First Trust Combined Series 396 offers Tax Exempt Municipal units

By Toni Weeks

San Diego, April 10 - First Trust Combined Series 396 is offering units of its Tax Exempt Municipal Income Trust, Series 276, according to an S-6 amendment filed with the Securities and Exchange Commission.

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

The trust seeks income exempt from federal and applicable state and local income tax and to preserve capital by investing in a portfolio of tax-exempt municipal bonds.

On the April 10 inception date, $12,136,072 in contracts to purchase securities comprised the portfolio. The 12,759 units each have a public offering price of $995.04 and a net asset value of $951.18. The estimated annual net interest income is $41.13 per unit.

Each unit carries a maximum sales fee of 3.95%. Sales charge reductions of up to $18.50 per unit are available based on the number of units purchased.

The weighted average maturity of the securities is 14.8 years, and the trust's termination date is Dec. 15, 2042.

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