The First Trust Combined Series 332 Build America Bonds Portfolio Series 19 is a unit investment trust designed to provide income and preserve capital by investing in a diversified, fixed portfolio of investment grade taxable municipal bonds. These bonds are issued under the Build America Bond provision created by the American Recovery and Reinvestment Act of 2009, which aimed to stimulate infrastructure investment across the United States. The portfolio holds bonds from various public entities such as states, counties, and municipal service districts, and all securities are taxable, distinguishing them from traditional tax-exempt municipal bonds. The average maturity of the bonds in this series is about 10.8 years, indicating a focus on intermediate- to long-term income generation. Distributions are made monthly, appealing to investors seeking regular income. As a regulated investment company, the portfolio adheres to strict guidelines concerning credit quality, with securities predominantly rated investment grade. The First Trust Combined Series 332 Build America Bonds Portfolio Series 19 plays a significant role in giving investors targeted access to federally incentivized municipal finance while contributing to capital formation for essential public infrastructure.
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