Tax Exempt Municipal Income, 280 (Closed)

Description

This unit investment trust seeks investors with income exempt from federal and applicable state and local income tax and to preserve capital by investing in a portfolio of investment grade municipal bonds.

Summary

Product Code:	FT280
Portfolio Status:	Secondary
Initial Offer Date:	02/21/2013
Secondary Date:	05/10/2013
Avg Life / Pricing Life:	26.8 / 16.7
Tax Structure:	RIC

Initial Offer Price:	$995.2500
NAV(*):	$927.0700
POP(*):	$973.8700
PAR(*):	$904.7000

* As of Trade Date: 05/22/2013 4:00pm ET


Brochure	Fact Sheet	Prospectus

Income Information

CUSIP	Price Code	Frequency / Distributions	Accrued Interest	Estimated Annual Income	Estimated Current Return	Estimated Long Term Return
33737F289	083219	Monthly	$1.7600	$35.1100	3.610%	3.309%

Holdings

Export Current Holdings | View Initial Holdings

CUSIP	Par	Description	St	Coupon	Maturity(M) /Escrow(E) Date	Next Call Date	Call Price
01728LEN8	145,000	ALLEGHENY CNTY PA ARPT AUTH AR ALLEGHENY CNTY PA ARPT AUTH ARPT REVENUE	PA	4.000	01/01/2032M	01/01/2022	100.0000
01729EKY2	300,000	ALLEGHENY CNTY PA HGR EDU BLDG ALLEGHENY CNTY PA HGR EDU BLDG AUTH CLG REVENUE	PA	4.000	03/01/2043M	03/01/2023	100.0000
167505PV2	50,000	CHICAGO IL BRD OF EDU	IL	5.000	12/01/2034M	12/01/2022	100.0000
167505PL4	550,000	CHICAGO IL BRD OF EDU CHICAGO IL BRD IF EDU	IL	5.000	12/01/2042M	12/01/2022	100.0000
167736VK0	180,000	CHICAGO IL WTR REVENUE	IL	5.750	11/01/2030M
20058RBC2	300,000	COMMERCE CITY CO NRTHRN INFRAS COMMERCE CITY CO NRTHRN INFRASTRUCTURE GEN IMPT DIST	CO	4.000	12/01/2038M	12/01/2022	100.0000
249182GJ9	250,000	DENVER CITY & CNTY CO ARPT REV DENVER CITY & CNTY CO ARPT REVENUE	CO	4.000	11/15/2043M	11/15/2022	100.0000
45201QCV4	600,000	ILLINOIS ST EDUCTNL FACS AUTH	IL	4.000	11/01/2036M	11/01/2022	102.0000
45506DEM3	300,000	INDIANA ST FIN AUTH REVENUE	IN	5.000	10/01/2042M	10/01/2023	100.0000
52480GCB8	600,000	LEHIGH CNTY PA GEN PURPOSE HOS LEHIGH CNTY PA GEN PURPOSE HOSP REVENUE	PA	4.000	07/01/2043M	07/01/2022	100.0000
551800EB7	300,000	LYNWOOD CA UNIF SCH DIST LYNWOOD CA UNIT SCH DIST	CA	5.000	08/01/2038M	08/01/2023	100.0000
59259YSK6	300,000	MET TRANSPRTN AUTH NY REVENUE	NY	4.000	11/15/2038M	11/15/2022	100.0000
59333ALS8	235,000	MIAMI-DADE CNTY FL FACS AUTH	FL	4.000	04/01/2037M	04/01/2023	100.0000
59447PTK7	120,000	MICHIGAN ST FIN AUTH REVENUE MICHICAG ST FIN AUTH REVENUE	MI	4.000	01/01/2040M	01/01/2023	100.0000
66285WKR6	300,000	N TX TOLLWAY AUTH REVENUE	TX	5.000	01/01/2042M	01/01/2022	100.0000
644614V48	600,000	NEW HAMPSHIRE ST HLTH & EDU FA NEW HAMPSHIRE ST HLTH & EDU FACS AUTH REVENUE	NH	4.000	07/01/2039M	07/01/2022	100.0000
677632A84	300,000	OHIO ST UNIV	OH	4.000	06/01/2043M	06/01/2023	100.0000
67910HND8	600,000	OKLAHOMA ST MUNI PWR AUTH	OK	4.000	01/01/2043M	01/01/2023	100.0000
705888BL8	50,000	PELL CITY AL SPL CARE FACS FIN PELL CITY AL SPL CARE FACS FING AUTH REVENUE	AL	5.000	12/01/2031M	12/01/2021	100.0000
705888BM6	150,000	PELL CITY AL SPL CARE FACS FIN PELL CITY AL SPL CARE FACS FING AUTH REVENUE	AL	5.000	12/01/2039M	12/01/2021	100.0000
88283KAC2	300,000	TEXAS ST TRANSPRTN COMMISSION TEXAS ST TRANSPRTN COMMISSION TURNPIKE SYS REVENUE	TX	4.000	08/15/2038M	08/15/2022	100.0000
93978HGC3	100,000	WASHINGTON ST HLTH CARE FACS A WASHINGTON ST HLTH CARE FACS AUTH	WA	4.250	10/01/2040M	10/01/2022	100.0000

Total Number of Holdings: 22

Due to the current state of the economy, 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. In addition, the market for mortgage-backed securities has become increasingly volatile due to the downturn in the housing and mortgage lending markets.

Certain of the securities in the trust are covered by insurance policies obtained by the issuers or underwriters of the bonds from insurance companies. There can be no assurance that any insurer will be able to satisfy its commitments in the event claims are made in the future.

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. Interest income from closed-end municipal bond funds is generally exempt from federal income tax. However, certain distributions may be subject to federal income tax and/or subject to the alternative minimum tax.

Estimated current return is determined by dividing a Trust's estimated net annual interest income per unit by the public offering price per unit. Estimated long-term return is a measure of the estimated return over the estimated life of a Trust. Unlike estimated current return, estimated long-term return reflects maturities, estimated principal prepayments, Trust charges and expenses, and discounts and premiums of securities in a Trust. Returns and prices will fluctuate. Consult a prospectus for a more complete description of the estimated current return and estimated long-term return calculations.

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.

Product Watch Options

Click on the appropriate CUSIP below to add it to your product watch list:

33737F289	(Cash)
33737F297	(Cash-Wrap)

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