FT 3372 offers Municipal Income Plus Closed-End Portfolio units

By Toni Weeks

San Diego, Jan. 19 - FT 3372 is offering units of its Municipal Income Plus Closed-End Portfolio, Series 23, 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 closed-end funds, the portfolios of which are concentrated in tax-exempt municipal bonds.

On the initial date of deposit, Jan. 19, the trust consists of $175,795 in contracts to purchase securities. The 17,580 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 $0.5826 for the first year and $0.5745 for subsequent years.

Each unit carries a maximum sales charge of up to 4.5%, consisting of a maximum deferred sales charge of 4% and a 0.5% creation and development fee. Because the deferred sales charge is a fixed dollar amount, it may vary after the initial offering period if the public price per unit varies. At the initial public offering price of $10, each unit will have a deferred sales charge of 3.45%. If the price per unit exceeds $10, the deferred sales charge will be less than 3.45%; if the price is less than $10 per unit, the deferred sales charge will exceed 3.45%, but it will be capped at 4%.

The trust has a mandatory termination date of Jan. 21, 2014.

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