Secular Growth Portfolio, 2015 Series Series 3

Under normal circumstances, the Trust will invest at least 80% of the value of its assets in secular growth equity securities. Secular growth companies are companies that may benefit from an enduring trend toward business improvement that is not dependent upon the economic cycle. Such trends may result from larger technological, social, or economic change that can last several years or more. In contrast, cyclical growth companies are highly dependent upon broader economic growth to drive their earnings expansion and such firms may demonstrate earnings acceleration for only a handful of quarters or a few years.

The Sponsor has selected the portfolio of securities based principally upon research published by Morgan Stanley & Co. LLC. A list of securities derived from the research published by Morgan Stanley & Co. LLC is the starting point for the selection universe for the portfolio. The Sponsor then applies various screens to determine whether the securities identified are suitable for a unit investment Trust structure and for inclusion in the Trust portfolio. These screens include, but are not limited to, trading liquidity, market capitalization, minimum share price requirements, diversification and investment company limitations.

The Sponsor believes that companies which exhibit long-term secular growth prospects along with strong growth characteristics may demonstrate an ability to accelerate revenues, returns and profits. This acceleration, relative to a firm’s peer group, usually reflects an innovative product or service, an expanding geographic operating footprint or a competitive advantage enabling the firm to capture additional market share. The Sponsor also believes these companies will exhibit positive growth characteristics regardless of the general global economic environment.

The Trust aims to provide a portfolio of securities that the Sponsor believes have the potential to benefit from long-term secular growth trends which include high quality U.S.- listed growth-oriented companies. The Sponsor believes that growth stocks on the whole tend to be less impacted by cyclical forces, one of the reasons that, over time, growth stocks are more likely to meet or exceed their earnings estimates more frequently than value stocks. However, there can be no assurance that any security held by the Trust will meet the Trust objective. As a result of this strategy, the Trust is concentrated in the information technology sector and the health care sector.

The Trust may invest in common stocks, units of master limited partnerships (“MLPs”) and securities of real estate investment Trusts (“REITs”). The common stocks may include the common stocks of U.S. and foreign companies that have small-, mid- and large-capitalizations. The Trust’s portfolio is constructed through following a methodology that focuses on factors including, but not limited to:

• Valuation. The Trust favors companies whose valuations appear to be attractive based on measures such as price-to earnings, price-to-book and price to-cash flow.

• Growth. The Trust favors companies that the Sponsor believes are positioned to benefit from secular trends. For example, a secular trend may be certain technological innovations or shifting consumer trends (e.g., social media).

• Profitability. The Trust favors companies with a history of consistent and high profitability as measured by, but not limited to, revenue growth and operating income.

• Industry leadership. The Trust favors companies that possess a strong competitive position among their domestic and global peers.

As with all investments, you may lose some or all of your investment in the Trust. No assurance can be given that the Trust’s investment objective will be achieved. The Trust also might not perform as well as you expect. This can happen for reasons such as these:

• Securities prices can be volatile. The value of your investment may fall over time. Market value fluctuates in response to various factors. These can include stock market movements, purchases or sales of securities by the Trust, government policies, litigation, and changes in interest rates, inflation, the financial condition of the securities’ issuer or even perceptions of the issuer. Units of the Trust are not deposits of any bank and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

• Share prices or dividend rates on the securities in the Trust may decline during the life of the Trust. There is no guarantee that share prices of the securities in the Trust will not decline and that the issuers of the securities will declare dividends in the future and, if declared, whether they will remain at current levels or increase over time.

• The Trust invests in “growth” stocks. Growth stocks are issued by companies which, based upon their higher than average price/book ratios, are expected to experience greater earnings growth rates relative to other companies in the same industry or the economy as a whole. Securities of growth companies may be more volatile than other stocks. If the perception of a company’s growth potential is not realized, the securities purchased may not perform as expected, reducing the Trust’s return. In addition, because different types of stocks tend to shift in and out of favor depending on market and economic conditions, “growth” stocks may perform differently from the market as a whole and other types of securities.

• The Trust is concentrated in the information technology sector. As a result, the factors that impact the information technology sector will likely have a greater effect on this Trust than on a more broadly diversified Trust. Companies involved in this sector must contend with rapid changes in technology, intense competition, government regulation and the rapid obsolescence of products and services. Furthermore, sector predictions may not materialize and the companies selected for the Trust may not represent the entire sector and may not participate in the overall sector growth.

• The Trust is concentrated in the health care sector. As a result, the factors that impact the health care sector will likely have a greater effect on this Trust than on a more broadly diversified Trust. General risks of companies in the health care sector include extensive competition, generic drug sales, the loss of patent protection, product liability litigation and increased government regulation.

• The Trust invests in U.S.-listed foreign securities. The Trust’s investment in U.S.-listed foreign securities presents additional risk. Securities of foreign issuers present risks beyond those of domestic securities. More specifically, foreign risk is the risk that foreign securities will be more volatile than U.S. securities due to such factors as adverse economic, currency, political, social or regulatory developments in a country, including government seizure of assets, excessive taxation, limitations on the use or transfer of assets, the lack of liquidity or regulatory controls with respect to certain industries or differing legal and/or accounting standards.

• The Trust invests in securities issued by small-capitalization and mid-capitalization companies. These securities customarily involve more investment risk than securities of large-capitalization companies. Small-capitalization and mid-capitalization companies may have limited product lines, markets or financial resources and may be more vulnerable to adverse general market or economic developments.

• The securities selected for the Trust’s portfolio may be subject to conflicts of interest. The Trust’s portfolio is principally based upon research provided by Morgan Stanley & Co. LLC. Morgan Stanley & Co. LLC has a range of relationships with certain of the companies contained in the portfolio. The inclusion of these companies in Morgan Stanley & Co. LLC’s research may constitute a conflict of interest. Potential conflicts of interest are set forth in detail in the “Trust Portfolio” section.

• Inflation may lead to a decrease in the value of assets or income from investments.

• The Sponsor does not actively manage the portfolio. The Trust will generally hold, and may, when creating additional units, continue to buy, the same securities even though a security’s outlook, market value or yield may have changed.

See “Investment Risks” in Part A of the prospectus and “Risk Factors” in Part B of the prospectus for additional information.