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Multi-Sector Income, 48  Ticker: FZHEGX
A unit investment trust which seeks to provide the potential for a high rate of current monthly income and the potential for capital appreciation by investing in high dividend-paying equity securities diversified among common stocks, Canadian energy stocks and REITs as well as closed-end funds which invest primarily in equities and taxable bonds.
Please note that there is no assurance the objective will be met.
Product Code: MSIP48
Portfolio Status: Secondary
Initial Offer Date: 12/13/2019
Secondary Date: 02/07/2020
Portfolio Ending Date: 03/15/2021
Tax Structure: Regulated Investment Company
Distributions: Monthly
Initial Offer Price: $10.0000
NAV(*): $7.7299
POP(*): $7.8356
Remaining Deferred Sales Charge: $0.0000
* As of Trade Date: 09/18/2020 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 9/18/2020) Per Unit (as of 9/18/2020)
5.68% $0.44480
^ 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 recent 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. 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.

 Holdings  Export Current Holdings | View Initial Holdings  
 Digital Realty Trust, Inc. DLR 3.14%
 Prologis, Inc. PLD 2.82%
 Rio Tinto Plc (ADR) RIO 2.79%
 Eaton Corporation Plc ETN 2.76%
 Kimberly-Clark Corporation KMB 2.68%
 STAG Industrial, Inc. STAG 2.61%
 MFS Intermediate Income Trust MIN 2.55%
 Western Asset High Income Opportunity Fund Inc. HIO 2.54%
 BlackRock Credit Allocation Income Trust BTZ 2.54%
 Verizon Communications Inc. VZ 2.46%
 Pfizer Inc. PFE 2.38%
 Aberdeen Total Dynamic Dividend Fund AOD 2.29%
 BAE Systems Plc (ADR) BAESY 2.27%
 Liberty All-Star Equity Fund USA 2.27%
 Gaming and Leisure Properties, Inc. GLPI 2.27%
 International Business Machines Corporation IBM 2.25%
 TC Energy Corporation TRP 2.22%
 Royce Value Trust, Inc. RVT 2.21%
 Mid-America Apartment Communities, Inc. MAA 2.20%
 Ares Dynamic Credit Allocation Fund, Inc. ARDC 2.20%
 Cisco Systems, Inc. CSCO 2.19%
 British American Tobacco Plc (ADR) BTI 2.19%
 Public Service Enterprise Group Incorporated PEG 2.18%
 General Motors Company GM 2.18%
 GlaxoSmithKline Plc (ADR) GSK 2.13%
 LyondellBasell Industries N.V. LYB 2.11%
 Templeton Emerging Markets Income Fund TEI 2.10%
 Medical Properties Trust, Inc. MPW 2.10%
 Seagate Technology Plc STX 2.07%
 Barings Global Short Duration High Yield Fund BGH 2.04%
 Enbridge Inc. ENB 1.98%
 MetLife, Inc. MET 1.95%
 Highwoods Properties, Inc. HIW 1.91%
 Nuveen Dow 30 Dynamic Overwrite Fund DIAX 1.91%
 Omega Healthcare Investors, Inc. OHI 1.88%
 STORE Capital Corporation STOR 1.87%
 Manulife Financial Corporation MFC 1.86%
 BNP Paribas S.A. (ADR) BNPQY 1.76%
 Total SE (ADR) TOT 1.71%
 Chevron Corporation CVX 1.63%
 Pembina Pipeline Corporation PBA 1.61%
 Canadian Natural Resources Limited CNQ 1.44%
 Valero Energy Corporation VLO 1.30%
 Simon Property Group, Inc. SPG 1.22%
 The Cushing MLP & Infrastructure Total Return Fund SRV 1.06%
 Suncor Energy Inc. SU 1.05%
 Neuberger Berman MLP & Energy Income Fund Inc. NML 0.93%
 Kayne Anderson MLP/Midstream Investment Company KYN 0.81%
 ClearBridge Energy Midstream Opportunity Fund Inc. EMO 0.59%
 ClearBridge MLP & Midstream Fund Inc. CEM 0.57%
Total Number of Holdings:    50
Underlying Securities information represented above is as of 09/18/2020 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.

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

Canadian Concentration Risk. Because the portfolio is concentrated in companies headquartered, or with a significant presence, in Canada, the portfolio may present more risks than a portfolio which is broadly diversified over several regions.

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 recent outbreak of a respiratory disease designated as COVID-19 was first detected in China in December 2019. The global economic impact of the COVID-19 outbreak is impossible to predict but is expected to disrupt manufacturing, supply chains and sales in affected areas and negatively impact global economic growth prospects. The COVID-19 outbreak has also caused significant volatility and declines in global financial markets, which have caused losses for investors. The impact of the COVID-19 outbreak may be short term or may last for an extended period of time, and in either case could result in a substantial economic downturn or recession.

Energy Risk. The companies engaged in the energy sector are subject to certain risks, including price and supply fluctuations caused by international politics, energy conservation, taxes, price controls, and other regulatory policies of various governments. Falling oil and gas prices may negatively impact the profitability and business prospects of certain energy companies.

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.

MLP Risk. Investments in Master Limited Partnerships (MLPs) are subject to the risks generally applicable to companies in the energy and natural resources sectors, including commodity pricing risk, supply and demand risk, depletion risk and exploration risk. There are certain tax risks associated with MLPs, including the risk that U.S. taxing authorities could challenge the trust's treatment of the MLPs for federal income tax purposes. These tax risks could have a negative impact on the after-tax income available for distribution by the MLPs and/or the value of the trust's investments.

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.

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 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.

Fund Cusip Information
30312N703 (Cash)
30312N711 (Reinvest)
30312N729 (Cash-Fee)
30312N737 (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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