FT 3313 offers Covered Call Select Closed-End Portfolio units

By Tali David

Minneapolis, Jan. 4 ¨C FT 3313 is offering units of its Covered Call Select Closed-End Portfolio, Series 29, 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 income with capital appreciation as a secondary objective by investing in closed-end funds whose investments are diversified among common stocks. These closed-end funds, on an ongoing and consistent basis, will sell covered call options to seek a more controlled risk/reward outcome.

On Jan. 4, the initial date of deposit, $146,901 of contracts to purchase securities comprised the trust. The 14,838 units have an initial 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 $1.0348.

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 the fee decreases on a sliding scale to 2.45% for investments of $1 million or more.

The trust has a mandatory termination date of Jan. 6, 2014.

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