The portfolio seeks to provide high current income. The portfolio seeks to achieve its objective by investing in a portfolio primarily consisting of common stock of closed-end investment companies (known as "closed-end funds") that invest in senior corporate loans or other debt securities of limited duration.
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Fact Card
Prospectus
Supplement
| Offer Price: |
$9.97920 |
| WRAP Price: |
$9.70380 |
| Bid Price: |
$9.86850 |
| Liquidation Price: |
$9.63490 |
| Deposit Date |
Jan 18, 2013 |
| Scheduled Primary Offering Period |
Jan 18, 2013 - Apr 18, 2013 |
| Symbol |
LOAN0035 |
| NASDAQ Symbol |
ISLLDX |
| Term of Trust |
24 months |
| Termination Date |
Jan 16, 2015 |
| Tax Status |
Regulated Investment Company
|
Public Offering Price
(End of deposit date) |
$10.00000 |
| Maximum Sales Charge |
3.95% |
| Sales Charge Schedule |
View Regular
|
| Sales Charge Volume Discount |
View Regular
|
| Est. Net Annual Income1 |
$0.664510 |
| Initial Payable Date2 |
Feb 25, 2013 |
| Initial Record Date2 |
Feb 10, 2013 |
| Re-Investment Options |
Reinvest, Cash, Wrap Reinvest, Wrap Cash |
| Estimated Frequency of Offering |
3 months |
| CUSIPs |
Regular CUSIP |
Wrap Fee |
| Cash CUSIP |
46132Y448 |
46132Y463 |
| Re-invest CUSIP |
46132Y455 |
46132Y471 |
Investors in fee-based accounts will not be assessed the initial or deferred sales charges for
eligible fee-based purchases and must purchase units with a Wrap Fee CUSIP.
There is no assurance that a unit investment trust will achieve its investment objective. An investment in this unit investment trust is subject to market risk, which is the possibility that the market values of securities owned by the trust will decline and that the value of trust units may therefore be less than what you paid for them. This trust is unmanaged and its portfolio is not intended to change during the trust's life except in limited circumstances. Accordingly, you can lose money investing in this trust.
You will bear not only your share of the trust's expenses, but also those of the underlying funds. By investing in other funds, the trust incurs greater expenses than you would incur if you invested directly in the funds.
The closed-end funds held by the portfolio invest in senior loans. Although senior loans in which the closed-end funds invest may be secured by specific collateral, there can be no assurance that liquidation of collateral would satisfy the borrower's obligation in the event of non-payment of scheduled principal or interest or that such collateral could be readily liquidated. Senior loans in which the closed-end funds invest generally are of below investment grade credit quality, may be unrated at the time of investment, generally are not registered with the Securities and Exchange Commission or any state securities commission, and generally are not listed on any securities exchange. In addition, the amount of public information available on senior loans generally is less extensive than that available for other types of assets.
Shares of closed-end funds frequently trade at a discount to their net asset value in the secondary market and the net asset value of closed-end fund shares may decrease.
Certain of the closed-end funds may employ the use of leverage in their portfolios. While leverage often increases the yield of a closed-end fund, it also increases risks, including the likelihood of increased volatility and the possibility that the closed-end fund's common share income will fall if the dividend rate on the preferred shares or the interest rate on any borrowings rises.
The yield on closed-end funds which invest in senior loans will generally decline in a falling interest rate environment and increase in a rising interest rate environment. Because interest rates on senior loans are reset periodically an increase in interest rates may not be immediately reflected in the rates of the loans.
Senior loans are generally below investment grade quality ("junk" bonds). Investing in such bonds should be viewed as speculative and you should review your ability to assume the risks associated with investments which utilize such bonds. Junk bonds 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. Junk bond prices tend to fluctuate more than higher rated bonds and are affected by short-term credit developments to a greater degree.