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Balanced Income Select, 71  Ticker: FLTWNX
The Balanced Income Portfolio is a unit investment trust that seeks a high rate of current monthly income and the potential for growth of principal by investing in a diversified portfolio of common stocks of companies which have above-average dividend yields and closed-end funds which invest in U.S. and foreign taxable bonds and/or preferred securities.
Product Code: BL2Y71
Portfolio Status: Secondary
Initial Offer Date: 08/18/2017
Secondary Date: 10/23/2017
Portfolio Ending Date: 08/19/2019
Tax Structure: Regulated Investment Company
Distributions: Monthly
Initial Offer Price: $10.0000
NAV(*): $10.4698
POP(*): $10.7107
Remaining Deferred Sales Charge: $0.1500
* As of Trade Date: 12/13/2017 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 * $0.4813
Subsequent Years * $0.4810
As of 12/11/2017
* 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  
 AbbVie Inc. ABBV 4.26%
 Valero Energy Corporation VLO 4.15%
 LyondellBasell Industries N.V. LYB 3.81%
 The Boeing Company BA 3.80%
 Wal-Mart Stores, Inc. WMT 3.77%
 Intel Corporation INTC 3.77%
 Cisco Systems, Inc. CSCO 3.76%
 The Home Depot, Inc. HD 3.72%
 General Motors Company GM 3.63%
 JPMorgan Chase & Co. JPM 3.57%
 Cummins Inc. CMI 3.45%
 Prudential Financial, Inc. PRU 3.39%
 Exelon Corporation EXC 3.34%
 Eaton Corporation Plc ETN 3.32%
 Johnson & Johnson JNJ 3.28%
 DoubleLine Income Solutions Fund DSL 3.06%
 Credit Suisse High Yield Bond Fund DHY 3.04%
 Invesco Bond Fund VBF 3.04%
 Western Asset Global High Income Fund Inc. EHI 3.04%
 Nuveen Global High Income Fund JGH 3.04%
 BlackRock Core Bond Trust BHK 3.03%
 Western Asset Income Fund PAI 3.02%
 Western Asset High Income Fund II Inc. HIX 3.01%
 Western Asset Premier Bond Fund WEA 2.98%
 Barings Global Short Duration High Yield Fund BGH 2.97%
 Stone Harbor Emerging Markets Total Income Fund EDI 2.97%
 Morgan Stanley Emerging Markets Domestic Debt Fund, Inc. EDD 2.94%
 Aberdeen Asia-Pacific Income Fund, Inc. FAX 2.93%
 Western Asset Investment Grade Defined Opportunity Trust Inc. IGI 2.93%
 Ivy High Income Opportunities Fund IVH 2.89%
Total Number of Holdings:    30
Underlying Securities information represented above is as of 12/13/2017 but will vary with future fluctuations in the market.

 Deferred Sales Charge Schedule
Amount Date
$0.07500 November 20, 2017
$0.07500 December 20, 2017
$0.07500 January 19, 2018

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.

Emerging Markets Risk. Risks associated with investing in foreign securities may be more pronounced in emerging markets where the securities markets are substantially smaller, less liquid, less regulated and more volatile than the U.S. and developed foreign markets.

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.

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.

Fund Cusip Information
30304V549 (Cash)
30304V556 (Reinvest)
30304V564 (Cash-Fee)
30304V572 (Reinvest-Fee)
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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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