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Municipal Income Select, Closed-End, 97  Ticker: FTURLX
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: MU2Y97
Portfolio Status: Secondary
Initial Offer Date: 08/27/2018
Secondary Date: 10/17/2018
Portfolio Ending Date: 08/27/2020
Tax Structure: Regulated Investment Company
Distributions: Monthly
Initial Offer Price: $10.0000
NAV(*): $8.9828
POP(*): $9.1895
Remaining Deferred Sales Charge: $0.2250
* As of Trade Date: 10/18/2018 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 * $0.4780
Subsequent Years * $0.4752
As of 10/15/2018
* 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  
 Nuveen Quality Municipal Income Fund NAD 4.01%
 Nuveen AMT-Free Quality Municipal Income Fund NEA 4.00%
 Nuveen California Quality Municipal Income Fund NAC 3.94%
 Nuveen AMT-Free Municipal Credit Income Fund NVG 3.88%
 BlackRock MuniVest Fund, Inc. MVF 3.84%
 Nuveen New Jersey Quality Municipal Income Fund NXJ 3.81%
 Dreyfus Strategic Municipals, Inc. LEO 3.74%
 Eaton Vance Municipal Bond Fund EIM 3.73%
 DWS Municipal Income Trust KTF 3.72%
 Western Asset Managed Municipals Fund Inc. MMU 3.72%
 Invesco Municipal Opportunity Trust VMO 3.71%
 Invesco Municipal Trust VKQ 3.70%
 Pioneer Municipal High Income Trust MHI 3.70%
 Invesco Advantage Municipal Income Trust II VKI 3.68%
 BlackRock MuniYield Investment Fund MYF 3.68%
 AllianceBernstein National Municipal Income Fund, Inc. AFB 3.54%
 Neuberger Berman Municipal Fund Inc. NBH 3.54%
 PIMCO Municipal Income Fund III PMX 3.53%
 BlackRock MuniYield New Jersey Fund, Inc. MYJ 3.49%
 Dreyfus Strategic Municipal Bond Fund, Inc. DSM 3.43%
 Eaton Vance Municipal Income Trust EVN 3.38%
 BlackRock MuniEnhanced Fund, Inc. MEN 3.24%
 Pioneer Municipal High Income Advantage Trust MAV 3.19%
 BlackRock Long-Term Municipal Advantage Trust BTA 2.79%
 Invesco Trust for Investment Grade New York Municipals VTN 2.56%
 DWS Strategic Municipal Income Trust KSM 2.53%
 Eaton Vance New York Municipal Bond Fund ENX 2.28%
 MFS Municipal Income Trust MFM 2.23%
 MFS High Yield Municipal Trust CMU 1.82%
 BlackRock Municipal Bond Trust BBK 1.47%
Total Number of Holdings:    30
Underlying Securities information represented above is as of 10/17/2018 but will vary with future fluctuations in the market.

 Deferred Sales Charge Schedule
Amount Date
$0.07500 December 20, 2018
$0.07500 January 18, 2019
$0.07500 February 20, 2019

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.

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.

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
30309W500 (Cash)
30309W518 (Reinvest)
30309W526 (Cash-Fee)
30309W534 (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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