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Tactical Income, 47  Ticker: FRNMPX
A unit investment trust that seeks current income with total return as a secondary objective by investing in dividend paying stocks and REITs as well as closed-end funds which invest in convertible securities and senior loan floating rate securities.
Product Code: TACT47
Portfolio Status: Secondary
Initial Offer Date: 05/22/2017
Secondary Date: 06/16/2017
Portfolio Ending Date: 05/22/2019
Tax Structure: Regulated Investment Company
Distributions: Monthly
Initial Offer Price: $10.0000
NAV(*): $9.8420
POP(*): $10.1937
Remaining Deferred Sales Charge: $0.0817
* As of Trade Date: 10/19/2017 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.

 Estimated Net Annual Distribution Per Unit
Estimated Net Annual Distribution * $0.6227
Subsequent Years * $0.6223
As of 10/16/2017
* The estimated net annual distribution for subsequent years is expected to be less than the amount for the first year because a portion of the securities included in the portfolio will be sold to pay for organization costs, the deferred sales charge and the creation and development fee.  The estimates are based on annualizing the most recent dividends declared by the issuers of the securities included in the portfolio. There is no guarantee that the issuers of the securities included in the portfolio will declare distributions in the future or that, if declared, they will either remain at current levels or increase over time.

 Holdings  Export Current Holdings | View Initial Holdings  
 Calamos Convertible Opportunities and Income Fund CHI 6.41%
 Calamos Convertible and High Income Fund CHY 6.29%
 Calamos Dynamic Convertible and Income Fund CCD 6.25%
 AllianzGI Convertible & Income Fund II NCZ 6.20%
 Ares Dynamic Credit Allocation Fund, Inc. ARDC 3.08%
 Pioneer Floating Rate Trust PHD 3.01%
 Eaton Vance Senior Floating-Rate Trust EFR 2.99%
 Nuveen Senior Income Fund NSL 2.98%
 Invesco Dynamic Credit Opportunities Fund VTA 2.93%
 Nuveen Credit Strategies Income Fund JQC 2.92%
 Voya Prime Rate Trust PPR 2.87%
 Invesco Senior Income Trust VVR 2.87%
 Braskem S.A. (ADR) BAK 1.44%
 General Motors Company GM 1.34%
 United Microelectronics Corporation (ADR) UMC 1.27%
 CVR Energy, Inc. CVI 1.25%
 Valero Energy Corporation VLO 1.17%
 Vale S.A. (ADR) VALE 1.16%
 Waddell & Reed Financial, Inc. WDR 1.15%
 Kohl's Corporation KSS 1.12%
 Enel Generacion Chile S.A. (ADR) EOCC 1.12%
 CNA Financial Corporation CNA 1.10%
 Telefonica Brasil S.A. (ADR) VIV 1.10%
 Mobile TeleSystems PJSC (ADR) MBT 1.09%
 Pattern Energy Group Inc. PEGI 1.07%
 Sinopec Shanghai Petrochemical Company Limited (ADR) SHI 1.06%
 Schweitzer-Mauduit International, Inc. SWM 1.05%
 Daimler AG DDAIF 1.05%
 SK Telecom Co., Ltd. (ADR) SKM 1.04%
 Cohen & Steers, Inc. CNS 1.04%
 Enersis Chile S.A. (ADR) ENIC 1.04%
 Verizon Communications Inc. VZ 1.03%
 Euronav N.V. EURN 1.03%
 Duke Energy Corporation DUK 1.02%
 ONEOK, Inc. OKE 1.02%
 AstraZeneca Plc (ADR) AZN 0.99%
 The Southern Company SO 0.97%
 Total S.A. (ADR) TOT 0.97%
 Companhia Paranaense de Energia-Copel (Preference, ADR) ELP 0.97%
 Advanced Semiconductor Engineering, Inc. (ADR) ASX 0.97%
 Cracker Barrel Old Country Store, Inc. CBRL 0.96%
 ProAssurance Corporation PRA 0.94%
 InterContinental Hotels Group Plc (ADR) IHG 0.94%
 Compass Minerals International, Inc. CMP 0.91%
 AT&T Inc. T 0.90%
 Pitney Bowes Inc. PBI 0.88%
 China Petroleum & Chemical Corporation (Sinopec) (ADR) SNP 0.87%
 Sibanye Gold Limited (ADR) SBGL 0.84%
 GameStop Corp. (Class A) GME 0.80%
 Huaneng Power International, Inc. (ADR) HNP 0.80%
 Seagate Technology Plc STX 0.77%
 CenturyLink, Inc. CTL 0.72%
 Xenia Hotels & Resorts, Inc. XHR 0.59%
 Invesco Mortgage Capital Inc. IVR 0.55%
 Host Hotels & Resorts, Inc. HST 0.53%
 RLJ Lodging Trust RLJ 0.53%
 Sunstone Hotel Investors, Inc. SHO 0.52%
 New Residential Investment Corp. NRZ 0.52%
 Ryman Hospitality Properties, Inc. RHP 0.51%
 LaSalle Hotel Properties LHO 0.51%
 Four Corners Property Trust, Inc. FCPT 0.51%
 Hospitality Properties Trust HPT 0.49%
 Two Harbors Investment Corp. TWO 0.49%
 National Health Investors, Inc. NHI 0.48%
 DiamondRock Hospitality Company DRH 0.48%
 Apollo Commercial Real Estate Finance, Inc. ARI 0.48%
 Omega Healthcare Investors, Inc. OHI 0.47%
 Welltower Inc. HCN 0.46%
 Tanger Factory Outlet Centers, Inc. SKT 0.46%
 Sabra Health Care REIT, Inc. SBRA 0.43%
 The GEO Group, Inc. GEO 0.41%
 CoreCivic Inc. CXW 0.40%
Total Number of Holdings:    72
Underlying Securities information represented above is as of 10/18/2017 but will vary with future fluctuations in the market.

 Deferred Sales Charge Schedule
Amount Date
$0.08160 September 20, 2017
$0.08170 October 20, 2017
$0.08170 November 20, 2017

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

Convertible Securities Risk. Convertible securities are bonds, preferred stocks and other securities that pay a fixed rate of interest (or dividends) and will repay principal at a fixed date in the future. However, these securities may be converted into a specific number of common stocks at a specified time. As such, an investment in convertible securities entails some of the risks associated with both common stocks and bonds.

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.

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.

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.

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.

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.

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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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