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Tactical Income, 55  Ticker: FENCLX
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.
Please note that there is no assurance the objective will be met.
Product Code: TACT55
Portfolio Status: Secondary
Initial Offer Date: 12/14/2018
Secondary Date: 03/13/2019
Portfolio Ending Date: 12/14/2020
Tax Structure: Regulated Investment Company
Distributions: Monthly
Initial Offer Price: $10.0000
NAV(*): $9.9615
POP(*): $10.1908
Remaining Deferred Sales Charge: $0.0000
* As of Trade Date: 05/24/2019 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 5/24/2019) Per Unit (as of 5/20/2019)
6.73% $0.68610
^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. 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. 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. 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.

 Holdings  Export Current Holdings | View Initial Holdings  
 Advent Claymore Convertible Securities and Income Fund AVK 5.41%
 AllianzGI Equity & Convertible Income Fund NIE 5.24%
 Calamos Convertible Opportunities and Income Fund CHI 5.19%
 Calamos Convertible and High Income Fund CHY 5.16%
 Calamos Dynamic Convertible and Income Fund CCD 5.14%
 Invesco Dynamic Credit Opportunities Fund VTA 3.23%
 Nuveen Short Duration Credit Opportunities Fund JSD 3.22%
 Nuveen Floating Rate Income Fund JFR 3.21%
 Blackstone/GSO Long-Short Credit Income Fund BGX 3.20%
 Western Asset Corporate Loan Fund Inc. TLI 3.18%
 Pioneer Floating Rate Trust PHD 3.17%
 Apollo Senior Floating Rate Fund Inc. AFT 3.11%
 THL Credit Senior Loan Fund TSLF 3.08%
 Federated Investors, Inc. (Class B) FII 1.21%
 Rio Tinto Plc (ADR) RIO 1.21%
 CVR Energy, Inc. CVI 1.16%
 Santander Consumer USA Holdings Inc. SC 1.13%
 Seagate Technology Plc STX 1.10%
 Mobile TeleSystems PJSC (ADR) MBT 1.10%
 Wyndham Destinations, Inc. WYND 1.10%
 British American Tobacco Plc (ADR) BTI 1.09%
 Covanta Holding Corporation CVA 1.09%
 AT&T Inc. T 1.06%
 Royal Dutch Shell Plc (ADR) RDS/A 1.05%
 Kennedy-Wilson Holdings, Inc. KW 1.05%
 Janus Henderson Group Plc JHG 1.05%
 Companhia Energetica de Minas Gerais-CEMIG (ADR) CIG 1.03%
 Pattern Energy Group Inc. PEGI 1.02%
 International Paper Company IP 1.01%
 Broadcom Inc. AVGO 1.01%
 National Grid Plc (ADR) NGG 0.96%
 Seaspan Corporation SSW 0.96%
 Exxon Mobil Corporation XOM 0.95%
 Cracker Barrel Old Country Store, Inc. CBRL 0.95%
 Altria Group, Inc. MO 0.95%
 CNOOC Limited (ADR) CEO 0.95%
 Eni SpA (ADR) E 0.94%
 Telefonica Brasil S.A. (ADR) VIV 0.94%
 Sinopec Shanghai Petrochemical Company Limited (ADR) SHI 0.94%
 China Mobile Limited (ADR) CHL 0.90%
 Waddell & Reed Financial, Inc. WDR 0.89%
 Enel Chile S.A. (ADR) ENIC 0.89%
 Helmerich & Payne, Inc. HP 0.83%
 Braskem S.A. (ADR) BRKMY 0.83%
 China Petroleum & Chemical Corporation (Sinopec) (ADR) SNP 0.82%
 Norbord Inc. OSB 0.82%
 BT Group Plc (ADR) BT 0.79%
 Occidental Petroleum Corporation OXY 0.78%
 L Brands, Inc. LB 0.77%
 Macy's, Inc. M 0.69%
 AU Optronics Corp. (ADR) AUO 0.69%
 B&G Foods, Inc. BGS 0.69%
 CenturyLink, Inc. CTL 0.57%
 Lamar Advertising Company LAMR 0.57%
 Kimco Realty Corporation KIM 0.55%
 Brixmor Property Group Inc. BRX 0.55%
 Host Hotels & Resorts, Inc. HST 0.53%
 Medical Properties Trust, Inc. MPW 0.53%
 National Health Investors, Inc. NHI 0.52%
 CoreCivic, Inc. CXW 0.52%
 Sabra Health Care REIT, Inc. SBRA 0.52%
 New Residential Investment Corp. NRZ 0.52%
 Lexington Realty Trust LXP 0.51%
 Park Hotels & Resorts Inc. PK 0.51%
 LTC Properties, Inc. LTC 0.50%
 Weingarten Realty Investors WRI 0.50%
 PennyMac Mortgage Investment Trust PMT 0.50%
 Hospitality Properties Trust HPT 0.49%
 Retail Properties of America, Inc. RPAI 0.49%
 Annaly Capital Management, Inc. NLY 0.45%
 Ladder Capital Corp (Class A) LADR 0.45%
 Simon Property Group, Inc. SPG 0.44%
 Senior Housing Properties Trust SNH 0.30%
Total Number of Holdings:    73
Underlying Securities information represented above is as of 05/23/2019 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.

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.

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.

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.

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 cyber security.

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
30310H807 (Cash)
30310H815 (Reinvest)
30310H823 (Cash-Fee)
30310H831 (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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