Strategic Dividend Select Portfolio, Series 58

Dividends have traditionally been one of the few constants in the world of investing, helping to buffer volatility in both good and bad markets. When markets decline, dividends have the potential to offset losses, and when markets rise, dividends have the potential to enhance returns.

A dividend is a payment from a company’s earnings. Since corporations are not obligated to share their earnings with stockholders, dividends may be viewed as a sign of a company’s profitability as well as management’s assessment of the future, in our opinion.

Portfolio Composition

This unit investment trust invests in dividend-paying common stocks from three distinct and, we believe, complementary segments of the market as well as closed-end funds (CEFs) which invest in dividend-paying stocks. The portfolio is weighted based on the allocation below.

Dividend Strength | The stocks for this component of the portfolio are selected from the Russell 3000 Index. Through our selection process, we seek to identify companies we consider well-capitalized with strong balance sheets, with a record of financial strength and profit growth, a history of dividend payments, and the ability to generate dividend growth.

High Dividend | The stocks for this component of the portfolio are also selected from the Russell 3000 Index. With this component, we seek to identify companies we consider well-capitalized with above-average dividend yields and the ability to sustain current dividend levels.

International High Dividend | These stocks are selected from a universe of foreign companies that trade on a U.S. stock exchange either directly or through an American Depositary Receipt. Our selection process seeks to identify companies we consider well-capitalized with above-average dividend yields and the ability to sustain current dividend levels.

Dividend & Income CEFs | This component is comprised of a pool of closed-end funds which invest in dividend-paying common stocks. A portion of these closed-end funds, on an ongoing basis, will sell covered call options. An option is considered “covered” when a closed-end fund owns the equity securities against which the options are sold. Though call options can be used for many investment purposes, they are typically used as a tool to potentially enhance returns, offer a current yield to investors, and provide limited downside protection.

Portfolio Objective

This unit investment trust seeks above-average total return; however, there is no assurance the objective will be met.

You should consider the portfolio's investment objectives, risks, and charges and expenses carefully 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 portfolio. Read it carefully before you invest.

Risk Considerations
An investment in this unmanaged unit investment trust should be made with an understanding of the risks associated with an investment in a portfolio of common stocks and closed-end funds which invest in common stocks and options.

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.

Common stocks are subject to 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.

Certain of the funds invest in call options. 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.

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.

A significant percentage of the securities held by the trust are issued by companies headquartered or incorporated in Europe and therefore the portfolio may present more risks than a portfolio which is broadly diversified over several regions.

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.

Ongoing armed conflicts between Russia and Ukraine in Europe and among Israel, Hamas and other militant groups in the Middle East, have caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, the Middle East and the United States. The hostilities and sanctions resulting from those hostilities could have a significant impact on certain investments as well as performance.

The ongoing effects of the COVID-19 global pandemic, or the potential impacts of any future public health crisis, may cause significant volatility and uncertainty in global financial markets. While vaccines have been developed, there is no guarantee that vaccines will be effective against future variants of the disease.

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.

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.

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.

For a discussion of additional risks of investing in the Trust see the “Risk Factors” section of the prospectus.