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Tax Exempt Municipal Income, 317  Ticker: FFRLFX
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.
Please note that there is no assurance the objective will be met.
Product Code: FT317
Portfolio Status: Secondary
Initial Offer Date: 02/04/2021
Secondary Date: 04/06/2021
Wtd Avg Maturity: 27.5
ELTR Life: 18.2
Tax Structure: Regulated Investment Company
Initial Offer Price: $1,202.6300
NAV(*): $1,118.3900
POP(*): $1,161.3600
PAR(*): $1,000.0000
Remaining Deferred Sales Charge: $0.0000
* As of Trade Date: 04/09/2021 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
33741B746 Monthly $0.2600 $31.2600 2.690% 1.852%

 Holdings  Export Current Holdings | View Initial Holdings  
CUSIPParDescriptionS&P RatingStCouponMaturity(M)
Call Date
010685KH7 225,000 ALACHUA CNTY FL HLTH FACS AUTH 3%, due 12/01/2046  A FL 3.00000 12/01/2046M 12/01/2029 100.0000
114731AT9 225,000 BROOME CNTY NY LOCAL DEV CORP 3%, due 04/01/2045  AA NY 3.00000 04/01/2045M 04/01/2030 100.0000
11861MAR7 195,000 BUCKS CNTY PA INDL DEV AUTH HOSP REV 3%, due 08/15/2050  A- PA 3.00000 08/15/2050M 08/15/2028 100.0000
266669CD0 225,000 DURHAM CA UNIF SCH DIST 3%, due 08/01/2050  AA CA 3.00000 08/01/2050M 08/01/2028 100.0000
38611TDN4 350,000 GRAND PARKWAY TRANSPRTN CORP TX 3%, due 10/01/2050  AA TX 3.00000 10/01/2050M 04/01/2030 100.0000
432308K60 150,000 HILLSBOROUGH CNTY FL AVIATION AUTH 5%, due 10/01/2048  A+ FL 5.00000 10/01/2048M 10/01/2028 100.0000
44420RBF6 100,000 HUDSON YARDS INFRASTRUCTURE CORP NY 4%, due 02/15/2044  A+ NY 4.00000 02/15/2044M 02/15/2027 100.0000
45204FAD7 225,000 ILLINOIS ST FIN AUTH REVENUE 4%, due 04/01/2050  AA- IL 4.00000 04/01/2050M 04/01/2030 100.0000
4912076N1 225,000 KENTUCKY ST BOND CORP FING PROG REV 2.125%, due 02/01/2051  AA- KY 2.12500 02/01/2051M 02/01/2029 100.0000
542433XB8 140,000 LONG BEACH CA UNIF SCH DIST 3%, due 08/01/2050  AA- CA 3.00000 08/01/2050M 08/01/2029 100.0000
546395V50 135,000 LOUISIANA ST PUBLIC FACS AUTH 3%, due 06/01/2050  AA LA 3.00000 06/01/2050M 06/01/2030 100.0000
57582RA97 300,000 MASSACHUSETTS ST 3%, due 03/01/2049  AA MA 3.00000 03/01/2049M 03/01/2030 100.0000
5917456F6 225,000 MET ATLANTA GA RAPID TRANSIT AUTH 3%, due 07/01/2047  AA+ GA 3.00000 07/01/2047M 07/01/2030 100.0000
64990GA85 150,000 NEW YORK ST DORM AUTH REVENUES 5%, due 10/01/2050  AAA NY 5.00000 10/01/2050M    
64990FPV0 225,000 NEW YORK ST DORM AUTH ST PERSONAL INC TAX 4%, due 02/15/2047  NR NY 4.00000 02/15/2047M 02/15/2030 100.0000
73358XBQ4 350,000 PORT AUTH OF NEW YORK & NEW JERSEY NY 4%, due 07/15/2051  A+ NY 4.00000 07/15/2051M 07/15/2031 100.0000
74444KBK9 245,000 PUBLIC FIN AUTH WI HLTHCARE FACS REV 3%, due 01/01/2050  A WI 3.00000 01/01/2050M 01/01/2030 100.0000
804833FE6 225,000 SAVANNAH GA HOSP AUTH 3.125%, due 07/01/2044  NR GA 3.12500 07/01/2044M 07/01/2029 100.0000
820195FG5 225,000 SHASTA-TEHAMA-TRINITY CA JT CMNTY CLG DIST 3%, due 08/01/2045  NR CA 3.00000 08/01/2045M 08/01/2029 100.0000
825485XS9 350,000 SHREVEPORT LA WTR & SWR REVENUE 3%, due 12/01/2050  A- LA 3.00000 12/01/2050M 12/01/2030 100.0000
914245CS2 300,000 UNIV OF DELAWARE DE 5%, due 11/01/2043  AA+ DE 5.00000 11/01/2043M    
91514AJY2 350,000 UNIV OF TEXAS TX UNIV REVENUES 3.50%, due 08/15/2050  AAA TX 3.50000 08/15/2050M    
Total Number of Holdings:    22

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.

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.

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
33741B746 (Cash)
33741B753 (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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