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75/25 Strategic Allocation, 1st Qtr 2020  Ticker: FPZWNX
A unit investment trust which seeks the potential for above-average total return by investing approximately 75% of its assets in common stocks which are selected by applying a disciplined investment strategy and 25% of its assets in exchange-traded funds which invest in fixed-income securities.
Please note that there is no assurance the objective will be met.
Product Code: 7S1Q20
Portfolio Status: Secondary
Initial Offer Date: 01/14/2020
Secondary Date: 04/14/2020
Portfolio Ending Date: 04/16/2021
Tax Structure: Regulated Investment Company
Distributions: Monthly
Initial Offer Price: $10.0000
NAV(*): $8.8592
POP(*): $8.9805
Remaining Deferred Sales Charge: $0.0450
* As of Trade Date: 05/29/2020 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 5/29/2020) Per Unit (as of 5/29/2020)
2.08% $0.18710
^ 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  
 SPDR Portfolio Long Term Corporate Bond ETF SPLB 1.25%
 SPDR Wells Fargo Preferred Stock ETF PSK 1.17%
 First Trust Senior Loan Fund FTSL 1.16%
 Invesco Senior Loan ETF BKLN 1.15%
 SPDR Bloomberg Barclays High Yield Bond ETF JNK 1.14%
 SPDR Bloomberg Barclays Short Term High Yield Bond ETF SJNK 1.14%
 SPDR Blackstone/GSO Senior Loan ETF SRLN 1.14%
 SPDR Portfolio Mortgage Backed Bond ETF SPMB 1.13%
 Regeneron Pharmaceuticals, Inc. REGN 1.12%
 iShares MBS ETF MBB 1.12%
 Vanguard Intermediate-Term Corporate Bond ETF VCIT 1.12%
 VanEck Vectors J.P. Morgan EM Local Currency Bond ETF EMLC 1.12%
 Vanguard Mortgage-Backed Securities ETF VMBS 1.12%
 iShares Intermediate-Term Corporate Bond ETF IGIB 1.11%
 iShares Long-Term Corporate Bond ETF IGLB 1.11%
 First Trust Low Duration Opportunities ETF LMBS 1.09%
 SPDR Bloomberg Barclays Emerging Markets Local Bond ETF EBND 1.03%
 iShares 0-5 Year High Yield Corporate Bond ETF SHYG 1.01%
 SPDR Portfolio TIPS ETF SPIP 1.00%
 iShares iBoxx $ Investment Grade Corporate Bond ETF LQD 0.98%
 iShares Broad USD Investment Grade Corporate Bond ETF USIG 0.97%
 Vanguard Total International Bond ETF BNDX 0.97%
 Vanguard Short-Term Inflation-Protected Securities Index Fund VTIP 0.97%
 iShares Short Treasury Bond ETF SHV 0.96%
 Newmont Corporation NEM 0.95%
 First Trust Tactical High Yield ETF HYLS 0.91%
 Vertex Pharmaceuticals Incorporated VRTX 0.88%
 First Trust Preferred Securities and Income ETF FPE 0.87%
 T-Mobile US, Inc. TMUS 0.86%
 Dollar General Corporation DG 0.84%
 Equinix, Inc. EQIX 0.80%
 Electronic Arts Inc. EA 0.77%
 Eli Lilly and Company LLY 0.76%
 Monster Beverage Corporation MNST 0.76%
 Intel Corporation INTC 0.73%
 Hormel Foods Corporation HRL 0.73%
 Biogen Inc. BIIB 0.73%
 Alexion Pharmaceuticals, Inc. ALXN 0.73%
 UnitedHealth Group Incorporated UNH 0.72%
 Centene Corporation CNC 0.72%
 Costco Wholesale Corporation COST 0.71%
 VMware, Inc. VMW 0.71%
 Air Products and Chemicals, Inc. APD 0.70%
 Target Corporation TGT 0.68%
 Cummins Inc. CMI 0.68%
 Anthem, Inc. ANTM 0.68%
 Alphabet Inc. (Class A) GOOGL 0.68%
 Cigna Corporation CI 0.67%
 NIKE, Inc. (Class B) NKE 0.66%
 PepsiCo, Inc. PEP 0.66%
 Edwards Lifesciences Corporation EW 0.66%
 Stryker Corporation SYK 0.65%
 PACCAR Inc PCAR 0.65%
 Public Storage PSA 0.65%
 L3Harris Technologies Inc. LHX 0.65%
 Twitter, Inc. TWTR 0.65%
 Duke Energy Corporation DUK 0.64%
 The Estee Lauder Companies Inc. EL 0.64%
 T. Rowe Price Group, Inc. TROW 0.64%
 Copart, Inc. CPRT 0.64%
 The Hershey Company HSY 0.63%
 Lockheed Martin Corporation LMT 0.63%
 Cintas Corporation CTAS 0.61%
 Novo Nordisk A/S (ADR) NVO 0.61%
 Northrop Grumman Corporation NOC 0.61%
 Deere & Company DE 0.60%
 Automatic Data Processing, Inc. ADP 0.59%
 Best Buy Co., Inc. BBY 0.59%
 Iberdrola S.A. (ADR) IBDRY 0.59%
 Shin-Etsu Chemical Co., Ltd. (ADR) SHECY 0.59%
 Micron Technology, Inc. MU 0.58%
 The TJX Companies, Inc. TJX 0.58%
 Roche Holding AG (ADR) RHHBY 0.58%
 Nintendo Co., Ltd. (ADR) NTDOY 0.57%
 AT&T Inc. T 0.56%
 Ross Stores, Inc. ROST 0.55%
 L'Oreal S.A. (ADR) LRLCY 0.55%
 Chevron Corporation CVX 0.54%
 Dassault Systemes S.E. (ADR) DASTY 0.54%
 Schneider Electric SE (ADR) SBGSY 0.54%
 Walgreens Boots Alliance, Inc. WBA 0.54%
 KDDI Corporation (ADR) KDDIY 0.53%
 Linde Plc LIN 0.52%
 Honda Motor Co., Ltd. (ADR) HMC 0.51%
 Sony Corporation (ADR) SNE 0.50%
 Rio Tinto Plc (ADR) RIO 0.50%
 HCA Healthcare, Inc. HCA 0.50%
 British American Tobacco Plc (ADR) BTI 0.49%
 Nippon Telegraph and Telephone Corporation (ADR) NTTYY 0.49%
 Henkel AG & Co. KGaA (ADR) HENKY 0.47%
 Vinci S.A. (ADR) VCISY 0.46%
 EssilorLuxottica S.A. (ADR) ESLOY 0.46%
 Exxon Mobil Corporation XOM 0.45%
 Tyson Foods, Inc. (Class A) TSN 0.45%
 Sysco Corporation SYY 0.45%
 Fifth Third Bancorp FITB 0.45%
 ConocoPhillips COP 0.45%
 M&T Bank Corporation MTB 0.44%
 Enbridge Inc. ENB 0.44%
 Industria de Diseno Textil, S.A. (ADR) IDEXY 0.43%
 Volkswagen AG (ADR) VWAGY 0.43%
 adidas AG (ADR) ADDYY 0.42%
 Muenchener Rueckversicherungs-Gesellschaft AG (MunichRe) (ADR) MURGY 0.42%
 Southwest Airlines Co. LUV 0.41%
 EOG Resources, Inc. EOG 0.41%
 The Bank of Nova Scotia BNS 0.40%
 Equinor ASA EQNR 0.39%
 Total S.A. (ADR) TOT 0.37%
 Exelixis, Inc. EXEL 0.37%
 Molina Healthcare, Inc. MOH 0.37%
 ViacomCBS Inc. VIAC 0.35%
 BNP Paribas S.A. (ADR) BNPQY 0.34%
 ONEOK, Inc. OKE 0.33%
 Fortinet, Inc. FTNT 0.33%
 Eni SpA (ADR) E 0.32%
 Entegris, Inc. ENTG 0.31%
 LHC Group, Inc. LHCG 0.31%
 Erie Indemnity Company ERIE 0.31%
 Take-Two Interactive Software, Inc. TTWO 0.30%
 Royal Dutch Shell Plc (ADR) RDS/A 0.30%
 Amedisys, Inc. AMED 0.30%
 Quidel Corporation QDEL 0.30%
 Knight-Swift Transportation Holdings Inc. KNX 0.30%
 Delta Air Lines, Inc. DAL 0.29%
 D.R. Horton, Inc. DHI 0.28%
 Landstar System, Inc. LSTR 0.28%
 Suncor Energy Inc. SU 0.28%
 Watsco, Inc. WSO 0.28%
 RH RH 0.28%
 Encompass Health Corporation EHC 0.27%
 E*TRADE Financial Corporation ETFC 0.27%
 Expeditors International of Washington, Inc. EXPD 0.27%
 Teradyne, Inc. TER 0.27%
 Arthur J. Gallagher & Co. AJG 0.27%
 NewMarket Corporation NEU 0.27%
 Casey's General Stores, Inc. CASY 0.26%
 Lancaster Colony Corporation LANC 0.26%
 MAXIMUS, Inc. MMS 0.26%
 Henry Schein, Inc. HSIC 0.26%
 W.W. Grainger, Inc. GWW 0.25%
 MSC Industrial Direct Co., Inc. (Class A) MSM 0.25%
 Ulta Beauty, Inc. ULTA 0.25%
 Gentex Corporation GNTX 0.24%
 First American Financial Corporation FAF 0.24%
 Avangrid, Inc. AGR 0.24%
 PulteGroup, Inc. PHM 0.23%
 Lincoln Electric Holdings, Inc. LECO 0.23%
 Nucor Corporation NUE 0.22%
 Steel Dynamics, Inc. STLD 0.22%
 NVR, Inc. NVR 0.22%
 EQT Corporation EQT 0.22%
 Reliance Steel & Aluminum Co. RS 0.22%
 Carter's, Inc. CRI 0.22%
 MDU Resources Group, Inc. MDU 0.21%
 Snap-on Incorporated SNA 0.21%
 Oshkosh Corporation OSK 0.21%
 First Citizens BancShares, Inc. (Class A) FCNCA 0.21%
 Columbia Sportswear Company COLM 0.20%
 East West Bancorp, Inc. EWBC 0.20%
 Mohawk Industries, Inc. MHK 0.20%
 Foot Locker, Inc. FL 0.20%
 Dick's Sporting Goods, Inc. DKS 0.20%
 Acuity Brands, Inc. AYI 0.20%
 Omnicom Group Inc. OMC 0.19%
 Old Republic International Corporation ORI 0.19%
 Curtiss-Wright Corporation CW 0.19%
 Arena Pharmaceuticals, Inc. ARNA 0.19%
 Zions Bancorporation ZION 0.18%
 CNX Resources Corporation CNX 0.18%
 Werner Enterprises, Inc. WERN 0.17%
 National Beverage Corp. FIZZ 0.17%
 Concho Resources Inc. CXO 0.17%
 Lattice Semiconductor Corporation LSCC 0.16%
 Saia, Inc. SAIA 0.16%
 Central Garden & Pet Company (Class A) CENTA 0.16%
 Arrowhead Pharmaceuticals, Inc. ARWR 0.16%
 Houlihan Lokey, Inc. HLI 0.16%
 Meritage Homes Corporation MTH 0.15%
 JetBlue Airways Corporation JBLU 0.15%
 Exponent, Inc. EXPO 0.15%
 TopBuild Corp. BLD 0.15%
 HMS Holdings Corp. HMSY 0.14%
 Equity Commonwealth EQC 0.14%
 Cimarex Energy Co. XEC 0.14%
 Parsley Energy, Inc. (Class A) PE 0.14%
 Performance Food Group Company PFGC 0.14%
 UFP Industries Inc. UFPI 0.13%
 Simpson Manufacturing Co., Inc. SSD 0.13%
 National Fuel Gas Company NFG 0.13%
 LCI Industries LCII 0.13%
 Rush Enterprises, Inc. (Class A) RUSHA 0.13%
 Cohen & Steers, Inc. CNS 0.13%
 Stepan Company SCL 0.13%
 Diamondback Energy, Inc. FANG 0.13%
 TRI Pointe Group, Inc. TPH 0.13%
 Brady Corporation BRC 0.12%
 Murphy Oil Corporation MUR 0.12%
 M.D.C. Holdings, Inc. MDC 0.12%
 Regal Beloit Corporation RBC 0.12%
 United States Cellular Corporation USM 0.12%
 PVH Corp. PVH 0.12%
 Hub Group, Inc. HUBG 0.12%
 Texas Roadhouse, Inc. TXRH 0.12%
 Interactive Brokers Group, Inc. (Class A) IBKR 0.12%
 BMC Stock Holdings, Inc. BMCH 0.12%
 Otter Tail Corporation OTTR 0.11%
 Telephone and Data Systems, Inc. TDS 0.11%
 Marathon Oil Corporation MRO 0.11%
 Plexus Corp. PLXS 0.11%
 PriceSmart, Inc. PSMT 0.11%
 Sanderson Farms, Inc. SAFM 0.11%
 ABM Industries Incorporated ABM 0.11%
 Lithia Motors, Inc. LAD 0.11%
 Diodes Incorporated DIOD 0.11%
 United States Steel Corporation X 0.10%
 Vishay Intertechnology, Inc. VSH 0.10%
 Insight Enterprises, Inc. NSIT 0.10%
 J & J Snack Foods Corp. JJSF 0.10%
 Seacoast Banking Corporation of Florida SBCF 0.10%
 Evercore Inc. EVR 0.10%
 Bank OZK OZK 0.10%
 Urban Outfitters, Inc. URBN 0.09%
 American Eagle Outfitters, Inc. AEO 0.09%
 Wolverine World Wide, Inc. WWW 0.09%
 Umpqua Holdings Corporation UMPQ 0.09%
 Inter Parfums, Inc. IPAR 0.09%
 Renasant Corporation RNST 0.09%
 Walker & Dunlop, Inc. WD 0.09%
 Steven Madden, Ltd. SHOO 0.08%
 Graham Holdings Company GHC 0.07%
 PDC Energy, Inc. PDCE 0.07%
 NMI Holdings, Inc. (Class A) NMIH 0.07%
 Matador Resources Company MTDR 0.06%
 Spirit Airlines, Inc. SAVE 0.04%
Total Number of Holdings:    234
Underlying Securities information represented above is as of 05/29/2020 but will vary with future fluctuations in the market.

 Deferred Sales Charge Schedule
Amount Date
$0.04500 April 20, 2020
$0.04500 May 20, 2020
$0.04500 June 19, 2020

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.

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.

ETF Risk. ETFs 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 ETFs 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, ETFs frequently trade at a discount from their net asset value in the secondary market. Certain ETFs may employ the use of leverage, which increases the volatility of such funds.

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.

Large-Cap Risk. Large capitalization companies may grow at a slower rate than the overall market.

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 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
30312T148 (Cash)
30312T155 (Reinvest)
30312T163 (Cash-Fee)
30312T171 (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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