FT 3464 offers Municipal Income Plus Closed-End, Series 25 units

By Tali David

Minneapolis, March 7 - FT 3464 is offering units of its Municipal Income Plus Closed-End Portfolio, Series 25, according to an S-6 filing 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 7, the initial date of deposit, $172,962 of contracts to purchase securities comprised the trust. The 17,296 units have an initial offering price of $10 and a net asset value of $9.574 each. The estimated net annual distribution per unit is $0.5648 for the first year and $0.5569 for subsequent years.

Each unit carries a maximum sales charge of up to 4.5%, consisting of a 0.5% creation and development fee and a deferred sales charge that will vary based on the public offering price. At a public offering price of $10 per unit, the maximum sales charge will be 3.95%. At a higher per-unit price, the maximum sales charge will be less than 3.95%, and at a lower unit price, it will exceed 3.95%.

The trust has a mandatory termination date of March 6, 2014.

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