The First Trust Combined Series 319 Build America Bonds Portfolio, 10-20 Year 5 is a unit investment trust designed to provide income and preserve capital through a fixed portfolio of investment‑grade taxable municipal bonds issued under the Build America Bond program created by the American Recovery and Reinvestment Act of 2009. The trust holds a curated selection of long‑dated municipal issuances with a target maturity profile in the 10–20 year range, reflecting an intermediate‑to‑long duration stance within taxable munis. Structured as a regulated investment company, it distributes income monthly from a diversified pool of municipal borrowers across sectors such as general obligation, utilities, transportation, education, and healthcare, typical of Build America Bond structures. The portfolio follows a buy‑and‑hold approach characteristic of unit investment trusts, seeking predictable cash flows over the life of the trust rather than active trading. Within the taxable municipal market, this series offers exposure to federally taxable municipal credit with investment‑grade quality, serving investors who require taxable income and municipal diversification outside traditional tax‑exempt bonds.
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