FKMRAX

About FKMRAX

First Trust Combined Series 391 Tax Exempt Municipal Income Trust is a unit investment trust designed to provide federally tax‑exempt income and capital preservation by holding a fixed portfolio of investment‑grade municipal bonds. According to First Trust’s program description for the Tax Exempt Municipal Income series, these trusts seek income exempt from federal, and in some cases applicable state and local, income taxes by investing in diversified municipal issuers with stated maturities and credit ratings that target high quality standards. The trust structure is static—securities are selected at inception and generally held to termination—offering transparency into underlying bonds, cash flows, and weighted average maturity over the life of the trust. Within the municipal market, the trust channels capital to public finance projects such as general obligation and revenue-backed initiatives spanning infrastructure, housing, transportation, utilities, and essential services, contributing to local and state funding needs while delivering a defined stream of tax‑advantaged income to unitholders. Its role in the market is to provide packaged exposure to municipal credits through a time‑limited, rules‑based portfolio, with clearly disclosed NAV, public offering price, and distribution characteristics typical of First Trust’s Tax Exempt Municipal Income series.