First Trust Combined Series 575: California Municipal Income Trust, Series 15 is a unit investment trust (UIT) structured to provide investors with diversified exposure to municipal bonds issued within the state of California. The primary function of this trust is to generate income that is exempt from federal and California state personal income taxes, making it particularly attractive to in-state investors seeking tax-advantaged income. The portfolio typically includes investment-grade municipal securities, supporting the essential infrastructure and services of California's municipalities, such as schools, transportation, and utilities. As a UIT, the trust follows a buy-and-hold approach, maintaining a fixed portfolio over a defined period and liquidating at maturity, which may help mitigate market timing risks for investors. Distributed income and principal are periodically paid to investors during the trust’s life. The asset plays a significant role in the municipal bond market by channeling capital into public projects throughout California while offering potential for stable, tax-free cash flow and portfolio diversification for income-oriented investors.
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