Core Three Closed-End Allocation, 47  Ticker: FAVEAX
This unit investment trust seeks current monthly income, with capital appreciation as a secondary objective. The portfolio is diversified among federally tax-exempt municipal bond closed-end funds (CEFs), senior loan and limited duration CEFs, and domestic equity CEFs.
Please note that there is no assurance the objective will be met.
Product Code: CEC347
Portfolio Status: Secondary
Initial Offer Date: 01/06/2021
Secondary Date: 04/07/2021
Portfolio Ending Date: 01/06/2023
Tax Structure: Regulated Investment Company
Distributions: Monthly
Initial Offer Price: $10.0000
NAV(*): $10.2028
POP(*): $10.4377
Remaining Deferred Sales Charge: $0.1500
* As of Trade Date: 05/13/2021 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 5/13/2021) Per Unit (as of 5/10/2021)
5.75% $0.60020
^ 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  Export Current Holdings | View Initial Holdings  
 The Gabelli Dividend & Income Trust GDV 2.29%
 Cohen & Steers Quality Income Realty Fund, Inc. RQI 2.28%
 BlackRock Enhanced Equity Dividend Trust BDJ 2.27%
 Columbia Seligman Premium Technology Growth Fund, Inc. STK 2.24%
 Eaton Vance Tax-Advantaged Dividend Income Fund EVT 2.22%
 Nuveen Core Equity Alpha Fund JCE 2.20%
 The Gabelli Equity Trust Inc. GAB 2.19%
 Royce Value Trust, Inc. RVT 2.18%
 Liberty All-Star Equity Fund USA 2.18%
 Royce Micro-Cap Trust, Inc. RMT 2.15%
 Gabelli Healthcare & WellnessRx Trust GRX 2.13%
 Reaves Utility Income Fund UTG 2.06%
 Eaton Vance Risk-Managed Diversified Equity Income Fund ETJ 2.06%
 Nuveen Nasdaq 100 Dynamic Overwrite Fund QQQX 2.01%
 Liberty All-Star Growth Fund, Inc. ASG 1.99%
 Tekla Healthcare Investors HQH 1.95%
 Invesco Advantage Municipal Income Trust II VKI 1.52%
 MFS High Income Municipal Trust CXE 1.50%
 MFS High Yield Municipal Trust CMU 1.50%
 DWS Strategic Municipal Income Trust KSM 1.49%
 BNY Mellon Strategic Municipals, Inc. LEO 1.49%
 Invesco Municipal Trust VKQ 1.49%
 Invesco Municipal Opportunity Trust VMO 1.49%
 Nuveen Municipal Credit Income Fund NZF 1.49%
 Nuveen Municipal High Income Opportunity Fund NMZ 1.49%
 BlackRock MuniYield Fund, Inc. MYD 1.48%
 Neuberger Berman Municipal Fund Inc. NBH 1.48%
 MainStay DefinedTerm Municipal Opportunities Fund MMD 1.48%
 Putnam Managed Municipal Income Trust PMM 1.47%
 BlackRock MuniVest Fund II, Inc. MVT 1.47%
 Federated Hermes Premier Municipal Income Fund FMN 1.46%
 Pioneer Municipal High Income Advantage Fund, Inc. MAV 1.46%
 Nuveen AMT-Free Municipal Credit Income Fund NVG 1.46%
 BlackRock Municipal Income Quality Trust BYM 1.46%
 Eaton Vance California Municipal Bond Fund EVM 1.44%
 BlackRock MuniHoldings Quality Fund II, Inc. MUE 1.44%
 Credit Suisse Asset Management Income Fund, Inc. CIK 1.41%
 AllianceBernstein National Municipal Income Fund, Inc. AFB 1.41%
 Eaton Vance Municipal Bond Fund EIM 1.41%
 KKR Income Opportunities Fund KIO 1.37%
 BlackRock Multi-Sector Income Trust BIT 1.34%
 MFS Multimarket Income Trust MMT 1.31%
 Wells Fargo Multi-Sector Income Fund ERC 1.31%
 John Hancock Investors Trust JHI 1.31%
 Neuberger Berman High Yield Strategies Fund Inc. NHS 1.31%
 Western Asset Mortgage Opportunity Fund Inc. DMO 1.31%
 Blackstone Senior Floating Rate Term Fund BSL 1.30%
 Pioneer Floating Rate Fund Inc. PHD 1.29%
 Nuveen Floating Rate Income Fund JFR 1.28%
 Nuveen Senior Income Fund NSL 1.27%
 Pioneer High Income Fund Inc. PHT 1.27%
 Eaton Vance Limited Duration Income Fund EVV 1.27%
 Blackstone Strategic Credit Fund BGB 1.27%
 BlackRock Floating Rate Income Strategies Fund, Inc. FRA 1.25%
 Invesco Dynamic Credit Opportunities Fund VTA 1.25%
 Apollo Senior Floating Rate Fund Inc. AFT 1.25%
 Blackstone Long-Short Credit Income Fund BGX 1.24%
 Aberdeen Income Credit Strategies Fund ACP 1.24%
 Invesco Senior Income Trust VVR 1.24%
 MFS Intermediate Income Trust MIN 1.23%
 Franklin Limited Duration Income Trust FTF 1.23%
 BlackRock Debt Strategies Fund, Inc. DSU 1.23%
 Eaton Vance Senior Income Trust EVF 1.22%
 PGIM Global High Yield Fund Inc. GHY 1.22%
Total Number of Holdings:    64
Underlying Securities information represented above is as of 05/12/2021 but will vary with future fluctuations in the market.

 Deferred Sales Charge Schedule
Amount Date
$0.07500 April 20, 2021
$0.07500 May 20, 2021
$0.07500 June 18, 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.

Brexit Risk. About one year after the United Kingdom officially departed the European Union (commonly referred to as "Brexit"), the United Kingdom and the European Union reached a trade agreement that became effective on December 31, 2020. It is not currently possible to determine the extent of the impact the Brexit trade agreement 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.

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 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.

Floating Rate LIBOR Risk. Certain of the floating-rate securities pay interest based on LIBOR. The United Kingdom's Financial Conduct Authority, which regulates LIBOR, will cease making LIBOR available as a reference rate over a phase-out period that will begin immediately after December 31, 2021. The unavailability or replacement of LIBOR may affect the value, liquidity or return on certain portfolio investments. Any potential effects of the transition away from LIBOR can be difficult to ascertain, and they may vary depending on a variety of factors and they could result in losses to the portfolio.

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.

Mortgage-Backed Securities Risk. Rising interest rates tend to extend the duration of mortgage-backed securities, making them more sensitive to changes in interest rates, and may reduce the market value of the securities. In addition, mortgage-backed securities are subject to prepayment risk, the risk that borrowers may pay off their mortgages sooner than expected, particularly when interest rates decline.

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.

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.

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 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.