FT 3380 offers Tax-Advantaged Municipal Closed-End Portfolio units

By Toni Weeks

San Diego, Jan. 26 - FT 3380 is offering units of its Tax-Advantaged Municipal Closed-End Portfolio, Series 23, 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 to provide monthly income that is exempt from federal income taxes and to reduce exposure to the Alternative Minimum Tax by investing in a diversified portfolio of closed-end funds that invest in tax-exempt municipal bonds.

On the initial date of deposit, Jan. 26, the trust consists of $163,268 in contracts to purchase securities. The 16,492 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 $0.5198 for the first year and $0.5132 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 Jan. 27, 2014.

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