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FT 3224 registers Global Bond Income Closed-End units
By Toni Weeks
San Diego, Nov. 16 - FT 3224 registered units of its Global Bond Income Closed-End Portfolio, Series 3, according to an S-6 amendment filed with the Securities and Exchange Commission.
The depositor is Wheaton, Ill.-based First Trust Portfolios LP.
The trust seeks a high rate of current monthly income with capital appreciation as a secondary objective by investing in a diversified portfolio of common stocks of closed-end investment companies.
On the Nov. 16 initial date of deposit, $159,823 of contracts to purchase securities comprised the trust. The 16,144 units have an offering price of $10 and a net asset value of $9.576 each. The estimated net annual distribution per unit for the first year is $0.6726.
Each unit will carry a maximum sales charge of 3.95%, consisting of an initial sales charge of 1%, a deferred sales charge of 2.45% and a creation and development fee of 0.5%. The maximum fee for unit purchasers of $50,000 or more is 3.7% and decreases on a sliding scale to 2.45% for investments of $1 million or more.
The trust will have a mandatory termination date of Nov. 18, 2013.
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