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Strategic Income Closed-End, 66  Ticker: FVIKAX
 
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.
 
Summary
Product Code: CESI66
Portfolio Status: Secondary
Initial Offer Date: 02/13/2018
Secondary Date: 05/16/2018
Portfolio Ending Date: 02/13/2020
Tax Structure: Regulated Investment Company
Distributions: Monthly
 
Initial Offer Price: $10.0000
NAV(*): $9.2795
POP(*): $9.4931
Remaining Deferred Sales Charge: $0.0750
* As of Trade Date: 06/21/2018 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 * $0.6995
Subsequent Years * $0.6991
As of 06/18/2018
* The estimated net annual distribution for subsequent years is expected to be less than the amount for the first year because a portion of the securities included in the portfolio will be sold to pay for organization costs, the deferred sales charge and the creation and development fee.  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
 KKR Income Opportunities Fund KIO 3.64%
 Ivy High Income Opportunities Fund IVH 3.53%
 Apollo Senior Floating Rate Fund Inc. AFT 3.49%
 Western Asset Investment Grade Defined Opportunity Trust Inc. IGI 3.48%
 Barings Global Short Duration High Yield Fund BGH 3.48%
 Invesco Dynamic Credit Opportunities Fund VTA 3.45%
 Nuveen Senior Income Fund NSL 3.44%
 Nuveen Credit Strategies Income Fund JQC 3.42%
 Dreyfus High Yield Strategies Fund DHF 3.41%
 Pioneer Floating Rate Trust PHD 3.40%
 Pioneer High Income Trust PHT 3.39%
 Wells Fargo Income Opportunities Fund EAD 3.38%
 BlackRock Corporate High Yield Fund, Inc. HYT 3.37%
 PGIM Short Duration High Yield Fund, Inc. ISD 3.36%
 MFS Multimarket Income Trust MMT 3.35%
 Neuberger Berman High Yield Strategies Fund Inc. NHS 3.35%
 BlackRock Core Bond Trust BHK 3.34%
 PGIM Global Short Duration High Yield Fund, Inc. GHY 3.34%
 Virtus Global Multi-Sector Income Fund VGI 3.33%
 Western Asset High Income Fund II Inc. HIX 3.32%
 Wells Fargo Multi-Sector Income Fund ERC 3.31%
 MFS Intermediate Income Trust MIN 3.29%
 Western Asset Global High Income Fund Inc. EHI 3.28%
 Insight Select Income Fund INSI 3.25%
 John Hancock Income Securities Trust JHS 3.18%
 Morgan Stanley Emerging Markets Debt Fund, Inc. MSD 3.15%
 Aberdeen Asia-Pacific Income Fund, Inc. FAX 3.11%
 Western Asset Emerging Markets Debt Fund Inc. EMD 3.04%
 Morgan Stanley Emerging Markets Domestic Debt Fund, Inc. EDD 2.98%
 Stone Harbor Emerging Markets Income Fund EDF 2.80%
 
Total Number of Holdings:    30
Underlying Securities information represented above is as of 06/21/2018 but will vary with future fluctuations in the market.

 Deferred Sales Charge Schedule
Amount Date
$0.07500 May 18, 2018
$0.07500 June 20, 2018
$0.07500 July 20, 2018

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 may 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 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
30307B623 (Cash)
30307B631 (Reinvest)
30307B649 (Cash-Fee)
30307B656 (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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