First Trust Combined Series 384 invests in Build America Bonds

By Toni Weeks

San Diego, Nov. 8 - First Trust Combined Series 384 has registered units of its Build America Bonds Portfolio, Series 45, 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 to preserve capital by investing primarily in a professionally selected, fixed portfolio of investment-grade taxable municipal bonds issued under the Build America Bond provision of the American Recovery and Reinvestment act of 2009.

On the initial date of deposit, Nov. 8, $16,393,819 of securities and/or purchase contracts comprised the trust. The 17,220 units will have a public offering price of $1,000 and a net asset value of $952.02 each. The estimated net annual interest income per unit is $52.56.

The units each carry a maximum sales charge of 3.95%. Investors investing $100,000 or more will be eligible for a reduced sales charge, the amount of which depends on the level of investment.

The trust will have a termination date of Dec. 16, 2041.

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