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Senior Loan & Limited Duration Opportunities Closed-End, 45  Ticker: FKAULX
 
Description
The Senior Loan & Limited Duration Opportunities Closed-End Portfolio is a unit investment trust which invests in a diversified portfolio of senior loan and limited duration closed-end funds. The portfolio seeks to provide investors with the potential for high current income.
 
Summary
Product Code: SDOP45
Portfolio Status: Secondary
Initial Offer Date: 03/22/2017
Secondary Date: 05/09/2017
Portfolio Ending Date: 06/22/2018
Tax Structure: Regulated Investment Company
Distributions: Monthly
 
Initial Offer Price: $10.0000
NAV(*): $9.2276
POP(*): $9.4594
Remaining Deferred Sales Charge: $0.0000
* As of Trade Date: 11/22/2017 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
Estimated Net Annual Distribution Per Unit * $0.6539
As of 11/20/2017
* 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  
NameSymbolWeighting
 Nuveen Floating Rate Income Fund JFR 4.52%
 Eaton Vance Floating-Rate Income Plus Fund EFF 4.47%
 Blackstone/GSO Senior Floating Rate Term Fund BSL 4.42%
 BlackRock Multi-Sector Income Trust BIT 4.41%
 Pioneer Floating Rate Trust PHD 4.34%
 Eaton Vance Floating-Rate Income Trust EFT 4.33%
 Invesco Dynamic Credit Opportunities Fund VTA 4.33%
 Invesco Senior Income Trust VVR 4.31%
 Nuveen Credit Strategies Income Fund JQC 4.31%
 Voya Prime Rate Trust PPR 4.30%
 Apollo Senior Floating Rate Fund Inc. AFT 4.30%
 Blackstone/GSO Strategic Credit Fund BGB 4.11%
 MFS Intermediate Income Trust MIN 4.07%
 Franklin Limited Duration Income Trust FTF 4.07%
 Eaton Vance Limited Duration Income Fund EVV 4.05%
 Wells Fargo Multi-Sector Income Fund ERC 4.04%
 Eaton Vance Short Duration Diversified Income Fund EVG 4.03%
 Guggenheim Credit Allocation Fund GGM 3.99%
 Apollo Tactical Income Fund Inc. AIF 3.98%
 KKR Income Opportunities Fund KIO 3.97%
 BlackRock Corporate High Yield Fund, Inc. HYT 2.65%
 Wells Fargo Income Opportunities Fund EAD 2.63%
 Dreyfus High Yield Strategies Fund DHF 2.60%
 Neuberger Berman High Yield Strategies Fund Inc. NHS 2.60%
 Pioneer Diversified High Income Trust HNW 2.55%
 Western Asset High Income Fund II Inc. HIX 2.48%
 
Total Number of Holdings:    26
Underlying Securities information represented above is as of 11/22/2017 but will vary with future fluctuations in the market.

Risk Considerations

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.

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.

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.

IRA Risk. There may be tax consequences unless units are purchased in an IRA or other qualified plan.

Limited Duration Bonds Risk. Limited duration bonds are subject to interest rate risk, which is the risk that the value of a security will fall if interest rates increase. While limited duration bonds are generally subject to less interest rate sensitivity than longer duration bonds, there can be no assurance that interest rates will rise during the life of the trust.

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.

Although the portfolio terminates in approximately one year, 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.

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
30302M541 (Cash)
30302M558 (Reinvest)
30302M566 (Cash-Fee)
30302M574 (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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