75/25 Strategic Allocation, 4th Qtr 2025  Ticker: FEBFRX
 
Description
A unit investment trust which seeks the potential for above-average total return by investing approximately 75% of its assets in common stocks which are selected by applying a disciplined investment strategy and 25% of its assets in exchange-traded funds which invest in fixed-income securities.
Please note that there is no assurance the objective will be met.
 
Summary
Product Code: 7S4Q25
Portfolio Status: Secondary
Initial Offer Date: 09/25/2025
Secondary Date: 01/13/2026
Portfolio Ending Date: 01/19/2027
Tax Structure: Regulated Investment Company
Distributions: Monthly
 
Initial Offer Price: $10.0000
NAV(*): $10.8184
POP(*): $10.9665
Remaining Deferred Sales Charge: $0.0000
* As of Trade Date: 09/09/2026 4:00pm ET
The Public Offering Price (POP) represents the net asset value per unit plus any 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.

 Historical 12-Month Distribution of Trust Holdings:^
Rate (as of 9/9/2026) Per Unit (as of 9/8/2026)
2.23% $0.24500
^ There is no guarantee the issuers of the securities included in the trust will declare dividends or distributions in the future. The historical 12-month distribution per unit and historical 12-month distribution rate of the securities included in the trust are for illustrative purposes only and are not indicative of the trust's distribution or distribution rate. The historical 12-month distribution per unit is based on the weighted average of the trailing twelve month distributions paid by the securities included in the portfolio. The historical 12-month distribution rate is calculated by dividing the historical 12-month distributions by the trust's offering price. The historical 12-month distribution and rate are reduced to account for the effects of fees and expenses, which will be incurred when investing in a trust. Certain of the issuers may have reduced their dividends or distributions over the prior twelve months. The distribution per unit and rate paid by the trust may be higher or lower than the amount shown above due to certain factors that may include, but are not limited to, a change in the dividends or distributions paid by issuers, actual expenses incurred, or the sale of securities in the portfolio. For trusts that include funds, distributions may include realized short-term capital gains, realized long-term capital gains and/or return of capital.

 Holdings  Export Current Holdings | View Initial Holdings  
NameSymbolWeighting
 Western Digital Corporation WDC 2.48%
 Fortinet, Inc. FTNT 1.07%
 Merck & Co., Inc. MRK 1.06%
 Targa Resources Corp. TRGP 0.96%
 Tokyo Electron Limited (ADR) TOELY 0.92%
 VanEck J.P. Morgan EM Local Currency Bond ETF EMLC 0.91%
 VanEck IG Floating Rate ETF FLTR 0.91%
 iShares 0-1 Year Treasury Bond ETF SHV 0.90%
 WisdomTree Floating Rate Treasury Fund USFR 0.90%
 State Street SPDR Bloomberg Investment Grade Floating Rate ETF FLRN 0.90%
 State Street SPDR Portfolio Short Term Corporate Bond ETF SPSB 0.89%
 Invesco Senior Loan ETF BKLN 0.89%
 Invesco Variable Rate Preferred ETF VRP 0.89%
 State Street SPDR Bloomberg High Yield Bond ETF JNK 0.88%
 Vanguard Mortgage-Backed Securities ETF VMBS 0.88%
 State Street SPDR Blackstone Senior Loan ETF SRLN 0.88%
 iShares 0-5 Year High Yield Corporate Bond ETF SHYG 0.88%
 iShares Broad USD High Yield Corporate Bond ETF USHY 0.88%
 Janus Henderson Mortgage-Backed Securities ETF JMBS 0.88%
 First Trust Limited Duration Investment Grade Corporate ETF FSIG 0.88%
 iShares High Yield Systematic Bond ETF HYDB 0.88%
 PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund HYS 0.87%
 First Trust Tactical High Yield ETF HYLS 0.87%
 State Street SPDR Bloomberg Short Term High Yield Bond ETF SJNK 0.87%
 State Street SPDR Portfolio High Yield Bond ETF SPHY 0.87%
 First Trust Core Investment Grade ETF FTCB 0.87%
 Johnson & Johnson JNJ 0.86%
 Newmont Corporation NEM 0.86%
 Ross Stores, Inc. ROST 0.86%
 iShares Preferred & Income Securities ETF PFF 0.86%
 Vanguard Long-Term Corporate Bond ETF VCLT 0.84%
 iShares 10+ Year Investment Grade Corporate Bond ETF IGLB 0.84%
 State Street SPDR Portfolio Long Term Corporate Bond ETF SPLB 0.84%
 Regeneron Pharmaceuticals, Inc. REGN 0.81%
 ConocoPhillips COP 0.80%
 Diamondback Energy, Inc. FANG 0.79%
 ExxonMobil Holdings Corp. XOM 0.79%
 Delta Air Lines, Inc. DAL 0.77%
 Alphabet Inc. (Class A) GOOGL 0.76%
 The Coca-Cola Company KO 0.75%
 Chevron Corporation CVX 0.74%
 Rio Tinto plc (ADR) RIO 0.74%
 The Travelers Companies, Inc. TRV 0.73%
 PACCAR Inc PCAR 0.72%
 Gilead Sciences, Inc. GILD 0.72%
 Parker-Hannifin Corporation PH 0.72%
 AMETEK, Inc. AME 0.72%
 Baker Hughes Company (Class A) BKR 0.72%
 EOG Resources, Inc. EOG 0.71%
 Banco Bilbao Vizcaya Argentaria, S.A. (ADR) BBVA 0.69%
 The Allstate Corporation ALL 0.68%
 Amazon.com, Inc. AMZN 0.67%
 Fast Retailing Co., Ltd. (ADR) FRCOY 0.66%
 TotalEnergies SE TTE 0.66%
 Banco Santander S.A. (ADR) SAN 0.65%
 UnitedHealth Group Incorporated UNH 0.64%
 Devon Energy Corporation DVN 0.63%
 General Dynamics Corporation GD 0.63%
 Consolidated Edison, Inc. ED 0.62%
 Anheuser-Busch InBev S.A./N.V. (ADR) BUD 0.61%
 Cencora, Inc. COR 0.60%
 Shell Plc (ADR) SHEL 0.60%
 Walmart Inc. WMT 0.59%
 Fastenal Company FAST 0.59%
 Block Inc. (Class A) XYZ 0.59%
 The Hartford Insurance Group, Inc. HIG 0.58%
 Itochu Corp. (ADR) ITOCY 0.58%
 UniCredit SpA (ADR) UNCRY 0.58%
 Cintas Corporation CTAS 0.57%
 PG&E Corporation PCG 0.57%
 Agnico Eagle Mines Limited AEM 0.57%
 BP Plc (ADR) BP 0.57%
 Industria de Diseno Textil, S.A. (ADR) IDEXY 0.57%
 Xcel Energy Inc. XEL 0.56%
 Waste Management, Inc. WM 0.56%
 Exelon Corporation EXC 0.56%
 American Express Company AXP 0.55%
 Sysco Corporation SYY 0.55%
 Intesa Sanpaolo S.p.A. (ADR) ISNPY 0.55%
 Tokio Marine Holdings, Inc. (ADR) TKOMY 0.55%
 The Procter & Gamble Company PG 0.54%
 Microsoft Corporation MSFT 0.54%
 Costco Wholesale Corporation COST 0.53%
 Chipotle Mexican Grill, Inc. CMG 0.53%
 Automatic Data Processing, Inc. ADP 0.52%
 The TJX Companies, Inc. TJX 0.52%
 The Progressive Corporation PGR 0.50%
 Cognizant Technology Solutions Corporation CTSH 0.50%
 Enel SpA (ADR) ENLAY 0.50%
 Air Liquide S.A. (ADR) AIQUY 0.49%
 Kimberly-Clark Corporation KMB 0.47%
 Comcast Corporation (Class A) CMCSA 0.47%
 NTT, Inc. (ADR) NTTYY 0.47%
 Las Vegas Sands Corp. LVS 0.47%
 L'Oreal S.A. (ADR) LRLCY 0.47%
 Carpenter Technology Corporation CRS 0.46%
 ResMed Inc. RMD 0.46%
 D.R. Horton, Inc. DHI 0.46%
 Meta Platforms, Inc. (Class A) META 0.46%
 VICI Properties Inc. VICI 0.45%
 Deutsche Telekom AG (ADR) DTEGY 0.44%
 Vinci S.A. (ADR) VCISY 0.44%
 Toyota Motor Corporation TM 0.43%
 Muenchener Rueckversicherungs-Gesellschaft AG (MunichRe) (ADR) MURGY 0.43%
 Centene Corporation CNC 0.42%
 Sanofi (ADR) SNY 0.42%
 Vistra Corp. VST 0.42%
 Uber Technologies, Inc. UBER 0.42%
 Chugai Pharmaceutical Co., Ltd. (ADR) CHGCY 0.42%
 Copart, Inc. CPRT 0.41%
 IES Holdings, Inc. IESC 0.40%
 APA Corporation APA 0.40%
 Permian Resources Corp. PR 0.39%
 Coca-Cola Consolidated, Inc. COKE 0.38%
 Five Below, Inc. FIVE 0.38%
 Sony Group Corp. (ADR) SONY 0.36%
 Biogen Inc. BIIB 0.36%
 Lennar Corporation LEN 0.36%
 Novo Nordisk A/S (ADR) NVO 0.35%
 Halliburton Company HAL 0.34%
 Expeditors International of Washington, Inc. EXPD 0.34%
 Incyte Corporation INCY 0.33%
 Exelixis, Inc. EXEL 0.33%
 Chord Energy Corporation CHRD 0.32%
 Casey's General Stores, Inc. CASY 0.31%
 Globus Medical, Inc. (Class A) GMED 0.31%
 Zoetis Inc. ZTS 0.30%
 Fluor Corporation FLR 0.29%
 Mueller Industries, Inc. MLI 0.29%
 Enact Holdings, Inc. ACT 0.29%
 SEI Investments Company SEIC 0.28%
 Unum Group UNM 0.28%
 Prosus N.V. (ADR) PROSY 0.28%
 Globe Life Inc. GL 0.27%
 The New York Times Company (Class A) NYT 0.27%
 Oshkosh Corporation OSK 0.27%
 BioMarin Pharmaceutical Inc. BMRN 0.27%
 PDD Holdings Inc. (ADR) PDD 0.27%
 F5, Inc. FFIV 0.26%
 EMCOR Group, Inc. EME 0.26%
 Texas Roadhouse, Inc. TXRH 0.26%
 UiPath, Inc. (Class A) PATH 0.26%
 Snap-on Incorporated SNA 0.25%
 United Therapeutics Corporation UTHR 0.25%
 EssilorLuxottica S.A. (ADR) ESLOY 0.25%
 Fox Corporation (Class A) FOXA 0.25%
 MGIC Investment Corporation MTG 0.24%
 Jack Henry & Associates, Inc. JKHY 0.24%
 Toll Brothers, Inc. TOL 0.23%
 Mohawk Industries, Inc. MHK 0.23%
 InterDigital, Inc. IDCC 0.23%
 Molina Healthcare, Inc. MOH 0.23%
 Global Payments Inc. GPN 0.23%
 The Ensign Group, Inc. ENSG 0.23%
 Powell Industries, Inc. POWL 0.23%
 Ulta Beauty, Inc. ULTA 0.23%
 NewMarket Corporation NEU 0.22%
 Bank OZK OZK 0.22%
 BJ's Wholesale Club Holdings, Inc. BJ 0.22%
 Encompass Health Corporation EHC 0.21%
 PulteGroup, Inc. PHM 0.21%
 National HealthCare Corporation NHC 0.20%
 SM Energy Company SM 0.19%
 Abercrombie & Fitch Co. (Class A) ANF 0.19%
 Plexus Corp. PLXS 0.19%
 Ingredion Incorporated INGR 0.19%
 Molson Coors Beverage Company TAP 0.19%
 Warrior Met Coal, Inc. HCC 0.19%
 Liberty Energy Inc. (Class A) LBRT 0.19%
 Cactus, Inc. (Class A) WHD 0.19%
 UniFirst Corporation UNF 0.18%
 Gentex Corporation GNTX 0.18%
 CoreCivic, Inc. CXW 0.18%
 NOV Inc. NOV 0.18%
 Erie Indemnity Company ERIE 0.18%
 StoneX Group Inc. SNEX 0.18%
 Argan, Inc. AGX 0.18%
 Tidewater Inc. TDW 0.18%
 PriceSmart, Inc. PSMT 0.17%
 Deckers Outdoor Corporation DECK 0.17%
 Remitly Global, Inc. RELY 0.17%
 Grand Canyon Education, Inc. LOPE 0.16%
 NetScout Systems, Inc. NTCT 0.16%
 Murphy Oil Corporation MUR 0.15%
 Mercury General Corporation MCY 0.15%
 Leidos Holdings, Inc. LDOS 0.15%
 ACADIA Pharmaceuticals Inc. ACAD 0.15%
 Sprouts Farmers Market, Inc. SFM 0.15%
 MARA Holdings, Inc. MARA 0.15%
 First Financial Bancorp. FFBC 0.14%
 Cinemark Holdings, Inc. CNK 0.14%
 AZZ Inc. AZZ 0.14%
 OPENLANE Inc. OPLN 0.14%
 Science Applications International Corporation SAIC 0.14%
 Apple Hospitality REIT, Inc. APLE 0.14%
 Trustmark Corporation TRMK 0.13%
 Brady Corporation BRC 0.13%
 Federated Hermes, Inc. (Class B) FHI 0.13%
 Portland General Electric Company POR 0.13%
 Stride, Inc. LRN 0.13%
 Primoris Services Corporation PRIM 0.13%
 NMI Holdings, Inc. (Class A) NMIH 0.13%
 Laureate Education, Inc. (Class A) LAUR 0.13%
 Peabody Energy Corporation BTU 0.13%
 Core Natural Resources Inc. CNR 0.13%
 Palomar Holdings, Inc. PLMR 0.13%
 Clear Secure, Inc. (Class A) YOU 0.13%
 Otter Tail Corporation OTTR 0.12%
 Cabot Corporation CBT 0.12%
 Tootsie Roll Industries, Inc. TR 0.11%
 M/I Homes, Inc. MHO 0.11%
 Strategic Education, Inc. STRA 0.11%
 International Bancshares Corporation IBOC 0.11%
 United States Lime & Minerals, Inc. USLM 0.11%
 ONE Gas, Inc. OGS 0.11%
 J & J Snack Foods Corp. JJSF 0.10%
 Meritage Homes Corporation MTH 0.10%
 National Beverage Corp. FIZZ 0.10%
 Agios Pharmaceuticals, Inc. AGIO 0.10%
 Privia Health Group, Inc. PRVA 0.10%
 Rayonier Inc. RYN 0.09%
 KB Home KBH 0.09%
 Covista Inc. CVSA 0.09%
 PVH Corp. PVH 0.09%
 Cal-Maine Foods, Inc. CALM 0.09%
 Euronet Worldwide, Inc. EEFT 0.09%
 Visteon Corporation VC 0.09%
 Kyndryl Holdings, Inc. KD 0.09%
 The Marzetti Company MZTI 0.07%
 ADMA Biologics, Inc. ADMA 0.07%
 The Simply Good Foods Company SMPL 0.05%
 Versant Media Group, Inc. (Class A) VSNT 0.03%
 Sony Financial Group Inc. (ADR) SFGYY 0.02%
 
Total Number of Holdings:    233
Underlying Securities information represented above is as of 09/08/2026 but will vary with future fluctuations in the market.

Risk Considerations

Unit investment trusts are designed to be held until trust termination. If redeemed early, additional fees, such as remaining deferred sales charges, will be assessed.

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.

Brexit Risk. The United Kingdom's official departure from the European Union (commonly referred to as "Brexit") led to volatility in global financial markets, in particular those of the United Kingdom and across Europe, and the weakening in political, regulatory, consumer, corporate and financial confidence in the United Kingdom and Europe. It is not currently possible to determine the extent of the impact that Brexit may have on the portfolio's investments and this uncertainty could negatively impact current and future economic conditions in the United Kingdom and other countries, which could negatively impact the value of the portfolio's investments.

Covenant-Lite Loan Risk. Covenant-lite loans contain fewer or no maintenance covenants and may hinder the funds' ability to reprice credit risk and mitigate potential loss especially during a downturn in the credit cycle.

ETF Risk. ETFs 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 ETFs 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, ETFs frequently trade at a discount from their net asset value in the secondary market.

Foreign Securities Risk. Securities of non-U.S. issuers are subject to additional risks, including currency fluctuations, political risks, withholding, the lack of adequate financial information, and exchange control restrictions impacting non-U.S. issuers.

High-Yield or Junk Bonds Risk. Investing in high-yield securities 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.

Large-Cap Risk. Large capitalization companies may grow at a slower rate than the overall market.

Market Risk. Market risk is the risk that a particular security, or units of a trust in general may fall in value. Securities are subject to market fluctuations caused by such factors as general economic conditions, political events, regulatory or market developments, changes in interest rates, and perceived trends in securities prices. Units of a trust could decline in value or underperform other investments as a result. In addition, local, regional, or global events such as war, acts of terrorism, spread of infectious disease or other public health issues, recessions, natural disasters, or other events could have significant negative impact on a trust.

Senior Loans Risk. The yield on funds which invest in 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 organization costs.

Operational Risk. As the use of Internet technology has become more prevalent in the course of business, the trust has become more susceptible to potential operational risks through breaches in cybersecurity.

You should carefully consider the trust's investment objectives, risks, and charges and expenses before investing. Contact your financial professional 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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