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Municipal Income Select, Closed-End, 87  Ticker: FQPRLX
 
Description
The Municipal Income Select Closed-End Portfolio is a unit investment trust that seeks monthly income that is exempt from Federal income taxes by investing in a diversified pool of closed-end funds that invest primarily in tax-exempt municipal bonds.
 
Summary
Product Code: MU2Y87
Portfolio Status: Secondary
Initial Offer Date: 07/25/2017
Secondary Date: 08/14/2017
Portfolio Ending Date: 07/25/2019
Tax Structure: Regulated Investment Company
Distributions: Monthly
 
Initial Offer Price: $10.0000
NAV(*): $9.6846
POP(*): $9.9075
Remaining Deferred Sales Charge: $0.2250
* As of Trade Date: 09/22/2017 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 * $0.4956
Subsequent Years * $0.4927
As of 09/18/2017
* 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
 Nuveen Municipal Credit Income Fund NZF 4.26%
 BlackRock MuniYield Quality Fund III, Inc. MYI 4.25%
 Nuveen Municipal High Income Opportunity Fund NMZ 4.24%
 Dreyfus Strategic Municipal Bond Fund, Inc. DSM 4.15%
 Nuveen Enhanced Municipal Value Fund NEV 4.05%
 BlackRock MuniYield Quality Fund II, Inc. MQT 4.02%
 Nuveen AMT-Free Municipal Credit Income Fund NVG 4.01%
 Invesco Municipal Trust VKQ 3.98%
 BlackRock MuniHoldings New Jersey Quality Fund, Inc. MUJ 3.98%
 Invesco Advantage Municipal Income Trust II VKI 3.96%
 BlackRock MuniYield Quality Fund, Inc. MQY 3.93%
 MainStay DefinedTerm Municipal Opportunities Fund MMD 3.76%
 Deutsche Municipal Income Trust KTF 3.65%
 MFS High Income Municipal Trust CXE 3.52%
 Invesco Municipal Opportunity Trust VMO 3.48%
 Nuveen Quality Municipal Income Fund NAD 3.48%
 Eaton Vance California Municipal Bond Fund EVM 3.16%
 Pioneer Municipal High Income Trust MHI 3.02%
 Putnam Municipal Opportunities Trust PMO 3.01%
 Western Asset Managed Municipals Fund Inc. MMU 3.00%
 Nuveen AMT-Free Quality Municipal Income Fund NEA 3.00%
 MFS Municipal Income Trust MFM 2.97%
 Putnam Managed Municipal Income Trust PMM 2.97%
 Invesco Pennsylvania Value Municipal Income Trust VPV 2.96%
 Pioneer Municipal High Income Advantage Trust MAV 2.96%
 Dreyfus Municipal Income, Inc. DMF 2.27%
 BlackRock MuniHoldings Quality Fund, Inc. MUS 2.27%
 MFS High Yield Municipal Trust CMU 2.01%
 Deutsche Strategic Municipal Income Trust KSM 1.94%
 BlackRock Strategic Municipal Trust BSD 1.53%
 
Total Number of Holdings:    30
Underlying Securities information represented above is as of 09/22/2017 but will vary with future fluctuations in the market.

 Deferred Sales Charge Schedule
Amount Date
$0.07500 November 20, 2017
$0.07500 December 20, 2017
$0.07500 January 19, 2018

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.

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.

High-Yield or Junk Bonds Risk. Investing in high-yield securities or "junk" bonds should be viewed as speculative and you should review your ability to assume the risks associated with investments which utilize such securities. High-yield securities are subject to numerous risks, including higher interest rates, economic recession, deterioration of the junk bond market, possible downgrades and defaults of interest and/or principal. High-yield security prices tend to fluctuate more than higher rated securities and are affected by short-term credit developments to a greater degree.

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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The information presented is not intended to constitute an investment recommendation for, or advice to, any specific person. By providing this information, First Trust is not undertaking to give advice in any fiduciary capacity within the meaning of ERISA and the Internal Revenue Code. First Trust has no knowledge of and has not been provided any information regarding any investor. Financial advisors must determine whether particular investments are appropriate for their clients. First Trust believes the financial advisor is a fiduciary, is capable of evaluating investment risks independently and is responsible for exercising independent judgment with respect to its retirement plan clients.
First Trust Portfolios L.P.  Member SIPC and FINRA.
First Trust Advisors L.P.
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