FT 3329's Insured Municipal Income Select units seek tax-free income

By Toni Weeks

San Diego, Dec. 16 - FT 3329 is offering units of its Insured Municipal Income Select, Closed-End Portfolio, Series 35, 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 monthly income that is exempt from federal income taxes by investing in a diversified portfolio of common stocks issued by closed-end investment companies.

On the initial date of deposit, Dec. 16, the trust consists of $172,332 in contracts to purchase securities. The 17,407 units each have a public offering price of $10 and net asset value of $9.576. The estimated net annual distribution per unit for the first year is $0.5557.

The units each carry 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. The fee may be reduced on a sliding scale to 2.45% depending on the amount of investment.

The trust has a mandatory termination date of Dec. 16, 2013.

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