FT 3397 offers units from four Target portfolios

By Tali David

Minneapolis, April 2 - FT 3397 is offering units of its Dow Target 10 April 2012, Target Focus Four April 2012, Target Triad April 2012 and Target VIP April 2012 portfolios, according to an S-6 amendment filed with the Securities and Exchange Commission.

The depositor is Wheaton, Ill.-based First Trust Portfolios LP.

Each trust seeks above-average total return.

The Dow Target 10 strategy invests in stocks with high dividend yields, seeking to uncover stocks that may be out of favor or undervalued.

On March 30, the initial date of deposit, $176,277 of contracts to purchase securities comprised the trust. The 17,806 units have an initial offering price of $10 and a net asset value of $9.686 each. The estimated net annual distribution is $0.3470 per unit.

The Target Focus Four portfolio invests in the common stocks of companies that are selected by applying four separate specialized strategies.

On March 30, the initial date of deposit, $228,302 of contracts to purchase securities comprised the trust. The 23,061 units have an initial offering price of $10 and a net asset value of $9.686 each. The estimated net annual distribution is $0.2091 per unit.

The Target Triad portfolio invests in the common stocks of companies that are selected by applying three separate specialized strategies.

On March 30, the initial date of deposit, $213,531 of contracts to purchase securities comprised the trust. The 21,569 units have an initial offering price of $10 and a net asset value of $9.683 each. The estimated net annual distribution is $0.1804 per unit.

The Target VIP portfolio invests in the common stocks of companies that are selected by applying six separate specialized strategies.

On March 30, the initial date of deposit, $412,160 of contracts to purchase securities comprised the trust. The 41,632 units have an initial offering price of $10 and a net asset value of $9.683 each. The estimated net annual distribution is $0.2161 per unit.

The units each carry a maximum sales charge of 2.95%, which consists of a 1% initial sales charge, 1.45% deferred sales charge and a 0.5% creation and development fee. The sales charge may be reduced depending on the investment.

The Dow Target 10 portfolio has a mandatory termination date of May 9, 2013. The remaining three have a mandatory termination date of July 9, 2013.

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