FT 3420 registers Oil & Gas Equipment & Services Portfolio units

By Tali David

Minneapolis, Feb. 1 - FT 3420 registered units of its Oil & Gas Equipment & Services Portfolio Series, 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 will seek above-average capital appreciation by investing in a diversified portfolio of common stocks.

The units have an initial offering price of $10 and a net asset value of $9.576 each. 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 decreases on a sliding scale to 2.45% for investments of $1 million or more.

The trust will have an inception date in February and a mandatory termination date of Feb. 24, 2014.

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