First Trust Combined Series 387 registers Build America Bond units

By Tali David

Minneapolis, Dec. 16 - First Trust Combined Series 387 has registered units of its Build America Bonds Portfolio, Series 49, 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 to distribute income and preserve capital by investing in a fixed portfolio of investment-grade taxable municipal bonds, according to the filing. Under normal circumstances, at least 80% of the trust's 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 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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