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.
Please note that there is no assurance the objective will be met.
 
Summary
Product Code: TELI31
Portfolio Status: Secondary
Initial Offer Date: 08/17/2017
Secondary Date: 12/14/2017
Wtd Avg Maturity: 12.4
ELTR Life: 11.1
Tax Structure: Regulated Investment Company
 
Initial Offer Price: $1,113.5800
NAV(*): $994.8600
POP(*): Not Avail
PAR(*): $987.6000
Remaining Deferred Sales Charge: $0.0000
* As of Trade Date: 03/27/2024 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 $2.2100 $37.4900
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 Holdings  Export Current Holdings | View Initial Holdings  
CUSIPParDescriptionS&P RatingStCouponMaturity(M)
/Escrow(E)
/Refund(R)
Date
Next
Call Date
Call
Price
057849JJ1 140,000 BALDWIN CNTY AL BRD OF EDU 4%, due 06/01/2037  AA AL 4.00000 06/01/2037M 06/01/2027 100.0000
091096KY2 90,000 BIRMINGHAM AL WTRWKS BRD WTR REV 4%, due 01/01/2037  AA AL 4.00000 01/01/2037M 01/01/2027 100.0000
091608PZ6 175,000 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 130,000 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 110,000 CONNECTICUT ST 4%, due 04/15/2037  AA- CT 4.00000 04/15/2037M 04/15/2027 100.0000
407272V26 135,000 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 135,000 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 145,000 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 90,000 ILLINOIS ST TOLL HIGHWAY AUTH 5%, due 01/01/2036  AA- IL 5.00000 01/01/2036M 01/01/2025 100.0000
469400CM5 140,000 JACKSONVILLE FL HLTH CARE FACS 4%, due 08/15/2037  AA FL 4.00000 08/15/2037M 08/15/2027 100.0000
509696VM9 85,000 LAKE FOREST IL 3.50%, due 12/15/2037  NR IL 3.50000 12/15/2037M 12/15/2025 100.0000
52480GCY8 115,000 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 130,000 MET ATLANTA GA RAPID TRANSIT AUTH 3.50%, due 07/01/2038  AAA GA 3.50000 07/01/2038M 07/01/2027 100.0000
59333AGW5 115,000 MIAMI-DADE CNTY FL EDUCTNL FACS AUTH 5.25%, due 04/01/2034  A- FL 5.25000 04/01/2034M    
59334PGK7 125,000 MIAMI-DADE CNTY FL TRANSIT SALES SURTAX REV 4%, due 07/01/2038  AA FL 4.00000 07/01/2038M 07/01/2026 100.0000
59447TMK6 215,000 MICHIGAN ST FIN AUTH REVENUE 5%, due 11/15/2034  A MI 5.00000 11/15/2034M 11/15/2026 100.0000
61075TQV3 145,000 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
704883TN7 135,000 PEARLAND TX WTRWKS & SWR SYS REV 4%, due 09/01/2036  NR TX 4.00000 09/01/2036M 09/01/2027 100.0000
70917SXT5 175,000 PENNSYLVANIA ST HGR EDUCTNL FACS AUTH 4%, due 05/01/2036  BBB+ 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 130,000 RHODE ISLAND ST HLTH & EDUCTNL BLDG CORP 5%, due 05/15/2037  AA RI 5.00000 05/15/2037M 05/15/2027 100.0000
 
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 ongoing effects of the COVID-19 global pandemic, or the potential impacts of any future public health crisis, may cause significant volatility and uncertainty in global financial markets. While vaccines have been developed, there is no guarantee that vaccines will be effective against future variants of the disease.

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.

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