First Trust Combined 391 registers Tax Exempt Municipal Income units

By Tali David

Minneapolis, Jan. 10 - First Trust Combined Series 391 has registered units of Tax Exempt Municipal Income Trust, Series 274, according to an S-6 filed with the Securities and Exchange Commission.

The depositor is Wheaton, Ill.-based First Trust Portfolios LP.

The trust seeks to distribute income that is exempt from federal and, in certain instances, state and local income taxes and to preserve capital by investing in a portfolio of investment-grade tax-exempt municipal bonds, each of which, at the time of selection, was required to be rated investment grade by one or more nationally recognized statistical rating organizations.

On the Jan. 10 inception date, $19,472,718 in contracts to purchase securities comprised the portfolio. The 20,437 units will be priced at $995 and will have a net asset value of $952.82. The estimated current return is 4.33%, and the estimated long-term return is 4.01%.

All units each carry a maximum sales fee of 3.95%. Sales charge reductions of up to $21 per unit are available based on the amount of the investment, according to the S-6.

The trust has a mandatory termination date of Sept. 15, 2042.

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