FT 3515 offers units of its High-Yield Income Closed-End Portfolio

By Toni Weeks

San Diego, March 29 - FT 3515 is offering units of its High-Yield Income Closed-End Portfolio, Series 48, 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 a diversified portfolio of common stocks issued by closed-end investment companies, all of which contain portfolios that are concentrated in high-yield securities.

On March 28, the initial date of deposit, $148,537 of contracts to purchase securities comprised the trust. The 15,004 units have an initial offering price of $10 and a net asset value of $9.574 each. The estimated net annual distribution per unit is $0.7732 for the first year and $0.7634 for subsequent years.

Each unit carries a maximum sales charge of 3.95%, consisting of a 1% initial sales charge, a 2.45% deferred sales charge and a 0.5% creation and development fee. The fee may be reduced on a sliding scale to 2.45% depending on the amount of investment.

The trust has a mandatory termination date of March 27, 2014.

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