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Dividend & Income Select Closed-End, 74  Ticker: FRPNOX
 
Description
The Dividend & Income Select Closed-End Portfolio is a unit investment trust that is comprised of a pool of closed-end funds which invest primarily in dividend-paying common stocks. A portion of those funds invest in common stocks and, on an ongoing basis, will sell covered call options. The portfolio seeks to provide above-average total return through a combination of capital appreciation and dividend income.
Please note that there is no assurance the objective will be met.
 
Summary
Product Code: DISL74
Portfolio Status: Secondary
Initial Offer Date: 03/27/2019
Secondary Date: 05/15/2019
Portfolio Ending Date: 03/26/2021
Tax Structure: Regulated Investment Company
Distributions: Monthly
 
Initial Offer Price: $10.0000
NAV(*): $9.7578
POP(*): $9.9824
Remaining Deferred Sales Charge: $0.0000
* As of Trade Date: 12/09/2019 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 12/9/2019) Per Unit (as of 12/9/2019)
7.68% $0.76700
^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
 Cohen & Steers Quality Income Realty Fund, Inc. RQI 3.95%
 Eaton Vance Tax-Advantaged Dividend Income Fund EVT 3.80%
 Eaton Vance Tax-Advantaged Global Dividend Income Fund ETG 3.80%
 Virtus Total Return Fund Inc. ZTR 3.79%
 LMP Capital and Income Fund Inc. SCD 3.77%
 Liberty All-Star Growth Fund, Inc. ASG 3.77%
 Nuveen Tax-Advantaged Dividend Growth Fund JTD 3.63%
 Brookfield Global Listed Infrastructure Income Fund Inc. INF 3.63%
 Eaton Vance Enhanced Equity Income Fund EOI 3.62%
 CBRE Clarion Global Real Estate Income Fund IGR 3.62%
 Liberty All-Star Equity Fund USA 3.58%
 Calamos Strategic Total Return Fund CSQ 3.57%
 Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund ETO 3.57%
 Eaton Vance Enhanced Equity Income Fund II EOS 3.47%
 Wells Fargo Global Dividend Opportunity Fund EOD 3.47%
 Aberdeen Total Dynamic Dividend Fund AOD 3.46%
 BlackRock Health Sciences Trust BME 3.45%
 Cohen & Steers Infrastructure Fund, Inc. UTF 3.44%
 Eaton Vance Risk-Managed Diversified Equity Income Fund ETJ 3.40%
 BlackRock Enhanced Global Opportunities Dividend Trust BOE 3.38%
 Tekla Life Sciences Investors HQL 3.36%
 Tekla Healthcare Investors HQH 3.34%
 Duff & Phelps Utility and Infrastructure Fund Inc. DPG 3.33%
 Voya Global Advantage and Premium Opportunity Fund IGA 3.29%
 Clough Global Equity Fund GLQ 3.13%
 Tortoise Power and Energy Infrastructure Fund, Inc. TPZ 2.86%
 Salient Midstream & MLP Fund SMM 2.64%
 Duff & Phelps Select MLP and Midstream Energy Fund Inc. DSE 2.33%
 Gabelli Healthcare & WellnessRx Trust GRX 1.79%
 Aberdeen Global Dynamic Dividend Fund AGD 1.76%
 
Total Number of Holdings:    30
Underlying Securities information represented above is as of 12/09/2019 but will vary with future fluctuations in the market.

Risk Considerations

Equity Risk. An investment in a portfolio containing common stocks is subject to certain risks, such as an economic recession and the possible deterioration of either the financial condition of the issuers of the equity securities or the general condition of the stock market.

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.

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.

MLP Risk. Investments in Master Limited Partnerships (MLPs) are subject to the risks generally applicable to companies in the energy and natural resources sectors, including commodity pricing risk, supply and demand risk, depletion risk and exploration risk. There are certain tax risks associated with MLPs, including the risk that U.S. taxing authorities could challenge the trust's treatment of the MLPs for federal income tax purposes. These tax risks could have a negative impact on the after-tax income available for distribution by the MLPs and/or the value of the trust's investments.

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.

REITs Risk. An investment in a portfolio containing REIT securities is subject to additional risks including limited diversification. 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.

Small-Cap and Mid-Cap Risk. An investment in a portfolio containing small-cap and mid-cap companies is subject to additional risks, as the share prices of small-cap companies and certain mid-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.

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 cybersecurity.

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
30307X468 (Cash)
30307X476 (Reinvest)
30307X484 (Cash-Fee)
30307X492 (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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