FEKWDX

About FEKWDX

The First Trust Combined Series 477: Tax Exempt Municipal Income Trust, 10–20 Year, Series 18 is a unit investment trust focused on federally tax‑exempt income from a diversified portfolio of municipal bonds with intermediate-to-long maturities, typically spanning ten to twenty years. The trust aggregates fixed-income securities issued by state and local governments to finance public projects such as infrastructure, utilities, education, and transportation, aiming to provide investors with a predictable stream of tax‑advantaged cash flows and capital preservation over a defined life. As a buy‑and‑hold structure, it is designed to be held until maturity, with underlying bonds selected at inception and not actively traded thereafter, which helps maintain transparency and discipline but also concentrates interest‑rate and credit risks over the holding period. The series format enables periodic launches with specific deposit dates and portfolios, offering exposure to the municipal market’s intermediate segment where duration balances income potential and rate sensitivity. The trust’s role in the market is to deliver packaged, professionally selected municipal exposure that complements taxable fixed income and serves income‑oriented allocations seeking federal tax exemption.