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Municipal Income Select, Closed-End, 129  Ticker: FHISDX
A unit investment trust that seeks monthly income that is exempt from federal income taxes by investing in a well-diversified pool of closed-end funds that invest in municipal bonds.
Please note that there is no assurance the objective will be met.
Product Code: MU2Y129
Portfolio Status: Secondary
Initial Offer Date: 11/30/2021
Secondary Date: 01/05/2022
Portfolio Ending Date: 11/30/2023
Tax Structure: Regulated Investment Company
Distributions: Monthly
Initial Offer Price: $10.0000
NAV(*): $8.8634
POP(*): $9.0674
Remaining Deferred Sales Charge: $0.2250
* As of Trade Date: 01/25/2022 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 1/25/2022) Per Unit (as of 1/24/2022)
4.43% $0.40190
^ 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. 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. For trusts that include funds, distributions may include realized short term capital gains, realized long-term capital gains and/or return of capital.

 Holdings  Export Current Holdings | View Initial Holdings  
 MainStay DefinedTerm Municipal Opportunities Fund MMD 4.13%
 Western Asset Managed Municipals Fund Inc. MMU 4.09%
 Invesco Municipal Opportunity Trust VMO 4.08%
 Pioneer Municipal High Income Fund, Inc. MHI 4.06%
 Invesco Quality Municipal Income Trust IQI 4.03%
 Eaton Vance Municipal Bond Fund EIM 4.02%
 Eaton Vance Municipal Income Trust EVN 3.99%
 BNY Mellon Strategic Municipals, Inc. LEO 3.98%
 Invesco Trust for Investment Grade Municipals VGM 3.97%
 DWS Municipal Income Trust KTF 3.95%
 BNY Mellon Strategic Municipal Bond Fund, Inc. DSM 3.94%
 Pioneer Municipal High Income Advantage Fund, Inc. MAV 3.90%
 Putnam Municipal Opportunities Trust PMO 3.87%
 Nuveen Municipal High Income Opportunity Fund NMZ 3.61%
 BlackRock MuniVest Fund II, Inc. MVT 3.57%
 BlackRock MuniHoldings New Jersey Quality Fund, Inc. MUJ 3.54%
 Nuveen Quality Municipal Income Fund NAD 3.54%
 BlackRock Municipal Income Trust II BLE 3.52%
 Nuveen Municipal Credit Income Fund NZF 3.51%
 BlackRock Long-Term Municipal Advantage Trust BTA 3.50%
 Nuveen AMT-Free Quality Municipal Income Fund NEA 3.49%
 BlackRock MuniYield Quality Fund, Inc. MQY 3.46%
 Nuveen AMT-Free Municipal Credit Income Fund NVG 3.39%
 Putnam Managed Municipal Income Trust PMM 3.30%
 MFS High Income Municipal Trust CXE 3.02%
 Invesco Pennsylvania Value Municipal Income Trust VPV 2.50%
 Federated Hermes Premier Municipal Income Fund FMN 2.46%
 MFS High Yield Municipal Trust CMU 1.51%
Total Number of Holdings:    28
Underlying Securities information represented above is as of 01/25/2022 but will vary with future fluctuations in the market.

 Deferred Sales Charge Schedule
Amount Date
$0.07500 March 18, 2022
$0.07500 April 20, 2022
$0.07500 May 20, 2022

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

COVID-19 Economic Impact Risk. The COVID-19 global pandemic has caused significant volatility and declines in global financial markets, causing losses for investors. The development of vaccines has slowed the spread of the virus and allowed for the resumption of "reasonably" normal business activity in the United States, although many countries continue to impose lockdown measures. Additionally, there is no guarantee that vaccines will be effective against emerging variants of the disease.

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.

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.

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 cybersecurity.

You should carefully consider the trust's investment objectives, risks, and charges and expenses before investing. Contact your financial professional 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
30323M306 (Cash)
30323M314 (Reinvest)
30323M322 (Cash-Fee)
30323M330 (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 professionals 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. (Form CRS)   •  First Trust Advisors L.P. (Form CRS)
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