FT 3478 offers units of its MLP Closed-End Fund and Energy Portfolio

By Tali David

Minneapolis, March 27 - FT 3478 is offering units of its MLP Closed-End Fund and Energy Portfolio, Series 17, 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 monthly income and the growth of principal by investing in a diversified portfolio of common stocks of energy companies and closed-end funds that invest in master limited partnerships from the energy infrastructure industry.

On March 27, the initial date of deposit, $137,653 of contracts to purchase securities comprised the trust. The 13,904 units have an initial offering price of $10 and a net asset value of $9.574 each. The estimated net annual distribution per unit is $0.4660 for the first year and $0.4602 for subsequent years.

The units will each carry 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. The sales charge may be reduced to 2.45%, depending on the amount of the investment.

The trust has a mandatory termination date of March 27, 2014.

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