FT 3477 offers Municipal Income Closed-End Portfolio, Series 46 units

By Toni Weeks

San Diego, March 23 - FT 3477 is offering units of its Municipal Income Closed-End Portfolio, Series 46, 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 federally tax-exempt monthly income by investing in a diversified portfolio of common stocks issued by closed-end investment companies, the portfolios of which are concentrated in tax-exempt municipal bonds.

On March 23, the initial date of deposit, $150,305 of contracts to purchase securities comprised the trust. The 15,182 units have an initial offering price of $10 and a net asset value of $9.474 each. The estimated net annual distribution per unit is $0.6012 for the first year and $0.5909 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 March 23, 2017.

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