FT 3244 seeks tax-exempt income for New York residents

By Toni Weeks

San Diego, Nov. 18 - FT 3244 has registered units of its New York Municipal Income Select Closed-End Portfolio, Series 3, 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, New York state and/or local income taxes by investing in a diversified portfolio of common stocks issued by closed-end investment companies that invest primarily in tax-exempt New York municipal bonds. Some of the income may be derived from non-New York bonds, thus making it taxable to New York residents.

On the Nov. 18 initial date of deposit, $155,107 of contracts to purchase securities comprised the trust. The 15,667 units have an offering price of $10 and a net asset value of $9.576 each. The estimated net annual distribution per unit for the first year is $0.5327.

Each unit will carry a maximum sales charge of 3.95%, consisting of an initial sales charge of 1%, a deferred sales charge of 2.45% and a creation and development fee of 0.5%. The maximum fee for unit purchasers of $50,000 or more is 3.7% and decreases on a sliding scale to 2.45% for investments of $1 million or more.

The trust will have a mandatory termination date of Nov. 18, 2013.

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