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Trust Variable Insurance Trust 2026-06-30 First Trust/Dow Jones Dividend & Income Allocation Portfolio Class I This semi-annual shareholder report contains important information about the First Trust/Dow Jones Dividend & Income Allocation Portfolio (the “Fund”) for the period of January 1, 2026 to June 30, 2026. semi-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/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 SIX MONTHS?</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 $10,000 investment</td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom;">First Trust/Dow Jones Dividend & Income Allocation Portfolio - Class I</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom;"><span style="float:none">$</span>60</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;">1.18<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;font-style:normal;margin-bottom:0px;">Annualized.</div></td> </tr> </table> 60 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:10pt;">KEY FUND STATISTICS (As of<span style="white-space:nowrap"> </span>June 30, 2026)</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>733,469,999</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;">436</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;">45<span>%</span></td> </tr> </table>

733469999

436

0.45

17237601

178

0.19

<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 June 30, 2026)</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;">First Trust Senior Loan Fund</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;">12.5<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;">First Trust Preferred Securities and Income ETF</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;">8.7<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;">First Trust Tactical High Yield ETF</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;">8.7<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;">iShares iBoxx $ Investment Grade Corporate Bond ETF</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;">6.7<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;">First Trust Intermediate Government Opportunities ETF</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;">3.6<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;">iShares 7-10 Year Treasury Bond ETF</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;">First Trust Limited Duration Investment Grade Corporate ETF</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;">Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class - 3.51%</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;">1.8<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; 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;">iShares MBS ETF</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;">1.1<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;">Enterprise Products Partners, L.P.</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;">1.0<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_707291.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;">First Trust Senior Loan Fund</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;">12.5<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;">First Trust Preferred Securities and Income ETF</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;">8.7<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;">First Trust Tactical High Yield ETF</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;">8.7<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;">iShares iBoxx $ Investment Grade Corporate Bond ETF</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;">6.7<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;">First Trust Intermediate Government Opportunities ETF</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;">3.6<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;">iShares 7-10 Year Treasury Bond ETF</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;">First Trust Limited Duration Investment Grade Corporate ETF</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;">Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class - 3.51%</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;">1.8<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; 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;">iShares MBS ETF</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;">1.1<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;">Enterprise Products Partners, L.P.</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;">1.0<span>%</span></td> </tr> </table> 0.125 0.087 0.087 0.067 0.036 0.022 0.021 0.018 0.011 0.010 First Trust Dorsey WrightTactical Core Portfolio Class I This semi-annual shareholder report contains important information about the First Trust Dorsey Wright Tactical Core Portfolio (the “Fund”) for the period of January 1, 2026 to June 30, 2026. semi-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 SIX MONTHS?</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>37<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;">0.70<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; font-style: normal; margin-bottom: 0px;">Annualized.</div> </td> </tr> </table> 37 0.0070 <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>June 30, 2026)</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>60,408,037</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: 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;">95<span>%</span></td> </tr> </table>

60408037

0.95

<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 June 30, 2026)</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-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 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;">11.2<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;">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;">8.0<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 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;">7.5<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 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;">7.3<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 NYSE<sup style="font-size: 6pt;">®</sup> Arca<sup style="font-size: 6pt;">®</sup> Biotechnology 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;">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 Emerging Markets 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;">6.1<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;">First Trust Developed Markets ex-US 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;">6.1<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;">First Trust Nasdaq Transportation 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;">6.1<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 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;">5.4<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;">First Trust NASDAQ-100-Technology Sector 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;">5.1<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;">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 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;">11.2<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;">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;">8.0<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 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;">7.5<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 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;">7.3<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 NYSE<sup style="font-size: 6pt;">®</sup> Arca<sup style="font-size: 6pt;">®</sup> Biotechnology 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;">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 Emerging Markets 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;">6.1<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;">First Trust Developed Markets ex-US 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;">6.1<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;">First Trust Nasdaq Transportation 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;">6.1<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 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;">5.4<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;">First Trust NASDAQ-100-Technology Sector 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;">5.1<span>%</span></td> </tr> </table> 0.112 0.080 0.075 0.073 0.070 0.061 0.061 0.061 0.054 0.051 First Trust Capital Strength® Portfolio Class I This semi-annual shareholder report contains important information about the First Trust Capital Strength<sup style="font-size:6pt">®</sup> Portfolio (the “Fund”) for the period of January 1, 2026 to June 30, 2026. semi-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 SIX MONTHS?</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>55</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;">1.10<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;font-style:normal;margin-bottom:0px;">Annualized.</div></td> </tr> </table> 55 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:10pt;">KEY FUND STATISTICS (As of<span style="white-space:nowrap"> </span>June 30, 2026)</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>202,342,529</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: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;">49<span>%</span></td> </tr> </table>

202342529

0.49

<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 June 30, 2026)</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;">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;">2.7<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;">Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class - 3.51%</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;">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;">2.5<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;">T. Rowe Price Group, 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;">Automatic Data Processing, 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;">Cincinnati Financial 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;">Agilent Technologies, 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> <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 & 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: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;">Union Pacific 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: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;">Visa, Inc., 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;">2.1<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_707235.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;">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;">2.7<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;">Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class - 3.51%</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;">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;">2.5<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;">T. Rowe Price Group, 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;">Automatic Data Processing, 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;">Cincinnati Financial 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;">Agilent Technologies, 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> <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 & 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: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;">Union Pacific 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: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;">Visa, Inc., 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;">2.1<span>%</span></td> </tr> </table> 0.027 0.027 0.025 0.023 0.022 0.022 0.021 0.021 0.021 0.021 First Trust International Developed Capital Strength® Portfolio Class I This semi-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 period of January 1, 2026 to June 30, 2026. semi-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 SIX MONTHS?</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>61</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;">1.20<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;font-style:normal;margin-bottom:0px;">Annualized.</div></td> </tr> </table> 61 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:10pt;">KEY FUND STATISTICS (As of<span style="white-space:nowrap"> </span>June 30, 2026)</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>41,320,936</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: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;">40<span>%</span></td> </tr> </table>

41320936

0.40

<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 June 30, 2026)</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;">Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class - 3.51%</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;">3.0<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; 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;">2.4<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;">Poste Italiane S.p.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;">2.4<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;">Aristocrat Leisure Ltd.</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;">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;">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;">2.2<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;">Compass Group 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;">DBS Group Holdings Ltd.</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;">ABB Ltd.</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;">Givaudan 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;">2.1<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_707277.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;">Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class - 3.51%</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;">3.0<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; 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;">2.4<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;">Poste Italiane S.p.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;">2.4<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;">Aristocrat Leisure Ltd.</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;">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;">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;">2.2<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;">Compass Group 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;">DBS Group Holdings Ltd.</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;">ABB Ltd.</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;">Givaudan 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;">2.1<span>%</span></td> </tr> </table> 0.030 0.024 0.024 0.023 0.022 0.022 0.022 0.022 0.022 0.021 First Trust Growth StrengthTM Portfolio Class I This semi-annual shareholder report contains important information about the First Trust Growth Strength<sup style="font-size:6pt">TM</sup> Portfolio (the “Fund”) for the period of January 1, 2026 to June 30, 2026. semi-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 SIX MONTHS?</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>61</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;">1.20<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;font-style:normal;margin-bottom:0px;">Annualized.</div></td> </tr> </table> 61 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:10pt;">KEY FUND STATISTICS (As of<span style="white-space:nowrap"> </span>June 30, 2026)</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>43,120,723</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: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;">57<span>%</span></td> </tr> </table>

43120723

0.57

<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 June 30, 2026)</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;">Palo Alto Networks, 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;">4.0<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; 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;">Fortinet, 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;">3.7<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;">Eli Lilly & 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;">2.5<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;">Neurocrine Biosciences, 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;">2.5<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;">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;">2.4<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;">Cadence Design 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;">2.3<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;">Amphenol 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;">2.3<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;">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;">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;">2.2<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;">Cincinnati Financial 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_707263.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;">Palo Alto Networks, 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;">4.0<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; 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;">Fortinet, 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;">3.7<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;">Eli Lilly & 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;">2.5<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;">Neurocrine Biosciences, 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;">2.5<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;">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;">2.4<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;">Cadence Design 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;">2.3<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;">Amphenol 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;">2.3<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;">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;">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;">2.2<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;">Cincinnati Financial 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> 0.040 0.037 0.025 0.025 0.024 0.023 0.023 0.023 0.022 0.022 First Trust Capital Strength® Hedged Equity Portfolio Class I This semi-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 period of January 1, 2026 to June 30, 2026. semi-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 SIX MONTHS?</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>62</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;">1.25<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;font-style:normal;margin-bottom:0px;">Annualized.</div></td> </tr> </table> 62 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:10pt;">KEY FUND STATISTICS (As of<span style="white-space:nowrap"> </span>June 30, 2026)</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>17,305,614</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;">58</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;">52<span>%</span></td> </tr> </table>

17305614

0.52