UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT
COMPANIES

Investment Company Act file number 811-22652
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First Trust Variable Insurance Trust
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(Exact name of registrant as specified in charter)

120 East Liberty Drive, Suite 400
Wheaton, IL 60187
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(Address of principal executive offices) (Zip code)

W. Scott Jardine, Esq.
First Trust Portfolios L.P.
120 East Liberty Drive, Suite 400
Wheaton, IL 60187
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(Name and address of agent for service)

registrant's telephone number, including area code: 630-765-8000
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Date of fiscal year end: December 31
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Date of reporting period: June 30, 2013
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Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.

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

ITEM 1. REPORTS TO STOCKHOLDERS.

FIRST TRUST VARIABLE INSURANCE TRUST
SEMI-ANNUAL REPORT
FOR THE SIX MONTHS ENDED JUNE 30, 2013

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TABLE OF CONTENTS
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FIRST TRUST VARIABLE INSURANCE TRUST
SEMI-ANNUAL REPORT
JUNE 30, 2013

Shareholder Letter.......................................................... 1
Market Overview............................................................. 2
Performance Summary and Portfolio Components................................ 4
Understanding Your Fund Expenses............................................ 7
Portfolio of Investments.................................................... 8
Statement of Assets and Liabilities......................................... 18
Statement of Operations..................................................... 19
Statements of Changes in Net Assets......................................... 20
Financial Highlights........................................................ 21
Notes to Financial Statements............................................... 22
Additional Information...................................................... 27

CAUTION REGARDING FORWARD-LOOKING STATEMENTS

This report contains certain forward-looking statements within the meaning of
the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934,
as amended. Forward-looking statements include statements regarding the goals,
beliefs, plans or current expectations of First Trust Advisors L.P. ("First
Trust" or the "Advisor") and its representatives, taking into account the
information currently available to them. Forward-looking statements include all
statements that do not relate solely to current or historical fact. For example,
forward-looking statements include the use of words such as "anticipate,"
"estimate," "intend," "expect," "believe," "plan," "may," "should," "would" or
other words that convey uncertainty of future events or outcomes.

Forward-looking statements involve known and unknown risks, uncertainties and
other factors that may cause the actual results, performance or achievements of
any series of the First Trust Variable Insurance Trust (the "Trust") to be
materially different from any future results, performance or achievements
expressed or implied by the forward-looking statements. When evaluating the
information included in this report, you are cautioned not to place undue
reliance on these forward-looking statements, which reflect the judgment of the
Advisor and its representatives only as of the date hereof. We undertake no
obligation to publicly revise or update these forward-looking statements to
reflect events and circumstances that arise after the date hereof.

PERFORMANCE AND RISK DISCLOSURE

There is no assurance that the First Trust/Dow Jones Dividend & Income
Allocation Portfolio (the "Fund"), the sole series of the Trust, will achieve
its investment objective. The Fund is subject to market risk, which is the
possibility that the market values of securities owned by the Fund will decline
and that the value of Fund shares may therefore be less than what you paid for
them. Accordingly, you can lose money by investing in the Fund. See "Risk
Considerations" in the Additional Information section of this report for a
discussion of certain other risks of investing in the Fund.

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

HOW TO READ THIS REPORT

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

By reading the portfolio commentary by the portfolio management team of the
Fund, you may obtain an understanding of how the market environment affected the
Fund's performance. The statistical information that follows may help you
understand the Fund's performance compared to that of relevant market
benchmarks.

It is important to keep in mind that the opinions expressed by personnel of
First Trust are just that: informed opinions. They should not be considered to
be promises or advice. The opinions, like the statistics, cover the period
through the date on the cover of this report. The risks of investing in the Fund
are spelled out in the prospectus, the statement of additional information, this
report and other Fund regulatory filings.

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SHAREHOLDER LETTER
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FIRST TRUST VARIABLE INSURANCE TRUST
SEMI-ANNUAL LETTER FROM THE CHAIRMAN AND CEO
JUNE 30, 2013

Dear Shareholders:

I am pleased to present you with the semi-annual report for your investment in
First Trust Variable Insurance Trust (the "Trust").

The report you hold contains detailed information about the First Trust/Dow
Jones Dividend & Income Allocation Portfolio (the "Fund") over the six months
ended June 30, 2013. It contains a market overview and a performance analysis
for the period. I encourage you to read this document and discuss it with your
financial advisor. A successful investor is also typically a knowledgeable one,
as we have found to be the case at First Trust.

The six months covered by this report have been more positive for the U.S.
markets. In fact, the S&P 500 Index, as measured on a total return basis, rose
13.82% during the period, and many economists and investors have felt positive
about the current market environment. Of course, past performance can never be
an indicator of future performance, but First Trust believes that staying
invested in quality products through up and down markets and having a long-term
horizon can help investors reach their financial goals.

As you know, First Trust offers a variety of products that we believe could help
investors seeking long-term investment success. We encourage you to talk to your
advisor about the other investments First Trust offers that might fit your
financial goals and to discuss those goals with your advisor regularly so that
he or she can help keep you on track.

First Trust will continue to make available up-to-date information about your
investments so you and your financial advisor are current on any First Trust
investments you own. We value our relationship with you, and thank you for the
opportunity to assist you in achieving your financial goals. I look forward to
the remainder of 2013 and to the next edition of your Fund's report.

Sincerely,

/s/ James A. Bowen

James A. Bowen
Chairman of the Board of Trustees and
Chief Executive Officer of First Trust Advisors L.P.

Page 1

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MARKET OVERVIEW
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FIRST TRUST VARIABLE INSURANCE TRUST
SEMI-ANNUAL REPORT
JUNE 30, 2013

[PHOTO OMMITTED] ROBERT F. CAREY, CFA
SENIOR VICE PRESIDENT AND CHIEF MARKET STRATEGIST
FIRST TRUST ADVISORS L.P.

Mr. Carey has over 23 years of experience as an Equity and Fixed-Income Analyst
and is a recipient of the Chartered Financial Analyst ("CFA") designation. He is
a graduate of the University of Illinois at Champaign-Urbana with a B.S. in
Physics. He is also a member of the Investment Analysts Society of Chicago and
the CFA Institute. Mr. Carey has appeared as a guest on such programs as
Bloomberg TV, CNBC and WBBM Radio and has been quoted by several publications,
including The Wall Street Journal, The Wall Street Reporter, Bloomberg News
Service, and Registered Rep.

STATE OF THE ECONOMY/INVESTING

The Federal Reserve has maintained an accommodative monetary policy since
September 2007, when it began lowering the federal funds target rate from 5.25%
to 0.25%. The target rate has stood at 0.25% since December 2008. In addition to
lowering the benchmark lending rate to nearly zero, the Federal Reserve also
increased the size of its balance sheet of securities from approximately $800
billion in 2008 to $3.46 trillion on July 10, 2013. That is a tremendous amount
of stimulus. While economic growth has been modest in this recovery relative to
previous recoveries that produced GDP growth rates ranging from 4% to 6% for
extended periods of time, on a calendar quarter basis, U.S. GDP growth has
exceeded 2.0% (annualized) in 9 out of the past 15 quarters through Q1'13,
according to data from the Bureau of Economic Analysis. The growth rate reached
the 4.0% (annualized) level on two occasions. In our opinion, this recovery has
lacked consistency due to a multitude of challenges, including too much
government spending and an excessive regulatory climate, especially for small
businesses.

One silver lining is that CEOs seem ready to act. A recent global survey of
chief executives from PricewaterhouseCoopers LLP revealed that 97% of the 246
CEOs polled see innovation as the top priority for their companies today.
Thirty-seven percent of CEOs think that they need to be directly involved in
driving innovation within their businesses, while 34% think their role also
includes being a "visionary." The findings from this survey are vastly different
than three years ago when only 12% of CEOs were spearheading an innovation
strategy. We believe this change in sentiment could bode well for equity
investors moving forward.

EQUITIES

All of the major U.S. stock indices posted double-digit total returns in the
first six months of 2013. The Dow Jones U.S. Total Market IndexSM posted a total
return of 14.75%, according to Bloomberg. Dividend-paying stocks are still
garnering a lot of attention from investors. Income-oriented (mixed) U.S. equity
funds (open-end funds, closed-end funds and exchange-traded products) reported
net cash inflows totaling $6.68 billion in the first half of 2013, up from $5.53
billion in the same period a year ago, according to Strategic Insight. Investors
continued to funnel more capital into passive portfolios than into
actively-managed portfolios. With respect to U.S. equity funds (open-end funds,
closed-end funds and exchange-traded products), index funds took in a net $75.9
billion in the first half of 2013, compared to $34.8 billion for
actively-managed funds. A year ago, those totals showed net inflows totaling
$55.6 billion for index funds and net outflows totaling $33.4 billion for
actively-managed funds.

The S&P Dow Jones Indices, which tracks approximately 10,000 U.S. traded stocks,
announced that total stock dividend distributions (excludes special and extra
one-time dividend payments) increased by a net $17.6 billion in Q2'13. In Q2'13,
591 companies increased their dividend payouts, up 17.0% over the 505 increases
in Q2'12. The number of companies decreasing their dividend payouts rose from 37
in Q2'12 to 65 in Q2'13. In the first half of 2013, there were 1,535 dividend
increases, up from 1,182 for the same period a year ago, and 204
decreases/suspensions, up from 68. The dividend payout rate, which has
historically averaged 52%, remained at 36% in Q2'13. As we have previously
noted, that implies that companies, on average, may have the ability to increase
their payout rate moving forward.

Page 2

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MARKET OVERVIEW (CONTINUED)
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FIRST TRUST VARIABLE INSURANCE TRUST
SEMI-ANNUAL REPORT
JUNE 30, 2013

BONDS

The mere suggestion by the Federal Reserve that it was contemplating paring back
its current stimulus efforts ($85 billion in monthly bond-buying) at the end of
Q2'13 sparked a sell-off in the Treasury market. While the Federal Reserve did
not provide a specific timetable for when it may temper or terminate its
aggressive easing of monetary policy, we believe that many investors read
between the lines and determined that interest rates were not likely to fall any
further. The yield on the 10-Year Treasury note rose 73 basis points to 2.49% in
the first half of 2013, 18 basis points higher than its three-year average of
2.31%.

Despite the notable rise in interest rates, investors continued to direct
capital into investment-grade corporate bond funds. Net inflows (open-end funds,
closed-end funds and exchange-traded products) into Corporate High Quality and
Corporate Bond (general) funds totaled $1.1 billion and $3.6 billion,
respectively, in the first half of 2013, according to Strategic Insight.
Investors poured a net $27.7 billion into Corporate Short Maturity funds.

Page 3

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PERFORMANCE SUMMARY AND PORTFOLIO COMPONENTS
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FIRST TRUST VARIABLE INSURANCE TRUST
SEMI-ANNUAL REPORT
JUNE 30, 2013 (UNAUDITED)

For the six months ended June 30, 2013, the First Trust/Dow Jones Dividend &
Income Allocation Portfolio (the "Fund") returned 4.46% versus 5.06% for the
blended benchmark: 50% Russell 3000(R) Index and 50% Barclays U.S. Corporate
Investment-Grade Index.

EQUITY INCOME COMMENTARY

For the first half of 2013, U.S. equity markets continued the late 2012 rally
and the S&P 500(R) Index had its best first half since 1998. Despite a number of
headwinds, stocks ended the first quarter at record highs as the U.S. economy
continued to surprise investors. A hike in payroll taxes on January 1st and
sequestration on March 1st were both shrugged off by the market as indecision in
Washington has apparently become commonplace for investors. Improved
unemployment, rising home prices and earnings above consensus led the markets
higher in the first quarter. Domestic markets continued to benefit from foreign
investment as the uncertain outlook in China and continued eurozone woes led
investors to U.S. stocks. After a strong rally to start the second quarter, U.S.
markets experienced their first 5% correction after Federal Reserve Chairman Ben
Bernanke said that the central bank might "moderate" its pace of bond purchases
later this year due to an improving economy. In addition to the Fed comments, a
cash crunch in China likely added to investors' fears. Despite the headwinds,
the U.S. market posted a positive return for the second quarter as housing and
unemployment numbers continued to recover. Domestic markets remained a safe
haven compared to their foreign counterparts, which traded lower as
commodity-focused economies stagnated.

The equity portion of the Fund has a quarterly rebalance in early January,
April, July and October. The Fund's objective is to seek to provide total return
by allocating among dividend-paying stocks and investment-grade bonds. To
accomplish this objective for the equity portion of the portfolio, the selection
process is focused on dividend strength, capital strength and price stability.
This process resulted in over-weight positions in Financials, Consumer Staples
and Consumer Discretionary stocks, while Energy, Information Technology and
Telecommunication Services were underweight.

Of the ten Global Industry Classification Standard sectors, six had positive
total attribution effect (allocation effect combined with selection effect) and
four had negative total attribution effect. Four sectors had positive selection
effect: Information Technology, Materials, Consumer Staples and Utilities. Five
sectors had negative selection effect: Financials, Consumer Discretionary,
Health Care, Industrials and Energy. The Fund had no allocation to the
Telecommunication Services sector, so it had no selection effect. The Fund had a
positive allocation effect in nine of the ten sectors with Materials as the only
detractor.

The Information Technology sector was the largest overall contributor to
relative performance. The Fund was underweight the second worst-performing
sector in the Russell 3000(R) Index, which led to positive allocation and
selection effects. The Fund's relative performance for the sector was helped by
the selection of CA, Inc., National Instruments Corp. and Jack Henry &
Associates, Inc. Further, the Fund did not hold Apple, Inc., the
worst-contributing stock in the Russell 3000(R) Index during the period.

The Financials sector was the biggest overall detractor from relative
performance. The Fund was overweight the third best-performing sector in the
Russell 3000(R) Index, which led to a positive allocation effect. However, the
sector had a negative selection effect, which led to negative overall relative
performance for the sector. The Fund's relative performance for the sector was
most hindered by the selection of American Capital Agency Corp., CYS
Investments, Inc. and Annaly Capital Management, Inc. Also augmenting the
relative underperformance in the Financials sector of the portfolio was not
holding Berkshire Hathaway, Inc., Class B, Wells Fargo & Co. and JPMorgan Chase
& Co., the three top-contributing stocks in the Russell 3000(R) Index Financials
sector.

Relative to the benchmark, the Fund lagged in the Health Care and Consumer
Discretionary sectors, the two best-performing sectors in the Russell 3000(R)
Index, respectively. In the Health Care sector, the Fund was underweight Johnson
& Johnson and Bristol-Myers Squibb Co. Both securities outperformed the
benchmark and detracted from the Fund's relative performance. In the Consumer
Discretionary sector, the Fund was underweight Home Depot (The), Inc., which
outperformed the benchmark and was overweight Garmin Ltd., which lagged the
benchmark performance.

The Fund's top five contributors to performance were Assurant, Inc., Cracker
Barrel Old Country Store. Inc., Axis Capital Holdings, Ltd., CA, Inc. and
Microsoft Corp. The top detractors from performance were American Capital Agency
Corp., Newmont Mining Corp., CYS Investments, Inc., Annaly Capital Management,
Inc. and C.H. Robinson Worldwide, Inc.

As we look forward to the second half of 2013, we view equities as attractive
relative to other asset classes, although valuations are not as compelling given
the first-half gains. The U.S. continues to be the favored market as other
developed markets are struggling to grow and emerging markets face slowing
growth expectations. The portfolio remains consistent in the application of its
strategy.

Page 4

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PERFORMANCE SUMMARY AND PORTFOLIO COMPONENTS (CONTINUED)
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FIRST TRUST VARIABLE INSURANCE TRUST
SEMI-ANNUAL REPORT
JUNE 30, 2013 (UNAUDITED)

BOND PORTFOLIO COMMENTARY

Going into 2013, investment-grade corporate bond investors enjoyed four
consecutive years of above-average returns. Buoyed by declining interest rates
and credit spreads recovering from the financial crisis, the four-year average
annual return for the Barclays U.S. Corporate Investment-Grade Index was 11.3%
at the end of 2012. That string of above-average performance changed direction
in 2013. As of June 30, the total return on the Barclays U.S. Corporate
Investment-Grade Index was negative over a six-month period for the first time
since the end of 2008. The biggest factor was the effect from rising interest
rates.

Midway through the second quarter, Treasury yields began to rise as investors
reduced interest rate risk in response to improvement in the labor market,
housing and retail sales. The Fed also acknowledged this improvement and
suggested that the degree of monetary policy accommodation could be tapered
sooner rather than later. Although this policy move, if implemented, will
ultimately help to normalize the valuation of risk in markets, initially it was
unwelcome news for many bond investors. According to data compiled by
Morningstar, redemptions from intermediate-term bond funds alone totaled over
$24 billion during June. The consequences of this selling pressure were not only
higher interest rates but also wider credit spreads.

As of June 30, the yield on the benchmark 10-year Treasury was 2.5%, 75 basis
points higher than it started the year. The option-adjusted spread for the
Barclays U.S. Corporate Investment-Grade Index was 1.52%, 14 basis points wider
during the period. Within the Index, shorter duration bonds outperformed,
financial institutions had the best performance and the basics industry had the
worst. Performance from lower-quality issuers generally exceeded higher quality
but the variance was quite narrow.

The total return for the bond portion of the Fund was -3.9% (gross of fees)
compared to -3.4% for the Barclays U.S. Corporate Investment-Grade Index. The
portfolio's short duration posture was the factor giving the greatest lift to
relative performance. Underweighting Industrials in favor of Financials was
another positive factor. These positive factors were offset by selection effects
and pricing differences between the benchmark and the Fund. Key holdings that
contributed to performance were Comcast and Morgan Stanley. The credit spreads
for these issuers narrowed considerably during the period and the Fund held
overweights in both. On the downside, Newmont Mining and Pfizer were key
holdings that lowered relative return. The large drop in gold prices hurt
Newmont Mining while Pfizer lagged owing to disclosures that it is considering
splitting itself into separate brand name pharmaceuticals and generics
businesses.

Looking forward, we expect rising Treasury yields to continue to be the driver
of total return in the bond portfolio. This is likely to lead to returns in the
area of -1.0% to -2.0% over the second half of 2013. Even so, the backdrop for
credit spreads is constructive owing to improving economic conditions and
generally favorable balance sheet metrics. We say "generally favorable" because
leverage has increased broadly in the non-financial segments as many companies
have taken advantage of low rates to issue new debt and, in some cases, reward
shareholders with the borrowed funds. Debt issuers will need to demonstrate top
and bottom line growth to prevent further weakness in financial metrics.

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RETURN COMPARISON PERIOD ENDED JUNE 30, 2013

1 YEAR SINCE INCEPTION
SIX MONTH ANNUAL AVERAGE ANNUAL
INCEPTION DATE TOTAL RETURN TOTAL RETURN TOTAL RETURN

First Trust/Dow Jones Dividend & Income Allocation Portfolio 5/1/12 4.46% 8.82% 7.71%
Blended Benchmark (a) 5.06% 11.10% 8.75%
Barclays U.S. Corporate Investment-Grade Index (b) (3.41)% 1.36% 2.34%
Russell 3000(R) Index (c) 14.06% 21.47% 15.13%
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(a) The Blended Benchmark return is a 50/50 split between the Russell 3000(R)
Index and the Barclays U.S. Corporate Investment-Grade Index returns.

(b) Barclays U.S. Corporate Investment-Grade Index measures the performance of
investment grade U.S. corporate bonds. This index includes all publicly
issued, dollar-denominated corporate bonds with a minimum of $250 million
par outstanding that are investment grade-rated (Baa3/BBB- or higher).
This index excludes bonds having less than one year to final maturity as
well as floating rate bonds, non-registered private placements, structured
notes, hybrids, and convertible securities. (Bloomberg).

(c) The Russell 3000(R) Index is composed of 3,000 large U.S. companies, as
determined by market capitalization. This index represents approximately
98% of the investable U.S. equity market. (Bloomberg). (This index
reflects no deduction for fees, expenses or taxes.)

The return for the Fund does not reflect the deduction of expenses associated
with variable products, such as mortality and expense risk charges, separate
account charges, and sales charges or the effect of taxes. These expenses
would reduce the overall returns shown.

Page 5

FIRST TRUST VARIABLE INSURANCE TRUST
SEMI-ANNUAL REPORT
JUNE 30, 2013 (UNAUDITED)

----------------------------------------------------------------------------------------------------------------
PERFORMANCE OF A $10,000 INITIAL INVESTMENT
May 1, 2012 - June 30, 2013

First Trust/Dow Jones
Dividend & Income Blended Barclays U.S. Corporate Russell 3000
Allocation Portfolio Benchmark Investment-Grade Index Index

5/1/2012 $10,000 $10,000 $10,000 $10,000
6/30/2012 10,020 9,925 10,000 10,000
12/31/2012 10,459 10,417 10,636 10,332
6/30/2013 10,904 11,027 10,273 11,785
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% OF TOTAL
TOP 10 ISSUERS INVESTMENTS
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Goldman Sachs Group (The), Inc. 1.8%
Bank of America Corp. 1.6
Citigroup, Inc. 1.5
Altria Group, Inc. 1.5
American International Group, Inc. 1.5
JPMorgan Chase & Co. 1.5
Morgan Stanley 1.4
Capital One Financial Corp. 1.3
Intel Corp. 1.3
MetLife, Inc. 1.3
----------------------------------------------------
Total 14.7%
=====

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% OF TOTAL
FIXED-INCOME
CREDIT QUALITY (1) INVESTMENTS
------------------------------------------------------
AAA 7.5%
AA+/AA1 0.8
AA/AA2 1.2
AA-/AA3 8.9
A+/A1 11.5
A/A2 19.0
A-/A3 24.2
BBB+/Baa1 15.3
BBB/Baa2 11.1
BBB-/Baa3 0.5
----------------------------------------------------
Total 100.0%
======

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% OF TOTAL
SECTOR INVESTMENTS
------------------------------------------------------
Common Stocks:
Financials 11.9%
Consumer Discretionary 9.5
Information Technology 8.2
Industrials 7.0
Health Care 5.9
Consumer Staples 5.7
Materials 4.0
Energy 1.4
Utilities 1.0
----------------------------------------------------
Total Common Stocks 54.6
Corporate Bonds & Notes 42.2
U.S. Government Bonds & Notes 3.2
------
Total 100.0%
======

(1) The credit quality information presented reflects the ratings assigned by
one or more nationally recognized statistical rating organizations
(NRSROs), including Standard & Poor's Ratings Group, a division of the
McGraw Hill Companies, Inc., Moody's Investors Service, Inc., Fitch
Ratings or a comparably rated NRSRO. For situations in which a security is
rated by more than one NRSRO and ratings are not equivalent, the highest
ratings are used. Sub-investment grade ratings are those rated BB+/Ba1 or
lower. Investment grade ratings are those rated BBB-/Baa3 or higher. The
credit ratings shown relate to the credit worthiness of the issuers of the
underlying securities in the Fund, and not to the Fund or its shares.
Credit ratings are subject to change.

Page 6

FIRST TRUST VARIABLE INSURANCE TRUST
UNDERSTANDING YOUR FUND EXPENSES
JUNE 30, 2013 (UNAUDITED)

As a shareholder of First Trust/Dow Jones Dividend & Income Allocation
Portfolio, you incur two types of costs: (1) transaction costs; and (2) ongoing
costs, including management fees; distribution and/or service (12b-1) fees; and
other Fund expenses. This Example is intended to help you understand your
ongoing costs (in U.S. dollars) of investing in the Fund and to compare these
costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the
period and held through the six-month period ended June 30, 2013.

ACTUAL EXPENSES

The first three columns of the table below provide information about actual
account values and actual expenses. You may use the information in these
columns, together with the amount you invested, to estimate the expenses that
you paid over the period. Simply divide your account value by $1,000 (for
example, an $8,600 account value divided by $1,000 = 8.6), then multiply the
result by the number in the third column under the heading entitled "Expenses
Paid During Period" to estimate the expenses you paid on your account during the
period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The next three columns of the table below provide information about hypothetical
account values and hypothetical expenses based on the Fund's actual expense
ratio and an assumed rate of return of 5% per year before expenses, which is not
the Fund's actual return. The hypothetical account values and expenses may not
be used to estimate the actual ending account balance or expenses you paid for
the period. You may use this information to compare the ongoing cost of
investing in the Fund and other funds. To do so, compare this 5% hypothetical
example with the 5% hypothetical examples that appear in the shareholder reports
of the other funds.

Please note that the expenses shown in the table are meant to highlight your
ongoing costs only and do not reflect any transactional costs, such as sales
charges (loads) or contingent deferred sales charges. Therefore, the
hypothetical section of the table is useful in comparing ongoing costs only, and
will not help you determine the relative total costs of owning different funds.
In addition, if these transactional costs were included, your costs would have
been higher.

HYPOTHETICAL
ACTUAL EXPENSES (5% RETURN BEFORE EXPENSES)
------------------------------------------ -------------------------------------------------------
EXPENSES EXPENSES
BEGINNING ENDING PAID DURING BEGINNING ENDING PAID DURING ANNUAL-
ACCOUNT ACCOUNT PERIOD ACCOUNT ACCOUNT PERIOD IZED
VALUE VALUE 1/1/2013 - VALUE VALUE 1/1/2013 - EXPENSE
1/1/2013 6/30/2013 6/30/2013 (a) 1/1/2013 6/30/2013 6/30/2013 (a) RATIO (b)
-------------- ---------- -------------- -------------- ---------- -------------- ---------

First Trust/Dow Jones
Dividend & Income
Allocation Portfolio....... $ 1,000.00 $ 1,044.60 $ 6.08 $ 1,000.00 $ 1,018.84 $ 6.01 1.20%

(a) Expenses are equal to the annualized expense ratio multiplied by the
average account value over the period (January 1, 2013 through June 30,
2013), multiplied by 181/365 (to reflect the six-month period).
Hypothetical expenses are assumed for the most recent fiscal half-year.

(b) The expense ratio reflects an expense cap.

Page 7

FIRST TRUST/DOW JONES DIVIDEND & INCOME ALLOCATION PORTFOLIO
PORTFOLIO OF INVESTMENTS
JUNE 30, 2013 (UNAUDITED)

SHARES DESCRIPTION VALUE
----------- ------------------------------------------------------------------------------ -------------
COMMON STOCKS - 53.7%

AEROSPACE & DEFENSE - 1.6%
2,819 Lockheed Martin Corp...................................................... $ 305,749
3,878 Northrop Grumman Corp..................................................... 321,098
4,627 Raytheon Co............................................................... 305,937
4,310 Rockwell Collins, Inc..................................................... 273,297
-------------
1,206,081
-------------

AIR FREIGHT & LOGISTICS - 0.3%
4,576 CH Robinson Worldwide, Inc................................................ 257,675
-------------

BEVERAGES - 1.1%
6,726 Coca-Cola (The) Co........................................................ 269,780
5,793 Dr. Pepper Snapple Group, Inc............................................. 266,073
3,441 PepsiCo, Inc.............................................................. 281,439
-------------
817,292
-------------

CAPITAL MARKETS - 1.3%
7,542 Cohen & Steers, Inc....................................................... 256,277
1,804 Franklin Resources, Inc................................................... 245,380
9,429 SEI Investments Co........................................................ 268,067
3,635 T. Rowe Price Group, Inc.................................................. 265,900
-------------
1,035,624
-------------

CHEMICALS - 2.2%
3,124 Air Products & Chemicals, Inc............................................. 286,065
2,745 Airgas, Inc............................................................... 262,038
4,770 FMC Corp.................................................................. 291,256
6,554 Minerals Technologies, Inc................................................ 270,942
2,439 Praxair, Inc.............................................................. 280,875
3,503 Sigma-Aldrich Corp........................................................ 281,501
-------------
1,672,677
-------------

COMMERCIAL BANKS - 1.5%
5,353 Bank of Hawaii Corp....................................................... 269,363
4,349 Cullen/Frost Bankers, Inc................................................. 290,383
8,017 US Bancorp ............................................................... 289,814
6,000 Westamerica Bancorporation ............................................... 274,140
-------------
1,123,700
-------------

COMMERCIAL SERVICES & SUPPLIES - 0.4%
11,080 Rollins, Inc.............................................................. 286,972
-------------

COMMUNICATIONS EQUIPMENT - 1.0%
5,870 Harris Corp............................................................... 289,097
6,156 Plantronics, Inc.......................................................... 270,372
4,064 QUALCOMM, Inc............................................................. 248,229
-------------
807,698
-------------

CONTAINERS & PACKAGING - 1.0%
4,742 Aptargroup, Inc........................................................... 261,806
5,718 Ball Corp................................................................. 237,526

Page 8 See Notes to Financial Statements

FIRST TRUST/DOW JONES DIVIDEND & INCOME ALLOCATION PORTFOLIO
PORTFOLIO OF INVESTMENTS (CONTINUED)
JUNE 30, 2013 (UNAUDITED)

SHARES DESCRIPTION VALUE
----------- ------------------------------------------------------------------------------ -------------
COMMON STOCKS (CONTINUED)

CONTAINERS & PACKAGING (CONTINUED)
6,061 Packaging Corp. of America ............................................... $ 296,746
-------------
796,078
-------------

DISTRIBUTORS - 0.3%
3,489 Genuine Parts Co.......................................................... 272,386
-------------

ELECTRIC UTILITIES - 0.3%
5,783 Cleco Corp................................................................ 268,505
-------------

ELECTRICAL EQUIPMENT - 0.7%
6,275 AMETEK, Inc............................................................... 265,432
2,136 Roper Industries, Inc..................................................... 265,334
-------------
530,766
-------------

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 0.4%
3,645 Amphenol Corp., Class A .................................................. 284,091
-------------

FOOD & STAPLES RETAILING - 1.1%
4,946 CVS Caremark Corp......................................................... 282,813
7,733 Sysco Corp................................................................ 264,159
3,637 Wal-Mart Stores, Inc...................................................... 270,920
-------------
817,892
-------------

FOOD PRODUCTS - 1.4%
5,518 General Mills, Inc........................................................ 267,788
6,584 Hormel Foods Corp......................................................... 254,011
3,533 Lancaster Colony Corp..................................................... 275,539
3,698 McCormick & Co., Inc...................................................... 260,191
-------------
1,057,529
-------------

HEALTH CARE EQUIPMENT & SUPPLIES - 1.8%
3,744 Baxter International, Inc................................................. 259,347
2,845 Becton, Dickinson & Co.................................................... 281,171
5,793 Medtronic, Inc............................................................ 298,166
6,537 STERIS Corp............................................................... 280,306
4,169 Stryker Corp.............................................................. 269,651
-------------
1,388,641
-------------

HEALTH CARE PROVIDERS & SERVICES - 2.6%
5,288 AmerisourceBergen Corp.................................................... 295,229
6,536 Cardinal Health, Inc...................................................... 308,499
3,401 Chemed Corp............................................................... 246,335
2,518 McKesson Corp............................................................. 288,311
8,356 Owens & Minor, Inc........................................................ 282,684
4,818 Quest Diagnostics, Inc.................................................... 292,115
4,755 UnitedHealth Group, Inc................................................... 311,357
-------------
2,024,530
-------------

HOTELS, RESTAURANTS & LEISURE - 1.8%
6,382 Bob Evans Farms, Inc...................................................... 299,827
3,365 Cracker Barrel Old Country Store, Inc..................................... 318,531

See Notes to Financial Statements Page 9

FIRST TRUST/DOW JONES DIVIDEND & INCOME ALLOCATION PORTFOLIO
PORTFOLIO OF INVESTMENTS (CONTINUED)
JUNE 30, 2013 (UNAUDITED)

SHARES DESCRIPTION VALUE
----------- ------------------------------------------------------------------------------ -------------
COMMON STOCKS (CONTINUED)

HOTELS, RESTAURANTS & LEISURE (CONTINUED)
5,263 Darden Restaurants, Inc................................................... $ 265,676
2,728 McDonald's Corp........................................................... 270,072
3,783 Yum! Brands, Inc.......................................................... 262,313
-------------
1,416,419
-------------

HOUSEHOLD DURABLES - 0.7%
8,231 Garmin, Ltd............................................................... 297,633
3,327 Tupperware Brands Corp.................................................... 258,475
-------------
556,108
-------------

HOUSEHOLD PRODUCTS - 1.4%
4,209 Church & Dwight Co., Inc.................................................. 259,737
4,610 Colgate-Palmolive Co...................................................... 264,107
2,777 Kimberly-Clark Corp....................................................... 269,758
3,531 Procter & Gamble (The) Co................................................. 271,852
-------------
1,065,454
-------------

INDUSTRIAL CONGLOMERATES - 0.4%
2,558 3M Co..................................................................... 279,717
-------------

INSURANCE - 6.1%
3,058 ACE, Ltd.................................................................. 273,630
2,933 Allied World Assurance Co. Holdings, AG .................................. 268,399
5,742 American Financial Group, Inc............................................. 280,841
7,852 Amtrust Financial Services, Inc........................................... 280,316
6,045 Assurant, Inc............................................................. 307,751
6,536 Axis Capital Holdings, Ltd................................................ 299,218
3,109 Chubb Corp................................................................ 263,177
6,471 HCC Insurance Holdings, Inc............................................... 278,965
10,444 Montpelier Re Holdings, Ltd............................................... 261,204
2,922 PartnerRe, Ltd............................................................ 264,616
4,874 Platinum Underwriters Holdings, Ltd....................................... 278,890
2,958 RenaissanceRe Holdings, Ltd............................................... 256,725
3,786 RLI Corp.................................................................. 289,288
4,550 Torchmark Corp............................................................ 296,387
3,231 Travelers (The) Cos., Inc................................................. 258,222
7,279 Validus Holdings, Ltd..................................................... 262,918
6,131 W.R. Berkley Corp......................................................... 250,513
-------------
4,671,060
-------------

IT SERVICES - 3.2%
3,581 Accenture PLC, Class A ................................................... 257,689
4,183 Automatic Data Processing, Inc............................................ 288,041
8,250 Heartland Payment Systems, Inc............................................ 307,313
1,275 International Business Machines Corp...................................... 243,665
5,887 Jack Henry & Associates, Inc.............................................. 277,454
3,401 MAXIMUS, Inc.............................................................. 253,306
7,760 Paychex, Inc.............................................................. 283,395
10,977 Total System Services, Inc................................................ 268,717

Page 10 See Notes to Financial Statements

FIRST TRUST/DOW JONES DIVIDEND & INCOME ALLOCATION PORTFOLIO
PORTFOLIO OF INVESTMENTS (CONTINUED)
JUNE 30, 2013 (UNAUDITED)

SHARES DESCRIPTION VALUE
----------- ------------------------------------------------------------------------------ -------------
COMMON STOCKS (CONTINUED)

IT SERVICES (CONTINUED)
1,602 Visa, Inc................................................................. $ 292,766
-------------
2,472,346
-------------

LEISURE EQUIPMENT & PRODUCTS - 1.1%
6,193 Hasbro, Inc............................................................... 277,632
6,214 Mattel, Inc............................................................... 281,557
2,940 Polaris Industries, Inc................................................... 279,300
-------------
838,489
-------------

LIFE SCIENCES TOOLS & SERVICES - 0.4%
4,009 Techne Corp............................................................... 276,942
-------------

MACHINERY - 2.1%
5,193 CLARCOR, Inc.............................................................. 271,126
2,348 Cummins, Inc.............................................................. 254,664
7,517 Donaldson Co., Inc........................................................ 268,056
5,909 Toro (The) Co............................................................. 268,328
1,731 Valmont Industries, Inc................................................... 247,689
5,330 Wabtec Corp............................................................... 284,782
-------------
1,594,645
-------------

MEDIA - 0.8%
4,228 Scripps Networks Interactive, Inc., Class A .............................. 282,261
4,789 Walt Disney (The) Co...................................................... 302,426
-------------
584,687
-------------

METALS & MINING - 0.2%
6,495 Newmont Mining Corp....................................................... 194,525
-------------

MULTI-UTILITIES - 0.7%
7,922 Public Service Enterprise Group, Inc...................................... 258,732
6,343 Wisconsin Energy Corp..................................................... 260,000
-------------
518,732
-------------

MULTILINE RETAIL - 0.7%
4,606 Family Dollar Stores, Inc................................................. 287,000
3,974 Target Corp............................................................... 273,650
-------------
560,650
-------------

OIL, GAS & CONSUMABLE FUELS - 1.4%
2,290 Chevron Corp.............................................................. 270,999
4,526 ConocoPhillips ........................................................... 273,823
3,018 Exxon Mobil Corp.......................................................... 272,676
5,288 HollyFrontier Corp........................................................ 226,221
-------------
1,043,719
-------------

PAPER & FOREST PRODUCTS - 0.5%
7,023 Schweitzer-Mauduit International, Inc..................................... 350,307
-------------

PHARMACEUTICALS - 1.0%
4,790 Eli Lilly & Co............................................................ 235,285
3,337 Johnson & Johnson ........................................................ 286,515

See Notes to Financial Statements Page 11

FIRST TRUST/DOW JONES DIVIDEND & INCOME ALLOCATION PORTFOLIO
PORTFOLIO OF INVESTMENTS (CONTINUED)
JUNE 30, 2013 (UNAUDITED)

SHARES DESCRIPTION VALUE
----------- ------------------------------------------------------------------------------ -------------
COMMON STOCKS (CONTINUED)

PHARMACEUTICALS (CONTINUED)
9,426 Pfizer, Inc............................................................... $ 264,022
-------------
785,822
-------------

REAL ESTATE INVESTMENT TRUSTS - 2.8%
8,297 American Capital Agency Corp.............................................. 190,748
17,119 Annaly Capital Management, Inc............................................ 215,186
12,253 Colony Financial, Inc..................................................... 243,712
23,171 CYS Investments, Inc...................................................... 213,405
9,918 Hatteras Financial Corp................................................... 244,379
4,158 National Health Investors, Inc............................................ 248,898
1,786 Public Storage ........................................................... 273,847
4,558 Rayonier, Inc............................................................. 252,468
9,800 Starwood Property Trust, Inc.............................................. 242,550
-------------
2,125,193
-------------

ROAD & RAIL - 0.7%
1,911 Union Pacific Corp........................................................ 294,829
11,269 Werner Enterprises, Inc................................................... 272,372
-------------
567,201
-------------

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.1%
7,672 Altera Corp............................................................... 253,099
5,852 Analog Devices, Inc....................................................... 263,691
12,458 Intel Corp................................................................ 301,733
5,157 KLA-Tencor Corp........................................................... 287,400
7,666 Texas Instruments, Inc.................................................... 267,313
7,127 Xilinx, Inc............................................................... 282,301
-------------
1,655,537
-------------

SOFTWARE - 1.2%
10,803 CA, Inc................................................................... 309,290
2,936 FactSet Research Systems, Inc............................................. 299,296
9,509 Microsoft Corp............................................................ 328,345
-------------
936,931
-------------

SPECIALTY RETAIL - 2.3%
3,899 Home Depot (The), Inc..................................................... 302,056
4,382 PetSmart, Inc............................................................. 293,550
4,487 Ross Stores, Inc.......................................................... 290,802
5,819 TJX (The) Cos., Inc....................................................... 291,299
2,614 Tractor Supply Co......................................................... 307,433
5,280 Williams-Sonoma, Inc...................................................... 295,099
-------------
1,780,239
-------------

TEXTILES, APPAREL & LUXURY GOODS - 1.6%
5,441 Coach, Inc................................................................ 310,627
4,609 NIKE, Inc., Class B ...................................................... 293,501
1,607 Ralph Lauren Corp......................................................... 279,200
1,620 VF Corp................................................................... 312,757
-------------
1,196,085
-------------

Page 12 See Notes to Financial Statements

FIRST TRUST/DOW JONES DIVIDEND & INCOME ALLOCATION PORTFOLIO
PORTFOLIO OF INVESTMENTS (CONTINUED)
JUNE 30, 2013 (UNAUDITED)

SHARES DESCRIPTION VALUE
----------- ------------------------------------------------------------------------------ -------------
COMMON STOCKS (CONTINUED)

TOBACCO - 0.7%
7,911 Altria Group, Inc......................................................... $ 276,806
6,114 Reynolds American, Inc.................................................... 295,734
-------------
572,540
-------------

TRADING COMPANIES & DISTRIBUTORS - 0.8%
6,046 Applied Industrial Technologies, Inc...................................... 292,203
1,209 W.W. Grainger, Inc........................................................ 304,886
-------------
597,089
-------------
TOTAL COMMON STOCKS ...................................................... 41,288,574
(Cost $39,014,485) -------------

PRINCIPAL STATED STATED
VALUE DESCRIPTION COUPON MATURITY VALUE
----------- --------------------------------------------- ------------- ------------- -------------
CORPORATE BONDS AND NOTES - 41.4%

AEROSPACE & DEFENSE - 1.0%
$ 250,000 United Technologies Corp..................... 1.80% 06/01/17 251,152
400,000 United Technologies Corp..................... 3.10% 06/01/22 395,895
100,000 United Technologies Corp..................... 4.50% 06/01/42 99,005
-------------
746,052
-------------

BEVERAGES - 1.8%
500,000 Anheuser-Busch Inbev Worldwide, Inc.......... 2.50% 07/15/22 467,730
250,000 Coca-Cola (The) Co........................... 1.80% 09/01/16 255,270
400,000 PepsiCo, Inc................................. 0.70% 02/26/16 397,191
300,000 PepsiCo, Inc................................. 2.75% 03/01/23 284,447
-------------
1,404,638
-------------

BIOTECHNOLOGY - 0.6%
450,000 Amgen, Inc................................... 2.30% 06/15/16 462,462
-------------

CAPITAL MARKETS - 3.1%
800,000 Goldman Sachs Group (The), Inc............... 6.15% 04/01/18 902,410
450,000 Goldman Sachs Group (The), Inc............... 3.63% 01/22/23 431,405
200,000 Morgan Stanley .............................. 4.10% 05/22/23 185,151
500,000 Morgan Stanley .............................. 5.50% 07/28/21 534,786
300,000 Morgan Stanley .............................. 6.38% 07/24/42 335,868
-------------
2,389,620
-------------

CHEMICALS - 0.9%
250,000 Dow Chemical (The) Co........................ 5.70% 05/15/18 285,356
300,000 Dow Chemical (The) Co........................ 8.55% 05/15/19 383,223
-------------
668,579
-------------

COMMERCIAL BANKS - 2.0%
300,000 HSBC USA, Inc................................ 2.38% 02/13/15 306,686
400,000 Wachovia Bank, N.A. (a) ..................... 0.60% 03/15/16 395,218
600,000 Wells Fargo & Co............................. 1.50% 01/16/18 585,833
250,000 Wells Fargo & Co............................. 1.50% 07/01/15 252,973
-------------
1,540,710
-------------

See Notes to Financial Statements Page 13

FIRST TRUST/DOW JONES DIVIDEND & INCOME ALLOCATION PORTFOLIO
PORTFOLIO OF INVESTMENTS (CONTINUED)
JUNE 30, 2013 (UNAUDITED)

PRINCIPAL STATED STATED
VALUE DESCRIPTION COUPON MATURITY VALUE
----------- --------------------------------------------- ------------- ------------- -------------
CORPORATE BONDS AND NOTES (CONTINUED)

COMMUNICATIONS EQUIPMENT - 0.3%
$ 250,000 Cisco Systems, Inc........................... 3.15% 03/14/17 $ 264,152
-------------

COMPUTERS & PERIPHERALS - 0.4%
300,000 Apple, Inc................................... 1.00% 05/03/18 288,427
-------------

CONSUMER FINANCE - 2.9%
400,000 American Express Credit Corp................. 2.80% 09/19/16 415,608
1,000,000 Capital One Financial Corp................... 1.00% 11/06/15 987,006
800,000 Caterpillar Financial Services Corp.......... 1.63% 06/01/17 795,701
-------------
2,198,315
-------------

DIVERSIFIED FINANCIAL SERVICES - 5.5%
600,000 Bank of America Corp......................... 5.70% 01/24/22 667,169
500,000 Bank of America Corp......................... 4.50% 04/01/15 524,684
100,000 Citigroup, Inc............................... 6.13% 08/25/36 98,207
500,000 Citigroup, Inc............................... 4.50% 01/14/22 521,837
500,000 Citigroup, Inc............................... 4.45% 01/10/17 535,832
250,000 General Electric Capital Corp................ 2.30% 04/27/17 253,683
450,000 General Electric Capital Corp................ 6.75% 03/15/32 541,090
350,000 JPMorgan Chase & Co.......................... 6.40% 05/15/38 411,920
300,000 JPMorgan Chase & Co. (a) .................... 0.94% 10/15/15 300,921
400,000 JPMorgan Chase & Co.......................... 1.80% 01/25/18 387,365
-------------
4,242,708
-------------

DIVERSIFIED TELECOMMUNICATION - SERVICES - 1.1%
250,000 AT&T, Inc.................................... 0.88% 02/13/15 250,231
300,000 AT&T, Inc.................................... 6.30% 01/15/38 334,620
250,000 Verizon Communications, Inc.................. 2.45% 11/01/22 227,139
-------------
811,990
-------------

ELECTRIC UTILITIES - 1.4%
500,000 American Electric Power Co., Inc............. 1.65% 12/15/17 486,581
300,000 Constellation Energy Group, Inc.............. 4.55% 06/15/15 319,508
250,000 MidAmerican Energy Co........................ 5.30% 03/15/18 286,129
-------------
1,092,218
-------------

FOOD & STAPLES RETAILING - 0.9%
300,000 Costco Wholesale Corp........................ 0.65% 12/07/15 299,588
350,000 Wal-Mart Stores, Inc......................... 5.63% 04/15/41 406,403
-------------
705,991
-------------

FOOD PRODUCTS - 0.3%
200,000 Kraft Foods Group, Inc....................... 5.00% 06/04/42 203,315
-------------

HEALTH CARE PROVIDERS & SERVICES - 0.5%
200,000 UnitedHealth Group, Inc...................... 1.63% 03/15/19 193,579
200,000 UnitedHealth Group, Inc...................... 0.85% 10/15/15 200,374
-------------
393,953
-------------

HOTELS, RESTAURANTS & LEISURE - 0.3%
250,000 McDonald's Corp.............................. 1.88% 05/29/19 246,647
-------------

Page 14 See Notes to Financial Statements

FIRST TRUST/DOW JONES DIVIDEND & INCOME ALLOCATION PORTFOLIO
PORTFOLIO OF INVESTMENTS (CONTINUED)
JUNE 30, 2013 (UNAUDITED)

INSURANCE - 3.6%
$ 1,000,000 American International Group, Inc............ 5.85% 01/16/18 $ 1,126,676
200,000 Berkshire Hathaway, Inc., Class B ........... 4.30% 05/15/43 182,377
450,000 Berkshire Hathaway, Inc., Class B ........... 1.60% 05/15/17 448,527
850,000 MetLife, Inc................................. 6.75% 06/01/16 973,506
-------------
2,731,086
-------------

INTERNET & CATALOG RETAIL - 0.6%
500,000 Amazon.Com, Inc.............................. 0.65% 11/27/15 498,727
-------------

IT SERVICES - 0.7%
250,000 International Business Machines Corp......... 1.95% 07/22/16 256,443
300,000 International Business Machines Corp......... 1.25% 02/08/18 292,391
-------------
548,834
-------------

MEDIA - 0.6%
500,000 Comcast Corp................................. 4.25% 01/15/33 479,963
-------------

METALS & MINING - 1.3%
500,000 Freeport-McMoRan Copper & Gold, Inc.......... 1.40% 02/13/15 497,883
500,000 Newmont Mining Corp.......................... 5.13% 10/01/19 526,890
-------------
1,024,773
-------------

MULTI-UTILITIES - 0.7%
450,000 Pacific Gas & Electric Co.................... 6.05% 03/01/34 526,300
-------------

MULTILINE RETAIL - 0.2%
200,000 Target Corp.................................. 4.00% 07/01/42 182,622
-------------

OIL, GAS & CONSUMABLE FUELS - 2.7%
200,000 ConocoPhillips Co............................ 5.75% 02/01/19 234,577
350,000 ConocoPhillips Co............................ 2.40% 12/15/22 323,167
800,000 Kinder Morgan Energy Partners L.P............ 3.95% 09/01/22 790,682
750,000 ONEOK Partners L.P........................... 2.00% 10/01/17 738,320
-------------
2,086,746
-------------

PHARMACEUTICALS - 1.7%
200,000 Actavis, Inc................................. 1.88% 10/01/17 195,169
250,000 Merck & Co., Inc............................. 2.25% 01/15/16 258,439
250,000 Merck & Co., Inc............................. 6.50% 12/01/33 326,161
415,000 Wyeth LLC ................................... 5.95% 04/01/37 488,575
-------------
1,268,344
-------------

REAL ESTATE INVESTMENT TRUSTS - 1.8%
300,000 Boston Properties L.P........................ 3.85% 02/01/23 295,193
800,000 HCP, Inc..................................... 2.63% 02/01/20 750,560
400,000 Simon Property Group L.P..................... 2.75% 02/01/23 367,953
-------------
1,413,706
-------------

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.9%
200,000 Intel Corp................................... 4.25% 12/15/42 182,394

See Notes to Financial Statements Page 15

FIRST TRUST/DOW JONES DIVIDEND & INCOME ALLOCATION PORTFOLIO
PORTFOLIO OF INVESTMENTS (CONTINUED)
JUNE 30, 2013 (UNAUDITED)

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
(CONTINUED)
$ 500,000 Intel Corp................................... 1.35% 12/15/17 $ 489,836
-------------
672,230
-------------

SOFTWARE - 1.4%
200,000 Microsoft Corp............................... 3.50% 11/15/42 171,896
600,000 Oracle Corp.................................. 2.50% 10/15/22 554,436
350,000 Oracle Corp.................................. 1.20% 10/15/17 340,280
-------------
1,066,612
-------------

SPECIALTY RETAIL - 0.4%
300,000 Home Depot (The), Inc........................ 5.40% 09/15/40 335,903
-------------

TOBACCO - 1.8%
550,000 Altria Group, Inc............................ 2.85% 08/09/22 509,575
400,000 Altria Group, Inc............................ 4.25% 08/09/42 342,670
550,000 Philip Morris International, Inc............. 1.13% 08/21/17 535,109
-------------
1,387,354
-------------
TOTAL CORPORATE BONDS AND NOTES .......................................... 31,882,977
(Cost $33,296,386) -------------

U.S. GOVERNMENT BONDS AND NOTES - 3.1%

575,000 United States Treasury Bond ................. 2.75% 11/15/42 495,893
200,000 United States Treasury Bond ................. 3.13% 02/15/43 186,734
150,000 United States Treasury Note ................. 0.63% 04/30/18 144,973
400,000 United States Treasury Note ................. 1.75% 05/15/23 374,656
150,000 United States Treasury Note ................. 0.25% 05/15/16 148,418
450,000 United States Treasury Note ................. 0.01% 05/31/18 442,301
600,000 United States Treasury Note ................. 0.50% 06/15/16 597,377
-------------
TOTAL U.S. GOVERNMENT BONDS AND NOTES .................................... 2,390,352
(Cost $2,442,668) -------------

TOTAL INVESTMENTS - 98.2% ................................................ 75,561,903
(Cost $74,753,539) (b)

NET OTHER ASSETS AND LIABILITIES - 1.8% .................................. 1,400,298
-------------
NET ASSETS - 100.0% ...................................................... $ 76,962,201
=============

-----------------------------------
(a) Floating rate security. The interest rate shown reflects the rate in
effect at June 30, 2013.

(b) Aggregate cost for financial reporting purposes, which approximates the
aggregate cost for federal income tax purposes. As of June 30, 2013, the
aggregate gross unrealized appreciation for all securities in which there
was an excess of value over tax cost was $2,693,511 and the aggregate
gross unrealized depreciation for all securities in which there was an
excess of tax cost over value was $1,885,147.

Page 16 See Notes to Financial Statements

FIRST TRUST/DOW JONES DIVIDEND & INCOME ALLOCATION PORTFOLIO
PORTFOLIO OF INVESTMENTS (CONTINUED)
JUNE 30, 2013 (UNAUDITED)

VALUATION INPUTS

A summary of the inputs used to value the Fund's investments as of June 30, 2013
is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial
Statements):

LEVEL 2 LEVEL 3
TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT
VALUE AT QUOTED OBSERVABLE UNOBSERVABLE
6/30/2013 PRICES INPUTS INPUTS
------------ ------------- ------------- ------------

Common Stocks*....................................... $ 41,288,574 $ 41,288,574 $ -- $ --
Corporate Bonds and Notes*........................... 31,882,977 -- 31,882,977 --
U.S. Government Bonds and Notes...................... 2,390,352 -- 2,390,352 --
------------ ------------- ------------- -----------
TOTAL INVESTMENTS.................................... $ 75,561,903 $ 41,288,574 $ 34,273,329 $ --
============ ============= ============= ===========

* See Portfolio of Investments for industry breakout.

All transfers in and out of the Levels during the period are assumed to be on
the last day of the period at their current value. There were no transfers
between the Levels at June 30, 2013.

OPEN FUTURES CONTRACTS AT JUNE 30, 2013:
UNREALIZED
NUMBER OF EXPIRATION NOTIONAL APPRECIATION/
SHORT FUTURES CONTRACTS CONTRACTS MONTH VALUE (DEPRECIATION)
------------------------------------------------ ------------ -------------- ----------- --------------
U.S. Treasury 5-Year Notes 10 September 2013 $ 1,210,469 $ (8,852)
U.S. Treasury Bonds 2 September 2013 271,688 (67)
U.S. Treasury Bonds 5 September 2013 736,562 (4,011)
----------- ------------
Total Futures Contracts $ 2,218,719 $ (12,930)
=========== ============

See Notes to Financial Statements Page 17

FIRST TRUST/DOW JONES DIVIDEND & INCOME ALLOCATION PORTFOLIO
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 2013 (UNAUDITED)

ASSETS:

Investments, at value
(Cost $74,753,539).......................................................................... $ 75,561,903
Cash........................................................................................... 7,953,185
Receivables:
Interest.................................................................................... 309,858
Fund shares sold............................................................................ 283,470
Investment securities sold.................................................................. 94,394
Dividends................................................................................... 82,796
Prepaid expenses............................................................................... 121
------------
Total Assets.............................................................................. 84,285,727
------------
LIABILITIES:
Payables:
Investment securities purchased............................................................. 7,119,956
Custodian fees.............................................................................. 76,513
Administrative service fees................................................................. 33,070
Fund shares redeemed........................................................................ 29,757
Audit and tax fees.......................................................................... 17,714
12b-1 service fees.......................................................................... 14,466
Administrative fees......................................................................... 7,053
Variation margin............................................................................ 6,883
Licensing fees.............................................................................. 5,119
Printing fees............................................................................... 3,891
Investment advisory fees.................................................................... 3,869
Transfer agent fees......................................................................... 1,510
Commitment fees............................................................................. 1,381
Legal fees.................................................................................. 1,033
Financial reporting fees.................................................................... 771
Trustees' fees and expenses................................................................. 103
Other liabilities.............................................................................. 437
------------
Total Liabilities......................................................................... 7,323,526
------------
NET ASSETS..................................................................................... $ 76,962,201
============
NET ASSETS CONSIST OF:
Paid-in capital................................................................................ $ 75,180,634
Accumulated net investment income (loss)....................................................... 352,278
Accumulated net realized gain (loss) on investments............................................ 633,855
Net unrealized appreciation (depreciation) on investments and futures.......................... 795,434
------------
NET ASSETS..................................................................................... $ 76,962,201
============
NET ASSET VALUE, offering price and redemption price of Shares
outstanding (Net Assets/Shares outstanding)............................................... $ 10.77
============
Number of Shares outstanding................................................................... 7,146,497
============

Page 18 See Notes to Financial Statements

FIRST TRUST/DOW JONES DIVIDEND & INCOME ALLOCATION PORTFOLIO
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 2013 (UNAUDITED)

INVESTMENT INCOME:

Dividends (net of foreign withholding tax of $158)............................................. $ 409,380
Interest....................................................................................... 277,808
Other.......................................................................................... 172
------------
Total investment income..................................................................... 687,360
------------
EXPENSES:
Investment advisory fees....................................................................... 167,542
Custodian fees................................................................................. 120,629
12b-1 service fees............................................................................. 69,809
Administrative service fees.................................................................... 55,847
Administrative fees............................................................................ 39,005
Legal fees..................................................................................... 26,729
Transfer agent fees............................................................................ 14,562
Audit and tax fees............................................................................. 14,464
Printing fees.................................................................................. 11,539
Trustees' fees and expenses.................................................................... 9,068
Licensing fees................................................................................. 8,854
Financial reporting fees....................................................................... 4,625
Commitment fees................................................................................ 1,381
Other.......................................................................................... 1,147
------------
Total expenses.............................................................................. 545,201
Fees waived or expenses reimbursed by the investment advisor................................ (210,119)
------------
Net expenses................................................................................... 335,082
------------
NET INVESTMENT INCOME (LOSS)................................................................... 352,278
------------
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:...................................................................
Investments................................................................................. 634,088
Futures..................................................................................... --
------------
Net realized gain (loss)....................................................................... 634,088
------------
Net change in unrealized appreciation (depreciation) on:
Investments................................................................................. 631,623
Futures..................................................................................... (12,930)
------------
Net change in unrealized appreciation (depreciation)........................................... 618,693
------------
NET REALIZED AND UNREALIZED GAIN (LOSS)........................................................ 1,252,781
------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS................................ $ 1,605,059
============

See Notes to Financial Statements Page 19

FIRST TRUST/DOW JONES DIVIDEND & INCOME ALLOCATION PORTFOLIO
STATEMENTS OF CHANGES IN NET ASSETS

SIX MONTHS
ENDED PERIOD
6/30/2013 ENDED
(UNAUDITED) 12/31/2012 (a)
----------- --------------
OPERATIONS:

Net investment income (loss)............................................ $ 352,278 $ 188,708
Net realized gain (loss)................................................ 634,088 126,195
Net change in unrealized appreciation (depreciation).................... 618,693 176,741
------------- -------------
Net increase (decrease) in net assets resulting from operations......... 1,605,059 491,644
------------- -------------

DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income................................................... -- (188,708)
Net realized gain....................................................... -- (126,428)
Return of capital....................................................... -- (49,832)
------------- -------------
Total distributions to shareholders..................................... -- (364,968)
------------- -------------

CAPITAL TRANSACTIONS:
Proceeds from Shares sold............................................... 48,539,264 33,794,066
Proceeds from Shares reinvested......................................... -- 364,968
Cost of Shares redeemed................................................. (5,358,492) (2,109,340)
------------- -------------
Net increase (decrease) in net assets resulting from capital transactions 43,180,772 32,049,694
------------- -------------
Total increase (decrease) in net assets................................. 44,785,831 32,176,370

NET ASSETS:
Beginning of period..................................................... 32,176,370 --
------------- -------------
End of period........................................................... $ 76,962,201 $ 32,176,370
============= =============
Accumulated net investment income (loss) at end of period............... $ 352,278 $ --
============= =============

CAPITAL TRANSACTIONS WERE AS FOLLOWS:
Shares at beginning of period........................................... 3,120,254 --
Shares sold............................................................. 4,520,353 3,291,758
Shares redeemed......................................................... (494,110) (206,835)
Shares issued as reinvestment........................................... -- 35,331
------------- -------------
Shares at end of period................................................. 7,146,497 3,120,254
============= =============

-----------------------
(a) The Fund was seeded on April 12, 2012 and commenced operations on May 1,
2012.

Page 20 See Notes to Financial Statements

FIRST TRUST/DOW JONES DIVIDEND & INCOME ALLOCATION PORTFOLIO
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD

SIX MONTHS
ENDED PERIOD
6/30/2013 ENDED
(UNAUDITED) 12/31/2012 (a)
------------ --------------

Net asset value, beginning of period $ 10.31 $ 10.00
----------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) (b) 0.07 0.15
Net realized and unrealized gain (loss) 0.39 0.29
----------- ----------
Total from investment operations 0.46 0.44
----------- ----------
DISTRIBUTIONS PAID TO SHAREHOLDERS FROM:
Net investment income -- (0.07)
Net realized gain -- (0.04)
Return of capital -- (0.02)
----------- ----------
Total distributions -- (0.13)
----------- ----------
Net asset value, end of period $ 10.77 $ 10.31
=========== ==========
TOTAL RETURN (c) (d) 4.46% 4.38%
=========== ==========

RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's) $ 76,962 $ 32,176
Ratio of expenses to average net assets
without fee waivers and expenses reimbursed 1.95% (e) 2.69% (e)
Ratio of expenses to average net assets 1.20% (e) 1.20% (e)
Ratio of net investment income (loss)
to average net assets 1.26% (e) 2.25% (e)
Portfolio turnover rate 40% 34%

--------------------------------------------------
(a) The Fund was seeded on April 12, 2012 and commenced operations on May 1,
2012.

(b) Per Share values have been calculated using the average share method.

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

(d) The total return would have been lower if certain fees had not been waived
and expenses reimbursed by the investment advisor.

(e) Annualized.

See Notes to Financial Statements Page 21

--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
--------------------------------------------------------------------------------

FIRST TRUST VARIABLE INSURANCE TRUST
JUNE 30, 2013 (UNAUDITED)

1. ORGANIZATION

First Trust Variable Insurance Trust (the "Trust") is a diversified open-end
management investment company organized as a Massachusetts business trust on
December 14, 2011, and is registered with the Securities and Exchange Commission
("SEC") under the Investment Company Act of 1940, as amended (the "1940 Act").
The Trust currently offers shares of one series, First Trust/Dow Jones Dividend
& Income Allocation Portfolio (the "Fund"), which commenced investment
operations on May 1, 2012. Shares of the Fund are sold only to variable
insurance accounts (each an "Account") to fund the benefits of the variable
annuity and variable life insurance contracts (each a "Contract" and
collectively the "Contracts") issued by life insurance companies writing
variable annuity contracts and variable life insurance contracts (each a
"Participating Insurance Company").

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

The fixed-income component seeks to provide income and preserve capital through
investing in a diversified investment grade bond portfolio. Investment grade
bonds are those bonds rated "BBB-" or higher by Standard & Poor's Ratings Group
or Fitch Ratings, Inc. or "Baa" or higher by Moody's Investors Service, Inc. at
the time of purchase. Under normal market conditions, at the time of purchase
approximately 80% of the net assets of the Fund allocated to corporate bonds
will be invested in: investment grade bonds included in the Dow Jones Equal
Weighted U.S. Issued Corporate Bond Index(SM) (the "Bond Index"(1)) and other
investment grade bonds of issuers whose securities are included in the Bond
Index; and investment grade bonds of issuers included in the Dow Jones
Industrial Index (the "Dow 30"). The Fund may also invest in U.S. government and
agency securities, including mortgage-backed securities. The Fund may, at
certain times, also hold exchange-traded funds ("ETFs") that invest in
investment grade corporate bonds and U.S. government bonds in lieu of investing
directly in bonds.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently
followed by the Fund in the preparation of its financial statements. The
preparation of financial statements in accordance with accounting principles
generally accepted in the United States of America ("U.S. GAAP") requires
management to make estimates and assumptions that affect the reported amounts
and disclosures in the financial statements. Actual results could differ from
those estimates.

A. PORTFOLIO VALUATION:

The net asset value ("NAV") of each Share is determined daily as of the close of
regular trading on the New York Stock Exchange ("NYSE"), normally 4:00 p.m.
Eastern time, on each day the NYSE is open for trading. If the NYSE closes early
on a valuation day, the NAV is determined as of that time. Domestic debt
securities and foreign securities are priced using data reflecting the earlier
closing of the principal markets for those securities. The NAV per Share is
calculated by dividing the value of all assets of the Fund (including accrued
interest and dividends), less all liabilities (including accrued expenses,
dividends declared but unpaid, and any borrowings of the Fund) by the total
number of Shares outstanding.

The Fund's investments are valued daily in accordance with valuation procedures
adopted by the Trust's Board of Trustees, and in accordance with provisions of
the 1940 Act. The Fund's securities will be valued as follows:

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

Bonds, notes and other debt securities are valued on the basis of
valuations provided by dealers who make markets in such securities or by
an independent pricing service approved by the Trust's Board of Trustees,
which may use the following valuation inputs when available:
1) benchmark yields;
2) reported trades;
3) broker/dealer quotes;

(1) Prior to April 30, 2013, the Dow Jones Equal Weighted U.S. Issued
Corporate Bond Index(SM) was known as the Dow Jones Corporate Bond
Index(SM).

Page 22

--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
--------------------------------------------------------------------------------

FIRST TRUST VARIABLE INSURANCE TRUST
JUNE 30, 2013 (UNAUDITED)

4) issuer spreads;
5) benchmark securities;
6) bids and offers; and
7) reference data including market research publications.

Securities traded in an over-the-counter market are valued at their
closing bid prices.

Exchange-traded options and futures contracts will be valued at the
closing price in the market where such contracts are principally traded.

Short-term investments that mature in less than 60 days when purchased are
valued at amortized cost.

All market quotations used in valuing the Fund's securities will be obtained
from a third party pricing service. If no quotation is received from a pricing
service, attempts will be made to obtain one or more broker quotes for the
security. In the event the pricing service does not provide a valuation, broker
quotations are not readily available, or the valuations received are deemed
unreliable, the Trust's Board of Trustees has designated First Trust to use a
fair value method to value the Fund's securities. Additionally, if events occur
after the close of the principal markets for certain securities (e.g., domestic
debt and foreign securities) that could materially affect the Fund's NAV, First
Trust will use a fair value method to value the Fund's securities. The use of
fair value pricing is governed by valuation procedures adopted by the Trust's
Board of Trustees, and in accordance with the provisions of the 1940 Act. As a
general principle, the fair value of a security is the amount which the Fund
might reasonably expect to receive for the security upon its current sale. In
light of the judgment involved in fair valuations, there can be no assurance
that a fair value assigned to a particular security will be the amount which the
Fund might be able to receive upon its current sale. Fair valuation of a
security will be based on the consideration of all available information,
including, but not limited to, the following:

1) the type of security;
2) the size of the holding;
3) the initial cost of the security;
4) transactions in comparable securities;
5) price quotes from dealers and/or pricing services;
6) relationships among various securities;
7) information obtained by contacting the issuer, analysts, or the
appropriate stock exchange;
8) an analysis of the issuer's financial statements; and
9) the existence of merger proposals or tender offers that might affect
the value of the security.

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

1) the value of similar foreign securities traded on other foreign
markets;
2) ADR trading of similar securities;
3) foreign currency exchange activity;
4) the trading prices of financial products that are tied to baskets of
foreign securities;
5) factors relating to the event that precipitated the pricing problem;
6) whether the event is likely to recur; and
7) whether the effects of the event are isolated or whether they affect
entire markets, countries or regions.

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

o Level 1 - Level 1 inputs are quoted prices in active markets for identical
investments. An active market is a market in which transactions
for the investment occur with sufficient frequency and volume to
provide pricing information on an ongoing basis.
o Level 2 - Level 2 inputs are observable inputs, either directly or
indirectly, and include the following:
o Quoted prices for similar investments in active markets.
o Quoted prices for identical or similar investments in markets
that are non-active. A non-active market is a market where
there are few transactions for the investment, the prices are
not current, or price quotations vary substantially either
over time or among market makers, or in which little
information is released publicly.
o Inputs other than quoted prices that are observable for the
investment (for example, interest rates and yield curves
observable at commonly quoted intervals, volatilities,
prepayment speeds, loss severities, credit risks, and default
rates).
o Inputs that are derived principally from or corroborated by
observable market data by correlation or other means.
o Level 3 - Level 3 inputs are unobservable inputs. Unobservable inputs may
reflect the reporting entity's own assumptions about the
assumptions that market participants would use in pricing the
investment.

Page 23

FIRST TRUST VARIABLE INSURANCE TRUST
JUNE 30, 2013 (UNAUDITED)

The inputs or methodology used for valuing investments are not necessarily an
indication of the risk associated with investing in those investments. A summary
of the inputs used to value each Fund's investments as of June 30, 2013, is
included with the Fund's Portfolio of Investments.

B. SECURITIES TRANSACTIONS AND INVESTMENT INCOME:

Securities transactions are recorded as of the trade date. Realized gains and
losses from securities transactions are recorded on the identified cost basis.
Dividend income is recorded on the ex-dividend date. Interest income is recorded
on the accrual basis, including amortization of premiums and accretion of
discounts.

The Fund may hold publicly-traded real estate investment trusts ("REITs").
Distributions from such investments may include a return of capital component
from the REIT to the extent of the cost basis of such REIT investments. The
actual character of amounts received during the year is not known until after
the fiscal year end. The Fund records the character of distributions received
from REITs during the year based on estimates available. The Fund's
characterization may be subsequently revised based on information received from
the REITs after their tax reporting periods conclude.

C. DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:

Distributions from net investment income, if any, are declared and paid annually
by the Fund. The Fund distributes its net realized capital gains, if any, to
shareholders at least annually. All dividends payable by the Fund will be
reinvested in the Fund.

Distributions from income and capital gains are determined in accordance with
income tax regulations, which may differ from U.S. GAAP. Certain capital
accounts in the financial statements are periodically adjusted for permanent
differences in order to reflect their tax character. These permanent differences
are primarily due to the varying treatment of income and gain/loss on portfolio
securities held by the Fund and have no impact on net assets or NAV per share.
Temporary differences, which arise from recognizing certain items of income,
expense and gain/loss in different periods for financial statement and tax
purposes, will reverse at some point in the future.

The tax character of distributions paid during the period ended December 31,
2012, was as follows:

DISTRIBUTIONS PAID FROM:
Ordinary income.......................................... $ 313,025
Long-term capital gain................................... 2,111
Return of capital........................................ 49,832

As of December 31, 2012, the distributable earnings and net assets on a tax
basis were as follows:

Undistributed ordinary income............................ $ --
Undistributed capital gains.............................. --
------------
Total undistributed earnings............................. --
Accumulated capital and other losses..................... --
Net unrealized appreciation (depreciation)............... 176,508
------------
Total accumulated earnings (losses)...................... 176,508
Other.................................................... --
Paid-in capital.......................................... 31,999,862
------------
Net assets............................................... $ 32,176,370
============

D. INCOME TAXES:

The Fund intends to qualify as a regulated investment company by complying with
the requirements under Subchapter M of the Internal Revenue Code of 1986, as
amended, which includes distributing substantially all of its net investment
income and net realized gains to shareholders. The Fund intends to comply with
the provisions of Section 817(h) of the Internal Revenue Code, which impose
certain diversification requirements upon variable contracts that are based on
segregated asset accounts. Accordingly, no provision has been made for federal
or state income taxes.

The Fund intends to utilize provisions of the federal income tax laws which
allow it to carry realized capital losses forward indefinitely following the
year of the loss and offset such loss against any future realized capital gains.
The Fund is subject to certain limitations under U.S. tax rules on the use of
capital loss carryforwards and net unrealized built-in losses. These limitations
apply when there has been a 50% change in ownership. At December 31, 2012, the
Fund had no capital loss carryforward for federal income tax purposes.

Page 24

FIRST TRUST VARIABLE INSURANCE TRUST
JUNE 30, 2013 (UNAUDITED)

The Fund is subject to accounting standards that establish a minimum threshold
for recognizing, and a system for measuring, the benefits of a tax position
taken or expected to be taken in a tax return. As of June 30, 2013, management
has evaluated the application of these standards to the Fund and has determined
that no provision for income tax is required in the Fund's financial statements
for uncertain tax positions.

E. EXPENSES:

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

Each Participating Insurance Company performs certain administrative services
for the Fund, its Account and the variable annuity and variable life insurance
Contracts. The Fund pays an administrative services fee of 0.20% of average
daily net assets to cover expenses incurred by Participating Insurance Companies
in connection with these services.

First Trust has entered into various licensing agreements, which allow First
Trust to use certain trademarks and trade names of the applicable licensors (see
Licensing Information in the Additional Information section of this report). The
Trust on behalf of the Fund is a sub-licensee to these license agreements and is
required to pay licensing fees, which are shown on the Statement of Operations.

3. INVESTMENT ADVISORY FEE AND OTHER AFFILIATED TRANSACTIONS

First Trust, the investment advisor to the Fund, is a limited partnership with
one limited partner, Grace Partners of DuPage L.P., and one general partner, The
Charger Corporation. The Charger Corporation is an Illinois corporation
controlled by James A. Bowen, Chief Executive Officer of First Trust. First
Trust provides the Fund with discretionary investment services and certain
administrative services necessary for the management of the Fund. For its
investment advisory and management services, First Trust is entitled to a
monthly fee calculated at an annual rate of 0.60% of the Fund's average daily
net assets. First Trust also provides fund reporting services to the Fund for a
flat annual fee in the amount of $9,250.

First Trust has agreed to waive fees and/or pay the Fund's expenses to the
extent necessary to prevent the operating expenses of the Fund (excluding
interest expense, brokerage commissions and other trading expenses, taxes and
extraordinary expenses) from exceeding 1.20% (the "Expense Cap") of its average
daily net assets per year at least until May 1, 2014. Expenses borne and fees
waived by First Trust are subject to reimbursement by the Fund for up to three
years from the date the fee or expense was incurred by the Fund, but no
reimbursement payment will be made by the Fund at any time if it would result in
the Fund's expenses exceeding the Expense Cap. These amounts would be included
in "Expenses previously waived or reimbursed" on the Statement of Operations.
The advisory fee waivers and expense reimbursements for the period ended June
30, 2013, and the expenses borne by First Trust subject to recovery from the
Fund at June 30, 2013, are as follows:

EXPENSES SUBJECT TO RECOVERY
---------------------------------------------------------
ADVISORY FEE EXPENSE PERIOD ENDED SIX MONTHS ENDED
WAIVER REIMBURSEMENT DECEMBER 31, 2012 JUNE 30, 2013 TOTAL
------------ ------------- ----------------- ---------------- ------------

$ 167,542 $ 42,577 $ 125,220 $ 210,119 $ 335,339

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

Each Trustee who is not an officer or employee of First Trust, any sub-advisor
or any of their affiliates ("Independent Trustees") is paid a fixed annual
retainer of $125,000 per year and an annual per fund fee of $4,000 for each
closed-end fund or other actively managed fund and $1,000 for each index fund in
the First Trust Fund Complex. The fixed annual retainer is allocated pro rata
among each fund in the First Trust Fund Complex based on net assets.

Additionally, the Lead Independent Trustee is paid $15,000 annually, the
Chairman of the Audit Committee is paid $10,000 annually, and each of the
Chairmen of the Nominating and Governance Committee and the Valuation Committee
is paid $5,000 annually to serve in such capacities, with such compensation
allocated pro rata among each fund in the First Trust Fund Complex based on net
assets. Trustees are reimbursed for travel and out-of-pocket expenses in
connection with all meetings. The Lead Independent Trustee and each Committee
Chairman will serve two-year terms until December 31, 2013, before rotating to
serve as Chairman of another Committee or as Lead Independent Trustee. After
December 31, 2013, the Lead Independent Trustee and Committee Chairmen will
rotate every three years. The officers and "Interested" Trustee receive no
compensation from the funds for acting in such capacities.

Page 25

FIRST TRUST VARIABLE INSURANCE TRUST
JUNE 30, 2013 (UNAUDITED)

4. 12B-1 SERVICE PLAN

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

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

During the period ended June 30, 2013, all service fees received by FTP were
paid to the Participating Insurance Companies, with no portion of such fees
retained by FTP. The Plan may be renewed from year to year if approved by a vote
of the Trust's Board of Trustees and a vote of the Independent Trustees, who
have no direct or indirect financial interest in the Plan, cast in person at a
meeting called for the purpose of voting on the Plan.

5. PURCHASES AND SALES OF SECURITIES

Cost of purchases and proceeds from sales of investment securities, excluding
short-term investments, for the six months ended June 30, 2013, were $64,959,747
and $21,888,768, respectively.

6. BORROWINGS

Effective March 28, 2013, the Trust and First Trust Series Fund have entered
into a $20 million Committed Line of Credit ("Line of Credit") with the Bank of
Nova Scotia ("Scotia") to be a liquidity backstop during periods of high
redemption volume. A commitment fee of 0.125% of the daily amount of the excess
of the commitment amount over the outstanding principal balance of the loans
will be charged by Scotia, which First Trust will allocate amongst the funds
that have access to the Line of Credit. To the extent that the Fund accesses the
Line of Credit, there would also be an interest fee charged.

7. INDEMNIFICATION

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

8. SUBSEQUENT EVENTS

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

Effective July 30, 2013, First Trust Exchange-Traded Fund III and First Trust
Exchange-Traded Fund IV, with the exception of First Trust North American Energy
Infrastructure Fund, entered into the Line of Credit with Scotia. At the same
time the Line of Credit was increased from $20 million to $50 million.

Page 26

--------------------------------------------------------------------------------
ADDITIONAL INFORMATION
--------------------------------------------------------------------------------

FIRST TRUST VARIABLE INSURANCE TRUST
JUNE 30, 2013 (UNAUDITED)

PROXY VOTING POLICIES AND PROCEDURES

A description of the policies and procedures that the Fund uses to determine how
to vote proxies and information on how the Fund voted proxies relating to
portfolio securities during the most recent 12-month period ended June 30 is
available (1) without charge, upon request, by calling (800) 988-5891; (2) on
the Fund's website located at http://www.ftportfolios.com; and (3) on the
Securities and Exchange Commission's website at http://www.sec.gov.

PORTFOLIO HOLDINGS

The Fund files its complete schedule of portfolio holdings with the SEC for the
first and third quarters of each fiscal year on Form N-Q. The Fund's Forms N-Q
are available (1) by calling (800) 988-5891; (2) on the Fund's website located
at http://www.ftportfolios.com; (3) on the SEC's website at http://www.sec.gov;
and (4) for review and copying at the SEC's Public Reference Room ("PRR") in
Washington, DC. Information regarding the operation of the PRR may be obtained
by calling (800) SEC-0330.

LICENSING INFORMATION

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

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

Page 27

--------------------------------------------------------------------------------
ADDITIONAL INFORMATION (CONTINUED)
--------------------------------------------------------------------------------

FIRST TRUST VARIABLE INSURANCE TRUST
JUNE 30, 2013 (UNAUDITED)

PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF
PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED
OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY,
OR OTHERWISE. THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR
ARRANGEMENTS BETWEEN S&P DOW JONES INDICES AND FIRST TRUST, OTHER THAN THE
LICENSORS OF S&P DOW JONES INDICES.

RISK CONSIDERATIONS

Risks are inherent in all investing. The following summarizes some of the risks
that should be considered for the Fund. For additional information about the
risks associated with investing in the Fund, please see the Fund's prospectus
and statement of additional information, as well as other regulatory filings.

EQUITY SECURITIES RISK: There is the risk that the value or price of a
particular stock or other equity or equity-related security owned by the Fund
could go down and you could lose money. In addition to an individual stock
losing value, the value of the equity markets or a sector of those markets in
which the Fund invests could go down.

SMALLER COMPANY RISK: The Fund invests in small and/or mid-capitalization
companies. Such companies may be more vulnerable to adverse general market or
economic developments, and their securities may be less liquid and may
experience greater price volatility than larger, more established companies as a
result of several factors, including limited trading volumes, products or
financial resources, management inexperience and less publicly available
information. Accordingly, such companies are generally subject to greater market
risk than larger, more established companies.

FIXED INCOME SECURITIES RISK: Investment in fixed income securities involves a
variety of risks, including the risk that an issuer or guarantor of a security
will be unable to pay some or all of the principal and interest when due (credit
risk); the risk that the Fund may not be able to sell some or all of the
securities its holds, either at the price at which it values the security or at
any price (liquidity risk); and the risk that the rates of interest income
generated by the fixed income investments of the Fund may decline due to a
decrease in market interest rates and that the market prices of the fixed income
investments of the Fund may decline due to an increase in market interest rates
(interest rate risk).

MARKET AND MANAGEMENT RISK: Markets in which the Fund invests may experience
volatility and go down in value, and possibly sharply and unpredictably. All
decisions by the Advisor require judgment and are based on imperfect
information. Additionally, the investment techniques, risk analysis and
investment strategies used by the Advisor in making investment decisions for the
Fund may not produce the desired results.

ETF RISK: ETFs in which the Fund may invest are index funds bought and sold on a
securities exchange. An ETF trades like a common stock and represents a
portfolio of securities designed to track a particular market index. The ETFs in
which the Fund may invest will generally track a corporate or government bond
index. The risks of owning an ETF generally reflect the risks of owning the
underlying securities they are designed to track, although lack of liquidity in
an ETF could result in it being more volatile and ETFs have management fees that
increase their costs.

MORTGAGE-BACKED SECURITIES AND PREPAYMENT RISK: Unscheduled or early payments of
principal and interest on the mortgages underlying mortgage-backed securities in
which the Fund may invest may make the securities' effective maturity shorter
than stated. Rising interest rates tend to extend the duration of
mortgage-backed securities, making them more sensitive to changes in interest
rates, and may reduce the market value of the securities. In addition,
mortgage-backed securities are subject to prepayment risk, the risk that
borrowers may pay off their mortgages sooner than expected, particularly when
interest rates decline.

Page 28

FIRST TRUST

INVESTMENT ADVISOR
First Trust Advisors L.P.
120 E. Liberty Drive, Suite 400
Wheaton, IL 60187

ADMINISTRATOR,
FUND ACCOUNTANT &
TRANSFER AGENT
BNY Mellon Investment Servicing (US) Inc.
301 Bellevue Parkway
Wilmington, DE 19809

CUSTODIAN
The Bank of New York Mellon
101 Barclay Street, 20th Floor
New York, NY 10286

INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
Deloitte & Touche LLP
111 S. Wacker Drive
Chicago, IL 60606

LEGAL COUNSEL
Chapman and Cutler LLP
111 W. Monroe Street
Chicago, IL 60603

[BLANK BACK COVER]

ITEM 2. CODE OF ETHICS.

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. INVESTMENTS.

(a) Schedule of Investments in securities of unaffiliated issuers as of the
close of the reporting period is included as part of the report to
shareholders filed under Item 1 of this form.

(b) Not applicable.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

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

ITEM 11. CONTROLS AND PROCEDURES.

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

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

ITEM 12. EXHIBITS.

(a)(1) Not applicable.

(a)(2) Certifications pursuant to Rule 30a-2(a) under the 1940 Act and
Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(a)(3) Not applicable.

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

SIGNATURES

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

(registrant) First Trust Variable Insurance Trust
----------------------------------------------------------

By (Signature and Title)* /s/ Mark R. Bradley
------------------------------------------------
Mark R. Bradley, President and
Chief Executive Officer
(principal executive officer)

Date August 9, 2013
-----------------------

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

By (Signature and Title)* /s/ Mark R. Bradley
------------------------------------------------
Mark R. Bradley, President and
Chief Executive Officer
(principal executive officer)

Date August 9, 2013
-----------------------

By (Signature and Title)* /s/ James M. Dykas
------------------------------------------------
James M. Dykas, Treasurer,
Chief Financial Officer and
Chief Accounting Officer
(principal financial officer)

Date August 9, 2013
-----------------------

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