FT 3388 offers units of its Balanced Income Portfolio, Series 32

By Tali David

Minneapolis, Feb. 13 - FT 3388 is offering units of its Balanced Income Portfolio, Series 32, 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 a high rate of current monthly income and capital appreciation by investing in a diversified portfolio of common stocks of companies with above-average dividend yields and closed-end funds that invest in U.S. and foreign taxable bonds.

On Feb. 13, the initial date of deposit, $165,263 of contracts to purchase securities comprised the trust. The 16,693 units have an initial offering price of $10 and a net asset value of $9.476 each. The estimated net annual distribution per unit is $0.5045 for the first year and $0.4974 for subsequent years

The units will each carry a maximum sales charge of 4.95%, consisting of a 1% initial sales charge, a 3.45% deferred sales charge and a 0.5% creation and development fee. The fee may be reduced on a sliding scale to 2.05% depending on the amount of investment.

The trust has a mandatory termination date of Feb. 13, 2017.

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