Global Bond Income Closed-End, 37  Ticker: FROVFX
 
Description
The Global Bond Income Closed-End Portfolio is a unit investment trust that invests in a pool of closed-end funds which invest in a wide range of bonds, including government bonds, corporate bonds, and mortgage-backed securities from domestic and foreign issuers, including those in emerging markets. The portfolio seeks a high rate of current monthly income, with capital appreciation as a secondary objective.
Please note that there is no assurance the objective will be met.
 
Summary
Product Code: GB2Y37
Portfolio Status: Primary
Initial Offer Date: 03/05/2021
Portfolio Ending Date: 03/06/2023
Tax Structure: Regulated Investment Company
Distributions: Monthly
 
Initial Offer Price: $10.0000
NAV(*): $10.0109
POP(*): $10.2426
Remaining Deferred Sales Charge: $0.1500
* As of Trade Date: 06/24/2021 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 6/24/2021) Per Unit (as of 6/21/2021)
6.30% $0.64520
^ 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 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.

 Holdings  Export Current Holdings | View Initial Holdings  
NameSymbolWeighting
 Western Asset Emerging Markets Debt Fund Inc. EMD 12.06%
 Templeton Emerging Markets Income Fund TEI 11.65%
 Morgan Stanley Emerging Markets Domestic Debt Fund, Inc. EDD 11.56%
 Templeton Global Income Fund GIM 11.51%
 Aberdeen Asia-Pacific Income Fund, Inc. FAX 11.48%
 Morgan Stanley Emerging Markets Debt Fund, Inc. MSD 7.95%
 Stone Harbor Emerging Markets Total Income Fund EDI 7.51%
 AllianceBernstein Global High Income Fund, Inc. AWF 4.11%
 Nuveen Global High Income Fund JGH 3.94%
 Eaton Vance Short Duration Diversified Income Fund EVG 3.93%
 Western Asset Global Corporate Defined Opportunity Fund Inc. GDO 3.90%
 BrandywineGLOBAL Global Income Opportunities Fund Inc. BWG 3.90%
 Western Asset Global High Income Fund Inc. EHI 3.86%
 
Total Number of Holdings:    13
Underlying Securities information represented above is as of 06/24/2021 but will vary with future fluctuations in the market.

 Standard Account Sales Charges *
Transactional sales charges: Initial:  0.80%
  Deferred:  1.46%
C&D Fee:    0.49%
Maximum Sales Charge:   2.75%
CUSIP Type Distribution
30317V726 Cash Monthly
30317V734 Reinvest Monthly
* Based on the offer price as of 06/24/2021 4:00pm ET

 Fee/Wrap Account Sales Charges *
C&D Fee:    0.50%
Maximum Sales Charge:   0.50%
CUSIP Type Distribution
30317V742 Cash-Fee Monthly
30317V759 Reinvest-Fee Monthly
* Based on the NAV price as of 06/24/2021 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 June 18, 2021
$0.07500 July 20, 2021
$0.07500 August 20, 2021

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.

Brexit Risk. 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 uncertainty 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.

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 COVID-19 global pandemic has caused significant volatility and declines in global financial markets, causing losses for investors. The development of vaccines has slowed the spread of the virus and allowed for the resumption of "reasonably" normal business activity in the United States, although many countries continue to impose lockdown measures. Additionally, there is no guarantee that vaccines will be effective against emerging variants of the disease.

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.

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.

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 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.