First Trust Combined portfolio consists of 80% Build America Bonds

By Toni Weeks

San Diego, Oct. 6 - First Trust Combined Series 384 has registered its series 45 Build America Bonds Portfolio, according to an S-6 filing with the Securities and Exchange Commission.

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

The trust seeks to distribute income and preserve capital by investing in a professionally selected, fixed portfolio of investment-grade taxable municipal bonds. Under normal circumstances, at least 80% of the portfolio will consist of bonds issued under the Build America Bond provision of the American Recovery and Reinvestment Act of 2009, but the trust may also invest in other taxable municipal bonds.

The U.S. government will subsidize at least 35% of the interest payment on the Build America Bonds by directly paying the issuer of the securities.

The maximum sales charge will be 3.95% of the public offering price.

The initial date of deposit is expect to occur in November.

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