Home   Logon   Mobile Site   Research and Commentary   About Us   Call 1.800.621.1675 or Email Us       Follow Us: 

Search by Ticker, Keyword or CUSIP       

Core Three Closed-End Allocation, 45  Ticker: FHCMDX
This unit investment trust seeks current monthly income, with capital appreciation as a secondary objective. The portfolio is diversified among federally tax-exempt municipal bond closed-end funds (CEFs), senior loan and limited duration CEFs, and domestic equity CEFs.
Please note that there is no assurance the objective will be met.
Product Code: CEC345
Portfolio Status: Primary
Initial Offer Date: 05/13/2020
Portfolio Ending Date: 05/13/2022
Tax Structure: Regulated Investment Company
Distributions: Monthly
Initial Offer Price: $10.0000
NAV(*): $10.9544
POP(*): $11.2128
Remaining Deferred Sales Charge: $0.2250
* As of Trade Date: 08/03/2020 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 8/3/2020) Per Unit (as of 8/3/2020)
7.14% $0.80090
^ 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 recent 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 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. 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. 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.

 Holdings  Export Current Holdings | View Initial Holdings  
 Liberty All-Star Growth Fund, Inc. ASG 2.54%
 Royce Value Trust, Inc. RVT 2.34%
 Cohen & Steers Quality Income Realty Fund, Inc. RQI 2.31%
 The Gabelli Equity Trust Inc. GAB 2.30%
 Royce Micro-Cap Trust, Inc. RMT 2.30%
 Liberty All-Star Equity Fund USA 2.24%
 The Gabelli Dividend & Income Trust GDV 2.21%
 Nuveen Nasdaq 100 Dynamic Overwrite Fund QQQX 2.20%
 John Hancock Financial Opportunities Fund BTO 2.18%
 Nuveen S&P 500 Dynamic Overwrite Fund SPXX 2.16%
 Eaton Vance Tax-Managed Diversified Equity Income Fund ETY 2.14%
 Nuveen Core Equity Alpha Fund JCE 2.10%
 Eaton Vance Tax-Advantaged Dividend Income Fund EVT 2.09%
 Tekla Healthcare Investors HQH 2.07%
 Reaves Utility Income Fund UTG 2.04%
 KKR Income Opportunities Fund KIO 1.71%
 MFS High Income Municipal Trust CXE 1.70%
 BlackRock Strategic Municipal Trust BSD 1.70%
 Wells Fargo Multi-Sector Income Fund ERC 1.69%
 BlackRock Multi-Sector Income Trust BIT 1.69%
 BlackRock MuniYield Fund, Inc. MYD 1.68%
 Nuveen Enhanced Municipal Value Fund NEV 1.68%
 Nuveen Municipal Credit Income Fund NZF 1.67%
 BlackRock Long-Term Municipal Advantage Trust BTA 1.66%
 Neuberger Berman Municipal Fund Inc. NBH 1.65%
 BNY Mellon Strategic Municipals, Inc. LEO 1.64%
 Eaton Vance Limited Duration Income Fund EVV 1.64%
 Delaware Investments National Municipal Income Fund VFL 1.64%
 Nuveen AMT-Free Municipal Credit Income Fund NVG 1.64%
 Credit Suisse Asset Management Income Fund, Inc. CIK 1.62%
 PIMCO Municipal Income Fund PMF 1.62%
 MFS High Yield Municipal Trust CMU 1.61%
 Putnam Managed Municipal Income Trust PMM 1.61%
 Franklin Limited Duration Income Trust FTF 1.61%
 Pioneer Municipal High Income Advantage Trust MAV 1.61%
 Guggenheim Credit Allocation Fund GGM 1.61%
 Invesco Municipal Income Opportunities Trust OIA 1.60%
 Eaton Vance Municipal Bond Fund EIM 1.60%
 Western Asset Managed Municipals Fund Inc. MMU 1.58%
 Nuveen Municipal High Income Opportunity Fund NMZ 1.58%
 Western Asset Mortgage Opportunity Fund Inc. DMO 1.58%
 Invesco Municipal Trust VKQ 1.56%
 MainStay DefinedTerm Municipal Opportunities Fund MMD 1.55%
 Pioneer Floating Rate Trust PHD 1.50%
 Blackstone/GSO Long-Short Credit Income Fund BGX 1.46%
 Invesco Dynamic Credit Opportunities Fund VTA 1.45%
 Nuveen Senior Income Fund NSL 1.43%
 Blackstone/GSO Strategic Credit Fund BGB 1.43%
 Invesco Senior Income Trust VVR 1.42%
 BlackRock Floating Rate Income Strategies Fund, Inc. FRA 1.42%
 Aberdeen Income Credit Strategies Fund ACP 1.42%
 BlackRock Debt Strategies Fund, Inc. DSU 1.40%
 Nuveen Short Duration Credit Opportunities Fund JSD 1.35%
 First Eagle Senior Loan Fund FSLF 1.34%
 DoubleLine Income Solutions Fund DSL 1.31%
 Barings Global Short Duration High Yield Fund BGH 1.30%
 Pioneer High Income Trust PHT 1.22%
Total Number of Holdings:    57
Underlying Securities information represented above is as of 08/03/2020 but will vary with future fluctuations in the market.

 Standard Account Sales Charges *
Transactional sales charges: Initial:  0.29%
  Deferred:  2.01%
C&D Fee:    0.45%
Maximum Sales Charge:   2.75%
CUSIP Type Distribution
30313Y500 Cash Monthly
30313Y518 Reinvest Monthly
* Based on the offer price as of 08/03/2020 4:00pm ET

 Fee/Wrap Account Sales Charges *
C&D Fee:    0.46%
Maximum Sales Charge:   0.46%
CUSIP Type Distribution
30313Y526 Cash-Fee Monthly
30313Y534 Reinvest-Fee Monthly
* Based on the NAV price as of 08/03/2020 4:00pm ET
In addition to the sales charges listed, UITs are subject to annual operating expenses and organization costs.

 Deferred Sales Charge Schedule
Amount Date
$0.07500 August 20, 2020
$0.07500 September 18, 2020
$0.07500 October 20, 2020

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.

COVID-19 Economic Impact Risk. The recent outbreak of a respiratory disease designated as COVID-19 was first detected in China in December 2019. The global economic impact of the COVID-19 outbreak is impossible to predict but is expected to disrupt manufacturing, supply chains and sales in affected areas and negatively impact global economic growth prospects. The COVID-19 outbreak has also caused significant volatility and declines in global financial markets, which have caused losses for investors. The impact of the COVID-19 outbreak may be short term or may last for an extended period of time, and in either case could result in a substantial economic downturn or recession.

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.

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.

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.

Municipal Bonds Risk. Municipal bonds are subject to numerous risks, including higher interest rates, economic recession, deterioration of the municipal bond market, possible downgrades and defaults of interest and/or principal.

Municipal Securities 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. The markets for credit instruments, including municipal securities, have experienced periods of extreme illiquidity and volatility.

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.

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 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 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
30313Y500 (Cash)
30313Y518 (Reinvest)
30313Y526 (Cash-Fee)
30313Y534 (Reinvest-Fee)
Printer Friendly Page Printer Friendly Page

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 professionals 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. (Form CRS)   •  First Trust Advisors L.P. (Form CRS)
Home |  Important Legal Information |  Privacy Policy |  California Privacy Policy |  Business Continuity Plan |  FINRA BrokerCheck
Copyright © 2020 All rights reserved.