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Strategic Income Advantage Select Closed-End, 68  Ticker: FWLBMX
 
Description
The trust seeks a high rate of current monthly income, with capital appreciation as a secondary objective.
 
Summary
Product Code: SA2Y68
Portfolio Status: Secondary
Initial Offer Date: 08/18/2017
Secondary Date: 10/03/2017
Portfolio Ending Date: 08/19/2019
Tax Structure: Regulated Investment Company
Distributions: Monthly
 
Initial Offer Price: $10.0000
NAV(*): $9.7396
POP(*): $9.9638
Remaining Deferred Sales Charge: $0.1500
* As of Trade Date: 11/22/2017 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 * $0.6452
Subsequent Years * $0.6440
As of 11/20/2017
* 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
 Liberty All-Star Equity Fund USA 4.48%
 AllianzGI Equity & Convertible Income Fund NIE 4.45%
 BlackRock Enhanced International Dividend Trust BGY 4.40%
 Voya Global Equity Dividend and Premium Opportunity Fund IGD 4.35%
 Nuveen S&P 500 Buy-Write Income Fund BXMX 4.32%
 Templeton Emerging Markets Income Fund TEI 4.23%
 Voya Infrastructure, Industrials and Materials Fund IDE 4.23%
 Eaton Vance Tax-Managed Global Diversified Equity Income Fund EXG 4.21%
 Nuveen Core Equity Alpha Fund JCE 4.14%
 Western Asset High Income Opportunity Fund Inc. HIO 4.09%
 Putnam Premier Income Trust PPT 4.08%
 Templeton Global Income Fund GIM 4.07%
 MFS Intermediate Income Trust MIN 4.04%
 Invesco Bond Fund VBF 4.03%
 Putnam Master Intermediate Income Trust PIM 3.96%
 Tekla Life Sciences Investors HQL 3.96%
 BlackRock Health Sciences Trust BME 3.93%
 Western Asset High Yield Defined Opportunity Fund Inc. HYI 3.87%
 Liberty All-Star Growth Fund, Inc. ASG 3.45%
 John Hancock Hedged Equity & Income Fund HEQ 3.25%
 TCW Strategic Income Fund, Inc. TSI 3.14%
 Insight Select Income Fund INSI 2.95%
 Aberdeen Australia Equity Fund, Inc. IAF 2.52%
 Western Asset Income Fund PAI 2.48%
 MFS Government Markets Income Trust MGF 2.14%
 Voya International High Dividend Equity Income Fund IID 1.88%
 John Hancock Tax-Advantaged Global Shareholder Yield Fund HTY 1.63%
 Putnam High Income Securities Fund PCF 1.53%
 
Total Number of Holdings:    28
Underlying Securities information represented above is as of 11/22/2017 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.

Convertible Securities Risk. Convertible securities are bonds, preferred stocks and other securities that pay a fixed rate of interest (or dividends) and will repay principal at a fixed date in the future. However, these securities may be converted into a specific number of common stocks at a specified time. As such, an investment in convertible securities entails some of the risks associated with both common stocks and bonds.

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.

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.

US Treasury Debt Instruments Risk. Debt instruments, such as U.S. Treasury obligations, are subject to numerous risks including higher interest rates, economic recession and deterioration of the bond market or investors' perceptions thereof.

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
30304X347 (Cash)
30304X354 (Reinvest)
30304X362 (Cash-Fee)
30304X370 (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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