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Tactical Income, 71  Ticker: FMGCKX
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.
Please note that there is no assurance the objective will be met.
Product Code: TACT71
Portfolio Status: Primary
Initial Offer Date: 05/03/2022
Portfolio Ending Date: 05/03/2024
Tax Structure: Regulated Investment Company
Distributions: Monthly
Initial Offer Price: $10.0000
NAV(*): $8.9730
POP(*): $9.1753
Remaining Deferred Sales Charge: $0.2250
* As of Trade Date: 06/24/2022 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 6/24/2022) Per Unit (as of 6/24/2022)
6.04% $0.55400
^ 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. 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.

 Holdings  Export Current Holdings | View Initial Holdings  
 First Trust Senior Loan Fund FTSL 6.38%
 SPDR Blackstone Senior Loan ETF SRLN 6.38%
 Invesco Senior Loan ETF BKLN 6.36%
 Franklin Liberty Senior Loan ETF FLBL 6.22%
 John Hancock Preferred Income Fund II HPF 3.25%
 John Hancock Preferred Income Fund HPI 3.21%
 Nuveen Preferred & Income Opportunities Fund JPC 3.20%
 Cohen & Steers Select Preferred and Income Fund, Inc. PSF 3.18%
 Nuveen Preferred & Income Securities Fund JPS 3.13%
 Flaherty & Crumrine Preferred and Income Securities Fund Incorporated FFC 3.07%
 Flaherty & Crumrine Dynamic Preferred and Income Fund Incorporated DFP 3.04%
 Cohen & Steers Limited Duration Preferred and Income Fund, Inc. LDP 3.03%
 H&R Block, Inc. HRB 1.45%
 Pfizer Inc. PFE 1.17%
 NRG Energy, Inc. NRG 1.12%
 KT Corporation (ADR) KT 1.10%
 Chesapeake Energy Corporation CHK 1.10%
 Ryder System, Inc. R 1.09%
 Exxon Mobil Corporation XOM 1.08%
 National HealthCare Corporation NHC 1.07%
 Companhia Energetica de Minas Gerais-CEMIG (ADR) CIG 1.07%
 Companhia Paranaense de Energia-Copel (Preference, ADR) ELP 1.06%
 Novartis AG (ADR) NVS 1.05%
 OGE Energy Corp. OGE 1.04%
 Devon Energy Corporation DVN 1.02%
 Victory Capital Holdings, Inc. (Class A) VCTR 1.02%
 Sturm, Ruger & Company, Inc. RGR 1.01%
 SFL Corp. Ltd. SFL 1.00%
 Golden Ocean Group Limited GOGL 0.98%
 Radian Group Inc. RDN 0.97%
 Kennedy-Wilson Holdings, Inc. KW 0.97%
 Chevron Corporation CVX 0.95%
 PT Telekomunikasi Indonesia (ADR) TLK 0.95%
 TIM S.A. (ADR) TIMB 0.95%
 Vale S.A. (ADR) VALE 0.94%
 Telefonica Brasil, S.A. (ADR) VIV 0.94%
 Intel Corporation INTC 0.93%
 Ternium S.A. (ADR) TX 0.93%
 Star Bulk Carriers Corp. SBLK 0.92%
 Vector Group Ltd. VGR 0.91%
 Petroleo Brasileiro S.A. - Petrobras (ADR) PBR 0.91%
 LyondellBasell Industries N.V. LYB 0.91%
 Canadian Natural Resources Limited CNQ 0.88%
 GUESS?, Inc. GES 0.88%
 Gerdau S.A. (ADR) GGB 0.88%
 Virtu Financial, Inc. (Class A) VIRT 0.88%
 ZIM Integrated Shipping Services Limited ZIM 0.88%
 Dow Inc. DOW 0.85%
 Kenon Holdings Ltd. KEN 0.83%
 Danaos Corporation DAC 0.81%
 Ecopetrol S.A. (ADR) EC 0.74%
 Kohl's Corporation KSS 0.72%
 Omega Healthcare Investors, Inc. OHI 0.62%
 Gaming and Leisure Properties, Inc. GLPI 0.58%
 W.P. Carey Inc. WPC 0.56%
 Iron Mountain Incorporated IRM 0.54%
 Saul Centers, Inc. BFS 0.52%
 Digital Realty Trust, Inc. DLR 0.51%
 Alexander's, Inc. ALX 0.49%
 SITE Centers Corp. SITC 0.48%
 LXP Industrial Trust LXP 0.48%
 Lamar Advertising Company LAMR 0.47%
 PotlatchDeltic Corporation PCH 0.47%
 Ready Capital Corporation RC 0.47%
 Cousins Properties Incorporated CUZ 0.46%
 Brixmor Property Group Inc. BRX 0.46%
 Urban Edge Properties UE 0.46%
 Highwoods Properties, Inc. HIW 0.45%
 Uniti Group Inc. UNIT 0.45%
 Kimco Realty Corporation KIM 0.44%
 Arbor Realty Trust, Inc. ABR 0.43%
 RPT Realty RPT 0.43%
Total Number of Holdings:    72
Underlying Securities information represented above is as of 06/24/2022 but will vary with future fluctuations in the market.

 Standard Account Sales Charges *
Transactional sales charges: Initial:  -0.24%
  Deferred:  2.45%
C&D Fee:    0.54%
Maximum Sales Charge:   2.75%
CUSIP Type Distribution
30326N244 Cash Monthly
30326N251 Reinvest Monthly
* Based on the offer price as of 06/24/2022 4:00pm ET

 Fee/Wrap Account Sales Charges *
C&D Fee:    0.56%
Maximum Sales Charge:   0.56%
CUSIP Type Distribution
30326N269 Cash-Fee Monthly
30326N277 Reinvest-Fee Monthly
* Based on the NAV price as of 06/24/2022 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 August 19, 2022
$0.07500 September 20, 2022
$0.07500 October 20, 2022

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.

Brexit Risk. Approximately one year after the United Kingdom officially departed the European Union (commonly referred to as "Brexit"), the United Kingdom and the European Union reached a trade agreement that became effective on December 31, 2020. It is not currently possible to determine the extent of the impact the Brexit trade agreement may have on the portfolio's investments and this uncertainty could negatively impact current and future economic conditions in the United Kingdom and other countries, which could negatively impact the value of the portfolio's investments.

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 employ the use of leverage, which increases the volatility of such funds.

Covenant-Lite Loan Risk. Certain of the funds invest significantly in "covenant-lite" loans, which are loans made with minimal protections for the lender. Because covenant-lite loans are less restrictive on borrowers and provide less protection for lenders than typical corporate loans, the risk of default may be significantly higher.

COVID-19 Economic Impact Risk. The COVID-19 global pandemic has caused and may continue to cause significant volatility and declines in global financial markets. While the U.S. has resumed "reasonably" normal business activity, many countries continue to impose lockdown measures. Additionally, there is no guarantee that vaccines will be effective against emerging variants of the disease.

Emerging Markets Risk. Risks associated with investing in non-U.S. securities may be more pronounced in emerging markets where the securities markets are substantially smaller, less developed, less liquid, less regulated, and more volatile than the U.S. and developed non-U.S. markets.

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.

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. Securities of non-U.S. issuers are subject to additional risks, including currency fluctuations, political risks, withholding, the lack of adequate financial information, and exchange control restrictions impacting non-U.S. 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.

Market Disruption Risk. In February 2022, Russia invaded Ukraine which has caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, and the United States. The hostilities and sanctions resulting from those hostilities could have a significant impact on certain investments as well as performance.

Preferred Securities Risk. Preferred securities are equity securities of the issuing company which pay income in the form of dividends. Preferred securities are typically subordinated to bonds and other debt instruments in a company's capital structure, and therefore will be subject to greater credit risk than those debt instruments.

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.

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 professional 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
30326N244 (Cash)
30326N251 (Reinvest)
30326N269 (Cash-Fee)
30326N277 (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 professionals 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. (Form CRS)   •  First Trust Advisors L.P. (Form CRS)
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