First Trust Combined Series 391 registers municipal income units

By Tali David

Minneapolis, Dec. 16 - First Trust Combined Series 391 has registered units of its 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 income that is exempt from federal and applicable state and local income taxes and preservation of 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.

The units will each carry a maximum sales charge 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 will have an initial date of deposit in January 2012.

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