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Core Three Closed-End Allocation, 41  Ticker: FNAFFX
This unit investment trust seeks current monthly income, with capital appreciation as a secondary objective. There is, however, no assurance that the objectives will be achieved. The portfolio terminates approximately two years from the initial date of deposit.
Please note that there is no assurance the objective will be met.
Product Code: CEC341
Portfolio Status: Secondary
Initial Offer Date: 09/16/2019
Secondary Date: 10/25/2019
Portfolio Ending Date: 09/16/2021
Tax Structure: Regulated Investment Company
Distributions: Monthly
Initial Offer Price: $10.0000
NAV(*): $8.1291
POP(*): $8.3162
Remaining Deferred Sales Charge: $0.0000
* As of Trade Date: 05/22/2020 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.

 Historical 12-Month Distribution of Trust Holdings:^
Rate (as of 5/22/2020) Per Unit (as of 5/22/2020)
7.23% $0.60150
^ 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. Due to the negative economic impact across many industries caused by the recent COVID-19 outbreak, certain issuers of the securities included in the trust may elect to reduce the amount of dividends and/or distributions paid in the future. As a result, the "Historical 12-Month Distribution Rate of Trust Holdings," which is based on the trailing twelve-month distributions paid by the securities included in a trust, will likely be higher, and in some cases significantly higher, than the actual distribution rate achieved by the trust. 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. PLEASE NOTE: For trusts that hold preferred securities, the historical distribution rate is calculated using only the holdings that have 12 months of distribution history. Any holdings without a 12 month history of dividends were excluded from the calculation.

 Holdings  Export Current Holdings | View Initial Holdings  
 Tekla Healthcare Investors HQH 2.95%
 BlackRock Health Sciences Trust BME 2.80%
 Liberty All-Star Growth Fund, Inc. ASG 2.52%
 BlackRock Enhanced Capital and Income Fund, Inc. CII 2.29%
 Eaton Vance Tax-Managed Diversified Equity Income Fund ETY 2.23%
 Liberty All-Star Equity Fund USA 2.20%
 Nuveen S&P 500 Buy-Write Income Fund BXMX 2.20%
 Nuveen Core Equity Alpha Fund JCE 2.20%
 Royce Micro-Cap Trust, Inc. RMT 2.18%
 Royce Value Trust, Inc. RVT 2.16%
 The Gabelli Dividend & Income Trust GDV 2.06%
 BlackRock Enhanced Equity Dividend Trust BDJ 2.02%
 Cohen & Steers Total Return Realty Fund, Inc. RFI 1.99%
 BNY Mellon Municipal Income, Inc. DMF 1.92%
 Nuveen AMT-Free Quality Municipal Income Fund NEA 1.91%
 Neuberger Berman Municipal Fund Inc. NBH 1.90%
 Putnam Municipal Opportunities Trust PMO 1.89%
 Eaton Vance Municipal Income Trust EVN 1.87%
 Federated Premier Municipal Income Fund FMN 1.87%
 Invesco Quality Municipal Income Trust IQI 1.85%
 DWS Municipal Income Trust KTF 1.83%
 Invesco Municipal Trust VKQ 1.82%
 Invesco Municipal Opportunity Trust VMO 1.81%
 Pioneer Municipal High Income Trust MHI 1.81%
 Western Asset Municipal Partners Fund Inc. MNP 1.80%
 BlackRock MuniHoldings Fund, Inc. MHD 1.78%
 BlackRock MuniVest Fund, Inc. MVF 1.77%
 Nuveen Municipal High Income Opportunity Fund NMZ 1.77%
 BNY Mellon Strategic Municipals, Inc. LEO 1.76%
 Nuveen Municipal Credit Income Fund NZF 1.75%
 DWS Strategic Municipal Income Trust KSM 1.70%
 MFS Municipal Income Trust MFM 1.70%
 MFS High Income Municipal Trust CXE 1.66%
 MFS Intermediate Income Trust MIN 1.55%
 Western Asset Corporate Loan Fund Inc. TLI 1.54%
 BlackRock Floating Rate Income Strategies Fund, Inc. FRA 1.54%
 BlackRock Floating Rate Income Trust BGT 1.54%
 MFS Multimarket Income Trust MMT 1.49%
 Eaton Vance Senior Floating-Rate Trust EFR 1.48%
 Pioneer Floating Rate Trust PHD 1.45%
 Nuveen Senior Income Fund NSL 1.39%
 Nuveen Floating Rate Income Fund JFR 1.39%
 Invesco Dynamic Credit Opportunities Fund VTA 1.36%
 Franklin Limited Duration Income Trust FTF 1.35%
 Ares Dynamic Credit Allocation Fund, Inc. ARDC 1.31%
 Blackstone/GSO Senior Floating Rate Term Fund BSL 1.30%
 Wells Fargo Multi-Sector Income Fund ERC 1.29%
 Credit Suisse Asset Management Income Fund, Inc. CIK 1.26%
 Guggenheim Credit Allocation Fund GGM 1.26%
 BlackRock Multi-Sector Income Trust BIT 1.24%
 Apollo Tactical Income Fund Inc. AIF 1.22%
 Kayne Anderson Midstream/Energy Fund, Inc. KMF 1.16%
 Blackstone/GSO Strategic Credit Fund BGB 1.14%
 KKR Income Opportunities Fund KIO 1.13%
 BlackRock Corporate High Yield Fund, Inc. HYT 1.08%
 Wells Fargo Income Opportunities Fund EAD 1.00%
 PGIM Global High Yield Fund Inc. GHY 1.00%
 Ivy High Income Opportunities Fund IVH 0.94%
 ClearBridge MLP & Midstream Fund Inc. CEM 0.82%
 Barings Global Short Duration High Yield Fund BGH 0.75%
Total Number of Holdings:    60
Underlying Securities information represented above is as of 05/22/2020 but will vary with future fluctuations in the market.

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 employ the use of leverage, which increases the volatility of such funds.

COVID-19 Economic Impact Risk. The recent outbreak of a respiratory disease designated as COVID-19 was first detected in China in December 2019. The global economic impact of the COVID-19 outbreak is impossible to predict but is expected to disrupt manufacturing, supply chains and sales in affected areas and negatively impact global economic growth prospects. The COVID-19 outbreak has also caused significant volatility and declines in global financial markets, which have caused losses for investors. The impact of the COVID-19 outbreak may be short term or may last for an extended period of time, and in either case could result in a substantial economic downturn or recession.

Floating Rate LIBOR Risk. Certain of the floating-rate securities pay interest based on LIBOR. Due to the uncertainty regarding the future utilization of LIBOR and the nature of any replacement rate, the potential effect of a transition away from LIBOR on a fund or the financial instruments in which the fund invests cannot yet be determined.

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.

Limited Duration Bonds Risk. 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.

Municipal Bonds Risk. 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.

Municipal Securities 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. The markets for credit instruments, including municipal securities, have experienced periods of extreme illiquidity and volatility.

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.

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.

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.

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 cybersecurity.

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
30311U427 (Cash)
30311U435 (Reinvest)
30311U443 (Cash-Fee)
30311U450 (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, the Internal Revenue Code or any other regulatory framework. Financial advisors are responsible for evaluating investment risks independently and for exercising independent judgment in determining whether investments are appropriate for their clients.
First Trust Portfolios L.P.  Member SIPC and FINRA.
First Trust Advisors L.P.
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