FT 3421 offers New York Municipal Income Select Closed-End units

By Tali David

Minneapolis, Feb. 9 - FT 3421 is offering units of its New York Municipal Income Select Closed-End Portfolio, Series 6, 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.

On Feb. 9, the initial date of deposit, $161,731 of contracts to purchase securities comprised the trust. The 16,337 units have an initial offering price of $10 and a net asset value of $9.576 each. The estimated net annual distribution per unit is $0.4976 for the first year and $0.4924 for subsequent years.

The units will 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 Feb. 6, 2014.

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