FT 3189's common stock portfolio seeks high current monthly income

By Toni Weeks

San Diego, Nov. 1 - FT 3189 has registered units of its Income Allocation Closed-End November 2011 Portfolio, according to a form S-6 amendment filed with the Securities and Exchange Commission.

The depositor is Wheaton, Ill.-based First Trust Portfolios LP.

The trust seeks high 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 that invest in U.S. and foreign equity securities, taxable bonds and secured senior floating-rate corporate loans.

As of the initial date of deposit, Oct. 28, $172,068 in purchase contracts comprised the trust.

The public offering price of the initial 17,381 units is $10.00 apiece. Each unit has 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 total net asset value is $9.68 per unit. The estimated net annual distribution per unit for the first year is $0.793.

The trust has a mandatory termination date of Jan. 31, 2013.

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