First Trust Combined Series 508: Tax Exempt Municipal Income Trust Series 2 is a unit investment trust designed to offer investors a stream of federally tax-exempt income by investing in a diversified portfolio of municipal bonds. The primary objective of this trust is to provide income free from federal and, where applicable, state and local taxes, while emphasizing the preservation of capital. It achieves this by holding investment-grade municipal bonds selected for their credit quality and income-generating potential. This trust distributes income to investors on a regular basis—typically on a monthly schedule—making it a potential vehicle for those seeking stable, tax-advantaged cash flows. The asset plays a notable role in the fixed-income market by channeling capital into state and local government projects, supporting infrastructure and community development across sectors such as education, healthcare, and transportation. As a regulated investment company, its structure is designed for limited duration, winding down and returning principal upon maturity of its holdings. This makes the trust particularly relevant for investors seeking a defined investment horizon and predictable cash return profile in the municipal bond market.
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