First Trust 527 Tax-Exempt Municipal Income is a unit investment trust focused on generating federally tax-exempt income while preserving capital. The trust holds a fixed portfolio of investment-grade municipal bonds, typically diversified across states and issuers such as state housing finance authorities, school districts, and general obligation or revenue-backed projects. Its structure provides a defined portfolio and life, offering transparency into maturities, credit quality, and expected cash flows from coupon payments. By concentrating on high-quality municipal issuers, First Trust 527 Tax-Exempt Municipal Income targets stable income streams that are generally exempt from federal income tax and may also be exempt from certain state and local taxes, depending on investor residency. The trust plays a role in the municipal market by channeling capital to public-purpose infrastructure, housing, education, and essential services, while giving investors packaged exposure to municipal credit without ongoing portfolio turnover. Its regulated investment company tax structure and monthly distribution profile are designed to deliver predictable, tax-advantaged income within a disciplined, time-limited investment vehicle.
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