First Trust Combined Series 388 offers Build America Bonds units

By Toni Weeks

San Diego, Dec. 6 - First Trust Combined Series 388 is offering units of its Build America Bonds Portfolio, Series 47, 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 primarily in a 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 Dec. 6 initial date of deposit, $16,419,107 in contracts to purchase the securities comprised the trust. The 17,249 units have a public offering price of $995.03 and a net asset value of $951.89 per unit.

The estimated net annual interest income per unit is $53.78.

The units will 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's termination date is Dec. 16, 2041.

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