FT 3385 offers Value Opportunity and Income Closed-End Portfolio units

By Toni Weeks

San Diego, Feb. 3 - FT 3385 is offering units of its Value Opportunity and Income Closed-End Portfolio Series, 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 current income with total return as a secondary objective by investing in a diversified pool of closed-end funds. The portfolio will include high-yield securities.

On the initial date of deposit, Feb. 3, the trust consists of $172,652 in contracts to purchase securities. The 17,440 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 $0.8978 for the first year and $0.8884 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 Feb. 3, 2014.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.