Unit Trusts


Prospect Income Finance Portfolio, Series 1

Portfolio Holdings

Ares Capital CorporationARCCFinancials6.24 %
TICC Capital Corporation TICCFinancials6.24 %
Medley Capital Corporation MCCFinancials6.23 %
RAIT Financial TrustRASFinancials5.51 %
Apollo Investment CorporationAINVFinancials5.50 %
PennantPark Investment Corporation PNNTFinancials5.49 %
Fifth Street Finance Corp.FSCFinancials5.48 %
Monroe Capital Corporation MRCCFinancials4.35 %
New Mountain Finance Corporation NMFCFinancials4.25 %
THL Credit, Inc. TCRDFinancials4.23 %
Apollo Commercial Real Estate Finance, Inc.ARIFinancials3.99 %
TPG Speciality Lending, Inc. TSLXFinancials3.97 %
Garrison Capital, Inc.GARSFinancials3.03 %
Golub Capital BDC Inc. GBDCFinancials3.01 %
WhiteHorse Finance Inc. WHFFinancials3.01 %
Fifth Street Senior Floating Rate Corp.FSFRFinancials3.00 %
Stellus Capital Investment Corporation SCMFinancials3.00 %
TCP Capital Corp. TCPCFinancials3.00 %
BlackRock Capital Investment CorporationBKCCFinancials3.00 %
Solar Capital Ltd. SLRCFinancials3.00 %
PennantPark Floating Rate Capital Ltd. PFLTFinancials2.99 %
FS Investment CorporationFSICFinancials2.50 %
Blackstone Mortgage Trust Inc.BXMTFinancials2.00 %
Colony Capital, Inc.CLNYFinancials2.00 %
Ares Commercial Real Estate CorporationACREFinancials1.99 %

Data used for the Portfolio Holdings and Portfolio Allocation Characteristics is from Bloomberg Finance L.P. Portfolio holdings are provided for informational purposes only and should not be deemed as a recommendation to buy or sell individual securities. Portfolio Holdings and Portfolio Allocation Characteristics are as of deposit day and are subject to change and may vary thereafter.

The style and capitalization characteristics are designed to help investors understand how they fit into an overall investment plan. Value, blend and growth are types of investment styles. Growth Investing generally seeks stocks that offer the potential for greater-than-average earnings growth, and may entail greater risk than value or blend investing. Value investing generally seeks stocks that may be sound investments but are temporarily out of favor in the marketplace, and may entail less risk than growth investing. A blend investment combines the two styles. Market capitalization is determined by the following criteria: Large Cap: Greater than $10 billion, Mid Cap: $2 billion-$10 billion, Small Cap: $250 million-$2 billion Micro Cap: Below $250 million.

This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy or sell securities, and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on an investor’s objectives and circumstances and in consultation with his or her advisors.

Risk Considerations
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. You can lose money investing in this trust. This trust terminates approximately 2 years from the initial date of deposit.

Investing in the trust units may involve a high degree of risk and is highly speculative and aggressive, and therefore an investment in trust units may not be suitable for someone with low risk tolerance.

Common stocks do not assure dividend payments. Dividends are paid only when declared by an issuer’s board of directors and the amount of any dividend may vary over time.

A portfolio concentrated in a single market sector may present more risk than a portfolio broadly diversified over several sectors. This trust is concentrated in the financials sector, particularly in business development companies ("BDCs") and real estate investment trusts ("REITs"). There are certain risks specific to the financials sector, and in particular, BDCs and REITs, including the potential adverse effects of economic recession, volatile interest rates, and state and federal regulations.

This trust invests in BDCs and will be subject to risks associated with BDCs. BDCs are closed-end funds that have elected to be treated as business development companies and their ability to grow their overall financial condition is impacted significantly by their ability to raise capital, engage in borrowing, acquire suitable investments, and maintain their status as a BDC. Failure to do so will adversely affect the value of a BDC’s shares. BDCs generally employ leverage in their portfolios. While leverage often increases the yield of a portfolio, it may magnify the potential for gains and losses on amounts invested, and accordingly, may increase the volatility and/or risks associated with those shares. A BDC’s investments are frequently not publicly traded, and as a result, there is uncertainty as to the value and liquidity of those investments. BDCs are subject to laws or regulations governing BDCs that could negatively affect the value of the BDC shares. Shares of BDCs frequently trade at a discount to their net asset value in the secondary market and the net asset value of a BDC’s shares may decrease.

This trust invests in REITs and real estate companies. Many factors can have an impact on the performance of REITs and real estate companies, including cash available for distribution, the credit quality of a particular REIT, or the real estate industry in general. Risks associated with ownership of real estate include global and local economic conditions, decline in real estate values, changes in interest rates, and the strength or weakness of the real estate market.

You will bear not only your share of the trust’s expenses, but also those of the underlying BDCs and REITs, which frequently have high expenses including but not limited to management fees and operational expenses. By investing in BDCs and REITs through the trust, investors incur greater expenses than they would incur if they invested directly in the BDCs and REITs.

BDCs and REITs may invest in foreign securities which involves certain risks not typically associated with investing solely in the United States. This may magnify volatility due to changes in foreign exchange rates, the political and economic uncertainties in foreign countries, U.S. or foreign tax treatment, and the potential lack of liquidity, government supervision and regulation.

BDCs may invest in securities of small and mid-cap companies. Securities of small and mid-cap companies are often more volatile than those of larger companies as a result of several factors such as limited trading volumes, products or financial resources, management inexperience and less publicly available information.

BDCs and REITs may invest in fixed income securities. Fixed income securities are subject to various risks, including interest rate, credit, call, and quality risk. In general, the value of the fixed income securities will fall if interest rates rise. In a declining interest-rate environment, the portfolio may generate less income. A security issuer may be unable to make interest and/or principal payments in the future. Also, the longer the period to maturity, the greater the sensitivity to interest rate changes tends to be.

BDCs may invest in high yield debt securities. High yield debt securities are generally below investment grade quality (“non-investment grade” debt). Investing in such debt should be viewed as speculative and you should review your ability to assume the risks associated with investments which utilize such debt. Non-investment grade debt is subject to numerous risks including higher interest rates, economic recession, deterioration of the non-investment grade debt markets, possible downgrades and payment defaults of interest and/or principal. Non-investment grade debt prices tend to fluctuate more than higher rated debt and are affected by short-term credit developments to a greater degree.

BDCs and REITs operate in a highly competitive market for investment opportunities, and REITs and BDCs must raise additional capital to grow because they distribute most of their income.


Incapital Unit Trust, Series 47, is a unit investment trust that consists of the Prospect Income Finance Portfolio, Series 1. Nuveen Securities, LLC serves as the Trust’s sponsor and Nuveen Fund Advisors, LLC serves as the Trust’s evaluator and supervisor.

Prospect Capital Management L.P. provides the Trust with portfolio consulting services. Prospect Capital Management L.P. is not affiliated with Nuveen, LLC. The Trust is distributed by Nuveen Securities, LLC, a subsidiary of Nuveen, LLC. All marketing materials have been prepared by Nuveen.

Trust Summary

Trust NameProspect Income Finance Portfolio, Series 1
Series NameSeries 1
Trust SymbolPIF0001
Nasdaq SymbolINPIFX
Trust StatusTerminated
Initial Offer Date05/28/2014
Termination Date05/19/2016
First Income Record Date07/10/2014
Distibution FrequencyMonthly
Tax StructureRIC
Liquidation Price1$6.7665
Cash CUSIP45328W109
Reinvest CUSIP45328W117
Fee Cash CUSIP45328W125
Fee Reinvest CUSIP45328W133

1. 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 & development fee. This price reflects any remaining non-contingent deferred sales charges payable in connection with a liquidation of units.

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