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California Municipal Income Select Closed-End, 59  Ticker: FAOBGX
 
Description
The California Municipal Income Select Closed-End Portfolio is a unit investment trust that seeks monthly income that is exempt from federal and state income taxes by investing in a well-diversified pool of closed-end funds that invest primarily in California municipal bonds.
 
Summary
Product Code: CA2Y59
Portfolio Status: Secondary
Initial Offer Date: 03/31/2017
Secondary Date: 05/12/2017
Portfolio Ending Date: 04/01/2019
Tax Structure: Regulated Investment Company
Distributions: Monthly
 
Initial Offer Price: $10.0000
NAV(*): $9.6998
POP(*): $10.0464
Remaining Deferred Sales Charge: $0.2450
* As of Trade Date: 05/26/2017 4:00pm ET
The Public Offering Price (POP) represents the net asset value per unit plus any applicable organization costs and sales charges. The Net Asset Value (NAV) represents the value per unit of a trust’s portfolio securities and other assets reduced by applicable deferred sales charges and other liabilities.

 Estimated Net Annual Distribution Per Unit
Estimated Net Annual Distribution * $0.4484
Subsequent Years * $0.4466
As of 05/22/2017
* The estimated net annual distribution for subsequent years is expected to be less than the amount for the first year because a portion of the securities included in the portfolio will be sold to pay for organization costs, the deferred sales charge and the creation and development fee.  The estimates are based on annualizing the most recent dividends declared by the issuers of the securities included in the portfolio. There is no guarantee that the issuers of the securities included in the portfolio will declare distributions in the future or that, if declared, they will either remain at current levels or increase over time.

 Holdings  Export Current Holdings | View Initial Holdings  
NameSymbolWeighting
 Invesco California Value Municipal Income Trust VCV 13.44%
 Nuveen California AMT-Free Quality Municipal Income Fund NKX 11.61%
 Nuveen California Quality Municipal Income Fund NAC 11.52%
 BlackRock MuniHoldings California Quality Fund, Inc. MUC 9.43%
 BlackRock MuniYield California Quality Fund, Inc. MCA 9.41%
 BlackRock MuniYield California Fund, Inc. MYC 9.21%
 BlackRock California Municipal Income Trust BFZ 9.09%
 Nuveen California Municipal Value Fund, Inc. NCA 6.56%
 Eaton Vance California Municipal Bond Fund EVM 6.48%
 Alliance California Municipal Income Fund, Inc. AKP 4.51%
 Eaton Vance California Municipal Income Trust CEV 3.48%
 Neuberger Berman California Intermediate Municipal Fund Inc. NBW 1.99%
 Nuveen California Select Tax-Free Income Portfolio NXC 1.58%
 Eaton Vance California Municipal Bond Fund II EIA 1.51%
 
Total Number of Holdings:    14
Underlying Securities information represented above is as of 05/26/2017 but will vary with future fluctuations in the market.

 Deferred Sales Charge Schedule
Amount Date
$0.08160 July 20, 2017
$0.08170 August 18, 2017
$0.08170 September 20, 2017

Risk Considerations

Buy & Hold Risk – Tax-Free Trusts. This UIT is a buy and hold strategy and investors should consider their ability to hold the trust until maturity.

California Concentration Risk. The portfolio is also subject to additional risks as a result of its concentration in bonds issued by California municipalities, including a deterioration of the economic factors affecting the state.

Closed-End Fund Risk. Closed-end funds are subject to various risks, including management's ability to meet the fund's investment objective, and to manage the fund's portfolio when the underlying securities are redeemed or sold, during periods of market turmoil and as investors' perceptions regarding the funds or their underlying investments change. Unlike open-end funds, which trade at prices based on a current determination of the fund's net asset value, closed-end funds frequently trade at a discount to their net asset value in the secondary market. Certain closed-end funds may employ the use of leverage, which increases the volatility of such funds.

Investment Grade Bonds Risk. Investment grade securities are subject to numerous risks including higher interest rates, economic recession, deterioration of the investment grade security market or investors' perception thereof, possible downgrades and defaults of interest and/or principal.

Municipal Bonds Risk. Municipal bonds are subject to numerous risks, including higher interest rates, economic recession, deterioration of the municipal bond market, possible downgrades and defaults of interest and/or principal.

Municipal Securities Volatility Risk. The value of the securities held by the trust may be subject to steep declines or increased volatility due to changes in performance or perception of the issuers. The markets for credit instruments, including municipal securities, have experienced periods of extreme illiquidity and volatility.

Additional Risk. For a discussion of additional risks of investing in the trust see the "Risk Factors" section of the prospectus.

Important Note. It is important to note that an investment can be made in the underlying funds directly rather than through the trust. These direct investments can be made without paying the trust's sales charge, operating expenses and organizational costs.

You should carefully consider the trust's investment objectives, risks, and charges and expenses before investing. Contact your financial advisor or call First Trust Portfolios, L.P. at 1.800.621.1675 to request a prospectus, which contains this and other information about the trust. Read it carefully before you invest.

This product information does not constitute an offer to sell, or a solicitation of an offer to buy securities in any state to any person to whom it is not lawful to make such an offer. Sales of any of these securities must include prospectus delivery and the services of a retail broker/dealer duly licensed in the appropriate states.

Not FDIC Insured, Not Bank Guaranteed and May Lose Value.

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