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California Municipal Income, 15  Ticker: FEHKPX
 
Description
This unit investment trust seeks to distribute income exempt from federal, California state/and or local income taxes and to preserve capital by investing in a portfolio of investment grade tax-exempt municipal bonds issued by California.
Please note that there is no assurance the objective will be met.
 
Summary
Product Code: CAFT15
Portfolio Status: Secondary
Initial Offer Date: 04/19/2018
Secondary Date: 01/16/2019
Wtd Avg Maturity: 26.3
ELTR Life: 15.4
Tax Structure: Regulated Investment Company
 
Initial Offer Price: $1,061.2600
NAV(*): $1,037.7200
POP(*): $1,077.6200
PAR(*): $997.3000
Remaining Deferred Sales Charge: $0.0000
* As of Trade Date: 04/24/2019 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.

 Income Information
CUSIP Frequency / Distributions Accrued Interest Estimated Annual Income Estimated Current Return Estimated Long Term Return
33739U862 Monthly $1.4900 $33.4500 3.100% 2.483%


 Holdings  Export Current Holdings | View Initial Holdings  
CUSIPParDescriptionS&P RatingStCouponMaturity(M)
/Escrow(E)
/Refund(R)
Date
Next
Call Date
Call
Price
032555NL4 80,000 ANAHEIM CA ELEM SCH DIST 2.75%, due 08/01/2042  AA- CA 2.75000 08/01/2042M 08/01/2026 100.0000
069077GE9 50,000 BARSTOW CA UNIF SCH DIST 3.375%, due 08/01/2044  AA CA 3.37500 08/01/2044M 08/01/2027 100.0000
13057EBC7 175,000 CALIFORNIA PUBLIC FIN AUTH REV 4%, due 08/01/2047  AA CA 4.00000 08/01/2047M 02/01/2028 100.0000
13063DFR4 200,000 CALIFORNIA ST 3.625%, due 10/01/2047  AA- CA 3.62500 10/01/2047M 04/01/2026 100.0000
13032UFP8 200,000 CALIFORNIA ST HLTH FACS FING AUTH 4%, due 10/01/2047  AA- CA 4.00000 10/01/2047M 10/01/2026 100.0000
13032UQR2 175,000 CALIFORNIA ST HLTH FACS FING AUTH 4%, due 11/15/2040  AA- CA 4.00000 11/15/2040M 11/15/2027 100.0000
13032URN0 110,000 CALIFORNIA ST HLTH FACS FING AUTH 4%, due 11/15/2042  AA- CA 4.00000 11/15/2042M 11/15/2027 100.0000
13049UEF2 80,000 CALIFORNIA ST MUNI FIN AUTH LEASE REV 3.625%, due 12/01/2047  AA- CA 3.62500 12/01/2047M 12/01/2027 100.0000
399262MA9 85,000 GROSSMONT CA UNION HIGH SCH DIST 3%, due 08/01/2045  NR CA 3.00000 08/01/2045M 08/01/2026 100.0000
421207BH3 135,000 HAYWARD CA AREA RECREATION & PARK DIST 3.625%, due 08/01/2042  AA+ CA 3.62500 08/01/2042M 08/01/2027 100.0000
452650KN3 135,000 IMPERIAL CA IRR DIST ELEC REVENUE 4%, due 11/01/2047  AA- CA 4.00000 11/01/2047M 11/01/2027 100.0000
511005BM1 65,000 LAKE TAHOE CA CMNTY CLG DIST 4%, due 08/01/2048  AA CA 4.00000 08/01/2048M 08/01/2028 100.0000
530319RF1 135,000 LIBERTY CA UNION HIGH SCH DIST 4%, due 08/01/2042  NR CA 4.00000 08/01/2042M 08/01/2027 100.0000
53833PAX4 135,000 LIVERMORE VLY CA WTR FING AUTH 4%, due 07/01/2043  AA+ CA 4.00000 07/01/2043M 07/01/2027 100.0000
556452GL8 135,000 MADERA CA UNIF SCH DIST 4%, due 08/01/2046  NR CA 4.00000 08/01/2046M 08/01/2027 100.0000
580405AC2 155,000 MCFARLAND CA IMPT AUTH LEASE REV 4%, due 03/01/2047  AA CA 4.00000 03/01/2047M 03/01/2027 100.0000
612289TD0 200,000 MONTEBELLO CA UNIF SCH DIST 4%, due 08/01/2046  NR CA 4.00000 08/01/2046M 08/01/2026 100.0000
63877NLB1 60,000 NATOMAS CA UNIF SCH DIST 4%, due 08/01/2042  AA CA 4.00000 08/01/2042M 08/01/2026 100.0000
645002E44 135,000 NEW HAVEN CA UNIF SCH DIST 4%, due 08/01/2047  NR CA 4.00000 08/01/2047M 08/01/2027 100.0000
79689RAW2 135,000 SAN BRUNO CA PUBLIC FING AUTH 4%, due 07/01/2047  AA+ CA 4.00000 07/01/2047M 07/01/2027 100.0000
7973555X8 135,000 SAN DIEGO CA UNIF SCH DIST 4%, due 07/01/2047  NR CA 4.00000 07/01/2047M 07/01/2027 100.0000
870462SF6 135,000 SWEETWATER CA UNION HIGH SCH DIST 4%, due 08/01/2042  A+ CA 4.00000 08/01/2042M 02/01/2026 100.0000
936825CP1 90,000 WASCO CA UNION SCH DIST CTFS PARTN, 3.75%, due 08/01/2047  AA CA 3.75000 08/01/2047M 08/01/2026 100.0000
95236FAW2 50,000 WEST CNTY TRANSPRTN AGY CA 4%, due 04/01/2041  NR CA 4.00000 04/01/2041M 04/01/2026 100.0000
 
Total Number of Holdings:    24


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.

Insurance Risks. Certain of the securities in the trust are covered by insurance policies obtained by the issuers or underwriters of the bonds from insurance companies. There can be no assurance that any insurer will be able to satisfy its commitments in the event claims are made in the future.

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.

Operational Risk. As the use of Internet technology has become more prevalent in the course of business, the trust has become more susceptible to potential operational risks through breaches in cyber security.

Estimated current return is determined by dividing a Trust's estimated net annual interest income per unit by the public offering price per unit. Estimated long-term return is a measure of the estimated return over the estimated life of a Trust. Unlike estimated current return, estimated long-term return reflects maturities, estimated principal prepayments, Trust charges and expenses, and discounts and premiums of securities in a Trust. Returns and prices will fluctuate. Consult a prospectus for a more complete description of the estimated current return and estimated long-term return calculations.

Some of the information may have been obtained from third parties, including ratings from credit ratings agencies such as Standard & Poor's. Reproduction and distribution of third party content in any form is prohibited except with the prior written permission of the related third party. Third party content providers do not guarantee the accuracy, completeness, timeliness or availability of any information, including ratings, and are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, or for the results obtained from the use of such content. THIRD PARTY CONTENT PROVIDERS GIVE NO EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. THIRD PARTY CONTENT PROVIDERS SHALL NOT BE LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, EXEMPLARY, COMPESATORY, PUNITIVE, SPECIAL OR CONSEQUENTIAL DAMAGES, COSTS, EXPENSES, LEGAL FEES, OR LOSSES (INCLUDING LOST INCOME OR PROFITS AND OPPORTUNITY COSTS) IN CONNECTION WITH ANY USE OF THEIR CONTENT, INCLUDING RATINGS. Credit ratings are statements of opinions and are not statements of fact or recommendations to purchase, hold or sell securities. They do not address the suitability of securities or the suitability of securities for investment purposes, and should not be relied on as investment advice. Please see the prospectus for a full description of the bond ratings.

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
33739U862 (Cash)
33739U870 (Cash-Wrap)
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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, the Internal Revenue Code or any other regulatory framework. Financial advisors are responsible for evaluating investment risks independently and for exercising independent judgment in determining whether investments are appropriate for their clients.
First Trust Portfolios L.P.  Member SIPC and FINRA.
First Trust Advisors L.P.
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