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FT 3235 registers units, invests in senior corporate loans
By Toni Weeks
San Diego, Nov. 22 - FT 3235 has registered units of its Senior Loan and Limited Duration Opportunities Closed-End Portfolio, Series 9, 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 income by investing in a diversified portfolio of common stocks issued by closed-end investment companies that invest in senior corporate loans and limited-duration fixed-income securities.
On the Nov. 22 initial date of deposit, $170,925 of contracts to purchase securities comprised the trust. The 17,265 units have an offering price of $10.00 and a net asset value of $9.676 each. The estimated net annual distribution per unit for the first year is $0.7491.
Each unit will carry a maximum sales charge of 2.95%, consisting of an initial sales charge of 1%, a deferred sales charge of 1.45% and a creation and development fee of 0.5%. 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. 25, 2013.
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