Municipal Income Closed-End, 46

Description

The Municipal Income Closed-End Portfolio is a unit investment trust which seeks monthly income that is exempt from federal income taxes by investing in a diversified pool of closed-end funds.

Summary

Product Code:

CEMB46

Portfolio Status:

Secondary

Initial Offer Date:

03/23/2012

Secondary Date:

05/02/2012

Portfolio Ending Date:

03/23/2017

Tax Structure:

RIC

Distributions:

Monthly

Initial Offer Price:	$10.0000
NAV(*):	$8.7900
POP(*):	$9.1515

* As of Trade Date: 06/18/2013 4:00pm ET

Estimated Net Annual Distribution Per Unit

Estimated Net Annual Distribution Per Unit *	$0.5324
As of 06/17/2013

* 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

Name	Symbol	Weighting
Invesco Municipal Opportunity Trust	VMO	5.93%
PIMCO California Municipal Income Fund	PCQ	4.39%
Nuveen Municipal High Income Opportunity Fund	NMZ	4.21%
BlackRock MuniVest Fund, Inc.	MVF	4.19%
Putnam Municipal Opportunities Trust	PMO	4.01%
BlackRock MuniHoldings Investment Quality Fund	MFL	4.01%
Eaton Vance Municipal Bond Fund	EIM	4.01%
Dreyfus Strategic Municipals, Inc.	LEO	4.00%
Nuveen Dividend Advantage Municipal Fund 2	NXZ	4.00%
Nuveen Premium Income Municipal Fund 2	NPM	3.95%
Nuveen Dividend Advantage Municipal Fund 3	NZF	3.87%
Managed Duration Investment Grade Municipal Fund	MZF	3.87%
AllianceBernstein National Municipal Income Fund, Inc.	AFB	3.85%
Invesco Trust for Investment Grade Municipals	VGM	3.84%
Nuveen Select Quality Municipal Fund	NQS	3.84%
BlackRock MuniYield Fund, Inc.	MYD	3.15%
Invesco Municipal Income Opportunities Trust	OIA	3.09%
BlackRock Municipal Income Trust II	BLE	3.08%
Nuveen Premium Income Municipal Fund 4	NPT	3.07%
Dreyfus Strategic Municipal Bond Fund, Inc.	DSM	3.03%
MFS High Yield Municipal Trust	CMU	3.00%
Nuveen Municipal Advantage Fund	NMA	2.97%
Eaton Vance California Municipal Income Trust	CEV	2.97%
Nuveen Quality Income Municipal Fund	NQU	2.94%
Invesco Advantage Municipal Income Trust II	VKI	2.92%
BlackRock Long-Term Municipal Advantage Trust	BTA	2.90%
Invesco Municipal Trust	VKQ	2.85%
Federated Premier Municipal Income Fund	FMN	1.90%

Total Number of Holdings: 28

Underlying Securities information represented above is as of 06/17/2013 but will vary with future fluctuations in the market.

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.

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. Interest income from closed-end municipal bond funds is generally exempt from federal income tax. However, certain distributions may be subject to federal income tax and/or subject to the alternative minimum tax.

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.

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.

Product Watch Options

Click on the appropriate CUSIP below to add it to your product watch list:

30279R556	(Cash)
30279R564	(Reinvest)
30279R572	(Cash-Fee)
30279R580	(Reinvest-Fee)

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