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Registration No. 333-298845

1940 Act No. 811-05903

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Amendment No. 1 to Form S-6

FOR REGISTRATION UNDER THE SECURITIES ACT OF 1933\nOF SECURITIES OF UNIT INVESTMENT TRUSTS REGISTERED ON FORM N-8B-2

A.Exact name of trust:

FT 13315

B.Name of depositor:

FIRST TRUST PORTFOLIOS L.P.

C.Complete address of depositor’s\nprincipal executive offices:

120 East Liberty Drive

Suite 400

Wheaton, Illinois 60187

D.Name and complete address\nof agents for service:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	Copy to:

JAMES A. BOWEN	ERIC F. FESS
c/o First Trust Portfolios L.P.	c/o Chapman and Cutler LLP
120 East Liberty Drive	320 South Canal Street
Suite 400	27th Floor
Wheaton, Illinois 60187	Chicago, Illinois 60606

E.Title and Amount of Securities\nBeing Registered:

An indefinite number of Units pursuant to Rule 24f-2 promulgated\nunder the Investment Company Act of 1940, as amended.

F.Approximate date of proposed\nsale to public:

As soon as practicable after the effective\ndate of the Registration Statement.

| |Check box if it is proposed that\nthis filing will become effective on November 3, 2026 at 2:00 p.m. pursuant to Rule 487.

The registrant hereby\namends this Registration Statement on such date or dates as may be necessary to delay its effective date until the registrant shall file\na further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section\n8(a) of the Securities Act of 1933 or until the Registration Statement shall become effective on such date as the Commission, acting pursuant\nto said Section 8(a), may determine.

________________________________

Tactical\nIncome Portfolio, Series 91

FT\n13315

FT\n13315 is a series of a unit investment trust, the FT Series. FT 13315 consists of a single portfolio known as Tactical Income Portfolio,\nSeries 91 (the “Trust”). The Trust invests in a diversified portfolio of common stocks (“Common Stocks”), shares\nof closed-end funds (“Closed-End Funds”) and shares issued by exchange-traded funds (“ETFs” and together with\nthe Closed-End Funds, “Funds”). Collectively, the Common Stocks, Closed-End Funds and ETFs are referred to as the “Securities.”\nCertain of the Funds invest in high-yield securities. See “Risk Factors” for a discussion of the risk of investing in high-yield\nsecurities or “junk” bonds. An investment can be made in the underlying Funds directly rather than through the Trust. These\ndirect investments can be made without paying the sales charge, operating expenses and organizational costs of the Trust. The Trust seeks\ncurrent income, with total return as a secondary objective.

THE\nSECURITIES AND EXCHANGE COMMISSION (“SEC”) HAS NOT APPROVED OR DISAPPROVED OF THESE SECURITIES OR PASSED UPON THE ADEQUACY\nOF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

$\"\"$

800–621–1675

The\ndate of this prospectus is November 3, 2026

\n \n \n

Table of Contents

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Summary of Essential Information			3
Fee Table			4
Report of Independent Registered Public Accounting Firm			5
Statement of Net Assets			6
Schedule of Investments			7
The FT Series			10
Portfolio			11
Risk Factors			11
Public Offering			19
Distribution of Units			22
The Sponsor’s Profits			23
The Secondary Market			23
How We Purchase Units			23
Expenses and Charges			24
Tax Status			24
Retirement Plans			27
Rights of Unit Holders			27
Income and Capital Distributions			27
Redeeming Your Units			28
Removing Securities from the Trust			29
Amending or Terminating the Indenture			30
Information on the Sponsor and Trustee			31
Other Information			32

\n \n \n

Summary of Essential Information\n (Unaudited)

Summary of Essential Information

Tactical\nIncome Portfolio, Series 91
\nFT 13315

At the Opening of Business on the Initial\nDate of Deposit—November 3, 2026

\tSponsor:\tFirst Trust Portfolios L.P.
\n\tTrustee:\tThe Bank of New York Mellon

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Initial Number of Units (1)\t\t		13,821
Fractional Undivided Interest in the Trust per Unit (1)\t\t		1/13,821
Public Offering Price:
Public Offering Price per Unit (2)\t\t	$	10.000
Less Initial Sales Charge per Unit (3)\t		(.000	)
Aggregate Offering Price Evaluation of Securities per Unit (4)\t		10.000
Less Deferred Sales Charge per Unit (3)\t\t		(.225	)
Redemption Price per Unit (5)\t\t		9.775
Less Creation and Development Fee per Unit (3)(5)\t\t		(.050	)
Less Organization Costs per Unit (5)\t\t		(.042	)
Net Asset Value per Unit\t\t	$	9.683
Cash CUSIP Number\t\t		\t 30346Y 261
Reinvestment CUSIP Number\t\t		\t 30346Y 279
Fee Account Cash CUSIP Number\t\t		\t 30346Y 287
Fee Account Reinvestment CUSIP Number\t\t		\t 30346Y 295
Ticker Symbol\t		\tFGJEHX

\n \n \n \n \n \n \n \n \n \n \n \n \n

First Settlement Date\t	November 4, 2026
Mandatory Termination Date (6)\t	November 3, 2028
Income Account Distribution Record Date\t	Tenth day of each month, commencing November 10, 2026.
Income Account Distribution Date (7)\t	Twenty-fifth day of each month, commencing November 25, 2026.

(1)

As of the Evaluation Time (defined below in footnote 4) on\nthe Initial Date of Deposit, we may adjust the number of Units of the Trust so that the Public Offering Price per Unit will equal approximately\n$10.00. If we make such an adjustment, the fractional undivided interest per Unit will vary from the amount indicated above.

(2)

The Public Offering Price shown above reflects the value of the Securities on the business day prior to\nthe Initial Date of Deposit. No investor will purchase Units at this price. The price you pay for your Units will be based on their valuation\nat the Evaluation Time on the date you purchase your Units. On the Initial Date of Deposit, the Public Offering Price per Unit will not\ninclude any accumulated dividends on the Securities. After this date, a pro rata share of any accumulated dividends on the Securities\nwill be included.

(3)

You will pay a maximum sales charge of 2.75% of the Public Offering Price per Unit (equivalent to 2.75%\nof the net amount invested) which consists of an initial sales charge, a deferred sales charge and a creation and development fee. The\nsales charges are described in the “Fee Table.”

(4)

Each listed Security is valued at its last closing sale price at the Evaluation Time on the business day\nprior to the Initial Date of Deposit. If a Security is not listed, or if no closing sale price exists, it is valued at its closing ask\nprice on such date. See “Public Offering—The Value of the Securities.” Evaluations for purposes of determining the purchase,\nsale or redemption price of Units are made as of the close of trading on the New York Stock Exchange (“NYSE”) (generally 4:00\np.m. Eastern time) on each day on which it is open (the “Evaluation Time”).

(5)

The creation and development fee will be deducted from the assets of the Trust at the end of the initial\noffering period and the estimated organization costs per Unit will be deducted from the assets of the Trust at the earlier of six months\nafter the Initial Date of Deposit or the end of the initial offering period. If Units are redeemed prior to any such reduction, these\nfees will not be deducted from the redemption proceeds. See “Redeeming Your Units.”

(6)

See “Amending or Terminating the Indenture.”

(7)

The Trustee will distribute money from the Income and Capital Accounts monthly on the twenty-fifth day\nof each month to Unit holders of record on the tenth day of each month if the amount available for distribution from an account equals\nat least $1.00 per 100 Units. See “Income and Capital Distributions.”

\n \n \n

Fee Table (Unaudited)

Fee Table

This Fee Table describes\nthe fees and expenses that you may, directly or indirectly, pay if you buy and hold Units of the Trust. See “Public Offering”\nand “Expenses and Charges.” Although the Trust has a term of approximately two years and is a unit investment trust rather\nthan a mutual fund, this information allows you to compare fees.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

		Amount per Unit
Unit Holder Sales Fees (as a percentage of public offering price)
Maximum Sales Charge
Initial sales charge\t	0.00%	(a)	$	.000
Deferred sales charge\t	2.25%	(b)	$	.225
Creation and development fee\t	0.50%	(c)	$	.050
Maximum sales charge (including creation and development fee)\t	2.75%		$	.275
Organization Costs (as a percentage of public offering price)
Estimated organization costs\t	.420%	(d)	$	.0420

Estimated Annual Trust Operating Expenses^(e)
(as a percentage of average net assets)
Portfolio supervision, bookkeeping, administrative and evaluation fees\t	0.080%		$	.0080
Trustee’s fee and other operating expenses \t\t	0.138%	(f)	$	.0138
Acquired Fund fees and expenses\t	1.132%	(g)	$	.1134
Total\t	1.350%		$	.1352

Example

This example is intended\nto help you compare the cost of investing in the Trust with the cost of investing in other investment products. The example assumes that\nyou invest $10,000 in the Trust for the periods shown. The example also assumes a 5% return on your investment each year and that the\nTrust’s operating expenses stay the same. The example does not take into consideration transaction fees which may be charged by\ncertain broker/dealers for processing redemption requests. Although your actual costs may vary, based on these assumptions your costs,\nassuming you sell or redeem your Units at the end of each period, would be:

\n \n \n \n \n \n \n

1 Year	2 Years
$452	$588

The example will not differ\nif you hold rather than sell your Units at the end of each period.

(a)

The combination of the initial and deferred sales charge comprises what\nwe refer to as the “transactional sales charge.” The initial sales charge is actually equal to the difference between the\nmaximum sales charge of 2.75% and the sum of any remaining deferred sales charge and creation and development fee. When the Public Offering\nPrice per Unit equals $10, there is no initial sales charge. If the price you pay for your Units exceeds $10 per Unit, you will pay an\ninitial sales charge.

(b)

The deferred sales charge is a fixed dollar amount equal to $.225 per Unit\nwhich, as a percentage of the Public Offering Price, will vary over time. The deferred sales charge will be deducted in three monthly\ninstallments commencing February 19, 2027.

(c)

The creation and development fee compensates the Sponsor for creating and\ndeveloping the Trust. The creation and development fee is a charge of $.050 per Unit collected at the end of the initial offering period,\nwhich is expected to be approximately three months from the Initial Date of Deposit. If the price you pay for your Units exceeds $10 per\nUnit, the creation and development fee will be less than 0.50%; if the price you pay for your Units is less than $10 per Unit, the creation\nand development fee will exceed 0.50%. If you purchase Units after the initial offering period, you will not be assessed the creation\nand development fee.

(d)

Estimated organization costs will be deducted from the assets of the Trust\nat the earlier of six months after the Initial Date of Deposit or the end of the initial offering period. Estimated organization costs\nare assessed on a fixed dollar amount per Unit basis which, as a percentage of average net assets, will vary over time.

(e)

With the exception of the underlying Fund expenses, each of the fees listed\nherein is assessed on a fixed dollar amount per Unit basis which, as a percentage of average net assets, will vary over time.

(f)

Other operating expenses do not include brokerage costs and other portfolio\ntransaction fees. In certain circumstances the Trust may incur additional expenses not set forth above. See “Expenses and Charges.”

(g)

Although not actual Trust operating expenses, the Trust, and therefore\nUnit holders, will indirectly bear similar operating expenses of the Funds in which the Trust invests in the estimated amounts set forth\nin the table. These expenses are estimated based on the actual Fund expenses disclosed in a Fund’s most recent SEC filing but are\nsubject to change in the future. An investor in the Trust will therefore indirectly pay higher expenses than if the underlying Fund shares\nwere held directly.

\n \n \n

Report of Independent
\n Registered Public Accounting Firm

Report of Independent Registered Public Accounting\n Firm

To the Unit Holders and the Sponsor,\nFirst Trust Portfolios L.P., of FT 13315

Opinion on the Statement of Net\nAssets

We\nhave audited the accompanying statement of net assets, including the schedule of investments, of FT 13315, comprising Tactical Income\nPortfolio, Series 91 (the “Trust”), one of the series constituting the FT Series, as of the opening of business on November\n3, 2026 (Initial Date of Deposit), and the related notes. In our opinion, the statement of net assets presents fairly, in all material\nrespects, the financial position of the Trust as of the opening of business on November 3, 2026 (Initial Date of Deposit), in conformity\nwith accounting principles generally accepted in the United States of America.

Basis for Opinion

This\nstatement of net assets is the responsibility of the Trust’s Sponsor. Our responsibility is to express an opinion on this statement\nof net assets based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United\nStates) (PCAOB) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the\napplicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We\nconducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain\nreasonable assurance about whether the statement of net assets is free of material misstatement, whether due to error or fraud. The Trust\nis not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit\nwe are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion\non the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.

Our\naudit included performing procedures to assess the risks of material misstatement of the statement of net assets, whether due to error\nor fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding\nthe amounts and disclosures in the statement of net assets. Our audit also included evaluating the accounting principles used and significant\nestimates made by the Trust’s Sponsor, as well as evaluating the overall presentation of the statement of net assets. Our procedures\nincluded confirmation of the irrevocable letter of credit held by The Bank of New York Mellon, the Trustee, and deposited in the Trust\nfor the purchase of securities, as shown in the statement of net assets, as of the opening of business on November 3, 2026, by correspondence\nwith the Trustee. We believe that our audit provides a reasonable basis for our opinion.

/s/ DELOITTE & TOUCHE LLP

Chicago, Illinois
\nNovember 3, 2026

We have\nserved as the auditor of one or more investment companies sponsored by First Trust Portfolios L.P. since 2001.

\n \n \n

Statement of Net Assets

Tactical\nIncome Portfolio, Series 91
\nFT 13315

At the Opening of Business on the Initial\nDate of Deposit—November 3, 2026

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

NET ASSETS
Investment in Securities represented by purchase contracts (1) (2)\t	$	138,213
Less liability for reimbursement to Sponsor for organization costs (3)\t		(580	)
Less liability for deferred sales charge (4)\t		(3,110	)
Less liability for creation and development fee (5)\t		(691	)
Net assets\t	$	133,832
Units outstanding\t		13,821
Net asset value per Unit (6)\t	$	9.683
ANALYSIS OF NET ASSETS
Cost to investors (7)\t	$	138,213
Less maximum sales charge (7)\t		(3,801	)
Less estimated reimbursement to Sponsor for organization costs (3)\t		(580	)
Net assets\t	$	133,832

NOTES\nTO STATEMENT OF NET ASSETS

The Trust is registered as a unit investment\ntrust under the Investment Company Act of 1940. The Sponsor is responsible for the preparation of financial statements in accordance with\naccounting principles generally accepted in the United States which require the Sponsor to make estimates and assumptions that affect\namounts reported herein. Actual results could differ from those estimates. The Trust intends to comply in its initial fiscal year and\nthereafter with provisions of the Internal Revenue Code applicable to regulated investment companies and as such, will not be subject\nto federal income taxes on otherwise taxable income (including net realized capital gains) distributed to Unit holders.

(1)

The Trust invests in a diversified portfolio of Common Stocks, Closed-End\nFunds and ETFs. Aggregate cost of the Securities listed under “Schedule of Investments” is based on their aggregate underlying\nvalue. The Trust has a Mandatory Termination Date of November 3, 2028.

(2)

An irrevocable letter of credit issued by The Bank of New York Mellon,\nof which approximately $300,000 has been allocated to the Trust, has been deposited with the Trustee as collateral, covering the monies\nnecessary for the purchase of the Securities according to their purchase contracts.

(3)

A portion of the Public Offering Price consists of an amount sufficient\nto reimburse the Sponsor for all or a portion of the costs of establishing the Trust. These costs have been estimated at $.0420 per Unit.\nA payment will be made at the earlier of six months after the Initial Date of Deposit or the end of the initial offering period to an\naccount maintained by the Trustee from which the obligation of the investors to the Sponsor will be satisfied. To the extent that actual\norganization costs of the Trust are greater than the estimated amount, only the estimated organization costs added to the Public Offering\nPrice will be reimbursed to the Sponsor and deducted from the assets of the Trust.

(4)

Represents the amount of mandatory deferred sales charge distributions\nof $.225 per Unit, payable to the Sponsor in three equal monthly installments beginning on February 19, 2027 and on the twentieth day\nof each month thereafter (or if such date is not a business day, on the preceding business day) through April 20, 2027. If Unit holders\nredeem Units before April 20, 2027, they will have to pay the remaining amount of the deferred sales charge applicable to such Units when\nthey redeem them.

(5)

The creation and development fee ($.050 per Unit) is payable by the Trust\non behalf of Unit holders out of assets of the Trust at the end of the initial offering period. If Units are redeemed prior to the close\nof the initial offering period, the fee will not be deducted from the proceeds.

(6)

Net asset value per Unit is calculated by dividing the Trust’s net\nassets by the number of Units outstanding. This figure includes organization costs and the creation and development fee, which will only\nbe assessed to Units outstanding at the earlier of six months after the Initial Date of Deposit or the end of the initial offering period\nin the case of organization costs or the close of the initial offering period in the case of the creation and development fee.

(7)

The aggregate cost to investors in the Trust includes a maximum sales charge\n(comprised of an initial and a deferred sales charge and the creation and development fee) computed at the rate of 2.75% of the Public\nOffering Price (equivalent to 2.75% of the net amount invested, exclusive of the deferred sales charge and the creation and development\nfee), assuming no reduction of the maximum sales charge as set forth under “Public Offering.”

\n \n \n

Schedule of Investments

Tactical\nIncome Portfolio, Series 91
\nFT 13315

At the Opening of Business on the Initial\nDate of Deposit—November 3, 2026

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

		Percentage			Market		Cost of
Ticker Symbol and	of Aggregate	Number		Value per	Securities to
Name of Issuer of Securities (1)(3)	Offering Price	of Shares		Share	the Trust (2)
Common Stocks (50.02%):
Communication Services (3.01%):\t
BCE	BCE Inc. †\t		1.00%			67		$	20.67	$	1,385
WLY	John Wiley & Sons, Inc. (Class A)\t		1.00%			27			51.12		1,380
SIRI	Sirius XM Holdings Inc.\t		1.01%			47			29.57		1,390
Consumer Discretionary (4.99%):\t
AEO	American Eagle Outfitters, Inc.\t		1.00%			70			19.75		1,383
BBWI	Bath & Body Works, Inc.\t		1.01%			60			23.19		1,391
HRB	H&R Block, Inc.\t		0.98%			26			52.25		1,359
M	Macy’s, Inc.\t		1.00%			57			24.33		1,387
UGP	Ultrapar Participacoes S.A. (ADR) †\t		1.00%			242			5.70		1,379
Consumer Staples (1.03%):\t
TGT	Target Corporation\t		1.03%			9			158.38		1,426
Energy (7.99%):\t
CHRD	Chord Energy Corporation\t		0.96%			9			147.39		1,327
CMBT	CMB.TECH N.V. †\t		1.01%			80			17.38		1,390
EOG	EOG Resources, Inc.\t		1.03%			9			157.89		1,421
INSW	International Seaways, Inc. †\t		0.99%			13			105.68		1,374
PR	Permian Resources Corp.\t		0.99%			56			24.56		1,375
PBR	Petroleo Brasileiro S.A. - Petrobras (ADR) †\t		1.00%			65			21.16		1,375
REPX	Riley Exploration Permian, Inc.\t		1.00%			29			47.66		1,382
TRMD	TORM Plc (Class A) †\t		1.01%			35			39.82		1,394
Financials (4.02%):\t
FHI	Federated Hermes, Inc. (Class B)\t		1.00%			22			62.56		1,376
KSPI	JSC Kaspi.kz (ADR) †\t		1.01%			15			93.39		1,401
MTG	MGIC Investment Corporation\t		1.01%			48			28.94		1,389
PLGO	Pelagos Insurance Capital Limited †\t		1.00%			52			26.50		1,378
Industrials (7.99%):\t
CPA	Copa Holdings, S.A. †\t		0.99%			10			137.34		1,373
DAC	Danaos Corporation †\t		1.00%			9			153.96		1,386
GSL	Global Ship Lease, Inc. (Class A) †\t		0.99%			34			40.23		1,368
KRT	Karat Packaging Inc.\t		1.00%			26			53.04		1,379
KMT	Kennametal Inc.\t		1.00%			45			30.72		1,382
MLKN	MillerKnoll Inc.\t		1.01%			62			22.44		1,391
PBI	Pitney Bowes Inc.\t		1.00%			86			16.12		1,386
SBLK	Star Bulk Carriers Corp. †\t		1.00%			51			27.11		1,383
Information Technology (3.01%):\t
HPQ	HP Inc.\t		1.01%			49			28.43		1,393
OTEX	Open Text Corporation †\t		1.00%			52			26.52		1,379
UMC	United Microelectronics Corporation (ADR) †\t		1.00%			84			16.39		1,377

\n \n \n

Schedule of Investments (cont’d.)

Tactical\nIncome Portfolio, Series 91
\nFT 13315

At the Opening of Business on the Initial\nDate of Deposit—November 3, 2026

		Percentage			Market		Cost of
Ticker Symbol and	of Aggregate	Number		Value per	Securities to
Name of Issuer of Securities (1)(3)	Offering Price	of Shares		Share	the Trust (2)
Common Stocks (cont’d.):
Materials (5.03%):
GFI	Gold Fields Limited (ADR) †\t		1.01%			40		$	34.77	$	1,391
GEF	Greif, Inc.\t		1.02%			17			82.82		1,408
HMY	Harmony Gold Mining Company Limited (ADR) †\t		1.00%			91			15.20		1,383
SBSW	Sibanye Stillwater Ltd. (ADR) †\t		1.00%			158			8.74		1,381
SUZ	Suzano S.A. (ADR) †\t		1.00%			149			9.25		1,378
Real Estate (10.94%):\t
ALX	Alexander’s, Inc. (4)\t		0.54%			3			250.92		753
APLE	Apple Hospitality REIT, Inc. (4)\t		0.50%			37			18.67		691
BRX	Brixmor Property Group Inc. (4)\t		0.49%			23			29.56		680
CBL	CBL & Associates Properties, Inc. (4)\t		0.51%			14			50.52		707
CDP	COPT Defense Properties (4)\t		0.50%			21			33.20		697
DRH	DiamondRock Hospitality Company (4)\t		0.50%			48			14.52		697
EPR	EPR Properties (4)\t		0.52%			12			59.58		715
FRT	Federal Realty Investment Trust (4)\t		0.48%			6			111.37		668
HIW	Highwoods Properties, Inc. (4)\t		0.50%			22			31.31		689
HST	Host Hotels & Resorts, Inc. (4)\t		0.50%			27			25.57		690
IIPR	Innovative Industrial Properties, Inc. (4)\t		0.51%			13			54.40		707
IRS	IRSA Inversiones y Representaciones Sociedad Anonima (ADR) † *\t		1.00%			111			12.40		1,376
KRG	Kite Realty Group Trust (4)\t		0.50%			27			25.74		695
LAMR	Lamar Advertising Company (4)\t		0.46%			4			157.65		631
LTC	LTC Properties, Inc. (4)\t		0.49%			15			45.14		677
OHI	Omega Healthcare Investors, Inc. (4)\t		0.51%			15			47.00		705
PSA	Public Storage (4)\t		0.48%			2			333.24		667
RLJ	RLJ Lodging Trust (4)\t		0.50%			54			12.76		689
SPG	Simon Property Group, Inc. (4)\t		0.48%			3			221.73		665
TRNO	Terreno Realty Corporation (4)\t		0.48%			10			66.76		668
UDR	UDR, Inc. (4)\t		0.49%			19			35.91		682
Utilities (2.01%):\t
CEPU	Central Puerto S.A. (ADR) †\t		1.00%			133			10.35		1,377
UGI	UGI Corporation\t		1.01%			36			38.73		1,394

\n \n \n

Schedule of Investments (cont’d.)

Tactical\nIncome Portfolio, Series 91
\nFT 13315

At the Opening of Business on the Initial\nDate of Deposit—November 3, 2026

		Percentage			Market		Cost of
Ticker Symbol and	of Aggregate	Number		Value per	Securities to
Name of Issuer of Securities (1)	Offering Price	of Shares		Share	the Trust (2)
Closed-End Funds (25.00%):
LDP	Cohen & Steers Limited Duration Preferred and Income Fund, Inc.\t		3.13%			226		$	19.12	$	4,321
PTA	Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund\t\t		3.12%			251			17.19		4,315
DFP	Flaherty & Crumrine Dynamic Preferred and Income Fund Inc.\t		3.12%			228			18.94		4,318
FFC	Flaherty & Crumrine Preferred and Income Securities Fund Incorporated\t\t		3.12%			292			14.78		4,316
HPI	John Hancock Preferred Income Fund\t		3.12%			325			13.28		4,316
HPF	John Hancock Preferred Income Fund II\t		3.13%			335			12.91		4,325
HPS	John Hancock Preferred Income Fund III\t		3.13%			367			11.78		4,323
JPC	Nuveen Preferred & Income Opportunities Fund\t		3.13%			623			6.94		4,324
Exchange-Traded Funds (24.98%):
FTSL	First Trust Senior Loan Fund (5)\t		6.24%			194			44.49		8,631
FLBL	Franklin Senior Loan ETF\t		6.25%			383			22.55		8,635
BKLN	Invesco Senior Loan ETF\t		6.25%			424			20.38		8,641
SRLN	State Street SPDR Blackstone Senior Loan ETF\t		6.24%			217			39.76		8,628
	Total Investments\t\t		100.00%							$	138,213

(1)

All Securities are represented by regular way contracts to purchase such Securities which are backed by\nan irrevocable letter of credit deposited with the Trustee. The Sponsor entered into purchase contracts for the Securities on November\n3, 2026. Such purchase contracts are expected to settle within one business day.

(2)

The cost of the Securities to the Trust represents the aggregate underlying value with respect to the\nSecurities acquired (generally determined by the closing sale prices of the listed Securities and the ask prices of over-the-counter traded\nSecurities at the Evaluation Time on the business day prior to the Initial Date of Deposit). The\ncost of Securities to the Trust may not compute due to rounding the market value per share. The valuation of the Securities has\nbeen determined by the Sponsor. In accordance with Financial Accounting Standards Board Accounting Standards Codification 820, “Fair\nValue Measurement,” the Trust’s investments are classified as Level 1, which refers to securities traded in an active market.\nThe cost of the Securities to the Sponsor and the Sponsor’s loss (which is the difference between the cost of the Securities\nto the Sponsor and the cost of the Securities to the Trust) are $138,251 and $38, respectively.

(3)

Common Stocks of companies headquartered or incorporated outside the United States comprise approximately\n20.01% of the investments of the Trust (consisting of Argentina, 2.00%; Belgium, 1.01%; Bermuda, 1.00%; Brazil, 3.00%; Canada, 2.00%;\nGreece, 2.00%; Kazakhstan, 1.01%; Marshall Islands, 0.99%; Panama, 0.99%; South Africa, 3.01%; Taiwan, 1.00% and United Kingdom, 2.00%).

(4)

This Security represents the common stock of a real estate investment trust (“REIT”).

(5)

This Security is advised by First Trust Advisors L.P., an affiliate of the Sponsor.

†

This Security represents the common stock of a foreign company which trades directly or through an American\nDepositary Receipt/ADR on the over-the-counter market or on a U.S. national securities exchange.

This Security represents a non-income producing security.

\n \n \n

The FT Series

The FT Series Defined.

We,\nFirst Trust Portfolios L.P. (the “Sponsor”), have created hundreds of similar yet separate series of a unit investment trust\nwhich we have named the FT Series. The series to which this prospectus relates, FT 13315, consists of a single portfolio known as\nTactical Income Portfolio, Series 91.

The\nTrust was created under the laws of the State of New York by a Trust Agreement (the “Indenture”) dated the Initial Date of\nDeposit. This agreement, entered into among First Trust Portfolios L.P., as Sponsor, The Bank of New York Mellon as Trustee and First\nTrust Advisors L.P. as Portfolio Supervisor, governs the operation of the Trust.

You may get more specific details concerning the nature, structure\nand risks of this product in an “Information Supplement” by calling the Sponsor at 800–621–1675, dept. code 2.

How We Created the Trust.

On\nthe Initial Date of Deposit, we deposited a portfolio of Common Stocks, Closed-End Funds and ETFs with the Trustee and, in turn, the Trustee\ndelivered documents to us representing our ownership of the Trust in the form of units (“Units”).

After\nthe Initial Date of Deposit, we may deposit additional Securities in the Trust, or cash (including a letter of credit or the equivalent)\nwith instructions to buy more Securities to create new Units for sale. If we create additional Units, we will attempt, to the extent practicable,\nto maintain the percentage relationship established among the Securities on the Initial Date of Deposit (as set forth under “Schedule\nof Investments”), adjusted to reflect the sale, redemption or liquidation of any of the Securities or any stock split or merger\nor other similar event affecting the issuer of the Securities.

Since\nthe prices of the Securities will fluctuate daily, the ratio of Securities in the Trust, on a market value basis, will also change daily.\nThe portion of Securities represented by each Unit will not change as a result of the deposit of additional Securities or cash in the\nTrust. If we deposit cash, you and new investors may experience a dilution of your investment. This is because prices of Securities will\nfluctuate between the time of the cash deposit and the purchase of the Securities, and because the Trust pays the associated brokerage\nfees. To reduce this dilution, the Trust will try to buy the Securities as close to the Evaluation Time and as close to the evaluation\nprice as possible. In addition, because the Trust pays the brokerage fees associated with the creation of new Units and with the sale\nof Securities to meet redemption and exchange requests, frequent redemption and exchange activity will likely result in higher brokerage\nexpenses.

An\naffiliate of the Trustee may receive these brokerage fees or the Trustee may retain and pay us (or our affiliate) to act as agent for\nthe Trust to buy Securities. If we or an affiliate of ours act as agent to the Trust, we will be subject to the restrictions under the\nInvestment Company Act of 1940, as amended (the “1940 Act”). When acting in an agency capacity, we may select various broker/dealers\nto execute securities transactions on behalf of the Trust, which may include broker/dealers who sell Units of the Trust. We do not consider\nsales of Units of the Trust or any other products sponsored by First Trust as a factor in selecting such broker/dealers.

We\ncannot guarantee that the Trust will keep its present size and composition for any length of time. Securities may be periodically sold\nunder certain circumstances to satisfy Trust obligations, to meet redemption requests and, as described in “Removing Securities\nfrom the Trust,” to maintain the sound investment character of the Trust, and the proceeds received by the Trust will be used to\nmeet Trust obligations or distributed to Unit holders. However, Securities will not be sold to take advantage of market fluctuations or\nchanges in anticipated rates of appreciation or depreciation, or if they no longer meet the criteria by which they were selected. You\nwill not be able to dispose of or vote any of the Securities in the Trust. As the holder of the Securities, the Trustee will vote the\nSecurities and, except as described below and as described in “Removing Securities from the Trust,” will endeavor to vote\nthe Securities such that the Securities are voted as closely as possible in the same manner and the same general proportion as are the\nSecurities held by owners other than the Trust. If permitted under law and rules thereunder and if the Sponsor determines or otherwise\nagrees that the voting or response to other actions with respect to the Funds held by the Trust should not be done as described above\nand, with respect to a Trust structured as a grantor trust for tax purposes the outcome of voting or response to such matters will not\nresult in such Trust receiving new or exchange securities, as certified to the Trustee by the Sponsor, the Sponsor will direct the Trustee\nin writing as to the manner in which the voting or response should be made. The Trustee shall have no responsibility or liability for\nany loss or liability resulting from any vote or other response made pursuant to the Sponsor’s direction or otherwise in the absence\nof the Sponsor’s direction.

Neither\nwe nor the Trustee will be liable for a failure in any of the Securities. However, if a contract for the purchase of any of the Securities\ninitially deposited in the Trust fails, unless we can purchase substitute Securities (“Replacement Securities”), we will refund\nto you that portion of the purchase price and transactional sales charge resulting from the failed contract on the next Income Account\nDistribution Date. Any Replacement Security the Trust acquires will be identical to those from the failed contract.

\n \n \n

Portfolio

Objectives.

The\nTrust seeks current income, with total return as a secondary objective.

Portfolio Selection Process.

The\nTrust is a unit investment trust that invests in a diversified portfolio of closed-end funds (“CEFs”), exchange-traded funds\n(“ETFs”), dividend-paying common stocks and REITs. The portfolio is approximately weighted based on the following allocation:

\n \n \n \n \n \n \n \n \n \n

Multi-Strategy CEFs			25%
Senior Loan ETFs			25%
Dividend Paying Stocks and REITs			50%

The\nmulti-strategy segment of the portfolio consists of CEFs which invest in income and preferred stock funds. The ETFs invest in senior loans.\nLoans in a company’s top two debt tranches (i.e., first or second lien) are considered to be senior loans. The dividend-paying stocks\nand REITs are selected by applying a disciplined investment strategy which adheres to pre-determined screens and factors, which require\nhaving a market capitalization greater than $1 billion, a three-month average daily trading volume greater than $1 million and a current\nindicated dividend yield greater than twice that of the S&P 500^® Index at the time of selection. The stocks are then\nranked by three equally-weighted factors: price to cash flow; return on assets; and 3-, 6- and 12-month price appreciation. These screens\nand factors are designed to identify companies that, in our opinion, have above-average dividend yields and trade at attractive valuations.

The Funds were selected by our research\ndepartment based on the following factors: the size and liquidity of the Funds (requiring a minimum market capitalization of $50,000,000),\nthe current dividend yield of the Funds (prioritizing Funds with the highest dividend yields) and the quality and character of the securities\nheld by the Funds (mostly focusing on credit quality, maturity and duration, which are balanced to varying degrees based on current economic\nconditions). The Sponsor does not require specific credit quality, maturity or duration investment policies when selecting the ETFs for\nthe portfolio. The Trust’s portfolio may include both actively managed ETFs and ETFs that track an index.

In connection with the Trust’s investments\nin ETFs advised by First Trust Advisors L.P., an affiliate of the Trust’s Sponsor, First Trust Advisors L.P. will receive advisory\nfees from the underlying ETFs which it would not otherwise receive if the Trust invested solely in ETFs advised by unaffiliated third-parties.\nThis may provide an incentive for the Sponsor to select ETFs advised by First Trust Advisors L.P. over ETFs advised by unaffiliated third-parties.\nThe Sponsor may invest in an affiliated ETF even in circumstances where an unaffiliated ETF may have lower fees or better performance\nover certain time periods. However, the Sponsor selected what it considered to be the best suited ETFs to achieve the Trust’s investment\nobjectives even though there may be other ETFs, including those advised by unaffiliated third-parties, that provide similar results.

While\nnot a part of the Trust’s portfolio selection process, the Trust also has exposure to foreign securities, depositary receipts,\nemerging and/or developing market companies and companies with various market capitalizations through the Trust’s investment\nin the Common Stocks, and to floating-rate securities, high-yield securities, covenant-lite loans, foreign securities, depositary\nreceipts, emerging and/or developing market companies, REITs and companies with various market capitalizations through the\nTrust’s investment in the Funds.

As with any similar investments, there\ncan be no assurance that the objectives of the Trust will be achieved. See “Risk Factors” for a discussion of the risks of\ninvesting in the Trust.

\n \n \n

Risk Factors

Principal Risks.

The\nfollowing is a discussion of the principal risks of investing in the Trust.

Price\nVolatility. The Trust invests in Common Stocks, Closed-End Funds and ETFs. The value of the Trust’s Units will fluctuate with\nchanges in the value of these Securities. The value of a security fluctuates for several reasons including changes in investors’\nperceptions of the financial condition of an issuer or the general condition of the relevant stock market, such as market volatility,\nor when political or economic events affecting the issuers occur.

Because\nthe Trust is not managed, the Trustee will not sell Securities in response to or in anticipation of market fluctuations, as is common\nin managed investments. As with any investment, we cannot guarantee that the performance of the Trust will be positive over any period\nof time or that you won’t lose money. Units of the Trust are not deposits of any bank and are not insured or guaranteed by the Federal\nDeposit Insurance Corporation or any other government agency.

Market\nRisk. Market risk is the risk that a particular security, or Units of the Trust in general, may fall in value or underperform other\ninvestments. Securities are subject to market fluctuations caused by such factors as economic, political, regulatory or market developments,\nchanges in interest rates and perceived trends in securities prices. As a means to fight inflation, the Federal Reserve and certain foreign\ncentral banks have raised interest rates and may continue to do so. Potential future bank failures could result in disruption to the broader\nbanking industry or markets generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten\nmarket volatility and reduce liquidity. Additionally, challenges in commercial real estate markets, including declining valuations and\nelevated vacancies, could have a broader impact on financial markets. In addition, local, regional or global events such as war, acts\nof terrorism, natural disasters, spread of infectious diseases or other public health issues, recessions, political turbulence or other\nevents could have a significant negative impact on the Trust and its investments. The ongoing adversarial political climate in the United\nStates, as well as political and diplomatic events both domestic and abroad, have had and may continue to have an adverse impact on the\nU.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Trust’s investments and operations.\nThe upcoming elections in the United States may result in significant impacts to international trade relations, tax and immigration policies,\nand other aspects of the national and international political and financial landscape, which could affect, among other things, inflation\nand the securities markets generally. Administrative actions against companies in certain industries, such as the defense industry, prohibiting\nthem from paying dividends or engaging in stock buybacks, may negatively impact the performance of such companies and the Trust’s\ninvestments. Ongoing armed conflicts between Russia and Ukraine in Europe and among the United States, Israel, Iran, Hamas, Hezbollah\nand other militant groups in the Middle East, have caused and could continue to cause significant market disruptions and volatility within\nthe markets in Russia, Europe, the Middle East, the United States, and other nations. Such events may also disrupt global trade and supply\nchains, increase sanctions and other governmental actions, and contribute to volatility in oil and natural gas markets. The hostilities\nand sanctions resulting from those hostilities could have a significant impact on certain Trust investments as well as Trust performance.\nThe economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by\ntrade disputes, including the imposition of tariffs, and other matters. A public health crisis, and the ensuing policies enacted by governments\nand central banks in response, could cause significant volatility and uncertainty in global financial markets, negatively impacting global\ngrowth prospects. Such events may affect certain geographic regions, countries, sectors and industries more significantly than others.\nAdvancements in technology may also adversely impact markets and the overall performance of the Trust. For instance, the economy may be\nsignificantly impacted by the advanced development and increased regulation of artificial intelligence. Additionally, cybersecurity breaches\nof both government and non-government entities could have negative impacts on infrastructure and the ability of such entities, including\nthe Trust, to operate properly. Such events could adversely affect the prices and liquidity of the Trust’s portfolio securities\nand could result in disruptions in the trading markets. Any such circumstances could have a materially negative impact on the value of\nthe Trust’s Units and result in increased market volatility.

Distributions.\nAs stated under “Summary of Essential Information,” the Trust will generally make monthly distributions of income. The Funds\nheld by the Trust may make distributions throughout the year. As a result of changing interest rates, refundings, sales or defaults on\nthe underlying securities held by the Funds, and other factors, there is no guarantee that distributions will either remain at current\nlevels or increase over time. Common stocks may pay dividends, but there is no guarantee that the issuers of the common stocks will declare\ndividends in the future or that, if declared, they will either remain at current levels or increase over time.

Closed-End\nFunds. Closed-end funds are actively managed investment companies which invest in various types of securities. Closed-end funds issue\nshares of common stock that are traded on a securities exchange. Closed-end funds are subject to various risks, including management’s\nability to meet the closed-end fund’s investment objective, and to manage the closed-end fund portfolio when the underlying securities\nare redeemed or sold, during periods of market turmoil and as investors’ perceptions regarding closed-end funds or their underlying\ninvestments change.

Shares\nof closed-end funds frequently trade at a discount from their net asset value in the secondary market. This risk is separate and distinct\nfrom the risk that the net asset value of closed-end fund shares may decrease. The amount of such discount from net asset value is subject\nto change from time to time in response to various factors.

Exchange-Traded\nFunds. The Trust is subject to substantially the same risks as those associated with the direct ownership of the securities represented\nby the underlying ETFs in which it invests. In addition, the Trust may be affected by losses of the ETFs and the level of risk arising\nfrom the investment practices of the ETFs (such as the use of leverage by the ETFs). The Trust has no control over the investments and\nrelated risks taken by the ETFs in which it invests. The Trust and the underlying funds have management and operating expenses. You will\nbear not only your share of your Trust’s expenses, but also the expenses of the underlying funds. By investing in other funds, the\nTrust incurs greater expenses than you would incur if you invested directly in the funds.

Shares\nof ETFs may trade at a discount from their net asset value in the secondary market. This risk is separate and distinct from the risk that\nthe net asset value of the ETF shares may decrease. The amount of such discount from net asset value is subject to change from time to\ntime in response to various factors.

Investment\nin Other Investment Companies Risk. Because the Trust holds Funds, Unit holders are subject to the risk that the securities selected\nby the Funds’ investment advisors will underperform the markets, the relevant indices or the securities selected by other funds.\nFurther, Funds may in the future invest in other types of securities which involve risk which may differ from those set forth below. In\naddition, because the Trust holds Funds, Unit holders bear both their proportionate share of the expenses of the Trust and, indirectly\nthe expenses of the Funds. Certain of the Funds held by the Trust may invest a relatively high percentage of their assets in a limited\nnumber of issuers. As a result, these Funds may be more susceptible to a single adverse economic or regulatory occurrence affecting one\nor more of these issuers, experience increased volatility and be highly concentrated in certain issuers.

Index\nCorrelation Risk. Index correlation risk is the risk that the performance of an index-based ETF will vary from the actual performance\nof the fund’s target index, known as “tracking error.” This can happen due to transaction costs, market impact, corporate\nactions (such as mergers and spin-offs) and timing variances. Some index-based ETFs use a technique called “representative sampling,”\nwhich means that the ETF invests in a representative sample of securities in its target index rather than all of the index securities.\nThis could increase the risk of a tracking error.

Common\nStocks. Common stocks represent a proportional share of ownership in a company. Common stock prices fluctuate for several reasons\nincluding changes in investors’ perceptions of the financial condition of an issuer or the general condition of the relevant stock\nmarket, such as market volatility, or when political or economic events affecting the issuers occur. Common stock prices may also be particularly\nsensitive to rising interest rates, as the cost of capital rises and borrowing costs increase, negatively impacting issuers.

Floating-Rate\nSecurities. A floating-rate security is an instrument in which the interest rate payable on the obligation fluctuates on a periodic\nbasis based upon changes in an interest rate benchmark. As a result, the yield on such a security will generally decline in a falling\ninterest rate environment, causing the Trust to experience a reduction in the income it receives from such securities. A sudden and significant\nincrease in market interest rates may increase the risk of payment defaults and cause a decline in the value of this investment and the\nvalue of the Units.

High-Yield\nSecurities. High-yield securities are securities rated below investment grade by one or more rating agencies (i.e., “junk”\nbonds) or securities that are unrated and determined by the Sponsor to be of comparable quality. High-yield, high-risk securities are\nsubject to greater market fluctuations and risk of loss than securities with higher investment ratings. The value of these securities\nwill decline significantly with increases in interest rates, not only because increases in rates generally decrease values, but also because\nincreased rates may indicate an economic slowdown. An economic slowdown, or a reduction in an issuer’s creditworthiness, may result\nin the issuer being unable to maintain earnings at a level sufficient to maintain interest and principal payments.

High-yield\nsecurities or “junk” bonds, the generic names for securities rated below “BBB–” by Standard & Poor’s\nor below “Baa3” by Moody’s, are frequently issued by corporations in the growth stage of their development or by established\ncompanies that are highly leveraged or whose operations or industries are depressed. Obligations rated below “BBB–”\nshould be considered speculative as these ratings indicate a quality of less than investment grade, and therefore carry an increased risk\nof default as compared to investment grade issues. The Funds held by the Trust may invest in securities of any high-yield credit quality,\nincluding securities rated as low as “D” by Standard and Poor’s or “C” by Moody’s. Because high-yield\nsecurities are generally subordinated obligations and are perceived by investors to be riskier than higher rated securities, their prices\ntend to fluctuate more than higher rated securities and are affected by short-term credit developments to a greater degree.

The\nmarket for high-yield securities is smaller and less liquid than that for investment grade securities. High-yield securities are generally\nnot listed on a national securities exchange but trade in the over-the-counter markets. Due to the smaller, less liquid market for high-yield\nsecurities, the bid-offer spread on such securities is generally greater than it is for investment grade securities and the purchase or\nsale of such securities may take longer to complete.

Distressed\ndebt securities are speculative and involve substantial risks in addition to the risks of investing in high-yield securities that are\nnot in default. Generally, holders of distressed debt securities will not receive interest payments, and there is a substantial risk that\nthe principal will not be repaid. In any reorganization or liquidation proceeding related to a distressed debt security, holders may lose\ntheir entire investment in the security.

Preferred\nSecurities. Preferred stocks are unique securities that combine some of the characteristics of both common stocks and bonds. Preferred\nstocks generally pay a fixed rate of return and are sold on the basis of current yield, like bonds. However, because they are equity securities,\npreferred stocks provide equity ownership of a company and the income is paid in the form of dividends. Preferred stocks typically have\na yield advantage over common stocks as well as comparably-rated fixed income investments. Preferred stocks are typically subordinated\nto bonds and other debt instruments in a company’s capital structure, in terms of priority to corporate income, and therefore will\nbe subject to greater credit risk than those debt instruments.

REITs.\nREITs are financial vehicles that pool investors’ capital to purchase or finance real estate. REITs may concentrate their investments\nin specific geographic areas or in specific property types, i.e., hotels, shopping malls, residential complexes, office buildings and\ntimberlands. The value of REITs and the ability of REITs to distribute income may be adversely affected by several factors, including\nrising interest rates, changes in the national, state and local economic climate and real estate conditions, perceptions of prospective\ntenants of the safety, convenience and attractiveness of the properties, the ability of the owner to provide adequate management, maintenance\nand insurance, the cost of complying with the Americans with Disabilities Act, increased competition from new properties, the impact of\npresent or future environmental legislation and compliance with environmental laws, changes in real estate taxes and other operating expenses,\nadverse changes in governmental rules and fiscal policies, adverse changes in zoning laws, and other factors beyond the control of the\nissuers of REITs. Certain of the REITs may also be mortgage real estate investment trusts (“Mortgage REITs”). Mortgage REITs\nare companies that provide financing for real estate by purchasing or originating mortgages and mortgage-backed securities and earn income\nfrom the interest on these investments. Mortgage REITs are also subject to many of the same risks associated with investments in other\nREITs and to real estate market conditions.

Senior\nLoans. Senior loans are issued by banks, other financial institutions, and other investors to corporations, partnerships, limited\nliability companies and other entities to finance leveraged buyouts, recapitalizations, mergers, acquisitions, stock repurchases, debt\nrefinancings and, to a lesser extent, for general operating and other purposes. An investment in senior loans involves risk that the borrowers\nunder senior loans may default on their obligations to pay principal or interest when due. Although senior loans may be secured by specific\ncollateral, there can be no assurance that liquidation of collateral would satisfy the borrower’s obligation in the event of non-payment\nor that such collateral could be readily liquidated. Senior loans are typically structured as floating-rate instruments in which the interest\nrate payable on the obligation fluctuates with interest rate changes. As a result, the yield on Funds investing in senior loans will generally\ndecline in a falling interest rate environment and increase in a rising interest rate environment. Senior loans are generally below investment\ngrade quality and may be unrated at the time of investment; are generally not registered with the SEC or state securities commissions;\nand are generally not listed on any securities exchange. Transactions in senior loans may take longer than seven days to settle which\ncould affect an underlying Fund’s ability to manage the liquidity of its portfolio. Because senior loans are generally not registered\nwith the SEC under the Securities Act of 1933, as amended, they may not be subject to the protections afforded under the federal securities\nlaws. See “Risk Factors—High-Yield Securities” for a description of the risks involved in investing in below investment\ngrade securities. In addition, the amount of public information available on senior loans is generally less extensive than that available\nfor other types of assets.

Covenant-Lite\nLoans. “Covenant-lite” loans are loans made with minimal protections for the lender. Because covenant-lite loans are less\nrestrictive on borrowers and provide less protection for lenders than typical corporate loans, the risk of default may be significantly\nhigher. Covenant-lite loans contain fewer maintenance covenants, or no maintenance covenants at all, than traditional loans and may not\ninclude terms that allow the lender to monitor the financial performance of the borrower and declare a default if certain criteria are\nbreached. This may hinder the Funds’ ability to reprice credit risk associated with the borrower and reduce the Funds’ ability\nto restructure a problematic loan and mitigate potential loss. As a result, the Funds’ exposure to losses on such investments is\nincreased, especially during a downturn in the credit cycle.

Foreign\nSecurities. Risks of foreign securities include higher brokerage costs; different accounting standards; expropriation, nationalization\nor other adverse political or economic developments; currency devaluations, blockages or transfer restrictions; restrictions on foreign\ninvestments and exchange of securities; inadequate financial information; lack of liquidity of certain foreign markets; and less government\nsupervision and regulation of exchanges, brokers, and issuers in foreign countries. Certain foreign markets have experienced heightened\nvolatility due to recent negative political or economic developments or natural disasters. Securities issued by non-U.S. issuers may pay\ninterest and/or dividends in foreign currencies and may be principally traded in foreign currencies. Therefore, there is a risk that the\nU.S. dollar value of these interest and/or dividend payments and/or securities will vary with fluctuations in foreign exchange rates.\nInvestments in debt securities of foreign governments present special risks, including the fact that issuers may be unable or unwilling\nto repay principal and/or interest when due in accordance with the terms of such debt, or may be unable to make such repayments when due\nin the currency required under the terms of the debt. Political, economic and social events also may have a greater impact on the price\nof debt securities issued by foreign governments than on the price of U.S. securities.

Depositary\nReceipts Risk. Depositary receipts (which may include American Depositary Receipts/ADRs, Global Depositary Receipts/GDRs, New York\nRegistry Shares, and/or similarly structured securities) are securities issued by a bank or trust company reflecting ownership of underlying\nsecurities issued by a foreign company. Depositary receipts may be less liquid than the underlying shares in their primary trading market.\nAny distributions paid to the holders of depositary receipts are usually subject to a fee charged by the depositary. Holders of depositary\nreceipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary\nreceipts because such restrictions may limit the ability to convert shares into depositary receipts and vice versa. Such restrictions\nmay cause shares of the underlying issuer to trade at a discount or premium to the market price of the depositary receipts. Moreover,\ndepositary receipts may be “sponsored” or “unsponsored.” Sponsored depositary receipts are established jointly\nby a depositary and the underlying issuer, whereas unsponsored depositary receipts may be established by a depositary without participation\nby the underlying issuer. Holders of unsponsored depositary receipts generally bear all the costs associated with establishing the unsponsored\ndepositary receipts. In addition, the issuers of the securities underlying unsponsored depositary receipts are not obligated to disclose\nmaterial information in the U.S. and, therefore, there may be less information available regarding such issuers and there may not be a\ncorrelation between such information and the market value of the depositary receipts.

Emerging\nand Developing Markets. Risks of investing in emerging and developing countries are even greater than the risks associated with foreign\ninvestments in general. These increased risks include, among other risks, the possibility of investment and trading limitations, greater\nliquidity concerns, higher price volatility, greater delays and disruptions in settlement transactions, greater political uncertainties\nand greater dependence on international trade or development assistance. In addition, less information about emerging and developing market\ncompanies is publicly available due to differences in regulatory, accounting, audit and financial recordkeeping standards and information\nthat is available may be unreliable or outdated. Moreover, the rights and remedies associated with emerging and developing market investment\nsecurities may be different than those available for investments in more developed markets. Furthermore, emerging and developing market\ncountries may be subject to overburdened infrastructures, obsolete financial systems and environmental problems. For these reasons, investments\nin emerging and developing markets are often considered speculative.

Small\nand/or Mid Capitalization Companies. Investing in stocks of small and/or mid capitalization companies may involve greater risk than\ninvesting in larger companies. For example, such companies may have limited product lines, as well as shorter operating histories, less\nexperienced management and more limited financial resources than larger companies. Securities of such companies generally trade in lower\nvolumes and are generally subject to greater and less predictable changes in price than securities of larger companies. In addition, small\nand mid-cap stocks may not be widely followed by the investment community, which may result in low demand.

Large\nCapitalization Companies. The return on investment in stocks of large capitalization companies may be less than the return on investment\nin stocks of small and/or mid capitalization companies. Large capitalization companies may also grow at a slower rate than the overall\nmarket.

Interest\nRate Risk. Interest rate risk is the risk that the value of the securities held by the Funds held by the Trust will fall if interest\nrates increase. Securities typically fall in value when interest rates rise and rise in value when interest rates fall. Securities with\nlonger periods before maturity are often more sensitive to interest rate changes.

Credit\nRisk. Credit risk is the risk that a security’s issuer is unable or unwilling to make dividend, interest or principal payments\nwhen due and the related risk that the value of a security may decline because of concerns about the issuer’s ability or willingness\nto make such payments.

Call\nRisk. Call risk is the risk that the issuer prepays or “calls” a bond before its stated maturity. An issuer might call\na bond if interest rates fall and the bond pays a higher than market interest rate or if the issuer no longer needs the money for its\noriginal purpose. A bond’s call price could be less than the price the Fund paid for the bond and could be below the bond’s\npar value. This means a Fund could receive less than the amount paid for the bond and may not be able to reinvest the proceeds in securities\nwith as high a yield as the called bond. A Fund may contain bonds that have “make whole” call options that generally cause\nthe bonds to be redeemable at any time at a designated price. Such bonds are generally more likely to be subject to early redemption and\nmay result in the reduction of income received by the Fund.

Extension\nRisk. If interest rates rise, certain obligations may be paid off by the obligor at a slower rate than expected, which will cause\nthe value of such obligations to fall.

Liquidity\nRisk. Liquidity risk is the risk that the value of a fixed-income security held by a Fund will fall if trading in the security is\nlimited or absent. No one can guarantee that a liquid trading market will exist for any fixed-income security because these securities\ngenerally trade in the over-the-counter market (they are not listed on a securities exchange). During times of reduced market liquidity,\nthe Funds held by the Trust may not be able to sell the underlying securities readily at prices reflecting the values at which the underlying\nsecurities are carried on a Fund’s books. Sales of large blocks of securities by market participants that are seeking liquidity\ncan further reduce security prices in an illiquid market. Further, the bid/ask spread may widen depending on market conditions and the\nliquidity of the underlying investments held by a Fund.

Prepayment\nRisk. Many types of debt instruments are subject to prepayment risk, which is the risk that the issuer will repay principal prior\nto the maturity date. Debt instruments allowing prepayment may offer less potential for gains during a period of declining interest rates.

Valuation\nRisk. Unlike publicly traded securities that trade on national securities exchanges, there is no central place or exchange for trading\nmost debt securities. Debt securities generally trade on an “over-the-counter” market. Due to the lack of centralized information\nand trading, the valuation of debt securities may carry more uncertainty and risk than that of publicly traded securities. Accordingly,\ndeterminations of the fair value of debt securities may be based on infrequent and dated information. Also, because the available information\nis less reliable and more subjective, elements of judgment may play a greater role in valuation of debt securities than for other types\nof securities.

Authorized\nParticipant Concentration Risk. Only an authorized participant may engage in creation or redemption transactions directly with an\nETF. ETFs have a limited number of institutions that act as authorized participants. To the extent that these institutions exit the business\nor are unable to proceed with creation and/or redemption orders with respect to an ETF and no other authorized participant is able to\nstep forward to create or redeem, in either of these cases, ETF shares may trade at a discount to the ETF’s net asset value and\npossibly face delisting and the bid/ask spread on the ETF shares may widen.

Fluctuation\nof Net Asset Value Risk. The net asset value of shares of a Fund will generally fluctuate with changes in the market value of the\nFund’s holdings. The market prices of shares will generally fluctuate in accordance with changes in net asset value as well as the\nrelative supply of and demand for shares on the exchange on which they trade. The bid/ask spread may also widen depending on market conditions\nand the liquidity of the underlying investments held by a Fund. The Trust cannot predict whether shares will trade below, at or above\ntheir net asset value because the shares trade on an exchange at market prices and not at net asset value. Price differences may be due,\nin large part, to the fact that supply and demand forces at work in the secondary trading market for shares will be closely related to,\nbut not identical to, the same forces influencing the prices of the holdings of a Fund trading individually or in the aggregate at any\npoint in time.

Management\nRisk. Actively managed Funds are subject to management risk. In managing a Fund’s investment portfolio, the Fund’s investment\nadvisor will apply investment techniques and risk analyses that may not have the desired result. There can be no guarantee that the Funds\nwill meet their investment objectives.

Market\nMaker Risk. If a Fund has lower average daily trading volumes, it may rely on a small number of third-party market makers to provide\na market for the purchase and sale of shares. Any trading halt or other problem relating to the trading activity of these market makers\ncould result in a dramatic change in the spread between a Fund’s net asset value and the price at which the Fund’s shares\nare trading on the exchange, which could result in a decrease in value of the Fund’s shares. In addition, decisions by market makers\nto reduce their role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process\nin maintaining the relationship between the underlying values of a Fund’s portfolio securities and the Fund’s market price.\nThis reduced effectiveness could result in a Fund’s shares trading at a discount to net asset value and also in greater than normal\nintraday bid-ask spreads for Fund shares.

Trading\nIssues Risk. Although the shares of a Fund are listed for trading on a securities exchange, there can be no assurance that an active\ntrading market for such shares will develop or be maintained. Trading in shares on such exchanges may be halted due to market conditions\nor for reasons that, in the view of an exchange, make trading in shares inadvisable. In addition, trading in shares on an exchange is\nsubject to trading halts caused by extraordinary market volatility pursuant to the exchange’s “circuit breaker” rules.\nMarket makers are under no obligation to make a market in a Fund’s shares. There can be no assurance that the requirements of the\nexchange necessary to maintain the listing of a Fund will continue to be met or will remain unchanged. In particular, if a Fund does not\ncomply with any provision of the listing standards of an exchange that are applicable to the Fund, and cannot bring itself into compliance\nwithin a reasonable period after discovering the matter, the exchange may remove the shares of the Fund from listing. The Funds may have\ndifficulty maintaining their listing on an exchange in the event that a Fund’s assets are small or the Fund does not have enough\nshareholders.

Cybersecurity\nRisk. As the use of Internet technology has become more prevalent in the course of business, the Trust has become more susceptible\nto potential operational, information security and related risks through breaches in cybersecurity. A breach in cybersecurity refers to\nboth intentional and unintentional events that may cause the Trust to lose proprietary information, suffer data corruption or lose operational\ncapacity, any of which could result in a material adverse effect on the Trust or its Unit holders. Such events could cause the Sponsor\nof the Trust to incur regulatory penalties, reputational damage, additional compliance costs associated with corrective measures and/or\nfinancial loss. Cybersecurity breaches may involve unauthorized access to digital information systems utilized by the Trust through “hacking”\nor malicious software coding, but may also result from outside attacks such as denial-of service attacks through efforts to make network\nservices unavailable to intended users. Emerging threats like ransomware or zero-day exploits could also cause disruptions to Trust operations.\nIn addition, cybersecurity breaches of the Trust’s third-party service providers, or issuers in which the Trust invests, can also\nsubject the Trust to many of the same risks associated with direct cybersecurity breaches. Further, errors, misconduct, or compromise\nof accounts of employees of the Sponsor, Portfolio Supervisor or the Trust’s third-party service providers can also create material\ncybersecurity risks. The Sponsor of, and third-party service provider to, the Trust have established risk management systems designed\nto reduce the risks associated with cybersecurity. However, there is no guarantee that such efforts will succeed, especially because the\nTrust does not directly control the cybersecurity systems of issuers or third-party service providers. Cybersecurity incidents may also\ntrigger Trust obligations under data privacy laws, potentially increasing notification and compliance burdens. Cybersecurity incidents\naffecting issuers in whose securities the Trust invests may also have a negative impact on the value of the securities of such issuers,\nand in turn, the value of the Trust.

Operational\nRisk. The Trust is subject to risks arising from various operational factors, including, but not limited to, human error, processing\nand communication errors, errors of the Trust’s service providers, counterparties or other third-parties, failed or inadequate processes\nand technology or systems failures. These errors or failures may adversely affect the Trust’s operations, including its ability\nto execute its investment process, calculate or disseminate its NAV in a timely manner, and process purchases or redemptions. The Trust\nrelies on third-parties for a range of services. Any delay or failure relating to engaging or maintaining such service providers may affect\nthe Trust’s ability to meet its investment objective. Although the Trust seeks to reduce these operational risks through controls\nand procedures, there is no way to completely protect against such risks.

Legislation/Litigation.\nFrom time to time, various legislative initiatives are proposed in the United States and abroad which may have a negative impact on certain\nof the Trust’s investments. In addition, litigation regarding any of the issuers of the Securities, or the industries represented\nby these issuers, may negatively impact the value of these Securities. We cannot predict what impact any pending or proposed legislation\nor pending or threatened litigation will have on the value of the Trust’s investments.

Non-Principal Risks.

The\nfollowing is a discussion of non-principal risks of investing in the Trust.

Business\nDevelopment Companies (“BDCs”). BDCs invest in and lend to private middle-market businesses. BDCs are publicly-traded\nmezzanine/private equity funds that are subject to regulatory oversight by the SEC. BDCs are unique in that at least 70% of their investments\nmust be made to private U.S. businesses that do not have marginable securities and they are required to provide managerial assistance\nto portfolio companies. An investment in BDCs is subject to various risks, including management’s ability to meet the fund’s\ninvestment objective, and to manage the fund’s portfolio when the underlying securities are redeemed or sold, during periods of\nmarket turmoil and as investors’ perceptions regarding the funds or their underlying investments change. BDCs are not redeemable\nat the option of the shareholder and they may trade in the market at a discount to their net asset value.

Convertible\nSecurities. Convertible securities are bonds, preferred stocks, and other securities that pay interest or dividends and are convertible\ninto common stocks. As such, convertible securities have some characteristics of both bonds and common stocks. Like a bond (or some preferred\nstocks), a convertible security typically pays a fixed rate of interest (or dividends) and promises to repay principal at a given date\nin the future. However, an investor can exchange the convertible security for a specific number of shares of the issuing company’s\ncommon stock at a “conversion price” specified at the time the convertible security is issued. Companies that issue convertible\nsecurities often do not have high credit ratings. In addition, the credit rating of a company’s convertible securities is typically\nlower than the rating of the company’s conventional debt securities, because convertibles are normally considered junior or subordinate\nsecurities. Convertible securities are predominantly high-yield securities. Convertible securities are typically issued at prices which\nrepresent a premium to their conversion value. Accordingly, the value of the convertible security increases (or decreases) as the price\nof the underlying common stock increases (or decreases). Convertible securities typically pay income yields that are higher than the dividend\nyields of the issuer’s common stock, but lower than the yields of the issuer’s debt securities.

In\ngeneral, a convertible security performs more like a stock when the underlying common stock’s price is closer to the conversion\nprice of the convertible security (because it is assumed that it will be converted into the stock) and more like a bond when the underlying\ncommon stock’s price is significantly lower than the convertible security’s conversion price (because it is assumed that it\nwill not be converted). For these reasons Unit holders must be willing to accept the market risks of both bonds and common stocks. However,\nbecause convertible securities have characteristics of both common stocks and bonds, they tend to be less sensitive to interest rate changes\nthan bonds of comparable maturity and quality, and less sensitive to stock market changes than common stocks. Because of these factors\nand the hybrid nature of convertible securities, Unit holders should recognize that convertible securities are likely to perform quite\ndifferently than broadly-based measures of the stock and bond markets.

While\nall markets are prone to change over time, the generally high rate at which convertible securities are retired (through conversion or\nredemption) and replaced with newly issued convertible securities causes the convertible securities market to change more rapidly than\nother markets. Due to the smaller, less liquid market for convertible securities, the bid-offer spread on such securities is generally\ngreater than it is for investment grade bonds, and the purchase or sale of such securities may take longer to complete. Moreover, convertible\nsecurities with innovative structures, such as mandatory conversion securities and equity-linked securities, have increased the sensitivity\nof this market to the volatility of the equity markets and to the special risks of those innovations. No one can guarantee that a liquid\ntrading market will exist for any convertible security because these securities generally trade in the over-the-counter market (they are\nnot listed on a securities exchange).

Contingent\nconvertible securities (“CoCos”) are hybrid debt securities typically issued by banking institutions and either convert into\nequity at a predetermined share price or are written down in value based on the specific terms of the individual security if a pre-specified\ntrigger event occurs. Trigger events vary by instrument and are defined by the documents governing the contingent convertible security.\nCoCos may have fully discretionary coupons. This means coupons can potentially be cancelled at the banking institution’s discretion\nor at the request of the relevant regulatory authority in order to help the bank absorb losses. In the event of liquidation, dissolution\nor winding-up of an issuer prior to a conversion, the rights and claims of the holders of the contingent convertibles against the issuer\nwill generally rank junior to the claims of all holders of unsubordinated obligations of the issuer. In addition, if CoCos are converted\ninto the issuer’s underlying equity securities following a conversion event, each holder will be subordinated due to their conversion\nfrom being the holder of a debt instrument to being the holder of an equity instrument. The value of CoCos is unpredictable and may be\ninfluenced by many factors including, without limitation: the creditworthiness of the issuer and/or fluctuations in such issuer’s\napplicable capital ratios; supply and demand for CoCos; general market conditions and available liquidity; and economic, financial and\npolitical events that affect the issuer, its particular market or the financial markets in general.

Investment\nGrade Securities. The value of investment grade securities will decline with increases in interest rates, not only because increases\nin rates generally decrease values, but also because increased rates may indicate an economic slowdown. An economic slowdown, or a reduction\nin an issuer’s creditworthiness, may result in the issuer being unable to maintain earnings at a level sufficient to maintain interest\nand principal payments.

Leverage\nRisk. Leverage may be structural leverage, through borrowings or the issuance of preferred stock, or effective leverage, which results\nfrom a Fund’s investment in derivative instruments that are inherently leveraged. While leverage often serves to increase the yield\nof a Fund, this leverage also subjects the Fund to increased risks, including the likelihood of increased volatility and the possibility\nthat the Fund’s common share income will fall if the dividend rate on the preferred shares or the interest rate on any borrowings\nrises.

Limited\nDuration Bonds. Limited duration bonds are subject to interest rate risk, which is the risk that the value of a security will fall\nif interest rates increase. While limited duration bonds are generally subject to less interest rate sensitivity than longer duration\nbonds, there can be no assurance that interest rates will not rise during the life of the Trust.

Money\nMarket Securities. Money market securities or similar securities may be used as a defensive measure when the Fund’s investment\nadvisor anticipates unusual market or other conditions. If market conditions improve while a Fund has temporarily invested some or all\nof its assets in high quality money market securities, the potential gain from the market upswing may be reduced, thus limiting the Fund’s\nopportunity to achieve its investment objective.

Short\nSales Risk. A Fund may engage in “short sale” transactions. A Fund will lose value if the security or instrument that\nis the subject of a short sale increases in value. A Fund also may enter into a short derivative position through a futures contract.\nIf the price of the security or derivative that is the subject of a short sale increases, then the Fund will incur a loss equal to the\nincrease in price from the time that the short sale was entered into plus any premiums and interest paid to a third party in connection\nwith the short sale. Therefore, short sales involve the risk that losses may be exaggerated, potentially losing more money than the actual\ncost of the investment. Also, there is the risk that the third party to the short sale may fail to honor its contract terms, causing\na loss to the Fund.

\n \n \n

Public Offering

The Public Offering Price.

Units\nwill be purchased at the Public Offering Price, the price per Unit of which is comprised of the following:

•

The aggregate underlying value of the Securities;

•

The amount of any cash in the Income and Capital Accounts;

•

Dividends receivable on Securities; and

•

The maximum sales charge (which combines an initial upfront sales charge, a deferred sales charge\nand the creation and development fee).

The price you pay for your Units will differ\nfrom the amount stated under “Summary of Essential Information” due to various factors, including fluctuations in the prices\nof the Securities and changes in the value of the Income and/or Capital Accounts.

Although you are not required to pay for\nyour Units until one business day following your order (the “date of settlement”), you may pay before then. You will become\nthe owner of Units (“Record Owner”) on the date of settlement if payment has been received. If you pay for your Units before\nthe date of settlement, we may use your payment during this time and it may be considered a benefit to us, subject to the limitations\nof the Securities Exchange Act of 1934, as amended.

Organization Costs. Securities\npurchased with the portion of the Public Offering Price intended to be used to reimburse the Sponsor for the Trust’s organization\ncosts (including costs of preparing the registration statement, the Indenture and other closing documents, registering Units with the\nSEC and states, the initial audit of the Trust’s statement of net assets, legal fees and the initial fees and expenses of the Trustee)\nwill be purchased in the same proportionate relationship as all the Securities contained in the Trust. Securities will be sold to reimburse\nthe Sponsor for the Trust’s organization costs at the earlier of six months after the Initial Date of Deposit or the end of the\ninitial offering period (a significantly shorter time period than the life of the Trust). During the period ending with the earlier of\nsix months after the Initial Deposit Date or the end of the initial offering period, there may be a decrease in the value of the Securities.\nTo the extent the proceeds from the sale of these Securities are insufficient to repay the Sponsor for Trust organization costs, the\nTrustee will sell additional Securities to allow the Trust to fully reimburse the Sponsor. In that event, the net asset value per Unit\nof the Trust will be reduced by the amount of additional Securities sold. Although the dollar amount of the reimbursement due to the\nSponsor will remain fixed and will never exceed the per Unit amount set forth in “Notes to Statement of Net Assets,” this\nwill result in a greater effective cost per Unit to Unit holders for the reimbursement to the Sponsor. To the extent actual organization\ncosts are less than the estimated amount, only the actual organization costs will ultimately be charged to the Trust. When Securities\nare sold to reimburse the Sponsor for organization costs, the Trustee will sell Securities, to the extent practicable, which will maintain\nthe same proportionate relationship among the Securities contained in the Trust as existed prior to such sale.

Minimum Purchase.

The minimum amount per account you can\npurchase of the Trust is generally $1,000 worth of Units ($500 if you are purchasing Units for your Individual Retirement Account or any\nother qualified retirement plan), but such amounts may vary depending on your selling firm.

Maximum Sales Charge.

The maximum sales charge of 2.75% per Unit\nis comprised of a transactional sales charge and a creation and development fee. After the initial offering period the maximum sales charge\nwill be reduced by 0.50%, to reflect the amount of the previously charged creation and development fee.

Transactional Sales Charge.

The\ntransactional sales charge you will pay has both an initial and a deferred component.

Initial\nSales Charge. The initial sales charge, which you will pay at the time of purchase, is equal to the difference between the maximum\nsales charge of 2.75% of the Public Offering Price and the sum of the maximum remaining deferred sales charge and creation and development\nfee (initially $.275 per Unit). On the Initial Date of Deposit, and any other day the Public\nOffering Price per Unit equals $10.00, there is no initial sales charge. Thereafter, you will pay an initial sales charge when the Public\nOffering Price per Unit exceeds $10.00 and as deferred sales charge and creation and development fee payments are made.

Monthly\nDeferred Sales Charge. In addition, three monthly deferred sales charges of $.075 per Unit will be deducted from the Trust’s\nassets on approximately the twentieth day of each month from February 19, 2027 through April 20, 2027. If you buy Units at a price of\nless than $10.00 per Unit, the dollar amount of the deferred sales charge will not change, but the deferred sales charge on a percentage\nbasis will be more than 2.25% of the Public Offering Price.

If\nyou purchase Units after the last deferred sales charge payment has been assessed, your transactional sales charge will consist of a one-time\ninitial sales charge of 2.25% of the Public Offering Price (equivalent to 2.302% of the net amount invested).

Creation and Development Fee.

As\nSponsor, we will also receive, and the Unit holders will pay, a creation and development fee. See “Expenses and Charges” for\na description of the services provided for this fee. The creation and development fee is a charge of $.050 per Unit collected at the end\nof the initial offering period. If you buy Units at a price of less than $10.00 per Unit, the dollar amount of the creation and development\nfee will not change, but the creation and development fee on a percentage basis will be more than 0.50% of the Public Offering Price.

Discounts for Certain Persons.

The\nmaximum sales charge is 2.75% per Unit and the maximum dealer concession is 2.00% per Unit.

If\nyou are purchasing Units for an investment account, the terms of which provide that your registered investment advisor or registered broker/dealer\n(a) charges periodic fees in lieu of commissions; (b) charges for financial planning, investment advisory or asset management\nservices; or (c) charges a comprehensive “wrap fee” or similar fee for these or comparable services (“Fee Accounts”),\nyou will not be assessed the transactional sales charge described above on such purchases. These Units will be designated as Fee Account\nUnits and, depending upon the purchase instructions we receive, assigned either a Fee Account Cash CUSIP Number, if you elect to have\ndistributions paid to you, or a Fee Account Reinvestment CUSIP Number, if you elect to have distributions reinvested into additional Units\nof the Trust. Certain Fee Account Unit holders may be assessed transaction or other account fees on the purchase and/or redemption of\nsuch Units by their registered investment advisor, broker/dealer or other processing organizations for providing certain transaction or\naccount activities. Fee Account Units are not available for purchase in the secondary market. We reserve the right to limit or deny purchases\nof Units not subject to the transactional sales charge by investors whose frequent trading activity we determine to be detrimental to\nthe Trust.

Employees,\nofficers and directors (and immediate family members) of the Sponsor, our related companies, and dealers and their affiliates will purchase\nUnits at the Public Offering Price less the applicable dealer concession, subject to the policies of the related selling firm. Immediate\nfamily members include spouses, or the equivalent if recognized under local law, children or step-children under the age of 21 living\nin the same household, parents or step-parents and trustees, custodians or fiduciaries for the benefit of such persons. Only employees,\nofficers and directors of companies that allow their employees to participate in this employee discount program are eligible for the discounts.

You\nwill be charged the deferred sales charge per Unit regardless of the price you pay for your Units or whether you are eligible to receive\nany discounts. However, if the purchase price of your Units was less than $10.00 per Unit or if you are eligible to receive a discount\nsuch that the maximum sales charge you must pay is less than the applicable maximum deferred sales charge, including Fee Account Units,\nyou will be credited additional Units with a dollar value equal to the difference between your maximum sales charge and the maximum deferred\nsales charge at the time you buy your Units. If you elect to have distributions reinvested into additional Units of the Trust, in addition\nto the reinvestment Units you receive you will also be credited additional Units with a dollar value at the time of reinvestment sufficient\nto cover the amount of any remaining deferred sales charge and creation and development fee to be collected on such reinvestment Units.\nThe dollar value of these additional credited Units (as with all Units) will fluctuate over time, and may be less on the dates deferred\nsales charges or the creation and development fee are collected than their value at the time they were issued.

The Value of the Securities.

The\nSponsor will determine the aggregate underlying value of the Securities in the Trust as of the Evaluation Time on each business day and\nwill adjust the Public Offering Price of the Units according to this valuation. This Public Offering Price will be effective for all orders\nreceived before the Evaluation Time on each such day. If we or the Trustee receive orders for purchases, sales or redemptions after that\ntime, or on a day which is not a business day, they will be held until the next determination of price. The term “business day”\nas used in this prospectus shall mean any day on which the NYSE is open. For purposes of Securities and Unit settlement, the term business\nday does not include days on which U.S. financial institutions are closed.

The aggregate underlying value of the Securities\nin the Trust will be determined as follows: if the Securities are listed on a national or foreign securities exchange or Nasdaq, Inc.,\ntheir value shall generally be based on the closing sale price on the exchange or system which is the principal market therefore (“Primary\nExchange”), which shall be deemed to be the NYSE if the Securities are listed thereon (unless the Sponsor deems such price inappropriate\nas the basis for evaluation). In the event a closing sale price on the Primary Exchange is not published, the Securities will be valued\nbased on the last trade price on the Primary Exchange. If no trades occur on the Primary Exchange for a specific trade date, the value\nwill be based on the closing sale price from, in the opinion of the Sponsor, an appropriate secondary exchange, if any. If no trades occur\non the Primary Exchange or any appropriate secondary exchange on a specific trade date, the Sponsor will determine the value of the Securities\nusing the best information available to the Sponsor, which may include the prior day’s evaluated price. If the Security is an American\nDepositary Receipt/ADR, Global Depositary Receipt/GDR or other similar security in which no trade occurs on the Primary Exchange or any\nappropriate secondary exchange on a specific trade date, the value will be based on the evaluated price of the underlying security, determined\nas set forth above, after applying the appropriate ADR/GDR ratio, the exchange rate and such other information which the Sponsor deems\nappropriate. For purposes of valuing Securities traded on Nasdaq, Inc., closing sale price shall mean the Nasdaq^® Official\nClosing Price as determined by Nasdaq, Inc. If the Securities are not so listed or, if so listed and the principal market therefore is\nother than on the Primary Exchange or any appropriate secondary exchange, the value shall generally be based on the current ask price\non the over-the-counter market (unless the Sponsor deems such price inappropriate as a basis for evaluation). If current ask prices are\nunavailable, the value is generally determined (a) on the basis of current ask prices for comparable securities, (b) by appraising\nthe value of the Securities on the ask side of the market, or (c) any combination of the above. If such prices are in a currency\nother than U.S. dollars, the value of such Security shall be converted to U.S. dollars based on current exchange rates (unless the Sponsor\ndeems such prices inappropriate as a basis for evaluation). If the Sponsor deems a price determined as set forth above to be inappropriate\nas the basis for evaluation, the Sponsor shall use such other information available to the Sponsor which it deems appropriate as the basis\nfor determining the value of a Security.

After the initial offering period is over,\nthe aggregate underlying value of the Securities will be determined as set forth above, except that bid prices are used instead of ask\nprices when necessary.

\n \n \n

Distribution of Units

We intend to qualify Units of the Trust\nfor sale in a number of states. All Units will be sold at the then current Public Offering Price.

The Sponsor compensates intermediaries,\nsuch as broker/dealers and banks, for their activities that are intended to result in sales of Units of the Trust. This compensation\nincludes dealer concessions described in the following section and may include additional concessions and other compensation and benefits\nto broker/dealers and other intermediaries.

Dealer Concessions.

Dealers and other selling agents can purchase\nUnits at prices which represent a concession or agency commission of 2.00% of the Public Offering Price per Unit, subject to reductions\nset forth in “Public Offering—Discounts for Certain Persons.”

Eligible dealer firms and other selling\nagents who, during the previous consecutive 12-month period through the end of the most recent month, sold primary market units of unit\ninvestment trusts sponsored by us in the dollar amounts shown below will be entitled to up to the following additional sales concession\non primary market sales of units during the current month of unit investment trusts sponsored by us:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Total sales\t\t (in millions)	Additional Concession
$25 but less than $100\t		0.035	%
$100 but less than $150\t		0.050	%
$150 but less than $250\t		0.075	%
$250 but less than $1,000\t		0.100	%
$1,000 but less than $5,000\t		0.125	%
$5,000 but less than $7,500\t		0.150	%
$7,500 or more\t		0.175	%

Dealers and other selling agents will\nnot receive a concession on the sale of Units which are not subject to a transactional sales charge, but such Units will be included\nin determining whether the above volume sales levels are met. Eligible dealer firms and other selling agents include clearing firms that\nplace orders with First Trust and provide First Trust with information with respect to the representatives who initiated such transactions.\nEligible dealer firms and other selling agents will not include firms that solely provide clearing services to other broker/dealer firms\nor firms who place orders through clearing firms that are eligible dealers. We reserve the right to change the amount of concessions\nor agency commissions from time to time. Certain commercial banks may be making Units of the Trust available to their customers on an\nagency basis. A portion of the transactional sales charge paid by these customers is kept by or given to the banks in the amounts shown\nabove.

Other Compensation and Benefits to Broker/Dealers.

The\nSponsor, at its own expense and out of its own profits, currently provides additional compensation and benefits to broker/dealers who\nsell Units of this Trust and other First Trust products. This compensation is intended to result in additional sales of First Trust products\nand/or compensate broker/dealers and financial advisors for past sales. A number of factors are considered in determining whether to pay\nthese additional amounts. Such factors may include, but are not limited to, the level or type of services provided by the intermediary,\nthe level or expected level of sales of First Trust products by the intermediary or its agents, the placing of First Trust products on\na preferred or recommended product list, access to an intermediary’s personnel, and other factors. The Sponsor makes these payments\nfor marketing, promotional or related expenses, including, but not limited to, expenses of entertaining retail customers and financial\nadvisors, advertising, sponsorship of events or seminars, obtaining information about the breakdown of unit sales among an intermediary’s\nrepresentatives or offices, obtaining shelf space in broker/dealer firms and similar activities designed to promote the sale of the Sponsor’s\nproducts. The Sponsor makes such payments to a substantial majority of intermediaries that sell First Trust products. The Sponsor may\nalso make certain payments to, or on behalf of, intermediaries to defray a portion of their costs incurred for the purpose of facilitating\nUnit sales, such as the costs of developing or purchasing trading systems to process Unit trades. Payments of such additional compensation\ndescribed in this and the preceding paragraph, some of which may be characterized as “revenue sharing,” create a conflict\nof interest by influencing financial intermediaries and their agents to sell or recommend a First Trust product, including the Trust,\nover products offered by other sponsors or fund companies. These arrangements will not change the price you pay for your Units.

Advertising and\nInvestment Comparisons.

Advertising\nmaterials regarding the Trust may discuss several topics, including: developing a long-term financial plan; working with your financial\nprofessional; the nature and risks of various investment strategies and unit investment trusts that could help you reach your financial\ngoals; the importance of discipline; how the Trust operates; how securities are selected; various unit investment trust features such\nas convenience and costs; and options available for certain types of unit investment trusts. These materials may include descriptions\nof the principal businesses of the companies represented in the Trust, research analysis of why they were selected and information relating\nto the qualifications of the persons or entities providing the research analysis. In addition, they may include research opinions on\nthe economy and industry sectors included and a list of investment products generally appropriate for pursuing those recommendations.

From\ntime to time we may compare the estimated returns of the Trust (which may show performance net of the expenses and charges the Trust would\nhave incurred) and returns over specified periods of other similar trusts we sponsor in our advertising and sales materials, with (1) returns\non other taxable investments such as the common stocks comprising various market indexes, corporate or U.S. Government bonds, bank CDs\nand money market accounts or funds, (2) performance data from Morningstar, Inc. or (3) information from publications such as\nMoney, The New York Times, U.S. News and World Report, Bloomberg Businessweek, Forbes or Fortune.\nThe investment characteristics of the Trust differ from other comparative investments. You should not assume that these performance comparisons\nwill be representative of the Trust’s future performance. We may also, from time to time, use advertising which classifies trusts\nor portfolio securities according to capitalization and/or investment style.

\n \n \n

The Sponsor’s Profits

We\nwill receive a gross sales commission equal to the maximum transactional sales charge per Unit less any reduction as stated in “Public\nOffering.” We will also receive the amount of any collected creation and development fee. Also, any difference between our cost\nto purchase the Securities and the price at which we sell them to the Trust is considered a profit or loss (see Note 2 of “Schedule\nof Investments”). During the initial offering period, dealers and others may also realize profits or sustain losses as a result\nof fluctuations in the Public Offering Price they receive when they sell the Units.

In\nmaintaining a market for the Units, any difference between the price at which we purchase Units and the price at which we sell or redeem\nthem will be a profit or loss to us.

\n \n \n

The Secondary Market

Although not obligated, we may maintain\na market for the Units after the initial offering period and continuously offer to purchase Units at prices based on the Redemption Price\nper Unit.

We will pay all expenses to maintain a\nsecondary market, except fees to value Trust Securities and Trustee costs to transfer and record the ownership of Units. We may discontinue\npurchases of Units at any time. If you wish to dispose of your Units, you should ask us for the current market prices before making\na tender for redemption to the Trustee. If you sell or redeem your Units before you have paid the total deferred sales charge on your\nUnits, you will have to pay the remainder at that time.

\n \n \n

How We Purchase Units

The Trustee will notify us of any tender\nof Units for redemption. If our bid at that time is equal to or greater than the Redemption Price per Unit, we may purchase the Units.\nYou will receive your proceeds from the sale no later than if they were redeemed by the Trustee. We may tender Units we hold to the Trustee\nfor redemption as any other Units. If we elect not to purchase Units, the Trustee may sell tendered Units in the over-the-counter market,\nif any. However, the amount you will receive is the same as you would have received on redemption of the Units.

\n \n \n

Expenses and Charges

The\nestimated annual expenses of the Trust are listed under “Fee Table.” If actual expenses of the Trust exceed the estimate,\nthe Trust will bear the excess. The Trustee will pay operating expenses of the Trust from the Income Account of the Trust if funds are\navailable, and then from the Capital Account. The Income and Capital Accounts are non-interest-bearing to Unit holders, so the Trustee\nmay earn interest on these funds, thus benefiting from their use. In addition, investors will also indirectly pay a portion of the expenses\nof the underlying Funds. The Bank of New York Mellon may act as custodian, fund accountant and/or transfer agent for certain of the underlying\nFunds and may receive compensation for such services.

First\nTrust Advisors L.P., an affiliate of ours, acts as Portfolio Supervisor and will be compensated for providing portfolio supervisory services\nas well as bookkeeping and other administrative services to the Trust. In providing portfolio supervisory services, the Portfolio Supervisor\nmay purchase research services from a number of sources, which may include underwriters or dealers of the Trust. As Sponsor, we will\nbe compensated for providing evaluation services and we will receive brokerage fees when the Trust use us (or an affiliate of ours) as\nagent in buying or selling Securities. As authorized by the Indenture, the Trustee may employ a subsidiary or affiliate of the Trustee\nto act as broker to execute certain transactions for the Trust. The Trust will pay for such services at standard commission rates.

The\nfees payable to the Sponsor, First Trust Advisors L.P. and the Trustee are based on the largest aggregate number of Units of the Trust\noutstanding at any time during the calendar year, except during the initial offering period, in which case these fees are calculated based\non the largest number of Units outstanding during the period for which compensation is paid. These fees may be adjusted for inflation\nwithout Unit holders’ approval, but in no case will the annual fees paid to us or our affiliates for providing services to all unit\ninvestment trusts be more than the actual cost of providing such services in such year.

As\nSponsor, we will receive a fee from the Trust for creating and developing the Trust, including determining the Trust’s objectives,\npolicies, composition and size, selecting service providers and information services and for providing other similar administrative and\nministerial functions. The “creation and development fee” is a charge of $.050 per Unit outstanding at the end of the initial\noffering period. The Trustee will deduct this amount from the Trust’s assets as of the close of the initial offering period. We\ndo not use this fee to pay distribution expenses or as compensation for sales efforts. This fee will not be deducted from your proceeds\nif you sell or redeem your Units before the end of the initial offering period.

In\naddition to the Trust’s operating expenses and those fees described above, the Trust may also incur the following charges:

•

All legal expenses of the Trustee according to its responsibilities under the Indenture;

•

The expenses and costs incurred by the Trustee to protect the Trust and your rights and interests\n(i.e., participating in litigation concerning a portfolio security) and the costs of indemnifying the Trustee;

•

Fees for any extraordinary services the Trustee performed under the Indenture;

•

Payment for any loss, liability or expense the Trustee incurred without negligence, bad faith\nor willful misconduct on its part, in connection with its acceptance or administration of the Trust;

•

Payment for any loss, liability or expenses we incurred without negligence, bad faith or willful\nmisconduct in acting as Sponsor of the Trust;

•

Foreign custodial and transaction fees (which may include compensation paid to the Trustee or\nits subsidiaries or affiliates), if any; and/or

•

All taxes and other government charges imposed upon the Securities or any part of the Trust.

The\nabove expenses and the Trustee’s annual fee are secured by a lien on the Trust. In addition, if there is not enough cash in the\nIncome or Capital Account, the Trustee has the power to sell Securities to make cash available to pay these charges which may result in\ncapital gains or losses to you. See “Tax Status.”

\n \n \n

Tax Status

Federal Tax Matters.

This section discusses some of the main\nU.S. federal income tax consequences of owning Units of the Trust as of the date of this prospectus. Tax laws and interpretations change\nfrequently, and this summary does not describe all of the tax consequences to all taxpayers. For example, this summary generally does\nnot describe your situation if you are a broker/dealer or other investor with special circumstances. In addition, this section may not\ndescribe your state, local or non-U.S. tax consequences.

This\nfederal income tax summary is based in part on the advice of counsel to the Sponsor. The Internal Revenue Service (“IRS”)\ncould disagree with any conclusions set forth in this section. In addition, our counsel may not have been asked to review, and may not\nhave reached a conclusion with respect to the federal income tax treatment of the assets to be deposited in the Trust. This summary may\nnot be sufficient for you to use for the purpose of avoiding penalties under federal tax law.

As\nwith any investment, you should seek advice based on your individual circumstances from your own tax advisor.

Trust Status.

Unit\ninvestment trusts maintain both Income and Capital Accounts, regardless of tax structure. Please refer to the “Income and Capital\nDistributions” section of the prospectus for more information.

The\nTrust intends to qualify as a “regulated investment company,” commonly known as a “RIC,” under the federal tax\nlaws. If the Trust qualifies as a RIC and distributes its income as required by the tax law, the Trust generally will not pay federal\nincome taxes. For federal income tax purposes, you are treated as the owner of the Trust Units and not of the assets held by the Trust.\n

Income from the Trust.

Trust\ndistributions are generally taxable. After the end of each year, you will receive a tax statement that separates the Trust’s distributions\ninto ordinary income dividends, capital gain dividends, exempt-interest dividends and return of capital. Income reported is generally\nnet of expenses (but see “Treatment of Trust Expenses” below). Ordinary income dividends are generally taxed at your ordinary\nincome tax rate, however, certain dividends received from the Trust may be taxed at the capital gains tax rates. Generally, all capital\ngain dividends are treated as long-term capital gains regardless of how long you have owned your Units. Exempt-interest dividends generally\nare excluded from your gross income for federal income tax purposes. Some or all of the exempt-interest dividends may be taken into account\nin determining the alternative minimum tax on individuals and may have other tax consequences. For tax years beginning after December\n31, 2022, exempt-interest dividends may affect the corporate alternative minimum tax for certain corporations. In addition, the Trust\nmay make distributions that represent a return of capital for tax purposes and will generally not be currently taxable to you, although\nthey generally reduce your tax basis in your Units and thus increase your taxable gain or decrease your loss when you dispose of your\nUnits. The tax laws may require you to treat distributions made to you in January as if you had received them on December 31 of the previous\nyear.

Some\ndistributions from the Trust may qualify as long-term capital gains, which, if you are an individual, is generally taxed at a lower rate\nthan your ordinary income and short-term capital gain income. However, capital gain received from assets held for more than one year that\nis considered “unrecaptured section 1250 gain” (which may be the case, for example, with some capital gains attributable to\nequity interests in REITs) is taxed at a higher rate. The distributions from the Trust that you must take into account for federal income\ntax purposes are not reduced by the amount used to pay a deferred sales charge, if any. Distributions from the Trust, including capital\ngains but not exempt-interest dividends, may also be subject to a “Medicare tax” if your adjusted gross income exceeds certain\nthreshold amounts.

Certain Stock Dividends.

Ordinary\nincome dividends received by an individual Unit holder from a RIC such as the Trust are generally taxed at the same rates that apply to\nlong-term capital gains, provided certain holding period requirements are satisfied and provided the dividends are attributable to qualifying\ndividend income (“QDI”) received by the Trust itself. Dividends that do not meet these requirements will generally be taxed\nat ordinary income tax rates. After the end of the tax year, the Trust will provide a tax statement to its Unit holders reporting the\namount of any distribution which may be taken into account as a dividend which is eligible for the capital gains tax rates.

Unit\nholders that are corporations may be eligible for the dividends received deduction with respect to certain ordinary income dividends on\nUnits that are attributable to qualifying dividends received by the Trust from certain corporations.

Because\nthe Trust holds REIT shares, some dividends may be designated by the REIT as capital gain dividends and, therefore, distributions from\nthe Trust attributable to such dividends and designated by the Trust as capital gain dividends may be taxable to you as capital gains.\nIf you hold a Unit for six months or less, any loss incurred by you related to the sale of such Unit will be treated as a long-term capital\nloss to the extent of any long-term capital gain distributions received (or deemed to have been received) with respect to such Unit.

Some\nportion of the dividends on your Units that are attributable to dividends received by the Trust from the REIT shares may be designated\nby the Trust as eligible for a deduction for qualified business income.

Sale of Units.

If you sell your Units (whether to a third\nparty or to the Trust), you will generally recognize a taxable gain or loss. To determine the amount of this gain or loss, you must subtract\nyour (adjusted) tax basis in your Units from the amount you receive from the sale. Your original tax basis in your Units is generally\nequal to the cost of your Units, including sales charges. In some cases, however, you may have to adjust your tax basis after you purchase\nyour Units, in which case your gain would be calculated using your adjusted basis.

The tax statement you receive in regard\nto the sale or redemption of your Units may contain information about your basis in the Units and whether any gain or loss recognized\nby you should be considered long-term or short-term capital gain. The information reported to you is based upon rules that do not take\ninto consideration all of the facts that may be known to you or to your advisors. You should consult with your tax advisor about any adjustments\nthat may need to be made to the information reported to you in determining the amount of your gain or loss.

Distribution Reinvestment Option.

If you elect to reinvest your distributions\ninto additional Units, you will be treated as if you have received your distribution in an amount equal to the distribution you\nare entitled to. Your tax liability will be the same as if you received the distribution in cash. Also, the reinvestment would generally\nbe considered a purchase of new Units for federal income tax purposes.

Treatment of Trust Expenses.

Expenses incurred and deducted by the Trust\nwill generally not be treated as income taxable to you. In some cases, however, you may be required to treat your portion of these Trust\nexpenses as income. You may not be able to take a deduction for some or all of these expenses even if the cash you receive is reduced\nby such expenses.

Investments in Certain Non-U.S. Corporations.

A foreign corporation will generally be\ntreated as a passive foreign investment company (“PFIC”) if 75% or more of its income is passive income or if 50% or more\nof its assets are held to produce passive income. If the Trust holds an equity interest in PFICs, the Trust could be subject to\nU.S. federal income tax and additional interest charges on gains and certain distributions from the PFICs, even if all the income or gain\nis distributed in a timely fashion to the Trust Unit holders. Similarly, if the Trust invests in a fund (a “Portfolio Fund”)\nthat invests in PFICs, the Portfolio Fund may be subject to such taxes. The Trust will not be able to pass through to its Unit holders\nany credit or deduction for such taxes if the taxes are imposed at the Trust level or on a Portfolio Fund. The Trust (or the Portfolio\nFund) may be able to make an election that could limit the tax imposed on the Trust (or the Portfolio Fund). In this case, the Trust (or\nthe Portfolio Fund) would recognize as ordinary income any increase in the value of such PFIC shares, and as ordinary loss any decrease\nin such value to the extent it did not exceed prior increases included in income.

Under this election, the Trust (or the\nPortfolio Fund) might be required to recognize income in excess of its distributions from the PFICs and its proceeds from dispositions\nof PFIC stock during that year, and such income would nevertheless be subject to the distribution requirement and would be taken into\naccount for purposes of determining the application of the 4% excise tax imposed on RICs that do not meet certain distribution thresholds.\nDividends paid by PFICs are not treated as QDI to shareholders of the PFICs.

Non-U.S. Investors.

If you are a non-U.S. investor, distributions\nfrom the Trust treated as dividends will generally be subject to a U.S. withholding tax of 30% of the distribution. Certain dividends,\nsuch as capital gains dividends, short-term capital gains dividends, and distributions that are attributable to exempt-interest income\nor certain other interest income, may not be subject to U.S. withholding taxes. In addition, some non-U.S. investors may be eligible for\na reduction or elimination of U.S. withholding taxes under a treaty. However, the qualification for those exclusions may not be known\nat the time of the distribution and some excluded income may be taken into consideration for alternative minimum tax purposes.

Separately, the United States, pursuant\nto the Foreign Account Tax Compliance Act (“FATCA”) imposes a 30% tax on certain non-U.S. entities that receive U.S. source\ninterest or dividends if the non-U.S. entity does not comply with certain U.S. disclosure and reporting requirements. This FATCA tax also\ncurrently applies to the gross proceeds from the disposition of securities that produce U.S. source interest or dividends. However, proposed\nregulations may eliminate the requirement to withhold on payments of gross proceeds from dispositions.

It is the responsibility of the entity\nthrough which you hold your Units to determine the applicable withholding.

Foreign Tax Credit.

If\nthe Trust directly or indirectly invests in non-U.S. stocks, the tax statement that you receive may include an item showing foreign taxes\nthe Trust paid to other countries. You may be able to deduct or receive a tax credit for your share of these taxes. The Trust would have\nto meet certain IRS requirements in order to pass through credits to you.

In-Kind Distributions.

If\npermitted by this prospectus, as described in “Redeeming Your Units,” you may request an In-Kind Distribution of Trust assets\nwhen you redeem your Units. This distribution is subject to tax, and you will generally recognize gain or loss, generally based on the\nvalue at that time of the securities and the amount of cash received.

You\nshould consult your tax advisor regarding potential foreign, state or local taxation with respect to your Units.

\n \n \n

Retirement Plans

You\nmay purchase Units of the Trust for:

•

Individual Retirement Accounts;

•

Keogh Plans;

•

Pension funds; and

•

Other tax-deferred retirement plans.

Generally,\nthe federal income tax on capital gains and income received in each of the above plans is deferred until you receive distributions. These\ndistributions are generally treated as ordinary income but may, in some cases, be eligible for special averaging or tax-deferred rollover\ntreatment. Before participating in a plan like this, you should review the tax laws regarding these plans and consult your attorney or\ntax advisor. Brokerage firms and other financial institutions offer these plans with varying fees and charges.

\n \n \n

Rights of Unit Holders

Unit Ownership.

Ownership\nof Units will not be evidenced by certificates. If you purchase or hold Units through a broker/dealer or bank, your ownership of Units\nwill be recorded in book-entry form at the Depository Trust Company (“DTC”) and credited on its records to your broker/dealer’s\nor bank’s DTC account. Transfer of Units will be accomplished by book entries made by DTC and its participants if the Units are\nregistered to DTC or its nominee, Cede & Co. DTC will forward all notices and credit all payments received in respect of the Units\nheld by the DTC participants. You will receive written confirmation of your purchases and sales of Units from the broker/dealer or bank\nthrough which you made the transaction. You may transfer your Units by contacting the broker/dealer or bank through which you hold your\nUnits.

Unit Holder Reports.

The\nTrustee will prepare a statement detailing the per Unit amounts (if any) distributed from the Income Account and Capital Account in connection\nwith each distribution. In addition, at the end of each calendar year, the Trustee will prepare a statement which contains the following\ninformation:

•

A summary of transactions in the Trust for the year;

•

A list of any Securities sold during the year and the Securities held at the end of that year\nby the Trust;

•

The Redemption Price per Unit, computed on the 31st day of December of such year (or the last\nbusiness day before); and

•

Amounts of income and capital distributed during the year.

By\nFebruary 15th yearly, the Annual Reports are posted to the Sponsor’s website (www.ftportfolios.com) in the UIT Tax Center and retrievable\nby CUSIP. You may also request one be sent to you by calling the Sponsor at 800–621–1675, dept. code 2. In addition, you may\nalso request from the Trustee copies of the evaluations of the Securities as prepared by the Sponsor to enable you to comply with applicable\nfederal and state tax reporting requirements.

\n \n \n

Income and Capital Distributions

You\nwill be eligible to receive distributions, if any, on your Units only after you become a Record Owner. The Trustee will credit dividends\nreceived on the Trust’s Securities to the Income Account of the Trust. All other receipts, such as return of capital or capital\ngain dividends, are credited to the Capital Account of the Trust. Dividends received on foreign Securities, if any, are converted into\nU.S. dollars at the applicable exchange rate.

The Trustee\nwill make distributions from the Income Account on or near the Income Account Distribution Dates to Unit holders of record on the preceding\nIncome Account Distribution Record Date provided the amount equals at least $1.00 per 100 units. No Income Account distribution will be\npaid if accrued expenses of the Trust exceed amounts in the Income Account on the Distribution Dates. Distribution amounts will vary with\nchanges in the Trust’s fees and expenses, in dividends received and with the sale of Securities. The Trustee will distribute amounts\nin the Capital Account, net of amounts designated to meet redemptions, pay the deferred sales charge and creation and development fee\nor pay expenses, on the twenty-fifth day of each month to Unit holders of record on the tenth day of each month provided the amount equals\nat least $1.00 per 100 Units. In any case, the Trustee may distribute funds in the Capital Account in December of each year to avoid imposition\nof any income or excise taxes on undistributed income in the Trust and will distribute funds as part of the final liquidation distribution.

If\nan Income or Capital Account distribution date is a day on which the NYSE is closed, the distribution will be made on the next day the\nstock exchange is open. Distributions are paid to Unit holders of record determined as of the close of business on the Record Date for\nthat distribution or, if the Record Date is a day on which the NYSE is closed, the first preceding day on which the exchange is open.

We\nanticipate that there will be enough money in the Capital Account of the Trust to pay the deferred sales charge to the Sponsor. If not,\nthe Trustee may sell Securities to meet the shortfall.

Within\na reasonable time after the Trust is terminated, you will receive the pro rata share of the money from the sale of the Securities and\namounts in the Income and Capital Accounts. All Unit holders will receive a pro rata share of any other assets remaining in the Trust,\nafter deducting any unpaid expenses.

The\nTrustee may establish reserves (the “Reserve Account”) within the Trust to cover anticipated state and local taxes or any\ngovernmental charges to be paid out of the Trust.

Distribution\nReinvestment Option. You may elect to have each distribution of income and/or capital reinvested into additional Units of the Trust\nby notifying your broker/dealer or bank within the time period required by such entities so that they can notify the Trustee of your election\nat least 10 days before any Record Date. Each later distribution of income and/or capital on your Units will be reinvested by the Trustee\ninto additional Units of such Trust. There is no sales charge on Units acquired through the Distribution Reinvestment Option, as discussed\nunder “Public Offering.” This option may not be available in all states. Each reinvestment plan is subject to availability\nor limitation by the Sponsor and each broker/dealer or selling firm. The Sponsor or broker/dealers may suspend or terminate the offering\nof a reinvestment plan at any time. Because the Trust may begin selling Securities nine business days prior to the Mandatory Termination\nDate, reinvestment is not available during this period. Please contact your financial professional for additional information. Please\nnote that even if you reinvest distributions, they are still considered distributions for income tax purposes.

\n \n \n

Redeeming Your Units

You\nmay redeem all or a portion of your Units at any time by sending a request for redemption to your broker/dealer or bank through which\nyou hold your Units. No redemption fee will be charged, but you are responsible for any governmental charges that apply. Certain broker/dealers\nmay charge a transaction fee for processing redemption requests. One business day after the day you tender your Units (the “Date\nof Tender”) you will receive cash in an amount for each Unit equal to the Redemption Price per Unit calculated at the Evaluation\nTime on the Date of Tender.

The\nDate of Tender is considered to be the date on which your redemption request is received by the Trustee from the broker/dealer or bank\nthrough which you hold your Units (if such day is a day the NYSE is open for trading). However, if the redemption request is received\nafter 4:00 p.m. Eastern time (or after any earlier closing time on a day on which the NYSE is scheduled in advance to close at such earlier\ntime), the Date of Tender is the next day the NYSE is open for trading.

Any\namounts paid on redemption representing income will be withdrawn from the Income Account if funds are available for that purpose, or from\nthe Capital Account. All other amounts paid on redemption will be taken from the Capital Account.

If you tender for redemption at least 2,500\nUnits, or such larger amount as required by your broker/dealer or bank, rather than receiving cash, you may elect to receive an In-Kind\nDistribution in an amount equal to the Redemption Price per Unit by making this request to your broker/dealer or bank at the time of tender.\nHowever, to be eligible to participate in the In-Kind Distribution option at redemption, Unit holders must hold their Units through the\nend of the initial offering period. No In-Kind Distribution requests submitted during the 10 business days prior to the Trust’s\nMandatory Termination Date will be honored. Where possible, the Trustee will make an In-Kind Distribution by distributing each of the\nSecurities in book-entry form to your bank’s or broker/dealer’s account at DTC. The Trustee will subtract any customary transfer\nand registration charges from your In-Kind Distribution. As a tendering Unit holder, you will receive your pro rata number of whole shares\nof Securities that make up the portfolio, and cash from the Capital Account equal to the fractional shares to which you are entitled.

If you elect to receive an In-Kind Distribution\nof Securities, you should be aware that it will be considered a taxable event at the time you receive the Securities. See “Tax Status”\nfor additional information.

The Trustee may sell Securities to make\nfunds available for redemption. If Securities are sold, the size and diversification of the Trust will be reduced. These sales may result\nin lower prices than if the Securities were sold at a different time.

Your\nright to redeem Units (and therefore, your right to receive payment) may be delayed:

•

If the NYSE is closed (other than customary weekend and holiday closings);

•

If the SEC determines that trading on the NYSE is restricted or that an emergency exists making\nsale or evaluation of the Securities not reasonably practical; or

•

For any other period permitted by SEC order.

The\nTrustee is not liable to any person for any loss or damage which may result from such a suspension or postponement.

The Redemption Price.

The\nRedemption Price per Unit is determined by the Trustee by:

adding

cash in the Income and Capital Accounts of the Trust not designated to purchase Securities;

the aggregate underlying value of the Securities held in the Trust; and

dividends receivable on the Securities trading ex-dividend as of the date of computation; and

deducting

any applicable taxes or governmental charges that need to be paid out of the Trust;

any amounts owed to the Trustee for its advances;

estimated accrued expenses of the Trust, if any;

cash held for distribution to Unit holders of record of the Trust as of the business day before\nthe evaluation being made;

liquidation costs for foreign Securities, if any; and

other liabilities incurred by the Trust; and

dividing

the result by the number of outstanding Units of such Trust.

Any\nremaining deferred sales charge on the Units when you redeem them will be deducted from your redemption proceeds. In addition, until they\nare collected, the Redemption Price per Unit will include estimated organization costs as set forth under “Fee Table.”

\n \n \n

Removing Securities from the Trust

The\nportfolio of the Trust is not managed. However, we may, but are not required to, direct the Trustee to dispose of a Security in certain\nlimited circumstances, including situations in which:

•

The issuer of the Security defaults in the payment of a declared dividend;

•

Any action or proceeding prevents the payment of dividends;

•

There is any legal question or impediment affecting the Security;

•

The issuer of the Security has breached a covenant which would affect the payment of dividends,\nthe issuer’s credit standing, or otherwise damage the sound investment character of the Security;

•

The issuer has defaulted on the payment of any other of its outstanding obligations;

•

There has been a public tender offer made for a Security or a merger or acquisition is announced\naffecting a Security, and that in our opinion the sale or tender of the Security is in the best interest of Unit holders;

•

The sale of Securities is necessary or advisable (i) in order to maintain the qualification of the Trust as a “regulated investment\ncompany” in the case of the Trust which has elected to qualify as such or (ii) to provide funds to make any distribution for a taxable\nyear in order to avoid imposition of any income or excise taxes on undistributed income in the Trust which is a “regulated investment\ncompany”;

•

The price of the Security has declined to such an extent, or such other credit factors exist,\nthat in our opinion keeping the Security would be harmful to the Trust;

•

As a result of the ownership of the Security, the Trust or its Unit holders would be a direct\nor indirect shareholder of a passive foreign investment company; or

•

The sale of the Security is necessary for the Trust to comply with such federal and/or state\nlaws, regulations and/or regulatory actions and interpretations which may be in effect from time to time.

Except for instances in which the Trust\nacquires Replacement Securities, as described in “The FT Series,” the Trust will generally not acquire any securities or\nother property other than the Securities. The Trustee, on behalf of the Trust and at the direction of the Sponsor, will vote for or against\nany offer for new or exchanged securities or property in exchange for a Security, such as those acquired in a merger or other transaction.\nIf such exchanged securities or property are acquired by the Trust, at our instruction, they will either be sold or held in the Trust.\nIn making the determination as to whether to sell or hold the exchanged securities or property we may get advice from the Portfolio Supervisor.\nAny proceeds received from the sale of Securities, exchanged securities or property will be credited to the Capital Account of the Trust\nfor distribution to Unit holders or to meet redemption requests. The Trustee may retain and pay us or an affiliate of ours to act as\nagent for the Trust to facilitate selling Securities, exchanged securities or property from the Trust. If we or our affiliate act in\nthis capacity, we will be held subject to the restrictions under the 1940 Act. When acting in an agency capacity, we may select various\nbroker/dealers to execute securities transactions on behalf of the Trust, which may include broker/dealers who sell Units of the Trust.\nWe do not consider sales of Units of the Trust or any other products sponsored by First Trust as a factor in selecting such broker/dealers.\nAs authorized by the Indenture, the Trustee may also employ a subsidiary or affiliate of the Trustee to act as broker in selling such\nSecurities or property. The Trust will pay for these brokerage services at standard commission rates.

The Trustee may sell Securities designated\nby us, or, absent our direction, at its own discretion, in order to meet redemption requests or pay expenses. In designating Securities\nto be sold, we will try to maintain the proportionate relationship among the Securities. If this is not possible, the composition and\ndiversification of the Trust may be changed.

\n \n \n

Amending or Terminating the Indenture

Amendments. The Indenture may be\namended by us and the Trustee without your consent:

•

To cure ambiguities;

•

To correct or supplement any defective or inconsistent provision;

•

To make any amendment required by any governmental agency; or

•

To make other changes determined not to be adverse to your best interests (as determined by us and the Trustee).

Termination. As provided by the\nIndenture, the Trust will terminate on the Mandatory Termination Date as stated in the “Summary of Essential Information.”\nThe Trust may be terminated earlier:

•

Upon the consent of 100% of the Unit holders of the Trust;

•

If the value of the Securities owned by the Trust as shown by any evaluation is less than the lower of $2,000,000 or 20% of the total\nvalue of Securities deposited in the Trust during the initial offering period (“Discretionary Liquidation Amount”); or

•

In the event that Units of the Trust not yet sold aggregating more than 60% of the Units of the Trust are tendered for redemption\nby underwriters, including the Sponsor.

If the Trust is terminated due to this\nlast reason, we will refund your entire sales charge; however, termination of the Trust before the Mandatory Termination Date for any\nother stated reason will result in all remaining unpaid deferred sales charges on your Units being deducted from your termination proceeds.\nFor various reasons, the Trust may be reduced below the Discretionary Liquidation Amount and could therefore be terminated before the\nMandatory Termination Date.

Unless terminated earlier, the Trustee\nmay begin to sell Securities in connection with the termination of the Trust as early as nine business days prior to, but will sell Securities\nno later than, the Mandatory Termination Date. We will determine the manner and timing of the sale of Securities. Because the Trustee\nmust sell the Securities within a relatively short period of time, the sale of Securities as part of the termination process may result\nin a lower sales price than might otherwise be realized if such sale were not required at this time.

You will receive a cash distribution from\nthe sale of the remaining Securities, along with your interest in the Income and Capital Accounts, within a reasonable time after the\nTrust is terminated. The Trustee will deduct from the Trust any accrued costs, expenses, advances or indemnities provided for by the Indenture,\nincluding estimated compensation of the Trustee and costs of liquidation and any amounts required as a reserve to pay any taxes or other\ngovernmental charges.

\n \n \n

Information on the Sponsor and Trustee

The Sponsor.

We, First Trust Portfolios L.P., specialize\nin the underwriting, trading and wholesale distribution of unit investment trusts under the “First Trust” brand name as well\nas other securities. An Illinois limited partnership formed in 1991, we took over the First Trust product line and act as Sponsor for\nsuccessive series of:

•

The First Trust Combined Series

•

FT Series (formerly known as The First Trust Special Situations Trust)

•

The First Trust Insured Corporate Trust

•

The First Trust of Insured Municipal Bonds

•

The First Trust GNMA

•

FTP Series

The First Trust product line commenced\nwith the first insured unit investment trust in 1974. To date we have deposited more than $670 billion in First Trust unit investment\ntrusts. Our employees include a team of professionals with many years of experience in the unit investment trust industry.

We are a member of FINRA and SIPC. Our\nprincipal offices are at 120 East Liberty Drive, Wheaton, Illinois 60187; telephone number 800–621–1675. As of December 31,\n2025, the total partners’ capital of First Trust Portfolios L.P. was $125,781,225.

This information refers only to us and\nnot to the Trust or to any series of the Trust or to any other dealer. We are including this information only to inform you of our financial\nresponsibility and our ability to carry out our contractual obligations. We will provide more detailed financial information on request.

Code of Ethics. The Sponsor and\nthe Trust have adopted a code of ethics requiring the Sponsor’s employees who have access to information on Trust transactions to\nreport personal securities transactions. The purpose of the code is to avoid potential conflicts of interest and to prevent fraud, deception\nor misconduct with respect to the Trust.

The Trustee.

The Trustee is The Bank of New York Mellon,\na trust company organized under the laws of New York. The Bank of New York Mellon has its unit investment trust division offices at 240\nGreenwich Street, New York, New York 10286, telephone 800–813–3074. If you have questions regarding your account or your Trust,\nplease contact the Trustee at its unit investment trust division offices or your financial advisor. The Sponsor does not have access to\nindividual account information. The Bank of New York Mellon is subject to supervision and examination by the Superintendent of the New\nYork State Department of Financial Services and the Board of Governors of the Federal Reserve System, and its deposits are insured by\nthe Federal Deposit Insurance Corporation to the extent permitted by law.

The Trustee has not participated in selecting\nthe Securities; it only provides administrative services.

Limitations of Liabilities of Sponsor and Trustee.

Neither we nor the Trustee will be liable\nfor taking any action or for not taking any action in good faith according to the Indenture. We will also not be accountable for errors\nin judgment. We will only be liable for our own willful misfeasance, bad faith, gross negligence (ordinary negligence in the Trustee’s\ncase) or reckless disregard of our obligations and duties. The Trustee is not liable for any loss or depreciation when the Securities\nare sold. If we fail to act under the Indenture, the Trustee may do so, and the Trustee will not be liable for any action it takes in\ngood faith under the Indenture.

The Trustee will not be liable for any\ntaxes or other governmental charges or interest on the Securities which the Trustee may be required to pay under any present or future\nlaw of the United States or of any other taxing authority with jurisdiction. Also, the Indenture states other provisions regarding the\nliability of the Trustee.

If we do not perform any of our duties\nunder the Indenture or are not able to act or become bankrupt, or if our affairs are taken over by public authorities, then the Trustee\nmay:

•

Appoint a successor sponsor, paying them a reasonable rate not more than that stated by the SEC;

•

Terminate the Indenture and liquidate the Trust; or

•

Continue to act as Trustee without terminating the Indenture.

The Trustee and Unit holders may rely on\nthe accuracy of any evaluation prepared by the Sponsor. The Sponsor will make determinations in good faith based upon the best available\ninformation, but will not be liable to the Trustee or Unit holders for errors in judgment.

\n \n \n

Other Information

Legal Opinions.

Our counsel is Chapman and Cutler LLP,\n320 S. Canal St., Chicago, Illinois 60606. They have passed upon the legality of the Units offered hereby and certain matters relating\nto federal tax law. Carter Ledyard & Milburn LLP acts as the Trustee’s counsel.

Experts.

The Trust’s statement of net assets,\nincluding the schedule of investments, as of the opening of business on the Initial Date of Deposit included in this prospectus, has been\naudited by Deloitte & Touche LLP, an independent registered public accounting firm, as stated in their report appearing herein, and\nis included in reliance upon the report of such firm given upon their authority as experts in accounting and auditing.

Supplemental Information.

If you write or call the Sponsor, you will\nreceive free of charge supplemental information about this Series, which has been filed with the SEC and to which we have referred throughout.\nThis information states more specific details concerning the nature, structure and risks of this product. You should be aware that the\nTrust and the underlying Funds do not necessarily have exposure to all of the various asset classes described in the Information Supplement.\nIn addition, the underlying Funds’ exposure to the investments described in the Information Supplement is not fixed and may change\nover time.

This page is intentionally\nleft blank.

$\"\"$

Tactical\nIncome Portfolio, Series 91
\nFT 13315

Sponsor:

$\"\"$

First Trust Portfolios L.P.

Member SIPC • Member FINRA
\n120 East Liberty Drive
\nWheaton, Illinois 60187
\n800–621–1675

Trustee:

The\nBank of New York Mellon

240\nGreenwich Street
\nNew York, New York 10286
\n800–813–3074
\n24-Hour Pricing Line:
\n800–446–0132

When\nUnits of the Trust are no longer available, this prospectus may be used as a preliminary prospectus for a future series, in which case\nyou should note the following:

The\ninformation in the prospectus is not complete and may be changed. We may not sell, or accept offers to buy, securities of a future series\nuntil that series has become effective with the SEC. No securities can be sold in any state where a sale would be illegal.

This\nprospectus contains information relating to the above-mentioned unit investment trust, but does not contain all of the information about\nthis investment company as filed with the SEC in Washington, D.C. under the:

Securities\nAct of 1933 (file no. 333–298845) and

Investment\nCompany Act of 1940 (file no. 811–05903)

Information\nabout the Trust, including its Code of Ethics, can be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C.\nInformation regarding the operation of the SEC’s Public Reference Room may be obtained by calling the SEC at 202–942–8090.

Information\nabout the Trust is available on the EDGAR Database on the SEC’s Internet site at www.sec.gov.

To\nobtain copies at prescribed rates –

\tWrite:\tPublic Reference Section of the SEC
\n\t100 F Street, N.E.
\n\tWashington, D.C. 20549\t

November 3, 2026

PLEASE RETAIN THIS PROSPECTUS FOR FUTURE REFERENCE

$\"\"$

The\nFT Series

Information\nSupplement

This\nInformation Supplement provides additional information concerning the structure, operations and risks of the unit investment trust contained\nin FT 13315 not found in the prospectus for the Trust. However, you should be aware that the Trust and the underlying Funds do\nnot necessarily have exposure to all of the various asset classes described in this Information Supplement. In addition, the underlying\nFunds’ exposure to the investments described below is not fixed and may change over time. This\nInformation Supplement is not a prospectus and does not include all of the information you should consider before investing in the Trust.\nThis Information Supplement should be read in conjunction with the prospectus for the Trust in which you are considering investing.

This\nInformation Supplement is dated November 3, 2026. Capitalized terms have been defined in the prospectus.

Table\nof Contents

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Risk Factors
Securities			1
Common Stocks			1
Preferred Stocks			2
Trust Preferred Securities			2
REITs			3
ETFs			4
Closed-End Funds			5
Business Development Companies			5
Convertible Securities			6
Fixed-Income Securities			8
High-Yield Securities			9
Senior Loans			10
Subprime Residential Mortgage Loans			10
TIPS			11
Foreign Issuers			11
Emerging and Developing Markets			11
Small and/or Mid Capitalization Companies			12

Risk Factors

Securities.\nAn investment in Units of the Trust should be made with an understanding of the risks involved in the Trust’s exposure to the following\ntypes of securities, either directly or indirectly through the Funds held by the Trust: common stocks (“Common Stocks”), preferred\nstock (“Preferred Stocks”), trust preferred securities (“Trust Preferred Securities”), real estate investment\ntrusts (“REITs”), exchange-traded funds (“ETFs”), closed-end funds (“Closed-End Funds”) and/or business\ndevelopment companies. In selecting Closed-End Funds and/or ETFs to be included in the portfolio, the Sponsor may not be able to include\ncertain Closed-End Funds and/or ETFs that it previously would have considered due to the investment restrictions imposed by new Rule 12d1-4\nunder the Investment Company Act of 1940, as amended.

Common Stocks.\nAn investment in common stocks should be made with an understanding of the risks which such an investment entails, including the risk\nthat the financial condition of the issuers of the common stocks or the general condition of the relevant stock market may worsen, and\nthe value of the common stocks and therefore the value of the Units may decline. Common stocks are especially susceptible to general stock\nmarket movements and to volatile increases and decreases of value, as market confidence in and perceptions of the issuers change. These\nperceptions are based on unpredictable factors, including expectations regarding government, economic, monetary and fiscal policies, inflation\nand interest rates, economic expansion or contraction, and global or regional political, economic or banking crises.

Shareholders\nof common stocks have rights to receive payments from the issuers of those common stocks that are generally subordinate to those of creditors\nof, or holders of debt obligations or preferred stocks of, such issuers. Shareholders of common stocks have a right to receive dividends\nonly when and if, and in the amounts, declared by the issuer’s board of directors and have a right to participate in amounts available\nfor distribution by the issuer only after all other claims on the issuer have been paid or provided for. Common stocks do not represent\nan obligation of the issuer and, therefore, do not offer any assurance of income or provide the same degree of protection of capital as\ndo debt securities. The issuance of additional debt securities or preferred stock will create prior claims for payment of principal, interest\nand dividends which could adversely affect the ability and inclination of the issuer to declare or pay dividends on its common stock or\nthe rights of holders of common stock with respect to assets of the issuer upon liquidation or bankruptcy. Cumulative preferred stock\ndividends must be paid before common stock dividends, and any cumulative preferred stock dividend omitted is added to future dividends\npayable to the holders of cumulative preferred stock. Preferred stockholders are also generally entitled to rights on liquidation which\nare senior to those of common stockholders.

Preferred\nStocks. An investment in preferred stocks should be made with an understanding of the risks which such an investment entails, including\nthe risk that the financial condition of the issuers of the Securities or the general condition of the preferred stock market may worsen,\nand the value of the preferred stocks and therefore the value of the Units may decline. Preferred stocks may be susceptible to general\nstock market movements and to volatile increases and decreases of value as market confidence in and perceptions of the issuers change.\nThese perceptions are based on unpredictable factors, including expectations regarding government, economic, monetary and fiscal policies,\ninflation and interest rates, economic expansion or contraction, market liquidity, and global or regional political, economic or banking\ncrises. Preferred stocks are also vulnerable to Congressional reductions in the dividends received deduction which would adversely affect\nthe after-tax return to the investors who can take advantage of the deduction. Such a reduction might adversely affect the value of preferred\nstocks in general. Holders of preferred stocks, as owners of the entity, have rights to receive payments from the issuers of those preferred\nstocks that are generally subordinate to those of creditors of, or holders of debt obligations or, in some cases, other senior preferred\nstocks of, such issuers. Preferred stocks do not represent an obligation of the issuer and, therefore, do not offer any assurance of income\nor provide the same degree of protection of capital as do debt securities. The issuance of additional debt securities or senior preferred\nstocks will create prior claims for payment of principal and interest and senior dividends which could adversely affect the ability and\ninclination of the issuer to declare or pay dividends on its preferred stock or the rights of holders of preferred stock with respect\nto assets of the issuer upon liquidation or bankruptcy. The value of preferred stocks is subject to market fluctuations for as long as\nthe preferred stocks remain outstanding, and thus the value of the Securities may be expected to fluctuate over the life of the Trust\nto values higher or lower than those prevailing on the Initial Date of Deposit.

Trust\nPreferred Securities. An investment in trust preferred securities should be made with an understanding of the risks which such an\ninvestment entails. Holders of trust preferred securities incur risks in addition to or slightly different than the typical risks of holding\npreferred stocks. Trust preferred securities are limited-life preferred securities that are typically issued by corporations, generally\nin the form of interest-bearing notes or preferred securities, or by an affiliated business trust of a corporation, generally in the form\nof beneficial interests in subordinated debentures issued by the corporation, or similarly structured securities. The maturity and dividend\nrate of the trust preferred securities are structured to match the maturity and coupon interest rate of the interest-bearing notes, preferred\nsecurities or subordinated debentures. Trust preferred securities usually mature on the stated maturity date of the interest-bearing notes,\npreferred securities or subordinated debentures and may be redeemed or liquidated prior to the stated maturity date of such instruments\nfor any reason on or after their stated call date or upon the occurrence of certain extraordinary circumstances at any time. Trust preferred\nsecurities generally have a yield advantage over traditional preferred stocks, but unlike preferred stocks, distributions on the trust\npreferred securities are treated as interest rather than dividends for Federal income tax purposes. Unlike most preferred stocks, distributions\nreceived from trust preferred securities are not eligible for the dividends-received deduction. Certain of the risks unique to trust preferred\nsecurities include: (i) distributions on trust preferred securities will be made only if interest payments on the interest-bearing notes,\npreferred securities or subordinated debentures are made; (ii) a corporation issuing the interest-bearing notes, preferred securities\nor subordinated debentures may defer interest payments on these instruments for up to 20 consecutive quarters and if such election is\nmade, distributions will not be made on the trust preferred securities during the deferral period; (iii) certain tax or regulatory events\nmay trigger the redemption of the interest-bearing notes, preferred securities or subordinated debentures by the issuing corporation and\nresult in prepayment of the trust preferred securities prior to their stated maturity date; (iv) future legislation may be proposed\nor enacted that may prohibit the corporation from deducting its interest payments on the interest-bearing notes, preferred securities\nor subordinated debentures for tax purposes, making redemption of these instruments likely; (v) a corporation may redeem the interest-bearing\nnotes, preferred securities or subordinated debentures in whole at any time or in part from time to time on or after a stated call date;\n(vi) trust preferred securities holders have very limited voting rights; and (vii) payment of interest on the interest-bearing notes,\npreferred securities or subordinated debentures, and therefore distributions on the trust preferred securities, is dependent on the financial\ncondition of the issuing corporation.

REITs.\nAn investment in REITs should be made with an understanding of the risks which such an investment entails. Generally, these include economic\nrecession, the cyclical nature of real estate markets, competitive overbuilding, unusually adverse weather conditions, changing demographics,\nchanges in governmental regulations (including tax laws and environmental, building, zoning and sales regulations), increases in real\nestate taxes or costs of material and labor, the inability to secure performance guarantees or insurance as required, the unavailability\nof investment capital and the inability to obtain construction financing or mortgage loans at rates acceptable to builders and purchasers\nof real estate. Additional risks include an inability to reduce expenditures associated with a property (such as mortgage payments and\nproperty taxes) when rental revenue declines, and possible loss upon foreclosure of mortgaged properties if mortgage payments are not\npaid when due.

REITs\nare financial vehicles that have as their objective the pooling of capital from a number of investors in order to participate directly\nin real estate ownership or financing. REITs are generally fully integrated operating companies that have interests in income-producing\nreal estate. Equity REITs emphasize direct property investment, holding their invested assets primarily in the ownership of real estate\nor other equity interests. REITs obtain capital funds for investment in underlying real estate assets by selling debt or equity securities\nin the public or institutional capital markets or by bank borrowing. Thus, the returns on common equities of REITs will be significantly\naffected by changes in costs of capital and, particularly in the case of highly “leveraged” REITs (i.e., those with large\namounts of borrowings outstanding), by changes in the level of interest rates. The objective of an equity REIT is to purchase income-producing\nreal estate properties in order to generate high levels of cash flow from rental income and a gradual asset appreciation, and they typically\ninvest in properties such as office, retail, industrial, hotel and apartment buildings and healthcare facilities.

REITs\nare a creation of the tax law. REITs essentially operate as a corporation or business trust with the advantage of exemption from corporate\nincome taxes provided the REIT satisfies the requirements of Sections 856 through 860 of the Internal Revenue Code. The major tests for\ntax-qualified status are that the REIT (i) be managed by one or more trustees or directors, (ii) issue shares of transferable interest\nto its owners, (iii) have at least 100 shareholders, (iv) have no more than 50% of the shares held by five or fewer individuals, (v) invest\nsubstantially all of its capital in real estate related assets and derive substantially all of its gross income from real estate related\nassets and (vi) distributed at least 95% of its taxable income to its shareholders each year. If a REIT should fail to qualify for such\ntax status, the related shareholders (including such Trust) could be adversely affected by the resulting tax consequences.

The\nunderlying value of REITs and their ability to pay dividends may be adversely affected by changes in national economic conditions, changes\nin local market conditions due to changes in general or local economic conditions and neighborhood characteristics, increased competition\nfrom other properties, obsolescence of property, changes in the availability, cost and terms of mortgage funds, the impact of present\nor future environmental legislation and compliance with environmental laws, the ongoing need for capital improvements, particularly in\nolder properties, changes in real estate tax rates and other operating expenses, regulatory and economic impediments to raising rents,\nadverse changes in governmental rules and fiscal policies, dependency on management skill, civil unrest, acts of God, including earthquakes,\nfires and other natural disasters (which may result in uninsured losses), acts of war, adverse changes in zoning laws, and other factors\nwhich are beyond the control of the issuers of REITs. The value of REITs may at times be particularly sensitive to devaluation in the\nevent of rising interest rates.

REITs\nmay concentrate investments in specific geographic areas or in specific property types, i.e., hotels, shopping malls, residential complexes,\noffice buildings and timberlands. The impact of economic conditions on REITs can also be expected to vary with geographic location and\nproperty type. Investors should be aware that REITs may not be diversified and are subject to the risks of financing projects. REITs are\nalso subject to defaults by borrowers, self-liquidation, the market’s perception of the REIT industry generally, and the possibility\nof failing to qualify for pass-through of income under the Internal Revenue Code, and to maintain exemption from the Investment Company\nAct of 1940. A default by a borrower or lessee may cause a REIT to experience delays in enforcing its right as mortgagee or lessor and\nto incur significant costs related to protecting its investments. In addition, because real estate generally is subject to real property\ntaxes, REITs may be adversely affected by increases or decreases in property tax rates and assessments or reassessments of the properties\nunderlying REITs by taxing authorities. Furthermore, because real estate is relatively illiquid, the ability of REITs to vary their portfolios\nin response to changes in economic and other conditions may be limited and may adversely affect the value of the Units. There can be no\nassurance that any REIT will be able to dispose of its underlying real estate assets when advantageous or necessary.

Issuers\nof REITs generally maintain comprehensive insurance on presently owned and subsequently acquired real property assets, including liability,\nfire and extended coverage. However, certain types of losses may be uninsurable or not be economically insurable as to which the underlying\nproperties are at risk in their particular locales. There can be no assurance that insurance coverage will be sufficient to pay the full\ncurrent market value or current replacement cost of any lost investment. Various factors might make it impracticable to use insurance\nproceeds to replace a facility after it has been damaged or destroyed. Under such circumstances, the insurance proceeds received by a\nREIT might not be adequate to restore its economic position with respect to such property.

Under\nvarious environmental laws, a current or previous owner or operator of real property may be liable for the costs of removal or remediation\nof hazardous or toxic substances on, under or in such property. Such laws often impose liability whether or not the owner or operator\ncaused or knew of the presence of such hazardous or toxic substances and whether or not the storage of such substances was in violation\nof a tenant’s lease. In addition, the presence of hazardous or toxic substances, or the failure to remediate such property properly,\nmay adversely affect the owner’s ability to borrow using such real property as collateral. No assurance can be given that REITs\nmay not be presently liable or potentially liable for any such costs in connection with real estate assets they presently own or subsequently\nacquire. Certain of the REITs may also be Mortgage REITs. Mortgage REITs are companies that provide financing for real estate by\npurchasing or originating mortgages and mortgage-backed securities and earn income from the interest on these investments. Mortgage REITs\nare also subject to many of the same risks associated with investments in other REITs and to real estate market conditions.

ETFs.\nAn investment in ETFs should be made with an understanding of the risks which such an investment entails. ETFs are investment pools that\nhold other securities. ETFs are either passively-managed index funds that seek to replicate the performance or composition of a recognized\nsecurities index or actively--managed funds that seek to achieve a stated investment objective. ETFs are either open-end management investment\ncompanies or unit investment trusts registered under the Investment Company Act of 1940, as amended. Unlike typical open-end funds or\nunit investment trusts, ETFs generally do not sell or redeem their individual shares at net asset value. ETFs generally sell and redeem\nshares in large blocks (often known as “Creation Units”), however, the Sponsor does not intend to sell or redeem ETFs in this\nmanner. In addition, securities exchanges list ETF shares for trading, which allow investors to purchase and sell individual ETF shares\namong themselves at market prices throughout the day. The Trust will purchase and sell ETF shares on these securities exchanges. ETFs\ntherefore possess characteristics of traditional open-end funds and unit investment trusts, which issue redeemable shares, and of corporate\ncommon stocks or closed-end funds, which generally issue shares that trade at negotiated prices on securities exchanges and are not redeemable.

ETFs can provide exposure\nto broad-based indexes, growth and value styles, market cap segments, sectors and industries, specific countries or regions of the world\nor physical commodities. The securities comprising ETFs may be common stocks, fixed-income securities or physical commodities. ETFs contain\na number of securities, anywhere from fewer than 20 securities up to more than 1,000 securities. As a result, investors in ETFs obtain\nexposure to a much greater number of securities than an individual investor would typically be able to obtain on their own. The performance\nof index-based ETFs is generally highly correlated with the indices or sectors which they are designed to track.

ETFs are subject to\nvarious risks, including management’s ability to meet the fund’s investment objective, and to manage the fund’s portfolio\nwhen the underlying securities are redeemed or sold, during periods of market turmoil and as investors’ perceptions regarding ETFs\nor their underlying investments change.

Shares of ETFs frequently\ntrade at a discount from their net asset value in the secondary market. This risk is separate and distinct from the risk that the net\nasset value of the ETF shares may decrease. The amount of such discount from net asset value is subject to change from time to time in\nresponse to various factors.

Closed-End\nFunds. An investment in closed-end funds should be made with an understanding of the risks which such an investment entails. Closed-end\nmutual funds’ portfolios are managed and their shares are generally listed on a securities exchange. The net asset value of closed-end\nfund shares will fluctuate with changes in the value of the underlying securities which the closed-end fund owns. In addition, for various\nreasons closed-end fund shares frequently trade at a discount from their net asset value in the secondary market. The amount of such discount\nfrom net asset value is subject to change from time to time in response to various factors. Closed-end funds’ articles of incorporation\nmay contain certain anti-takeover provisions that may have the effect of inhibiting a fund’s possible conversion to open-end status\nand limiting the ability of other persons to acquire control of a fund. In certain circumstances, these provisions might also inhibit\nthe ability of stockholders (including the Trust) to sell their shares at a premium over prevailing market prices. This characteristic\nis a risk separate and distinct from the risk that a fund’s net asset value will decrease. In particular, this characteristic would\nincrease the loss or reduce the return on the sale of those closed-end fund shares which were purchased by a Trust at a premium. In the\nunlikely event that a closed-end fund converts to open-end status at a time when its shares are trading at a premium there would be an\nimmediate loss in value to a Trust since shares of open-end funds trade at net asset value. Certain closed-end funds may have in place\nor may put in place in the future plans pursuant to which the fund may repurchase its own shares in the marketplace. Typically, these\nplans are put in place in an attempt by a fund’s board of directors to reduce a discount on its share price. To the extent such\na plan was implemented and shares owned by a Trust are repurchased by a fund, the Trust’s position in that fund would be reduced\nand the cash would be distributed.

A\nTrust is prohibited from subscribing to a rights offering for shares of any of the closed-end funds in which they invest. In the event\nof a rights offering for additional shares of a fund, Unit holders should expect that their Trust will, at the completion of the offer,\nown a smaller proportional interest in such fund that would otherwise be the case. It is not possible to determine the extent of this\ndilution in share ownership without knowing what proportion of the shares in a rights offering will be subscribed. This may be particularly\nserious when the subscription price per share for the offer is less than the fund’s net asset value per share. Assuming that all\nrights are exercised and there is no change in the net asset value per share, the aggregate net asset value of each shareholder’s\nshares of common stock should decrease as a result of the offer. If a fund’s subscription price per share is below that fund’s\nnet asset value per share at the expiration of the offer, shareholders would experience an immediate dilution of the aggregate net asset\nvalue of their shares of common stock as a result of the offer, which could be substantial.

Closed-end\nfunds may utilize leveraging in their portfolios. Leveraging can be expected to cause increased price volatility for those fund’s\nshares, and as a result, increased volatility for the price of the Units of a Trust. There can be no assurance that a leveraging strategy\nwill be successful during any period in which it is employed.

Business\nDevelopment Companies. An investment in business development companies should be made with an understanding of the risks which such\nan investment entails. Business development companies’ portfolios are managed and their shares are generally listed on a securities\nexchange. Business development companies are closed-end funds which have elected to be treated as business development companies. The\nnet asset value of business development company shares will fluctuate with changes in the value of the underlying securities which the\nbusiness development company fund owns. In addition, for various reasons business development company shares frequently trade at a discount\nfrom their net asset value in the secondary market. The amount of such discount from net asset value is subject to change from time to\ntime in response to various factors. Business development companies’ articles of incorporation may contain certain anti-takeover\nprovisions that may have the effect of inhibiting a fund’s possible conversion to open-end status and limiting the ability of other\npersons to acquire control of a fund. In certain circumstances, these provisions might also inhibit the ability of stockholders (including\nthe Trust) to sell their shares at a premium over prevailing market prices. This characteristic is a risk separate and distinct from the\nrisk that a fund’s net asset value will decrease. In particular, this characteristic would increase the loss or reduce the return\non the sale of those business development company shares which were purchased by the Trust at a premium. In the unlikely event that a\nbusiness development company converts to open-end status at a time when its shares are trading at a premium there would be an immediate\nloss in value to a Trust since shares of open-end funds trade at net asset value. Certain business development companies may have in place\nor may put in place in the future plans pursuant to which the fund may repurchase its own shares in the marketplace. Typically, these\nplans are put in place in an attempt by a fund’s board of directors to reduce a discount on its share price. To the extent such\na plan was implemented and shares owned by the Trust are repurchased by a fund, the Trust’s position in that fund would be reduced\nand the cash would be distributed.

A Trust is prohibited\nfrom subscribing to a rights offering for shares of any of the business development companies in which they invest. In the event of a\nrights offering for additional shares of a fund, Unit holders should expect that their Trust will, at the completion of the offer, own\na smaller proportional interest in such fund that would otherwise be the case. It is not possible to determine the extent of this dilution\nin share ownership without knowing what proportion of the shares in a rights offering will be subscribed. This may be particularly serious\nwhen the subscription price per share for the offer is less than the fund’s net asset value per share. Assuming that all rights\nare exercised and there is no change in the net asset value per share, the aggregate net asset value of each shareholder’s shares\nof common stock should decrease as a result of the offer. If a fund’s subscription price per share is below that fund’s net\nasset value per share at the expiration of the offer, shareholders would experience an immediate dilution of the aggregate net asset value\nof their shares of common stock as a result of the offer, which could be substantial.

Business development\ncompanies may utilize leveraging in their portfolios. Leveraging can be expected to cause increased price volatility for those fund’s\nshares, and as a result, increased volatility for the price of the Units of a Trust. There can be no assurance that a leveraging strategy\nwill be successful during any period in which it is employed.

Convertible Securities.\nConvertible securities include convertible subordinated debentures and corporate bonds (“Convertible Bonds”) and cumulative\nconvertible preferred stocks (“Convertible Preferred Stocks”). Convertible securities contain a conversion privilege which,\nunder specified circumstances, offers the holder the right to exchange such security for common stock of the issuing corporation. Convertible\nBonds obligate the issuing company to pay a stated annual rate of interest (or a stated dividend in the case of Convertible Preferred\nStocks) and to return the principal amount after a specified period of time. The income offered by convertible securities is generally\nhigher than the dividends received from the underlying common stock, but lower than similar quality non-convertible debt securities. Convertible\nsecurities are usually priced at a premium to their conversion value, i.e., the value of the common stock received if the holder were\nto exchange the convertible security.

The holder of the\nconvertible security may choose at any time to exchange the convertible security for a specified number of shares of the common stock\nof the corporation, or occasionally a subsidiary company, at a specified price, as defined by the corporation when the security is issued.\nAccordingly, the value of the convertible obligation may generally be expected to increase (decrease) as the price of the associated common\nstock increases (decreases). Also, the market value of convertible securities tends to be influenced by the level of interest rates and\ntends to decline as interest rates increase and, conversely, to increase as interest rates decline. Convertible securities rank senior\nto common stocks in an issuer’s capital structure, but are junior to non-convertible debt securities. As convertible securities\nare considered junior to any non-convertible debt securities issued by the corporation, convertible securities are typically rated by\nestablished credit ratings agencies at one level below the rating on such corporation’s non-convertible debt.

Convertible securities\nare hybrid securities, combining the investment characteristics of both bonds and common stock. Like a bond (or preferred stock), a convertible\nsecurity pays interest at a fixed rate (dividend), but may be converted into common stock at a specified price or conversion rate.

When the conversion\nprice of the convertible security is significantly above the price of the issuer’s common stock, a convertible security takes on\nthe risk characteristics of a bond. At such times, the price of a convertible security will vary inversely with changes in the level of\ninterest rates. In other words, when interest rates rise, prices of convertible securities will generally fall; conversely, when interest\nrates fall, prices of convertible securities will generally rise. This interest rate risk is in part offset by the income paid by the\nconvertible securities.

In contrast, when\nthe conversion price of a convertible security and the common stock price are close to one another, a convertible security will behave\nlike a common stock. In such cases, the prices of convertible securities may exhibit the short-term price volatility characteristic of\ncommon stocks.

For these reasons\nUnit holders must be willing to accept the market risks of both bonds and common stocks. However, because convertible securities have\ncharacteristics of both common stocks and bonds, they tend to be less sensitive to interest rate changes than bonds of comparable maturity\nand quality, and less sensitive to stock market changes than fully invested common stock portfolios. Because of these factors and the\nhybrid nature of convertible securities, Unit holders should recognize that convertible securities are likely to perform quite differently\nthan broadly-based measures of the stock and bond markets.

The market for convertible\nsecurities includes a larger proportion of small- to medium-size companies than the broad stock market (as measured by such indices as\nthe Standard & Poor’s 500 Composite Stock Price Index). Companies which issue convertible securities are often lower in credit\nquality, typically rated below “Investment Grade.” Moreover, the credit rating of a company’s convertible issuance is\ngenerally lower than the rating of the company’s conventional debt issues since the convertible security is normally a “junior”\nsecurity. Securities with such ratings are considered speculative, and thus pose a greater risk of default than investment grade securities.

High-risk securities\nmay be thinly traded, which can adversely affect the prices at which such securities can be sold and can result in high transaction costs.\nJudgment plays a greater role in valuing high risk securities than securities for which more extensive quotations and last sale information\nare available. Adverse publicity and changing investor perceptions may affect the ability of outside price services to value securities.

During an economic\ndownturn or a prolonged period of rising interest rates, the ability of issuers of debt to serve their payment obligations, meet projected\ngoals, or obtain additional financing may be impaired.

Convertible securities\nare subject to the risk that the financial condition of the issuers of the convertible securities or the general condition of the stock\nmarket or bond market may worsen and the value of the convertible securities and therefore the value of the Units may decline. Convertible\nsecurities may be susceptible to general stock market movements and to increases and decreases of value as market confidence in and perceptions\nof the issuers change. These perceptions are based on unpredictable factors including expectations regarding government, economic, monetary\nand fiscal policies, inflation and interest rates, economic expansion or contraction, and global or regional political, economic or banking\ncrises. Convertible Preferred Stocks are also subject to Congressional reductions in the dividends-received deduction which would adversely\naffect the after-tax return to the corporate investors who can take advantage of the deduction. Such reductions also might adversely affect\nthe value of preferred stocks in general. Holders of preferred stocks have rights to receive payments from the issuers of those preferred\nstocks that are generally subordinate to those of creditors of, or holders of debt obligations or, in some cases, senior preferred stocks\nof, such issuers. Convertible Preferred Stocks do not represent an obligation of the issuer and, therefore, do not offer any assurance\nof income (since dividends on a preferred stock must be declared by the issuer’s Board of Directors) or provide the same degree\nof protection of capital as do debt securities. Cumulative preferred stock dividends must be paid before common stock dividends and any\ncumulative preferred stock dividend omitted is added to future dividends payable to the holders of cumulative preferred stock. The issuance\nof additional debt securities or senior preferred stock will create prior claims for payment of principal and interest and senior dividends\nwhich could adversely affect the ability and inclination of the issuer to declare or pay dividends on its preferred stock or the rights\nof holders of preferred stock with respect to assets of the issuer upon liquidation or bankruptcy. The value of preferred stocks is subject\nto market fluctuations for as long as the preferred stocks remain outstanding, and thus the value of the Convertible Preferred Stocks\nin the Funds may be expected to fluctuate over the life of the Trust to values higher or lower than those prevailing on the Date of Deposit.\nHolders of Convertible Preferred Stocks incur more risk than holders of debt obligations because preferred stockholders, as owners of\nthe entity, have generally inferior rights to receive payments from the issuer in comparison with the rights of creditors of or holders\nof debt obligations issued by the issuer.

Convertible Bonds\nare typically subordinated debentures and, therefore, the claims of senior creditors must be settled in full before any payment will be\nmade to holders of Convertible Bonds in the event of insolvency or bankruptcy. Senior creditors typically include all other long-term\ndebt issuers and bank loans. Convertible Bonds do, however, have a priority over common and preferred stock. Investors in Convertible\nBonds pay for the conversion privilege by accepting a significantly lower yield to maturity than that concurrently offered by non-convertible\nbonds of equivalent quality.

Whether or not the\nconvertible securities are listed on a national securities exchange, the principal trading market for the convertible securities may be\nin the over-the-counter market. As a result, the existence of a liquid trading market for the convertible securities may depend on whether\ndealers will make a market in the convertible securities. There can be no assurance that a market will be made for any of the convertible\nsecurities, that any market for the convertible securities will be maintained or of the liquidity of the convertible securities in any\nmarkets made.

Issues of Convertible\nBonds and Convertible Preferred Stocks generally provide that the convertible security may be liquidated, either by a partial scheduled\nredemption pursuant to a sinking fund or by a refunding redemption pursuant to which, at the option of the issuer, all or part of the\nissue can be retired from any available funds, at prices which may or may not include a premium over the involuntary liquidation preference,\nwhich generally is the same as the par or stated value of the convertible security. In general, optional redemption provisions are more\nlikely to be exercised when the convertible security is valued at a premium over par or stated value than when they are valued at a discount\nfrom par or stated value. Generally, the value of the convertible security will be at a premium over par when market interest rates fall\nbelow the coupon rate.

Fixed-Income\nSecurities. Fixed-income securities, in many cases, do not have the benefit of covenants which would prevent the issuer from engaging\nin capital restructurings or borrowing transactions in connection with corporate acquisitions, leveraged buyouts or restructurings which\ncould have the effect of reducing the ability of the issuer to meet its debt obligations and might result in the ratings of the securities\nand the value of the underlying Trust portfolio being reduced.

Fixed-income\nsecurities may have been acquired at a market discount from par value at maturity. The coupon interest rates on the discount securities\nat the time they were purchased were lower than the current market interest rates for newly issued securities of comparable rating and\ntype. If such interest rates for newly issued comparable securities increase, the market discount of previously issued securities will\nbecome greater, and if such interest rates for newly issued comparable securities decline, the market discount of previously issued securities\nwill be reduced, other things being equal. Investors should also note that the value of securities purchased at a market discount will\nincrease in value faster than securities purchased at a market premium if interest rates decrease. Conversely, if interest rates increase,\nthe value of securities purchased at a market discount will decrease faster than securities purchased at a market premium. In addition,\nif interest rates rise, the prepayment risk of higher yielding, premium securities and the prepayment benefit for lower yielding, discount\nsecurities will be reduced. A discount security held to maturity will have a larger portion of its total return in the form of capital\ngain and less in the form of interest income than a comparable security newly issued at current market rates. Market discount attributable\nto interest changes does not indicate a lack of market confidence in the issue. Neither the Sponsor nor the Trustee shall be liable in\nany way for any default, failure or defect in any of the securities.

Fixed-income\nsecurities may be original issue discount securities or zero coupon securities. Under current law, the original issue discount, which\nis the difference between the stated redemption price at maturity and the issue price of the securities, is deemed to accrue on a daily\nbasis and the accrued portion is treated as interest income for federal income tax purposes. On sale or redemption, any gain realized\nthat is in excess of the earned portion of original issue discount will be taxable as capital gain unless the gain is attributable to\nmarket discount in which case the accretion of market discount is taxable as ordinary income. The current value of an original discount\nsecurity reflects the present value of its stated redemption price at maturity. The market value tends to increase in greater increments\nas the securities approach maturity. The effect of owning deep discount zero coupon Securities which do not make current interest payments\nis that a fixed yield is earned not only on the original investment, but also, in effect, on all earnings during the life of the discount\nobligation. This implicit reinvestment of earnings at the same rate eliminates the risk of being unable to reinvest the income on such\nobligations at a rate as high as the implicit yield on the discount obligation, but at the same time eliminates the holder’s ability\nto reinvest at higher rates in the future. For this reason, the zero coupon securities are subject to substantially greater price fluctuations\nduring periods of changing interest rates than are securities of comparable quality which make regular interest payments.

Fixed-income\nsecurities may have been acquired at a market premium from par value at maturity. The coupon interest rates on the premium securities\nat the time they were purchased were higher than the current market interest rates for newly issued securities of comparable rating and\ntype. If such interest rates for newly issued and otherwise comparable securities decrease, the market premium of previously issued securities\nwill be increased, and if such interest rates for newly issued comparable securities increase, the market premium of previously issued\nsecurities will be reduced, other things being equal. The current returns of securities trading at a market premium are initially higher\nthan the current returns of comparable securities of a similar type issued at currently prevailing interest rates because premium securities\ntend to decrease in market value as they approach maturity when the face amount becomes payable. Because part of the purchase price is\nthus returned not at maturity but through current income payments, early redemption of a premium security at par or early prepayments\nof principal will result in a reduction in yield. Redemption pursuant to call provisions generally will, and redemption pursuant to sinking\nfund provisions may, occur at times when the redeemed securities have an offering side valuation which represents a premium over par or\nfor original issue discount securities a premium over the accreted value. To the extent that the securities were purchased at a price\nhigher than the price at which they are redeemed, this will represent a loss of capital.

Certain\nfixed-income securities may be subject to being called or redeemed in whole or in part prior to their stated maturities pursuant to optional\nredemption provisions, sinking fund provisions or otherwise. A security subject to optional call is one which is subject to redemption\nor refunding prior to maturity at the option of the issuer. A refunding is a method by which a security issue is redeemed, at or before\nmaturity, by the proceeds of a new security issue. A security subject to sinking fund redemption is one which is subject to partial call\nfrom time to time at par or from a fund accumulated for the scheduled retirement of a portion of an issue prior to maturity. Redemption\npursuant to call provisions is more likely to occur, and redemption pursuant to sinking fund provisions may occur, when the securities\nhave an offering side valuation which represents a premium over par or for original issue discount securities a premium over the accreted\nvalue.

High-Yield\nSecurities. An investment in high-yield securities should be made with an understanding of the risks that an investment in high-yield,\nhigh-risk, fixed-rate, domestic and foreign securities or “junk” bonds may entail, including increased credit risks and the\nrisk that the value of high-yield securities will decline, and may decline precipitously, with increases in interest rates. In recent\nyears there have been wide fluctuations in interest rates and thus in the value of fixed-rate securities generally. High-yield securities\nare, under most circumstances, subject to greater market fluctuations and risk of loss of income and principal than are investments in\nlower-yielding, higher-rated securities, and their value may decline precipitously because of increases in interest rates, not only because\nthe increases in rates generally decrease values, but also because increased rates may indicate a slowdown in the economy and a decrease\nin the value of assets generally that may adversely affect the credit of issuers of high-yield, high-risk securities resulting in a higher\nincidence of defaults among high-yield, high-risk securities. A slowdown in the economy, or a development adversely affecting an issuer’s\ncreditworthiness, may result in the issuer being unable to maintain earnings or sell assets at the rate and at the prices, respectively,\nthat are required to produce sufficient cash flow to meet its interest and principal requirements. For an issuer that has outstanding\nboth senior commercial bank debt and subordinated high-yield, high-risk securities, an increase in interest rates will increase that issuer’s\ninterest expense insofar as the interest rate on the bank debt is fluctuating. However, many leveraged issuers enter into interest rate\nprotection agreements to fix or cap the interest rate on a large portion of their bank debt. This reduces exposure to increasing rates,\nbut reduces the benefit to the issuer of declining rates. The Sponsor cannot predict future economic policies or their consequences or,\ntherefore, the course or extent of any similar market fluctuations in the future.

High-yield\nsecurities or “junk” bonds, the generic names for securities rated below “BBB–” by Standard & Poor’s,\nor below “Baa3” by Moody’s, are frequently issued by corporations in the growth stage of their development, by established\ncompanies whose operations or industries are depressed or by highly leveraged companies purchased in leveraged buyout transactions. The\nmarket for high-yield securities is very specialized and investors in it have been predominantly financial institutions. High-yield securities\nare generally not listed on a national securities exchange. Trading of high-yield securities, therefore, takes place primarily in over-the-counter\nmarkets which consist of groups of dealer firms that are typically major securities firms. Because the high-yield security market is a\ndealer market, rather than an auction market, no single obtainable price for a given security prevails at any given time. Prices are determined\nby negotiation between traders. The existence of a liquid trading market for the securities may depend on whether dealers will make a\nmarket in the securities. There can be no assurance that a market will be made for any of the securities, that any market for the securities\nwill be maintained or of the liquidity of the securities in any markets made. Not all dealers maintain markets in all high-yield securities.\nTherefore, since there are fewer traders in these securities than there are in “investment grade” securities, the bid-offer\nspread is usually greater for high-yield securities than it is for investment grade securities.

Lower-rated\nsecurities tend to offer higher yields than higher-rated securities with the same maturities because the creditworthiness of the issuers\nof lower-rated securities may not be as strong as that of other issuers. Moreover, if a fixed-income security is recharacterized as equity\nby the Internal Revenue Service for federal income tax purposes, the issuer’s interest deduction with respect to the security will\nbe disallowed and this disallowance may adversely affect the issuer’s credit rating. Because investors generally perceive that there\nare greater risks associated with lower-rated securities, the yields and prices of these securities tend to fluctuate more than higher-rated\nsecurities with changes in the perceived quality of the credit of their issuers. In addition, the market value of high-yield, high-risk,\nfixed-income securities may fluctuate more than the market value of higher-rated securities since high-yield, high-risk, fixed-income\nsecurities tend to reflect short-term credit development to a greater extent than higher-rated securities. Lower-rated securities generally\ninvolve greater risks of loss of income and principal than higher-rated securities. Issuers of lower-rated securities may possess fewer\ncreditworthiness characteristics than issuers of higher-rated securities and, especially in the case of issuers whose obligations or credit\nstanding have recently been downgraded, may be subject to claims by debtholders, owners of property leased to the issuer or others which,\nif sustained, would make it more difficult for the issuers to meet their payment obligations. High-yield, high-risk securities are also\naffected by variables such as interest rates, inflation rates and real growth in the economy. Therefore, investors should consider carefully\nthe relative risks associated with investment in securities which carry lower ratings.

Should\nthe issuer of any security default in the payment of principal or interest, the Securities in the Trust may incur additional expenses\nseeking payment on the defaulted security. Because amounts (if any) recovered by the Securities in the Trust in payment under the defaulted\nsecurity may not be reflected in the value of the Securities until actually received by the Securities and depending upon when a Unit\nholder purchases or sells his or her Units, it is possible that a Unit holder would bear a portion of the cost of recovery without receiving\nany portion of the payment recovered.

High-yield,\nhigh-risk securities are generally subordinated obligations. The payment of principal (and premium, if any), interest and sinking fund\nrequirements with respect to subordinated obligations of an issuer is subordinated in right of payment to the payment of senior obligations\nof the issuer. Senior obligations generally include most, if not all, significant debt obligations of an issuer, whether existing at the\ntime of issuance of subordinated debt or created thereafter. Upon any distribution of the assets of an issuer with subordinated obligations\nupon dissolution, total or partial liquidation or reorganization of or similar proceeding relating to the issuer, the holders of senior\nindebtedness will be entitled to receive payment in full before holders of subordinated indebtedness will be entitled to receive any payment.\nMoreover, generally no payment with respect to subordinated indebtedness may be made while there exists a default with respect to any\nsenior indebtedness. Thus, in the event of insolvency, holders of senior indebtedness of an issuer generally will recover more, ratably,\nthan holders of subordinated indebtedness of that issuer.

Obligations\nthat are rated lower than “BBB–” by Standard & Poor’s, or “Baa3” by Moody’s, respectively,\nshould be considered speculative as such ratings indicate a quality of less than investment grade. Investors should carefully review the\nobjective of the Trust and consider their ability to assume the risks involved before making an investment in the Trust.

Senior\nLoans. Senior loans are generally issued by banks, other financial institutions, and other investors to corporations, partnerships,\nlimited liability companies and other entities to finance leveraged buyouts, recapitalizations, mergers, acquisitions, stock repurchases,\ndebt refinancing and, to a lesser extent, for general operating and other purposes. An investment by Securities in senior loans involves\nrisk that the borrowers under senior loans may default on their obligations to pay principal or interest when due. Although senior loans\nmay be secured by specific collateral, there can be no assurance that liquidation of collateral would satisfy the borrower’s obligation\nin the event of non-payment or that such collateral could be readily liquidated. Senior loans are typically structured as floating-rate\ninstruments in which the interest rate payable on the obligation fluctuates with interest rate changes. As a result, the yield on Securities\ninvesting in senior loans will generally decline in a falling interest rate environment and increase in a rising interest rate environment.\nSenior loans are generally below investment grade quality and may be unrated at the time of investment; are generally not registered with\nthe SEC or state securities commissions; and are generally not listed on any securities exchange. In addition, the amount of public information\navailable on senior loans is generally less extensive than that available for other types of assets.

Subprime\nResidential Mortgage Loans. An investment in subprime residential mortgage loans should be made with an understanding of the risks\nwhich such an investment entails, including increased credit risks and the risk that the value of subprime residential mortgage loans\nwill decline, and may decline precipitously, with increases in interest rates. In a high interest rate environment, the value of subprime\nresidential mortgage loans may be adversely affected when payments on the mortgages do not occur as anticipated, resulting in the extension\nof the mortgage’s effective maturity and the related increase in interest rate sensitivity of a longer-term investment. The value\nof subprime mortgage loans may also change due to shifts in the market’s perception of issuers and regulatory or tax changes adversely\naffecting the mortgage securities markets as a whole. Due to current economic conditions, including fluctuating interest rates, as well\nas aggressive lending practices, subprime mortgage loans have in recent periods experienced increased rates of delinquency, foreclosure,\nbankruptcy and loss, and they are likely to continue to experience rates that are higher, and that may be substantially higher, than those\nexperienced by mortgage loans underwritten in a more traditional manner. Thus, because of the higher delinquency rates and losses associated\nwith subprime mortgage loans, risks of investing in Securities which hold subprime mortgage loans are similar to those which affect high-yield\nsecurities or “junk” bonds, which include less liquidity, greater volatility and an increased risk of default as compared\nto higher rated securities.

TIPS. TIPS\nare inflation-indexed fixed-income securities issued by the U.S. Department of Treasury that utilize an inflation mechanism tied to the\nConsumer Price Index (“CPI”). TIPS are backed by the full faith and credit of the United States. TIPS are offered with coupon\ninterest rates lower than those of nominal rate Treasury securities. The coupon interest rate remains fixed throughout the term of the\nsecurities. However, each day the principal value of the TIPS is adjusted based upon a pro-rata portion of the CPI as reported three months\nearlier. Future interest payments are made based upon the coupon interest rate and the adjusted principal value. In a falling inflationary\nenvironment, both interest payments and the value of the TIPS will decline.

Foreign Issuers.\nSince certain of the Securities held by the Trust consist of, or invest in, securities issued by foreign entities, an investment in the\nTrust involves certain investment risks that are different in some respects from an investment in a trust which invests solely in the\nsecurities of domestic entities. These investment risks include future political or governmental restrictions which might adversely affect\nthe payment or receipt of payment of dividends on the relevant Securities, the possibility that the financial condition of the issuers\nof the Securities may become impaired or that the general condition of the relevant stock market may worsen (both of which would contribute\ndirectly to a decrease in the value of the Securities and thus in the value of the Units), the limited liquidity and relatively small\nmarket capitalization of the relevant securities market, expropriation or confiscatory taxation, economic uncertainties and foreign currency\ndevaluations and fluctuations. In addition, for foreign issuers that are not subject to the reporting requirements of the Securities Exchange\nAct of 1934, as amended, there may be less publicly available information than is available from a domestic issuer. Also, foreign issuers\nare not necessarily subject to uniform accounting, auditing and financial reporting standards, practices and requirements comparable to\nthose applicable to domestic issuers. The securities of many foreign issuers are less liquid and their prices more volatile than securities\nof comparable domestic issuers. In addition, fixed brokerage commissions and other transaction costs on foreign securities exchanges are\ngenerally higher than in the United States and there is generally less government supervision and regulation of exchanges, brokers and\nissuers in foreign countries than there is in the United States. However, due to the nature of the issuers of the Securities selected\nfor the Trust, the Sponsor believes that adequate information will be available to allow the Supervisor to provide portfolio surveillance\nfor the Trust.

Securities issued\nby non-U.S. issuers may pay interest and/or dividends in foreign currencies and may be principally traded in foreign currencies. Therefore,\nthere is a risk that the U.S. dollar value of these interest and/or dividend payments and/or securities will vary with fluctuations in\nforeign exchange rates.

On the basis of the\nbest information available to the Sponsor at the present time, none of the Securities in the Trust are subject to exchange control restrictions\nunder existing law which would materially interfere with payment to the Trust of dividends due on, or proceeds from the sale of, the Securities.\nHowever, there can be no assurance that exchange control regulations might not be adopted in the future which might adversely affect payment\nto the Trust. The adoption of exchange control regulations and other legal restrictions could have an adverse impact on the marketability\nof international securities in the Trust and on the ability of the Trust to satisfy its obligation to redeem Units tendered to the Trustee\nfor redemption. In addition, restrictions on the settlement of transactions on either the purchase or sale side, or both, could cause\ndelays or increase the costs associated with the purchase and sale of the foreign Securities and correspondingly could affect the price\nof the Units.

Investors should be\naware that it may not be possible to buy all Securities at the same time because of the unavailability of any Security, and restrictions\napplicable to the Trust relating to the purchase of a Security by reason of the federal securities laws or otherwise.

Foreign securities\ngenerally have not been registered under the Securities Act of 1933 and may not be exempt from the registration requirements of such Act.\nSales of non-exempt Securities by the Trust in the United States securities markets are subject to severe restrictions and may not be\npracticable. Accordingly, sales of these Securities by the Trust will generally be effected only in foreign securities markets. Although\nthe Sponsor does not believe that the Trust will encounter obstacles in disposing of the Securities, investors should realize that the\nSecurities may be traded in foreign countries where the securities markets are not as developed or efficient and may not be as liquid\nas those in the United States. The value of the Securities will be adversely affected if trading markets for the Securities are limited\nor absent.

Emerging and Developing\nMarkets. Compared to more mature markets, some emerging and developing markets may have a low level of regulation, enforcement of\nregulations and monitoring of investors’ activities. Those activities may include practices such as trading on material non-public\ninformation. The securities markets of emerging and developing countries are not as large as the more established securities markets and\nhave substantially less trading volume, resulting in a lack of liquidity and high price volatility. There may be a high concentration\nof market capitalization and trading volume in a small number of issuers representing a limited number of industries as well as a high\nconcentration of investors and financial intermediaries. These factors may adversely affect the timing and pricing of the acquisition\nor disposal of securities.

In\ncertain emerging and developing markets, registrars are not subject to effective government supervision nor are they always independent\nfrom issuers. The possibility of fraud, negligence, undue influence being exerted by the issuer or refusal to recognize ownership exists,\nwhich, along with other factors, could result in the registration of a shareholding being completely lost. Investors should therefore\nbe aware that the Trust could suffer loss arising from these registration problems. In addition, the legal remedies in emerging and developing\nmarkets are often more limited than the remedies available in the United States.

Practices\npertaining to the settlement of securities transactions in emerging and developing markets involve higher risks than those in developed\nmarkets, in large part because of the need to use brokers and counterparties who are less well capitalized, and custody and registration\nof assets in some countries may be unreliable. As a result, brokerage commissions and other fees are generally higher in emerging and\ndeveloping markets and the procedures and rules governing foreign transactions and custody may involve delays in payment, delivery or\nrecovery of money or investments. Delays in settlement could result in investment opportunities being missed if the Trust is unable to\nacquire or dispose of a security. Certain foreign investments may also be less liquid and more volatile than U.S. investments, which may\nmean at times that such investments are unable to be sold at desirable prices.

Political\nand economic structures in emerging and developing markets often change rapidly, which may cause instability. In adverse social and political\ncircumstances, governments have been involved in policies of expropriation, confiscatory taxation, nationalization, intervention in the\nsecurities market and trade settlement, and imposition of foreign investment restrictions and exchange controls, and these could be repeated\nin the future. In addition to withholding taxes on investment income, some governments in emerging and developing markets may impose different\ncapital gains taxes on foreign investors. Foreign investments may also be subject to the risks of seizure by a foreign government and\nthe imposition of restrictions on the exchange or export of foreign currencies. Additionally, some governments exercise substantial influence\nover the private economic sector and the political and social uncertainties that exist for many emerging and developing countries are\nconsiderable.

Another\nrisk common to most emerging and developing countries is that the economy is heavily export oriented and, accordingly, is dependent upon\ninternational trade. The existence of overburdened infrastructures and obsolete financial systems also presents risks in certain countries,\nas do environmental problems. Certain economies also depend, to a large degree, upon exports of primary commodities and, therefore, are\nvulnerable to changes in commodity prices which, in turn, may be affected by a variety of factors.

Small\nand/or Mid Capitalization Companies. While historically stocks of small and mid capitalization companies have outperformed the stocks\nof large companies, the former have customarily involved more investment risk as well. Such companies may have limited product lines,\nmarkets or financial resources; may lack management depth or experience; and may be more vulnerable to adverse general market or economic\ndevelopments than large companies. Some of these companies may distribute, sell or produce products which have recently been brought to\nmarket and may be dependent on key personnel.

The\nprices of small and mid cap company securities are often more volatile than prices associated with large company issues, and can display\nabrupt or erratic movements at times, due to limited trading volumes and less publicly available information. Also, because such companies\nnormally have fewer shares outstanding and these shares trade less frequently than large companies, it may be more difficult for the Trusts\nwhich contain these Securities to buy and sell significant amounts of such shares without an unfavorable impact on prevailing market prices.

Undertakings

Subject to the terms and conditions of Section 15(d) of the Securities Exchange Act of 1934, the undersigned\nregistrant hereby undertakes to file with the Securities and Exchange Commission such supplementary and periodic information, documents,\nand reports as may be prescribed by any rule or regulation of the Commission heretofore or hereafter duly adopted pursuant to authority\nconferred in that section.

Insofar as indemnification for liability arising under the Securities Act of 1933 (the “Securities\nAct”) may be permitted to directors, officers and controlling persons of the registrant pursuant to Rule 484 under the Securities\nAct, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification\nis against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification\nagainst such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling\nperson of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling\nperson in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been\nsettled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against\npublic policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

CONTENTS\nOF REGISTRATION STATEMENT

Bonding Arrangements of Depositor:

First Trust Portfolios\nL.P. is covered by a Brokers’ Fidelity Bond, in the total amount of $2,000,000, the insurer being National Union Fire Insurance\nCompany of Pittsburgh.

This Registration Statement on Form S-6 comprises the following papers and documents:

The Facing Sheet

The Prospectus

The Signatures

Exhibits

S-1

SIGNATURES

Pursuant to\nthe requirements of the Securities Act of 1933, the Registrant, FT 13315, has duly caused this Amendment to the Registration Statement\nto be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Wheaton and State of Illinois on November 3,\n2026.

FT 13315

By:

First Trust Portfolios L.P.
\nDepositor

By:

/s/ Ronda L. Saeli-Chiappe
\nSenior Vice President

S-2

Pursuant to the requirements\nof the Securities Act of 1933, this Amendment to the Registration Statement has been signed below by the following person in the capacity\nand on the date indicated:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Name	Title*	Date

James A. Bowen	Director of The Charger Corporation, the General Partner of First Trust Portfolios L.P., and Chief Executive Officer of First Trust Portfolios L.P.	\n ) \n ) \n ) \n )By:/s/ Ronda L. Saeli-Chiappe \n ) Attorney-in-Fact** \n ) November 3, 2026 \n ) \n )
James M. Dykas	Chief Financial Officer of First Trust Portfolios L.P.	\n ) \n ) \n )
Christina Knierim	Controller of First Trust Portfolios L.P.	) \n)

The title of the person named herein represents his or her capacity in and relationship to First Trust\nPortfolios L.P., the Depositor.

Executed copies of the related powers of\nattorney were filed with the Securities and Exchange Commission in connection with the Form S-6 of FT 13398 (File No. 333-299259)\nand the same is hereby incorporated herein by this reference.

S-3

CONSENT\nOF COUNSEL

The consent of counsel\nto the use of its name in the Prospectus included in this Registration Statement is contained in its opinion filed as Exhibit 3.1 of the\nRegistration Statement.

Consent\nof Independent Registered Public Accounting Firm

The consent of Deloitte & Touche LLP\nto the use of its name in the Prospectus included in the Registration Statement is filed as Exhibit 4.1 to the Registration Statement.

S-4

EXHIBIT\nINDEX

1.1

Standard Terms\nand Conditions of Trust for FT 10292 and certain subsequent Series, effective September 7, 2022 among First Trust Portfolios L.P.,\nas Depositor, The Bank of New York Mellon, as Trustee and First Trust Advisors L.P., as Portfolio Supervisor (incorporated by reference\nto Amendment No. 1 to Form S-6 [File No. 333-266325] filed on behalf of FT 10292).

1.1.1

Trust Agreement for FT 13315, effective November 3, 2026 among First Trust Portfolios L.P., as Depositor,\nThe Bank of New York Mellon, as Trustee and First Trust Advisors L.P., as Portfolio Supervisor.

1.2

Certificate\nof Limited Partnership of Nike Securities, L.P., predecessor of First Trust Portfolios L.P. (incorporated by reference to Amendment\nNo. 1 to Form S-6 [File No. 333-230481] filed on behalf of FT 8001).

1.3

Amended and\nRestated Limited Partnership Agreement of Nike Securities, L.P., predecessor of First Trust Portfolios L.P. (incorporated by reference\nto Amendment No. 1 to Form S-6 [File No. 333-230481] filed on behalf of FT 8001).

1.4

Articles of\nIncorporation of Nike Securities Corporation, predecessor to The Charger Corporation, the general partner of First Trust Portfolios\nL.P., Depositor (incorporated by reference to Amendment No. 1 to Form S-6 [File No. 333-230481] filed on behalf of FT 8001).

1.5

By-Laws of\nThe Charger Corporation, the general partner of First Trust Portfolios L.P., Depositor (incorporated by reference to Amendment No. 2 to\nForm S-6 [File No. 333-169625] filed on behalf of FT 2669).

1.7

Fund of Funds Agreements (incorporated by reference to Amendment No. 1 to Form S-6 [File No. 333-261661]\nfiled on behalf of FT 9909, Amendment No.\n1 to Form S-6 [File No. 333-261297] filed on behalf of FT\n9857, Amendment No. 1 to Form S-6 [File No. 333-262164] filed on behalf of FT\n9948, Amendment No. 1 to Form S-6 [File No. 333-262344] filed on behalf of FT\n9965, Amendment No. 1 to Form S-6 [File No. 333-263845] filed on behalf of FT\n10083 and Amendment No. 1 to Form S-6 [File No. 333-274281] filed on behalf of FT\n11028).

2.2

Code of\nEthics (incorporated by reference to Amendment No. 1 to Form S-6 [File No. 333-224320] filed on behalf of FT 7359).

S-5

3.1

Opinion of counsel as to legality of securities being registered.

4.1

Consent of Independent Registered Public Accounting Firm.

6.1

List of\nPrincipal Officers of the Depositor (incorporated by reference to Amendment No. 1 to Form S-6 [File No. 333-236093] filed on behalf\nof FT 8556).

7.1

Powers of Attorney\nexecuted by the Officers listed on page S-3 of this Registration Statement (incorporated by reference to Form S-6 [File No. 333-299259]\nfiled on behalf of FT 13398).

S-6

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