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underline;">www.ftportfolios.com/fund-documents/VA/FTDJDI</span>. You can also request this information by contacting us at 1-800-621-1675 or <span style="text-decoration-line: underline; color: rgb(0, 62, 135); font-family: 'times new roman'; font-size: 9pt;">info@ftportfolios.com</span>. www.ftportfolios.com/fund-documents/VA/FTDJDI 1-800-621-1675 info@ftportfolios.com <div style="margin-top: 0px; font-family: 'times new roman'; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(0, 62, 135);">WHAT WERE THE FUND COSTS FOR THE LAST YEAR?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Times New Roman'; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund</td> <td style="break-inside: avoid-page; text-align: right; font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">First Trust/Dow Jones Dividend &amp; Income Allocation Portfolio - Class I</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>121</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.18<span>%</span></td> </tr> </table> 121 0.0118 <div style="font-family: 'times new roman'; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(0, 62, 135); margin-top: 14pt;">HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND’S PERFORMANCE?</div> <div style="margin-top: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt;">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<sup style="font-size: 6pt;">®</sup> Index and the Bloomberg U.S. Corporate Investment-Grade Index, which returned 12.52% for the same Period.</div> <div style="margin-top: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt;">This underperformance was mainly due to the equity holdings in the Fund. The Fund’s equity allocation underperformed the Russell 3000<sup style="font-size: 6pt;">®</sup> 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.<span style="white-space: nowrap;"> </span> 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.</div> <div style="margin-top: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt;">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.<span style="white-space: nowrap;"> </span> 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 &amp; Entertainment sector and its overweight allocations to the Healthcare and Aerospace &amp; Defense sectors.<span style="white-space: nowrap;"> </span> 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.</div> <div style="margin-top: 0px; font-family: 'times new roman'; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(0, 62, 135);">FUND PERFORMANCE (December 31, 2015 to December 31, 2025)</div> <div style="margin-top: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt;">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.</div> <div style="margin-top: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt;"><b>INVESTMENT PERFORMANCE OF $10,000</b></div> <div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_676947.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Times New Roman'; font-weight: bold; width: 62%; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns (as of December 31, 2025)</td> <td style="break-inside: avoid-page; text-align: right; font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold; width: 9%; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold; width: 9%; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold; width: 11%; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Times New Roman'; padding: 6pt 3pt 3pt 10pt;">First Trust/Dow Jones Dividend &amp; Income Allocation Portfolio - Class I</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">5.30<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.98<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">6.68<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Times New Roman'; padding: 6pt 3pt 3pt 10pt;">Blended Benchmark<sup style="font-size: 6pt;">(1)</sup></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">12.52<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">6.51<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">8.87<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Times New Roman'; padding: 6pt 3pt 3pt 10pt;">Bloomberg U.S. Corporate Investment-Grade Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">7.77<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">-0.09<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.27<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Times New Roman'; padding: 6pt 3pt 3pt 10pt;">Russell 3000<sup style="font-size: 6pt;">®</sup> Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">17.15<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">13.15<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">14.29<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Times New Roman'; padding: 6pt 3pt 3pt 10pt;">Secondary Blended Benchmark<sup style="font-size: 6pt;">(2)</sup></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">12.21<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">6.27<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">8.80<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Times New Roman'; padding: 6pt 3pt 3pt 10pt;">Dow Jones Equal Weight U.S. Issued Corporate Bond Index<sup style="font-size: 6pt;">SM</sup></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">7.25<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">-0.46<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.20<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Times New Roman'; padding: 6pt 3pt 3pt 10pt;">Dow Jones U.S. Total Stock Market Index<sup style="font-size: 6pt;">SM</sup></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">17.05<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">13.07<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">14.21<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; width: auto;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: baseline; font-family: 'Times New Roman'; font-style: normal; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; white-space: nowrap; width: 10pt; padding: 0 2px 4pt 0;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 7.5pt; text-align: left; margin-bottom: 0px; font-style: normal;">(1<span>)</span></div> </td> <td style="break-inside: avoid-page; vertical-align: baseline; font-family: 'Times New Roman'; font-style: normal; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; padding: 0 0 4pt 0;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 7.5pt; text-align: left; margin-bottom: 0px; font-style: normal;">The Blended Benchmark returns are a 50/50 split between the Russell 3000<sup style="font-size: 6pt;">®</sup> Index and the Bloomberg U.S. Corporate Investment-Grade Index returns.</div> </td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: baseline; font-family: 'Times New Roman'; font-style: normal; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; white-space: nowrap; width: 10pt; padding: 0 2px 4pt 0;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 7.5pt; text-align: left; margin-bottom: 0px; font-style: normal;">(2<span>)</span></div> </td> <td style="break-inside: avoid-page; vertical-align: baseline; font-family: 'Times New Roman'; font-style: normal; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; padding: 0 0 4pt 0;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 7.5pt; text-align: left; margin-bottom: 0px; font-style: normal;">The Secondary Blended Benchmark return is a 50/50 split between the Dow Jones U.S. Total Stock Market Index<sup style="font-size: 6pt;">SM</sup> and the Dow Jones Equal Weight U.S. Issued Corporate Bond Index<sup style="font-size: 6pt;">SM</sup> returns.</div> </td> </tr> </table> First Trust/Dow Jones Dividend & Income Allocation Portfolio - Class I 0.0530 0.0398 0.0668 Blended Benchmark 0.1252 0.0651 0.0887 Bloomberg U.S. Corporate Investment-Grade Index 0.0777 -0.0009 0.0327 Russell 3000® Index 0.1715 0.1315 0.1429 Secondary Blended Benchmark 0.1221 0.0627 0.0880 Dow Jones Equal Weight U.S. Issued Corporate Bond IndexSM 0.0725 -0.0046 0.0320 Dow Jones U.S. Total Stock Market IndexSM 0.1705 0.1307 0.1421 <div style="margin-top: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 7.5pt;"><b>Visit </b> <b> <span style="color: rgb(0, 62, 135); text-decoration-line: underline;">www.ftportfolios.com/VA/FTDJDI </span> </b> <b>  </b> <b>for more recent performance information.</b></div> 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. <div style="font-family: 'times new roman'; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(0, 62, 135); margin-top: 10pt;">KEY FUND STATISTICS (As of<span style="white-space: nowrap;"> </span>December 31, 2025)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); width: 80%; font-weight: bold; text-align: left; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 20%; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>752,774,328</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); width: 80%; font-weight: bold; text-align: left; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 20%; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">464</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); width: 80%; font-weight: bold; text-align: left; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Total advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 20%; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>4,905,736</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); width: 80%; font-weight: bold; text-align: left; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 20%; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">67<span>%</span></td> </tr> </table> 752774328 464 4905736 0.67 <div style="margin-top: 0px; font-family: 'times new roman'; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(0, 62, 135);">WHAT DID THE FUND INVEST IN? (As of December 31, 2025)</div> <div style="margin-top: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt;">The tables below show the investment makeup of the Fund, representing the percentage of net assets and total investments, respectively, of the Fund.</div> <div style="font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; font-family: 'times new roman'; font-weight: bold; color: rgb(0, 0, 0); margin: 5pt 0px 5pt 0px;">Fund Allocation<sup style="font-size: 6pt;"></sup></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">51.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Corporate Bonds and Notes</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">43.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Foreign Corporate Bonds and Notes</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Money Market Funds</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Government Bonds and Notes</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Net Other Assets and Liabilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">0.5<span>%</span></td> </tr> </table> <div style="font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; font-family: 'times new roman'; font-weight: bold; color: rgb(0, 0, 0); margin: 5pt 0px 5pt 0px;">Sector Allocation</div> <div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_677092.jpg" style="width: 172.8pt;"/> </div> 0.511 0.433 0.042 0.006 0.003 0.005 First Trust Multi IncomeAllocation Portfolio Class I 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”). annual shareholder report You can find additional information about the Fund at <span style="color: rgb(0, 62, 135); text-decoration-line: underline;">www.ftportfolios.com/fund-documents/VA/FTMII</span>. You can also request this information by contacting us at 1-800-621-1675 or <span style="text-decoration-line: underline; color: rgb(0, 62, 135); font-family: 'times new roman'; font-size: 9pt;">info@ftportfolios.com</span>. www.ftportfolios.com/fund-documents/VA/FTMII 1-800-621-1675 info@ftportfolios.com <div style="margin-top: 0px; font-family: 'times new roman'; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(0, 62, 135);">WHAT WERE THE FUND COSTS FOR THE LAST YEAR?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Times New Roman'; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund</td> <td style="break-inside: avoid-page; text-align: right; font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">First Trust Multi Income Allocation Portfolio - Class I</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>87<sup style="font-size: 6pt;">(1)</sup></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.84<span>%</span><sup style="font-size: 6pt;">(1) (2)</sup></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; width: auto;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: baseline; font-family: 'Times New Roman'; font-style: normal; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; white-space: nowrap; width: 10pt; padding: 0 2px 4pt 0;">(1<span>)</span></td> <td style="break-inside: avoid-page; vertical-align: baseline; font-family: 'Times New Roman'; font-style: normal; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; padding: 0 0 4pt 0;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 7.5pt; text-align: left; margin-bottom: 0px; font-style: normal;">Excludes any Acquired Fund Fees and Expenses of underlying investment companies in which the Fund invests.</div> </td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: baseline; font-family: 'Times New Roman'; font-style: normal; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; white-space: nowrap; width: 10pt; padding: 0 2px 4pt 0;">(2<span>)</span></td> <td style="break-inside: avoid-page; vertical-align: baseline; font-family: 'Times New Roman'; font-style: normal; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; padding: 0 0 4pt 0;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 7.5pt; text-align: left; font-style: normal; margin-bottom: 0px;">Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.83%.</div> </td> </tr> </table> 87 0.0084 Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.83%. 0.0083 <div style="font-family: 'times new roman'; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(0, 62, 135); margin-top: 14pt;">HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND’S PERFORMANCE?</div> <div style="margin-top: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt;">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<sup style="font-size: 6pt;">®</sup> Index, respectively, which returned 11.32% for the same Period.</div> <div style="margin-top: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt;">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.</div> <div style="margin-top: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt;">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.</div> <div style="margin-top: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt;">Fixed income delivered its best results since 2020 during the Period,<span style="white-space: nowrap;"> </span>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.</div> <div style="margin-top: 0px; font-family: 'times new roman'; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(0, 62, 135);">FUND PERFORMANCE (December 31, 2015 to December 31, 2025)</div> <div style="margin-top: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt;">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.</div> <div style="margin-top: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt;"><b>INVESTMENT PERFORMANCE OF $10,000</b></div> <div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_676955.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Times New Roman'; font-weight: bold; width: 62%; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns (as of December 31, 2025)</td> <td style="break-inside: avoid-page; text-align: right; font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold; width: 9%; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold; width: 9%; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold; width: 11%; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Times New Roman'; padding: 6pt 3pt 3pt 10pt;">First Trust Multi Income Allocation Portfolio - Class I</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">7.71<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">6.11<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">5.91<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Times New Roman'; padding: 6pt 3pt 3pt 10pt;">Broad Blended Benchmark<sup style="font-size: 6pt;">(1)</sup></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">11.32<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">5.04<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">7.03<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Times New Roman'; padding: 6pt 3pt 3pt 10pt;">Bloomberg U.S. Aggregate Bond Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">7.30<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">-0.36<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.01<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Times New Roman'; padding: 6pt 3pt 3pt 10pt;">Russell 3000<sup style="font-size: 6pt;">®</sup> Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">17.15<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">13.15<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">14.29<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Times New Roman'; padding: 6pt 3pt 3pt 10pt;">Asset Class Blended Benchmark<sup style="font-size: 6pt;">(2)</sup></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">7.71<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">8.42<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">6.81<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; width: auto;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: baseline; font-family: 'Times New Roman'; font-style: normal; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; white-space: nowrap; width: 10pt; padding: 0 2px 4pt 0;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 7.5pt; text-align: left; margin-bottom: 0px; font-style: normal;">(1<span>)</span></div> </td> <td style="break-inside: avoid-page; vertical-align: baseline; font-family: 'Times New Roman'; font-style: normal; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; padding: 0 0 4pt 0;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 7.5pt; text-align: left; margin-bottom: 0px; font-style: normal;">The Broad Blended Benchmark returns are split between the Bloomberg U.S. Aggregate Bond Index (60%) and the Russell 3000<sup style="font-size: 6pt;">®</sup> Index (40%).</div> </td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: baseline; font-family: 'Times New Roman'; font-style: normal; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; white-space: nowrap; width: 10pt; padding: 0 2px 4pt 0;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 7.5pt; text-align: left; margin-bottom: 0px; font-style: normal;">(2<span>)</span></div> </td> <td style="break-inside: avoid-page; vertical-align: baseline; font-family: 'Times New Roman'; font-style: normal; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; padding: 0 0 4pt 0;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 7.5pt; text-align: left; margin-bottom: 0px; font-style: normal;">The Asset Class Blended Benchmark is weighted to include nine indexes: Dow Jones U.S. Select Dividend <sup style="font-size: 6pt;">TM</sup> Index (15%), ICE BofA Fixed Rate Preferred Securities Index (8%), Alerian MLP Index (15%), S&amp;P U.S. REIT Index (15%), ICE BofA U.S. High Yield Constrained Index (8%),  Morningstar<sup style="font-size: 6pt;">®</sup> LSTA<sup style="font-size: 6pt;">®</sup> 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%).</div> </td> </tr> </table> First Trust Multi Income Allocation Portfolio - Class I 0.0771 0.0611 0.0591 Broad Blended Benchmark 0.1132 0.0504 0.0703 Bloomberg U.S. Aggregate Bond Index 0.0730 -0.0036 0.0201 Russell 3000® Index 0.1715 0.1315 0.1429 Asset Class Blended Benchmark 0.0771 0.0842 0.0681 <div style="margin-top: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 7.5pt;"><b>Visit </b> <b> <span style="color: rgb(0, 62, 135); text-decoration-line: underline;">www.ftportfolios.com/VA/FTMII </span> </b> <b>  </b> <b>for more recent performance information.</b></div> 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. <div style="font-family: 'times new roman'; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(0, 62, 135); margin-top: 10pt;">KEY FUND STATISTICS (As of<span style="white-space: nowrap;"> </span>December 31, 2025)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); width: 80%; font-weight: bold; text-align: left; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 20%; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>15,428,620</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); width: 80%; font-weight: bold; text-align: left; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 20%; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">176</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); width: 80%; font-weight: bold; text-align: left; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Total advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 20%; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>0</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); width: 80%; font-weight: bold; text-align: left; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 20%; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">75<span>%</span></td> </tr> </table> 15428620 176 0 0.75 <div style="margin-top: 0px; font-family: 'times new roman'; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(0, 62, 135);">WHAT DID THE FUND INVEST IN? (As of December 31, 2025)</div> <div style="margin-top: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt;">The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.</div> <div style="font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; font-family: 'times new roman'; font-weight: bold; color: rgb(0, 0, 0); margin: 5pt 0px 5pt 0px;">Top Ten Holdings<sup style="font-size: 6pt;"></sup></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">First Trust Senior Loan ETF</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">11.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">First Trust Preferred Securities and Income ETF</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">9.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">First Trust Tactical High Yield ETF</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">8.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">iShares iBoxx $ Investment Grade Corporate Bond ETF</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">7.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">First Trust Intermediate Government Opportunities ETF</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">iShares 7-10 Year Treasury Bond ETF</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">iShares MBS ETF</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">First Trust Limited Duration Investment Grade Corporate ETF</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class - 3.64%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Enterprise Products Partners, L.P.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.1<span>%</span></td> </tr> </table> <div style="font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; font-family: 'times new roman'; font-weight: bold; color: rgb(0, 0, 0); margin: 5pt 0px 5pt 0px;">Sector Allocation</div> <div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_677079.jpg" style="width: 172.8pt;"/> </div> <div style="font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; font-family: 'times new roman'; font-weight: bold; color: rgb(0, 0, 0); margin: 5pt 0px 5pt 0px;">Top Ten Holdings<sup style="font-size: 6pt;"></sup></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">First Trust Senior Loan ETF</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">11.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">First Trust Preferred Securities and Income ETF</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">9.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">First Trust Tactical High Yield ETF</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">8.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">iShares iBoxx $ Investment Grade Corporate Bond ETF</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">7.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">First Trust Intermediate Government Opportunities ETF</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">iShares 7-10 Year Treasury Bond ETF</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">iShares MBS ETF</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">First Trust Limited Duration Investment Grade Corporate ETF</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class - 3.64%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Enterprise Products Partners, L.P.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.1<span>%</span></td> </tr> </table> 0.119 0.090 0.089 0.070 0.041 0.028 0.024 0.020 0.016 0.011 First Trust Dorsey WrightTactical Core Portfolio Class I 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”). annual shareholder report You can find additional information about the Fund at <span style="color: rgb(0, 62, 135); text-decoration-line: underline;">www.ftportfolios.com/fund-documents/VA/FTDWTCI</span>. You can also request this information by contacting us at 1-800-621-1675 or <span style="text-decoration-line: underline; color: rgb(0, 62, 135); font-family: 'times new roman'; font-size: 9pt;">info@ftportfolios.com</span>. www.ftportfolios.com/fund-documents/VA/FTDWTCI 1-800-621-1675 info@ftportfolios.com <div style="margin-top: 0px; font-family: 'times new roman'; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(0, 62, 135);">WHAT WERE THE FUND COSTS FOR THE LAST YEAR?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Times New Roman'; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund</td> <td style="break-inside: avoid-page; text-align: right; font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">First Trust Dorsey Wright Tactical Core Portfolio - Class I</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>81<sup style="font-size: 6pt;">(1)</sup></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.77<span>%</span><sup style="font-size: 6pt;">(1) (2)</sup></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; width: auto;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: baseline; font-family: 'Times New Roman'; font-style: normal; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; white-space: nowrap; width: 10pt; padding: 0 2px 4pt 0;">(1<span>)</span></td> <td style="break-inside: avoid-page; vertical-align: baseline; font-family: 'Times New Roman'; font-style: normal; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; padding: 0 0 4pt 0;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 7.5pt; text-align: left; margin-bottom: 0px; font-style: normal;">Excludes any Acquired Fund Fees and Expenses of underlying investment companies in which the Fund invests.</div> </td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: baseline; font-family: 'Times New Roman'; font-style: normal; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; white-space: nowrap; width: 10pt; padding: 0 2px 4pt 0;">(2<span>)</span></td> <td style="break-inside: avoid-page; vertical-align: baseline; font-family: 'Times New Roman'; font-style: normal; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; padding: 0 0 4pt 0;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 7.5pt; text-align: left; font-style: normal; margin-bottom: 0px;">Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.76%.</div> </td> </tr> </table> 81 0.0077 Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.76%. 0.0076 <div style="font-family: 'times new roman'; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(0, 62, 135); margin-top: 14pt;">HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND’S PERFORMANCE?</div> <div style="margin-top: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt;">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&amp;P 500<sup style="font-size: 6pt;">®</sup> Index and the Bloomberg U.S. Aggregate Bond Index, which returned 13.70% for the same Period.</div> <div style="margin-top: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt;">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<sup style="font-size: 6pt;">®</sup> Fund.</div> <div style="margin-top: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt;">Despite these headwinds, the Fund benefited from an overall overweight allocation to equities relative to the blended benchmark.</div> <div style="margin-top: 0px; font-family: 'times new roman'; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(0, 62, 135);">FUND PERFORMANCE (December 31, 2015 to December 31, 2025)</div> <div style="margin-top: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt;">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.</div> <div style="margin-top: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt;"><b>INVESTMENT PERFORMANCE OF $10,000</b></div> <div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_676963.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Times New Roman'; font-weight: bold; width: 62%; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns (as of December 31, 2025)</td> <td style="break-inside: avoid-page; text-align: right; font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold; width: 9%; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold; width: 9%; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold; width: 11%; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Times New Roman'; padding: 6pt 3pt 3pt 10pt;">First Trust Dorsey Wright Tactical Core Portfolio - Class I</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">9.69<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">5.34<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">6.63<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Times New Roman'; padding: 6pt 3pt 3pt 10pt;">Broad Blended Benchmark<sup style="font-size: 6pt;">(1)</sup></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">13.70<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">8.47<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">9.78<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Times New Roman'; padding: 6pt 3pt 3pt 10pt;">Bloomberg U.S. Aggregate Bond Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">7.30<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">-0.36<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.01<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Times New Roman'; padding: 6pt 3pt 3pt 10pt;">S&amp;P 500<sup style="font-size: 6pt;">®</sup> Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">17.88<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">14.42<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">14.82<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; width: auto;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: baseline; font-family: 'Times New Roman'; font-style: normal; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; white-space: nowrap; width: 10pt; padding: 0 2px 4pt 0;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 7.5pt; text-align: left; margin-bottom: 0px; font-style: normal;">(1<span>)</span></div> </td> <td style="break-inside: avoid-page; vertical-align: baseline; font-family: 'Times New Roman'; font-style: normal; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; padding: 0 0 4pt 0;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 7.5pt; text-align: left; margin-bottom: 0px; font-style: normal;">The Broad Blended Benchmark return is split between the Bloomberg U.S. Aggregate Bond Index (40%) and the S&amp;P 500<sup style="font-size: 6pt;">®</sup> Index (60%).</div> </td> </tr> </table> First Trust Dorsey Wright Tactical Core Portfolio - Class I 0.0969 0.0534 0.0663 Broad Blended Benchmark 0.1370 0.0847 0.0978 Bloomberg U.S. Aggregate Bond Index 0.0730 -0.0036 0.0201 S&P 500® Index 0.1788 0.1442 0.1482 <div style="margin-top: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 7.5pt;"><b>Visit </b> <b> <span style="color: rgb(0, 62, 135); text-decoration-line: underline;">www.ftportfolios.com/VA/FTDWTCI </span> </b> <b>  </b> <b>for more recent performance information.</b></div> 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. <div style="font-family: 'times new roman'; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(0, 62, 135); margin-top: 10pt;">KEY FUND STATISTICS (As of<span style="white-space: nowrap;"> </span>December 31, 2025)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); width: 80%; font-weight: bold; text-align: left; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 20%; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>54,108,469</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); width: 80%; font-weight: bold; text-align: left; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 20%; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">21</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); width: 80%; font-weight: bold; text-align: left; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Total advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 20%; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>0</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); width: 80%; font-weight: bold; text-align: left; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 20%; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">78<span>%</span></td> </tr> </table> 54108469 21 0 0.78 <div style="margin-top: 0px; font-family: 'times new roman'; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(0, 62, 135);">WHAT DID THE FUND INVEST IN? (As of December 31, 2025)</div> <div style="margin-top: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt;">The table below shows the investment makeup of the Fund, representing the percentage of total investments of the Fund.</div> <div style="font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0);"> <p style="font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; font-family: 'Times New Roman'; font-weight: bold; color: rgb(0, 0, 0); margin: 5pt 0 5pt 0;">Top Ten Holdings<sup style="font-size: 6pt;"></sup></p> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">First Trust Large Cap Growth AlphaDEX<sup style="font-size: 6pt;">®</sup> Fund</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">10.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">First Trust Large Cap Core AlphaDEX<sup style="font-size: 6pt;">®</sup> Fund</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">10.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">First Trust Mid Cap Growth AlphaDEX<sup style="font-size: 6pt;">®</sup> Fund</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">9.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">First Trust Dow Jones Internet Index Fund</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">9.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">First Trust Indxx Aerospace &amp; Defense ETF</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">8.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">First Trust Utilities AlphaDEX<sup style="font-size: 6pt;">®</sup> Fund</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">8.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">First Trust Financials AlphaDEX<sup style="font-size: 6pt;">®</sup> Fund</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">8.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">First Trust Nasdaq Semiconductor ETF</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">7.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">iShares Core U.S. Aggregate Bond ETF</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">5.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">State Street SPDR Bloomberg High Yield Bond ETF</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0);"> <p style="font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; font-family: 'Times New Roman'; font-weight: bold; color: rgb(0, 0, 0); margin: 5pt 0 5pt 0;">Top Ten Holdings<sup style="font-size: 6pt;"></sup></p> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">First Trust Large Cap Growth AlphaDEX<sup style="font-size: 6pt;">®</sup> Fund</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">10.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">First Trust Large Cap Core AlphaDEX<sup style="font-size: 6pt;">®</sup> Fund</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">10.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">First Trust Mid Cap Growth AlphaDEX<sup style="font-size: 6pt;">®</sup> Fund</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">9.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">First Trust Dow Jones Internet Index Fund</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">9.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">First Trust Indxx Aerospace &amp; Defense ETF</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">8.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">First Trust Utilities AlphaDEX<sup style="font-size: 6pt;">®</sup> Fund</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">8.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">First Trust Financials AlphaDEX<sup style="font-size: 6pt;">®</sup> Fund</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">8.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">First Trust Nasdaq Semiconductor ETF</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">7.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">iShares Core U.S. Aggregate Bond ETF</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">5.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">State Street SPDR Bloomberg High Yield Bond ETF</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr> </table> 0.108 0.103 0.099 0.099 0.088 0.088 0.085 0.079 0.056 0.032 First Trust Capital Strength® Portfolio Class I This annual shareholder report contains important information about the First Trust Capital Strength<sup style="font-size:6pt">®</sup> Portfolio (the “Fund”) for the year of January 1, 2025 to December 31, 2025 (the “Period”). annual shareholder report You can find additional information about the Fund at <span style="color:rgb(0, 62, 135);text-decoration-line:underline">www.ftportfolios.com/fund-documents/VA/FTACSI</span>. You can also request this information by contacting us at 1-800-621-1675 or <span style="text-decoration-line:underline;color:rgb(0, 62, 135);font-family:'times new roman';font-size:9pt">info@ftportfolios.com</span>. www.ftportfolios.com/fund-documents/VA/FTACSI 1-800-621-1675 info@ftportfolios.com <div style="margin-top:0px;font-family:'times new roman';font-weight:bold;font-size:11.52pt;margin-bottom:3pt;color:rgb(0, 62, 135);">WHAT WERE THE FUND COSTS FOR THE LAST YEAR?</div><div style="margin-top:0px;margin-bottom:0px;font-family:'times new roman';font-size:9pt;color:rgb(0, 0, 0);">(Based on a hypothetical $10,000 investment)</div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Times New Roman'; font-weight: bold; vertical-align: bottom;">Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold; vertical-align: bottom;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold; vertical-align: bottom;">Costs paid as a percentage<br/> of a $10,000 investment</td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom;">First Trust Capital Strength<sup style="font-size:6pt">®</sup> Portfolio - Class I</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom;"><span style="float:none">$</span>114</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; vertical-align: bottom;">1.11<span>%</span><sup style="font-size:6pt">(1)</sup></td> </tr> </table><table style="border-collapse:collapse;break-inside:avoid;width:auto"> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; vertical-align: baseline; font-family: 'Times New Roman'; font-style: normal; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; padding-top: 0; padding-right: 2px; padding-bottom: 4pt; padding-left: 0; margin-bottom: 0; white-space: nowrap; width: 10pt;">(1<span>)</span></td> <td style="break-inside: avoid-page; vertical-align: baseline; font-family: 'Times New Roman'; font-style: normal; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 4pt; padding-left: 0; margin-bottom: 0;"> <div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 0, 0);font-size:7.5pt;text-align:left;font-style:normal;margin-bottom:0px;">Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 1.10%.</div></td> </tr> </table> 114 0.0111 Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 1.10%. 0.0110 <div style="font-family:'times new roman';font-weight:bold;font-size:11.52pt;margin-bottom:3pt;color:rgb(0, 62, 135);margin-top:14pt;">HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND’S PERFORMANCE?</div><div style="margin-top:0px;font-family:'times new roman';font-size:9pt;color:rgb(0, 0, 0);margin-bottom:10pt;">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&amp;P 500<sup style="font-size:6pt">®</sup> Index, which returned 17.88% for the same Period.</div><div style="margin-top:0px;font-family:'times new roman';font-size:9pt;color:rgb(0, 0, 0);margin-bottom:10pt;">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<span style="white-space:nowrap"> </span>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 &amp; 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.</div> <div style="margin-top:0px;font-family:'times new roman';font-weight:bold;font-size:11.52pt;margin-bottom:3pt;color:rgb(0, 62, 135);">FUND PERFORMANCE (May 1, 2020 to December 31, 2025)</div><div style="margin-top:0px;font-family:'times new roman';font-size:9pt;color:rgb(0, 0, 0);margin-bottom:10pt;">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.</div><div style="margin-top:0px;font-family:'times new roman';font-size:9pt;color:rgb(0, 0, 0);margin-bottom:10pt;"> <b>INVESTMENT PERFORMANCE OF $10,000</b> </div><div style="font-family:'times new roman';font-size:9pt;color:rgb(0, 0, 0);margin-bottom:20pt;"> <img alt="Fund Performance - Growth of 10K" src="chartimages_676971.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Times New Roman'; font-weight: bold; width: 62%; vertical-align: bottom;">Average Annual Total Returns (as of December 31, 2025)</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold; width: 9%; vertical-align: bottom;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold; width: 9%; vertical-align: bottom;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold; width: 11%; vertical-align: bottom;">Since<br/> Inception<br/> (5/01/20)</td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Times New Roman';">First Trust Capital Strength<sup style="font-size:6pt">®</sup> Portfolio - Class I</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">5.70<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">7.07<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">10.35<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Times New Roman';">S&amp;P 500<sup style="font-size:6pt">®</sup> Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">17.88<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">14.42<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">18.63<span>%</span></td> </tr> </table> 2020-05-01 First Trust Capital Strength® Portfolio - Class I 0.0570 0.0707 0.1035 S&P 500® Index 0.1788 0.1442 0.1863 <div style="margin-top:0px;font-family:'times new roman';font-size:9pt;color:rgb(0, 0, 0);margin-bottom:7.5pt;"> <b>Visit </b> <b> <span style="color:rgb(0, 62, 135);text-decoration-line:underline">www.ftportfolios.com/VA/FTACSI </span> </b> <b>  </b> <b>for more recent performance information.</b> </div> 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. <div style="font-family:'times new roman';font-weight:bold;font-size:11.52pt;margin-bottom:3pt;color:rgb(0, 62, 135);margin-top:10pt;">KEY FUND STATISTICS (As of<span style="white-space:nowrap"> </span>December 31, 2025)</div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 10pt; font-size: 9pt; color: rgb(0, 0, 0); width: 80%; font-weight: bold; text-align: left; font-family: 'Times New Roman';">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 20%; white-space: nowrap;"><span style="float:none">$</span>189,426,984</td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 10pt; font-size: 9pt; color: rgb(0, 0, 0); width: 80%; font-weight: bold; text-align: left; font-family: 'Times New Roman';">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 20%; white-space: nowrap;">51</td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 10pt; font-size: 9pt; color: rgb(0, 0, 0); width: 80%; font-weight: bold; text-align: left; font-family: 'Times New Roman';">Total advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 20%; white-space: nowrap;"><span style="float:none">$</span>868,589</td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 10pt; font-size: 9pt; color: rgb(0, 0, 0); width: 80%; font-weight: bold; text-align: left; font-family: 'Times New Roman';">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 20%; white-space: nowrap;">116<span>%</span></td> </tr> </table> 189426984 51 868589 1.16 <div style="margin-top:0px;font-family:'times new roman';font-weight:bold;font-size:11.52pt;margin-bottom:3pt;color:rgb(0, 62, 135);">WHAT DID THE FUND INVEST IN? (As of December 31, 2025)</div><div style="margin-top:0px;font-family:'times new roman';font-size:9pt;color:rgb(0, 0, 0);margin-bottom:10pt;">The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.</div><div style="margin-top:5pt;margin-bottom:5pt;font-size:9pt;letter-spacing:1.25px;text-transform:uppercase;text-align:center;padding-bottom:5pt;margin-right:0px;margin-left:0px;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;font-family:'times new roman';font-weight:bold;color:rgb(0, 0, 0);">Top Ten Holdings<sup style="font-size:6pt"></sup></div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Cognizant Technology Solutions Corp., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">2.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Expeditors International of Washington, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">2.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Cummins, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">2.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Dover Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">2.3<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Ross Stores, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">2.3<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Cisco Systems, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">2.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Monster Beverage Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">2.1<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Moody's Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">2.1<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Johnson &amp; Johnson</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">2.1<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">TJX (The) Cos., Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">2.1<span>%</span></td> </tr> </table><div style="margin-top:5pt;margin-bottom:5pt;font-size:9pt;letter-spacing:1.25px;text-transform:uppercase;text-align:center;padding-bottom:5pt;margin-right:0px;margin-left:0px;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;font-family:'times new roman';font-weight:bold;color:rgb(0, 0, 0);">Sector Allocation</div><div style="font-family:'times new roman';font-size:9pt;color:rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_677020.jpg" style="width: 172.8pt;"/> </div> <div style="margin-top:5pt;margin-bottom:5pt;font-size:9pt;letter-spacing:1.25px;text-transform:uppercase;text-align:center;padding-bottom:5pt;margin-right:0px;margin-left:0px;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;font-family:'times new roman';font-weight:bold;color:rgb(0, 0, 0);">Top Ten Holdings<sup style="font-size:6pt"></sup></div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Cognizant Technology Solutions Corp., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">2.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Expeditors International of Washington, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">2.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Cummins, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">2.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Dover Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">2.3<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Ross Stores, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">2.3<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Cisco Systems, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">2.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Monster Beverage Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">2.1<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Moody's Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">2.1<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Johnson &amp; Johnson</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">2.1<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">TJX (The) Cos., Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">2.1<span>%</span></td> </tr> </table> 0.025 0.024 0.024 0.023 0.023 0.022 0.021 0.021 0.021 0.021 First Trust International Developed Capital Strength® Portfolio Class I This annual shareholder report contains important information about the First Trust International Developed Capital Strength<sup style="font-size:6pt">®</sup> Portfolio (the “Fund”) for the year of January 1, 2025 to December 31, 2025 (the “Period”). annual shareholder report You can find additional information about the Fund at <span style="color:rgb(0, 62, 135);text-decoration-line:underline">www.ftportfolios.com/fund-documents/VA/FTAIDCSI</span>. You can also request this information by contacting us at 1-800-621-1675 or <span style="text-decoration-line:underline;color:rgb(0, 62, 135);font-family:'times new roman';font-size:9pt">info@ftportfolios.com</span>. www.ftportfolios.com/fund-documents/VA/FTAIDCSI 1-800-621-1675 info@ftportfolios.com <div style="margin-top:0px;font-family:'times new roman';font-weight:bold;font-size:11.52pt;margin-bottom:3pt;color:rgb(0, 62, 135);">WHAT WERE THE FUND COSTS FOR THE LAST YEAR?</div><div style="margin-top:0px;margin-bottom:0px;font-family:'times new roman';font-size:9pt;color:rgb(0, 0, 0);">(Based on a hypothetical $10,000 investment)</div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Times New Roman'; font-weight: bold; vertical-align: bottom;">Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold; vertical-align: bottom;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold; vertical-align: bottom;">Costs paid as a percentage<br/> of a $10,000 investment</td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom;">First Trust International Developed Capital Strength<sup style="font-size:6pt">®</sup> Portfolio - Class I</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom;"><span style="float:none">$</span>133</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; vertical-align: bottom;">1.21<span>%</span><sup style="font-size:6pt">(1)</sup></td> </tr> </table><table style="border-collapse:collapse;break-inside:avoid;width:auto"> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; vertical-align: baseline; font-family: 'Times New Roman'; font-style: normal; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; padding-top: 0; padding-right: 2px; padding-bottom: 4pt; padding-left: 0; margin-bottom: 0; white-space: nowrap; width: 10pt;">(1<span>)</span></td> <td style="break-inside: avoid-page; vertical-align: baseline; font-family: 'Times New Roman'; font-style: normal; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 4pt; padding-left: 0; margin-bottom: 0;"> <div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 0, 0);font-size:7.5pt;text-align:left;font-style:normal;margin-bottom:0px;">Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 1.20%.</div></td> </tr> </table> 133 0.0121 Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 1.20%. 0.0120 <div style="font-family:'times new roman';font-weight:bold;font-size:11.52pt;margin-bottom:3pt;color:rgb(0, 62, 135);margin-top:14pt;">HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND’S PERFORMANCE?</div><div style="margin-top:0px;font-family:'times new roman';font-size:9pt;color:rgb(0, 0, 0);margin-bottom:10pt;">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.</div><div style="margin-top:0px;font-family:'times new roman';font-size:9pt;color:rgb(0, 0, 0);margin-bottom:10pt;">This underperformance was largely driven by broad factor weakness during the Period.<span style="white-space:nowrap"> </span>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.</div> <div style="margin-top:0px;font-family:'times new roman';font-weight:bold;font-size:11.52pt;margin-bottom:3pt;color:rgb(0, 62, 135);">FUND PERFORMANCE (May 1, 2020 to December 31, 2025)</div><div style="margin-top:0px;font-family:'times new roman';font-size:9pt;color:rgb(0, 0, 0);margin-bottom:10pt;">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.</div><div style="margin-top:0px;font-family:'times new roman';font-size:9pt;color:rgb(0, 0, 0);margin-bottom:10pt;"> <b>INVESTMENT PERFORMANCE OF $10,000</b> </div><div style="font-family:'times new roman';font-size:9pt;color:rgb(0, 0, 0);margin-bottom:20pt;"> <img alt="Fund Performance - Growth of 10K" src="chartimages_676979.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Times New Roman'; font-weight: bold; width: 62%; vertical-align: bottom;">Average Annual Total Returns (as of December 31, 2025)</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold; width: 9%; vertical-align: bottom;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold; width: 9%; vertical-align: bottom;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold; width: 11%; vertical-align: bottom;">Since<br/> Inception<br/> (5/01/20)</td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Times New Roman';">First Trust International Developed Capital Strength<sup style="font-size:6pt">®</sup> Portfolio - Class I</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">19.53<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">6.45<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">11.57<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Times New Roman';">MSCI World ex USA Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">31.85<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">9.46<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">13.88<span>%</span></td> </tr> </table> 2020-05-01 First Trust International Developed Capital Strength® Portfolio - Class I 0.1953 0.0645 0.1157 MSCI World ex USA Index 0.3185 0.0946 0.1388 <div style="margin-top:0px;font-family:'times new roman';font-size:9pt;color:rgb(0, 0, 0);margin-bottom:7.5pt;"> <b>Visit </b> <b> <span style="color:rgb(0, 62, 135);text-decoration-line:underline">www.ftportfolios.com/VA/FTAIDCSI </span> </b> <b>  </b> <b>for more recent performance information.</b> </div> 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. <div style="font-family:'times new roman';font-weight:bold;font-size:11.52pt;margin-bottom:3pt;color:rgb(0, 62, 135);margin-top:10pt;">KEY FUND STATISTICS (As of<span style="white-space:nowrap"> </span>December 31, 2025)</div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 10pt; font-size: 9pt; color: rgb(0, 0, 0); width: 80%; font-weight: bold; text-align: left; font-family: 'Times New Roman';">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 20%; white-space: nowrap;"><span style="float:none">$</span>40,727,720</td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 10pt; font-size: 9pt; color: rgb(0, 0, 0); width: 80%; font-weight: bold; text-align: left; font-family: 'Times New Roman';">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 20%; white-space: nowrap;">52</td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 10pt; font-size: 9pt; color: rgb(0, 0, 0); width: 80%; font-weight: bold; text-align: left; font-family: 'Times New Roman';">Total advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 20%; white-space: nowrap;"><span style="float:none">$</span>71,391</td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 10pt; font-size: 9pt; color: rgb(0, 0, 0); width: 80%; font-weight: bold; text-align: left; font-family: 'Times New Roman';">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 20%; white-space: nowrap;">68<span>%</span></td> </tr> </table> 40727720 52 71391 0.68 <div style="margin-top:0px;font-family:'times new roman';font-weight:bold;font-size:11.52pt;margin-bottom:3pt;color:rgb(0, 62, 135);">WHAT DID THE FUND INVEST IN? (As of December 31, 2025)</div><div style="margin-top:0px;font-family:'times new roman';font-size:9pt;color:rgb(0, 0, 0);margin-bottom:10pt;">The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.</div><div style="margin-top:5pt;margin-bottom:5pt;font-size:9pt;letter-spacing:1.25px;text-transform:uppercase;text-align:center;padding-bottom:5pt;margin-right:0px;margin-left:0px;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;font-family:'times new roman';font-weight:bold;color:rgb(0, 0, 0);">Top Ten Holdings<sup style="font-size:6pt"></sup></div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Great-West Lifeco, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">2.3<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Rio Tinto PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">2.3<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Toronto-Dominion Bank (The)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">2.3<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Industria de Diseno Textil S.A.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">2.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Royal Bank of Canada</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">2.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Prudential PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">2.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Roche Holding AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">2.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">ITOCHU Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">2.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Allianz SE</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">2.1<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">GSK PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">2.1<span>%</span></td> </tr> </table><div style="margin-top:5pt;margin-bottom:5pt;font-size:9pt;letter-spacing:1.25px;text-transform:uppercase;text-align:center;padding-bottom:5pt;margin-right:0px;margin-left:0px;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;font-family:'times new roman';font-weight:bold;color:rgb(0, 0, 0);">Sector Allocation</div><div style="font-family:'times new roman';font-size:9pt;color:rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_677065.jpg" style="width: 172.8pt;"/> </div> <div style="margin-top:5pt;margin-bottom:5pt;font-size:9pt;letter-spacing:1.25px;text-transform:uppercase;text-align:center;padding-bottom:5pt;margin-right:0px;margin-left:0px;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;font-family:'times new roman';font-weight:bold;color:rgb(0, 0, 0);">Top Ten Holdings<sup style="font-size:6pt"></sup></div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Great-West Lifeco, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">2.3<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Rio Tinto PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">2.3<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Toronto-Dominion Bank (The)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">2.3<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Industria de Diseno Textil S.A.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">2.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Royal Bank of Canada</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">2.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Prudential PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">2.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Roche Holding AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">2.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">ITOCHU Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">2.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Allianz SE</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">2.1<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">GSK PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">2.1<span>%</span></td> </tr> </table> 0.023 0.023 0.023 0.022 0.022 0.022 0.022 0.022 0.021 0.021 First Trust Growth StrengthTM Portfolio Class I This annual shareholder report contains important information about the First Trust Growth Strength<sup style="font-size:6pt">TM</sup> Portfolio (the “Fund”) for the year of January 1, 2025 to December 31, 2025 (the “Period”). annual shareholder report You can find additional information about the Fund at <span style="color:rgb(0, 62, 135);text-decoration-line:underline">www.ftportfolios.com/fund-documents/VA/FTGSTI</span>. You can also request this information by contacting us at 1-800-621-1675 or <span style="text-decoration-line:underline;color:rgb(0, 62, 135);font-family:'times new roman';font-size:9pt">info@ftportfolios.com</span>. www.ftportfolios.com/fund-documents/VA/FTGSTI 1-800-621-1675 info@ftportfolios.com <div style="margin-top:0px;font-family:'times new roman';font-weight:bold;font-size:11.52pt;margin-bottom:3pt;color:rgb(0, 62, 135);">WHAT WERE THE FUND COSTS FOR THE LAST YEAR?</div><div style="margin-top:0px;margin-bottom:0px;font-family:'times new roman';font-size:9pt;color:rgb(0, 0, 0);">(Based on a hypothetical $10,000 investment)</div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Times New Roman'; font-weight: bold; vertical-align: bottom;">Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold; vertical-align: bottom;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold; vertical-align: bottom;">Costs paid as a percentage<br/> of a $10,000 investment</td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom;">First Trust Growth Strength<sup style="font-size:6pt">TM</sup> Portfolio - Class I</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom;"><span style="float:none">$</span>128</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; vertical-align: bottom;">1.21<span>%</span><sup style="font-size:6pt">(1)</sup></td> </tr> </table><table style="border-collapse:collapse;break-inside:avoid;width:auto"> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; vertical-align: baseline; font-family: 'Times New Roman'; font-style: normal; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; padding-top: 0; padding-right: 2px; padding-bottom: 4pt; padding-left: 0; margin-bottom: 0; white-space: nowrap; width: 10pt;">(1<span>)</span></td> <td style="break-inside: avoid-page; vertical-align: baseline; font-family: 'Times New Roman'; font-style: normal; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 4pt; padding-left: 0; margin-bottom: 0;"> <div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 0, 0);font-size:7.5pt;text-align:left;font-style:normal;margin-bottom:0px;">Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 1.20%.</div></td> </tr> </table> 128 0.0121 Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 1.20%. 0.0120 <div style="font-family:'times new roman';font-weight:bold;font-size:11.52pt;margin-bottom:3pt;color:rgb(0, 62, 135);margin-top:14pt;">HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND’S PERFORMANCE?</div><div style="margin-top:0px;font-family:'times new roman';font-size:9pt;color:rgb(0, 0, 0);margin-bottom:10pt;">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&amp;P 500<sup style="font-size:6pt">®</sup> Index, which returned 17.88% for the same Period.</div><div style="margin-top:0px;font-family:'times new roman';font-size:9pt;color:rgb(0, 0, 0);margin-bottom:10pt;">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.</div> <div style="margin-top:0px;font-family:'times new roman';font-weight:bold;font-size:11.52pt;margin-bottom:3pt;color:rgb(0, 62, 135);">FUND PERFORMANCE (May 16, 2023 to December 31, 2025)</div><div style="margin-top:0px;font-family:'times new roman';font-size:9pt;color:rgb(0, 0, 0);margin-bottom:10pt;">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.</div><div style="margin-top:0px;font-family:'times new roman';font-size:9pt;color:rgb(0, 0, 0);margin-bottom:10pt;"> <b>INVESTMENT PERFORMANCE OF $10,000</b> </div><div style="font-family:'times new roman';font-size:9pt;color:rgb(0, 0, 0);margin-bottom:20pt;"> <img alt="Fund Performance - Growth of 10K" src="chartimages_676987.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Times New Roman'; font-weight: bold; width: 62%; vertical-align: bottom;">Average Annual Total Returns (as of December 31, 2025)</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold; width: 9%; vertical-align: bottom;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold; width: 11%; vertical-align: bottom;">Since<br/> Inception<br/> (5/16/23)</td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Times New Roman';">First Trust Growth Strength<sup style="font-size:6pt">TM</sup> Portfolio - Class I</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">11.75<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">20.62<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Times New Roman';">S&amp;P 500<sup style="font-size:6pt">®</sup> Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">17.88<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">23.14<span>%</span></td> </tr> </table> 2023-05-16 First Trust Growth StrengthTM Portfolio - Class I 0.1175 0.2062 S&P 500® Index 0.1788 0.2314 <div style="margin-top:0px;font-family:'times new roman';font-size:9pt;color:rgb(0, 0, 0);margin-bottom:7.5pt;"> <b>Visit </b> <b> <span style="color:rgb(0, 62, 135);text-decoration-line:underline">www.ftportfolios.com/VA/FTGSTI </span> </b> <b>  </b> <b>for more recent performance information.</b> </div> 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. <div style="font-family:'times new roman';font-weight:bold;font-size:11.52pt;margin-bottom:3pt;color:rgb(0, 62, 135);margin-top:10pt;">KEY FUND STATISTICS (As of<span style="white-space:nowrap"> </span>December 31, 2025)</div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 10pt; font-size: 9pt; color: rgb(0, 0, 0); width: 80%; font-weight: bold; text-align: left; font-family: 'Times New Roman';">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 20%; white-space: nowrap;"><span style="float:none">$</span>36,707,978</td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 10pt; font-size: 9pt; color: rgb(0, 0, 0); width: 80%; font-weight: bold; text-align: left; font-family: 'Times New Roman';">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 20%; white-space: nowrap;">51</td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 10pt; font-size: 9pt; color: rgb(0, 0, 0); width: 80%; font-weight: bold; text-align: left; font-family: 'Times New Roman';">Total advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 20%; white-space: nowrap;"><span style="float:none">$</span>71,294</td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 10pt; font-size: 9pt; color: rgb(0, 0, 0); width: 80%; font-weight: bold; text-align: left; font-family: 'Times New Roman';">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 20%; white-space: nowrap;">113<span>%</span></td> </tr> </table> 36707978 51 71294 1.13 <div style="margin-top:0px;font-family:'times new roman';font-weight:bold;font-size:11.52pt;margin-bottom:3pt;color:rgb(0, 62, 135);">WHAT DID THE FUND INVEST IN? (As of December 31, 2025)</div><div style="margin-top:0px;font-family:'times new roman';font-size:9pt;color:rgb(0, 0, 0);margin-bottom:10pt;">The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.</div><div style="margin-top:5pt;margin-bottom:5pt;font-size:9pt;letter-spacing:1.25px;text-transform:uppercase;text-align:center;padding-bottom:5pt;margin-right:0px;margin-left:0px;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;font-family:'times new roman';font-weight:bold;color:rgb(0, 0, 0);">Top Ten Holdings<sup style="font-size:6pt"></sup></div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Eli Lilly &amp; Co.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">2.7<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Apollo Global Management, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">2.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Schlumberger N.V.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">2.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Incyte Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">2.3<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">United Therapeutics Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">2.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">AppLovin Corp., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">2.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Newmont Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">2.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Monster Beverage Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">2.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Caterpillar, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">2.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Moody's Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">2.2<span>%</span></td> </tr> </table><div style="margin-top:5pt;margin-bottom:5pt;font-size:9pt;letter-spacing:1.25px;text-transform:uppercase;text-align:center;padding-bottom:5pt;margin-right:0px;margin-left:0px;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;font-family:'times new roman';font-weight:bold;color:rgb(0, 0, 0);">Sector Allocation</div><div style="font-family:'times new roman';font-size:9pt;color:rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_677051.jpg" style="width: 172.8pt;"/> </div> <div style="margin-top:5pt;margin-bottom:5pt;font-size:9pt;letter-spacing:1.25px;text-transform:uppercase;text-align:center;padding-bottom:5pt;margin-right:0px;margin-left:0px;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;font-family:'times new roman';font-weight:bold;color:rgb(0, 0, 0);">Top Ten Holdings<sup style="font-size:6pt"></sup></div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Eli Lilly &amp; Co.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">2.7<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Apollo Global Management, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">2.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Schlumberger N.V.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">2.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Incyte Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">2.3<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">United Therapeutics Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">2.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">AppLovin Corp., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">2.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Newmont Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">2.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Monster Beverage Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">2.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Caterpillar, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">2.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Moody's Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">2.2<span>%</span></td> </tr> </table> 0.027 0.024 0.024 0.023 0.022 0.022 0.022 0.022 0.022 0.022 First Trust Capital Strength® Hedged Equity Portfolio Class I This annual shareholder report contains important information about the First Trust Capital Strength<sup style="font-size:6pt">®</sup> Hedged Equity Portfolio (the “Fund”) for the year of January 1, 2025 to December 31, 2025 (the “Period”). annual shareholder report You can find additional information about the Fund at <span style="color:rgb(0, 62, 135);text-decoration-line:underline">www.ftportfolios.com/fund-documents/VA/FTCSHI</span>. You can also request this information by contacting us at 1-800-621-1675 or <span style="text-decoration-line:underline;color:rgb(0, 62, 135);font-family:'times new roman';font-size:9pt">info@ftportfolios.com</span>. www.ftportfolios.com/fund-documents/VA/FTCSHI 1-800-621-1675 info@ftportfolios.com <div style="margin-top:0px;font-family:'times new roman';font-weight:bold;font-size:11.52pt;margin-bottom:3pt;color:rgb(0, 62, 135);">WHAT WERE THE FUND COSTS FOR THE LAST YEAR?</div><div style="margin-top:0px;margin-bottom:0px;font-family:'times new roman';font-size:9pt;color:rgb(0, 0, 0);">(Based on a hypothetical $10,000 investment)</div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Times New Roman'; font-weight: bold; vertical-align: bottom;">Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold; vertical-align: bottom;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold; vertical-align: bottom;">Costs paid as a percentage<br/> of a $10,000 investment</td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom;">First Trust Capital Strength<sup style="font-size:6pt">®</sup> Hedged Equity Portfolio - Class I</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom;"><span style="float:none">$</span>125</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; vertical-align: bottom;">1.26<span>%</span><sup style="font-size:6pt">(1)</sup></td> </tr> </table><table style="border-collapse:collapse;break-inside:avoid;width:auto"> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; vertical-align: baseline; font-family: 'Times New Roman'; font-style: normal; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; padding-top: 0; padding-right: 2px; padding-bottom: 4pt; padding-left: 0; margin-bottom: 0; white-space: nowrap; width: 10pt;">(1<span>)</span></td> <td style="break-inside: avoid-page; vertical-align: baseline; font-family: 'Times New Roman'; font-style: normal; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 4pt; padding-left: 0; margin-bottom: 0;"> <div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 0, 0);font-size:7.5pt;text-align:left;font-style:normal;margin-bottom:0px;">Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 1.25%.</div></td> </tr> </table> 125 0.0126 Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 1.25%. 0.0125 <div style="font-family:'times new roman';font-weight:bold;font-size:11.52pt;margin-bottom:3pt;color:rgb(0, 62, 135);margin-top:14pt;">HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND’S PERFORMANCE?</div><div style="margin-top:0px;font-family:'times new roman';font-size:9pt;color:rgb(0, 0, 0);margin-bottom:10pt;">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&amp;P 500<sup style="font-size:6pt">®</sup> Index, which returned 17.88% for the same Period.</div><div style="margin-top:0px;font-family:'times new roman';font-size:9pt;color:rgb(0, 0, 0);margin-bottom:10pt;">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 &amp; 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.</div> <div style="margin-top:0px;font-family:'times new roman';font-weight:bold;font-size:11.52pt;margin-bottom:3pt;color:rgb(0, 62, 135);">FUND PERFORMANCE (August 14, 2023 to December 31, 2025)</div><div style="margin-top:0px;font-family:'times new roman';font-size:9pt;color:rgb(0, 0, 0);margin-bottom:10pt;">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.</div><div style="margin-top:0px;font-family:'times new roman';font-size:9pt;color:rgb(0, 0, 0);margin-bottom:10pt;"> <b>INVESTMENT PERFORMANCE OF $10,000</b> </div><div style="font-family:'times new roman';font-size:9pt;color:rgb(0, 0, 0);margin-bottom:20pt;"> <img alt="Fund Performance - Growth of 10K" src="chartimages_676996.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Times New Roman'; font-weight: bold; width: 62%; vertical-align: bottom;">Average Annual Total Returns (as of December 31, 2025)</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold; width: 9%; vertical-align: bottom;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold; width: 11%; vertical-align: bottom;">Since<br/> Inception<br/> (8/14/23)</td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Times New Roman';">First Trust Capital Strength<sup style="font-size:6pt">®</sup> Hedged Equity Portfolio - Class I</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">-2.26<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">-0.71<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Times New Roman';">S&amp;P 500<sup style="font-size:6pt">®</sup> Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">17.88<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">21.05<span>%</span></td> </tr> </table> 2023-08-14 First Trust Capital Strength® Hedged Equity Portfolio - Class I -0.0226 -0.0071 S&P 500® Index 0.1788 0.2105 <div style="margin-top:0px;font-family:'times new roman';font-size:9pt;color:rgb(0, 0, 0);margin-bottom:7.5pt;"> <b>Visit </b> <b> <span style="color:rgb(0, 62, 135);text-decoration-line:underline">www.ftportfolios.com/VA/FTCSHI </span> </b> <b>  </b> <b>for more recent performance information.</b> </div> 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. <div style="font-family:'times new roman';font-weight:bold;font-size:11.52pt;margin-bottom:3pt;color:rgb(0, 62, 135);margin-top:10pt;">KEY FUND STATISTICS (As of<span style="white-space:nowrap"> </span>December 31, 2025)</div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 10pt; font-size: 9pt; color: rgb(0, 0, 0); width: 80%; font-weight: bold; text-align: left; font-family: 'Times New Roman';">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 20%; white-space: nowrap;"><span style="float:none">$</span>15,261,252</td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 10pt; font-size: 9pt; color: rgb(0, 0, 0); width: 80%; font-weight: bold; text-align: left; font-family: 'Times New Roman';">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 20%; white-space: nowrap;">56</td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 10pt; font-size: 9pt; color: rgb(0, 0, 0); width: 80%; font-weight: bold; text-align: left; font-family: 'Times New Roman';">Total advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 20%; white-space: nowrap;"><span style="float:none">$</span>0</td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 10pt; font-size: 9pt; color: rgb(0, 0, 0); width: 80%; font-weight: bold; text-align: left; font-family: 'Times New Roman';">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 20%; white-space: nowrap;">136<span>%</span></td> </tr> </table> 15261252 56 0 1.36 <div style="margin-top:0px;font-family:'times new roman';font-weight:bold;font-size:11.52pt;margin-bottom:3pt;color:rgb(0, 62, 135);">WHAT DID THE FUND INVEST IN? (As of December 31, 2025)</div><div style="margin-top:0px;font-family:'times new roman';font-size:9pt;color:rgb(0, 0, 0);margin-bottom:10pt;">The tables below show the investment makeup of the Fund, representing the percentage of net assets and total investments, respectively, of the Fund.</div><div style="margin-top:5pt;margin-bottom:5pt;font-size:9pt;letter-spacing:1.25px;text-transform:uppercase;text-align:center;padding-bottom:5pt;margin-right:0px;margin-left:0px;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;font-family:'times new roman';font-weight:bold;color:rgb(0, 0, 0);">Fund Allocation<sup style="font-size:6pt"></sup></div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">99.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Put Options Purchased</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">0.1<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Call Options Written</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">(0.3<span>)</span><span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Put Options Written</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">(0.0<span>)</span><span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left;">Net Other Assets and Liabilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">0.6<span>%</span></td> </tr> </table><div style="margin-top:5pt;margin-bottom:5pt;font-size:9pt;letter-spacing:1.25px;text-transform:uppercase;text-align:center;padding-bottom:5pt;margin-right:0px;margin-left:0px;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;font-family:'times new roman';font-weight:bold;color:rgb(0, 0, 0);">Sector Allocation</div><div style="font-family:'times new roman';font-size:9pt;color:rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_677006.jpg" style="width: 172.8pt;"/> </div><div style="margin-top:0px;margin-bottom:0px;font-family:'times new roman';color:rgb(0, 0, 0);font-size:7.5pt;font-style:normal;padding-left:1.5em;text-indent:-1.5em;">Any amount shown as 0.0% represents less than 0.1%.</div> 0.996 0.001 -0.003 -0.000 0.006 Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 1.20%. Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 1.20%. 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. Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 1.25%. Excludes any Acquired Fund Fees and Expenses of underlying investment companies in which the Fund invests. Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.83%. The Broad Blended Benchmark returns are split between the Bloomberg U.S. Aggregate Bond Index (60%) and the Russell 3000® Index (40%). 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%). The Blended Benchmark returns are a 50/50 split between the Russell 3000® Index and the Bloomberg U.S. Corporate Investment-Grade Index returns. Excludes any Acquired Fund Fees and Expenses of underlying investment companies in which the Fund invests. Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.76%. The Broad Blended Benchmark return is split between the Bloomberg U.S. Aggregate Bond Index (40%) and the S&P 500® Index (60%). Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 1.10%.