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FT 3422 offers units of its Preferred Income Portfolio, Series 49
By Toni Weeks
San Diego, Feb. 9 - FT 3422 is offering units of its Preferred Income Portfolio, Series 49, 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 income by investing in a diversified portfolio of preferred stocks and trust preferred securities.
On the initial date of deposit, Feb. 9, the trust consists of $174,998 in contracts to purchase securities. The 17,677 units each have an initial public offering price of $10 and a net asset value of $9.576. The estimated net annual distribution per unit is $0.6163 for the first year and $0.6099 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. Sales fee reductions for investments of $50,000 or more are available on a sliding scale to 2.45% based on the amount of the investment.
The trust has a mandatory termination date of Feb. 6, 2014.
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