First Trust series 390 offers units of Build America Bonds portfolio

By Tali David

Minneapolis, Dec. 16 - The First Trust Combined Series 390 is offering units of its Build America Bonds Portfolio, Series 48, according to an S-6 amendment 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.

On the Dec. 15 inception date, $15,239,165 in contracts to purchase securities comprised the portfolio. The 16,010 units will be priced at $995 and will have a net asset value of $951.85

All units each carry a maximum sales fee 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's termination date is Dec. 16, 2041.

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