Municipal Income Select, Closed-End, 105  Ticker: FPZMDX
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.
Please note that there is no assurance the objective will be met.
Product Code: MU2Y105
Portfolio Status: Secondary
Initial Offer Date: 09/16/2019
Secondary Date: 10/10/2019
Portfolio Ending Date: 09/16/2021
Tax Structure: Regulated Investment Company
Distributions: Monthly
Initial Offer Price: $10.0000
NAV(*): $8.8287
POP(*): $9.0319
Remaining Deferred Sales Charge: $0.0000
* As of Trade Date: 03/27/2020 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 3/27/2020) Per Unit (as of 3/23/2020)
4.49% $0.40590
^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  
 Nuveen Quality Municipal Income Fund NAD 4.13%
 Nuveen AMT-Free Quality Municipal Income Fund NEA 4.11%
 Eaton Vance Municipal Income Trust EVN 4.08%
 Invesco Municipal Opportunity Trust VMO 4.06%
 Invesco Quality Municipal Income Trust IQI 4.02%
 Invesco Advantage Municipal Income Trust II VKI 4.02%
 Invesco Municipal Trust VKQ 4.00%
 Invesco Trust for Investment Grade Municipals VGM 3.98%
 BlackRock Municipal Income Trust BFK 3.97%
 BlackRock MuniVest Fund, Inc. MVF 3.96%
 BNY Mellon Strategic Municipals, Inc. LEO 3.89%
 Nuveen Municipal Credit Income Fund NZF 3.88%
 Nuveen Municipal High Income Opportunity Fund NMZ 3.84%
 BlackRock MuniHoldings Fund, Inc. MHD 3.20%
 AllianceBernstein National Municipal Income Fund, Inc. AFB 3.11%
 Nuveen Enhanced Municipal Value Fund NEV 3.06%
 Putnam Municipal Opportunities Trust PMO 3.02%
 DWS Municipal Income Trust KTF 3.00%
 BNY Mellon Municipal Income, Inc. DMF 2.98%
 Neuberger Berman Municipal Fund Inc. NBH 2.98%
 BlackRock MuniYield New Jersey Fund, Inc. MYJ 2.97%
 MFS Municipal Income Trust MFM 2.92%
 Pioneer Municipal High Income Trust MHI 2.91%
 PIMCO Municipal Income Fund III PMX 2.91%
 MFS High Income Municipal Trust CXE 2.88%
 Eaton Vance New York Municipal Bond Fund ENX 2.61%
 Western Asset Municipal Partners Fund Inc. MNP 2.47%
 Federated Premier Municipal Income Fund FMN 2.47%
 DWS Strategic Municipal Income Trust KSM 2.37%
 BlackRock MuniYield Investment Quality Fund MFT 2.20%
Total Number of Holdings:    30
Underlying Securities information represented above is as of 03/27/2020 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 employ the use of leverage, which increases the volatility of such funds.

COVID-19 Economic Impact Risk. Local, regional or global events such as war, acts of terrorism, spread of infectious diseases or other public health issues, recessions, or other events could have a significant negative impact on the portfolio and its investments. Such events may affect certain geographic regions, countries, sectors and industries more significantly than others. The recent outbreak of a respiratory disease designated as COVID-19 was first detected in China in December 2019. The global economic impact of the COVID-19 outbreak is impossible to predict but is expected to disrupt manufacturing, supply chains and sales in affected areas, negatively impact global economic growth prospects, and could result in a substantial economic downturn or recession.

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 cybersecurity.

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.