The First Trust Combined Series 447: Investment Grade Multi-Asset Income Portfolio, Long Term, Series 12
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- The First Trust Combined Series 447: Investment Grade Multi-Asset Income Portfolio, Long Term, Series 12 (FEMACX) operates as a unit investment trust sponsored by First Trust Portfolios L.P., seeking current income and capital preservation through a fixed portfolio primarily comprising investment grade corporate bonds and taxable municipal bonds (Build America Bonds). Core holdings include securities such as AFLAC Inc. 6.45% due 08/15/2040 (A- rated), AT&T Inc. 4.80% due 06/15/2044 and 5.55% due 08/15/2041 (BBB rated), JPMorgan Chase & Co. 5.60% due 07/15/2041 (A rated), Walmart Inc. 5.625% due 04/15/2041 (AA rated), and various taxable municipal bonds like Cook County IL GO Taxable-BABS-Ser D 6.229% due 11/15/2034 (A+ rated) and Illinois ST GO Taxable-BABS 6.75% due 03/01/2030 (A- rated); the portfolio encompasses 23 holdings with a weighted average maturity of 13.5 years. Units trade under the ticker FEMACX with monthly income distributions, a CUSIP of 33740A467 for cash units, and a net asset value reflecting secondary market status since August 13, 2014. The trust targets investors seeking regulated investment company tax treatment and estimated long-term returns from its diversified U.S.-focused fixed income assets. Initially offered on June 19, 2014, from headquarters in Wheaton, Illinois, the sponsor maintains the portfolio without noted recent acquisitions, partnerships, funding rounds, or structural changes specific to this series within the last 1-2 years; it continues in secondary trading amid First Trust's broader expansions in actively managed ETFs.