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Core Three Closed-End Allocation, 7  Ticker: FQLEAX
A unit investment trust that seeks current monthly income, with capital appreciation as a secondary objective. The portfolio is designed to provide investors diversification among three segments of the closed-end market. The portfolio is allocated among federally tax-exempt municipal bond closed-end funds (CEFs), senior loan and limited duration CEFs, and equity CEFs.
Product Code: CEC37
Portfolio Status: Secondary
Initial Offer Date: 02/26/2013
Secondary Date: 03/22/2013
Portfolio Ending Date: 02/26/2015
Tax Structure: RIC
Distributions: Monthly
Initial Offer Price: $10.0000
NAV(*): $9.5702
POP(*): Not Avail
Remaining Deferred Sales Charge: $0.0000
* As of Trade Date: 01/28/2015 4:00pm ET

 Estimated Net Annual Distribution Per Unit
Estimated Net Annual Distribution Per Unit * $0.5904
As of 01/26/2015
* 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  
 Tekla Life Sciences Investors HQL 4.03%
 Reaves Utility Income Fund UTG 3.15%
 Source Capital, Inc. SOR 2.87%
 John Hancock Tax-Advantaged Dividend Income Fund HTD 2.83%
 Eaton Vance Enhanced Equity Income Fund EOI 2.82%
 Cohen & Steers Quality Income Realty Fund, Inc. RQI 2.81%
 Nuveen Nasdaq 100 Dynamic Overwrite Fund QQQX 2.80%
 The Gabelli Dividend & Income Trust GDV 2.78%
 Nuveen Core Equity Alpha Fund JCE 2.77%
 Liberty All-Star Equity Fund USA 2.72%
 Eaton Vance Tax-Advantaged Dividend Income Fund EVT 2.70%
 John Hancock Financial Opportunities Fund BTO 2.68%
 Nuveen California Dividend Advantage Municipal Fund NAC 2.56%
 BlackRock Enhanced Equity Dividend Trust BDJ 2.46%
 NexPoint Credit Strategies Fund NHF 2.30%
 Royce Micro-Cap Trust, Inc. RMT 2.23%
 BlackRock Corporate High Yield Fund, Inc. HYT 1.70%
 Brookfield Total Return Fund Inc. HTR 1.50%
 Putnam Premier Income Trust PPT 1.37%
 Putnam Master Intermediate Income Trust PIM 1.36%
 Cohen & Steers Limited Duration Preferred and Income Fund, Inc. LDP 1.33%
 BlackRock Municipal Income Trust II BLE 1.32%
 Western Asset Municipal Defined Opportunity Trust Inc. MTT 1.32%
 Neuberger Berman Intermediate Municipal Fund Inc. NBH 1.31%
 Nuveen Municipal High Income Opportunity Fund NMZ 1.31%
 Deutsche Municipal Income Trust KTF 1.27%
 Western Asset Managed Municipals Fund Inc. MMU 1.26%
 Nuveen Credit Strategies Income Fund JQC 1.25%
 Western Asset Variable Rate Strategic Fund Inc. GFY 1.25%
 Apollo Senior Floating Rate Fund Inc. AFT 1.25%
 Wells Fargo Advantage Multi-Sector Income Fund ERC 1.24%
 Nuveen Municipal Advantage Fund NMA 1.23%
 AllianceBernstein National Municipal Income Fund, Inc. AFB 1.23%
 Eaton Vance Municipal Bond Fund EIM 1.23%
 Nuveen Floating Rate Income Fund JFR 1.22%
 Invesco Municipal Opportunity Trust VMO 1.21%
 BlackRock Municipal Income Trust BFK 1.21%
 BlackRock Floating Rate Income Strategies Fund, Inc. FRA 1.21%
 Pioneer Floating Rate Trust PHD 1.21%
 Prudential Short Duration High Yield Fund, Inc. ISD 1.21%
 MainStay DefinedTerm Municipal Opportunities Fund MMD 1.21%
 Invesco Municipal Trust VKQ 1.20%
 Dreyfus Municipal Income, Inc. DMF 1.19%
 Invesco Advantage Municipal Income Trust II VKI 1.19%
 Eaton Vance Limited Duration Income Fund EVV 1.19%
 Eaton Vance Floating-Rate Income Trust EFT 1.19%
 Voya Prime Rate Trust PPR 1.18%
 BlackRock MuniYield Michigan Quality Fund, Inc. MIY 1.18%
 Nuveen Mortgage Opportunity Term Fund JLS 1.18%
 Avenue Income Credit Strategies Fund ACP 1.18%
 Putnam Managed Municipal Income Trust PMM 1.17%
 Invesco Trust for Investment Grade Municipals VGM 1.17%
 Eaton Vance Senior Floating-Rate Trust EFR 1.17%
 BlackRock MuniHoldings Quality Fund, Inc. MUS 1.16%
 MFS High Yield Municipal Trust CMU 1.15%
 Dreyfus Strategic Municipals, Inc. LEO 1.15%
 Dreyfus Strategic Municipal Bond Fund, Inc. DSM 1.15%
 MFS Municipal Income Trust MFM 1.15%
 Deutsche High Income Trust KHI 0.86%
 Invesco High Income Trust II VLT 0.83%
 Western Asset High Income Opportunity Fund Inc. HIO 0.81%
Total Number of Holdings:    61
Underlying Securities information represented above is as of 01/27/2015 but will vary with future fluctuations in the market.

An investment in an equity portfolio should be made with an understanding of the risks associated with an investment in common stocks including the risk that the financial condition of the issuers of the equities or the general condition of the stock market may worsen.

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.

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.

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.

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

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.

The value of mortgage-backed securities will decline with increases in interest rates.The value of mortgage-backed securities will also fluctuate with changes in the general condition of the mortgage-backed securities market, changes in inflation rates or when political or economic events affecting Ginnie Mae occur.

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. Interest income from closed-end municipal bond funds is generally exempt from federal income tax. However, certain distributions may be subject to federal income tax and/or subject to the alternative minimum tax.

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 stocks are equity securities of the issuing company which pay income in the form of dividends. Preferred stocks 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.

An investment in a portfolio containing REIT securities is subject to additional risks, as companies involved in the real estate industry are subject to changes in the real estate market, vacancy rates and competition, volatile interest rates and economic recession.

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.

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.

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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