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Tax-Advantaged Municipal Closed-End Portfolio, Series 56
Ticker Symbol: FBACEX

14 Holdings (As of Day of Deposit)
Ticker Name Initial
Weight
Price*
BAF BlackRock Municipal Income Investment Quality Trust 6.00% $13.88
BBF BlackRock Municipal Income Investment Trust 3.00% 13.21
BSE BlackRock New York Municipal Income Quality Trust 2.50% 12.59
EVM Eaton Vance California Municipal Bond Fund 9.00% 10.55
EIM Eaton Vance Municipal Bond Fund 11.50% 12.17
EIV Eaton Vance Municipal Bond Fund II 4.50% 11.95
ENX Eaton Vance New York Municipal Bond Fund 6.00% 11.64
FMN Federated Premier Municipal Income Fund 3.50% 13.38
NVG Nuveen AMT-Free Municipal Credit Income Fund 11.50% 14.80
NUW Nuveen AMT-Free Municipal Value Fund 5.50% 15.85
NEA Nuveen AMT-Free Quality Municipal Income Fund 11.50% 13.15
NKX Nuveen California AMT-Free Quality Municipal Income Fund 11.50% 13.65
NRK Nuveen New York AMT-Free Quality Municipal Income Fund 11.50% 12.55
PNI PIMCO New York Municipal Income Fund II 2.50% 11.65

* As of the close of business on 3/14/19.
Market values are for reference only and are not indicative of your individual cost basis.

Not FDIC Insured • Not Bank Guaranteed • May Lose Value

Portfolio Summary
Initial Date of Deposit 3/15/2019
Initial Public Offering Price $10.00 per Unit
Portfolio Ending Date 3/15/2021
Historical 12-Month Distribution of Trust Holdings* 4.30%
Cash CUSIP 30297W587
Reinvestment CUSIP 30297W595
Fee Account Cash CUSIP 30297W603
Fee Account Reinvestment CUSIP 30297W611

*There is no guarantee the issuers of the securities included in the trust will declare dividends or distributions in the future. The historical distribution rate of the securities included in the trust is for illustrative purposes only and is not indicative of the trust’s distribution rate. The historical distribution rate is calculated by dividing the weighted average of the trailing twelve month distributions paid by the securities included in the portfolio by the trust’s offering price and is 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 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.


Sales Charges (based on a $10 public offering price)
Standard Accounts
Transactional Sales Charges: Initial: 0.00%
  Deferred: 2.25%
Creation & Development Fee:   0.50%
Maximum Sales Charge:   2.75%

The deferred sales charge will be deducted in three monthly installments commencing 6/20/19.

When the public offering price is less than or equal to $10.00 per unit, there will be no initial sales charge. If the price exceeds $10.00 per unit, you will pay an initial sales charge.

Fee/Wrap Accounts
Maximum Sales Charge: 0.50%

The maximum sales charge for investors in fee accounts consists of the creation and development fee. Investors in fee accounts are not assessed any transactional sales charges. Standard accounts sales charges apply to units purchased as an ineligible asset.

The creation and development fee is a charge of $.050 per unit collected at the end of the initial offering period. If the price you pay exceeds $10 per unit, the creation and development fee will be less than 0.50%; if the price you pay is less than $10 per unit, the creation and development fee will exceed 0.50%.

In addition to the sales charges listed, UITs are subject to annual operating expenses and organization costs.

You should consider the portfolio's investment objective, risks, and charges and expenses carefully 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 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 closed-end funds which invest in municipal bonds.

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. All of the closed-end funds employ the use of leverage, which increases the volatility of such funds.

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.

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.

All of the closed-end funds invest in investment grade securities. 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.

For a discussion of additional risks of investing in the trust see the "Risk Factors" section of the prospectus.

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.

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.

This UIT is a buy and hold strategy and investors should consider their ability to hold the trust until maturity.

 
Fund Cusip Information
30297W587 (Cash)
30297W595 (Reinvest)
30297W603 (Cash-Fee)
30297W611 (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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