Municipal Income Opportunities Closed-End, 61  Ticker: FAAUUX
 
Description
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.
 
Summary
Product Code: MIOP61
Portfolio Status: Secondary
Initial Offer Date: 03/16/2020
Secondary Date: 06/12/2020
Portfolio Ending Date: 06/16/2021
Tax Structure: Regulated Investment Company
Distributions: Monthly
 
Initial Offer Price: $10.0000
NAV(*): $10.5541
POP(*): $10.6985
Remaining Deferred Sales Charge: $0.0900
* As of Trade Date: 07/02/2020 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 7/2/2020) Per Unit (as of 7/2/2020)
4.44% $0.47500
^ 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. Due to the negative economic impact across many industries caused by the recent COVID-19 outbreak, certain issuers of the securities included in the trust may elect to reduce the amount of dividends and/or distributions paid in the future. As a result, the "Historical 12-Month Distribution Rate of Trust Holdings," which is based on the trailing twelve-month distributions paid by the securities included in a trust, will likely be higher, and in some cases significantly higher, than the actual distribution rate achieved by the trust. 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. 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.

 Holdings  Export Current Holdings | View Initial Holdings  
NameSymbolWeighting
 BlackRock Investment Quality Municipal Trust, Inc. BKN 3.55%
 BNY Mellon Municipal Bond Infrastructure Fund, Inc. DMB 3.43%
 AllianceBernstein National Municipal Income Fund, Inc. AFB 3.42%
 BlackRock Municipal Income Trust BFK 3.40%
 Eaton Vance Municipal Income Trust EVN 3.40%
 Nuveen Municipal High Income Opportunity Fund NMZ 3.40%
 BlackRock MuniYield Fund, Inc. MYD 3.38%
 BlackRock Municipal Income Investment Trust BBF 3.37%
 BlackRock Long-Term Municipal Advantage Trust BTA 3.37%
 Putnam Managed Municipal Income Trust PMM 3.36%
 Putnam Municipal Opportunities Trust PMO 3.35%
 Nuveen AMT-Free Municipal Credit Income Fund NVG 3.34%
 BNY Mellon Strategic Municipal Bond Fund, Inc. DSM 3.33%
 Federated Hermes Premier Municipal Income Fund FMN 3.33%
 Invesco Quality Municipal Income Trust IQI 3.31%
 Nuveen Municipal Credit Income Fund NZF 3.31%
 Pioneer Municipal High Income Trust MHI 3.31%
 Nuveen AMT-Free Quality Municipal Income Fund NEA 3.31%
 MFS High Income Municipal Trust CXE 3.30%
 DWS Municipal Income Trust KTF 3.30%
 Invesco Municipal Trust VKQ 3.30%
 Eaton Vance Municipal Bond Fund EIM 3.30%
 Nuveen Quality Municipal Income Fund NAD 3.30%
 BNY Mellon Strategic Municipals, Inc. LEO 3.29%
 Invesco Trust for Investment Grade Municipals VGM 3.28%
 Invesco Advantage Municipal Income Trust II VKI 3.28%
 MFS Municipal Income Trust MFM 3.27%
 Invesco Municipal Opportunity Trust VMO 3.26%
 MFS High Yield Municipal Trust CMU 3.22%
 Neuberger Berman Municipal Fund Inc. NBH 3.13%
 
Total Number of Holdings:    30
Underlying Securities information represented above is as of 07/02/2020 but will vary with future fluctuations in the market.

 Deferred Sales Charge Schedule
Amount Date
$0.04500 June 19, 2020
$0.04500 July 20, 2020
$0.04500 August 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.

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.

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 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.