FNRCDX

About FNRCDX

First Trust Combined Series 338: Build America Bonds 10-20 Year Series 12 is a unit investment trust designed to deliver income and capital preservation 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. These bonds are federally taxable and were issued by state and local governments, often to finance long‑lived infrastructure and public facilities, with issuance limited to the 2009–2010 window established by law. The series focuses on maturities in the 10–20 year range, providing targeted duration exposure within the taxable muni segment and potential diversification versus traditional tax‑exempt municipals and corporate credit. Within First Trust’s broader Build America Bonds offerings, Series 12 represents a time‑stamped, professionally selected, buy‑and‑hold portfolio that amortizes as bonds mature or are called, with net asset value reflecting the underlying bond prices, income accruals, and any redemptions over time. The trust’s role in the market is to package legacy Build America Bonds into an accessible structure for investors seeking consistent taxable municipal income and defined portfolio parameters.