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Core Three Closed-End Allocation, 29  Ticker: FWZQSX
 
Description
This unit investment trust seeks current monthly income, with capital appreciation as a secondary objective. There is, however, no assurance that the objectives will be achieved. The portfolio terminates approximately two years from the initial date of deposit.
 
Summary
Product Code: CEC329
Portfolio Status: Secondary
Initial Offer Date: 03/22/2017
Secondary Date: 05/19/2017
Portfolio Ending Date: 03/22/2019
Tax Structure: Regulated Investment Company
Distributions: Monthly
 
Initial Offer Price: $10.0000
NAV(*): $9.7810
POP(*): $10.1306
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 * $0.6643
Subsequent Years * $0.6615
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  
NameSymbolWeighting
 The Gabelli Multimedia Trust Inc. GGT 2.53%
 Tekla Life Sciences Investors HQL 2.51%
 Duff & Phelps Global Utility Income Fund Inc. DPG 2.47%
 Nuveen Core Equity Alpha Fund JCE 2.46%
 Royce Micro-Cap Trust, Inc. RMT 2.46%
 Liberty All-Star Growth Fund, Inc. ASG 2.44%
 The Gabelli Equity Trust Inc. GAB 2.41%
 The Gabelli Dividend & Income Trust GDV 2.40%
 Voya Natural Resources Equity Income Fund IRR 2.40%
 BlackRock Energy and Resources Trust BGR 2.36%
 Liberty All-Star Equity Fund USA 2.35%
 Eaton Vance Risk-Managed Diversified Equity Income Fund ETJ 2.34%
 Eaton Vance Tax-Advantaged Dividend Income Fund EVT 2.32%
 Kayne Anderson MLP Investment Company KYN 2.26%
 BlackRock MuniHoldings Quality Fund II, Inc. MUE 1.42%
 Western Asset Municipal Partners Fund Inc. MNP 1.41%
 PIMCO Municipal Income Fund II PML 1.41%
 BlackRock MuniYield Fund, Inc. MYD 1.40%
 BlackRock MuniYield Quality Fund II, Inc. MQT 1.40%
 Federated Premier Municipal Income Fund FMN 1.40%
 Nuveen Quality Municipal Income Fund NAD 1.40%
 MFS High Yield Municipal Trust CMU 1.39%
 Deutsche Strategic Municipal Income Trust KSM 1.39%
 Dreyfus Municipal Income, Inc. DMF 1.39%
 Invesco Advantage Municipal Income Trust II VKI 1.39%
 Eaton Vance Municipal Income Trust EVN 1.39%
 BlackRock Municipal Income Investment Trust BBF 1.39%
 Neuberger Berman Intermediate Municipal Fund Inc. NBH 1.39%
 Nuveen AMT-Free Quality Municipal Income Fund NEA 1.39%
 Nuveen Enhanced Municipal Value Fund NEV 1.39%
 MFS High Income Municipal Trust CXE 1.38%
 Putnam Managed Municipal Income Trust PMM 1.38%
 Invesco Municipal Trust VKQ 1.38%
 Invesco Trust for Investment Grade Municipals VGM 1.38%
 Nuveen Municipal High Income Opportunity Fund NMZ 1.38%
 Eaton Vance Municipal Bond Fund EIM 1.37%
 Invesco Municipal Opportunity Trust VMO 1.36%
 Western Asset Managed Municipals Fund Inc. MMU 1.36%
 John Hancock Investors Trust JHI 1.36%
 BlackRock Multi-Sector Income Trust BIT 1.35%
 KKR Income Opportunities Fund KIO 1.35%
 Cohen & Steers Limited Duration Preferred and Income Fund, Inc. LDP 1.33%
 MFS Intermediate Income Trust MIN 1.32%
 Blackstone/GSO Strategic Credit Fund BGB 1.32%
 Guggenheim Credit Allocation Fund GGM 1.32%
 Nuveen Mortgage Opportunity Term Fund 2 JMT 1.31%
 Wells Fargo Multi-Sector Income Fund ERC 1.30%
 Nuveen Floating Rate Income Fund JFR 1.29%
 Eaton Vance Short Duration Diversified Income Fund EVG 1.28%
 Avenue Income Credit Strategies Fund ACP 1.27%
 Eaton Vance Floating-Rate Income Plus Fund EFF 1.25%
 Blackstone/GSO Senior Floating Rate Term Fund BSL 1.23%
 Invesco Senior Income Trust VVR 1.22%
 BlackRock Floating Rate Income Trust BGT 1.21%
 Voya Prime Rate Trust PPR 1.20%
 Nuveen Credit Strategies Income Fund JQC 1.20%
 BlackRock Floating Rate Income Strategies Fund, Inc. FRA 1.20%
 Eaton Vance Floating-Rate Income Trust EFT 1.20%
 Invesco Dynamic Credit Opportunities Fund VTA 1.20%
 Apollo Senior Floating Rate Fund Inc. AFT 1.20%
 Dreyfus High Yield Strategies Fund DHF 1.02%
 Wells Fargo Income Opportunities Fund EAD 1.01%
 Pioneer Diversified High Income Trust HNW 1.01%
 BlackRock Corporate High Yield Fund, Inc. HYT 1.00%
 Western Asset High Income Fund II Inc. HIX 0.99%
 
Total Number of Holdings:    65
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

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.

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.

High-Yield or Junk Bonds Risk. Investing in high-yield securities or "junk" bonds should be viewed as speculative and you should review your ability to assume the risks associated with investments which utilize 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/or principal. High-yield security prices tend to fluctuate more than higher rated securities and are affected by short-term credit developments to a greater degree.

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.

Limited Duration Bonds Risk. Limited duration bonds are subject to interest rate risk, which is the risk that the value of a security will fall if interest rates increase. While limited duration bonds are generally subject to less interest rate sensitivity than longer duration bonds, there can be no assurance that interest rates will rise during the life of the trust.

Mortgage-Backed Securities Risk. Rising interest rates tend to extend the duration of mortgage-backed securities, making them more sensitive to changes in interest rates, and may reduce the market value of the securities. In addition, mortgage-backed securities are subject to prepayment risk, the risk that borrowers may pay off their mortgages sooner than expected, particularly when interest rates decline.

Municipal Bonds Risk. Municipal bonds are subject to numerous risks, including higher interest rates, economic recession, deterioration of the municipal bond market, possible downgrades and defaults of interest and/or principal.

Municipal Securities 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. The markets for credit instruments, including municipal securities, have experienced periods of extreme illiquidity and volatility.

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.

Preferred Securities Risk. Preferred securities are equity securities of the issuing company which pay income in the form of dividends. Preferred securities are typically subordinated to bonds and other debt instruments in a company's capital structure, and therefore will be subject to greater credit risk than those debt instruments.

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.

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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