Diversified High Income Closed-End, 56 (2023)

Not FDIC Insured • Not Bank Guaranteed • May Lose Value

*There is no guarantee the issuers of the securities included in the trust will declare dividends or distributionsin the future. The historical 12-month distribution per unit and historical 12-month distribution rate ofthe securities included in the trust are for illustrative purposes only and are not indicative of the trust’sdistribution or distribution rate. The historical 12-month distribution per unit is based on the weightedaverage of the trailing 12-month distributions paid by the securities included in the portfolio. The historical12-month distribution rate is calculated by dividing the historical 12-month distributions by the trust’soffering price. The historical 12-month distribution and rate are reduced to account for the effects of feesand expenses, which will be incurred when investing in a trust. Certain of the issuers may have reducedtheir dividends or distributions over the prior 12 months. The distribution per unit and rate paid by the trustmay be higher or lower than the amount shown above due to certain factors that may include, but are notlimited to, a change in the dividends or distributions paid by issuers, actual expenses incurred, or the sale ofsecurities in the portfolio.

The deferred sales charge will be deducted in three monthly installments commencing 8/18/23. When thepublic offering price is less than or equal to $10.00 per unit, there will be no initial sales charge. If the priceexceeds $10.00 per unit, you will pay an initial sales charge. The maximum sales charge for investors in feeaccounts consists of the C&D fee. Investors in fee accounts are not assessed any transactional sales charges.Standard accounts sales charges apply to units purchased as an ineligible asset. The C&D fee is a charge of$0.050 per unit collected at the end of the initial offering period. If the price you pay exceeds $10.00 perunit, the C&D fee will be less than 0.50%; if the price you pay is less than $10.00 per unit, the C&D fee willexceed 0.50%. In addition to the sales charges listed, UITs are subject to annual operating expenses andorganization costs.

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

Risk Considerations
An investment in this unmanaged unit investment trust should be made with an understanding of the risks associated with an investment in a portfolio of closed-end funds. Closed-end funds aresubject to various risks, including management’s ability to meet the fund’s investment objective, and to manage the fund’s portfolio when the underlying securities are redeemed or sold, during periods of market turmoil and asinvestors’ perceptions regarding the funds or their underlying investments change. Unlike open-end funds, which trade at prices based on a current determination of the fund’s net asset value, closed-end funds frequently tradeat a discount to their net asset value in the secondary market. Certain funds in which the portfolio invests employ the use of leverage, which increases the volatility of such funds.

Certain of the funds invest in common stocks. Common stocks are subject to certain risks, such as an economic recession and the possible deterioration of either the financial condition of the issuers of the equity securities orthe general condition of the stock market.

Certain of the funds invest in floating-rate securities. A floating-rate security is an instrument in which the interest rate payable on the obligation fluctuates on a periodic basis based upon changes in an interest rate benchmark.As a result, the yield on such a security will generally decline in a falling interest rate environment, causing the trust to experience a reduction in the income it receives from such securities. Certain of the floating-rate securitiespay interest based on LIBOR. The United Kingdom’s Financial Conduct Authority (“FCA”), which regulates LIBOR, intends to cease making LIBOR available as a reference rate over a phase-out period that began in early2022. However, subsequent announcements by the FCA, the LIBOR administrators, and other regulators indicate that it is possible that the most widely used LIBOR rates may continue until mid-2023. The unavailability orreplacement of LIBOR may affect the value, liquidity or return on certain portfolio investments. Any potential effects of the transition away from LIBOR can be difficult to ascertain, and they may vary depending on a varietyof factors and they could result in losses to the portfolio.

Certain of the funds invest in high-yield securities or “junk” bonds. Investing in high-yield securities should be viewed as speculative and you should review your ability to assume the risks associated with investments whichutilize such securities. High-yield securities are subject to numerous risks, including higher interest rates, economic recession, deterioration of the junk bond market, possible downgrades and defaults of interest and/orprincipal. High-yield security prices tend to fluctuate more than higher rated securities and are affected by short-term credit developments to a greater degree.

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

Certain of the funds invest in options. Options are subject to various risks including that their value may be adversely affected if the market for the option becomes less liquid or smaller. In addition, options will be affected bychanges in the value and dividend rates of the stock subject to the option, an increase in interest rates, a change in the actual and perceived volatility of the stock market and the common stock and the remaining time to expiration.

Certain of the funds invest in senior loans. The yield on funds which invest in senior loans will generally decline in a falling interest rate environment and increase in a rising interest rate environment. Senior loans are generallybelow investment grade quality (“junk” bonds). An investment in senior loans involves the risk that the borrowers may default on their obligations to pay principal or interest when due.

Certain of the funds invest in covenant-lite loans which contain fewer or no maintenance covenants and may hinder the funds’ ability to reprice credit risk and mitigate potential loss especially during a downturn in the credit cycle.

Securities of non-U.S. issuers are subject to additional risks,including currency fluctuations, political risks, withholding, the lack of adequate financial information, andexchange control restrictions impacting non-U.S. issuers.

The United Kingdom’s official departure from the European Union (commonly referred to as “Brexit”) led tovolatility in global financial markets, in particular those of the United Kingdom and across Europe, and theweakening in political, regulatory, consumer, corporate and financial confidence in the United Kingdom andEurope. It is not currently possible to determine the extent of the impact that Brexit may have on the portfolio’sinvestments and this uncertainty could negatively impact current and future economic conditions in theUnited Kingdom and other countries, which could negatively impact the value of the portfolio’s investments.

As the use of Internet technology has become more prevalent in the course of business, the trusthas become more susceptible to potential operational risks through breaches in cybersecurity.

In February 2022, Russia invaded Ukraine which has caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, and the United States. The hostilities and sanctions resulting from those hostilities could have a significant impact on certain investments as well as performance.

The ongoing effects of the COVID-19 global pandemic, or the potential impacts of any future public health crisis, may cause significant volatility and uncertainty in global financial markets. While vaccines have been developed, there is no guarantee that vaccines will be effective against future variants of the disease.

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

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

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

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