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Target VIP, June 2012  Ticker: FOWLNX
 
Description
This unit investment trust seeks above-average total return; however, there is no assurance the objective will be met. The portfolio provides you with the convenience of owning six distinct strategies in one investment. It invests in a fixed portfolio of stocks which are selected by applying pre-determined screens and factors.
 
Summary
Product Code: VPJE12
Portfolio Status: Secondary
Initial Offer Date: 06/01/2012
Secondary Date: 07/02/2012
Portfolio Ending Date: 09/09/2013
Tax Structure: RIC
Distributions: Semi-Annual
 
Initial Offer Price: $10.0000
NAV(*): $11.9399
POP(*): $12.2398
* As of Trade Date: 05/24/2013 4:00pm ET

 Estimated Net Annual Distribution Per Unit
Estimated Net Annual Distribution Per Unit * $0.2460
As of 05/20/2013
* 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 Analysis Click here to Perform a Benchmark Comparison  
 Sector Weighting
Consumer Discretionary  Consumer Discretionary 17.76%
Consumer Staples  Consumer Staples 3.63%
Energy  Energy 8.70%
Financials  Financials 5.98%
Health Care  Health Care 15.13%
Industrials  Industrials 6.20%
Information Technology  Information Technology 25.60%
Materials  Materials 2.01%
Telecommunication Services  Telecommunication Services 7.08%
Utilities  Utilities 6.79%
Other  Other 1.12%
 
  Large Mid Small  
Growth  37.70% 1.58% 15.59%  
Value  38.66% 2.24% 3.11%  

 Style Weighting
Large-Cap Growth 37.70%
Large-Cap Value 38.66%
Mid-Cap Growth 1.58%
Mid-Cap Value 2.24%
Small-Cap Growth 15.59%
Small-Cap Value 3.11%
Undetermined 1.12%
 Composition
U.S. Stocks 77.09%   Other 1.12%
Non-U.S. Stocks 21.79%      
The style and sector characteristics of the portfolio are determined as of 05/23/2013 and will likely vary thereafter due to market fluctuations in the underlying securities.  

 Holdings  Export Current Holdings | View Initial Holdings  
NameSymbolSectorStyleWeighting
 Apple Inc. AAPL Information Technology  Information Technology Large-Cap Value 5.20%
 International Business Machines Corporation IBM Information Technology  Information Technology Large-Cap Growth 4.66%
 Exxon Mobil Corporation XOM Energy  Energy Large-Cap Value 4.55%
 The Home Depot, Inc. HD Consumer Discretionary  Consumer Discretionary Large-Cap Growth 4.36%
 Microsoft Corporation MSFT Information Technology  Information Technology Large-Cap Growth 3.98%
 Pfizer Inc. PFE Health Care  Health Care Large-Cap Value 3.62%
 Merck & Co., Inc. MRK Health Care  Health Care Large-Cap Value 3.47%
 Intel Corporation INTC Information Technology  Information Technology Large-Cap Value 3.02%
 BT Group PLC (ADR) BT Telecommunication Services  Telecommunication Services Large-Cap Growth 2.51%
 Time Warner Cable, Inc. TWC Consumer Discretionary  Consumer Discretionary Large-Cap Growth 2.01%
 Gilead Sciences, Inc. GILD Health Care  Health Care Large-Cap Growth 1.51%
 Amgen Inc. AMGN Health Care  Health Care Large-Cap Growth 1.49%
 Seagate Technology STX Information Technology  Information Technology Large-Cap Growth 1.49%
 3M Company MMM Industrials  Industrials Large-Cap Growth 1.48%
 Philip Morris International Inc. PM Consumer Staples  Consumer Staples Large-Cap Growth 1.44%
 Macy's, Inc. M Consumer Discretionary  Consumer Discretionary Large-Cap Growth 1.37%
 eBay Inc. EBAY Information Technology  Information Technology Large-Cap Growth 1.31%
 American Tower Corporation AMT Financials  Financials Large-Cap Growth 1.18%
 AXA S.A. CS.FP Financials  Financials Large-Cap Value 1.14%
 Repsol YPF, S.A. REP.SM Energy  Energy Large-Cap Value 1.08%
 Tata Motors Limited (ADR) TTM Consumer Discretionary  Consumer Discretionary Large-Cap Value 1.05%
 Delta Air Lines, Inc. DAL Industrials  Industrials Large-Cap Growth 1.05%
 Celgene Corporation CELG Health Care  Health Care Large-Cap Growth 1.00%
 Discover Financial Services DFS Financials  Financials Large-Cap Value 0.92%
 Enel SpA ENEL.IM Utilities  Utilities Large-Cap Value 0.89%
 Starbucks Corporation SBUX Consumer Discretionary  Consumer Discretionary Large-Cap Growth 0.87%
 CA Inc. CA Information Technology  Information Technology Large-Cap Value 0.87%
 Eni SpA ENI.IM Energy  Energy Large-Cap Value 0.86%
 AstraZeneca Plc AZN.LN Health Care  Health Care Large-Cap Value 0.86%
 Ross Stores, Inc. ROST Consumer Discretionary  Consumer Discretionary Large-Cap Growth 0.86%
 National Grid Plc NG/.LN Utilities  Utilities Large-Cap Value 0.85%
 Vivendi S.A. VIV.FP Telecommunication Services  Telecommunication Services Large-Cap Value 0.84%
 Deutsche Telekom AG DTE.GY Telecommunication Services  Telecommunication Services Large-Cap Value 0.83%
 SSE Plc SSE.LN Utilities  Utilities Large-Cap Value 0.83%
 CF Industries Holdings, Inc. CF Materials  Materials Mid-Cap Value 0.83%
 EDF SA (Electricite de France) EDF.FP Utilities  Utilities Large-Cap Value 0.83%
 Swisscom AG SCMN.VX Telecommunication Services  Telecommunication Services Large-Cap Growth 0.80%
 Seadrill Ltd SDRL.NO Energy  Energy Large-Cap Growth 0.79%
 Total S.A. FP.FP Energy  Energy Large-Cap Value 0.78%
 Cracker Barrel Old Country Store Inc. CBRL Consumer Discretionary  Consumer Discretionary Small-Cap Growth 0.77%
 Tyler Technologies, Inc. TYL Information Technology  Information Technology Small-Cap Growth 0.77%
 TeliaSonera AB TLSN.SS Telecommunication Services  Telecommunication Services Large-Cap Value 0.77%
 Vodafone Group Plc VOD.LN Telecommunication Services  Telecommunication Services Large-Cap Value 0.75%
 priceline.com Incorporated PCLN Consumer Discretionary  Consumer Discretionary Large-Cap Growth 0.74%
 Beacon Roofing Supply, Inc. BECN Industrials  Industrials Small-Cap Growth 0.74%
 Fortum Oyj FUM1V.FH Utilities  Utilities Large-Cap Value 0.73%
 GDF Suez GSZ.FP Utilities  Utilities Large-Cap Value 0.73%
 RWE AG RWE.GY Utilities  Utilities Large-Cap Value 0.69%
 Allegiant Travel Company ALGT Industrials  Industrials Small-Cap Growth 0.68%
 Dollar Tree, Inc. DLTR Consumer Discretionary  Consumer Discretionary Mid-Cap Growth 0.66%
 E.ON SE EOAN.GY Utilities  Utilities Large-Cap Value 0.64%
 Medidata Solutions, Inc. MDSO Health Care  Health Care Small-Cap Growth 0.64%
 AutoZone, Inc. AZO Consumer Discretionary  Consumer Discretionary Large-Cap Growth 0.62%
 MarketAxess Holdings, Inc. MKTX Financials  Financials Small-Cap Growth 0.61%
 Bank of the Ozarks, Inc. OZRK Financials  Financials Small-Cap Growth 0.59%
 National Penn Bancshares, Inc. NPBC Financials  Financials Small-Cap Value 0.58%
 France Telecom S.A. FTE.FP Telecommunication Services  Telecommunication Services Large-Cap Value 0.58%
 Papa John's International, Inc. PZZA Consumer Discretionary  Consumer Discretionary Small-Cap Growth 0.58%
 Grand Canyon Education, Inc. LOPE Consumer Discretionary  Consumer Discretionary Small-Cap Growth 0.58%
 Group 1 Automotive, Inc. GPI Consumer Discretionary  Consumer Discretionary Small-Cap Value 0.57%
 The Progressive Corporation PGR Financials  Financials Large-Cap Value 0.57%
 Schweitzer-Mauduit International, Inc. SWM Materials  Materials Small-Cap Growth 0.56%
 Manhattan Associates, Inc. MANH Information Technology  Information Technology Small-Cap Growth 0.56%
 Air Methods Corporation AIRM Health Care  Health Care Small-Cap Growth 0.55%
 B&G Foods, Inc. BGS Consumer Staples  Consumer Staples Small-Cap Growth 0.55%
 MasterCard, Inc. MA Information Technology  Information Technology Large-Cap Growth 0.52%
 Colgate–Palmolive Company CL Consumer Staples  Consumer Staples Large-Cap Growth 0.51%
 Asbury Automotive Group Inc. ABG Consumer Discretionary  Consumer Discretionary Small-Cap Growth 0.51%
 DealerTrack Technologies Inc. TRAK Information Technology  Information Technology Small-Cap Growth 0.51%
 The Boston Beer Company, Inc. SAM Consumer Staples  Consumer Staples Small-Cap Growth 0.50%
 Cardtronics Inc. CATM Information Technology  Information Technology Small-Cap Growth 0.48%
 Heartland Payment Systems, Inc. HPY Information Technology  Information Technology Small-Cap Growth 0.47%
 Lithia Motors, Inc. LAD Consumer Discretionary  Consumer Discretionary Small-Cap Growth 0.45%
 OSI Systems, Inc. OSIS Information Technology  Information Technology Small-Cap Growth 0.44%
 Genomic Health Inc. GHDX Health Care  Health Care Small-Cap Growth 0.43%
 AZZ Incorporated AZZ Industrials  Industrials Small-Cap Growth 0.40%
 BBCN Bancorp, Inc. BBCN Financials  Financials Small-Cap Value 0.39%
 Dominion Resources, Inc. D Utilities  Utilities Large-Cap Growth 0.38%
 ICU Medical, Inc. ICUI Health Care  Health Care Small-Cap Growth 0.38%
 Analogic Corporation ALOG Health Care  Health Care Small-Cap Growth 0.38%
 Cal-Maine Foods, Inc. CALM Consumer Staples  Consumer Staples Small-Cap Growth 0.37%
 SHFL entertainment, Inc. SHFL Consumer Discretionary  Consumer Discretionary Small-Cap Growth 0.35%
 Flotek Industries, Inc. FTK Materials  Materials Small-Cap Growth 0.34%
 Schlumberger Limited SLB Energy  Energy Large-Cap Value 0.33%
 Bed Bath & Beyond Inc. BBBY Consumer Discretionary  Consumer Discretionary Large-Cap Growth 0.29%
 Dycom Industries, Inc. DY Industrials  Industrials Small-Cap Value 0.29%
 Parker Hannifin Corporation PH Industrials  Industrials Large-Cap Value 0.29%
 Blucora, Inc. BCOR Information Technology  Information Technology Small-Cap Value 0.28%
 Movado Group, Inc. MOV Consumer Discretionary  Consumer Discretionary Small-Cap Growth 0.24%
 HealthStream, Inc. HSTM Health Care  Health Care Small-Cap Growth 0.24%
 United Rentals, Inc. URI Industrials  Industrials Mid-Cap Growth 0.22%
 Mattel, Inc. MAT Consumer Discretionary  Consumer Discretionary Large-Cap Growth 0.20%
 US Airways Group, Inc. LCC Industrials  Industrials Mid-Cap Growth 0.20%
 DISH Network Corp. DISH Consumer Discretionary  Consumer Discretionary Large-Cap Growth 0.20%
 LivePerson Inc. LPSN Information Technology  Information Technology Small-Cap Growth 0.20%
 Dillard’s, Inc. (Class A) DDS Consumer Discretionary  Consumer Discretionary Mid-Cap Value 0.19%
 Forest Laboratories, Inc. FRX Health Care  Health Care Mid-Cap Value 0.19%
 Valmont Industries, Inc. VMI Industrials  Industrials Mid-Cap Value 0.19%
 Spectrum Pharmaceuticals, Inc. SPPI Health Care  Health Care Small-Cap Value 0.19%
 Rockwell Collins, Inc. COL Industrials  Industrials Mid-Cap Growth 0.18%
 PDL BioPharma Inc. PDLI Health Care  Health Care Small-Cap Growth 0.18%
 Monster Beverage Corporation MNST Consumer Staples  Consumer Staples Mid-Cap Growth 0.18%
 Titan Machinery, Inc. TITN Industrials  Industrials Small-Cap Value 0.18%
 KLA–Tencor Corporation KLAC Information Technology  Information Technology Mid-Cap Value 0.17%
 Insight Enterprises, Inc. NSIT Information Technology  Information Technology Small-Cap Value 0.17%
 The Timken Company TKR Industrials  Industrials Mid-Cap Value 0.16%
 Neenah Paper, Inc. NP Materials  Materials Small-Cap Growth 0.16%
 Ascena Retail Group Inc. ASNA Consumer Discretionary  Consumer Discretionary Mid-Cap Value 0.15%
 Titan International, Inc. TWI Industrials  Industrials Small-Cap Value 0.14%
 Jabil Circuit, Inc. JBL Information Technology  Information Technology Mid-Cap Value 0.14%
 Coinstar, Inc. CSTR Consumer Discretionary  Consumer Discretionary Small-Cap Growth 0.14%
 VAALCO Energy, Inc. EGY Energy  Energy Small-Cap Value 0.14%
 Avago Technologies Limited AVGO Information Technology  Information Technology Mid-Cap Growth 0.14%
 Myers Industries, Inc. MYE Materials  Materials Small-Cap Growth 0.12%
 Diebold, Incorporated DBD Information Technology  Information Technology Small-Cap Growth 0.12%
 Wisconsin Energy Corporation WEC Utilities  Utilities Mid-Cap Value 0.11%
 CenterPoint Energy, Inc. CNP Utilities  Utilities Mid-Cap Value 0.11%
 Procera Networks, Inc. PKT Information Technology  Information Technology Small-Cap Value 0.10%
 Marathon Petroleum Corporation MPC Energy  Energy Large-Cap Value 0.09%
 Brown–Forman Corporation BF/B Consumer Staples  Consumer Staples Large-Cap Growth 0.08%
 Mitcham Industries, Inc. MIND Energy  Energy Small-Cap Value 0.08%
 
Total Number of Holdings:    121
Underlying Securities information represented above is as of 05/23/2013 but will vary with future fluctuations in the market.

An investment in an equity portfolio should be made with an understanding of the risks associated with an investment in common stocks including the risk that the financial condition of the issuers of the equities or the general condition of the stock market may worsen.

A portfolio which is concentrated in an individual sector is subject to additional risks, including limited diversification.

The companies engaged in the consumer products sector are subject to global competition, changing government regulations and trade policies, currency fluctuations, and the financial and political risks inherent in producing products for foreign markets.

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.

An investment in a portfolio containing REIT securities is subject to additional risks, as 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.

An investment in a portfolio containing small-cap companies is subject to additional risks, as the share prices of small-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.

The companies engaged in the technology sector are subject to fierce competition, high research and development costs, and their products and services may be subject to rapid obsolescence. Technology company stocks, especially those which are Internet-related, may experience extreme price and volume fluctuations that are often unrelated to their operating performance.

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.

All data used for the sector and style classification comparisons is from Bloomberg Finance L.P, which we believe to be reliable, but do not take responsibility for its accuracy.

The style and capitalization characteristics used to describe the stocks are designed to help you understand how they fit into your overall investment plan. Due to changes in the value of the stocks the characteristics may vary over time. In general, growth stocks have high relative price-to-book ratios while value stocks have low relative price-to-book ratios. In determining market capitalization characteristics, we analyze the market capitalizations of the 3,000 largest stocks in the U.S. (excluding foreign securities, ADRs, limited partnerships and regulated investment companies) on a monthly basis. Companies with market capitalizations among the largest 10% are considered Large-Cap securities, the next 20% are considered Mid-Cap securities and the remaining securities are considered Small-Cap securities.

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. The rollover option is subject to modification, termination, or suspension.

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.

The Dow Jones Industrial AverageSM is a product of Dow Jones Indexes, a licensed trademark of CME Group Index Services LLC ("CME"), and has been licensed for use. "Dow Jones®", "The Dow®", "Dow Jones Industrial AverageSM" and "Dow Jones Indexes" are service marks of Dow Jones Trademark Holdings, LLC ("Dow Jones"), and have been licensed to CME and have been sublicensed for use for certain purposes by First Trust. The portfolio based on the Dow Jones Industrial AverageSM, is not sponsored, endorsed, sold or promoted by Dow Jones, CME or their respective affiliates and none of them makes any representation regarding the advisability of investing in such products.

The NASDAQ 100®, NASDAQ 100 Index®, and NASDAQ® are trade or service marks of The NASDAQ OMX Group, Inc. (which with its affiliates are the Corporations) and are licensed for use by First Trust Portfolios L.P. The portfolio has not been passed on by the Corporations as to its legality or suitability. The portfolio is not issued, endorsed, sold, or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE PORTFOLIO.

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