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Tax Exempt Municipal Income, Intermediate, 44  Ticker: FRCVWX
 
Description
This unit investment trust seeks to distribute income exempt from federal and, in certain instances, state and local income taxes and to preserve capital by investing in a portfolio of investment grade tax-exempt municipal bonds.
Please note that there is no assurance the objective will be met.
 
Summary
Product Code: TEIN44
Portfolio Status: Secondary
Initial Offer Date: 01/16/2020
Secondary Date: 03/06/2020
Wtd Avg Maturity: 9.2
ELTR Life: 8.3
Tax Structure: Regulated Investment Company
 
Initial Offer Price: $1,253.1400
NAV(*): $1,237.6400
POP(*): $1,275.9600
PAR(*): $997.3000
Remaining Deferred Sales Charge: $0.0000
* As of Trade Date: 08/12/2020 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.

 Income Information
CUSIP Frequency / Distributions Accrued Interest Estimated Annual Income Estimated Current Return Estimated Long Term Return
33741B563 Monthly $0.4800 $42.5900 3.340% 0.728%


 Holdings  Export Current Holdings | View Initial Holdings  
CUSIPParDescriptionS&P RatingStCouponMaturity(M)
/Escrow(E)
/Refund(R)
Date
Next
Call Date
Call
Price
215039ES3 210,000 COOK CNTY IL CMNTY CONSOL SCH DIST 146 3%, due 12/01/2029  NR IL 3.00000 12/01/2029M 12/01/2026 100.0000
246579GC4 195,000 DELAWARE VLY PA REGL FINANCIAL AUTH N/C, 5.75%, due 07/01/2032  A+ PA 5.75000 07/01/2032M    
34073TGD3 100,000 FLORIDA ST HGR EDUCTNL FACS FIN AUTH 5%, due 04/01/2030  A- FL 5.00000 04/01/2030M 04/01/2026 100.0000
345239BX4 125,000 FORD CHAMPAIGN ETC CNTYS IL CUSD 10 5%, due 12/01/2029  AA IL 5.00000 12/01/2029M 12/01/2026 100.0000
452017AB2 155,000 ILLINOIS ST FIN AUTH ACADEMIC FACS N/C, 5%, due 10/01/2026  NR IL 5.00000 10/01/2026M    
452671CH1 205,000 IMPERIAL CALIF PUB FING AUTH REV 4%, due 10/15/2030  AA CA 4.00000 10/15/2030M 10/15/2029 100.0000
46874TEU2 225,000 JACKSON TN HOSP REVENUE N/C, 5%, due 04/01/2029  A TN 5.00000 04/01/2029M    
491501EB4 350,000 KENTUCKY ST MUNI PWR AGY PWR SYS REV 5%, due 09/01/2030  NR KY 5.00000 09/01/2030M 09/01/2025 100.0000
514349DG1 225,000 LANCASTER PA INDL DEV AUTH 5%, due 07/01/2029  AA- PA 5.00000 07/01/2029M 07/01/2028 100.0000
54811BSP7 200,000 LOWER COLORADO RIVER TX AUTH 5%, due 05/15/2030  A TX 5.00000 05/15/2030M 05/15/2029 100.0000
59261ASX6 150,000 MET TRANSPRTN AUTH NY REVENUE 5%, due 11/15/2030  BBB+ NY 5.00000 11/15/2030M 05/15/2028 100.0000
61204MCQ8 250,000 MONTANA FAC FIN AUTH HLTH FACS REV 3%, due 06/01/2029  A MT 3.00000 06/01/2029M 06/01/2028 100.0000
619262GC6 225,000 MORTON GROVE IL N/C, 5%, due 12/15/2027  AA IL 5.00000 12/15/2027M    
632057FH3 225,000 NATCHITOCHES PARISH LA CONSOL SCH DIST 7 4%, due 03/01/2031  AA LA 4.00000 03/01/2031M 03/01/2028 100.0000
64990GLR1 200,000 NEW YORK ST DORM AUTH REVENUES N/C, 5%, due 07/01/2029  BBB NY 5.00000 07/01/2029M    
65830RBY4 100,000 NORTH CAROLINA ST TURNPIKE AUTH 5%, due 01/01/2030  BBB NC 5.00000 01/01/2030M 01/01/2029 100.0000
67756DTV8 350,000 OHIO ST HGR EDUCTNL FAC COMMN 5%, due 10/01/2030  A- OH 5.00000 10/01/2030M 10/01/2029 100.0000
68934RAR9 205,000 OTTAWA CNTY OK EDUCTNL FACS AUTH 4%, due 09/01/2030  A- OK 4.00000 09/01/2030M 09/01/2029 100.0000
697554CF8 125,000 PALOS HILLS IL 4%, due 12/15/2028  AA IL 4.00000 12/15/2028M 12/15/2027 100.0000
822027AH1 335,000 SHELBY OH CITY SCH DIST CTFS PARTN 5%, due 11/01/2027  A OH 5.00000 11/01/2027M 11/01/2026 100.0000
895470HQ8 165,000 TRI-COUNTY MI AREA SCH DIST N/C, 4%, due 05/01/2029  AA MI 4.00000 05/01/2029M    
906179EJ1 350,000 UNION CNTY IL N/C, 4%, due 09/01/2029  AA IL 4.00000 09/01/2029M    
952785FC2 100,000 WEST FELICIANA PARISH LA PARISHWIDE SD 1 4%, due 03/01/2030  A LA 4.00000 03/01/2030M 03/01/2029 100.0000
 
Total Number of Holdings:    23


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.

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.

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.

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.

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 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.

Fund Cusip Information
33741B563 (Cash)
33741B571 (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, the Internal Revenue Code or any other regulatory framework. Financial professionals 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. (Form CRS)   •  First Trust Advisors L.P. (Form CRS)
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