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Tax Exempt Municipal Income, 10–20 Year, 31  Ticker: FNOCWX
 
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 tax-exempt municipal bonds.
 
Summary
Product Code: TELI31
Portfolio Status: Primary
Initial Offer Date: 08/17/2017
Wtd Avg Maturity: 19.0
ELTR Life: 16.0
Tax Structure: Regulated Investment Company
 
Initial Offer Price: $1,113.5800
NAV(*): $1,069.9600
POP(*): $1,108.4800
PAR(*): $1,000.0000
Remaining Deferred Sales Charge: $0.0000
* As of Trade Date: 11/22/2017 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.

 Income Information
CUSIP Frequency / Distributions Accrued Interest Estimated Annual Income Estimated Current Return Estimated Long Term Return
33739U540 Monthly $1.7800 $37.3800 3.370% 2.651%


 Holdings  Export Current Holdings | View Initial Holdings  
CUSIPParDescriptionS&P RatingStCouponMaturity(M)
/Escrow(E)
/Refund(R)
Date
Next
Call Date
Call
Price
057849JJ1 225,000 BALDWIN CNTY AL BRD OF EDU 4%, due 06/01/2037  AA- AL 4.00000 06/01/2037M 06/01/2027 100.0000
091096KY2 250,000 BIRMINGHAM AL WTRWKS BRD WTR REV 4%, due 01/01/2037  AA AL 4.00000 01/01/2037M 01/01/2027 100.0000
091608PZ6 325,000 BISMARCK ND PUBLIC SCH DIST #1 3.25%, due 05/01/2037  NR ND 3.25000 05/01/2037M 05/01/2026 100.0000
167593D58 225,000 CHICAGO IL O'HARE INTL ARPT REV 4%, due 01/01/2037  A IL 4.00000 01/01/2037M 01/01/2027 100.0000
20772J6W7 225,000 CONNECTICUT ST 4%, due 04/15/2037  A+ CT 4.00000 04/15/2037M 04/15/2027 100.0000
407272V26 200,000 HAMILTON CNTY OH HOSP FACS REV 4.125%, due 08/15/2037  A+ OH 4.12500 08/15/2037M 08/15/2027 100.0000
429326ZR5 350,000 HIDALGO CNTY TX 4%, due 08/15/2037  AA- TX 4.00000 08/15/2037M 08/15/2027 100.0000
433416PB4 120,000 HINSDALE IL 3.375%, due 12/15/2037  AAA IL 3.37500 12/15/2037M 12/15/2025 100.0000
45203HY30 120,000 ILLINOIS ST FIN AUTH REVENUE 4.125%, due 08/15/2037  NR IL 4.12500 08/15/2037M 08/15/2025 100.0000
452024JB9 225,000 ILLINOIS ST MUNI ELEC AGY PWR SPLY 4%, due 02/01/2033  A IL 4.00000 02/01/2033M 08/01/2025 100.0000
452252JT7 325,000 ILLINOIS ST TOLL HIGHWAY AUTH 5%, due 01/01/2036  AA- IL 5.00000 01/01/2036M 01/01/2025 100.0000
469400CM5 225,000 JACKSONVILLE FL HLTH CARE FACS 4%, due 08/15/2037  AA FL 4.00000 08/15/2037M 08/15/2027 100.0000
509696VL1 250,000 LAKE FOREST IL 3.50%, due 12/15/2036  NR IL 3.50000 12/15/2036M 12/15/2025 100.0000
509696VM9 300,000 LAKE FOREST IL 3.50%, due 12/15/2037  NR IL 3.50000 12/15/2037M 12/15/2025 100.0000
52480GCY8 225,000 LEHIGH CNTY PA GEN PURPOSE HOSP REV 4%, due 07/01/2035  A+ PA 4.00000 07/01/2035M 07/01/2026 100.0000
5917453K8 400,000 MET ATLANTA GA RAPID TRANSIT AUTH 3.50%, due 07/01/2038  AA+ GA 3.50000 07/01/2038M 07/01/2027 100.0000
59333AGW5 115,000 MIAMI-DADE CNTY FL EDUCTNL FACS AUTH REV 5.25%, due 04/01/2034  A- FL 5.25000 04/01/2034M    
59334PGK7 600,000 MIAMI-DADE CNTY FL TRANSIT SALES SURTAX 4%, due 07/01/2038  AA FL 4.00000 07/01/2038M 07/01/2026 100.0000
59447TMK6 265,000 MICHIGAN ST FIN AUTH REVENUE 5%, due 11/15/2034  A MI 5.00000 11/15/2034M 11/15/2026 100.0000
61075TQV3 200,000 MONROE CNTY NY INDL DEV CORP REV 3.625%, due 07/01/2036  AA- NY 3.62500 07/01/2036M 07/01/2027 100.0000
64972HZX3 250,000 NEW YORK CITY NY TRANSITIONAL 4%, due 07/15/2036  AA NY 4.00000 07/15/2036M 07/15/2027 100.0000
704883TN7 240,000 PEARLAND TX WTRWKS & SWR SYS REV 4%, due 09/01/2036  NR TX 4.00000 09/01/2036M 09/01/2027 100.0000
70917SXT5 300,000 PENNSYLVANIA ST HGR EDUCTNL FACS AUTH 4%, due 05/01/2036  A PA 4.00000 05/01/2036M 05/01/2026 100.0000
717904LP9 100,000 PHILADELPHIA PA MUNI AUTH REV 5%, due 04/01/2036  A+ PA 5.00000 04/01/2036M 04/01/2027 100.0000
762196NX7 400,000 RHODE ISLAND ST HLTH & EDUCTNL BLDG CORP 5%, due 05/15/2037  AA RI 5.00000 05/15/2037M 05/15/2027 100.0000
865525TZ2 250,000 SULPHUR SPRINGS TX 3.25%, due 09/01/2037  A+ TX 3.25000 09/01/2037M 09/01/2027 100.0000
 
Total Number of Holdings:    26


 Standard Account Sales Charges *
Transactional sales charges: Initial:  3.50%
  Deferred:  0.00%
Maximum Sales Charge:   3.50%
CUSIP Type Distribution
33739U540 Cash Monthly
* Based on the offer price as of 11/22/2017 4:00pm ET

 Fee/Wrap Account Sales Charges *
Maximum Sales Charge:   0.60%
CUSIP Type Distribution
33739U557 Cash-Wrap Monthly
* Based on the Fee/Wrap Account price as of 11/22/2017 4:00pm ET
In addition to the sales charges listed, UITs are subject to annual operating expenses and organization costs.

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.

Insurance Risks. 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 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.

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.

Some of the information may have been obtained from third parties, including ratings from credit ratings agencies such as Standard & Poor's. Reproduction and distribution of third party content in any form is prohibited except with the prior written permission of the related third party. Third party content providers do not guarantee the accuracy, completeness, timeliness or availability of any information, including ratings, and are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, or for the results obtained from the use of such content. THIRD PARTY CONTENT PROVIDERS GIVE NO EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. THIRD PARTY CONTENT PROVIDERS SHALL NOT BE LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, EXEMPLARY, COMPESATORY, PUNITIVE, SPECIAL OR CONSEQUENTIAL DAMAGES, COSTS, EXPENSES, LEGAL FEES, OR LOSSES (INCLUDING LOST INCOME OR PROFITS AND OPPORTUNITY COSTS) IN CONNECTION WITH ANY USE OF THEIR CONTENT, INCLUDING RATINGS. Credit ratings are statements of opinions and are not statements of fact or recommendations to purchase, hold or sell securities. They do not address the suitability of securities or the suitability of securities for investment purposes, and should not be relied on as investment advice. Please see the prospectus for a full description of the bond ratings.

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
33739U540 (Cash)
33739U557 (Cash-Wrap)
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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 and the Internal Revenue Code. First Trust has no knowledge of and has not been provided any information regarding any investor. Financial advisors must determine whether particular investments are appropriate for their clients. First Trust believes the financial advisor is a fiduciary, is capable of evaluating investment risks independently and is responsible for exercising independent judgment with respect to its retirement plan clients.
First Trust Portfolios L.P.  Member SIPC and FINRA.
First Trust Advisors L.P.
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