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FT 3234 seeks dividends, return from closed-end investment companies
By Toni Weeks
San Diego, Nov. 10 - FT 3234 has registered units of its Series 6 Dividend and Income Opportunities Closed-End Portfolio, 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 above-average total return though a combination of capital appreciation and dividend income by investing in a diversified portfolio of common stocks issued by closed-end investment companies.
On the Nov. 10 inception date, $173,080 of purchase contracts comprised the trust. The 17,483 units each have a public offering price of $10.00 and a net asset value of $9.676. The estimated net annual distribution per unit for the first year is $0.9212.
The units each carry a maximum sales charge of $0.295, consisting of an initial sales charge of $0.10, a deferred sales charge of $0.145 and a creation and development fee of $0.05. The maximum fee for unit purchasers of $50,000 or more is 2.7% and decreases on a sliding scale to 1.4% for investments of $1 million or more.
The trust has a mandatory termination date of Feb. 11, 2013.
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