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Equity Closed-End, 44  Ticker: FDAQJX
The Equity Closed-End Portfolio is a unit investment trust that is comprised of a pool of closed-end funds which invest in dividend-paying common stocks. The portfolio seeks high current income, with total return as a secondary objective
Product Code: CEEQ44
Portfolio Status: Secondary
Initial Offer Date: 03/31/2017
Secondary Date: 06/27/2017
Portfolio Ending Date: 04/01/2019
Tax Structure: Regulated Investment Company
Distributions: Monthly
Initial Offer Price: $10.0000
NAV(*): $9.9682
POP(*): $10.3244
Remaining Deferred Sales Charge: $0.1634
* As of Trade Date: 07/19/2017 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 * $0.7800
Subsequent Years * $0.7784
As of 07/17/2017
* 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  
 Alpine Global Premier Properties Fund AWP 3.79%
 The Gabelli Multimedia Trust Inc. GGT 3.78%
 Eaton Vance Tax-Advantaged Global Dividend Income Fund ETG 3.70%
 Tekla Life Sciences Investors HQL 3.69%
 Eaton Vance Tax-Managed Global Diversified Equity Income Fund EXG 3.64%
 Alpine Global Dynamic Dividend Fund AGD 3.60%
 Alpine Total Dynamic Dividend Fund AOD 3.56%
 Royce Value Trust, Inc. RVT 3.54%
 Reaves Utility Income Fund UTG 3.54%
 Voya Emerging Markets High Dividend Equity Fund IHD 3.54%
 Royce Micro-Cap Trust, Inc. RMT 3.53%
 Liberty All-Star Equity Fund USA 3.52%
 Nuveen Dow 30 Dynamic Overwrite Fund DIAX 3.52%
 Voya Infrastructure, Industrials and Materials Fund IDE 3.50%
 The Gabelli Dividend & Income Trust GDV 3.50%
 Nuveen S&P 500 Buy-Write Income Fund BXMX 3.48%
 Duff & Phelps Global Utility Income Fund Inc. DPG 3.45%
 Brookfield Global Listed Infrastructure Income Fund Inc. INF 3.45%
 The Gabelli Equity Trust Inc. GAB 3.44%
 John Hancock Financial Opportunities Fund BTO 3.43%
 John Hancock Tax-Advantaged Global Shareholder Yield Fund HTY 3.43%
 AllianzGI NFJ Dividend, Interest & Premium Strategy Fund NFJ 3.40%
 Aberdeen Australia Equity Fund, Inc. IAF 3.39%
 GAMCO Global Gold Natural Resources & Income Trust GGN 3.28%
 Liberty All-Star Growth Fund, Inc. ASG 3.21%
 Columbia Seligman Premium Technology Growth Fund, Inc. STK 3.17%
 Duff & Phelps Select Energy MLP Fund Inc. DSE 3.12%
 Voya Asia Pacific High Dividend Equity Income Fund IAE 2.98%
 Tortoise Energy Independence Fund, Inc. NDP 2.82%
Total Number of Holdings:    29
Underlying Securities information represented above is as of 07/19/2017 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

Equity Risk. An investment in a portfolio containing common stocks is 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 or the general condition of the stock market.

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.

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.

Options Risk. 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 by changes 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.

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

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