First Trust/Dow Jones Dividend & Income Allocation Portfolio

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	Prospectus

Overview

THE IMPORTANCE OF ...

...DIVIDENDS

Regardless of market conditions, dividends should be considered an important component of an investment strategy.
Steadily increasing dividends have the potential to amplify a stock's total return.
Companies that have the potential to regularly raise dividends provide investors an opportunity to keep up with the rising costs of living.
Steadily increasing dividends can provide a cushion to help offset a stock price's decline.
The tax-deferred compounding effect of reinvesting dividends year after year can enhance a portfolio's return.

... AND FIXED-INCOME

Provides regular income distributions.
Seeks to preserve capital with investment-grade bonds.
May reduce portfolio risk.
The compounding effects of reinvested income year after year can enhance a portfolio's return.

According to Ibbotson Associates, dividends have provided nearly half (approximately 43%) of the 9.84% average annual total return on the S&P 500 Index, from 1926 through 2012.

INVESTMENT PROCESS

QUANTITATIVE EQUITY
The equity component of the portfolio is derived from a quantitative process that seeks to provide above-market dividend yield by investing in dividend-paying stocks. This portion of the portfolio focuses on stable, dividend-paying companies with strong balance sheets.

Eligible Universe
Dow Jones U.S. Total Stock Market Index^SM constituents that pay a dividend, have a market cap greater than $1 billion and three-month average daily trading volume greater than $5 million.

Investment Process Overview
A proprietary multi-factor quantitative model is utilized:

INVESTMENT-GRADE FIXED-INCOME
The investment-grade fixed-income component seeks to preserve capital and provide total return through a disciplined assessment of sector relative value and rigorous analysis of credit fundamentals.

Eligible Universe
The Dow^® Universe consists of: Dow Jones Equal Weight U.S. Issued Corporate Bond Index^SM; investment-grade bonds of issuers included in the Dow Jones Industrial Index^SM; U.S. Treasury obligations; and securities issued or guaranteed by agencies of the U.S. Government. Bonds must have investment-grade ratings by a major rating agency.

Investment Process Overview

Follows a top-down analysis of key secular and cyclical trends.
Bottom-up fundamental research of individual credits complements top-down process.
The investment process routinely monitors market conditions and portfolio risk for their effect on relative value.

This portfolio is rebalanced quarterly.

THE HISTORICAL ROLE OF DIVIDEND INCOME

To illustrate the role of dividends on a portfolio over time, if you had invested $1,000 in large company stocks (as measured by the S&P 500 Index) at year-end 1925, your investment would have grown to $3,525,375 by year-end 2012 with dividends reinvested. Capital appreciation alone would have only grown to $111,798 over the same 87-year period.

DOW JONES

With a history of nearly 116 years, The Dow^®.¹ is the most recognized measure of the U.S. market and is still the index that investors and financial professionals instinctively check first to see how the market is performing.

Trusted Name
A research study administered to a Harris panel of 1,016 individual investors in June 2007 by S. Radoff Associates indicated that 97% of U.S. investors have heard of The Dow^®.¹

Size & Liquidity
The Dow Jones U.S. Index represents roughly 95% of the U.S. equity market.

¹ Dow Jones Industrial Average

You should consider the fund's investment objectives, risks, and charges and expenses carefully before investing. You can download a prospectus or contact First Trust Portfolios, L.P. at 1-800-621-1675 to request a prospectus, which contains this and other information about the fund. Read it carefully before you invest.

Principal Risk Considerations

You could lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.

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.

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") and have been licensed for use by S&P Dow Jones Indices LLC and sublicensed for certain purposes by First Trust Advisors L.P. ("First Trust"). Dow Jones Equal Weight U.S. Issued Corporate Bond Index^SM, Dow Jones U.S. Total Stock Market Index^SM and Dow Jones Industrial Index^SM are products of S&P Dow Jones Indices LLC and have been licensed for use by First Trust. The First Trust/Dow Jones Dividend & Income Allocation Portfolio is not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, Dow Jones, S&P or their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions 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 Index^SM.

Not FDIC Insured • Not Bank Guaranteed • May Lose Value