The First Trust Build America Bond Fund is a unit investment trust focused on providing income and capital preservation by investing in a carefully selected, fixed portfolio of investment grade taxable municipal bonds. These bonds are specifically issued under the Build America Bond provision of the American Recovery and Reinvestment Act of 2009, a program designed to support infrastructure development and public works by offering municipalities subsidized borrowing costs. As a regulated investment company, the fund structures its bond holdings to deliver monthly income distributions to investors while maintaining a commitment to high credit quality. The average maturity of the holdings is around 12 years, reflecting an intermediate to long-term investment horizon. By concentrating on taxable municipal bonds, this fund plays an important role in offering investors diversification within the municipal bond sector while also aiding in the broader financing of U.S. infrastructure projects. Its strategy appeals to investors who seek stable, predictable cash flows from a portfolio anchored in government-supported debt instruments, with an emphasis on capital preservation and dependable income generation over its defined life cycle.
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