FT 3485 offers Senior Loan & Limited Duration Plus Closed-End units

By Tali David

Minneapolis, April 3 - FT 3485 is offering units of its Senior Loan & Limited Duration Plus Closed-End Portfolio, Series 52, 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 high current income by investing in a diversified portfolio of common stocks of closed-end investment companies that invest in senior corporate loans and limited duration fixed-income securities.

On April 3, the initial date of deposit, $161,826 of contracts to purchase securities comprised the trust. The 16,183 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 $0.6775 for the first year and $0.6695 for subsequent years.

Each unit carries a maximum sales charge of up to 4.5%, consisting of a 0.5% creation and development fee and a deferred sales charge that will vary based on the public offering price. At a public offering price of $10 per unit, the maximum sales charge will be 3.95%. At a higher per-unit price, the maximum sales charge will be less than 3.95%, and at a lower unit price, it will exceed 3.95%.

The trust has a mandatory termination date of May 5, 2014.

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