LOAN0224

Closed-End Strategy: Senior Loan and Limited Duration

The information shown relates to a trust that is no longer offered for sale. This information does not constitute an offer to sell, or a solicitation of an offer to buy units of the trust.

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 underlying loan interest rates "float" above indices, which can move up or down with market rate movements, such as the prime rate offered by one or more major banks, the London Interbank Offered Rate ("LIBOR") or other alternative benchmark rates (LIBOR may be discontinued as early as 2018 and may be completely phased out by 2021) or the certificate of deposit rate or other base lending rates used by commercial lenders. Senior loan interest rates 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 two business days (or any shorter period as may be required by law) after your redemption request is received.

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1 The Historical 12 Month Distributions figure is for illustrative purposes only and is not indicative of the trust's actual distributions. For a trust deposited after April 1, 2019, and effective July 31, 2019 for all other trusts, this per unit amount is based upon the weighted average of the actual distributions paid by the securities included in the trust over the 12 months preceding the trust's deposit date, and is reduced to account for the effects of fees and expenses which will be incurred when investing in the trust. The Historical 12 Month Distributions figure is as of the date listed in the prospectus during the trust's initial offering period, and is updated each calendar quarter following the close of the trust's initial offering period. 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 have elected or may elect to reduce the amount of, or cancel entirely, dividends and/or distributions paid in the future. As a result, the Historical 12 Month Distributions figure will likely be higher, and in some cases significantly higher, than the actual distribution rate achieved by the trust. There is no guarantee the issuers of the securities included in the trust will declare dividends or distributions in the future. The distributions paid by the trust may be higher or lower than the Historical 12 Month Distributions amount shown 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, currency fluctuations, the sale of trust securities to pay any deferred sales charges, trust fees and expenses, variations in the trust's per unit price, or with the call, maturity or the sale of securities in the trust.

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

  The trust 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 trust 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.


About risk

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. Recently, an outbreak of a respiratory disease caused by a novel coronavirus, COVID-19, has spread globally in a short period of time, resulting in the disruption of, and delays in, production and supply chains and the delivery of healthcare services and processes, as well as the cancellation of organized events and educational institutions, quarantines, a decline in consumer demand for certain goods and services, and general concern and uncertainty. COVID-19 and its effects have contributed to increased volatility in global markets, severe losses, liquidity constraints, and lowered yields. The duration of such effects cannot yet be determined but could be present for an extended period of time and may adversely affect the value of your Units. 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.

Principal Risks. As with all investments, you can lose money by investing in this Portfolio. The Portfolio also might not perform as well as you expect. This can happen for reasons such as these:

  • Security prices will fluctuate. The value of your investment may fall over time.

  • The Portfolio invests in shares of closed-end funds. You should understand the section titled “Closed-End Funds” before you invest. In particular, shares of these funds tend to trade at a discount from their net asset value and are subject to risks related to factors such as management’s ability to achieve a funds objective, market conditions affecting a funds investments and use of leverage. The underlying funds have management and operating expenses. 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.

  • The value of fixed income securities in the closed-end funds will generally fall if interest rates rise. In a low interest rate environment risks associated with rising rates are heightened. The negative impact on fixed income securities from any interest rate increases 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 financial condition of a loan borrower may worsen or its credit ratings may drop, affecting the value of a closed-end fund held by the Portfolio and resulting in a reduction in the value of your Units. This may occur at any point in time, including during the primary offering period.

  • 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 Portfolios profits and losses.

  • 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.

  • Certain closed-end funds in the Portfolio invest in corporate bonds. Corporate bonds are debt obligations of a corporation, and as a result are generally subject to the various economic, political, regulatory, competitive and other such risks that may affect an issuer. Like other fixed income securities, corporate bonds generally decline in value with increases in interest rates. During periods of market turbulence, corporate bonds may experience illiquidity and volatility. During such periods, there can be uncertainty in assessing the financial condition of an issuer. As a result, the ratings of the bonds in certain closed-end funds in the Portfolio may not accurately reflect an issuers current financial condition, prospects, or the extent of the risks associated with investing in such issuer’s securities.

  • The closed-end funds may invest in securities rated below investment grade and considered to be “junk” or “highyield” securities. Securities rated below BBB- by Standard & Poor’s or below “Baa3” by Moody’s are considered to be below investment grade. These securities are considered to be speculative and are subject to greater market and credit risks. Accordingly, the risk of default is higher than with investment grade securities. In addition, these securities may be more sensitive to interest rate changes and may be more likely to make early returns of principal.

  • Certain of the closed-end funds in the Portfolio invest in securities of foreign issuers, presenting risks beyond those of U.S. issuers. These risks may include market and political factors related to an issuer’s foreign market, international trade conditions, less regulation, smaller or less liquid markets, increased volatility, differing accounting and tax practices and changes in the value of foreign currencies which may have both economic and tax consequences.

  • We do not actively manage the Portfolio. While the closed-end funds have managed portfolios, except in limited circumstances, the Portfolio will hold, and may continue to buy, shares of the same funds even if their market value declines.

1 The Historical 12 Month Distributions figure is for illustrative purposes only and is not indicative of the trust's actual distributions. For a trust deposited after April 1, 2019, and effective July 31, 2019 for all other trusts, this per unit amount is based upon the weighted average of the actual distributions paid by the securities included in the trust over the 12 months preceding the trust's deposit date, and is reduced to account for the effects of fees and expenses which will be incurred when investing in the trust. The Historical 12 Month Distributions figure is as of the date listed in the prospectus during the trust's initial offering period, and is updated each calendar quarter following the close of the trust's initial offering period. 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 have elected or may elect to reduce the amount of, or cancel entirely, dividends and/or distributions paid in the future. As a result, the Historical 12 Month Distributions figure will likely be higher, and in some cases significantly higher, than the actual distribution rate achieved by the trust. There is no guarantee the issuers of the securities included in the trust will declare dividends or distributions in the future. The distributions paid by the trust may be higher or lower than the Historical 12 Month Distributions amount shown 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, currency fluctuations, the sale of trust securities to pay any deferred sales charges, trust fees and expenses, variations in the trust's per unit price, or with the call, maturity or the sale of securities in the trust.

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

  The trust 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 trust 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.


About risk

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. Recently, an outbreak of a respiratory disease caused by a novel coronavirus, COVID-19, has spread globally in a short period of time, resulting in the disruption of, and delays in, production and supply chains and the delivery of healthcare services and processes, as well as the cancellation of organized events and educational institutions, quarantines, a decline in consumer demand for certain goods and services, and general concern and uncertainty. COVID-19 and its effects have contributed to increased volatility in global markets, severe losses, liquidity constraints, and lowered yields. The duration of such effects cannot yet be determined but could be present for an extended period of time and may adversely affect the value of your Units. 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.

Principal Risks. As with all investments, you can lose money by investing in this Portfolio. The Portfolio also might not perform as well as you expect. This can happen for reasons such as these:

  • Security prices will fluctuate. The value of your investment may fall over time.

  • The Portfolio invests in shares of closed-end funds. You should understand the section titled “Closed-End Funds” before you invest. In particular, shares of these funds tend to trade at a discount from their net asset value and are subject to risks related to factors such as management’s ability to achieve a funds objective, market conditions affecting a funds investments and use of leverage. The underlying funds have management and operating expenses. 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.

  • The value of fixed income securities in the closed-end funds will generally fall if interest rates rise. In a low interest rate environment risks associated with rising rates are heightened. The negative impact on fixed income securities from any interest rate increases 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 financial condition of a loan borrower may worsen or its credit ratings may drop, affecting the value of a closed-end fund held by the Portfolio and resulting in a reduction in the value of your Units. This may occur at any point in time, including during the primary offering period.

  • 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 Portfolios profits and losses.

  • 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.

  • Certain closed-end funds in the Portfolio invest in corporate bonds. Corporate bonds are debt obligations of a corporation, and as a result are generally subject to the various economic, political, regulatory, competitive and other such risks that may affect an issuer. Like other fixed income securities, corporate bonds generally decline in value with increases in interest rates. During periods of market turbulence, corporate bonds may experience illiquidity and volatility. During such periods, there can be uncertainty in assessing the financial condition of an issuer. As a result, the ratings of the bonds in certain closed-end funds in the Portfolio may not accurately reflect an issuers current financial condition, prospects, or the extent of the risks associated with investing in such issuer’s securities.

  • The closed-end funds may invest in securities rated below investment grade and considered to be “junk” or “highyield” securities. Securities rated below BBB- by Standard & Poor’s or below “Baa3” by Moody’s are considered to be below investment grade. These securities are considered to be speculative and are subject to greater market and credit risks. Accordingly, the risk of default is higher than with investment grade securities. In addition, these securities may be more sensitive to interest rate changes and may be more likely to make early returns of principal.

  • Certain of the closed-end funds in the Portfolio invest in securities of foreign issuers, presenting risks beyond those of U.S. issuers. These risks may include market and political factors related to an issuer’s foreign market, international trade conditions, less regulation, smaller or less liquid markets, increased volatility, differing accounting and tax practices and changes in the value of foreign currencies which may have both economic and tax consequences.

  • We do not actively manage the Portfolio. While the closed-end funds have managed portfolios, except in limited circumstances, the Portfolio will hold, and may continue to buy, shares of the same funds even if their market value declines.

Historical Pricing

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No price history records found for this date range

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.

1 The Historical 12 Month Distributions figure is for illustrative purposes only and is not indicative of the trust's actual distributions. For a trust deposited after April 1, 2019, and effective July 31, 2019 for all other trusts, this per unit amount is based upon the weighted average of the actual distributions paid by the securities included in the trust over the 12 months preceding the trust's deposit date, and is reduced to account for the effects of fees and expenses which will be incurred when investing in the trust. The Historical 12 Month Distributions figure is as of the date listed in the prospectus during the trust's initial offering period, and is updated each calendar quarter following the close of the trust's initial offering period. 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 have elected or may elect to reduce the amount of, or cancel entirely, dividends and/or distributions paid in the future. As a result, the Historical 12 Month Distributions figure will likely be higher, and in some cases significantly higher, than the actual distribution rate achieved by the trust. There is no guarantee the issuers of the securities included in the trust will declare dividends or distributions in the future. The distributions paid by the trust may be higher or lower than the Historical 12 Month Distributions amount shown 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, currency fluctuations, the sale of trust securities to pay any deferred sales charges, trust fees and expenses, variations in the trust's per unit price, or with the call, maturity or the sale of securities in the trust.

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

  The trust 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 trust 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.


About risk

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. Recently, an outbreak of a respiratory disease caused by a novel coronavirus, COVID-19, has spread globally in a short period of time, resulting in the disruption of, and delays in, production and supply chains and the delivery of healthcare services and processes, as well as the cancellation of organized events and educational institutions, quarantines, a decline in consumer demand for certain goods and services, and general concern and uncertainty. COVID-19 and its effects have contributed to increased volatility in global markets, severe losses, liquidity constraints, and lowered yields. The duration of such effects cannot yet be determined but could be present for an extended period of time and may adversely affect the value of your Units. 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.

Principal Risks. As with all investments, you can lose money by investing in this Portfolio. The Portfolio also might not perform as well as you expect. This can happen for reasons such as these:

  • Security prices will fluctuate. The value of your investment may fall over time.

  • The Portfolio invests in shares of closed-end funds. You should understand the section titled “Closed-End Funds” before you invest. In particular, shares of these funds tend to trade at a discount from their net asset value and are subject to risks related to factors such as management’s ability to achieve a funds objective, market conditions affecting a funds investments and use of leverage. The underlying funds have management and operating expenses. 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.

  • The value of fixed income securities in the closed-end funds will generally fall if interest rates rise. In a low interest rate environment risks associated with rising rates are heightened. The negative impact on fixed income securities from any interest rate increases 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 financial condition of a loan borrower may worsen or its credit ratings may drop, affecting the value of a closed-end fund held by the Portfolio and resulting in a reduction in the value of your Units. This may occur at any point in time, including during the primary offering period.

  • 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 Portfolios profits and losses.

  • 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.

  • Certain closed-end funds in the Portfolio invest in corporate bonds. Corporate bonds are debt obligations of a corporation, and as a result are generally subject to the various economic, political, regulatory, competitive and other such risks that may affect an issuer. Like other fixed income securities, corporate bonds generally decline in value with increases in interest rates. During periods of market turbulence, corporate bonds may experience illiquidity and volatility. During such periods, there can be uncertainty in assessing the financial condition of an issuer. As a result, the ratings of the bonds in certain closed-end funds in the Portfolio may not accurately reflect an issuers current financial condition, prospects, or the extent of the risks associated with investing in such issuer’s securities.

  • The closed-end funds may invest in securities rated below investment grade and considered to be “junk” or “highyield” securities. Securities rated below BBB- by Standard & Poor’s or below “Baa3” by Moody’s are considered to be below investment grade. These securities are considered to be speculative and are subject to greater market and credit risks. Accordingly, the risk of default is higher than with investment grade securities. In addition, these securities may be more sensitive to interest rate changes and may be more likely to make early returns of principal.

  • Certain of the closed-end funds in the Portfolio invest in securities of foreign issuers, presenting risks beyond those of U.S. issuers. These risks may include market and political factors related to an issuer’s foreign market, international trade conditions, less regulation, smaller or less liquid markets, increased volatility, differing accounting and tax practices and changes in the value of foreign currencies which may have both economic and tax consequences.

  • We do not actively manage the Portfolio. While the closed-end funds have managed portfolios, except in limited circumstances, the Portfolio will hold, and may continue to buy, shares of the same funds even if their market value declines.

as of 10/03/2024

Cumulative Return (%)

Maximum Sales Charge: 2.25%
YTD (%) Since Deposit (%) 3 Mo (%) 6 Mo (%)
as of 10/03/2024

Average Annual Return (%)

1 Yr (%) 5 Yr (%) 10 Yr (%) Since Deposit (%)

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

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  Total Return (%)
With Sales Charge
Without Sales Charge
Barclays U.S. Aggregate

1 The Historical 12 Month Distributions figure is for illustrative purposes only and is not indicative of the trust's actual distributions. For a trust deposited after April 1, 2019, and effective July 31, 2019 for all other trusts, this per unit amount is based upon the weighted average of the actual distributions paid by the securities included in the trust over the 12 months preceding the trust's deposit date, and is reduced to account for the effects of fees and expenses which will be incurred when investing in the trust. The Historical 12 Month Distributions figure is as of the date listed in the prospectus during the trust's initial offering period, and is updated each calendar quarter following the close of the trust's initial offering period. 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 have elected or may elect to reduce the amount of, or cancel entirely, dividends and/or distributions paid in the future. As a result, the Historical 12 Month Distributions figure will likely be higher, and in some cases significantly higher, than the actual distribution rate achieved by the trust. There is no guarantee the issuers of the securities included in the trust will declare dividends or distributions in the future. The distributions paid by the trust may be higher or lower than the Historical 12 Month Distributions amount shown 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, currency fluctuations, the sale of trust securities to pay any deferred sales charges, trust fees and expenses, variations in the trust's per unit price, or with the call, maturity or the sale of securities in the trust.

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

  The trust 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 trust 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.


About risk

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. Recently, an outbreak of a respiratory disease caused by a novel coronavirus, COVID-19, has spread globally in a short period of time, resulting in the disruption of, and delays in, production and supply chains and the delivery of healthcare services and processes, as well as the cancellation of organized events and educational institutions, quarantines, a decline in consumer demand for certain goods and services, and general concern and uncertainty. COVID-19 and its effects have contributed to increased volatility in global markets, severe losses, liquidity constraints, and lowered yields. The duration of such effects cannot yet be determined but could be present for an extended period of time and may adversely affect the value of your Units. 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.

Principal Risks. As with all investments, you can lose money by investing in this Portfolio. The Portfolio also might not perform as well as you expect. This can happen for reasons such as these:

  • Security prices will fluctuate. The value of your investment may fall over time.

  • The Portfolio invests in shares of closed-end funds. You should understand the section titled “Closed-End Funds” before you invest. In particular, shares of these funds tend to trade at a discount from their net asset value and are subject to risks related to factors such as management’s ability to achieve a funds objective, market conditions affecting a funds investments and use of leverage. The underlying funds have management and operating expenses. 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.

  • The value of fixed income securities in the closed-end funds will generally fall if interest rates rise. In a low interest rate environment risks associated with rising rates are heightened. The negative impact on fixed income securities from any interest rate increases 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 financial condition of a loan borrower may worsen or its credit ratings may drop, affecting the value of a closed-end fund held by the Portfolio and resulting in a reduction in the value of your Units. This may occur at any point in time, including during the primary offering period.

  • 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 Portfolios profits and losses.

  • 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.

  • Certain closed-end funds in the Portfolio invest in corporate bonds. Corporate bonds are debt obligations of a corporation, and as a result are generally subject to the various economic, political, regulatory, competitive and other such risks that may affect an issuer. Like other fixed income securities, corporate bonds generally decline in value with increases in interest rates. During periods of market turbulence, corporate bonds may experience illiquidity and volatility. During such periods, there can be uncertainty in assessing the financial condition of an issuer. As a result, the ratings of the bonds in certain closed-end funds in the Portfolio may not accurately reflect an issuers current financial condition, prospects, or the extent of the risks associated with investing in such issuer’s securities.

  • The closed-end funds may invest in securities rated below investment grade and considered to be “junk” or “highyield” securities. Securities rated below BBB- by Standard & Poor’s or below “Baa3” by Moody’s are considered to be below investment grade. These securities are considered to be speculative and are subject to greater market and credit risks. Accordingly, the risk of default is higher than with investment grade securities. In addition, these securities may be more sensitive to interest rate changes and may be more likely to make early returns of principal.

  • Certain of the closed-end funds in the Portfolio invest in securities of foreign issuers, presenting risks beyond those of U.S. issuers. These risks may include market and political factors related to an issuer’s foreign market, international trade conditions, less regulation, smaller or less liquid markets, increased volatility, differing accounting and tax practices and changes in the value of foreign currencies which may have both economic and tax consequences.

  • We do not actively manage the Portfolio. While the closed-end funds have managed portfolios, except in limited circumstances, the Portfolio will hold, and may continue to buy, shares of the same funds even if their market value declines.