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California Municipal Income Select Closed-End, 69  Ticker: FLOCKX
 
Description
The California Municipal Income Select Closed-End Portfolio is a unit investment trust that seeks monthly income that is exempt from federal and state income taxes by investing in a well-diversified pool of closed-end funds that invest primarily in California municipal bonds.
Please note that there is no assurance the objective will be met.
 
Summary
Product Code: CA2Y69
Portfolio Status: Secondary
Initial Offer Date: 10/24/2018
Secondary Date: 12/14/2018
Portfolio Ending Date: 10/23/2020
Tax Structure: Regulated Investment Company
Distributions: Monthly
 
Initial Offer Price: $10.0000
NAV(*): $10.3892
POP(*): $10.6283
Remaining Deferred Sales Charge: $0.0000
* As of Trade Date: 04/23/2019 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.

 Historical 12-Month Distribution of Trust Holdings:^
Rate (as of 4/23/2019) Per Unit (as of 4/22/2019)
4.02% $0.42760
^There is no guarantee the issuers of the securities included in the trust will declare dividends or distributions in the future. The historical 12-month distribution per unit and historical 12-month distribution rate of the securities included in the trust are for illustrative purposes only and are not indicative of the trust's distribution or distribution rate. The historical 12-month distribution per unit is based on the weighted average of the trailing twelve month distributions paid by the securities included in the portfolio. The historical 12-month distribution rate is calculated by dividing the historical 12-month distributions by the trust's offering price. The historical 12-month distribution and rate are reduced to account for the effects of fees and expenses, which will be incurred when investing in a trust. For trusts that include funds, distributions may include realized short term capital gains, realized long-term capital gains and/or return of capital. PLEASE NOTE: For trusts that hold preferred securities, the historical distribution rate is calculated using only the holdings that have 12 months of distribution history. Any holdings without a 12 month history of dividends were excluded from the calculation. Certain of the issuers may have reduced their dividends or distributions over the prior twelve months. The distribution per unit and rate paid by the trust may be higher or lower than the amount shown above due to certain factors that may include, but are not limited to, a change in the dividends or distributions paid by issuers, actual expenses incurred, or the sale of securities in the portfolio.

 Holdings  Export Current Holdings | View Initial Holdings  
NameSymbolWeighting
 Invesco California Value Municipal Income Trust VCV 9.77%
 Nuveen California AMT-Free Quality Municipal Income Fund NKX 9.16%
 Nuveen California Quality Municipal Income Fund NAC 9.09%
 BlackRock MuniYield California Quality Fund, Inc. MCA 8.94%
 BlackRock California Municipal Income Trust BFZ 8.90%
 BlackRock MuniHoldings California Quality Fund, Inc. MUC 8.89%
 BlackRock MuniYield California Fund, Inc. MYC 8.78%
 PIMCO California Municipal Income Fund II PCK 7.40%
 PIMCO California Municipal Income Fund III PZC 7.33%
 Nuveen California Municipal Value Fund, Inc. NCA 7.22%
 Eaton Vance California Municipal Bond Fund EVM 7.00%
 Eaton Vance California Municipal Income Trust CEV 3.31%
 Neuberger Berman California Municipal Fund Inc. NBW 2.50%
 Nuveen California Select Tax-Free Income Portfolio NXC 1.71%
 
Total Number of Holdings:    14
Underlying Securities information represented above is as of 04/23/2019 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.

California Concentration Risk. The portfolio is also subject to additional risks as a result of its concentration in bonds issued by California municipalities, including a deterioration of the economic factors affecting the state.

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 employ the use of leverage, which increases the volatility of such funds.

Cybersecurity Risk. Cybersecurity companies are subject to the risks set forth in "Information Technology". In addition to their cybersecurity business, certain of these companies may be involved in other businesses unrelated to cybersecurity. Negative performance by a company's other business operations may have a negative effect on a company's stock performance, even in situations in which they are deriving positive results from their cybersecurity business.

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
30310F421 (Cash)
30310F439 (Reinvest)
30310F447 (Cash-Fee)
30310F454 (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, 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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