First Trust Combined Series 347: Tax-Exempt Municipal Income Trust Series 263 is a unit investment trust focused on generating **income exempt from federal and applicable state and local income tax** by holding a fixed portfolio of **investment-grade municipal bonds**. The trust is structured as a **Regulated Investment Company**, distributing income on a **monthly** basis to unitholders. Launched with an initial offer in 2011, it operates in the secondary market with defined characteristics such as a weighted average maturity and expected life that reflect its buy-and-hold approach to municipal securities. By concentrating on tax-exempt issuers, the trust channels capital to state and local infrastructure and public-purpose projects, supporting financing for transportation, education, utilities, and essential services. Its role in the market is to provide a transparent, time-dated portfolio that emphasizes **capital preservation** alongside tax-advantaged income, offering investors a predictable cash-flow profile typical of municipal UITs and reducing turnover relative to actively managed funds. The trust’s reported metrics, including NAV and distribution estimates, are maintained by the sponsor and market data providers for ongoing investor reference.
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