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FT 3199 offers series 22 Balanced Income Select units
By Toni Weeks
San Diego, Oct. 28 - FT 3199 has registered units of its series 22 Balanced Income Select Portfolio, according to a form 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 monthly income and capital appreciation by investing in a diversified portfolio of common stocks of companies that have above-average dividend yields as well as closed-end funds that invest primarily in U.S. and foreign taxable bonds.
As of the initial date of deposit, Oct. 28, $151,108 in purchase contracts comprised the trust.
The public offering price of the initial 115,263 units is $10 apiece. Each unit has a maximum sales charge of 3.95%, consisting of a deferred sales charge of 3.45% 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 total net asset value is $9.576 per unit. The estimated net annual distribution per unit for the first year is $0.5414.
The trust has a mandatory termination date of Oct. 28, 2013.
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