Senior Loan Select Closed-End Portfolio, Series 43
Ticker Symbol: FMAESX
|19 Holdings (As of Day of Deposit)
||Apollo Senior Floating Rate Fund Inc.
||BlackRock Debt Strategies Fund, Inc.
||BlackRock Floating Rate Income Strategies Fund, Inc.
||BlackRock Floating Rate Income Trust
||Blackstone Long-Short Credit Income Fund
||Blackstone Senior Floating Rate Term Fund
||Blackstone Strategic Credit Fund
||Eaton Vance Floating-Rate Income Trust
||Eaton Vance Senior Floating-Rate Trust
||Eaton Vance Senior Income Trust
||First Eagle Senior Loan Fund
||Invesco Dynamic Credit Opportunities Fund
||Invesco Senior Income Trust
||Nuveen Floating Rate Income Fund
||Nuveen Floating Rate Income Opportunity Fund
||Nuveen Senior Income Fund
||Nuveen Short Duration Credit Opportunities Fund
||Pioneer Floating Rate Trust
||Voya Prime Rate Trust
*As of the close of business on 3/18/21.
Market values are for reference only and are not indicative of your individual
|Not FDIC Insured Not Bank Guaranteed May Lose Value
|Initial Date of Deposit
|Initial Public Offering Price
||$10.00 per Unit
|Portfolio Ending Date
|Historical 12-Month Distribution Rate of Trust Holdings:*
|Historical 12-Month Distribution Per Unit:*
|Fee Account Cash CUSIP
|Fee Account Reinvestment CUSIP
*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. Due to the negative economic impact across many industries caused
by the COVID-19 outbreak, certain issuers of the securities included in the trust may
elect to reduce the amount of dividends and/or distributions paid in the future. As a result, the
“Historical 12-Month Distribution Rate of Trust Holdings,” which is based on the trailing twelve-month
distributions paid by the securities included in a trust, will likely be higher, and in some
cases significantly higher, than the actual distribution rate achieved by the trust. The historical
12-month distribution per unit is based on the weighted average of the trailing 12-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. Distributions may include realized short term capital gains, realized long-term capital gains and/
or return of capital. Certain of the issuers may have reduced their dividends or distributions over the prior
12 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.
|Sales Charges (based on a $10 public offering
|Transactional Sales Charges:
|Creation & Development Fee:
|Maximum Sales Charge:
|Maximum Sales Charge:
The deferred sales charge will be deducted in three monthly installments commencing
When the public offering price is less than or equal to $10.00 per unit, there will be no initial sales charge. If
the price exceeds $10.00 per unit, you will pay an initial sales charge.
The maximum sales charge for investors in fee accounts consists of the creation and development fee.
Investors in fee accounts are not assessed any transactional sales charges. Standard accounts sales charges
apply to units purchased as an ineligible asset.
The creation and development fee is a charge of $0.050 per unit collected at the end of the initial offering
period. If the price you pay exceeds $10.00 per unit, the creation and development fee will be less than 0.50%;
if the price you pay is less than $10.00 per unit, the creation and development fee will exceed 0.50%.
In addition to the sales charges listed, UITs are subject to annual operating
expenses and organization costs.
You should consider the portfolio's investment objectives, risks, and
charges and expenses carefully 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 portfolio. Read it carefully
before you invest.
An investment in this unmanaged
unit investment trust should be made with an understanding of the
risks involved with owning closed-end funds that invest in senior loan
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. All of the closed-end funds employ
the use of leverage, which increases the volatility of such funds.
All of the closed-end 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. All of
the floating-rate securities pay interest based on LIBOR. The United Kingdom’s Financial Conduct Authority,
which regulates LIBOR, will cease making LIBOR available as a reference rate over a phase-out period that
will begin immediately after December 31, 2021. The unavailability or replacement of LIBOR may affect the
value, liquidity or return on certain portfolio investments. Any potential effects of the transition away from
LIBOR can be difficult to ascertain, and they may vary depending on a variety of factors and they could result
in losses to the portfolio.
The yield on closed-end funds which invest in 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 (“high-yield” securities or “junk” bonds). Investing in
such securities 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 high-yield securities 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.
All of the closed-end funds invest in covenant-lite loans which contain
fewer or no maintenance covenants and may hinder a closed-end
fund’s ability to reprice credit risk and mitigate potential loss especially
during a downturn in the credit cycle.
All of the closed-end funds invest in securities issued by foreign issuers.
Such securities are subject to certain risks including currency and
interest rate fluctuations, nationalization or other adverse political or
economic developments, lack of liquidity of certain foreign markets,
withholding, the lack of adequate financial information, and exchange
control restrictions impacting foreign issuers.
About 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 certainly 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.
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.
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.
The COVID-19 global pandemic has resulted in major disruptions to economies and markets around the world. Financial markets have experienced extreme volatility and severe losses, negatively impacting global economic
growth prospects. The duration of the COVID-19 outbreak and its effects cannot be determined with certainty and may exacerbate other political, social and economic risks.
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.
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
For a discussion of additional risks of investing in the trust see
the "Risk Factors" section of the prospectus.