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Municipal Income Opportunities Closed-End, 59  Ticker: FKUMTX
The Municipal Income Opportunities Closed-End Portfolio is a unit investment trust which seeks monthly income that is exempt from federal income taxes by investing in a diversified pool of closed-end funds.
Please note that there is no assurance the objective will be met.
Product Code: MIOP59
Portfolio Status: Primary
Initial Offer Date: 11/22/2019
Portfolio Ending Date: 02/22/2021
Tax Structure: Regulated Investment Company
Distributions: Monthly
Initial Offer Price: $10.0000
NAV(*): $9.9811
POP(*): $10.1183
Remaining Deferred Sales Charge: $0.1350
* As of Trade Date: 01/17/2020 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 1/17/2020) Per Unit (as of 1/17/2020)
4.15% $0.41990
^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  
 Invesco Municipal Trust VKQ 4.04%
 Nuveen Enhanced Municipal Value Fund NEV 4.03%
 Invesco Trust for Investment Grade Municipals VGM 4.01%
 Invesco Municipal Opportunity Trust VMO 4.00%
 BlackRock MuniVest Fund, Inc. MVF 3.99%
 Nuveen Municipal Credit Income Fund NZF 3.98%
 Invesco Quality Municipal Income Trust IQI 3.91%
 MainStay DefinedTerm Municipal Opportunities Fund MMD 3.62%
 BNY Mellon Municipal Income, Inc. DMF 3.58%
 Putnam Municipal Opportunities Trust PMO 3.52%
 BlackRock Long-Term Municipal Advantage Trust BTA 3.52%
 Eaton Vance California Municipal Bond Fund EVM 3.51%
 Nuveen New Jersey Quality Municipal Income Fund NXJ 3.49%
 Pioneer Municipal High Income Trust MHI 3.49%
 DWS Municipal Income Trust KTF 3.47%
 Nuveen Pennsylvania Quality Municipal Income Fund NQP 3.47%
 AllianceBernstein National Municipal Income Fund, Inc. AFB 3.47%
 Western Asset Managed Municipals Fund Inc. MMU 3.46%
 MFS High Income Municipal Trust CXE 3.42%
 Invesco Advantage Municipal Income Trust II VKI 3.40%
 Pioneer Municipal High Income Advantage Trust MAV 3.40%
 MFS Municipal Income Trust MFM 3.36%
 Eaton Vance California Municipal Income Trust CEV 3.03%
 MFS High Yield Municipal Trust CMU 2.94%
 Western Asset Municipal Partners Fund Inc. MNP 2.94%
 BlackRock MuniYield Investment Fund MYF 2.93%
 Federated Premier Municipal Income Fund FMN 2.92%
 BlackRock MuniYield Investment Quality Fund MFT 2.28%
 Neuberger Berman California Municipal Fund Inc. NBW 2.24%
Total Number of Holdings:    29
Underlying Securities information represented above is as of 01/17/2020 but will vary with future fluctuations in the market.

 Standard Account Sales Charges *
Transactional sales charges: Initial:  0.03%
  Deferred:  1.33%
C&D Fee:    0.49%
Maximum Sales Charge:   1.85%
CUSIP Type Distribution
30312K709 Cash Monthly
30312K717 Reinvest Monthly
* Based on the offer price as of 01/17/2020 4:00pm ET

 Fee/Wrap Account Sales Charges *
C&D Fee:    0.50%
Maximum Sales Charge:   0.50%
CUSIP Type Distribution
30312K725 Cash-Fee Monthly
30312K733 Reinvest-Fee Monthly
* Based on the NAV price as of 01/17/2020 4:00pm ET
In addition to the sales charges listed, UITs are subject to annual operating expenses and organization costs.

 Deferred Sales Charge Schedule
Amount Date
$0.04500 March 20, 2020
$0.04500 April 20, 2020
$0.04500 May 20, 2020

Risk Considerations

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.

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.

Term Risk - 15 months. Although this unit investment trust terminates in approximately 15 months, the strategy is long-term. Investors should consider their ability to pursue investing in successive portfolios, if available. There may be tax consequences unless units are purchased in an IRA or other qualified plan.

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.

Fund Cusip Information
30312K709 (Cash)
30312K717 (Reinvest)
30312K725 (Cash-Fee)
30312K733 (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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