FT 3228 registers closed-end portfolio units via First Trust Portfolios

By Toni Weeks

San Diego, Oct. 6 - FT 3228 has registered its series 31 Insured Municipal Income Select Closed-End Portfolio units, 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 invests in a diversified portfolio of common stocks issued by closed-end investment companies and seeks monthly income that is exempt from federal income taxes. On the initial date of Oct. 6, 100% of the stocks were BlackRock, Eaton Vance, Invesco and Nuveen closed-end funds, which invest the majority of their assets in insured municipal bonds.

The public offering price of the initial 17,924 units is $10 apiece. Each unit has an initial sales charge of $0.1, a deferred sales charge of $0.245, a creation and development fee of $0.05 and an organization fee of $0.029, for a total net asset value of $9.576 per unit. The estimated net annual distribution per unit for the first year is $0.9601 per unit.

The trust has a mandatory termination date of Oct. 7, 2013.

The maximum fee for unit purchases of $50,000 or more is 3.7% for investments of $50,000 to less than $100,000 and decreases on a sliding scale to 2.45% for investments of $1 million of more.

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