FT 3381 offers Dividend and Income Select Closed-End Portfolio units

By Toni Weeks

San Diego, Feb. 8 - FT 3381 is offering units of its Dividend and Income Select Closed-End Portfolio, Series 21, 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 above-average total return through a combination of capital appreciation and dividend income and will invest in a pool of closed-end funds that invest in dividend-paying common stocks, a portion of which will sell covered call options on an ongoing basis.

On the initial date of deposit, Feb. 8, the trust consists of $169,842 in contracts to purchase securities. The 17,156 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 $0.8485 for the first year and $0.8396 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. 6, 2014.

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