FT 3383 offers Insured Municipal Income Select, Series 38 units

By Toni Weeks

San Diego, Feb. 3 - FT 3383 is offering units of its Insured Municipal Income Select, Closed-End Portfolio, Series 38, 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 by investing in a pool of common stocks issued by closed-end investment companies that invest primarily in insured municipal bonds.

On the initial date of deposit, Feb. 3, the trust consists of $175,997 in contracts to purchase securities. The 17,777 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 $0.5063 for the first year and $0.5021 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. 3, 2014.

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