About the Fund

The First Trust All Equity Allocation Portfolio is a collective investment fund that invests according to a strategy determined by First Trust Advisors L.P., which serves as the Fund's Sub-Advisor. This fund was created by Hand Composite Employee Benefit Trust and is sponsored by Hand Benefits & Trust Company.

Risk Factors

The First Trust Collective Investment Funds are not mutual funds and their units are not deposits of the Trust, the Advisor, or the Sub-Advisor, and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other agency. The units are securities which have not been registered under the 1933 Act and the Fund is exempted from investment company registration under the 1940 Act. Therefore, participating plans and their participants will not be entitled to the protections under these Acts. As defined in the Declaration of Trust establishing the Fund, the Fund is available for investment by eligible qualified retirement plans only. Management of the Trust, however, is generally subject to the fiduciary duty and prohibited transaction rules under ERISA.

The performance quoted does not guarantee future results. As market conditions fluctuate, the investment return and principal value of any investment will change. Diversification may not protect against market risk. As with any investment, you can lose money by investing in the Fund. Before investing you should consider carefully the following risks that you assume when you invest in the Fund. For more information regarding the following risks, please consult the Fund's Information Statement.

Currency Exchange Rate Risk. The Fund may hold investments that are denominated in non-U.S. currencies, or in securities that provide exposure to such currencies, currency exchange rates or interest rates denominated in such currencies. Changes in currency exchange rates and the relative value of non-U.S. currencies will affect the value of the Fund’s investments and the value of Fund shares. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the value of an investment in the Fund may change quickly and without warning and you may lose money.

Market Risk. Market risk is the risk that a particular security owned by the Fund or units of the Fund in general may fall in value. Securities are subject to market fluctuations caused by such factors as economic, political, regulatory or market developments, changes in interest rates and perceived trends in securities prices. Overall Fund unit values could decline generally or could underperform other investments.

Non-U.S. Securities Risk. The Fund invests in securities of non-U.S. issuers. Such securities are subject to higher volatility than securities of domestic issuers due to possible adverse political, social or economic developments; restrictions on foreign investment or exchange of securities; lack of liquidity; excessive taxation; government seizure of assets; different legal or accounting standards; and less government supervision and regulation of exchanges in foreign countries. These risks may be heightened for securities of companies located in, or with significant operations in, emerging market countries.

Smaller Companies 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 those of 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.

NYSE^® is a registered service mark of, and NYSE International 100 Index^SM is a service mark of, New York Stock Exchange, Inc. ("NYSE") and have been licensed for use for certain purposes by First Trust Advisors L.P. The First Trust All Equity Allocation Portfolio R0 utilizes the NYSE^® International Target 25 Strategy, based on the NYSE International 100 Index^SM, and is not sponsored, endorsed, sold, or promoted by NYSE and NYSE makes no representation regarding the advisability of investing in products utilizing such Strategy. "Value Line," "The Value Line Investment Survey," "Timeliness," and "Safety"" are trademarks or registered trademarks of Value Line, Inc. ("Value Line") in the United States and other countries and have been licensed for use for certain purposes by First Trust Advisors L.P. This product is not sponsored, endorsed, recommended, sold or promoted by Value Line and Value Line makes no representation regarding the advisability of investing in products utilizing such strategy. First Trust Advisors L.P. is not affiliated with any Value Line company. "S&P", "S&P MidCap 400", "S&P SmallCap 600", and "Standard & Poor's" are trademarks of The McGraw-Hill Companies, Inc. and have been licensed for use by First Trust Advisors L.P. The S&P Target SMid 60 Strategy is not sponsored, endorsed, sold, or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of investing in products utilizing such Strategy.

Plan sponsors and participants should consider each Fund's investment objective, time horizon, risks, charges and expenses carefully before investing. Contact your financial advisor, visit www.ftportfolios.com, or call First Trust Portfolios L.P. at 877-937-4015 to request an Information Statement, which contains this and other information about the Fund. Read it carefully before you invest.