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Richard Bernstein Advisors Quality Income, 39  Ticker: FHCWNX
A unit investment trust that seeks total return through a combination of dividend income and capital appreciation. The stocks are selected for the trust by Richard Bernstein Advisors LLC using their comprehensive Quality Income strategy.
Please note that there is no assurance the objective will be met.
Product Code: RBAQ39
Portfolio Status: Secondary
Initial Offer Date: 09/14/2020
Secondary Date: 12/11/2020
Portfolio Ending Date: 12/14/2021
Tax Structure: Regulated Investment Company
Distributions: Monthly
Initial Offer Price: $10.0000
NAV(*): $11.0965
POP(*): $11.2483
Remaining Deferred Sales Charge: $0.0450
* As of Trade Date: 01/15/2021 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 1/15/2021) Per Unit (as of 1/11/2021)
2.77% $0.31150
^ 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 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.

 Holdings Analysis Click here to Perform a Benchmark Comparison  
 Sector Weighting
Communication Services  Communication Services 0.00%
Consumer Discretionary  Consumer Discretionary 0.00%
Consumer Staples  Consumer Staples 0.00%
Energy  Energy 0.00%
Financials  Financials 33.20%
Health Care  Health Care 3.66%
Industrials  Industrials 16.19%
Information Technology  Information Technology 8.12%
Materials  Materials 3.40%
Real Estate  Real Estate 9.96%
Utilities  Utilities 25.47%
Other  Other 0.00%
  Large Mid Small  
Growth  11.78% 0.00% 0.00%  
Value  7.48% 24.68% 56.06%  

 Style Weighting
Large-Cap Growth 11.78%
Large-Cap Value 7.48%
Mid-Cap Growth 0.00%
Mid-Cap Value 24.68%
Small-Cap Growth 0.00%
Small-Cap Value 56.06%
Undetermined 0.00%
U.S. Stocks 92.32%   Other 0.00%
Non-U.S. Stocks 7.68%      
The style and sector characteristics of the portfolio are determined as of 01/14/2021 and will likely vary thereafter due to market fluctuations in the underlying securities.  

 Key Stats
Weighted Average Market Cap $17,691.10
Price/Earnings 19.06
Price/Book 1.76
As of 1/14/2021
All market capitalization numbers are in USD$ Millions

 Holdings  Export Current Holdings | View Initial Holdings  
 Meridian Bancorp, Inc. EBSB Financials  Financials Small-Cap Value 4.99%
 Northfield Bancorp, Inc. NFBK Financials  Financials Small-Cap Value 4.67%
 Kimball International, Inc. KBAL Industrials  Industrials Small-Cap Value 4.21%
 Automatic Data Processing, Inc. ADP Information Technology  Information Technology Large-Cap Growth 4.13%
 ABB Ltd (ADR) ABB Industrials  Industrials Large-Cap Value 4.02%
 Hubbell Incorporated HUBB Industrials  Industrials Mid-Cap Value 4.01%
 Paychex, Inc. PAYX Information Technology  Information Technology Large-Cap Growth 3.99%
 National Presto Industries, Inc. NPK Industrials  Industrials Small-Cap Value 3.95%
 Novo Nordisk A/S (ADR) NVO Health Care  Health Care Large-Cap Growth 3.66%
 National Health Investors, Inc. NHI Real Estate  Real Estate Small-Cap Value 3.62%
 Associated Banc-Corp ASB Financials  Financials Small-Cap Value 3.59%
 Independent Bank Group, Inc. IBTX Financials  Financials Small-Cap Value 3.55%
 International Flavors & Fragrances Inc. IFF Materials  Materials Mid-Cap Value 3.40%
 Simmons First National Corporation SFNC Financials  Financials Small-Cap Value 3.23%
 Agree Realty Corporation ADC Real Estate  Real Estate Small-Cap Value 3.22%
 Prosperity Bancshares, Inc. PB Financials  Financials Mid-Cap Value 3.15%
 Realty Income Corporation O Real Estate  Real Estate Mid-Cap Value 3.12%
 Park National Corporation PRK Financials  Financials Small-Cap Value 2.67%
 Independent Bank Corp. INDB Financials  Financials Small-Cap Value 2.63%
 Portland General Electric Company POR Utilities  Utilities Small-Cap Value 2.17%
 MDU Resources Group, Inc. MDU Utilities  Utilities Mid-Cap Value 2.08%
 Essential Utilities, Inc. WTRG Utilities  Utilities Mid-Cap Value 2.01%
 Otter Tail Corporation OTTR Utilities  Utilities Small-Cap Value 1.91%
 IDACORP, Inc. IDA Utilities  Utilities Small-Cap Value 1.88%
 Eversource Energy ES Utilities  Utilities Large-Cap Value 1.88%
 Pinnacle West Capital Corporation PNW Utilities  Utilities Mid-Cap Value 1.88%
 Evergy, Inc. EVRG Utilities  Utilities Mid-Cap Value 1.78%
 ONE Gas, Inc. OGS Utilities  Utilities Small-Cap Value 1.78%
 Hawaiian Electric Industries, Inc. HE Utilities  Utilities Small-Cap Value 1.76%
 Westamerica Bancorporation WABC Financials  Financials Small-Cap Value 1.73%
 Atmos Energy Corporation ATO Utilities  Utilities Mid-Cap Value 1.64%
 Alliant Energy Corporation LNT Utilities  Utilities Mid-Cap Value 1.61%
 WEC Energy Group, Inc. WEC Utilities  Utilities Large-Cap Value 1.58%
 MGE Energy, Inc. MGEE Utilities  Utilities Small-Cap Value 1.51%
 City Holding Company CHCO Financials  Financials Small-Cap Value 1.45%
 Stock Yards Bancorp, Inc. SYBT Financials  Financials Small-Cap Value 0.84%
 Horizon Bancorp, Inc. HBNC Financials  Financials Small-Cap Value 0.70%
Total Number of Holdings:    37
Underlying Securities information represented above is as of 01/14/2021 but will vary with future fluctuations in the market.

 Deferred Sales Charge Schedule
Amount Date
$0.04500 December 18, 2020
$0.04500 January 20, 2021
$0.04500 February 19, 2021

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.

Sector Concentration Risk. A portfolio which is concentrated in an individual sector is subject to additional risks, including limited diversification.

COVID-19 Economic Impact Risk. The COVID-19 global pandemic has resulted in major disruptions to economies and markets around the world. Financial markets have experienced extreme volatility and severe losses, negatively impacting global economic growth prospects. The duration of the COVID-19 outbreak and its effects cannot be determined with certainty and may exacerbate other political, social and economic risks.

Financials Risk. The companies engaged in the financials sector are subject to the adverse effects of volatile interest rates, economic recession, decreases in the availability of capital, increased competition from new entrants in the field, and potential increased regulation.

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

REITs Risk. An investment in a portfolio containing REIT securities is subject to additional risks including limited diversification. 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.

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.

Term Risk - 15 months. Although this unit investment trust terminates in approximately 15 months, the strategy is long-term. Investors should consider their ability to pursue investing in successive portfolios, if available. There may be tax consequences unless units are purchased in an IRA or other qualified plan.

Utilities Risk. The companies engaged in the utilities sector are subject to certain risks, including price and supply fluctuations caused by international politics, energy conservation, taxes, and other regulatory policies of various governments.

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.

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.

The style and capitalization characteristics used to describe the stocks are designed to help you understand how they fit into your overall investment plan. Due to changes in the value of the stocks the characteristics may vary over time. In general, growth stocks have high relative price-to-book ratios while value stocks have low relative price-to-book ratios. In determining market capitalization characteristics, we analyze the market capitalizations of the 3,000 largest stocks in the U.S. (excluding foreign securities, ADRs, limited partnerships and regulated investment companies) on a monthly basis. Companies with market capitalizations among the largest 10% are considered Large-Cap securities, the next 20% are considered Mid-Cap securities and the remaining securities are considered Small-Cap securities.

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.

Fund Cusip Information
30315N783 (Cash)
30315N791 (Reinvest)
30315N809 (Cash-Fee)
30315N817 (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 professionals 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. (Form CRS)   •  First Trust Advisors L.P. (Form CRS)
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