First Trust Combined Series 389 offers units

By Toni Weeks

San Diego, Dec. 13 - First Trust Combined Series 389 is offering units of its Tax Exempt Municipal Income Trust, Series 273, 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 Dec. 13 initial date of deposit, $14,615,737 in contracts to purchase the securities comprised the trust. The 15,355 units have a public offering price of $995.25 and a net asset value of $956.11 per unit.

The estimated net annual interest income per unit is $45.29.

The units will 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 weighted average maturity of the securities is 25.9 years. The trust's termination date is Feb. 14, 2042.

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