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Tactical Income, 51  Ticker: FERGWX
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: TACT51
Portfolio Status: Primary
Initial Offer Date: 02/05/2018
Portfolio Ending Date: 02/05/2020
Tax Structure: Regulated Investment Company
Distributions: Monthly
Initial Offer Price: $10.0000
NAV(*): $10.0015
POP(*): $10.2330
Remaining Deferred Sales Charge: $0.2250
* As of Trade Date: 03/16/2018 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
Year 1 * $0.6270
Subsequent Years * $0.6230
As of 03/12/2018
* 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 5.14%
 Calamos Dynamic Convertible and Income Fund CCD 5.11%
 Calamos Convertible and High Income Fund CHY 5.05%
 Advent Claymore Convertible Securities and Income Fund AVK 5.04%
 AllianzGI Convertible & Income Fund II NCZ 4.92%
 Eaton Vance Senior Floating-Rate Trust EFR 3.22%
 Eaton Vance Floating-Rate Income Trust EFT 3.22%
 Nuveen Floating Rate Income Opportunity Fund JRO 3.16%
 Invesco Senior Income Trust VVR 3.14%
 Invesco Dynamic Credit Opportunities Fund VTA 3.13%
 Ares Dynamic Credit Allocation Fund, Inc. ARDC 3.13%
 Nuveen Floating Rate Income Fund JFR 3.12%
 Nuveen Credit Strategies Income Fund JQC 3.08%
 Macy's, Inc. M 1.17%
 Seagate Technology Plc STX 1.17%
 Companhia Paranaense de Energia-Copel (Preference, ADR) ELP 1.12%
 H&R Block, Inc. HRB 1.07%
 Cohen & Steers, Inc. CNS 1.07%
 Brinker International, Inc. EAT 1.05%
 PBF Energy Inc. PBF 1.04%
 Exelon Corporation EXC 1.03%
 Total S.A. (ADR) TOT 1.02%
 Sinopec Shanghai Petrochemical Company Limited (ADR) SHI 1.02%
 AU Optronics Corp. (ADR) AUO 1.02%
 Pfizer Inc. PFE 1.01%
 International Business Machines Corporation IBM 1.01%
 American Electric Power Company, Inc. AEP 1.01%
 Enersis Chile S.A. (ADR) ENIC 1.01%
 Enel Generacion Chile S.A. (ADR) EOCC 0.99%
 CenterPoint Energy, Inc. CNP 0.99%
 BGC Partners, Inc. BGCP 0.99%
 Norbord Inc. OSB 0.99%
 Mobile TeleSystems PJSC (ADR) MBT 0.98%
 InterContinental Hotels Group Plc (ADR) IHG 0.98%
 IRSA Inversiones y Representaciones S.A. (ADR) IRS 0.98%
 AT&T Inc. T 0.97%
 Daimler AG DDAIF 0.97%
 Rio Tinto Plc (ADR) RIO 0.96%
 Canon Inc. (ADR) CAJ 0.95%
 China Petroleum & Chemical Corporation (Sinopec) (ADR) SNP 0.95%
 BHP Billiton Plc (ADR) BBL 0.94%
 SK Telecom Co., Ltd. (ADR) SKM 0.93%
 Waddell & Reed Financial, Inc. WDR 0.93%
 Telecom Argentina S.A. (ADR) TEO 0.93%
 Verizon Communications Inc. VZ 0.92%
 Royal Dutch Shell Plc (ADR) RDS/A 0.92%
 Telefonica Brasil S.A. (ADR) VIV 0.91%
 Altria Group, Inc. MO 0.90%
 Schweitzer-Mauduit International, Inc. SWM 0.89%
 Compass Minerals International, Inc. CMP 0.89%
 CVR Energy, Inc. CVI 0.89%
 Artisan Partners Asset Management Inc. APAM 0.89%
 Gannett Co., Inc. GCI 0.88%
 Invesco Mortgage Capital Inc. IVR 0.53%
 Ryman Hospitality Properties, Inc. RHP 0.52%
 Annaly Capital Management, Inc. NLY 0.52%
 Apollo Commercial Real Estate Finance, Inc. ARI 0.52%
 Liberty Property Trust LPT 0.51%
 New Residential Investment Corp. NRZ 0.50%
 Lamar Advertising Company LAMR 0.49%
 Columbia Property Trust, Inc. CXP 0.49%
 Four Corners Property Trust, Inc. FCPT 0.49%
 CoreCivic Inc. CXW 0.48%
 Host Hotels & Resorts, Inc. HST 0.48%
 Xenia Hotels & Resorts, Inc. XHR 0.48%
 Park Hotels & Resorts Inc. PK 0.48%
 Hospitality Properties Trust HPT 0.47%
 Sunstone Hotel Investors, Inc. SHO 0.47%
 Pebblebrook Hotel Trust PEB 0.47%
 Piedmont Office Realty Trust, Inc. PDM 0.47%
 Apple Hospitality REIT, Inc. APLE 0.47%
 LaSalle Hotel Properties LHO 0.45%
 Summit Hotel Properties, Inc. INN 0.45%
Total Number of Holdings:    73
Underlying Securities information represented above is as of 03/16/2018 but will vary with future fluctuations in the market.

 Standard Account Sales Charges *
Transactional sales charges: Initial:  0.06%
  Deferred:  2.20%
C&D Fee:    0.49%
Maximum Sales Charge:   2.75%
CUSIP Type Distribution
30306X188 Cash Monthly
30306X196 Reinvest Monthly
* Based on the offer price as of 03/16/2018 4:00pm ET

 Fee/Wrap Account Sales Charges *
C&D Fee:    0.50%
Maximum Sales Charge:   0.50%
CUSIP Type Distribution
30306X204 Cash-Fee Monthly
30306X212 Reinvest-Fee Monthly
* Based on the NAV price as of 03/16/2018 4:00pm ET
In addition to the sales charges listed, UITs are subject to annual operating expenses and organization costs.

 Deferred Sales Charge Schedule
Amount Date
$0.07500 May 18, 2018
$0.07500 June 20, 2018
$0.07500 July 20, 2018

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.

Fund Cusip Information
30306X188 (Cash)
30306X196 (Reinvest)
30306X204 (Cash-Fee)
30306X212 (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 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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