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Strategic Income Select Closed-End, 38  Ticker: FWDRAX
The Strategic Income Select Closed-End Portfolio is a unit investment trust that seeks a high rate of current monthly income by investing in a diversified pool of closed-end funds that invest in U.S. and foreign common stocks and taxable bonds. Capital appreciation is a secondary objective.
Please note that there is no assurance the objective will be met.
Product Code: ST2Y38
Portfolio Status: Secondary
Initial Offer Date: 03/13/2019
Secondary Date: 06/07/2019
Portfolio Ending Date: 03/12/2021
Tax Structure: Regulated Investment Company
Distributions: Monthly
Initial Offer Price: $10.0000
NAV(*): $10.0450
POP(*): $10.2762
Remaining Deferred Sales Charge: $0.1500
* As of Trade Date: 07/16/2019 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 7/16/2019) Per Unit (as of 7/15/2019)
7.64% $0.78520
^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  
 Liberty All-Star Growth Fund, Inc. ASG 3.11%
 Eaton Vance Tax-Advantaged Dividend Income Fund EVT 3.06%
 Duff & Phelps Global Utility Income Fund Inc. DPG 2.99%
 Western Asset Premier Bond Fund WEA 2.97%
 Virtus Total Return Fund Inc. ZF 2.97%
 Duff & Phelps Select MLP and Midstream Energy Fund Inc. DSE 2.95%
 Liberty All-Star Equity Fund USA 2.93%
 Eaton Vance Tax-Managed Diversified Equity Income Fund ETY 2.92%
 BrandywineGLOBAL Global Income Opportunities Fund Inc. BWG 2.92%
 Flaherty & Crumrine Preferred and Income Securities Fund Incorporated FFC 2.91%
 Eaton Vance Enhanced Equity Income Fund EOI 2.89%
 Wells Fargo Global Dividend Opportunity Fund EOD 2.89%
 Morgan Stanley Emerging Markets Domestic Debt Fund, Inc. EDD 2.89%
 Morgan Stanley Emerging Markets Debt Fund, Inc. MSD 2.87%
 Invesco Bond Fund VBF 2.87%
 Virtus Global Multi-Sector Income Fund VGI 2.87%
 Credit Suisse High Yield Bond Fund DHY 2.86%
 MFS Intermediate High Income Fund CIF 2.85%
 Wells Fargo Multi-Sector Income Fund ERC 2.85%
 John Hancock Preferred Income Fund III HPS 2.85%
 Aberdeen Global Income Fund, Inc. FCO 2.84%
 Eaton Vance Tax-Managed Global Diversified Equity Income Fund EXG 2.83%
 Western Asset Investment Grade Defined Opportunity Trust Inc. IGI 2.83%
 Nuveen Preferred & Income Opportunities Fund JPC 2.81%
 Blackstone/GSO Senior Floating Rate Term Fund BSL 2.80%
 Aberdeen Total Dynamic Dividend Fund AOD 2.79%
 Blackstone/GSO Strategic Credit Fund BGB 2.79%
 Aberdeen Global Dynamic Dividend Fund AGD 2.77%
 Nuveen Global High Income Fund JGH 2.77%
 TCW Strategic Income Fund, Inc. TSI 2.75%
 Barings Global Short Duration High Yield Fund BGH 2.74%
 Franklin Limited Duration Income Trust FTF 2.73%
 Apollo Senior Floating Rate Fund Inc. AFT 2.73%
 KKR Income Opportunities Fund KIO 2.71%
 THL Credit Senior Loan Fund TSLF 2.62%
Total Number of Holdings:    35
Underlying Securities information represented above is as of 07/15/2019 but will vary with future fluctuations in the market.

 Deferred Sales Charge Schedule
Amount Date
$0.07500 June 20, 2019
$0.07500 July 19, 2019
$0.07500 August 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 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.

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.

Options Risk. Options are subject to various risks including that their value may be adversely affected if the market for the option becomes less liquid or smaller. In addition, options will be affected by changes in the value and dividend rates of the stock subject to the option, an increase in interest rates, a change in the actual and perceived volatility of the stock market and the common stock and the remaining time to expiration.

Preferred Securities Risk. Preferred securities are equity securities of the issuing company which pay income in the form of dividends. Preferred securities are typically subordinated to bonds and other debt instruments in a company's capital structure, and therefore will be subject to greater credit risk than those debt instruments.

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.

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
30310V186 (Cash)
30310V194 (Reinvest)
30310V202 (Cash-Fee)
30310V210 (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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