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Tax Exempt Municipal Income, 280  Ticker: FKLATX
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.
Product Code: FT280
Portfolio Status: Secondary
Initial Offer Date: 02/21/2013
Secondary Date: 05/10/2013
Wtd Avg Maturity: 21.5
ELTR Life: 13.3
Tax Structure: Regulated Investment Company
Initial Offer Price: $995.2500
NAV(*): $931.4400
POP(*): Not Avail
PAR(*): $900.2000
Remaining Deferred Sales Charge: $0.0000
* As of Trade Date: 03/23/2018 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
33737F289 Monthly $1.7200 $36.1900

 Holdings  Export Current Holdings | View Initial Holdings  
CUSIPParDescriptionS&P RatingStCouponMaturity(M)
Call Date
01728LEN8 145,000 ALLEGHENY CNTY PA ARPT AUTH ARPT REV PITTSBURGH INTL ARPT-SER B, 4%, due 01/01/2032  A PA 4.00000 01/01/2032M 01/01/2022 100.0000
01729EKY2 215,000 ALLEGHENY CNTY PA HGR EDU BLDG AUTH CLG REV CARNEGIE MELLON UNIV, 4%, due 03/01/2043  AA PA 4.00000 03/01/2043M 03/01/2023 100.0000
167505PV2 50,000 CHICAGO IL BRD OF EDU GO BDS, REF-SER B, 5%, due 12/01/2034  AA IL 5.00000 12/01/2034M 12/01/2022 100.0000
167505PL4 190,000 CHICAGO IL BRD OF EDU GO BDS, SER A, 5%, due 12/01/2042  B IL 5.00000 12/01/2042M 12/01/2022 100.0000
167736VK0 165,000 CHICAGO ILL WTR REV REF-SECOND LIEN-BHAC-CR, 5.75%, due 11/01/2030  AA+ IL 5.75000 11/01/2030M    
20058RBC2 195,000 COMMERCE CITY CO NRTHRN INFRAS GO, REF & IMPT, 4%, due 12/01/2038  AA CO 4.00000 12/01/2038M 12/01/2022 100.0000
249182GJ9 95,000 DENVER CITY & CNTY CO ARPT REV SYS-SER B, 4%, due 11/15/2043  A+ CO 4.00000 11/15/2043M 11/15/2022 100.0000
45201QCV4 395,000 ILLINOIS EDL FACS AUTH FIELD MUSEUM NAT HIST, 4%, due 11/01/2036  A IL 4.00000 11/01/2036M 11/01/2022 102.0000
45506DEM3 190,000 INDIANA ST FIN AUTH REVENUE REF-EDUCTNL FACS-EARLHAM CLG, 5%, due 10/01/2042  NR IN 5.00000 10/01/2042M 10/01/2023 100.0000
52480GCB8 390,000 LEHIGH CNTY PA GEN PURP HOSP REV LEHIGH VLY HLTH NETWORK, 4%, due 07/01/2043  A+ PA 4.00000 07/01/2043M 07/01/2022 100.0000
551800EB7 165,000 LYNWOOD CA UNIF SCH DIST ELECTION 2012-SER A, 5%, due 08/01/2038  AA CA 5.00000 08/01/2038M 08/01/2023 100.0000
59259YSK6 130,000 MET TRANSPRTN AUTH NY REVENUE SER E, 4%, due 11/15/2038  A+ NY 4.00000 11/15/2038M 11/15/2022 100.0000
59333ALS8 165,000 MIAMI-DADE CNTY FLA FACS AUTH REV, UNIV OF MIAMI-SER A, 4%, due 04/01/2037  A- FL 4.00000 04/01/2037M 04/01/2023 100.0000
59447PTK7 120,000 MICHIGAN ST FIN AUTH REVENUE REF-HOLLAND CMNTY HOSP-SER A, 4%, due 01/01/2040  A+ MI 4.00000 01/01/2040M 01/01/2023 100.0000
66285WKR6 170,000 N TX TOLLWAY AUTH REVENUE FIRST TIER-REF-SER B, 5%, due 01/01/2042  A TX 5.00000 01/01/2042M 01/01/2022 100.0000
644614V48 205,000 NEW HAMPSHIRE HLTH & EDU FACS AUTH REV REF-CHESHIRE MED CTR, 4%, due 07/01/2039  A NH 4.00000 07/01/2039M 07/01/2022 100.0000
677632A84 125,000 OHIO ST UNIV REV, GEN RECPTS SPL PURPOSE-SER A, 4%, due 06/01/2043  AA- OH 4.00000 06/01/2043M 06/01/2023 100.0000
67910HND8 325,000 OKLAHOMA MUN PWR AUTH SER A, 4%, due 01/01/2043  A OK 4.00000 01/01/2043M 01/01/2023 100.0000
705888BL8 50,000 PELL CITY AL SPL CARE FACS FING AUTH REV 5%, due 12/01/2031  A AL 5.00000 12/01/2031M 12/01/2021 100.0000
705888BM6 150,000 PELL CITY AL SPL CARE FACS FING AUTH REV 5%, due 12/01/2039  A AL 5.00000 12/01/2039M 12/01/2021 100.0000
88283KAC2 185,000 TEXAS ST TRANSPRTN COMMISSION REF-1ST TIER-SER A, 4%, due 08/15/2038  A- TX 4.00000 08/15/2038M 08/15/2022 100.0000
93978HGC3 100,000 WASHINGTON ST HLTH CARE FACS AUTH PROVIDENCE HLTH & SVCS-SER A, 4.25%, due 10/01/2040  AA- WA 4.25000 10/01/2040M 10/01/2022 100.0000
Total Number of Holdings:    22

Risk Considerations

Current Mortgage Backed Risk. Certain of the closed-end funds included in the portfolio invest in mortgage-backed securities. Rising interest rates tend to extend the duration of mortgage-backed securities, making them more sensitive to changes in interest rates, and may reduce the market value of the securities. In addition, mortgage-backed securities are subject to prepayment risk, the risk that borrowers may pay off their mortgages sooner than expected, particularly when interest rates decline.

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.

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 cyber security.

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
33737F289 (Cash)
33737F297 (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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