Even one fileset at a lower level will make it say 4.3.2 instead of 4.3.3
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On migrations to 4.3.3...the most common were...
The oslevel command may not correctly output 4.3.3.0 on systems installed or updated from the AIX 4.3.3 product media for the following reasons.
The level of the ifor_ls.compat.cli fileset on the AIX product media is at the 4.3.2.0 level. This problem can be corrected by installing the
ifor_ls.compat.cli 4.3.3.0 update (PTF U466561), which is available from
FixDist. This problem does not occur when updating from the 4.3.3.0 Maintenance
Level.
The bos.perf.pmr fileset is down level after updating from the AIX 4.3.3
product media. This occurs only when updating AIX 4.3.0 and 4.3.1 systems,
which already have the bos.perf.pmr fileset installed. The
bos.perf.pmr fileset is obsolete in AIX 4.3.3 and should be removed.
The bos.crypto* and sysmgt.security* filesets are not included in the
AIX 4.3.3.0 Maintenance Level since they contain encryption code that is
subject to export restrictions. Updates to these filesets are available only
on the AIX 4.3.3 Bonus Pack that is shipped with AIX 4.3.3.
Hope this helps narrow it down for you...........