CS 605 Tax Exempt Municipal Income Trust, Series 315 is a unit investment trust specializing in investment grade municipal bonds. Its primary purpose is to provide investors with regular income that is exempt from federal and, where applicable, state and local income taxes, while seeking to preserve capital. The trust holds a diversified portfolio of municipal bonds, selected for their credit quality and potential to generate tax-advantaged income. Series 315 is structured as a regulated investment company, typically offering monthly distributions to unitholders. With an initial offering launched in November 2020, it follows a buy-and-hold strategy, meaning the selected bonds are generally retained until the trust's maturity, allowing for predictable cash flow and stability. The vehicle is most relevant to individuals or entities looking to enhance after-tax returns, especially in higher tax brackets, and plays a significant role in the broader market by channeling capital to state and local governments for public projects, infrastructure, and community services. This trust forms part of the tax-free income sector, giving investors exposure to municipal credit markets with reduced tax liabilities.
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