FT 3230's Equity Closed-End Portfolio seeks high current income

By Toni Weeks

San Diego, Oct. 19 - FT 3230 has registered units of its Series 18 Equity Closed-End 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 invests in a diversified portfolio of common dividend-paying stocks issued by closed-end investment companies and seeks high current income, with total return as a secondary objective.

The initial stock allocation consists of 28.86% from general equity funds, 38.46% from specialized equity funds and 32.68% from world equity funds.

The public offering price of the initial 17,692 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 maximum fee for unit purchases of $50,000 or more is reduced to 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.

The estimated net annual distribution per unit for the first year is $0.8923 per unit.

The inception date of the units is Oct. 24. The trust has a mandatory termination date of Oct. 21, 2013.

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