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Strategic Income Closed-End, 72  Ticker: FCTWIX
 
Description
The Strategic Income Closed-End Portfolio is a unit investment trust that seeks high current income by investing in a well-diversified pool of closed-end funds that invest in U.S. and foreign taxable bonds. Capital appreciation is a secondary objective of the Portfolio.
Please note that there is no assurance the objective will be met.
 
Summary
Product Code: CESI72
Portfolio Status: Secondary
Initial Offer Date: 06/26/2019
Secondary Date: 08/12/2019
Portfolio Ending Date: 06/25/2021
Tax Structure: Regulated Investment Company
Distributions: Monthly
 
Initial Offer Price: $10.0000
NAV(*): $9.5796
POP(*): $9.8001
Remaining Deferred Sales Charge: $0.2250
* As of Trade Date: 09/20/2019 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 9/20/2019) Per Unit (as of 9/20/2019)
7.65% $0.74970
^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  
NameSymbolWeighting
 Western Asset Investment Grade Income Fund Inc. PAI 3.49%
 PGIM High Yield Bond Fund, Inc. ISD 3.43%
 Blackstone/GSO Strategic Credit Fund BGB 3.42%
 BlackRock Core Bond Trust BHK 3.41%
 Pioneer High Income Trust PHT 3.41%
 Credit Suisse High Yield Bond Fund DHY 3.39%
 Neuberger Berman High Yield Strategies Fund Inc. NHS 3.39%
 Blackstone/GSO Long-Short Credit Income Fund BGX 3.39%
 PGIM Global High Yield Fund Inc. GHY 3.39%
 Aberdeen Asia-Pacific Income Fund, Inc. FAX 3.38%
 Wells Fargo Income Opportunities Fund EAD 3.38%
 Ivy High Income Opportunities Fund IVH 3.38%
 BNY Mellon High Yield Strategies Fund DHF 3.37%
 BlackRock Corporate High Yield Fund, Inc. HYT 3.37%
 Nuveen Global High Income Fund JGH 3.35%
 John Hancock Income Securities Trust JHS 3.34%
 MFS Intermediate Income Trust MIN 3.32%
 Apollo Senior Floating Rate Fund Inc. AFT 3.32%
 Western Asset Premier Bond Fund WEA 3.31%
 Nuveen Floating Rate Income Opportunity Fund JRO 3.30%
 Barings Global Short Duration High Yield Fund BGH 3.30%
 Western Asset Corporate Loan Fund Inc. TLI 3.29%
 Western Asset Global High Income Fund Inc. EHI 3.29%
 Western Asset Emerging Markets Debt Fund Inc. EMD 3.28%
 KKR Income Opportunities Fund KIO 3.27%
 Wells Fargo Multi-Sector Income Fund ERC 3.26%
 Franklin Limited Duration Income Trust FTF 3.26%
 Nuveen Credit Strategies Income Fund JQC 3.18%
 Morgan Stanley Emerging Markets Domestic Debt Fund, Inc. EDD 3.15%
 Templeton Emerging Markets Income Fund TEI 2.97%
 
Total Number of Holdings:    30
Underlying Securities information represented above is as of 09/20/2019 but will vary with future fluctuations in the market.

 Deferred Sales Charge Schedule
Amount Date
$0.07500 October 18, 2019
$0.07500 November 20, 2019
$0.07500 December 20, 2019

Risk Considerations

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.

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

Floating Rate LIBOR Risk. Certain of the floating-rate securities pay interest based on LIBOR. Due to the uncertainty regarding the future utilization of LIBOR and the nature of any replacement rate, the potential effect of a transition away from LIBOR on a fund or the financial instruments in which the fund invests cannot yet be determined.

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.

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.

Mortgage-Backed Securities Risk. Rising interest rates tend to extend the duration of mortgage-backed securities, making them more sensitive to changes in interest rates, and may reduce the market value of the securities. In addition, mortgage-backed securities are subject to prepayment risk, the risk that borrowers may pay off their mortgages sooner than expected, particularly when interest rates decline.

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.

US Treasury Debt Instruments Risk. Debt instruments, such as U.S. Treasury obligations, are subject to numerous risks including higher interest rates, economic recession and deterioration of the bond market or investors' perceptions thereof.

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 cyber security.

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
30311B106 (Cash)
30311B114 (Reinvest)
30311B122 (Cash-Fee)
30311B130 (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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