First Trust Combined Series 385 registers Municipal Income units

By Toni Weeks

San Diego, Nov. 16 - First Trust Combined Series 385 has registered units of its Tax Exempt Municipal Income Trust, Series 272, 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 the preservation of capital by investing in a portfolio of tax-exempt municipal bonds issued by or on behalf of certain states or U.S. territories.

On the initial date of deposit, Nov. 15, $8,830,769 in securities and/or purchase contracts comprised the trust. The 9,305 units will have a public offering price of $995.06 and a net asset value of $949.03 each. The estimated net annual interest income per unit is $45.45.

The units each carry a maximum sales charge of 3.95%. Investors investing $100,000 or more will be eligible for a reduced sales charge, the amount of which depends on the level of investment.

The trust will have a termination date of Feb. 14, 2042.

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