Unit Trusts

Clsd-End Strgy: Sen Loan and Ltd Dur (LOAN0173)

Objective

The Portfolio seeks to provide current income and the potential for capital appreciation. 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.

Why consider investing in the Closed-End Strategy: Senior Loan and Limited Duration Portfolio?
For investors who seek income, but are concerned about interest-rate risk, the Portfolio may offer a compelling opportunity. The Portfolio is comprised of funds that invest in income securities that are typically less sensitive to changing interest rates.

The Portfolio may offer:

  • Current income potential
  • Floating distribution rates
  • Typically less interest-rate risk compared to portfolios of long-term fixed-rate securities
  • Diversification of portfolio managers
  • Daily liquidity* (Investment return and principal value will fluctuate and units, when redeemed, may be worth more or less than their original cost.)

Diversification does not guarantee a profit or eliminate the risk of loss.

Senior Loans: The Floating-Rate Advantage?
Senior loans (also referred to as bank, syndicated or leveraged loans) are loans made by large banks and credit companies to corporations often rated below investment grade, partnerships and other business entities that use the loans to finance leveraged buyouts, acquisitions and recapitalizations. Like bonds, senior loans offer a potential stream of interest income. Senior loans also offer these distinct features and benefits:

  • Floating Rates
    Unlike bonds which have a fixed rate of interest, senior loans are adjustable-rate securities. The interest rates on the loans are pegged to short-term interest rates, such as LIBOR (the London Interbank Offered Rate), and are reset periodically-typically every 30 to 90 days. As a result, the interest earned on senior loans adjusts up and down with changes in short-term interest rates. However, an increase in interest rates may not be immediately reflected in the rates of the loans.

  • Historically Reduced Interest-Rate Risk
    Because the rates on senior loans float with short-term interest rates, changes in prevailing market rates typically have had a limited effect on the value of senior loans. As a result, senior loans may entail less interest-rate risk and may help manage the risk inherent in a fixed-income portfolio. Of course, past performance is not indicative of future results.

  • Potentially Higher Income
    Senior loans also offer the potential to earn more current income when interest rates are rising. Of course, senior loans may earn less current income if interest rates fall. Plus, the rates on senior loans float at a margin above prevailing short-term rates. This yield premium, along with the floating-nature of the loans, may make senior loans a compelling investment for investors seeking to maximize current income.

The Potential Opportunity of Limited-Duration Funds
"Duration" is a measure of the sensitivity of a debt security’s price to changes in interest rates, expressed in years. Higher durations signify greater price volatility. Securities with a lower duration (or sensitivity to interest-rate changes) also generally entail less interest-rate risk. The Portfolio invests in a variety of funds that are managed around a lower target duration and that seek to provide attractive yields. Fund investments are diversified across various investments including mortgage-backed securities, corporate bonds, and senior loans.

* Funds will typically be mailed within three business days (or any shorter period as may be required by law) after your redemption request is received.

 Read more

1The Portfolio will make distributions of income and capital on each specified Distribution Date to unitholders of record on the preceding Record Date, provided that the total cash held for distribution meets or exceeds any applicable minimum that may be specified in the prospectus. Undistributed income and capital will be distributed on the next Distribution Date in which the total cash held for distribution meets or exceeds any applicable minimum that may be specified in the prospectus.

  The Estimated Annual Income per Unit is as of the date listed in the prospectus during the trust's initial offering period, and is updated each calendar quarter thereafter. This amount is based on the most recently declared dividends or interim and final dividends accounting for any foreign withholding taxes, but may also be based upon several recently declared dividends. The actual net annual distributions you receive will vary from the estimate set forth above with changes in the trust's fees and expenses, in dividends and distributions received, currency fluctuations and with the sale of trust securities. The actual net annual distributions are expected to decrease over time because a portion of the securities included in the trust will be sold over time to pay for organization costs. Securities may also be sold to pay regular fees and expenses during the trust's life.

  The Portfolio may make distributions that represent a return of capital for tax purposes to the extent of the Unitholder's basis in the Units, and any additional amounts in excess of basis would be taxed as a capital gain. Generally, you will treat all capital gains dividends as long-term capital gains regardless of how long you have owned your Units. Unitholders should consult with their individual tax advisors.

2As of the close of business day prior to Initial Date of Deposit. The actual distributions you may receive will vary from the estimated amount due to changes in the Portfolio's fees and expenses, in actual income received by the Portfolio, currency fluctuations and with changes in the Portfolio such as acquisition or liquidation of securities.

The trust portfolio is provided for informational purposes only and should not be deemed as a recommendation to buy or sell the individual securities shown above.


About risk

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. The trust should be considered as part of a long-term investment strategy and you should consider your ability to pursue it by investing in successive trusts, if available. You will realize tax consequences associated with investing from one series to the next.

The Portfolio invests in shares of closed-end funds. Shares of these funds tend to trade at a discount from their net asset value in the secondary market and the net asset value of the shares may decrease. Closed-end funds are subject to risks related to factors such as management's ability to achieve a fund's objective, market conditions affecting a fund's investments and use of leverage. You will bear not only your share of the Portfolio's expenses, but also the expenses of the underlying funds. By investing in other funds, the Portfolio incurs greater expenses than you would incur if you invested directly in the funds.

You could experience dilution of your investment if the size of the Portfolio is increased as Units are sold. There is no assurance that your investment will maintain its proportionate share in the Portfolio's profits and losses.

The financial condition of a loan borrower may worsen or its credit ratings may drop, resulting in a reduction in the value of your units. This may occur at any point in time, including during the primary offering period.

The value of fixed income securities in the closed-end funds will generally fall if interest rates rise. Given the historically low interest rate environment in the U.S., risks associated with rising rates are heightened. The negative impact on fixed income securities from any interest rate inscreases could be swift and significant. No one can predict whether interest rates will rise or fall in the future.

In the future, a closed-end fund may be unable or unwilling to make dividend payments, and senior loan borrowers may be unable to make payments of interest or principal. Any of these events may reduce the level of dividends a closed-end fund pays which would reduce your income and cause the value of your Units to fall.

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.

The yield on closed-end funds investing in senior loans may fluctuate with changes in interest rates. Generally, yields on senior loans 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 or "high-yield" bonds). Securities rated below "BBB-" by Standard & Poor's or below "Baa3" by Moody's are considered to be below investment grade. 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.

The trust may, from time to time, emphasize certain market sectors. To the extent the trust does so, it is more susceptible to economic, political and other occurrences influencing those sectors.

as of 10/16/2017
Closed-end Funds Symbol Weighting
(%)
Ares Dynamic Credit Allocation Fund ARDC 7.94
Avenue Income Strategies Fund ACP 8.38
Barings Global Short Duration BGH 5.18
Blackstone/Gso Long Short Credit Inc Fd BGX 8.09
Blackstone/Gso Strategic Credit Fund BGB 7.96
Eaton Vance Floating-Rate Income Plus Fu EFF 4.45
Eaton Vance Senior Floating Rate Fund EFR 5.94
Eaton Vance Senior Income Trust EVF 4.90
Franklin Limited Dur Inc Trust FTF 6.98
Ivk Dynamic Credit Opportunities VTA 6.95
Ivy High Income Opportunities Fund IVH 6.12
Kkr Income Opportunities Fund KIO 5.07
Nuveen Credit Strategies Income Fund JQC 6.91
Thl Credit Senior Loan Fund TSLF 4.32
Wells Fargo Adv Multi-Sector Inc Fund ERC 6.92
Western Asset Corporate Loan Fund Inc TLI 3.90

1The Portfolio will make distributions of income and capital on each specified Distribution Date to unitholders of record on the preceding Record Date, provided that the total cash held for distribution meets or exceeds any applicable minimum that may be specified in the prospectus. Undistributed income and capital will be distributed on the next Distribution Date in which the total cash held for distribution meets or exceeds any applicable minimum that may be specified in the prospectus.

  The Estimated Annual Income per Unit is as of the date listed in the prospectus during the trust's initial offering period, and is updated each calendar quarter thereafter. This amount is based on the most recently declared dividends or interim and final dividends accounting for any foreign withholding taxes, but may also be based upon several recently declared dividends. The actual net annual distributions you receive will vary from the estimate set forth above with changes in the trust's fees and expenses, in dividends and distributions received, currency fluctuations and with the sale of trust securities. The actual net annual distributions are expected to decrease over time because a portion of the securities included in the trust will be sold over time to pay for organization costs. Securities may also be sold to pay regular fees and expenses during the trust's life.

  The Portfolio may make distributions that represent a return of capital for tax purposes to the extent of the Unitholder's basis in the Units, and any additional amounts in excess of basis would be taxed as a capital gain. Generally, you will treat all capital gains dividends as long-term capital gains regardless of how long you have owned your Units. Unitholders should consult with their individual tax advisors.

2As of the close of business day prior to Initial Date of Deposit. The actual distributions you may receive will vary from the estimated amount due to changes in the Portfolio's fees and expenses, in actual income received by the Portfolio, currency fluctuations and with changes in the Portfolio such as acquisition or liquidation of securities.

The trust portfolio is provided for informational purposes only and should not be deemed as a recommendation to buy or sell the individual securities shown above.


About risk

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. The trust should be considered as part of a long-term investment strategy and you should consider your ability to pursue it by investing in successive trusts, if available. You will realize tax consequences associated with investing from one series to the next.

The Portfolio invests in shares of closed-end funds. Shares of these funds tend to trade at a discount from their net asset value in the secondary market and the net asset value of the shares may decrease. Closed-end funds are subject to risks related to factors such as management's ability to achieve a fund's objective, market conditions affecting a fund's investments and use of leverage. You will bear not only your share of the Portfolio's expenses, but also the expenses of the underlying funds. By investing in other funds, the Portfolio incurs greater expenses than you would incur if you invested directly in the funds.

You could experience dilution of your investment if the size of the Portfolio is increased as Units are sold. There is no assurance that your investment will maintain its proportionate share in the Portfolio's profits and losses.

The financial condition of a loan borrower may worsen or its credit ratings may drop, resulting in a reduction in the value of your units. This may occur at any point in time, including during the primary offering period.

The value of fixed income securities in the closed-end funds will generally fall if interest rates rise. Given the historically low interest rate environment in the U.S., risks associated with rising rates are heightened. The negative impact on fixed income securities from any interest rate inscreases could be swift and significant. No one can predict whether interest rates will rise or fall in the future.

In the future, a closed-end fund may be unable or unwilling to make dividend payments, and senior loan borrowers may be unable to make payments of interest or principal. Any of these events may reduce the level of dividends a closed-end fund pays which would reduce your income and cause the value of your Units to fall.

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.

The yield on closed-end funds investing in senior loans may fluctuate with changes in interest rates. Generally, yields on senior loans 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 or "high-yield" bonds). Securities rated below "BBB-" by Standard & Poor's or below "Baa3" by Moody's are considered to be below investment grade. 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.

The trust may, from time to time, emphasize certain market sectors. To the extent the trust does so, it is more susceptible to economic, political and other occurrences influencing those sectors.

Historical Pricing

From   to

Distributions

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LIQUIDATION PRICE
Represents the value per unit that a unitholder would receive if the unitholder redeemed or sold units. This price is equal to the net asset value per unit plus any remaining organization costs and creation and development fee. This price reflects any remaining deferred sales charges payable in connection with a liquidation of units.

OFFER PRICE
Represents the net asset value per unit plus any applicable organization costs and sales charges. This is the regular public offering price per unit paid to purchase units. This price is often subject to certain sales charge discounts described in a trust prospectus.

NET ASSET VALUE (NAV)
Represents the value per unit of a trust's portfolio securities and other assets reduced by trust expenses and other liabilities, including remaining organization costs, deferred sales charges and creation and the development fee.


This page contains historical pricing or historical income distributions information for the unit trust listed above. It should not be used for federal or state tax purposes. Please contact your financial advisor for tax information.

This information does not constitute an offer to sell, or a solicitation of an offer to buy securities in any state, or other jurisdiction to any person to whom it is not lawful to make such an offer. A trust that contains a state name in the trust name is generally available for sale only to investors in that state. The information shown may relate to a trust that is no longer offered to the public. In such a case, this information does not constitute an offer to sell, or a solicitation of an offer to buy units of the trust.

1The Portfolio will make distributions of income and capital on each specified Distribution Date to unitholders of record on the preceding Record Date, provided that the total cash held for distribution meets or exceeds any applicable minimum that may be specified in the prospectus. Undistributed income and capital will be distributed on the next Distribution Date in which the total cash held for distribution meets or exceeds any applicable minimum that may be specified in the prospectus.

  The Estimated Annual Income per Unit is as of the date listed in the prospectus during the trust's initial offering period, and is updated each calendar quarter thereafter. This amount is based on the most recently declared dividends or interim and final dividends accounting for any foreign withholding taxes, but may also be based upon several recently declared dividends. The actual net annual distributions you receive will vary from the estimate set forth above with changes in the trust's fees and expenses, in dividends and distributions received, currency fluctuations and with the sale of trust securities. The actual net annual distributions are expected to decrease over time because a portion of the securities included in the trust will be sold over time to pay for organization costs. Securities may also be sold to pay regular fees and expenses during the trust's life.

  The Portfolio may make distributions that represent a return of capital for tax purposes to the extent of the Unitholder's basis in the Units, and any additional amounts in excess of basis would be taxed as a capital gain. Generally, you will treat all capital gains dividends as long-term capital gains regardless of how long you have owned your Units. Unitholders should consult with their individual tax advisors.

2As of the close of business day prior to Initial Date of Deposit. The actual distributions you may receive will vary from the estimated amount due to changes in the Portfolio's fees and expenses, in actual income received by the Portfolio, currency fluctuations and with changes in the Portfolio such as acquisition or liquidation of securities.


About risk

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. The trust should be considered as part of a long-term investment strategy and you should consider your ability to pursue it by investing in successive trusts, if available. You will realize tax consequences associated with investing from one series to the next.

The Portfolio invests in shares of closed-end funds. Shares of these funds tend to trade at a discount from their net asset value in the secondary market and the net asset value of the shares may decrease. Closed-end funds are subject to risks related to factors such as management's ability to achieve a fund's objective, market conditions affecting a fund's investments and use of leverage. You will bear not only your share of the Portfolio's expenses, but also the expenses of the underlying funds. By investing in other funds, the Portfolio incurs greater expenses than you would incur if you invested directly in the funds.

You could experience dilution of your investment if the size of the Portfolio is increased as Units are sold. There is no assurance that your investment will maintain its proportionate share in the Portfolio's profits and losses.

The financial condition of a loan borrower may worsen or its credit ratings may drop, resulting in a reduction in the value of your units. This may occur at any point in time, including during the primary offering period.

The value of fixed income securities in the closed-end funds will generally fall if interest rates rise. Given the historically low interest rate environment in the U.S., risks associated with rising rates are heightened. The negative impact on fixed income securities from any interest rate inscreases could be swift and significant. No one can predict whether interest rates will rise or fall in the future.

In the future, a closed-end fund may be unable or unwilling to make dividend payments, and senior loan borrowers may be unable to make payments of interest or principal. Any of these events may reduce the level of dividends a closed-end fund pays which would reduce your income and cause the value of your Units to fall.

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.

The yield on closed-end funds investing in senior loans may fluctuate with changes in interest rates. Generally, yields on senior loans 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 or "high-yield" bonds). Securities rated below "BBB-" by Standard & Poor's or below "Baa3" by Moody's are considered to be below investment grade. 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.

The trust may, from time to time, emphasize certain market sectors. To the extent the trust does so, it is more susceptible to economic, political and other occurrences influencing those sectors.

as of 10/16/2017

Cumulative Return (%)

Maximum Sales Charge: 2.75%
YTD (%) Since Deposit (%) 3 Mo (%) 6 Mo (%)
With Sales Charge -0.74 -0.71
Without Sales Charge 1.55 1.58
Barclays U.S. Aggregate 1.40 1.21
as of 10/16/2017

Average Annual Return (%)

1 Yr (%) 5 Yr (%) 10 Yr (%) Since Deposit (%)
With Sales Charge
Without Sales Charge
Barclays U.S. Aggregate

The performance data quoted for the individual series of a trust that has not terminated or has an open termination date is from the deposit date through the current date quoted. For individual series that have terminated, performance data quoted is from the deposit date through the termination date.

Performance data quoted represents past performance, which is no guarantee of future results. Investment returns and principal value will fluctuate and units, when redeemed, may be worth more or less than their original cost.

Returns are cumulative total returns (not annualized) unless labeled as average annual total returns. All returns reflect trust expenses as incurred and assume reinvestment of income and principal distributions, except for trusts that do not offer the option of reinvesting distributions into additional trust units. Please see the related trust prospectus for additional information. Returns do not reflect taxes.

A trust's performance, especially for short time periods, should not be the sole factor in making your investment decision. Please keep in mind that high, double-digit returns are highly unusual and cannot be sustained. Investors should also be aware that these returns were primarily achieved during favorable market conditions.

Returns With Sales Charge reflect the maximum sales charge that would be payable by an investor upon sale or redemption of units at the end of the applicable period(s). The sales charge includes any initial or deferred sales charges other than creation and development fee. These returns do not reflect any creation and development fee prior to collection (generally the close of the initial offering period). Any creation and development fee is reflected in the returns as of the time of payment. by a trust. These returns reflect any contingent deferred sales charges only if the charges would be payable upon a unit sale or redemption at or prior to the end of the applicable performance period(s). Certain trusts are no longer offered for sale to the public and, as a result, do not publish an offer price or have a sales charge. In these cases, returns will not reflect a sales charge if a trust was not actually offered for sale to the public on the first day of the applicable period because units of the trust could not have been purchased by an investor at that time. These returns will show 'N/A' for With Sales Charge data

Returns Without Sales Charge do not reflect any sales charge and do not reflect any creation and development fee prior to collection (generally the close of the initial offering period). Any creation and development fee is reflected in the returns as of the time of payment by a trust.

There is no assurance the 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. Accordingly, you can lose money investing in this trust. Certain trusts are unmanaged and their portfolios are not intended to change during the trusts' lives except in limited circumstances. Certain trusts are passively managed and seek to track their target index during the trust's life. For a more complete discussion of the risks of investing in this trust, click on the Fact Card.

Performance Calculator

From   to
  Total Return (%)
With Sales Charge -0.74
Without Sales Charge 1.55
Barclays U.S. Aggregate 1.4

1The Portfolio will make distributions of income and capital on each specified Distribution Date to unitholders of record on the preceding Record Date, provided that the total cash held for distribution meets or exceeds any applicable minimum that may be specified in the prospectus. Undistributed income and capital will be distributed on the next Distribution Date in which the total cash held for distribution meets or exceeds any applicable minimum that may be specified in the prospectus.

  The Estimated Annual Income per Unit is as of the date listed in the prospectus during the trust's initial offering period, and is updated each calendar quarter thereafter. This amount is based on the most recently declared dividends or interim and final dividends accounting for any foreign withholding taxes, but may also be based upon several recently declared dividends. The actual net annual distributions you receive will vary from the estimate set forth above with changes in the trust's fees and expenses, in dividends and distributions received, currency fluctuations and with the sale of trust securities. The actual net annual distributions are expected to decrease over time because a portion of the securities included in the trust will be sold over time to pay for organization costs. Securities may also be sold to pay regular fees and expenses during the trust's life.

  The Portfolio may make distributions that represent a return of capital for tax purposes to the extent of the Unitholder's basis in the Units, and any additional amounts in excess of basis would be taxed as a capital gain. Generally, you will treat all capital gains dividends as long-term capital gains regardless of how long you have owned your Units. Unitholders should consult with their individual tax advisors.

2As of the close of business day prior to Initial Date of Deposit. The actual distributions you may receive will vary from the estimated amount due to changes in the Portfolio's fees and expenses, in actual income received by the Portfolio, currency fluctuations and with changes in the Portfolio such as acquisition or liquidation of securities.


About risk

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. The trust should be considered as part of a long-term investment strategy and you should consider your ability to pursue it by investing in successive trusts, if available. You will realize tax consequences associated with investing from one series to the next.

The Portfolio invests in shares of closed-end funds. Shares of these funds tend to trade at a discount from their net asset value in the secondary market and the net asset value of the shares may decrease. Closed-end funds are subject to risks related to factors such as management's ability to achieve a fund's objective, market conditions affecting a fund's investments and use of leverage. You will bear not only your share of the Portfolio's expenses, but also the expenses of the underlying funds. By investing in other funds, the Portfolio incurs greater expenses than you would incur if you invested directly in the funds.

You could experience dilution of your investment if the size of the Portfolio is increased as Units are sold. There is no assurance that your investment will maintain its proportionate share in the Portfolio's profits and losses.

The financial condition of a loan borrower may worsen or its credit ratings may drop, resulting in a reduction in the value of your units. This may occur at any point in time, including during the primary offering period.

The value of fixed income securities in the closed-end funds will generally fall if interest rates rise. Given the historically low interest rate environment in the U.S., risks associated with rising rates are heightened. The negative impact on fixed income securities from any interest rate inscreases could be swift and significant. No one can predict whether interest rates will rise or fall in the future.

In the future, a closed-end fund may be unable or unwilling to make dividend payments, and senior loan borrowers may be unable to make payments of interest or principal. Any of these events may reduce the level of dividends a closed-end fund pays which would reduce your income and cause the value of your Units to fall.

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.

The yield on closed-end funds investing in senior loans may fluctuate with changes in interest rates. Generally, yields on senior loans 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 or "high-yield" bonds). Securities rated below "BBB-" by Standard & Poor's or below "Baa3" by Moody's are considered to be below investment grade. 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.

The trust may, from time to time, emphasize certain market sectors. To the extent the trust does so, it is more susceptible to economic, political and other occurrences influencing those sectors.

1The Portfolio will make distributions of income and capital on each specified Distribution Date to unitholders of record on the preceding Record Date, provided that the total cash held for distribution meets or exceeds any applicable minimum that may be specified in the prospectus. Undistributed income and capital will be distributed on the next Distribution Date in which the total cash held for distribution meets or exceeds any applicable minimum that may be specified in the prospectus.

  The Estimated Annual Income per Unit is as of the date listed in the prospectus during the trust's initial offering period, and is updated each calendar quarter thereafter. This amount is based on the most recently declared dividends or interim and final dividends accounting for any foreign withholding taxes, but may also be based upon several recently declared dividends. The actual net annual distributions you receive will vary from the estimate set forth above with changes in the trust's fees and expenses, in dividends and distributions received, currency fluctuations and with the sale of trust securities. The actual net annual distributions are expected to decrease over time because a portion of the securities included in the trust will be sold over time to pay for organization costs. Securities may also be sold to pay regular fees and expenses during the trust's life.

  The Portfolio may make distributions that represent a return of capital for tax purposes to the extent of the Unitholder's basis in the Units, and any additional amounts in excess of basis would be taxed as a capital gain. Generally, you will treat all capital gains dividends as long-term capital gains regardless of how long you have owned your Units. Unitholders should consult with their individual tax advisors.

2As of the close of business day prior to Initial Date of Deposit. The actual distributions you may receive will vary from the estimated amount due to changes in the Portfolio's fees and expenses, in actual income received by the Portfolio, currency fluctuations and with changes in the Portfolio such as acquisition or liquidation of securities.


About risk

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. The trust should be considered as part of a long-term investment strategy and you should consider your ability to pursue it by investing in successive trusts, if available. You will realize tax consequences associated with investing from one series to the next.

The Portfolio invests in shares of closed-end funds. Shares of these funds tend to trade at a discount from their net asset value in the secondary market and the net asset value of the shares may decrease. Closed-end funds are subject to risks related to factors such as management's ability to achieve a fund's objective, market conditions affecting a fund's investments and use of leverage. You will bear not only your share of the Portfolio's expenses, but also the expenses of the underlying funds. By investing in other funds, the Portfolio incurs greater expenses than you would incur if you invested directly in the funds.

You could experience dilution of your investment if the size of the Portfolio is increased as Units are sold. There is no assurance that your investment will maintain its proportionate share in the Portfolio's profits and losses.

The financial condition of a loan borrower may worsen or its credit ratings may drop, resulting in a reduction in the value of your units. This may occur at any point in time, including during the primary offering period.

The value of fixed income securities in the closed-end funds will generally fall if interest rates rise. Given the historically low interest rate environment in the U.S., risks associated with rising rates are heightened. The negative impact on fixed income securities from any interest rate inscreases could be swift and significant. No one can predict whether interest rates will rise or fall in the future.

In the future, a closed-end fund may be unable or unwilling to make dividend payments, and senior loan borrowers may be unable to make payments of interest or principal. Any of these events may reduce the level of dividends a closed-end fund pays which would reduce your income and cause the value of your Units to fall.

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.

The yield on closed-end funds investing in senior loans may fluctuate with changes in interest rates. Generally, yields on senior loans 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 or "high-yield" bonds). Securities rated below "BBB-" by Standard & Poor's or below "Baa3" by Moody's are considered to be below investment grade. 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.

The trust may, from time to time, emphasize certain market sectors. To the extent the trust does so, it is more susceptible to economic, political and other occurrences influencing those sectors.

as of 10/16/2017

LOAN0173

  • Offer Price $9.97680
  • Fee Based Price $9.75240
  • Liquidation Price $9.75240

Trust Specifics

  • Jul 10, 2017 Deposit Date
  • Jul 10, 2017 -
    Oct 19, 2017
    Scheduled
    Primary Offering
    Period
  • ISRLLX NASDAQ Symbol
  • 24 months Term of Trust
  • Jul 19, 2019 Termination Date
  • Tax Status:
    Regulated Investment Company
  • 2.75% Brokerage Sales Charge
  • $0.22500 Deferred Sales Charge
    (Per Unit)
  • 0.50% Creation & Development
    Fee
  • 0.50% Fee Based Sales Charge
  • $0.754880 Est. Net Annual
    Income1
  • 7.57% Brokerage Est. Distribution Rate
  • 7.74% Fee Based est. Distribution Rate 
  • Aug 25, 2017 Initial Payable Date2
  • Aug 10, 2017 Initial Record Date2
  • CUSIPs:
    46130F144Cash
    46130F151Reinvest
    46130F169Fee Based Cash
    46130F177Fee Based Reinvest
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 Fee Based CUSIP.