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Senior Loan and Dividend Growers Portfolio, Series 15

Investors who are looking for income while still retaining growth potential have limited alternatives when faced with the possibility of rising interest rates. The Senior Loan and Dividend Growers Portfolio seeks to address this challenge by investing in common stocks of companies with a history of dividend growth and the capacity to increase their dividends over time, as well as closed-end funds and exchange-traded funds which invest in senior loan floating rate securities.

Portfolio Objectives

This unit investment trust seeks current monthly income and capital appreciation; however, there is no assurance the objectives will be met.

The Importance of Dividends

Due to the fact that corporations are not obligated to share their earnings with stockholders, dividends may be viewed as a sign of a company's profitability as well as management's assessment of the future, in our opinion. In fact, dividends have historically been one of the few constants in the world of investing, contributing nearly half of the stock market's total returns. According to Ibbotson Associates, dividends have provided approximately 42% of the 10.04% average annual total return on the S&P 500 Index, from 1926 through 2016. The S&P 500 Index is an unmanaged index of 500 stocks used to measure large-cap U.S. stock market performance. The index cannot be purchased directly by investors. Past performance is no guarantee of future results.

What Are Senior Loans?

Senior loans are secured debt extended to non-investment grade corporations. A key characteristic of senior loans is their floating-rate feature, which resets generally every 30 to 90 days based on prevailing short-term interest rates. We believe that there is potential for interest rates to move higher making senior loans attractive because of this resetting feature. Senior loans typically generate a higher level of income as short-term interest rates rise, providing a potential offset to traditional fixed-rate bond holdings which typically come under pressure in periods of rising rates.

In addition, we believe senior loans currently offer a compelling value given that the default rate in the senior loan market is well below its long term historical average, the U.S. is experiencing slow but positive economic growth, and there continues to be strong investor demand for the asset class.

Not FDIC Insured • Not Bank Guaranteed • May Lose Value

You should consider the portfolio's investment objectives, risks, and charges and expenses carefully before investing.Contact your financial advisor or call First Trust Portfolios, L.P. at 1.800.621.1675 to request a prospectus, which contains this and other information about the portfolio. Read it carefully before you invest.

Risk Considerations:
An investment in this unmanaged unit investment trust should be made with an understanding of the risks involved with owning common stocks, closed-end funds and exchange-traded funds that invest in senior loan floating rate securities.

Common stocks are subject to risks such as an economic recession and the possible deterioration of either the financial condition of the issuers of the equity securities or the general condition of the stock market.

Closed-end funds and ETFs are subject to various risks, including management's ability to meet the fund's investment objective, and to manage the fund's portfolio when the underlying securities are redeemed or sold, during periods of market turmoil and as investors' perceptions regarding ETFs, closed-end funds or their underlying investments change. Unlike open-end funds, which trade at prices based on a current determination of the fund's net asset value, ETFs and closed-end funds frequently trade at a discount from their net asset value in the secondary market.Certain of the funds in which the portfolio invests may employ the use of leverage which increases the volatility of such funds.

An investment in a portfolio containing securities of foreign issuers is subject to additional risks, including currency fluctuations, political risks, withholding, the lack of adequate financial information, and exchange control restrictions impacting foreign issuers.

An investment in a portfolio containing small-cap and mid-cap companies is subject to additional risks, as the share prices of small-cap companies and certain mid-cap companies are often more volatile than those of larger companies due to several factors, including limited trading volumes, products, financial resources, management inexperience and less publicly available information.

The yield on closed-end funds and ETFs which invest in senior loans will generally decline in a falling interest rate environment and increase in a rising interest rate environment. Senior loans are generally below investment grade quality ("high-yield" securities or "junk" bonds). Investing in such securities should be viewed as speculative and you should review your ability to assume the risks associated with investments which utilize such securities. High-yield securities are subject to numerous risks including higher interest rates, economic recession, deterioration of the high-yield securities market, possible downgrades and defaults of interest and/or principal. High-yield security prices tend to fluctuate more than higher rated securities and are affected by short-term credit developments to a greater degree.

All of the funds invest in floating-rate securities. A floating-rate security is an instrument in which the interest rate payable on the obligation fluctuates on a periodic basis based upon changes in an interest rate benchmark. As a result, the yield on such a security will generally decline in a falling interest rate environment, causing the trust to experience a reduction in the income it receives from such securities.

All of the funds invest in investment grade securities. Investment grade securities are subject to numerous risks including higher interest rates, economic recession, deterioration of the investment grade security market or investors’ perception thereof, possible downgrades and defaults of interest and/or principal.

Certain of the funds invest in limited duration bonds. Limited duration bonds are subject to interest rate risk, which is the risk that the value of a security will fall if interest rates increase. While limited duration bonds are generally subject to less interest rate sensitivity than longer duration bonds, there can be no assurance that interest rates will not rise during the life of the trust.

This UIT is a buy and hold strategy and investors should consider their ability to hold the trust until maturity. There may be tax consequences unless units are purchased in an IRA or other qualified plan.

It is important to note that an investment can be made in the underlying funds directly rather than through the trust. These direct investments can be made without paying the trust's sales charge, operating expenses and organizational costs.

For a discussion of additional risks of investing in the trust see the "Risk Factors" section of the prospectus.

The value of the securities held by the trust may be subject to steep declines or increased volatility due to changes in performance or perception of the issuers.

 
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The information presented is not intended to constitute an investment recommendation for, or advice to, any specific person. By providing this information, First Trust is not undertaking to give advice in any fiduciary capacity within the meaning of ERISA and the Internal Revenue Code. First Trust has no knowledge of and has not been provided any information regarding any investor. Financial advisors must determine whether particular investments are appropriate for their clients. First Trust believes the financial advisor is a fiduciary, is capable of evaluating investment risks independently and is responsible for exercising independent judgment with respect to its retirement plan clients.
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