FT 3378 offers New Jersey Municipal Income Select Closed-End units

By Toni Weeks

San Diego, Jan. 25 - FT 3378 is offering units of its New Jersey Municipal Income Select Closed-End Portfolio, Series 7, 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 monthly income that is exempt from federal, New Jersey state and/or local income taxes by investing in a diversified portfolio of closed-end funds that invest primarily in tax-exempt New Jersey municipal bonds.

On the initial date of deposit, Jan. 25, the trust consists of $173,140 in contracts to purchase securities. The 17,489 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 $0.5201 for the first year and $0.5136 for subsequent years.

Each unit carries a maximum sales charge of 3.95%, consisting of a 1% initial sales fee, 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 Jan. 27, 2014.

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