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Strategic Income Select Closed-End, 33  Ticker: FPBVLX
The Strategic Income Select Closed-End Portfolio is a unit investment trust that seeks a high rate of current monthly income by investing in a diversified pool of closed-end funds that invest in U.S. and foreign common stocks and taxable bonds. Capital appreciation is a secondary objective.
Product Code: ST2Y33
Portfolio Status: Secondary
Initial Offer Date: 01/26/2018
Secondary Date: 04/11/2018
Portfolio Ending Date: 01/27/2020
Tax Structure: Regulated Investment Company
Distributions: Monthly
Historical 12-Month Distribution Rate of Trust Holdings:^ 8.51%
Initial Offer Price: $10.0000
NAV(*): $8.1163
POP(*): $8.3031
Remaining Deferred Sales Charge: $0.0000
* As of Trade Date: 12/14/2018 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.
^There is no guarantee the issuers of the securities included in the trust will declare dividends or distributions in the future. The historical distribution rate of the securities included in the trust is for illustrative purposes only and is not indicative of the trust's distribution rate. The historical distribution rate is the weighted average of the trailing twelve month distributions paid by the securities included in the portfolio and is reduced to account for the effects of fees and expenses which will be incurred when investing in a trust. The distribution 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.

 Holdings  Export Current Holdings | View Initial Holdings  
 John Hancock Preferred Income Fund II HPF 3.22%
 Templeton Global Income Fund GIM 3.14%
 John Hancock Tax-Advantaged Dividend Income Fund HTD 3.13%
 MFS Intermediate Income Trust MIN 3.12%
 John Hancock Preferred Income Fund III HPS 3.10%
 Eaton Vance Tax-Managed Buy-Write Opportunities Fund ETV 3.10%
 PIMCO Income Strategy Fund II PFN 3.08%
 THL Credit Senior Loan Fund TSLF 3.07%
 BlackRock Core Bond Trust BHK 2.99%
 KKR Income Opportunities Fund KIO 2.99%
 Apollo Senior Floating Rate Fund Inc. AFT 2.96%
 MFS Charter Income Trust MCR 2.95%
 Western Asset Investment Grade Defined Opportunity Trust Inc. IGI 2.95%
 Nuveen Short Duration Credit Opportunities Fund JSD 2.95%
 John Hancock Income Securities Trust JHS 2.93%
 Eaton Vance Tax-Managed Diversified Equity Income Fund ETY 2.93%
 Barings Global Short Duration High Yield Fund BGH 2.93%
 Ivy High Income Opportunities Fund IVH 2.90%
 Guggenheim Credit Allocation Fund GGM 2.89%
 Dreyfus High Yield Strategies Fund DHF 2.87%
 Wells Fargo Multi-Sector Income Fund ERC 2.86%
 Nuveen Preferred & Income Opportunities Fund JPC 2.83%
 The Gabelli Equity Trust Inc. GAB 2.83%
 BlackRock Enhanced Equity Dividend Trust BDJ 2.78%
 Wells Fargo Global Dividend Opportunity Fund EOD 2.76%
 The Gabelli Multimedia Trust Inc. GGT 2.76%
 Templeton Emerging Markets Income Fund TEI 2.70%
 Aberdeen Asia-Pacific Income Fund, Inc. FAX 2.69%
 Aberdeen Global Premier Properties Fund AWP 2.62%
 Morgan Stanley Emerging Markets Domestic Debt Fund, Inc. EDD 2.60%
 Aberdeen Global Dynamic Dividend Fund AGD 2.60%
 John Hancock Tax-Advantaged Global Shareholder Yield Fund HTY 2.43%
 Nuveen Tax-Advantaged Total Return Strategy Fund JTA 2.40%
 Lazard World Dividend & Income Fund, Inc. LOR 2.35%
 Stone Harbor Emerging Markets Total Income Fund EDI 2.29%
Total Number of Holdings:    35
Underlying Securities information represented above is as of 12/14/2018 but will vary with future fluctuations in the market.

Risk Considerations

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.

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.

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.

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.

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 cyber security.

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
30306Y384 (Cash)
30306Y392 (Reinvest)
30306Y400 (Cash-Fee)
30306Y418 (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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