First Trust Combined Series 331 Build America Bonds Portfolio 10-2 is a unit investment trust designed to deliver income and preserve capital through a fixed portfolio of investment‑grade taxable municipal bonds issued under the Build America Bonds program of the American Recovery and Reinvestment Act of 2009. The portfolio holds a curated selection of bonds from U.S. state and local issuers, directing proceeds to infrastructure and public works such as transportation, utilities, and education facilities—areas commonly financed by Build America Bonds. As a defined portfolio, it is not actively managed; holdings and maturities are set at inception, with cash flows driven by coupon payments and principal return at maturity. The trust is structured as a regulated investment company and typically distributes income monthly, reflecting the underlying bond coupons. Within the municipal market, it offers exposure to taxable muni credit with investment‑grade profiles and intermediate-to-long dated maturities, providing a distinct alternative to traditional tax‑exempt strategies and corporate bonds while focusing on federally taxable municipal income and capital preservation objectives.
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