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: Primary
Initial Offer Date: 01/14/2020
Portfolio Ending Date: 04/16/2021
Tax Structure: Regulated Investment Company
Distributions: Monthly
Initial Offer Price: $10.0000
NAV(*): $7.8190
POP(*): $7.9155
Remaining Deferred Sales Charge: $0.1350
* As of Trade Date: 03/31/2020 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 3/31/2020) Per Unit (as of 3/30/2020)
2.53% $0.20030
^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. 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. 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. 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.

 Holdings  Export Current Holdings | View Initial Holdings  
 SPDR Portfolio Long Term Corporate Bond ETF SPLB 1.34%
 Vanguard Mortgage-Backed Securities ETF VMBS 1.28%
 iShares MBS ETF MBB 1.27%
 SPDR Portfolio Mortgage Backed Bond ETF SPMB 1.27%
 SPDR Wells Fargo Preferred Stock ETF PSK 1.24%
 Invesco Senior Loan ETF BKLN 1.23%
 SPDR Bloomberg Barclays Short Term High Yield Bond ETF SJNK 1.22%
 First Trust Low Duration Opportunities ETF LMBS 1.22%
 SPDR Bloomberg Barclays High Yield Bond ETF JNK 1.21%
 First Trust Senior Loan Fund FTSL 1.20%
 SPDR Blackstone/GSO Senior Loan ETF SRLN 1.20%
 iShares Intermediate-Term Corporate Bond ETF IGIB 1.18%
 Vanguard Intermediate-Term Corporate Bond ETF VCIT 1.18%
 VanEck Vectors J.P. Morgan EM Local Currency Bond ETF EMLC 1.17%
 iShares Long-Term Corporate Bond ETF IGLB 1.17%
 SPDR Portfolio TIPS ETF SPIP 1.11%
 iShares 0-5 Year High Yield Corporate Bond ETF SHYG 1.10%
 iShares Short Treasury Bond ETF SHV 1.09%
 Vanguard Total International Bond ETF BNDX 1.09%
 SPDR Bloomberg Barclays Emerging Markets Local Bond ETF EBND 1.08%
 Vanguard Short-Term Inflation-Protected Securities Index Fund VTIP 1.08%
 iShares iBoxx $ Investment Grade Corporate Bond ETF LQD 1.05%
 iShares Broad USD Investment Grade Corporate Bond ETF USIG 1.04%
 Regeneron Pharmaceuticals, Inc. REGN 0.98%
 First Trust Tactical High Yield ETF HYLS 0.94%
 First Trust Preferred Securities and Income ETF FPE 0.91%
 Newmont Corporation NEM 0.85%
 Biogen Inc. BIIB 0.85%
 Equinix, Inc. EQIX 0.84%
 T-Mobile US, Inc. TMUS 0.81%
 Hormel Foods Corporation HRL 0.80%
 Vertex Pharmaceuticals Incorporated VRTX 0.80%
 Eli Lilly and Company LLY 0.78%
 Costco Wholesale Corporation COST 0.76%
 Intel Corporation INTC 0.73%
 Public Storage PSA 0.73%
 Dollar General Corporation DG 0.73%
 PepsiCo, Inc. PEP 0.72%
 The Hershey Company HSY 0.72%
 Duke Energy Corporation DUK 0.71%
 Centene Corporation CNC 0.71%
 Electronic Arts Inc. EA 0.69%
 Monster Beverage Corporation MNST 0.69%
 Cigna Corporation CI 0.69%
 UnitedHealth Group Incorporated UNH 0.68%
 Air Products and Chemicals, Inc. APD 0.68%
 L3Harris Technologies Inc. LHX 0.67%
 NIKE, Inc. (Class B) NKE 0.65%
 Northrop Grumman Corporation NOC 0.65%
 Edwards Lifesciences Corporation EW 0.65%
 Walgreens Boots Alliance, Inc. WBA 0.65%
 Lockheed Martin Corporation LMT 0.64%
 Automatic Data Processing, Inc. ADP 0.63%
 Deere & Company DE 0.63%
 Novo Nordisk A/S (ADR) NVO 0.63%
 AT&T Inc. T 0.62%
 PACCAR Inc PCAR 0.62%
 Roche Holding AG (ADR) RHHBY 0.62%
 Nippon Telegraph and Telephone Corporation (ADR) NTTYY 0.62%
 VMware, Inc. VMW 0.62%
 Alphabet Inc. (Class A) GOOGL 0.62%
 Target Corporation TGT 0.61%
 Stryker Corporation SYK 0.61%
 Micron Technology, Inc. MU 0.61%
 The Estee Lauder Companies Inc. EL 0.61%
 Cummins Inc. CMI 0.61%
 Nintendo Co., Ltd. (ADR) NTDOY 0.61%
 KDDI Corporation (ADR) KDDIY 0.61%
 Twitter, Inc. TWTR 0.61%
 Anthem, Inc. ANTM 0.60%
 Iberdrola S.A. (ADR) IBDRY 0.60%
 Alexion Pharmaceuticals, Inc. ALXN 0.60%
 The TJX Companies, Inc. TJX 0.59%
 T. Rowe Price Group, Inc. TROW 0.59%
 Copart, Inc. CPRT 0.59%
 L'Oreal S.A. (ADR) LRLCY 0.59%
 Shin-Etsu Chemical Co., Ltd. (ADR) SHECY 0.56%
 Ross Stores, Inc. ROST 0.55%
 Dassault Systemes S.E. (ADR) DASTY 0.53%
 Schneider Electric SE (ADR) SBGSY 0.53%
 Sony Corporation (ADR) SNE 0.52%
 Honda Motor Co., Ltd. (ADR) HMC 0.52%
 Linde Plc LIN 0.52%
 Southwest Airlines Co. LUV 0.51%
 Best Buy Co., Inc. BBY 0.51%
 Cintas Corporation CTAS 0.50%
 M&T Bank Corporation MTB 0.50%
 Tyson Foods, Inc. (Class A) TSN 0.49%
 Chevron Corporation CVX 0.48%
 HCA Healthcare, Inc. HCA 0.48%
 Rio Tinto Plc (ADR) RIO 0.47%
 Henkel AG & Co. KGaA (ADR) HENKY 0.47%
 British American Tobacco Plc (ADR) BTI 0.46%
 Enbridge Inc. ENB 0.44%
 The Bank of Nova Scotia BNS 0.44%
 Vinci S.A. (ADR) VCISY 0.44%
 EssilorLuxottica S.A. (ADR) ESLOY 0.44%
 Industria de Diseno Textil, S.A. (ADR) IDEXY 0.44%
 Sysco Corporation SYY 0.43%
 Exxon Mobil Corporation XOM 0.42%
 Fifth Third Bancorp FITB 0.42%
 adidas AG (ADR) ADDYY 0.42%
 Muenchener Rueckversicherungs-Gesellschaft AG (MunichRe) (ADR) MURGY 0.42%
 Total S.A. (ADR) TOT 0.41%
 Volkswagen AG (ADR) VWAGY 0.40%
 Eni SpA (ADR) E 0.38%
 Delta Air Lines, Inc. DAL 0.38%
 ConocoPhillips COP 0.35%
 Equinor ASA EQNR 0.35%
 Royal Dutch Shell Plc (ADR) RDS/A 0.35%
 BNP Paribas S.A. (ADR) BNPQY 0.34%
 Erie Indemnity Company ERIE 0.34%
 EOG Resources, Inc. EOG 0.32%
 Amedisys, Inc. AMED 0.32%
 Molina Healthcare, Inc. MOH 0.31%
 Exelixis, Inc. EXEL 0.30%
 Take-Two Interactive Software, Inc. TTWO 0.29%
 LHC Group, Inc. LHCG 0.29%
 Entegris, Inc. ENTG 0.28%
 Watsco, Inc. WSO 0.28%
 Knight-Swift Transportation Holdings Inc. KNX 0.28%
 Avangrid, Inc. AGR 0.28%
 Lancaster Colony Corporation LANC 0.27%
 ViacomCBS Inc. VIAC 0.27%
 Expeditors International of Washington, Inc. EXPD 0.27%
 Arthur J. Gallagher & Co. AJG 0.27%
 NewMarket Corporation NEU 0.27%
 Fortinet, Inc. FTNT 0.27%
 Encompass Health Corporation EHC 0.26%
 Landstar System, Inc. LSTR 0.26%
 Casey's General Stores, Inc. CASY 0.25%
 Teradyne, Inc. TER 0.25%
 Henry Schein, Inc. HSIC 0.25%
 Suncor Energy Inc. SU 0.25%
 W.W. Grainger, Inc. GWW 0.24%
 Gentex Corporation GNTX 0.24%
 E*TRADE Financial Corporation ETFC 0.24%
 MAXIMUS, Inc. MMS 0.24%
 MDU Resources Group, Inc. MDU 0.23%
 Lincoln Electric Holdings, Inc. LECO 0.23%
 Reliance Steel & Aluminum Co. RS 0.23%
 First American Financial Corporation FAF 0.23%
 Omnicom Group Inc. OMC 0.22%
 Old Republic International Corporation ORI 0.22%
 D.R. Horton, Inc. DHI 0.22%
 MSC Industrial Direct Co., Inc. (Class A) MSM 0.22%
 Columbia Sportswear Company COLM 0.22%
 Acuity Brands, Inc. AYI 0.22%
 Snap-on Incorporated SNA 0.21%
 ONEOK, Inc. OKE 0.21%
 Steel Dynamics, Inc. STLD 0.21%
 NVR, Inc. NVR 0.21%
 Oshkosh Corporation OSK 0.21%
 Ulta Beauty, Inc. ULTA 0.21%
 Nucor Corporation NUE 0.20%
 Curtiss-Wright Corporation CW 0.20%
 Quidel Corporation QDEL 0.20%
 First Citizens BancShares, Inc. (Class A) FCNCA 0.20%
 Mohawk Industries, Inc. MHK 0.19%
 Carter's, Inc. CRI 0.19%
 PulteGroup, Inc. PHM 0.18%
 East West Bancorp, Inc. EWBC 0.18%
 Foot Locker, Inc. FL 0.18%
 Zions Bancorporation ZION 0.17%
 RH RH 0.17%
 Exponent, Inc. EXPO 0.16%
 Arrowhead Pharmaceuticals, Inc. ARWR 0.16%
 Werner Enterprises, Inc. WERN 0.15%
 Equity Commonwealth EQC 0.15%
 JetBlue Airways Corporation JBLU 0.15%
 Concho Resources Inc. CXO 0.15%
 Arena Pharmaceuticals, Inc. ARNA 0.15%
 Houlihan Lokey, Inc. HLI 0.15%
 Performance Food Group Company PFGC 0.15%
 Otter Tail Corporation OTTR 0.14%
 United States Cellular Corporation USM 0.14%
 Dick's Sporting Goods, Inc. DKS 0.14%
 National Beverage Corp. FIZZ 0.14%
 Interactive Brokers Group, Inc. (Class A) IBKR 0.14%
 Lattice Semiconductor Corporation LSCC 0.13%
 HMS Holdings Corp. HMSY 0.13%
 National Fuel Gas Company NFG 0.13%
 Saia, Inc. SAIA 0.13%
 EQT Corporation EQT 0.13%
 Central Garden & Pet Company (Class A) CENTA 0.13%
 Stepan Company SCL 0.13%
 Brady Corporation BRC 0.12%
 Universal Forest Products, Inc. UFPI 0.12%
 PVH Corp. PVH 0.12%
 PriceSmart, Inc. PSMT 0.12%
 Hub Group, Inc. HUBG 0.12%
 Telephone and Data Systems, Inc. TDS 0.11%
 Vishay Intertechnology, Inc. VSH 0.11%
 Plexus Corp. PLXS 0.11%
 Regal Beloit Corporation RBC 0.11%
 Simpson Manufacturing Co., Inc. SSD 0.11%
 CNX Resources Corporation CNX 0.11%
 J & J Snack Foods Corp. JJSF 0.11%
 Sanderson Farms, Inc. SAFM 0.11%
 Rush Enterprises, Inc. (Class A) RUSHA 0.11%
 Inter Parfums, Inc. IPAR 0.11%
 Texas Roadhouse, Inc. TXRH 0.11%
 Cohen & Steers, Inc. CNS 0.11%
 TopBuild Corp. BLD 0.11%
 ABM Industries Incorporated ABM 0.10%
 Diodes Incorporated DIOD 0.10%
 LCI Industries LCII 0.10%
 Renasant Corporation RNST 0.10%
 Evercore Inc. EVR 0.10%
 Walker & Dunlop, Inc. WD 0.10%
 Urban Outfitters, Inc. URBN 0.09%
 Insight Enterprises, Inc. NSIT 0.09%
 American Eagle Outfitters, Inc. AEO 0.09%
 M.D.C. Holdings, Inc. MDC 0.09%
 Cimarex Energy Co. XEC 0.09%
 Meritage Homes Corporation MTH 0.09%
 Lithia Motors, Inc. LAD 0.09%
 Umpqua Holdings Corporation UMPQ 0.09%
 Seacoast Banking Corporation of Florida SBCF 0.09%
 TRI Pointe Group, Inc. TPH 0.09%
 BMC Stock Holdings, Inc. BMCH 0.09%
 Bank OZK OZK 0.09%
 Graham Holdings Company GHC 0.08%
 United States Steel Corporation X 0.08%
 Marathon Oil Corporation MRO 0.08%
 Steven Madden, Ltd. SHOO 0.08%
 Diamondback Energy, Inc. FANG 0.08%
 Parsley Energy, Inc. (Class A) PE 0.08%
 Murphy Oil Corporation MUR 0.07%
 Wolverine World Wide, Inc. WWW 0.07%
 NMI Holdings, Inc. (Class A) NMIH 0.06%
 Spirit Airlines, Inc. SAVE 0.05%
 PDC Energy, Inc. PDCE 0.03%
 Matador Resources Company MTDR 0.02%
Total Number of Holdings:    234
Underlying Securities information represented above is as of 03/30/2020 but will vary with future fluctuations in the market.

 Standard Account Sales Charges *
Transactional sales charges: Initial:  -0.49%
  Deferred:  1.71%
C&D Fee:    0.63%
Maximum Sales Charge:   1.85%
CUSIP Type Distribution
30312T148 Cash Monthly
30312T155 Reinvest Monthly
* Based on the offer price as of 03/31/2020 4:00pm ET

 Fee/Wrap Account Sales Charges *
C&D Fee:    0.64%
Maximum Sales Charge:   0.64%
CUSIP Type Distribution
30312T163 Cash-Fee Monthly
30312T171 Reinvest-Fee Monthly
* Based on the NAV price as of 03/31/2020 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
$0.04500 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. Local, regional or global events such as war, acts of terrorism, spread of infectious diseases or other public health issues, recessions, or other events could have a significant negative impact on the portfolio and its investments. Such events may affect certain geographic regions, countries, sectors and industries more significantly than others. 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, negatively impact global economic growth prospects, and 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.