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Senior Loan Select Closed-End, 25  Ticker: FRCKMX
The Senior Loan Select Closed-End Portfolio is a unit investment trust which invests in common stocks of closed-end investment companies, the portfolios of which are concentrated in senior corporate loans. The portfolio seeks to provide investors with the potential for high current income.
Product Code: SL2Y25
Portfolio Status: Secondary
Initial Offer Date: 03/22/2017
Secondary Date: 05/08/2017
Portfolio Ending Date: 03/22/2019
Tax Structure: Regulated Investment Company
Distributions: Monthly
Initial Offer Price: $10.0000
NAV(*): $9.4760
POP(*): $9.8146
Remaining Deferred Sales Charge: $0.2450
* As of Trade Date: 05/24/2017 4:00pm ET
The Public Offering Price (POP) represents the net asset value per unit plus any applicable organization costs and sales charges. The Net Asset Value (NAV) represents the value per unit of a trust’s portfolio securities and other assets reduced by applicable deferred sales charges and other liabilities.

 Estimated Net Annual Distribution Per Unit
Estimated Net Annual Distribution * $0.5527
Subsequent Years * $0.5504
As of 05/22/2017
* The estimated net annual distribution for subsequent years is expected to be less than the amount for the first year because a portion of the securities included in the portfolio will be sold to pay for organization costs, the deferred sales charge and the creation and development fee.  The estimates are based on annualizing the most recent dividends declared by the issuers of the securities included in the portfolio. There is no guarantee that the issuers of the securities included in the portfolio will declare distributions in the future or that, if declared, they will either remain at current levels or increase over time.

 Holdings  Export Current Holdings | View Initial Holdings  
 Nuveen Floating Rate Income Fund JFR 6.36%
 Ares Dynamic Credit Allocation Fund, Inc. ARDC 6.19%
 Eaton Vance Floating-Rate Income Plus Fund EFF 6.16%
 Blackstone/GSO Senior Floating Rate Term Fund BSL 6.08%
 Invesco Senior Income Trust VVR 6.01%
 Nuveen Senior Income Fund NSL 5.98%
 Nuveen Floating Rate Income Opportunity Fund JRO 5.98%
 BlackRock Floating Rate Income Trust BGT 5.97%
 Nuveen Credit Strategies Income Fund JQC 5.96%
 Eaton Vance Floating-Rate Income Trust EFT 5.95%
 Invesco Dynamic Credit Opportunities Fund VTA 5.92%
 Voya Prime Rate Trust PPR 5.91%
 BlackRock Floating Rate Income Strategies Fund, Inc. FRA 5.89%
 Eaton Vance Senior Income Trust EVF 5.87%
 Pioneer Floating Rate Trust PHD 5.84%
 Eaton Vance Senior Floating-Rate Trust EFR 5.77%
 THL Credit Senior Loan Fund TSLF 2.00%
 Apollo Senior Floating Rate Fund Inc. AFT 1.98%
Total Number of Holdings:    18
Underlying Securities information represented above is as of 05/24/2017 but will vary with future fluctuations in the market.

 Deferred Sales Charge Schedule
Amount Date
$0.08160 July 20, 2017
$0.08170 August 18, 2017
$0.08170 September 20, 2017

Risk Considerations

Buy & Hold Risk – Taxable Trusts. 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.

Closed-End Fund Risk. Closed-end funds are subject to various risks, including management's ability to meet the fund's investment objective, and to manage the fund's portfolio when the underlying securities are redeemed or sold, during periods of market turmoil and as investors' perceptions regarding 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 trade at a discount to their net asset value in the secondary market. Certain closed-end funds may employ the use of leverage, which increases the volatility of such funds.

Floating Rate Risk. 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.

Foreign Securities Risk. An investment in securities of foreign issuers should be made with an understanding of the additional risks involved, such as currency fluctuations, political risk, withholding, the lack of adequate financial information, and exchange control restrictions impacting foreign issuers.

Investment Grade Bonds Risk. Investment grade securities are subject to numerous risks including higher interest rates, economic recession, deterioration of the investment grade security market or investors' perception thereof, possible downgrades and defaults of interest and/or principal.

Senior Loans Risk. The yield on senior loans will generally decline in a falling interest rate environment and increase in a rising interest rate environment. Senior loans are generally below investment grade quality ("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.

Volatility Risk. 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.

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

Important Note. 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.

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

This product information does not constitute an offer to sell, or a solicitation of an offer to buy securities in any state to any person to whom it is not lawful to make such an offer. Sales of any of these securities must include prospectus delivery and the services of a retail broker/dealer duly licensed in the appropriate states.

Not FDIC Insured, Not Bank Guaranteed and May Lose Value.

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