FT 3221 targets closed-end funds focusing on domestic, foreign bonds

By Toni Weeks

San Diego, Nov. 18 - FT 3221 has registered units of its Global Bond Income Plus Closed-End Portfolio, Series 23, 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 closed-end funds that invest in a wide range of bonds, including government bonds, corporate bonds and mortgage-backed securities from both domestic and foreign issuers.

On the Nov. 18 initial date of deposit, $166,367 of contracts to purchase securities comprised the trust. The 16,637 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 $0.7134.

Each unit will carry a maximum sales charge of 4.5%, consisting of a deferred sales charge of 4% 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 has a mandatory termination date of Nov. 18, 2013.

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