First Trust Combined Series 396 registers Tax Exempt Municipal units

By Tali David

Minneapolis, Feb. 17 - First Trust Combined Series 396 has registered units of its Tax Exempt Municipal Income Trust, Series 276, according to an S-6 filed with the Securities and Exchange Commission.

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

The trust will seek 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 issued by or on behalf of certain states or United States territories that provide income that is exempt from federal and applicable state and local income tax.

The units will each carry a maximum sales charge of 3.95%. Investments of at least $100,000 will be eligible for a reduced sales charge that is based on the amount of the investment.

The trust's inception date is planned for March.

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