California Municipal Income Select Closed-End, 75  Ticker: FBDDNX
 
* All distributions are considered estimated until Record Date.
** Reinvestment price reflects the price at which distributions were reinvested and applies only to units purchased through the reinvestment CUSIP.
Record
Date *
Distribution
Date
Reinvest
Date
Reinvest
Price **
Reinvest
Interest
Principal
Distributions
(per unit)
Income Distributions (per unit)
Monthly Quarterly Semi-Annual
10/10/19 10/25/19 10/23/19 $9.56070 N/A --- $0.02840 --- ---
11/10/19 11/25/19 11/21/19 $9.48760 N/A --- $0.03000 --- ---
12/10/19 12/25/19 12/23/19 $9.60050 N/A --- $0.03000 --- ---
12/31/19 01/08/20 01/06/20 $9.63180 N/A --- $0.01740 --- ---
01/10/20 01/25/20 01/23/20 $9.76820 N/A --- $0.02910 --- ---
02/10/20 02/25/20 02/21/20 $9.95980 N/A --- $0.02910 --- ---
03/10/20 03/25/20 03/23/20 $7.52620 N/A --- $0.02910 --- ---
04/10/20 04/25/20 04/23/20 $8.66690 N/A --- $0.02850 --- ---
05/10/20 05/25/20 05/21/20 $8.84430 N/A --- $0.02850 --- ---
06/10/20 06/25/20 06/23/20 $9.29230 N/A --- $0.02850 --- ---
07/10/20 07/25/20 07/23/20 $9.56100 N/A --- $0.02970 --- ---
08/10/20 08/25/20 08/21/20 --- N/A --- $0.02970 --- ---
      Sub-Totals:        
      2019 --- $0.08840 --- ---
      2020 --- $0.24960 --- ---
      Totals:        
        --- $0.33800 --- ---

Final determination of the source and tax status of all distributions paid in the current year are to be made after year-end and distributed to your financial reporting institution, via the Trustee, during the 1st calendar quarter annually.

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.

COVID-19 Economic Impact Risk. 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 and negatively impact global economic growth prospects. The COVID-19 outbreak has also caused significant volatility and declines in global financial markets, which have caused losses for investors. The impact of the COVID-19 outbreak may be short term or may last for an extended period of time, and in either case could result in a substantial economic downturn or recession.

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 cybersecurity.


Income distributions per unit will vary with changes in interest received on the underlying bonds and with changes in the trust's fees and expenses. Generally, as bonds in the portfolio mature or are redeemed by the issuer, income distributions per unit will decrease. Principal distributions per unit will be made only when the trust receives principal cash, generally from bonds maturing or proceeds from bond calls, and therefore will vary. With the exception of zero coupon bonds, bonds are generally callable at par value, or possibly, at a premium over par. Zero coupon bonds are generally callable at their accreted value on the call date or, possibly, at a premium over such accreted value. Both income and principal distributions may be affected by the sale of bonds in the portfolio. Refer to the prospectus for a further discussion of the factors which could affect income and principal distributions.

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.