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Municipal Income Select, Closed-End, 89  Ticker: FTRDLX
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.
Product Code: MU2Y89
Portfolio Status: Secondary
Initial Offer Date: 09/15/2017
Secondary Date: 10/27/2017
Portfolio Ending Date: 09/16/2019
Tax Structure: Regulated Investment Company
Distributions: Monthly
Initial Offer Price: $10.0000
NAV(*): $8.6277
POP(*): $8.8263
Remaining Deferred Sales Charge: $0.0000
* As of Trade Date: 03/20/2018 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 Per Unit * $0.4493
As of 03/19/2018
* 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  
 BlackRock MuniYield Michigan Quality Fund, Inc. MIY 3.68%
 MFS High Income Municipal Trust CXE 3.59%
 Nuveen AMT-Free Municipal Credit Income Fund NVG 3.56%
 Nuveen Municipal Credit Income Fund NZF 3.53%
 Nuveen Pennsylvania Quality Municipal Income Fund NQP 3.52%
 BlackRock MuniHoldings New Jersey Quality Fund, Inc. MUJ 3.50%
 Invesco Advantage Municipal Income Trust II VKI 3.50%
 Invesco Municipal Trust VKQ 3.49%
 Invesco Trust for Investment Grade Municipals VGM 3.48%
 Eaton Vance Municipal Income Trust EVN 3.45%
 Dreyfus Strategic Municipal Bond Fund, Inc. DSM 3.43%
 Invesco Municipal Opportunity Trust VMO 3.41%
 Dreyfus Strategic Municipals, Inc. LEO 3.34%
 Deutsche Municipal Income Trust KTF 3.34%
 MFS High Yield Municipal Trust CMU 3.08%
 PIMCO Municipal Income Fund III PMX 3.08%
 Invesco Quality Municipal Income Trust IQI 3.07%
 MainStay MacKay DefinedTerm Municipal Opportunities Fund MMD 3.07%
 Nuveen Municipal High Income Opportunity Fund NMZ 3.05%
 Putnam Managed Municipal Income Trust PMM 3.04%
 Pioneer Municipal High Income Trust MHI 3.03%
 Eaton Vance Municipal Bond Fund EIM 3.02%
 Putnam Municipal Opportunities Trust PMO 3.01%
 Nuveen Quality Municipal Income Fund NAD 3.01%
 BlackRock Long-Term Municipal Advantage Trust BTA 3.01%
 Western Asset Managed Municipals Fund Inc. MMU 3.00%
 Pioneer Municipal High Income Advantage Trust MAV 2.99%
 Deutsche Strategic Municipal Income Trust KSM 2.95%
 AllianceBernstein National Municipal Income Fund, Inc. AFB 2.94%
 Neuberger Berman Intermediate Municipal Fund Inc. NBH 2.94%
 BlackRock MuniYield Quality Fund II, Inc. MQT 2.89%
Total Number of Holdings:    31
Underlying Securities information represented above is as of 03/20/2018 but will vary with future fluctuations in the market.

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.

Fund Cusip Information
30305B260 (Cash)
30305B278 (Reinvest)
30305B286 (Cash-Fee)
30305B294 (Reinvest-Fee)
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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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