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Corporate Investment Grade Laddered Portfolio, Series 10
Ticker Symbol: FRAEHX

25 Holdings (As of Days of Deposit)
Aggregate
Principal
Name of Bond Issue (1) S&P
Rating(2)
Consumer Discretionary 
$200,000 AutoNation, Inc., Senior Notes, 3.80%, Due 11/15/2027 (3) (4) (5) BBB-
200,000 General Motors Financial Company, Inc., Senior Notes, 4.00%, Due 01/15/2025 (3) (4) BBB
Consumer Staples 
200,000 Altria Group, Inc., Notes, 4.80%, Due 02/14/2029 (3) (4) BBB
Energy 
200,000 Apache Corporation, Notes, 7.75%, Due 12/15/2029 BBB
200,000 BP Capital Markets Plc, Guaranteed Notes, 3.561%, Due 11/01/2021 (3) A-
200,000 ConocoPhillips Holding Co., Notes, 6.95%, Due 04/15/2029 (3) A
200,000 Ecopetrol S.A., Notes, 5.875%, Due 09/18/2023 (3) BBB-
Financials 
200,000 Bank of America Corporation, Medium-Term Notes, Series L, Senior Notes, 3.875%, Due 08/01/2025 A-
200,000 HSBC Holdings Plc, Senior Unsecured Notes, 5.10%, Due 04/05/2021 A
200,000 JPMorgan Chase & Co., Notes, 3.20%, Due 01/25/2023 A-
200,000 Jefferies Group LLC, Senior Debentures, 6.45%, Due 06/08/2027 (3) BBB-
200,000 Mitsubishi UFJ Financial Group, Inc., Senior Notes, 3.761%, Due 07/26/2023 A-
200,000 Santander UK Group Holdings Plc, Notes, 3.125%, Due 01/08/2021 BBB
200,000 Wells Fargo & Company, Medium-Term Notes, Series N, 3.55%, Due 09/29/2025 A-
Health Care 
200,000 Gilead Sciences, Inc., 2.95%, Due 03/01/2027 (3) (4) A
200,000 UnitedHealth Group Incorporated, Notes, 2.875%, Due 12/15/2021 (3) A+
Industrials 
200,000 Aircastle Limited, Senior Notes, 5.125%, Due 03/15/2021 (3) BBB-
200,000 The Boeing Company, Senior Notes, 2.70%, Due 02/01/2027 (3) (4) A
200,000 General Electric Capital Corporation, Global Medium-Term Notes, Series A, 3.10%, Due 01/09/2023 BBB+
Information Technology 
200,000 International Business Machines Corporation, Debentures, 7.00%, Due 10/30/2025(3) A
200,000 Oracle Corporation, Notes, 3.625%, Due 07/15/2023 A+
200,000 QUALCOMM Incorporated, Notes, 3.25%, Due 05/20/2027 (3) (4) A-
Materials 
200,000 ArcelorMittal, Notes, 6.125%, Due 06/01/2025 (3) BBB-
200,000 PPG Industries, Inc., Notes, 2.80%, Due 08/15/2029 (3) (4) A-
Utilities 
200,000 Duke Energy Progress LLC, First Mortgage, 3.45%, Due 03/15/2029 (3) (4) A

(1) Certain bonds may be redeemed in whole or in part before their stated maturity under certain circumstances detailed in the instruments creating them. Such redemption provisions may result in a redemption price less than the value of the bonds on the initial date of deposit. Estimated current return and estimated long-term return may also be affected by such redemptions.
(2) As of the Initial Date of Deposit. The ratings are by Standard & Poor’s and are unaudited. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO), including Standard & Poor’s Rating Group, of the creditworthiness of an issuer with respect to debt obligations. Standard & Poor’s ratings are measured on a scale ranging from AAA (highest) to D (lowest). Sub-investment grade ratings are those rated BB+ or lower. Investment grade ratings are those rated BBB- or higher.
(3) These securities have a “make whole” call option and are redeemable in whole or in part at any time at the option of the issuer, at a redemption price equal to the greater of: 1) 100% of the principal amount or 2) the sum of the remaining scheduled payments of principal and interest, plus, in either case, any accrued and unpaid interest on the principal amount being redeemed to the date of redemption.
(4) The securities issued by Altria Group, Inc., AutoNation, Inc., The Boeing Company, Duke Energy Progress LLC, General Motors Financial Company, Inc., Gilead Sciences, Inc., PPG Industries, Inc. and QUALCOMM Incorporated are redeemable any time after 11/14/2028, 08/15/2027, 12/01/2026, 12/15/2028, 10/15/2024, 12/01/2026, 05/15/2029 and 02/20/2027 at a price of $100.00, respectively.
(5) The coupon interest rate on this security will increase by 0.25% above the interest rate payable on the security on the security’s date of issuance for each rating downgrade below “BBB–” and/or “Baa3” by S&P and Moody’s, respectively, capped at 2%. Thereafter, any credit rating upgrade by S&P and Moody’s will reset the coupon interest rate on the security to the rate applicable to that credit rating.

Not FDIC Insured • Not Bank Guaranteed • May Lose Value

Distributions

This unit investment trust seeks to distribute monthly income.

Initial Distribution Per Unit $2.34
Estimated Regular Distribution Per Unit $3.35

Distributions, if any, are paid on the twenty-fifth day of each month to unit holders of record on the tenth day of each month with the initial distribution per unit scheduled to occur on September 25, 2019 and estimated regular distributions per unit scheduled to begin on October 25, 2019. The actual distribution you receive will vary from that set forth above with changes in the portfolio’s fees and expenses and with the sale, maturity or redemption of securities.


Deposit Information
Date of Deposit 8/15/2019
CUSIP 30311H426
Maximum Sales Charge 2.50% up-front
Wrap CUSIP 30311H434
Maximum Sales Charge 0.60% up-front

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


Trust Specifics (as of close of business on 8/15/19)
Weighted Average Maturity:1 5.90 years
Weighted Average Modified Duration:2 5.02 years
Initial Principal Amount (Par Value) of Securities: $1,000.00 per Unit
   
Standard Accounts:  
Initial Public Offering Price $1,120.82 per Unit
Estimated Current Return:3 3.59%
Estimated Long-Term Return:3 2.03%
   
Wrap Accounts:  
Initial Public Offering Price: $1,099.55 per Unit
Estimated Current Return:3 3.66%
Estimated Long-Term Return:3 2.37%

1Weighted average maturity represents the average amount of time remaining until the bonds held in the trust mature, taking into account each bond’s weight within the portfolio based on its market value.

2Weighted Average Modified Duration is a calculation that expresses the measurable change in the value of a security in response to a change in interest rates.

3Estimated current return is calculated by dividing estimated net annual interest income per unit by the public offering price. Estimated long-term return is calculated using a formula which (1) factors in the relative weightings of the market values, yields and estimated retirements of the securities; and (2) takes into account a compounding factor, the sales charge and expenses. There is no assurance that the returns will be realized in the future because the various components used to calculate these figures will change. In addition, neither rate reflects the true return you will receive, which will be lower, because neither includes the effect of certain delays in distributions with respect to when the securities pay interest and when distributions are paid by the Trust.


You should carefully consider the portfolio'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 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 investment grade corporate bonds, including higher interest rates, economic recession, deterioration of the bond market or investors’ perception thereof, possible downgrades and defaults of interest and/or principal.

You should be aware that the portfolio is concentrated in corporate bonds in the financials sector which involves additional risks, including limited diversification. The companies engaged in the financials sector are subject to the adverse effects of volatile interest rates, economic recession, decreases in the availability of capital, increased competition from new entrants in the field, and potential increased regulation.

An investment in a portfolio containing securities of foreign issuers is subject to additional risks, including currency fluctuations, political risks, withholding, the lack of adequate financial information, and exchange control restrictions impacting foreign issuers.

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.

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.

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.

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.

 
Fund Cusip Information
30311H426 (Cash)
30311H434 (Cash-Wrap)
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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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