Residential REITs – 1.1%
1,361
Equity Residential
85,797
625
Mid-America Apartment Communities, Inc.
86,819
 
172,616
Retail REITs – 2.1%
3,069
Brixmor Property Group, Inc.
80,469
4,025
Kimco Realty Corp.
81,587
1,186
Regency Centers Corp.
81,869
461
Simon Property Group, Inc.
85,336
 
329,261
Semiconductors & Semiconductor Equipment – 1.7%
205
Broadcom, Inc.
70,951
617
QUALCOMM, Inc.
105,538
270
Taiwan Semiconductor Manufacturing Co., Ltd., ADR
82,050
 
258,539
Software – 1.6%
98
Intuit, Inc.
64,917
191
Microsoft Corp.
92,372
309
Oracle Corp.
60,227
103
SAP SE, ADR
25,020
 
242,536
Specialized REITs – 3.6%
454
American Tower Corp.
79,709
514
Digital Realty Trust, Inc.
79,521
108
Equinix, Inc.
82,745
1,874
Gaming and Leisure Properties, Inc.
83,749
907
Iron Mountain, Inc.
75,236
297
Public Storage
77,071
2,765
VICI Properties, Inc.
77,752
 
555,783
Specialty Retail – 0.6%
567
TJX (The) Cos., Inc.
87,097
Technology Hardware, Storage & Peripherals – 0.2%
132
Apple, Inc.
35,886
Total Common Stocks
5,617,572
(Cost $5,200,372)
MASTER LIMITED PARTNERSHIPS – 3.5%
Chemicals – 0.1%
655
Westlake Chemical Partners, L.P.
12,445
Oil, Gas & Consumable Fuels – 3.4%
630
Cheniere Energy Partners, L.P.
33,692
See Notes to Financial Statements
Page 18
First Trust Multi Income Allocation Portfolio
Portfolio of Investments (Continued)
December 31, 2025
Shares
Description
Value
MASTER LIMITED PARTNERSHIPS (Continued)
Oil, Gas & Consumable Fuels (Continued)
8,225
Energy Transfer, L.P.
$135,630
5,149
Enterprise Products Partners, L.P.
165,077
1,858
MPLX, L.P.
99,162
3,344
Plains GP Holdings, L.P., Class A
64,004
649
Sunoco, L.P.
34,014
 
531,579
Total Master Limited Partnerships
544,024
(Cost $501,973)
 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
U.S. GOVERNMENT BONDS AND NOTES – 7.9%
$32,350
U.S. Treasury Inflation Indexed Bond (d)
0.38
%
01/15/27
31,954
32,290
U.S. Treasury Inflation Indexed Bond (d)
0.13
%
04/15/27
31,711
35,939
U.S. Treasury Inflation Indexed Bond (d)
0.38
%
07/15/27
35,528
31,876
U.S. Treasury Inflation Indexed Bond (d)
1.63
%
10/15/27
32,122
35,641
U.S. Treasury Inflation Indexed Bond (d)
0.50
%
01/15/28
35,021
17,096
U.S. Treasury Inflation Indexed Bond (d)
1.75
%
01/15/28
17,227
31,480
U.S. Treasury Inflation Indexed Bond (d)
1.25
%
04/15/28
31,359
24,158
U.S. Treasury Inflation Indexed Bond (d)
3.63
%
04/15/28
25,356
33,726
U.S. Treasury Inflation Indexed Bond (d)
0.75
%
07/15/28
33,329
31,891
U.S. Treasury Inflation Indexed Bond (d)
2.38
%
10/15/28
32,848
33,527
U.S. Treasury Inflation Indexed Bond (d)
0.88
%
01/15/29
33,017
15,166
U.S. Treasury Inflation Indexed Bond (d)
2.50
%
01/15/29
15,658
32,633
U.S. Treasury Inflation Indexed Bond (d)
2.13
%
04/15/29
33,329
27,729
U.S. Treasury Inflation Indexed Bond (d)
3.88
%
04/15/29
29,879
36,915
U.S. Treasury Inflation Indexed Bond (d)
0.25
%
07/15/29
35,576
34,148
U.S. Treasury Inflation Indexed Bond (d)
1.63
%
10/15/29
34,492
36,701
U.S. Treasury Inflation Indexed Bond (d)
0.13
%
01/15/30
34,820
36,823
U.S. Treasury Inflation Indexed Bond (d)
1.63
%
04/15/30
37,017
38,099
U.S. Treasury Inflation Indexed Bond (d)
0.13
%
07/15/30
35,966
20,132
U.S. Treasury Inflation Indexed Bond (d)
1.13
%
10/15/30
19,830
37,524
U.S. Treasury Inflation Indexed Bond (d)
0.13
%
01/15/31
34,989
40,090
U.S. Treasury Inflation Indexed Bond (d)
0.13
%
07/15/31
37,157
42,286
U.S. Treasury Inflation Indexed Bond (d)
0.13
%
01/15/32
38,653
7,338
U.S. Treasury Inflation Indexed Bond (d)
3.38
%
04/15/32
8,103
36,981
U.S. Treasury Inflation Indexed Bond (d)
0.63
%
07/15/32
34,707
38,258
U.S. Treasury Inflation Indexed Bond (d)
1.13
%
01/15/33
36,722
35,379
U.S. Treasury Inflation Indexed Bond (d)
1.38
%
07/15/33
34,498
38,133
U.S. Treasury Inflation Indexed Bond (d)
1.75
%
01/15/34
37,931
40,469
U.S. Treasury Inflation Indexed Bond (d)
1.88
%
07/15/34
40,646
42,301
U.S. Treasury Inflation Indexed Bond (d)
2.13
%
01/15/35
43,063
43,603
U.S. Treasury Inflation Indexed Bond (d)
1.88
%
07/15/35
43,500
15,065
U.S. Treasury Inflation Indexed Bond (d)
2.13
%
02/15/40
14,927
24,979
U.S. Treasury Inflation Indexed Bond (d)
2.13
%
02/15/41
24,479
22,767
U.S. Treasury Inflation Indexed Bond (d)
0.75
%
02/15/42
17,745
23,509
U.S. Treasury Inflation Indexed Bond (d)
0.63
%
02/15/43
17,517
22,074
U.S. Treasury Inflation Indexed Bond (d)
1.38
%
02/15/44
18,503
22,538
U.S. Treasury Inflation Indexed Bond (d)
0.75
%
02/15/45
16,453
19,239
U.S. Treasury Inflation Indexed Bond (d)
1.00
%
02/15/46
14,522
17,535
U.S. Treasury Inflation Indexed Bond (d)
0.88
%
02/15/47
12,658
17,165
U.S. Treasury Inflation Indexed Bond (d)
1.00
%
02/15/48
12,553
14,233
U.S. Treasury Inflation Indexed Bond (d)
1.00
%
02/15/49
10,251
13,931
U.S. Treasury Inflation Indexed Bond (d)
0.25
%
02/15/50
8,030
See Notes to Financial Statements
Page 19
First Trust Multi Income Allocation Portfolio
Portfolio of Investments (Continued)
December 31, 2025
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
U.S. GOVERNMENT BONDS AND NOTES (Continued)
$15,008
U.S. Treasury Inflation Indexed Bond (d)
0.13
%
02/15/51
$8,117
16,375
U.S. Treasury Inflation Indexed Bond (d)
0.13
%
02/15/52
8,674
14,240
U.S. Treasury Inflation Indexed Bond (d)
1.50
%
02/15/53
11,115
12,731
U.S. Treasury Inflation Indexed Bond (d)
2.13
%
02/15/54
11,451
13,414
U.S. Treasury Inflation Indexed Bond (d)
2.38
%
02/15/55
12,739
Total U.S. Government Bonds and Notes
1,225,742
(Cost $1,230,062)
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES – 0.0%
Collateralized Mortgage Obligations – 0.0%
Fannie Mae REMICS 
146
Series 1999-56, Class Z
7.00
%
12/01/29
150
Freddie Mac REMICS 
1
Series 1996-1847, Class LL
7.50
%
04/01/26
0
372
Series 1999-2130, Class KB
6.38
%
03/01/29
379
Total U.S. Government Agency Mortgage-Backed Securities
529
(Cost $526)
MORTGAGE-BACKED SECURITIES – 0.0%
Collateralized Mortgage Obligations – 0.0%
Credit Suisse First Boston Mortgage Securities Corp. 
299
Series 2004-6, Class 2A1 (e)
4.75
%
09/01/25
0
(Cost $299)
 
Shares
Description
Value
MONEY MARKET FUNDS – 1.6%
240,265
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class - 3.64% (f)
240,265
(Cost $240,265)
 
Total Investments – 100.3%
15,480,417
(Cost $14,946,907)
 
Net Other Assets and Liabilities – (0.3)%
(51,797
)
Net Assets – 100.0%
$15,428,620
 
(a)
Investment in an affiliated fund.
(b)
Securities are issued in U.S. dollars unless otherwise indicated in the security description.
(c)
Non-income producing security.
(d)
Security whose principal value is adjusted in accordance with changes to the country’s Consumer Price Index. Interest is
calculated on the basis of the current adjusted principal value.
(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.
(f)
Rate shown reflects yield as of December 31, 2025.
 
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
Page 20
First Trust Multi Income Allocation Portfolio
Portfolio of Investments (Continued)
December 31, 2025
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of December 31, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements): 
 
Total
Value at
12/31/2025
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Exchange-Traded Funds*
$7,852,285
$7,852,285
$—
$—
Common Stocks*
5,617,572
5,617,572
—
—
Master Limited Partnerships*
544,024
544,024
—
—
U.S. Government Bonds and Notes
1,225,742
—
1,225,742
—
U.S. Government Agency Mortgage-Backed Securities
529
—
529
—
Mortgage-Backed Securities
—
**
—
—
**
—
Money Market Funds
240,265
240,265
—
—
Total Investments
$15,480,417
$14,254,146
$1,226,271
$—
 
*
See Portfolio of Investments for industry breakout.
**
Investment is valued at $0.
See Notes to Financial Statements
Page 21
First Trust Dorsey Wright Tactical Core Portfolio
Portfolio of Investments
December 31, 2025
 
Shares
Description
Value
EXCHANGE-TRADED FUNDS – 98.9%
Capital Markets – 98.9%
11,832
First Trust China AlphaDEX® Fund (a)
$334,491
10,879
First Trust Developed Markets ex-US AlphaDEX® Fund (a)
864,298
19,848
First Trust Dow Jones Internet Index Fund (a) (b)
5,342,685
26,766
First Trust Emerging Markets AlphaDEX® Fund (a)
732,050
4,897
First Trust Europe AlphaDEX® Fund (a)
263,236
5,569
First Trust Eurozone AlphaDEX® ETF (a)
341,929
76,302
First Trust Financials AlphaDEX® Fund (a)
4,604,826
4,389
First Trust Germany AlphaDEX® Fund (a)
273,703
110,973
First Trust Indxx Aerospace & Defense ETF (a)
4,748,535
47,140
First Trust Large Cap Core AlphaDEX® Fund (a)
5,591,586
36,592
First Trust Large Cap Growth AlphaDEX® Fund (a)
5,850,190
58,829
First Trust Mid Cap Growth AlphaDEX® Fund (a)
5,364,852
33,179
First Trust Nasdaq Semiconductor ETF (a)
4,297,832
6,114
First Trust United Kingdom AlphaDEX® Fund (a)
311,259
105,416
First Trust Utilities AlphaDEX® Fund (a)
4,744,774
30,225
iShares Core U.S. Aggregate Bond ETF
3,018,873
76,632
SPDR Bloomberg Emerging Markets Local Bond ETF
1,637,626
52,622
SPDR Bloomberg International Corporate Bond ETF
1,689,692
41,648
State Street Blackstone Senior Loan ETF
1,718,813
18,023
State Street SPDR Bloomberg High Yield Bond ETF
1,752,016
Total Exchange-Traded Funds
53,483,266
(Cost $45,393,122)
MONEY MARKET FUNDS – 1.3%
722,213
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class - 3.64% (c)
722,213
(Cost $722,213)
 
Total Investments – 100.2%
54,205,479
(Cost $46,115,335)
 
Net Other Assets and Liabilities – (0.2)%
(97,010
)
Net Assets – 100.0%
$54,108,469
 
(a)
Investment in an affiliated fund.
(b)
Non-income producing security.
(c)
Rate shown reflects yield as of December 31, 2025.
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of December 31, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements): 
 
Total
Value at
12/31/2025
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Exchange-Traded Funds*
$53,483,266
$53,483,266
$—
$—
Money Market Funds
722,213
722,213
—
—
Total Investments
$54,205,479
$54,205,479
$—
$—
 
*
See Portfolio of Investments for industry breakout.
See Notes to Financial Statements
Page 22
First Trust Capital Strength® Portfolio
Portfolio of Investments
December 31, 2025
 
 
Shares
Description
Value
COMMON STOCKS – 98.1%
Aerospace & Defense – 3.9%
11,249
General Dynamics Corp.
$3,787,088
6,266
Northrop Grumman Corp.
3,572,936
 
7,360,024
Air Freight & Logistics – 2.4%
31,063
Expeditors International of
Washington, Inc.
4,628,698
Beverages – 6.0%
54,429
Coca-Cola (The) Co.
3,805,131
53,049
Monster Beverage Corp. (a)
4,067,267
24,235
PepsiCo, Inc.
3,478,207
 
11,350,605
Biotechnology – 2.0%
16,227
AbbVie, Inc.
3,707,707
Capital Markets – 12.2%
7,921
Ameriprise Financial, Inc.
3,883,983
15,546
Cboe Global Markets, Inc.
3,902,046
39,569
Charles Schwab (The) Corp.
3,953,339
7,908
Moody’s Corp.
4,039,802
23,067
Raymond James Financial, Inc.
3,704,330
35,922
T. Rowe Price Group, Inc.
3,677,694
 
23,161,194
Chemicals – 3.7%
13,460
Ecolab, Inc.
3,533,519
8,262
Linde PLC
3,522,834
 
7,056,353
Commercial Services &
Supplies – 3.7%
84,012
Copart, Inc. (a)
3,289,070
36,250
Veralto Corp.
3,617,025
 
6,906,095
Communications Equipment –
5.5%
53,117
Cisco Systems, Inc.
4,091,602
12,380
F5, Inc. (a)
3,160,119
8,371
Motorola Solutions, Inc.
3,208,772
 
10,460,493
Construction & Engineering –
1.4%
28,464
AECOM
2,713,473
Consumer Staples
Distribution & Retail – 3.9%
3,978
Costco Wholesale Corp.
3,430,388
34,578
Walmart, Inc.
3,852,335
 
7,282,723
 
Shares
Description
Value
 
Entertainment – 1.8%
24,003
Live Nation Entertainment,
Inc. (a)
$3,420,427
Financial Services – 4.0%
6,641
Mastercard, Inc., Class A
3,791,214
10,895
Visa, Inc., Class A
3,820,986
 
7,612,200
Ground Transportation – 2.0%
16,479
Union Pacific Corp.
3,811,922
Health Care Equipment &
Supplies – 3.7%
28,980
Abbott Laboratories
3,630,904
13,895
ResMed, Inc.
3,346,889
 
6,977,793
Health Care Providers &
Services – 2.1%
11,473
Cencora, Inc.
3,875,006
Household Products – 3.8%
47,082
Colgate-Palmolive Co.
3,720,420
24,604
Procter & Gamble (The) Co.
3,525,999
 
7,246,419
Industrial Conglomerates –
4.1%
24,405
3M Co.
3,907,240
19,477
Honeywell International, Inc.
3,799,768
 
7,707,008
Insurance – 3.8%
19,648
Marsh & McLennan Cos., Inc.
3,645,097
50,313
W.R. Berkley Corp.
3,527,947
 
7,173,044
IT Services – 2.5%
56,372
Cognizant Technology Solutions
Corp., Class A
4,678,876
Machinery – 6.7%
9,046
Cummins, Inc.
4,617,531
22,373
Dover Corp.
4,368,105
10,964
Snap-on, Inc.
3,778,194
 
12,763,830
Oil, Gas & Consumable Fuels –
1.9%
35,069
EOG Resources, Inc.
3,682,596
Pharmaceuticals – 3.8%
19,279
Johnson & Johnson
3,989,789
25,858
Zoetis, Inc.
3,253,454
 
7,243,243
Professional Services – 3.5%
13,243
Automatic Data Processing, Inc.
3,406,497
See Notes to Financial Statements
Page 23
First Trust Capital Strength® Portfolio
Portfolio of Investments (Continued)
December 31, 2025
 
Shares
Description
Value
COMMON STOCKS (Continued)
Professional
Services (Continued)
29,434
Paychex, Inc.
$3,301,906
 
6,708,403
Software – 1.9%
7,253
Microsoft Corp.
3,507,696
Specialized REITs – 1.7%
12,110
Public Storage
3,142,545
Specialty Retail – 6.1%
9,505
Home Depot (The), Inc.
3,270,671
23,831
Ross Stores, Inc.
4,292,916
25,897
TJX (The) Cos., Inc.
3,978,038
 
11,541,625
Total Common Stocks
185,719,998
(Cost $173,282,854)
MONEY MARKET FUNDS – 2.0%
3,829,755
Morgan Stanley Institutional
Liquidity Funds - Treasury
Portfolio - Institutional Class -
3.64% (b)
3,829,755
(Cost $3,829,755)
Total Investments – 100.1%
189,549,753
(Cost $177,112,609)
Net Other Assets and
Liabilities – (0.1)%
(122,769
)
Net Assets – 100.0%
$189,426,984
 
(a)
Non-income producing security.
(b)
Rate shown reflects yield as of December 31, 2025.
 
Abbreviations throughout the Portfolio of Investments:
REITs
– Real Estate Investment Trusts
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of December 31, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements): 
 
Total
Value at
12/31/2025
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks*
$185,719,998
$185,719,998
$—
$—
Money Market
Funds
3,829,755
3,829,755
—
—
Total Investments
$189,549,753
$189,549,753
$—
$—
 
*
See Portfolio of Investments for industry breakout.
See Notes to Financial Statements
Page 24
First Trust International Developed Capital Strength® Portfolio
Portfolio of Investments
December 31, 2025
 
 
Shares
Description
Value
COMMON STOCKS (a) – 98.4%
Aerospace & Defense – 1.9%
2,222
Safran S.A. (EUR)
$776,599
Banks – 4.5%
5,294
Royal Bank of Canada (CAD)
902,512
9,738
Toronto-Dominion Bank (The)
(CAD)
917,786
 
1,820,298
Beverages – 2.1%
16,160
Coca-Cola HBC AG (GBP)
836,898
Broadline Retail – 3.8%
4,347
Next PLC (GBP)
801,585
123,600
Pan Pacific International
Holdings Corp. (JPY)
735,650
 
1,537,235
Capital Markets – 7.2%
13,452
3i Group PLC (GBP)
591,668
2,967
Deutsche Boerse AG (EUR)
780,001
5,273
Euronext N.V. (EUR) (b) (c)
793,194
59,500
Singapore Exchange Ltd. (SGD)
785,063
 
2,949,926
Chemicals – 1.8%
3,485
Sika AG (CHF)
715,391
Construction & Engineering –
2.0%
12,233
Ferrovial SE (EUR)
795,580
Consumer Staples
Distribution & Retail – 2.0%
18,274
Loblaw Cos. Ltd. (CAD)
826,128
Diversified Telecommunication
Services – 2.1%
236,900
Singapore Telecommunications
Ltd. (SGD)
838,568
Entertainment – 1.8%
27,949
Universal Music Group N.V.
(EUR)
730,159
Financial Services – 2.0%
33,087
Poste Italiane S.p.A.
(EUR) (b) (c)
835,225
Food Products – 1.8%
7,190
Nestle S.A. (CHF)
714,734
Health Care Equipment &
Supplies – 1.8%
2,806
Sonova Holding AG (CHF)
733,648
Hotels, Restaurants &
Leisure – 5.3%
9,824
Amadeus IT Group S.A. (EUR)
725,498
18,335
Aristocrat Leisure Ltd. (AUD)
711,883
 
Shares
Description
Value
 
Hotels, Restaurants &
Leisure (Continued)
22,651
Compass Group PLC (GBP)
$721,786
 
2,159,167
Household Products – 1.9%
9,724
Reckitt Benckiser Group PLC
(GBP)
786,710
Insurance – 16.4%
1,896
Allianz SE (EUR)
870,104
18,717
Great-West Lifeco, Inc. (CAD)
923,066
2,636
Hannover Rueck SE (EUR)
824,641
1,217
Muenchener
Rueckversicherungs-
Gesellschaft AG (EUR)
804,069
57,965
Prudential PLC (GBP)
894,243
68,522
Sampo Oyj, Class A (EUR)
831,844
4,202
Swiss Re AG (CHF)
704,754
1,099
Zurich Insurance Group AG
(CHF)
834,968
 
6,687,689
IT Services – 3.8%
8,862
CGI, Inc. (CAD)
818,567
23,800
Obic Co., Ltd. (JPY)
747,853
 
1,566,420
Machinery – 6.0%
16,237
Alfa Laval AB (SEK)
821,330
11,783
Kone Oyj, Class B (EUR)
838,597
2,045
Schindler Holding AG (CHF)
772,458
 
2,432,385
Metals & Mining – 4.3%
27,216
BHP Group Ltd. (AUD)
826,217
11,379
Rio Tinto PLC (GBP)
919,379
 
1,745,596
Oil, Gas & Consumable Fuels –
1.9%
9,076
Imperial Oil Ltd. (CAD)
784,111
Personal Care Products – 3.6%
1,688
L’Oreal S.A. (EUR)
727,238
11,550
Unilever PLC (GBP)
756,567
 
1,483,805
Pharmaceuticals – 8.4%
4,576
AstraZeneca PLC (GBP)
850,597
35,364
GSK PLC (GBP)
869,719
5,852
Novartis AG (CHF)
809,720
2,150
Roche Holding AG (CHF)
890,835
 
3,420,871
Professional Services – 3.9%
24,143
Bureau Veritas S.A. (EUR)
771,174
See Notes to Financial Statements
Page 25
First Trust International Developed Capital Strength® Portfolio
Portfolio of Investments (Continued)
December 31, 2025
 
Shares
Description
Value
COMMON STOCKS (a) (Continued)
Professional
Services (Continued)
6,969
SGS S.A. (CHF)
$799,398
 
1,570,572
Software – 1.8%
50,855
Sage Group (The) PLC (GBP)
742,396
Specialty Retail – 2.2%
13,819
Industria de Diseno Textil S.A.
(EUR)
914,967
Trading Companies &
Distributors – 2.2%
69,500
ITOCHU Corp. (JPY)
876,293
Transportation Infrastructure –
1.9%
27,761
Aena SME S.A. (EUR) (b) (c)
777,121
Total Common Stocks
40,058,492
(Cost $35,939,220)
WARRANTS (a) – 0.0%
Software – 0.0%
92
Constellation Software, Inc.
(CAD) (d) (e) (f) (g)
0
(Cost $0)
MONEY MARKET FUNDS – 1.5%
633,654
Morgan Stanley Institutional
Liquidity Funds - Treasury
Portfolio - Institutional Class -
3.64% (h)
633,654
(Cost $633,654)
Total Investments – 99.9%
40,692,146
(Cost $36,572,874)
Net Other Assets and
Liabilities – 0.1%
35,574
Net Assets – 100.0%
$40,727,720
 
(a)
Securities are issued in U.S. dollars unless otherwise
indicated in the security description.
(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”).
(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.
(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 December 31, 2025, securities
noted as such are valued at $0 or 0.0% of net assets.
(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.
(f)
Non-income producing security.
(g)
This security’s value was determined using significant
unobservable inputs (see Note 2A - Portfolio Valuation in the
Notes to Financial Statements).
(h)
Rate shown reflects yield as of December 31, 2025.
 
Abbreviations throughout the Portfolio of Investments:
AUD
– Australian Dollar
CAD
– Canadian Dollar
CHF
– Swiss Franc
EUR
– Euro
GBP
– British Pound Sterling
JPY
– Japanese Yen
SEK
– Swedish Krona
SGD
– Singapore Dollar
USD
– United States Dollar
See Notes to Financial Statements
Page 26
First Trust International Developed Capital Strength® Portfolio
Portfolio of Investments (Continued)
December 31, 2025
 
Country Allocation †
% of Net
Assets
United Kingdom
19.5%
Switzerland
19.2
Canada
12.7
Germany
8.0
Spain
5.9
Japan
5.8
Netherlands
5.7
France
5.6
Finland
4.1
Singapore
4.0
Australia
3.8
Italy
2.0
Sweden
2.0
United States
1.6
Total Investments
99.9
Net Other Assets and Liabilities
0.1
Total
100.0%
† Portfolio securities are categorized based upon their country of incorporation.
  
Currency Exposure
Diversification
% of Total
Investments
EUR
31.4%
GBP
21.6
CHF
17.1
CAD
12.7
JPY
5.8
SGD
4.0
AUD
3.8
SEK
2.0
USD
1.6
Total
100.0%
 
 
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of December 31, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements): 
 
Total
Value at
12/31/2025
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks*
$40,058,492
$40,058,492
$—
$—
Warrants*
—
**
—
—
—
**
Money Market Funds
633,654
633,654
—
—
Total Investments
$40,692,146
$40,692,146
$—
$—
**
 
*
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
Page 27
First Trust Growth StrengthTM Portfolio
Portfolio of Investments
December 31, 2025
 
 
Shares
Description
Value
COMMON STOCKS – 98.7%
Aerospace & Defense – 1.9%
1,235
Northrop Grumman Corp.
$704,209
Beverages – 2.2%
10,459
Monster Beverage Corp. (a)
801,892
Biotechnology – 4.5%
8,387
Incyte Corp. (a)
828,384
1,695
United Therapeutics Corp. (a)
825,889
 
1,654,273
Capital Markets – 10.4%
1,562
Ameriprise Financial, Inc.
765,911
3,065
Cboe Global Markets, Inc.
769,315
7,802
Charles Schwab (The) Corp.
779,498
11,089
Interactive Brokers Group, Inc.,
Class A
713,134
1,559
Moody’s Corp.
796,415
 
3,824,273
Commercial Services &
Supplies – 1.8%
16,564
Copart, Inc. (a)
648,481
Communications Equipment –
5.3%
5,132
Arista Networks, Inc. (a)
672,446
2,441
F5, Inc. (a)
623,090
1,650
Motorola Solutions, Inc.
632,478
 
1,928,014
Consumer Staples
Distribution & Retail – 3.9%
784
Costco Wholesale Corp.
676,075
6,817
Walmart, Inc.
759,482
 
1,435,557
Electronic Equipment,
Instruments & Components –
2.2%
5,845
Amphenol Corp., Class A
789,893
Energy Equipment &
Services – 4.4%
16,256
Baker Hughes Co.
740,298
22,508
Schlumberger N.V.
863,857
 
1,604,155
Entertainment – 1.6%
6,124
Netflix, Inc. (a)
574,186
Financial Services – 8.6%
6,051
Apollo Global Management, Inc.
875,943
2,573
Corpay, Inc. (a)
774,293
1,309
Mastercard, Inc., Class A
747,282
2,148
Visa, Inc., Class A
753,325
 
3,150,843
 
Shares
Description
Value
 
Ground Transportation – 1.8%
7,957
Uber Technologies, Inc. (a)
$650,166
Health Care Equipment &
Supplies – 3.8%
11,028
Dexcom, Inc. (a)
731,927
2,740
ResMed, Inc.
659,984
 
1,391,911
Hotels, Restaurants &
Leisure – 3.9%
5,833
Airbnb, Inc., Class A (a)
791,655
17,545
Chipotle Mexican Grill, Inc. (a)
649,165
 
1,440,820
Household Durables – 3.5%
2,950
Garmin Ltd.
598,407
5,902
PulteGroup, Inc.
692,069
 
1,290,476
Insurance – 2.0%
3,874
Marsh & McLennan Cos., Inc.
718,704
Interactive Media & Services –
3.4%
1,024
Meta Platforms, Inc., Class A
675,932
22,675
Pinterest, Inc., Class A (a)
587,056
 
1,262,988
IT Services – 1.9%
5,705
GoDaddy, Inc., Class A (a)
707,876
Machinery – 2.2%
1,393
Caterpillar, Inc.
798,008
Media – 1.5%
14,695
Trade Desk (The), Inc.,
Class A (a)
557,822
Metals & Mining – 2.2%
8,091
Newmont Corp.
807,886
Pharmaceuticals – 2.7%
915
Eli Lilly & Co.
983,332
Professional Services – 1.8%
2,611
Automatic Data Processing, Inc.
671,628
Semiconductors &
Semiconductor Equipment –
5.8%
2,102
Broadcom, Inc.
727,502
731
Monolithic Power Systems, Inc.
662,549
4,009
NVIDIA Corp.
747,679
 
2,137,730
Software – 13.3%
1,225
AppLovin Corp., Class A (a)
825,429
2,252
Cadence Design Systems,
Inc. (a)
703,930
See Notes to Financial Statements
Page 28
First Trust Growth StrengthTM Portfolio
Portfolio of Investments (Continued)
December 31, 2025
 
Shares
Description
Value
COMMON STOCKS (Continued)
Software (Continued)
15,256
Dynatrace, Inc. (a)
$661,195
8,802
Fortinet, Inc. (a)
698,967
1,110
Intuit, Inc.
735,286
3,533
Palo Alto Networks, Inc. (a)
650,779
4,064
ServiceNow, Inc. (a)
622,564
 
4,898,150
Specialty Retail – 2.1%
5,106
TJX (The) Cos., Inc.
784,333
Total Common Stocks
36,217,606
(Cost $34,674,918)
MONEY MARKET FUNDS – 1.4%
529,356
Morgan Stanley Institutional
Liquidity Funds - Treasury
Portfolio - Institutional Class -
3.64% (b)
529,356
(Cost $529,356)
Total Investments – 100.1%
36,746,962
(Cost $35,204,274)
Net Other Assets and
Liabilities – (0.1)%
(38,984
)
Net Assets – 100.0%
$36,707,978
 
(a)
Non-income producing security.
(b)
Rate shown reflects yield as of December 31, 2025.
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of December 31, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements): 
 
Total
Value at
12/31/2025
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks*
$36,217,606
$36,217,606
$—
$—
Money Market Funds
529,356
529,356
—
—
Total Investments
$36,746,962
$36,746,962
$—
$—
 
*
See Portfolio of Investments for industry breakout.
See Notes to Financial Statements
Page 29
First Trust Capital Strength® Hedged Equity Portfolio
Portfolio of Investments
December 31, 2025
 
Shares
Description
Value
COMMON STOCKS – 99.6%
Aerospace & Defense – 3.9%
920
General Dynamics Corp. (a)
$309,727
513
Northrop Grumman Corp. (a)
292,518
 
602,245
Air Freight & Logistics – 2.5%
2,542
Expeditors International of Washington, Inc. (a)
378,783
Beverages – 6.1%
4,454
Coca-Cola (The) Co. (a)
311,379
4,341
Monster Beverage Corp. (a) (b)
332,825
1,983
PepsiCo, Inc. (a)
284,600
 
928,804
Biotechnology – 2.0%
1,328
AbbVie, Inc.
303,435
Capital Markets – 12.4%
648
Ameriprise Financial, Inc.
317,740
1,272
Cboe Global Markets, Inc.
319,272
3,238
Charles Schwab (The) Corp.
323,509
647
Moody’s Corp.
330,520
1,888
Raymond James Financial, Inc.
303,194
2,939
T. Rowe Price Group, Inc.
300,895
 
1,895,130
Chemicals – 3.8%
1,101
Ecolab, Inc. (a)
289,034
676
Linde PLC (a)
288,240
 
577,274
Commercial Services & Supplies – 3.7%
6,875
Copart, Inc. (a) (b)
269,156
2,966
Veralto Corp. (a)
295,948
 
565,104
Communications Equipment – 5.6%
4,346
Cisco Systems, Inc. (a)
334,773
1,013
F5, Inc. (b)
258,578
685
Motorola Solutions, Inc. (a)
262,574
 
855,925
Construction & Engineering – 1.5%
2,329
AECOM
222,024
Consumer Staples Distribution & Retail – 3.9%
326
Costco Wholesale Corp. (a)
281,123
2,829
Walmart, Inc.
315,179
 
596,302
Entertainment – 1.8%
1,964
Live Nation Entertainment, Inc. (b)
279,870
Financial Services – 4.1%
543
Mastercard, Inc., Class A (a)
309,988
892
Visa, Inc., Class A (a)
312,833
 
622,821
See Notes to Financial Statements
Page 30
First Trust Capital Strength® Hedged Equity Portfolio
Portfolio of Investments (Continued)
December 31, 2025
Shares
Description
Value
COMMON STOCKS (Continued)
Ground Transportation – 2.0%
1,349
Union Pacific Corp. (a)
$312,051
Health Care Equipment & Supplies – 3.7%
2,371
Abbott Laboratories (a)
297,063
1,137
ResMed, Inc.
273,869
 
570,932
Health Care Providers & Services – 2.1%
939
Cencora, Inc. (a)
317,147
Household Products – 3.9%
3,853
Colgate-Palmolive Co. (a)
304,464
2,013
Procter & Gamble (The) Co. (a)
288,483
 
592,947
Industrial Conglomerates – 4.1%
1,997
3M Co.
319,720
1,594
Honeywell International, Inc. (a)
310,973
 
630,693
Insurance – 3.9%
1,608
Marsh & McLennan Cos., Inc. (a)
298,316
4,177
W.R. Berkley Corp. (a)
292,891
 
591,207
IT Services – 2.5%
4,613
Cognizant Technology Solutions Corp., Class A (a)
382,879
Machinery – 6.8%
740
Cummins, Inc.
377,733
1,831
Dover Corp.
357,485
897
Snap-on, Inc. (a)
309,106
 
1,044,324
Oil, Gas & Consumable Fuels – 2.0%
2,870
EOG Resources, Inc.
301,379
Pharmaceuticals – 3.9%
1,578
Johnson & Johnson (a)
326,567
2,116
Zoetis, Inc.
266,235
 
592,802
Professional Services – 3.6%
1,084
Automatic Data Processing, Inc. (a)
278,837
2,408
Paychex, Inc. (a)
270,130
 
548,967
Software – 1.9%
594
Microsoft Corp. (a)
287,270
Specialized REITs – 1.7%
991
Public Storage
257,164
Specialty Retail – 6.2%
778
Home Depot (The), Inc. (a)
267,710
1,950
Ross Stores, Inc. (a)
351,273
See Notes to Financial Statements
Page 31
First Trust Capital Strength® Hedged Equity Portfolio
Portfolio of Investments (Continued)
December 31, 2025
Shares
Description
Value
COMMON STOCKS (Continued)
Specialty Retail (Continued)
2,119
TJX (The) Cos., Inc. (a)
$325,499
 
944,482
Total Investments – 99.6%
15,201,961
(Cost $14,884,216)
 
Number of
Contracts
Description
Notional
Amount
Exercise
Price
Expiration
Date
Value
PURCHASED OPTIONS – 0.1%
Put Options Purchased – 0.1%
20
S&P 500® Index
$13,691,000
$6,330.00
01/16/26
7,400
30
S&P 500® Mini Index
2,053,650
635.00
01/16/26
1,200
Total Purchased Options
8,600
(Cost $241,601)
WRITTEN OPTIONS – (0.3)%
Call Options Written – (0.3)%
(20
)
S&P 500® Index
(13,691,000
)
6,990.00
01/16/26
(28,200
)
(30
)
S&P 500® Mini Index
(2,053,650
)
695.00
01/16/26
(7,620
)
Total Call Options Written
(35,820
)
(Premiums received $197,035)
Put Options Written – (0.0)%
(20
)
S&P 500® Index
(13,691,000
)
5,325.00
01/16/26
(1,250
)
(30
)
S&P 500® Mini Index
(2,053,650
)
535.00
01/16/26
(210
)
Total Put Options Written
(1,460
)
(Premiums received $61,509)
Total Written Options
(37,280
)
(Premiums received $258,544)
 
Net Other Assets and Liabilities – 0.6%
87,971
Net Assets – 100.0%
$15,261,252
 
(a)
All or a portion of these securities are pledged to cover index call options written. At December 31, 2025, the segregated value of
these securities amounts to $5,021,444.
(b)
Non-income producing security.
See Notes to Financial Statements
Page 32
First Trust Capital Strength® Hedged Equity Portfolio
Portfolio of Investments (Continued)
December 31, 2025
Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of December 31, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements): 
ASSETS TABLE
 
Total
Value at
12/31/2025
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks*
$15,201,961
$15,201,961
$—
$—
Purchased Options
8,600
8,600
—
—
Total
$15,210,561
$15,210,561
$—
$—
 
LIABILITIES TABLE
 
Total
Value at
12/31/2025
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Written Options
$(37,280
)
$(36,030
)
$(1,250
)
$—
 
*
See Portfolio of Investments for industry breakout.
See Notes to Financial Statements
Page 33
First Trust Variable Insurance Trust
Statements of Assets and Liabilities
December 31, 2025
 
 
First Trust/Dow
Jones Dividend
& Income
Allocation
Portfolio
First Trust
Multi Income
Allocation
Portfolio
First Trust
Dorsey Wright
Tactical Core
Portfolio
ASSETS:
Investments, at value - Unaffiliated
$ 748,783,847
$ 9,610,559
$ 10,539,233
Investments, at value - Affiliated
—
5,869,858
43,666,246
Total investments, at value
748,783,847
15,480,417
54,205,479
Cash segregated as collateral
—
—
—
Foreign currency
—
476
—
Options contracts purchased, at value
—
—
—
Due from broker
—
—
—
Receivables:
Interest
4,737,149
6,146
2,163
Dividends
383,876
14,135
—
Fund shares sold
70,027
—
—
Reclaims
—
311
—
From investment advisor
—
12,392
6,254
Investment securities sold
—
—
—
Prepaid expenses
3,852
106
254
Total Assets
753,978,751
15,513,983
54,214,150
LIABILITIES:
Options contracts written, at value
—
—
—
Due to custodian
—
—
—
Payables:
Investment advisory fees
386,420
—
—
Fund shares redeemed
343,596
4,714
33,596
12b-1 distribution and service fees
161,008
3,329
11,539
Administrative service fees
128,807
2,663
9,231
Licensing fees
63,130
—
13,582
Administrative fees
54,289
2,352
2,050
Audit and tax fees
33,060
54,966
26,047
Transfer agent fees
12,881
5,703
5,984
Custodian fees
8,322
8,987
586
Shareholder reporting fees
6,965
1,444
1,967
Legal fees
3,830
103
108
Financial reporting fees
833
833
833
Commitment and administrative agency fees
106
44
—
Investment securities purchased
—
—
—
Other liabilities
1,176
225
158
Total Liabilities
1,204,423
85,363
105,681
NET ASSETS
$752,774,328
$15,428,620
$54,108,469
NET ASSETS consist of:
Paid-in capital
$ 696,861,142
$ 13,112,728
$ 43,839,991
Accumulated distributable earnings (loss)
55,913,186
2,315,892
10,268,478
NET ASSETS
$752,774,328
$15,428,620
$54,108,469
Investments, at cost - Unaffiliated
$723,347,070
$9,131,239
$10,683,455
Investments, at cost - Affiliated
$—
$5,815,668
$35,431,880
Total investments, at cost
$723,347,070
$14,946,907
$46,115,335
Premiums paid on options contracts purchased
$—
$—
$—
Premiums received on options contracts written
$—
$—
$—
Foreign currency, at cost
$—
$481
$—
Class I Shares:
NET ASSETS
$752,774,328
$15,428,620
$54,108,469
NET ASSET VALUE, per share
$13.17
$11.55
$13.87
Number of Shares outstanding
57,174,062
1,335,997
3,900,560
See Notes to Financial Statements
Page 34
 
 
 
 
First Trust
Capital Strength®
Portfolio
First Trust
International
Developed
Capital Strength®
Portfolio
First Trust
Growth StrengthTM
Portfolio
First Trust
Capital Strength®
Hedged Equity
Portfolio
$ 189,549,753
$ 40,692,146
$ 36,746,962
$ 15,201,961
—
—
—
—
189,549,753
40,692,146
36,746,962
15,201,961
—
—
—
68,071
—
7,080
—
—
—
—
—
8,600
—
—
—
17,612
11,906
2,386
2,343
277
88,834
25,227
17,927
7,085
170
—
4,782
—
—
90,169
—
—
—
—
—
6,406
—
—
—
49,532
903
195
176
74
189,651,566
40,817,203
36,772,190
15,359,618
—
—
—
37,280
—
—
—
8,739
86,931
13,152
11,967
—
13,433
11,271
43
2,818
40,074
8,525
7,646
3,138
32,059
6,821
6,116
2,510
4,685
976
872
362
8,146
7,375
1,887
1,168
26,121
28,521
26,132
29,610
7,070
5,811
5,759
5,622
1,626
4,425
1,434
4,441
1,793
1,460
1,424
1,405
1,682
249
13
2
833
833
833
833
—
—
—
—
—
—
—
344
129
64
86
94
224,582
89,483
64,212
98,366
$ 189,426,984
$ 40,727,720
$ 36,707,978
$ 15,261,252
$ 171,494,817
$ 36,657,851
$ 35,205,264
$ 15,784,138
17,932,167
4,069,869
1,502,714
(522,886
)
$ 189,426,984
$ 40,727,720
$ 36,707,978
$ 15,261,252
$177,112,609
$36,572,874
$35,204,274
$14,884,216
$—
$—
$—
$—
$177,112,609
$36,572,874
$35,204,274
$14,884,216
$—
$—
$—
$241,601
$—
$—
$—
$258,544
$—
$7,093
$—
$—
$ 189,426,984
$ 40,727,720
$ 36,707,978
$ 15,261,252
$14.66
$14.16
$14.07
$9.71
12,923,080
2,876,368
2,608,636
1,571,245
See Notes to Financial Statements
Page 35
First Trust Variable Insurance Trust
Statements of Operations
For the Year Ended December 31, 2025
 
 
First Trust/Dow
Jones Dividend
& Income
Allocation
Portfolio
First Trust
Multi Income
Allocation
Portfolio
First Trust
Dorsey Wright
Tactical Core
Portfolio
INVESTMENT INCOME:
Interest
$ 19,839,902
$ 104,275
$ 27,450
Dividends - Unaffiliated
 8,939,682
 301,162
 512,555
Dividends - Affiliated
—
 474,662
 407,870
Foreign withholding tax on dividend income
(31,028
)
(1,836
)
—
Other
—
—
—
Total investment income
28,748,556
878,263
947,875
EXPENSES:
Investment advisory fees
 4,905,736
 124,930
 184,079
12b-1 distribution and/or service fees:
Class I
2,044,057
52,054
131,485
Administrative service fees
 1,635,245
 41,643
 105,188
Administrative fees
 409,482
 4,592
 15,302
Licensing fees
 266,099
—
 52,594
Transfer agent fees
 74,083
 33,800
 35,358
Legal fees
 69,458
 2,577
 3,991
Commitment and administrative agency fees
 57,639
 22,561
—
Custodian fees
 38,925
 36,192
 6,161
Audit and tax fees
 37,687
 62,005
 31,836
Shareholder reporting fees
 37,065
 21,834
 23,488
Trustees’ fees and expenses
 19,724
 18,836
 18,872
Financial reporting fees
 9,625
 9,625
 9,625
Other
 77,697
 7,144
 5,885
Total expenses
9,682,522
437,793
623,864
Fees waived and expenses reimbursed by the investment advisor
—
(263,331
)
(219,700
)
Net expenses
9,682,522
174,462
404,164
NET INVESTMENT INCOME (LOSS)
19,066,034
703,801
543,711
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments - Unaffiliated
29,420,433
1,469,608
(120,183
)
Investments - Affiliated
—
119,330
3,200,184
Purchased options contracts
—
—
—
Written options contracts
—
—
—
Foreign currency transactions
—
72
—
Net realized gain (loss)
 29,420,433
 1,589,010
 3,080,001
Net change in unrealized appreciation (depreciation) on:
Investments - Unaffiliated
(6,029,163
)
(677,044
)
276,914
Investments - Affiliated
—
17,977
1,000,115
Purchased options contracts
—
—
—
Written options contracts
—
—
—
Foreign currency translation
—
(2
)
—
Net change in unrealized appreciation (depreciation)
(6,029,163
)
(659,069
)
 1,277,029
NET REALIZED AND UNREALIZED GAIN (LOSS)
23,391,270
929,941
4,357,030
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS
$ 42,457,304
$ 1,633,742
$ 4,900,741
See Notes to Financial Statements
Page 36
 
 
 
 
 
First Trust
Capital Strength®
Portfolio
First Trust
International
Developed
Capital Strength®
Portfolio
First Trust
Growth StrengthTM
Portfolio
First Trust
Capital Strength®
Hedged Equity
Portfolio
$133,373
$37,389
$23,031
$2,591
2,746,220
964,477
209,003
204,783
—
—
—
—
—
(101,863
)
—
(219
)
—
—
—
1,463
2,879,593
900,003
232,034
208,618
871,144
198,053
166,228
93,399
435,572
82,522
69,262
31,133
348,402
65,484
55,117
22,385
71,851
20,442
5,270
—
42,926
15,431
6,567
3,012
41,472
34,374
34,089
31,939
15,193
2,843
1,991
979
—
—
—
—
6,929
18,275
6,689
17,955
30,410
33,766
30,421
34,899
23,231
21,911
21,787
22,862
19,010
18,850
18,844
18,827
9,625
9,625
9,625
9,625
16,196
3,706
3,538
2,331
1,931,961
525,282
429,428
289,346
(2,555
)
(126,662
)
(94,934
)
(132,719
)
1,929,406
398,620
334,494
156,627
950,187
501,383
(102,460
)
51,991
5,569,791
833,453
2,242,404
393,936
—
—
—
—
—
—
—
(29,061
)
—
—
—
(1,090,934
)
—
4,817
—
—
5,569,791
838,270
2,242,404
(726,059
)
2,970,513
4,115,104
943,205
265,579
—
—
—
—
—
—
—
(147,465
)
—
—
—
117,807
—
7,388
—
—
2,970,513
4,122,492
943,205
235,921
8,540,304
4,960,762
3,185,609
(490,138
)
$9,490,491
$5,462,145
$3,083,149
$(438,147
)
See Notes to Financial Statements
Page 37
First Trust Variable Insurance Trust
Statements of Changes in Net Assets
 
 
First Trust/Dow Jones Dividend
& Income Allocation Portfolio
First Trust Multi Income
Allocation Portfolio
 
Year
Ended
12/31/2025
Year
Ended
12/31/2024
Year
Ended
12/31/2025
Year
Ended
12/31/2024
OPERATIONS:
Net investment income (loss)
$ 19,066,034
$ 21,523,403
$ 703,801
$ 841,190
Net realized gain (loss)
 29,420,433
 45,591,355
 1,589,010
 423,877
Net change in unrealized appreciation (depreciation)
 (6,029,163
)
 (14,602,676
)
 (659,069
)
 463,181
Net increase (decrease) in net assets resulting from
operations
42,457,304
52,512,082
1,633,742
1,728,248
DISTRIBUTIONS TO SHAREHOLDERS FROM
INVESTMENT OPERATIONS:
Class I Shares
 (64,659,967
)
 (28,502,566
)
 (1,227,230
)
 (1,595,028
)
Total distributions to shareholders from investment
operations
(64,659,967
)
(28,502,566
)
(1,227,230
)
(1,595,028
)
DISTRIBUTIONS TO SHAREHOLDERS FROM
RETURN OF CAPITAL:
Class I shares
 —
 —
 —
 —
Total distributions to shareholders from return of capital
—
—
—
—
CAPITAL TRANSACTIONS:
Proceeds from shares sold
 21,581,221
 24,934,792
 8,323,465
 4,887,294
Proceeds from shares reinvested
 64,659,967
 28,502,566
 1,227,230
 1,595,028
Cost of shares redeemed
 (165,798,682
)
 (134,547,788
)
 (14,237,272
)
 (23,245,842
)
Net increase (decrease) in net assets resulting from capital
transactions
(79,557,494
)
(81,110,430
)
(4,686,577
)
(16,763,520
)
Total increase (decrease) in net assets
 (101,760,157
)
 (57,100,914
)
 (4,280,065
)
 (16,630,300
)
NET ASSETS:
Beginning of period
 854,534,485
 911,635,399
 19,708,685
 36,338,985
End of period
$ 752,774,328
$ 854,534,485
$ 15,428,620
$ 19,708,685
See Notes to Financial Statements
Page 38
 
 
 
 
First Trust Dorsey Wright
Tactical Core Portfolio
First Trust Capital
Strength® Portfolio
First Trust International
Developed Capital Strength® Portfolio
First Trust Growth
StrengthTM Portfolio
Year
Ended
12/31/2025
Year
Ended
12/31/2024
Year
Ended
12/31/2025
Year
Ended
12/31/2024
Year
Ended
12/31/2025
Year
Ended
12/31/2024
Year
Ended
12/31/2025
Year
Ended
12/31/2024
$ 543,711
$ 438,450
$ 950,187
$ 1,064,802
$ 501,383
$ 140,390
$ (102,460
)
$ (8,546
)
 3,080,001
 2,961,543
 5,569,791
 11,388,573
 838,270
 1,061,066
 2,242,404
 1,468,605
 1,277,029
 2,782,428
 2,970,513
 (6,112
)
 4,122,492
 (1,347,503
)
 943,205
 (72,495
)
4,900,741
6,182,421
9,490,491
12,447,263
5,462,145
(146,047
)
3,083,149
1,387,564
 (484,841
)
 (472,070
)
 (920,098
)
 (10,518,574
)
 (1,220,721
)
 (671,903
)
 (2,146,814
)
 (1,498,448
)
(484,841
)
(472,070
)
(920,098
)
(10,518,574
)
(1,220,721
)
(671,903
)
(2,146,814
)
(1,498,448
)
 —
 —
 —
 (244,210
)
 —
 (81,327
)
 —
 (20,676
)
—
—
—
(244,210
)
—
(81,327
)
—
(20,676
)
 5,902,720
 5,939,020
 37,275,366
 42,322,913
 18,234,572
 14,963,174
 16,710,208
 14,414,194
 484,841
 472,070
 920,098
 10,762,784
 1,220,721
 753,230
 2,146,814
 1,519,124
 (9,563,181
)
 (9,614,411
)
 (14,675,398
)
 (15,751,295
)
 (7,065,231
)
 (3,121,713
)
 (2,481,905
)
 (3,590,909
)
(3,175,620
)
(3,203,321
)
23,520,066
37,334,402
12,390,062
12,594,691
16,375,117
12,342,409
 1,240,280
 2,507,030
 32,090,459
 39,018,881
 16,631,486
 11,695,414
 17,311,452
 12,210,849
 52,868,189
 50,361,159
 157,336,525
 118,317,644
 24,096,234
 12,400,820
 19,396,526
 7,185,677
$ 54,108,469
$ 52,868,189
$ 189,426,984
$ 157,336,525
$ 40,727,720
$ 24,096,234
$ 36,707,978
$ 19,396,526
See Notes to Financial Statements
Page 39
First Trust Variable Insurance Trust
Statements of Changes in Net Assets (Continued)
 
 
First Trust Capital Strength®
Hedged Equity Portfolio
 
Year
Ended
12/31/2025
Year
Ended
12/31/2024
OPERATIONS:
Net investment income (loss)
$ 51,991
$ 39,179
Net realized gain (loss)
 (726,059
)
 (78,635
)
Net change in unrealized appreciation (depreciation)
 235,921
 70,471
Net increase (decrease) in net assets resulting from operations
(438,147
)
31,015
DISTRIBUTIONS TO SHAREHOLDERS FROM INVESTMENT OPERATIONS:
Class I Shares
 (52,187
)
 (40,521
)
Total distributions to shareholders from investment operations
(52,187
)
(40,521
)
DISTRIBUTIONS TO SHAREHOLDERS FROM RETURN OF CAPITAL:
Class I shares
 —
 (1,485
)
Total distributions to shareholders from return of capital
—
(1,485
)
CAPITAL TRANSACTIONS:
Proceeds from shares sold
 9,062,000
 8,207,926
Proceeds from shares reinvested
 52,187
 42,006
Cost of shares redeemed
 (2,408,617
)
 (2,174,854
)
Net increase (decrease) in net assets resulting from capital transactions
6,705,570
6,075,078
Total increase (decrease) in net assets
 6,215,236
 6,064,087
NET ASSETS:
Beginning of period
 9,046,016
 2,981,929
End of period
$ 15,261,252
$ 9,046,016
See Notes to Financial Statements
Page 40
First Trust/Dow Jones Dividend & Income Allocation Portfolio
Financial Highlights
For a Share outstanding throughout each period
 
 
Year Ended December 31,
Class I Shares
2025
2024
2023
2022
2021
Net asset value, beginning of period
$ 13.58
$ 13.24
$ 12.47
$ 16.63
$ 15.07
Income from investment operations:
Net investment income (loss)
0.31
 (a)
0.33
 (a)
0.29
 (a)
0.20
0.16
 (a)
Net realized and unrealized gain (loss)
0.38
0.46
0.99
(2.32
)
1.67
Total from investment operations
0.69
0.79
1.28
(2.12
)
1.83
Distributions paid to shareholders from:
Net investment income
(0.32
)
(0.33
)
(0.29
)
(0.19
)
(0.15
)
Net realized gain
(0.78
)
(0.12
)
(0.22
)
(1.85
)
(0.12
)
Total distributions
(1.10
)
(0.45
)
(0.51
)
(2.04
)
(0.27
)
Net asset value, end of period
$13.17
$13.58
$13.24
$12.47
$16.63
Total return (b)
5.30
%
6.01
%
10.51
%
(12.20
)%
12.25
%
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)
$ 752,774
$ 854,534
$ 909,989
$ 907,939
$ 1,080,143
Ratio of total expenses to average net assets
1.18
%
1.18
%
1.19
%
1.20
%
1.19
%
Ratio of net expenses to average net assets
1.18
%
1.18
%
1.19
%
1.20
%
1.19
%
Ratio of net investment income (loss) to average net assets
2.33
%
2.42
%
2.29
%
1.44
%
0.99
%
Portfolio turnover rate
67
%
95
%
124
%
119
%
120
%
 
(a)
Based on average shares outstanding.
(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.
See Notes to Financial Statements
Page 41
First Trust Multi Income Allocation Portfolio
Financial Highlights (Continued)
For a Share outstanding throughout each period
 
 
Year Ended December 31,
Class I Shares
2025
2024
2023
2022
2021
Net asset value, beginning of period
$ 11.35
$ 11.36
$ 11.13
$ 12.60
$ 11.44
Income from investment operations:
Net investment income (loss)
0.39
 (a)
0.39
 (a)
0.38
 (a)
0.31
0.27
 (a)
Net realized and unrealized gain (loss)
0.46
0.68
0.58
(1.27
)
1.17
Total from investment operations
0.85
1.07
0.96
(0.96
)
1.44
Distributions paid to shareholders from:
Net investment income
(0.39
)
(0.59
)
(0.39
)
(0.34
)
(0.28
)
Net realized gain
(0.26
)
(0.49
)
(0.34
)
(0.17
)
—
Total distributions
(0.65
)
(1.08
)
(0.73
)
(0.51
)
(0.28
)
Net asset value, end of period
$11.55
$11.35
$11.36
$11.13
$12.60
Total return (b) (c)
7.71
%
9.98
%
8.94
%
(7.52
)%
12.69
%
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)
$ 15,429
$ 19,709
$ 36,174
$ 37,121
$ 40,243
Ratio of total expenses to average net assets (d)
2.10
% (e)
2.01
%
1.80
%
1.73
%
1.81
%
Ratio of net expenses to average net assets (d)
0.84
% (e)
0.83
%
0.83
%
0.83
%
0.83
%
Ratio of net investment income (loss) to average net assets (d)
3.38
%
3.47
%
3.40
%
2.61
%
2.22
%
Portfolio turnover rate
75
%
44
%
52
%
50
%
36
%
 
(a)
Based on average shares outstanding.
(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.
(c)
Total returns would have been lower if certain fees had not been waived and expenses reimbursed by the investment advisor.
(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.
(e)
Includes extraordinary expenses. If these extraordinary expenses were not included, the total and net expense ratios would have
been 2.09% and 0.83%, respectively.
See Notes to Financial Statements
Page 42
First Trust Dorsey Wright Tactical Core Portfolio
Financial Highlights (Continued)
For a Share outstanding throughout each period
 
 
Year Ended December 31,
Class I Shares
2025
2024
2023
2022
2021
Net asset value, beginning of period
$ 12.76
$ 11.44
$ 10.49
$ 15.10
$ 13.68
Income from investment operations:
Net investment income (loss)
0.14
 (a)
0.10
 (a)
0.23
 (a)
0.20
0.06
Net realized and unrealized gain (loss)
1.09
1.33
0.94
(2.75
)
1.83
Total from investment operations
1.23
1.43
1.17
(2.55
)
1.89
Distributions paid to shareholders from:
Net investment income
(0.12
)
(0.11
)
(0.22
)
(0.18
)
(0.06
)
Net realized gain
—
—
—
(1.88
)
(0.41
)
Total distributions
(0.12
)
(0.11
)
(0.22
)
(2.06
)
(0.47
)
Net asset value, end of period
$13.87
$12.76
$11.44
$10.49
$15.10
Total return (b) (c)
9.69
%
12.53
%
11.28
%
(17.05
)%
13.87
%
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)
$ 54,108
$ 52,868
$ 50,012
$ 47,164
$ 67,914
Ratio of total expenses to average net assets (d)
1.19
% (e)
1.16
%
1.35
%
1.21
%
1.16
%
Ratio of net expenses to average net assets (d)
0.77
% (e)
0.77
%
0.79
%
0.83
%
0.72
%
Ratio of net investment income (loss) to average net assets (d)
1.03
%
0.84
%
2.11
%
1.58
%
0.39
%
Portfolio turnover rate
78
%
45
%
161
%
220
%
78
%
 
(a)
Based on average shares outstanding.
(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.
(c)
Total returns would have been lower if certain fees had not been waived and expenses reimbursed by the investment advisor.
(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.
(e)
Includes extraordinary expenses. If these extraordinary expenses were not included, the total and net expense ratios would have
been 1.18% and 0.76%, respectively.
See Notes to Financial Statements
Page 43
First Trust Capital Strength® Portfolio
Financial Highlights (Continued)
For a Share outstanding throughout each period
 
 
Year Ended December 31,
Class I Shares
2025
2024
2023
2022
2021
Net asset value, beginning of period
$ 13.94
$ 13.55
$ 12.69
$ 14.33
$ 12.06
Income from investment operations:
Net investment income (loss)
0.08
 (a)
0.11
 (a)
0.13
 (a)
0.08
0.07
Net realized and unrealized gain (loss)
0.71
1.31
0.85
(1.61
)
2.95
Total from investment operations
0.79
1.42
0.98
(1.53
)
3.02
Distributions paid to shareholders from:
Net investment income
(0.07
)
(0.10
)
(0.12
)
(0.08
)
(0.07
)
Net realized gain
—
(0.91
)
—
(0.03
)
(0.68
)
Return of capital
—
(0.02
)
—
—
—
Total distributions
(0.07
)
(1.03
)
(0.12
)
(0.11
)
(0.75
)
Net asset value, end of period
$14.66
$13.94
$13.55
$12.69
$14.33
Total return (b) (c)
5.70
%
10.41
%
7.75
%
(10.68
)%
25.29
%
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)
$ 189,427
$ 157,337
$ 117,039
$ 85,561
$ 59,093
Ratio of total expenses to average net assets
1.11
% (d)
1.12
%
1.19
%
1.27
%
1.52
%
Ratio of net expenses to average net assets
1.11
% (d)
1.10
%
1.10
%
1.10
%
1.10
%
Ratio of net investment income (loss) to average net assets
0.55
%
0.77
%
1.01
%
0.67
%
0.65
%
Portfolio turnover rate
116
%
91
%
107
%
133
%
115
%
 
(a)
Based on average shares outstanding.
(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.
(c)
Total returns would have been lower if certain fees had not been waived and expenses reimbursed by the investment advisor.
(d)
Includes extraordinary expenses. If these extraordinary expenses were not included, the total and net expense ratios would have
been 1.10%.
See Notes to Financial Statements
Page 44
First Trust International Developed Capital Strength® Portfolio
Financial Highlights (Continued)
For a Share outstanding throughout each period
 
 
Year Ended December 31,
Class I Shares
2025
2024
2023
2022
2021
Net asset value, beginning of period
$ 12.24
$ 12.48
$ 10.75
$ 13.50
$ 12.68
Income from investment operations:
Net investment income (loss)
0.21
 (a)
0.11
 (a)
0.08
 (a)
0.14
0.16
Net realized and unrealized gain (loss)
2.17
0.11
 (b)
1.73
(2.76
)
2.22
Total from investment operations
2.38
0.22
1.81
(2.62
)
2.38
Distributions paid to shareholders from:
Net investment income
(0.19
)
(0.15
)
(0.08
)
(0.09
)
(0.25
)
Net realized gain
(0.27
)
(0.26
)
—
(0.04
)
(1.31
)
Return of capital
—
(0.05
)
—
—
—
Total distributions
(0.46
)
(0.46
)
(0.08
)
(0.13
)
(1.56
)
Net asset value, end of period
$14.16
$12.24
$12.48
$10.75
$13.50
Total return (c) (d)
19.53
%
1.76
%
16.90
%
(19.38
)%
19.24
%
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)
$ 40,728
$ 24,096
$ 11,270
$ 5,049
$ 3,059
Ratio of total expenses to average net assets
1.59
% (e)
2.02
%
3.17
%
5.00
%
7.59
%
Ratio of net expenses to average net assets
1.21
% (e)
1.20
%
1.20
%
1.20
%
1.20
%
Ratio of net investment income (loss) to average net assets
1.52
%
0.84
%
0.65
%
1.02
%
0.89
%
Portfolio turnover rate
68
%
70
%
90
%
76
%
83
%
 
(a)
Based on average shares outstanding.
(b)
The per share amount does not correlate with the aggregate realized and unrealized gain (loss) due to the timing of the Fund share
sales and repurchases in relation to market value fluctuation of the underlying investments.
(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.
(d)
Total returns would have been lower if certain fees had not been waived and expenses reimbursed by the investment advisor.
(e)
Includes extraordinary expenses. If these extraordinary expenses were not included, the total and net expense ratios would have
been 1.58% and 1.20%, respectively.
See Notes to Financial Statements
Page 45
First Trust Growth StrengthTM Portfolio
Financial Highlights (Continued)
For a Share outstanding throughout each period
 
 
Year Ended December 31,
Period
Ended
12/31/2023 (a)
Class I Shares
2025
2024
Net asset value, beginning of period
$ 13.37
$ 12.63
$ 10.00
Income from investment operations:
Net investment income (loss) (b)
(0.05
)
(0.01
)
0.02
Net realized and unrealized gain (loss)
1.63
1.93
2.71
Total from investment operations
1.58
1.92
2.73
Distributions paid to shareholders from:
Net investment income
—
—
(0.01
)
Net realized gain
(0.88
)
(1.16
)
(0.09
)
Return of capital
—
(0.02
)
—
Total distributions
(0.88
)
(1.18
)
(0.10
)
Net asset value, end of period
$14.07
$13.37
$12.63
Total return (c) (d)
11.75
%
15.03
%
27.20
%
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)
$ 36,708
$ 19,397
$ 7,186
Ratio of total expenses to average net assets
1.55
% (e)
1.91
%
4.46
% (f)
Ratio of net expenses to average net assets
1.21
% (e)
1.20
%
1.20
% (f)
Ratio of net investment income (loss) to average net assets
(0.37
)%
(0.07
)%
0.24
% (f)
Portfolio turnover rate
113
%
131
%
51
%
 
(a)
The Fund’s shares were seeded on May 15, 2023, and commenced operations on May 16, 2023.
(b)
Based on average shares outstanding.
(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.
(d)
Total returns would have been lower if certain fees had not been waived and expenses reimbursed by the investment advisor.
(e)
Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 1.54% and
1.20%, respectively.
(f)
Annualized.
See Notes to Financial Statements
Page 46
First Trust Capital Strength® Hedged Equity Portfolio
Financial Highlights (Continued)
For a Share outstanding throughout each period
 
 
Year Ended December 31,
Period
Ended
12/31/2023 (a)
Class I Shares
2025
2024
Net asset value, beginning of period
$ 9.97
$ 9.79
$ 10.00
Income from investment operations:
Net investment income (loss) (b)
0.04
0.07
0.05
Net realized and unrealized gain (loss)
(0.26
)
0.17
 (c)
(0.23
)
Total from investment operations
(0.22
)
0.24
(0.18
)
Distributions paid to shareholders from:
Net investment income
(0.04
)
(0.06
)
(0.03
)
Return of capital
—
(0.00
) (d)
—
Total distributions
(0.04
)
(0.06
)
(0.03
)
Net asset value, end of period
$9.71
$9.97
$9.79
Total return (e) (f)
(2.26
)%
2.42
%
(1.79
)%
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)
$ 15,261
$ 9,046
$ 2,982
Ratio of total expenses to average net assets
2.32
%
3.30
%
6.87
% (g)
Ratio of net expenses to average net assets
1.26
% (h)
1.25
%
1.25
% (g)
Ratio of net investment income (loss) to average net assets
0.42
%
0.69
%
1.25
% (g)
Portfolio turnover rate
136
%
121
%
49
%
 
(a)
The Fund’s shares were seeded on August 13, 2023, and commenced operations on August 14, 2023.
(b)
Based on average shares outstanding.
(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.
(d)
Amount is less than $0.01.
(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.
(f)
Total returns would have been lower if certain fees had not been waived and expenses reimbursed by the investment advisor.
(g)
Annualized.
(h)
Includes extraordinary expenses. If these extraordinary expenses were not included, the total and net expense ratios would have
been 1.25%.
See Notes to Financial Statements
Page 47
Notes to Financial Statements
First Trust Variable Insurance Trust
December 31, 2025
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® Portfolio (“First Trust Capital Strength®”), which commenced operations on May 1, 2020, First Trust International Developed Capital Strength® Portfolio (“First Trust International Developed Capital Strength®”), which commenced operations on May 1, 2020, First Trust Growth Strength™ Portfolio (“First Trust Growth Strength™”), which commenced operations on May 16, 2023, and First Trust Capital Strength® Hedged Equity Portfolio (“First Trust Capital Strength® Hedged Equity”), which commenced operations on August 14, 2023 (each a “Fund” and collectively, the “Funds”). Each of First Trust Capital Strength® Hedged Equity and First Trust Growth Strength™ operates as a non-diversified series of the Trust. Each of First Trust Capital Strength®, First Trust Dorsey Wright, First Trust Dow Jones, First Trust Multi Income and First Trust International Developed Capital Strength® 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 IndexSM. 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 IndexSM (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 AverageTM. 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.
Page 48
Notes to Financial Statements (Continued)
First Trust Variable Insurance Trust
December 31, 2025
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 CoreTM 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® seeks to provide capital appreciation. First Trust Capital Strength® 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™ Index which is developed, maintained and sponsored by Nasdaq, Inc.
First Trust International Developed Capital Strength® seeks to provide capital appreciation. First Trust International Developed Capital Strength® 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™ Index which is developed, maintained and sponsored by Nasdaq, Inc.
First Trust Growth Strength™ seeks to provide long-term capital appreciation. First Trust Growth Strength™ 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™ Index which is developed, maintained and sponsored by Nasdaq, Inc.
First Trust Capital Strength® Hedged Equity seeks to provide long-term capital appreciation. First Trust Capital Strength® Hedged Equity seeks to achieve its investment objective by investing, under normal market conditions, primarily in the securities that comprise The Capital Strength™ 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® Index or ETFs that track the S&P 500® 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®, and First Trust International Developed Capital Strength® 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. 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.
Page 49
Notes to Financial Statements (Continued)
First Trust Variable Insurance Trust
December 31, 2025
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.
Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a Fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots.
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.
Page 50
Notes to Financial Statements (Continued)
First Trust Variable Insurance Trust
December 31, 2025
Certain securities may not be able to be priced by pre-established pricing methods. Such securities may be valued by the Advisor’s Pricing Committee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a third-party pricing service is unable to provide a market price; securities whose trading has been formally suspended; a security whose market or fair value price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of 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;
Page 51
Notes to Financial Statements (Continued)
First Trust Variable Insurance Trust
December 31, 2025
 3)
ADR trading of similar securities;
 4)
closed-end fund or exchange-traded fund trading of similar securities;
 5)
foreign currency exchange activity;
 6)
the trading prices of financial products that are tied to baskets of foreign securities;
 7)
factors relating to the event that precipitated the pricing problem;
 8)
whether the event is likely to recur;
 9)
whether the effects of the event are isolated or whether they affect entire markets, countries or regions; and
10)
other relevant factors.
Because foreign markets may be open on different days than the days during which investors may transact in the shares of the Fund, the value of the Fund’s securities may change on the days when investors are not able to transact in the shares of the Fund. The value of the securities denominated in foreign currencies is converted into U.S. dollars using exchange rates determined daily as of the close of regular trading on the NYSE.
The 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:
•
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.
•
Level 2 – Level 2 inputs are observable inputs, either directly or indirectly, and include the following:
 o
Quoted prices for similar investments in active markets.
 o
Quoted prices for identical or similar investments in markets that are non-active. A non-active market is a market where there are few transactions for the investment, the prices are not current, or price quotations vary substantially either over time or among market makers, or in which little information is released publicly.
 o
Inputs other than quoted prices that are observable for the investment (for example, interest rates and yield curves observable at commonly quoted intervals, volatilities, prepayment speeds, loss severities, credit risks, and default rates).
 o
Inputs that are derived principally from or corroborated by observable market data by correlation or other means.
•
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 December 31, 2025, is included with each Fund’s Portfolio of Investments.
B. Options Contracts
First Trust Capital Strength® 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® Index or on exchange-traded funds that track the S&P 500® 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® 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.
Page 52
Notes to Financial Statements (Continued)
First Trust Variable Insurance Trust
December 31, 2025
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.
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®, First Trust International Developed Capital Strength®, First Trust Growth Strength™, or First Trust Capital Strength® 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.
Page 53
Notes to Financial Statements (Continued)
First Trust Variable Insurance Trust
December 31, 2025
Amounts relating to these investments in First Trust Multi Income at December 31, 2025, and for the fiscal year then ended are:  
Security Name
Shares at
12/31/2025
Value at
12/31/2024
Purchases
Sales
Change in
Unrealized
Appreciation
(Depreciation)
Realized
Gain
(Loss)
Value at
12/31/2025
Dividend
Income
First Trust AAA CMBS ETF*
7,790
$ —
$243,120
$ (86,355
)
$1,870
$1,060
$159,695
$10,446
First Trust Institutional Preferred
Securities and Income ETF
—
1,333,946
515,663
(1,880,596
)
(69,716
)
100,703
—
41,802
First Trust Intermediate Government
Opportunities ETF
31,000
718,665
479,074
(596,430
)
10,596
22,820
634,725
47,069
First Trust Limited Duration Investment
Grade Corporate ETF
15,928
379,872
217,710
(299,758
)
1,730
6,104
305,658
19,631
First Trust Preferred Securities and
Income ETF
76,160
429,278
1,993,113
(1,094,533
)
6,359
53,418
1,387,635
71,367
First Trust Senior Loan ETF
40,253
2,622,455
936,255
(1,689,323
)
41,896
(64,475
)
1,846,808
163,340
First Trust Structured Credit Income
Opportunities ETF
7,601
—
247,987
(94,126
)
2,758
1,482
158,101
11,424
First Trust Tactical High Yield ETF
32,901
1,772,189
822,238
(1,237,893
)
22,484
(1,782
)
1,377,236
109,583
 
$7,256,405
$5,455,160
$ (6,979,014
)
$17,977
$119,330
$5,869,858
$474,662
* Formerly known as First Trust
Commercial Mortgage Opportunities
ETF
Page 54
Notes to Financial Statements (Continued)
First Trust Variable Insurance Trust
December 31, 2025
Amounts relating to these investments in First Trust Dorsey Wright at December 31, 2025, and for the fiscal year then ended are:
 
Security Name
Shares at
12/31/2025
Value at
12/31/2024
Purchases
Sales
Change in
Unrealized
Appreciation
(Depreciation)
Realized
Gain
(Loss)
Value at
12/31/2025
Dividend
Income
First Trust China AlphaDEX®
Fund
11,832
$251,219
$3,180
$ (19,815
)
$97,249
$2,658
$334,491
$9,088
First Trust Consumer
Discretionary AlphaDEX® Fund
—
4,825,469
50,653
(4,342,487
)
(695,394
)
161,759
—
10,507
First Trust Developed Markets
ex-US AlphaDEX® Fund
10,879
623,164
7,948
(50,401
)
271,435
12,152
864,298
28,700
First Trust Dow Jones Global
Select Dividend Index Fund
—
—
257,999
(270,975
)
—
12,976
—
—
First Trust Dow Jones
International Internet ETF
—
—
285,182
(260,900
)
—
(24,282
)
—
2,899
First Trust Dow Jones Internet
Index Fund
19,848
5,111,920
55,980
(356,845
)
398,662
132,968
5,342,685
—
First Trust Emerging Markets
AlphaDEX® Fund
26,766
624,489
7,619
(46,037
)
139,563
6,416
732,050
23,285
First Trust Europe AlphaDEX®
Fund
4,897
—
260,128
—
3,108
—
263,236
—
First Trust Eurozone AlphaDEX®
ETF
5,569
—
287,262
(17,402
)
70,741
1,328
341,929
9,815
First Trust Financials AlphaDEX®
Fund
76,302
4,374,516
48,649
(297,182
)
487,364
(8,521
)
4,604,826
83,779
First Trust Germany AlphaDEX®
Fund
4,389
—
244,586
(6,775
)
35,468
424
273,703
1,862
First Trust India NIFTY 50 Equal
Weight ETF
—
242,772
2,567
(256,590
)
(28,708
)
39,959
—
—
First Trust Industrials/Producer
Durables AlphaDEX® Fund
—
4,587,648
49,976
(4,984,656
)
(884,105
)
1,231,137
—
33,637
First Trust Indxx Aerospace &
Defense ETF
110,973
—
4,657,537
—
90,998
—
4,748,535
—
First Trust Japan AlphaDEX®
Fund
—
257,315
—
(263,445
)
(12,738
)
18,868
—
—
First Trust Large Cap Core
AlphaDEX® Fund
47,140
5,207,256
58,785
(361,815
)
584,717
102,643
5,591,586
62,795
First Trust Large Cap Growth
AlphaDEX® Fund
36,592
5,358,017
59,100
(376,594
)
688,126
121,541
5,850,190
11,978
First Trust Mid Cap Core
AlphaDEX® Fund
—
5,168,402
4,517,257
(10,346,377
)
(820,367
)
1,481,085
—
11,526
First Trust Mid Cap Growth
AlphaDEX® Fund
58,829
—
10,424,498
(4,905,173
)
528,484
(682,957
)
5,364,852
—
First Trust Nasdaq Semiconductor
ETF
33,179
—
4,001,719
—
296,113
—
4,297,832
3,991
First Trust NASDAQ-100
Ex-Technology Sector Index
Fund
—
—
3,898,352
(4,231,143
)
—
332,791
—
13,034
First Trust NASDAQ-100-
Technology Sector Index Fund
—
4,680,076
51,613
(4,132,242
)
(767,361
)
167,914
—
206
First Trust Switzerland
AlphaDEX® Fund
—
245,188
3,147
(304,573
)
(14,714
)
70,952
—
4,381
First Trust United Kingdom
AlphaDEX® Fund
6,114
246,606
3,058
(18,989
)
76,995
3,589
311,259
9,160
First Trust Utilities AlphaDEX®
Fund
105,416
—
4,473,829
(198,318
)
454,479
14,784
4,744,774
87,227
 
$41,804,057
$33,710,624
$ (36,048,734
)
$1,000,115
$3,200,184
$43,666,246
$407,870
Page 55
Notes to Financial Statements (Continued)
First Trust Variable Insurance Trust
December 31, 2025
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.
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. 
 
Accumulated
Net
Investment
Income (Loss)
Accumulated
Net Realized
Gain (Loss)
on Investments
Paid-in
Capital
First Trust Dow Jones
$ 592,734
$ (592,734
)
$ —
First Trust Multi Income
 70,579
 (70,434
)
 (145
)
First Trust Dorsey Wright
 —
 —
 —
First Trust Capital Strength®
 —
 —
 —
First Trust International Developed Capital Strength®
 79,884
 (128,948
)
 49,064
First Trust Growth StrengthTM
 102,460
 (97,177
)
 (5,283
)
First Trust Capital Strength® Hedged Equity
 196
 —
 (196
)
Accumulated distributable earnings (loss) on the Statements of Assets and Liabilities consists of accumulated net investment income (loss), accumulated net realized gain (loss), and unrealized appreciation (depreciation). Net assets were not affected by this reclassification.
The tax character of distributions paid by each Fund during the fiscal year ended December 31, 2025, were as follows: 
 
Distributions
paid from
Ordinary
Income
Distributions
paid from
Capital
Gains
Distributions
paid from
Return of
Capital
First Trust Dow Jones
$ 47,545,487
$ 17,114,480
$ —
First Trust Multi Income
 894,824
 332,406
 —
First Trust Dorsey Wright
 484,841
 —
 —
First Trust Capital Strength®
 920,098
 —
 —
First Trust International Developed Capital Strength®
 700,275
 520,446
 —
First Trust Growth StrengthTM
 1,242,577
 904,237
 —
First Trust Capital Strength® Hedged Equity
 52,187
 —
 —
The tax character of distributions paid by each Fund during the fiscal year ended December 31, 2024, were as follows:  
Page 56
Notes to Financial Statements (Continued)
First Trust Variable Insurance Trust
December 31, 2025
 
Distributions
paid from
Ordinary
Income
Distributions
paid from
Capital
Gains
Distributions
paid from
Return of
Capital
First Trust Dow Jones
$ 27,851,656
$ 650,910
$ —
First Trust Multi Income
 941,490
 653,538
 —
First Trust Dorsey Wright
 472,070
 —
 —
First Trust Capital Strength®
 6,078,716
 4,439,858
 244,210
First Trust International Developed Capital Strength®
 554,241
 117,662
 81,327
First Trust Growth StrengthTM
 1,378,572
 119,876
 20,676
First Trust Capital Strength® Hedged Equity
 40,521
 —
 1,485
As of December 31, 2025, the components of distributable earnings on a tax basis for each Fund were as follows: 
 
Undistributed
Ordinary
Income
Accumulated
Capital and
Other
Gain (Loss)
Net
Unrealized
Appreciation
(Depreciation)
First Trust Dow Jones
$ 4,844,589
$ 28,263,702
$ 22,804,895
First Trust Multi Income
 617,539
 1,404,109
 294,244
First Trust Dorsey Wright
 116,950
 2,139,461
 8,012,067
First Trust Capital Strength®
 238,583
 5,335,371
 12,358,213
First Trust International Developed Capital Strength®
 5,485
 2,582
 4,061,802
First Trust Growth StrengthTM
 —
 —
 1,502,714
First Trust Capital Strength® Hedged Equity
 —
 (795,049
)
 272,163
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 2022, 2023, 2024 and 2025 remain open to federal and state audit for First Trust Dow Jones, First Trust Multi Income, First Trust Dorsey Wright, First Trust Capital Strength®, and First Trust International Developed Capital Strength®. The taxable years ended 2023, 2024, and 2025 remain open to federal and state audit for First Trust Growth Strength™ and First Trust Capital Strength® Hedged Equity. As of December 31, 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.
Each Fund intends 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, 2025, for federal income tax purposes, each applicable Fund had a capital loss carryforward available as shown in the following table, to the extent provided by regulations, to offset future capital gains. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to each applicable Fund’s shareholders.
 
Page 57
Notes to Financial Statements (Continued)
First Trust Variable Insurance Trust
December 31, 2025
 
Non-Expiring
Capital Loss
Carryforward
First Trust Dow Jones
$ —
First Trust Multi Income
 —
First Trust Dorsey Wright
 —
First Trust Capital Strength®
 —
First Trust International Developed Capital Strength®
 —
First Trust Growth StrengthTM
 —
First Trust Capital Strength® Hedged Equity
 795,049
During the taxable year ended December 31, 2025, the following Funds utilized non-expiring capital loss carryforwards in the following amounts: 
 
Capital Loss
Carryforward Utilized
First Trust Dow Jones
$ —
First Trust Multi Income
 —
First Trust Dorsey Wright
 950,174
First Trust Capital Strength®
 —
First Trust International Developed Capital Strength®
 —
First Trust Growth StrengthTM
 —
First Trust Capital Strength® Hedged Equity
 —
As of December 31, 2025, the aggregate cost, gross unrealized appreciation, gross unrealized depreciation, and net unrealized appreciation/(depreciation) on investments (including short positions and derivatives, if any) for federal income tax purposes were as follows: 
 
Tax Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
(Depreciation)
Net Unrealized
Appreciation
(Depreciation)
First Trust Dow Jones
$ 725,978,952
$ 59,570,338
$ (36,765,443
)
$ 22,804,895
First Trust Multi Income
 15,186,171
 822,812
 (528,566
)
 294,246
First Trust Dorsey Wright
 46,193,412
 8,425,745
 (413,678
)
 8,012,067
First Trust Capital Strength®
 177,191,540
 19,428,137
 (7,069,924
)
 12,358,213
First Trust International Developed Capital Strength®
 36,637,261
 4,942,578
 (887,693
)
 4,054,885
First Trust Growth StrengthTM
 35,244,248
 3,654,898
 (2,152,184
)
 1,502,714
First Trust Capital Strength® Hedged Equity
 14,901,118
 1,033,141
 (760,978
)
 272,163
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®, First Trust International Developed Capital Strength®, First Trust Growth StrengthTM and First Trust Capital Strength® 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.
Page 58
Notes to Financial Statements (Continued)
First Trust Variable Insurance Trust
December 31, 2025
L. Segment Reporting
An operating segment is defined in FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is the President and Chief Executive Officer of each Fund. Each Fund operates as a single operating segment. Each Fund’s income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of each Fund, using the information presented in the financial statements and financial highlights.
3. Investment Advisory Fee, Affiliated Transactions and Other Fee Arrangements
First Trust, the investment advisor to the Funds, is a limited partnership with one limited partner, Grace Partners of DuPage L.P., and one general partner, The Charger Corporation. The Charger Corporation is an Illinois corporation controlled by James A. Bowen, Chief Executive Officer of First Trust. First Trust 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®, and First Trust Growth StrengthTM, 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® and 0.75% of the average daily net assets for First Trust Capital Strength® Hedged Equity. First Trust also provides fund reporting services to the Funds for a flat annual fee in the amount of $10,000 per Fund. Prior to July 1, 2025, First Trust provided these services 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® 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® 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 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®’s and First Trust Growth StrengthTM’s expenses to the extent necessary to prevent the annual operating expenses of
Page 59
Notes to Financial Statements (Continued)
First Trust Variable Insurance Trust
December 31, 2025
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®’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® 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 year ended December 31, 2025, and the expenses borne and fees waived by First Trust subject to recovery from the applicable Fund at December 31, 2025, are included in the following table. 
 
 
 
Fees Waived or Expenses Borne by First Trust Subject to Recovery
 
Fees
Waived
Expenses
Reimbursed
Year Ended
December 31, 2023
Year Ended
December 31, 2024
Year Ended
December 31, 2025
Total
First Trust Multi Income
$ 124,930
$ 138,401
$ 215,054
$ 197,137
$ 186,291
$ 598,482
First Trust Dorsey Wright
184,079
35,621
242,628
203,129
219,700
665,457
First Trust Capital
Strength®
2,555
—
86,886
33,248
2,555
122,689
First Trust International
Developed Capital
Strength®
126,662
—
145,148
135,426
126,662
407,236
First Trust Growth
Strength™
94,934
—
66,744
89,715
94,934
251,393
First Trust Capital
Strength® Hedged Equity
93,399
39,320
44,759
115,942
132,719
293,420
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, 2027. During the year ended December 31, 2025, First Trust reimbursed First Trust Multi Income $77,040 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.
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
Page 60
Notes to Financial Statements (Continued)
First Trust Variable Insurance Trust
December 31, 2025
also paid an annual per fund fee that varies based on whether the fund is a closed-end or other actively managed fund, a target outcome fund or an index fund.
Additionally, the Chairs of the Audit Committee, Nominating and Governance Committee and Valuation, Risk and Regulatory Oversight Committee, the Vice Chair of the Audit Committee, the Lead Independent Trustee and the Vice Lead Independent Trustee are paid annual fees to serve in such capacities, with such compensation allocated pro rata among each fund in the First Trust Fund Complex based on net assets. Independent Trustees are reimbursed for travel and out-of-pocket expenses in connection with all meetings. The officers and “Interested” Trustee receive no compensation from the Trust for acting in such capacities.
4. Capital Share Transactions
Capital transactions for First Trust Dow Jones were as follows: 
 
Year Ended
December 31, 2025
Year Ended
December 31, 2024
 
Shares
Value
Shares
Value
Sales:
Class I
1,616,869
$21,581,221
1,830,405
$24,929,379
Class II
—
—
411
5,413
Total Sales
1,616,869
$ 21,581,221
1,830,816
$ 24,934,792
Dividend Reinvestment:
Class I
5,019,283
$64,659,967
2,136,377
$28,502,566
Class II
—
—
—
—
Total Dividend Reinvestment
5,019,283
$64,659,967
2,136,377
$28,502,566
Redemptions:
Class I
(12,377,407
)
$ (165,798,682
)
(9,766,884
)
$
(132,892,208
Class II
—
—
(124,350
)
(1,655,580
)
Total Redemptions
(12,377,407
)
$ (165,798,682
)
(9,891,234
)
$ (134,547,788
)
Capital transactions for First Trust Multi Income were as follows: 
 
Year Ended
December 31, 2025
Year Ended
December 31, 2024
 
Shares
Value
Shares
Value
Sales:
Class I
729,238
$8,323,465
427,862
$ 4,887,294
Class II
—
—
—
—
Total Sales
729,238
$8,323,465
427,862
$ 4,887,294
Dividend Reinvestment:
Class I
110,861
$1,227,230
148,091
$ 1,595,028
Class II
—
—
—
—
Total Dividend Reinvestment
110,861
$1,227,230
148,091
$ 1,595,028
Redemptions:
Class I
(1,240,177
)
$(14,237,272
)
(2,025,076
)
$ (23,079,886
)
Class II
—
—
(14,539
)
(165,956
)
Total Redemptions
(1,240,177
)
$(14,237,272
)
(2,039,615
)
$ (23,245,842
)
Page 61
Notes to Financial Statements (Continued)
First Trust Variable Insurance Trust
December 31, 2025
Capital transactions for First Trust Dorsey Wright were as follows: 
 
Year Ended
December 31, 2025
Year Ended
December 31, 2024
 
Shares
Value
Shares
Value
Sales:
Class I
459,838
$5,902,720
483,786
$ 5,939,003
Class II
—
—
2
17
Total Sales
459,838
$5,902,720
483,788
$ 5,939,020
Dividend Reinvestment:
Class I
35,718
$484,841
36,912
$ 472,070
Class II
—
—
—
—
Total Dividend Reinvestment
35,718
$484,841
36,912
$ 472,070
Redemptions:
Class I
(739,427
)
$(9,563,181
)
(748,056
)
$ (9,250,474
)
Class II
—
—
(30,738
)
(363,937
)
Total Redemptions
(739,427
)
$(9,563,181
)
(778,794
)
$ (9,614,411
)
Capital transactions for First Trust Capital Strength® were as follows: 
 
Year Ended
December 31, 2025
Year Ended
December 31, 2024
 
Shares
Value
Shares
Value
Sales:
Class I
2,585,977
$37,275,366
2,897,465
$42,322,817
Class II
—
—
7
96
Total Sales
2,585,977
$37,275,366
2,897,472
$ 42,322,913
Dividend Reinvestment:
Class I
63,375
$920,098
761,750
$10,762,784
Class II
—
—
—
—
Total Dividend Reinvestment
63,375
$920,098
761,750
$10,762,784
Redemptions:
Class I
(1,013,660
)
$(14,675,398
)
(1,006,841
)
$(14,424,981
)
Class II
—
—
(94,328
)
(1,326,314
)
Total Redemptions
(1,013,660
)
$(14,675,398
)
(1,101,169
)
$ (15,751,295
)
Capital transactions for First Trust International Developed Capital Strength® were as follows: 
 
Year Ended
December 31, 2025
Year Ended
December 31, 2024
 
Shares
Value
Shares
Value
Sales:
Class I
1,336,508
$18,234,572
1,158,305
$14,963,174
Class II
—
—
—
—
Total Sales
1,336,508
$18,234,572
1,158,305
$14,963,174
Page 62
Notes to Financial Statements (Continued)
First Trust Variable Insurance Trust
December 31, 2025
 
Year Ended
December 31, 2025
Year Ended
December 31, 2024
 
Shares
Value
Shares
Value
Dividend Reinvestment:
Class I
87,047
$1,220,721
60,685
$753,230
Class II
—
—
—
—
Total Dividend Reinvestment
87,047
$ 1,220,721
60,685
$753,230
Redemptions:
Class I
(515,988
)
$(7,065,231
)
(153,408
)
$(1,968,007
)
Class II
—
—
(90,458
)
(1,153,706
)
Total Redemptions
(515,988
)
$ (7,065,231
)
(243,866
)
$ (3,121,713
)
Capital transactions for First Trust Growth StrengthTM were as follows: 
 
Year Ended
December 31, 2025
Year Ended
December 31, 2024
 
Shares
Value
Shares
Value
Sales:
Class I
1,184,596
$16,710,208
1,021,978
$14,414,193
Total Sales
1,184,596
$16,710,208
1,021,978
$14,414,193
Dividend Reinvestment:
Class I
150,548
$2,146,814
111,605
$1,519,124
Total Dividend Reinvestment
150,548
$2,146,814
111,605
$1,519,124
Redemptions:
Class I
(177,287
)
$(2,481,905
)
(251,870
)
$(3,590,909
)
Total Redemptions
(177,287
)
$(2,481,905
)
(251,870
)
$(3,590,909
)
Capital transactions for First Trust Capital Strength® Hedged Equity were as follows: 
 
Year Ended
December 31, 2025
Year Ended
December 31, 2024
 
Shares
Value
Shares
Value
Sales:
Class I
902,744
$9,062,000
817,191
$8,207,926
Total Sales
902,744
$9,062,000
817,191
$8,207,926
Dividend Reinvestment:
Class I
5,307
$52,187
4,219
$42,006
Total Dividend Reinvestment
5,307
$52,187
4,219
$42,006
Redemptions:
Class I
(244,395
)
$(2,408,617
)
(218,459
)
$(2,174,854
)
Total Redemptions
(244,395
)
$(2,408,617
)
(218,459
)
$(2,174,854
)
Page 63
Notes to Financial Statements (Continued)
First Trust Variable Insurance Trust
December 31, 2025
5. Purchases and Sales of Securities
For the fiscal year ended December 31, 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
$ 440,309,925
$ 561,951,426
First Trust Multi Income
 14,122,288
 18,646,777
First Trust Dorsey Wright
 40,605,407
 43,512,835
First Trust Capital Strength®
 222,996,265
 199,356,768
First Trust International Developed Capital Strength®
 33,801,137
 21,743,795
First Trust Growth StrengthTM
 45,032,636
 30,831,209
First Trust Capital Strength® Hedged Equity
 22,771,439
 17,244,016
 
For the fiscal year ended December 31, 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
$ 97,170,710
$ 100,473,220
First Trust Multi Income
 884,618
 1,486,287
First Trust Dorsey Wright
 —
 —
First Trust Capital Strength®
 —
 —
First Trust International Developed Capital Strength®
 —
 —
First Trust Growth StrengthTM
 —
 —
First Trust Capital Strength® Hedged Equity
 —
 —
6. Derivative Transactions
The following table presents the type of derivatives held by First Trust Capital Strength® Hedged Equity at December 31, 2025, the primary underlying risk exposure and the location of these instruments as presented on the Statements of Assets and Liabilities.  
 
 
Asset Derivatives
Liability Derivatives
Derivative
Instrument
Risk
Exposure
Statements of Assets and
Liabilities Location
Value
Statements of Assets and
Liabilities Location
Value
Options Contracts
Equity Risk
Options contracts
purchased, at value
$ 8,600
Options contracts
written, at value
$ 37,280
The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized for the fiscal year ended December 31, 2025, on derivative instruments held by First Trust Capital Strength® Hedged Equity, as well as the primary underlying risk exposure associated with each instrument. 
Statements of Operations Location
First Trust
Capital Strength®
Hedged Equity
Equity Risk Exposure
 
Net realized gain (loss) on purchased options contracts
$(29,061
)
Net realized gain (loss) on written options contracts
(1,090,934
)
Net change in unrealized appreciation (depreciation) on purchased options contracts
(147,465
)
Net change in unrealized appreciation (depreciation) on written options contracts
117,807
Page 64
Notes to Financial Statements (Continued)
First Trust Variable Insurance Trust
December 31, 2025
During the fiscal year ended December 31, 2025, for First Trust Capital Strength® Hedged Equity, the premiums for purchased options contracts opened were $928,830, and the premiums for purchased options closed, exercised and expired were $787,117. The premiums for written options contracts opened were $1,209,505, and the premiums for written options closed, exercised and expired were $1,059,878.
First Trust Capital Strength® 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 year ended December 31, 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. The commitment fee and agency fee are allocated amongst the funds that have access to the credit line pursuant to procedures approved by the Board of Trustees. These fees are reflected in the 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 year ended December 31, 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 were no subsequent events requiring recognition or disclosure in the financial statements that have not already been disclosed.
Page 65
Report of Independent Registered Public Accounting Firm
To the Shareholders and the Board of Trustees of First Trust Variable Insurance Trust:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statements of assets and liabilities of First Trust/Dow Jones Dividend & Income Allocation Portfolio, First Trust Multi Income Allocation Portfolio, First Trust Dorsey Wright Tactical Core Portfolio, First Trust Capital Strength® Portfolio, First Trust International Developed Capital Strength® Portfolio, First Trust Growth StrengthTM Portfolio, and First Trust Capital Strength® Hedged Equity Portfolio (the “Funds”), each a series of First Trust Variable Insurance Trust, including the portfolios of investments, as of December 31, 2025; the related statements of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for the periods indicated in the table below, and the related notes (collectively referred to as the “financial statements and financial highlights”). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of December 31, 2025, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America. 
Individual Funds Included in the Trust
Financial Highlights
First Trust/Dow Jones Dividend & Income Allocation Portfolio
For the years ended December 31, 2025, 2024, 2023, 2022, and 2021
First Trust Multi Income Allocation Portfolio
First Trust Dorsey Wright Tactical Core Portfolio
First Trust Capital Strength® Portfolio
First Trust International Developed Capital Strength® Portfolio
First Trust Growth StrengthTM Portfolio
For the years ended December 31, 2025, 2024, and for the period from May 16,
2023 (commencement of investment operations) through December 31, 2023
First Trust Capital Strength® Hedged Equity Portfolio
For the years ended December 31, 2025, 2024, and for the period from
August 14, 2023 (commencement of investment operations) through
December 31, 2023
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.
Page 66
Report of Independent Registered Public Accounting Firm (Continued)
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche, LLP
Chicago, Illinois
February 17, 2026
We have served as the auditor of one or more First Trust investment companies since 2001.
Page 67
Other Information
First Trust Variable Insurance Trust
December 31, 2025 (Unaudited)
Changes in and Disagreements with Accountants (Item 8 of Form N-CSR)
There were no changes in or disagreements with the Funds’ accountants during the fiscal year ended December 31, 2025.
Proxy Disclosures (Item 9 of Form N-CSR)
At a special meeting of shareholders of First Trust Variable Insurance Trust (the “Trust”) that was held on August 12, 2025 (the “Special Meeting”), shareholders of record as of June 9, 2025 approved a proposal (the “Proposal”) to elect or re-elect, as applicable, each of the eight nominees listed below to the Board of Trustees of the Trust (the “Board”). Shareholders of each series of the Trust (each, a “fund”) voted together with shareholders of the other funds on the Proposal, and the results are set forth below. There were no broker non-votes. 
James A. Bowen*
      Votes For
      Votes Withheld
 
71,349,645
3,847,540
Thomas J. Driscoll**
      Votes For
      Votes Withheld
 
71,282,947
3,914,238
Richard E. Erickson*
      Votes For
      Votes Withheld
 
71,349,645
3,847,540
Thomas R. Kadlec*
      Votes For
      Votes Withheld
 
71,238,854
3,958,331
Denise M. Keefe***
      Votes For
      Votes Withheld
 
71,290,638
3,906,547
Robert F. Keith*
      Votes For
      Votes Withheld
 
71,305,553
3,891,632
Niel B. Nielson*
      Votes For
      Votes Withheld
 
71,305,553
3,891,632
Bronwyn Wright***
      Votes For
      Votes Withheld
 
71,290,638
3,906,547
 
*
This nominee was re-elected to the Board at the Special Meeting.
**
This nominee was elected to the Board as a new Trustee at the Special Meeting.
***
This nominee was elected to the Board at the Special Meeting and had previously been appointed to the Board.
Remuneration Paid to Directors, Officers, and Others (Item 10 of Form N-CSR)
The applicable aggregate remuneration paid by each Fund during the period covered by the report is included in the Statements of Operations.
Statement Regarding the Basis for the Board’s Approval of Investment Advisory Contract (Item 11 of Form N-CSR)
Not applicable for the most recent fiscal half year.
Page 68
Other Information (Continued)
First Trust Variable Insurance Trust
December 31, 2025 (Unaudited)
Federal Tax Information
For the taxable year ended December 31, 2025, the following percentages of income dividend paid by the Funds qualify for the dividends received deduction available to corporations: 
 
Dividends
Received Deduction
First Trust/Dow Jones Dividend & Income Allocation Portfolio
26.74
%
First Trust Multi Income Allocation Portfolio
10.53
%
First Trust Dorsey Wright Tactical Core Portfolio
59.53
%
First Trust Capital Strength® Portfolio
100.00
%
First Trust International Developed Capital Strength® Portfolio
0.00
%
First Trust Growth StrengthTM Portfolio
13.75
%
First Trust Capital Strength® Hedged Equity Portfolio
100.00
%
Long-term capital gain distributions designated by the Funds are taxable at the applicable capital gain tax rates for federal income tax purposes. For the fiscal year ended December 31, 2025, the below Funds designated long-term capital gain distributions in the following amounts: 
 
Long-Term Capital
Gain Distributions
First Trust/Dow Jones Dividend & Income Allocation Portfolio
$17,114,480
First Trust Multi Income Allocation Portfolio
$332,406
First Trust International Developed Capital Strength® Portfolio
$520,446
First Trust Growth StrengthTM Portfolio
$904,237
A portion of each of the Funds’ 2025 ordinary dividends (including short-term capital gains) paid to its shareholders during the fiscal year ended December 31, 2025, may be eligible for the Qualified Business Income Deduction (QBI) under Internal Revenue Code Section 199A for the aggregate dividends each Fund received from the underlying Real Estate Investment Trusts (REITs) these Funds invest in.
The following Funds met the requirements of Section 853 of the Internal Revenue Code of 1986, as amended, and elect to pass through to their shareholders credit for foreign taxes paid. For the taxable year ended December 31, 2025, the total amounts of income received by the Funds from sources within foreign countries and possessions of the United States and of taxes paid to such countries are as follows: 
 
Gross Foreign Income
Foreign Taxes Paid
 
Amount
Per Share
Amount
Per Share
First Trust International Developed Capital Strength® Portfolio
$964,477
$0.34
$100,227
$0.03
Disclaimer
S&P® is a registered trademark of Standard & Poor’s Financial Services LLC (“S&P”) and Dow Jones® 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 INDEXSM, DOW JONES U.S. TOTAL STOCK MARKET INDEXSM and DOW JONES COMPOSITE AVERAGETM 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 INDEXSM, DOW JONES U.S. TOTAL STOCK MARKET INDEXSM and DOW JONES COMPOSITE AVERAGETM 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 INDEXSM, DOW JONES U.S. TOTAL STOCK MARKET INDEXSM and DOW JONES COMPOSITE AVERAGETM is the licensing of the Indexes and
Page 69
Other Information (Continued)
First Trust Variable Insurance Trust
December 31, 2025 (Unaudited)
certain trademarks, service marks and/or trade names of S&P Dow Jones Indices. The DOW JONES EQUAL WEIGHT U.S. ISSUED CORPORATE BOND INDEXSM, DOW JONES U.S. TOTAL STOCK MARKET INDEXSM and DOW JONES COMPOSITE AVERAGETM 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 INDEXSM, DOW JONES U.S. TOTAL STOCK MARKET INDEXSM and DOW JONES COMPOSITE AVERAGETM. 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 INDEXSM, DOW JONES U.S. TOTAL STOCK MARKET INDEXSM and DOW JONES COMPOSITE AVERAGETM 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 INDEXSM, DOW JONES U.S. TOTAL STOCK MARKET INDEXSM AND DOW JONES COMPOSITE AVERAGETM 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 INDEXSM, DOW JONES U.S. TOTAL STOCK MARKET INDEXSM AND DOW JONES COMPOSITE AVERAGETM 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 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™ 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 CORETM 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 CORETM 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 CORETM 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
Page 70
Other Information (Continued)
First Trust Variable Insurance Trust
December 31, 2025 (Unaudited)
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™ Index, The International Capital Strength™ Index and/or The Growth Strength™ 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® Portfolio, the First Trust International Developed Capital Strength® Portfolio, the First Trust Growth StrengthTM Portfolio, and the First Trust Capital Strength® 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 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.
Page 71
Privacy Policy
First Trust Variable Insurance Trust
December 31, 2025 (Unaudited)
PRIVACY POLICY OF FIRST TRUST PORTFOLIOS L.P. AND FIRST TRUST ADVISORS L.P. (“FIRST TRUST”)
First Trust values its relationship with you and considers your privacy a priority in maintaining that relationship. We are committed to protecting the security and confidentiality of your personal information while providing you with the products/services you request or authorize.
SOURCES OF INFORMATION
We collect nonpublic personal information (NPPI) about you from the following sources:
•
Information we receive from you, or from your broker-dealer, investment professional or financial representative on your behalf through interviews, applications, agreements or other documentation;
•
Information about your transactions with us, our affiliates or other third-parties;
•
Information we receive from your inquiries by mail, e-mail or telephone; and
•
Information we collect on our website through the use of “cookies”. For example, we may identify the pages on our website that your browser requests or visits.
INFORMATION COLLECTED
The type of NPPI we collect may include your name, address, social security number, date of birth, financial status, assets, income, tax information, custodian account number, retirement and estate plan information, transaction history, account balance, investment objectives, marital status, family relationships and other NPPI.
DISCLOSURE OF INFORMATION
We do not disclose NPPI about our customers or former customers to anyone, except as permitted by law. In addition to using this information to verify your identity (as required under law), the permitted uses may also include the disclosure of such information to unaffiliated companies for the following reasons:
•
In order to provide you with products and services and to effect transactions that you request or authorize, we may disclose your NPPI as described above to unaffiliated service providers that perform services on our behalf, such as transfer agents, custodians, accountants and trustees, or that assist us in the distribution of investor materials such as trustees, banks, investment advisor or broker-dealer representatives, proxy services and printers.
•
We may release NPPI we have about you if you direct us to do so.
•
We may be required by law to share your NPPI or may need to do so in other legally limited circumstances. For example, First Trust may need to share your NPPI to protect your account from fraud.
In addition, in order to alert you to our other financial products and services, we may share your NPPI within First Trust.
PROTECTION OF NPPI COLLECTED
First Trust protects your NPPI from unauthorized access and use through security measures that comply with federal law, including computer safeguards, and secured files and buildings.
USE OF WEBSITE ANALYTICS
We currently use third party analytics tools, Google Analytics and Matomo to gather information for purposes of improving First Trust’s website and marketing our products and services to you. These tools employ cookies, which are small pieces of text stored in a file by your web browser and sent to websites that you visit, to collect information, track website usage and viewing trends such as the number of hits, pages visited, videos and PDFs viewed and the length of user sessions in order to evaluate website performance and enhance navigation of the website. We may also collect other anonymous information, which is generally limited to technical and web navigation information such as the IP address of your device, internet browser type and operating system for purposes of analyzing the data to make First Trust’s website better and more useful to our users. The information collected does not include any NPPI unless you voluntarily provide that information through the website for us to contact you in order to answer your questions or respond to your requests. You should not provide NPPI on our website if you do not want your information to be used by these services. To find out how to opt-out of these services click on: Google Analytics and Matomo Analytics Platform.
CONFIDENTIALITY AND SECURITY
With regard to our internal security procedures, First Trust restricts access to your NPPI to only those First Trust employees who need to know such information to provide products or services to you. We maintain physical, electronic and procedural safeguards to protect your NPPI.
POLICY UPDATES AND INQUIRIES
As required by federal law, we will notify you of our privacy policy annually. We reserve the right to modify this policy at any time, however, if we do change it, we will tell you promptly. For questions about our policy, or for additional copies of this notice, please go to www.ftportfolios.com, or contact us at 1-800-621-1675 (First Trust Portfolios L.P.) or 1-800-222-6822 (First Trust Advisors L.P.).
December 2025
Page 72
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(b) The Financial Highlights is included in the Financial Statements and Other Information filed under Item 7(a) of this Form N-CSR.

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

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

 

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

 

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

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

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

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

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

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

Not applicable to the Registrant.

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

Not applicable to the Registrant.

 

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

Not applicable to the Registrant.

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

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

Item 16. Controls and Procedures.

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

 

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

 

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

(a) Not applicable to the Registrant.

 

(b) Not applicable to the Registrant.

 

Item 18. Recovery of Erroneously Awarded Compensation.

 

(a) Not applicable to the Registrant.

 

(b) Not applicable to the Registrant.

 

Item 19. Exhibits.

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

 

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

 

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

 

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

 

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

 

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

 

 

 

 

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

By (Signature and Title)*   /s/ James M. Dykas
    James M. Dykas, President and Chief Executive Officer
(principal executive officer)
Date:   March 11, 2026  

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)*   /s/ James M. Dykas
    James M. Dykas, President and Chief Executive Officer
(principal executive officer)
Date:   March 11, 2026  
By (Signature and Title)*   /s/ Derek D. Maltbie
    Derek D. Maltbie, Treasurer, Chief Financial Officer
and Chief Accounting Officer
(principal financial officer)
Date:   March 11, 2026  

* Print the name and title of each signing officer under his or her signature.

 

 

 
 
 
 
 
 
 
 

ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

CODE OF ETHICS

SECTION 302 CERTIFICATIONS

SECTION 906 CERTIFICATIONS

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