FT 3278 offers eighteen of first quarter 2012 series portfolios units

By Tali David

Minneapolis, Dec. 30 - FT 3278 is offering units of 18 of its first quarter 2012 series portfolios, according to an S-6 amendment filed with the Securities and Exchange Commission.

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

The Dow Target Five Portfolio portfolio invests in stocks with high dividend yields. The strategy seeks to uncover stocks that may be out of favor or undervalued. The strategy seeks to amplify this dividend yield strategy by selecting the five lowest-priced stocks of the 10 highest dividend-yielding stocks in the Dow Jones industrial average.

On Dec. 30, the initial date of deposit, $168,046 of contracts to purchase securities comprised the trust. The 16,974 units have an initial offering price of $10 and a net asset value of $9.670 each.

The Global Target 15 Portfolio invests in stocks with high dividend yields. The strategy seeks to uncover stocks that may be out of favor or undervalued. The trust seeks to amplify this dividend yield strategy by selecting the five lowest-priced stocks of the 10 highest dividend-yielding stocks in a particular index.

On Dec. 30, the initial date of deposit, $149,944 of contracts to purchase securities comprised the trust. The 15,146 units have an initial offering price of $10 and a net asset value of $9.670 each.

The MSCI EAFE Target 20 Portfolio strategy selects 20 common stocks from the MSCI EAFE Index.

On Dec. 30, the initial date of deposit, $160,334 of contracts to purchase securities comprised the trust. The 16,195 units have an initial offering price of $10 and a net asset value of $9.670 each.

The Nasdaq Target 15 Portfolio selects a portfolio of the 15 Nasdaq-100 Index stocks with the best overall ranking on both 12- and six-month price appreciation, return on assets and price to cash flow as a means to achieving its investment objective.

On Dec. 30, the initial date of deposit, $129,760 of contracts to purchase securities comprised the trust. The 13,107 units have an initial offering price of $10 and a net asset value of $9.670 each.

The NYSE International Target 25 Portfolio provides investors with a way to strategically invest in foreign companies by incorporating international investments into an overall portfolio that can offer benefits such as diversification, reduced volatility and the potential for enhanced performance.

On Dec. 30, the initial date of deposit, $147,357 of contracts to purchase securities comprised the trust. The 14,885 units have an initial offering price of $10 and a net asset value of $9.670 each.

The S&P Target 24 Portfolio selects 24 common stocks from the Standard & Poor's 500 Composite Stock Price Index.

On Dec. 30, the initial date of deposit, $125,437 of contracts to purchase securities comprised the trust. The 12,670 units have an initial offering price of $10 and a net asset value of $9.670 each.

The S&P Target SMid 60 Portfolio focuses on small and mid-size companies on the assumption that they are more likely to be in an earlier stage of their economic life cycle than mature large-cap companies.

On Dec. 30, the initial date of deposit, $153,066 of contracts to purchase securities comprised the trust. The 15,461 units have an initial offering price of $10 and a net asset value of $9.670 each.

The Target 50/50 Portfolio is comprised of half common stocks that comprise the Dow Target Dividend Strategy and half common stocks that comprise the Target VIP Strategy.

On Dec. 30, the initial date of deposit, $392,692 of contracts to purchase securities comprised the trust. The 39,666 units have an initial offering price of $10 and a net asset value of $9.670 each.

The Target Diversified Dividend Portfolio seeks to provide the potential for above-average total return through a combination of capital appreciation and dividend income by adhering to one investment strategy.

On Dec. 30, the initial date of deposit, $150,730 of contracts to purchase securities comprised the trust. The 15,225 units have an initial offering price of $10 and a net asset value of $9.676 each.

The Target Dividend Multi-Strategy Portfolio is comprised of equal amount of stocks of the Dow Target Dividend Strategy, the European Target 20 Strategy, the Global Target 15 Strategy and the Target Diversified Dividend Strategy.

On Dec. 30, the initial date of deposit, $305,508 of contracts to purchase securities comprised the trust. The 30,859 units have an initial offering price of $10 and a net asset value of $9.670 each.

The Target Double Play Portfolio seeks to outperform the S&P 500 Index. Because different investments often react differently to economic and market changes, diversifying among low-correlated investments has the potential to enhance returns and help reduce overall investment risk.

On Dec. 30, the initial date of deposit, $130,000 of contracts to purchase securities comprised the trust. The 13,131 units have an initial offering price of $10 and a net asset value of $9.676 each.

The Target Focus Five Portfolio is comprised of 24% stocks from the Dow Target Dividend Strategy, 24% stocks from the S&P Target SMid 60 Strategy, 24% stocks from the Value Line Target 25 Strategy, 20% stocks from the MSCI EAFE Target 20 Strategy and 8% stocks from the NYSE International Target 25 Strategy.

On Dec. 30, the initial date of deposit, $257,422 of contracts to purchase securities comprised the trust. The 26,002 units have an initial offering price of $10 and a net asset value of $9.670 each.

The Target Global Dividend Leaders Portfolio seeks above-average total return.

On Dec. 30, the initial date of deposit, $154,422 of contracts to purchase securities comprised the trust. The 15,598 units have an initial offering price of $10 and a net asset value of $9.691 each.

The Target Growth Portfolio invests in stocks with large market capitalizations that have recently exhibited certain positive financial attributes.

On Dec. 30, the initial date of deposit, $169,589 of contracts to purchase securities comprised the trust. The 17,130 units have an initial offering price of $10 and a net asset value of $9.670 each.

The Target Small-Cap Portfolio seeks above-average total return. Its securities were chosen applying the same selection criteria as the Target 50/50 Portfolio.

On Dec. 30, the initial date of deposit, $150,172 of contracts to purchase securities comprised the trust. The 15,169 units have an initial offering price of $10 and a net asset value of $9.670 each.

The Target VIP Conservative Equity Portfolio seeks to outperform the S&P 500 Index, providing investors with exposure to growth and value stocks as well as several different sectors of the worldwide economy.

On Dec. 30, the initial date of deposit, $333,113 of contracts to purchase securities comprised the trust. The 33,648 units have an initial offering price of $10 and a net asset value of $9.670 each.

The Value Line Diversified Target 40 Portfolio strategy invests in 40 of the 400 stocks that Value Line gives a number one or number two ranking for timeliness and have recently exhibited certain positive financial attributes.

On Dec. 30, the initial date of deposit, $162,952 of contracts to purchase securities comprised the trust. The 16,460 units have an initial offering price of $10 and a net asset value of $9.670 each.

The Value Line Target 25 Portfolio seeks above-average total return. Its securities were chosen applying the same selection criteria as the Target 50/50 Portfolio.

On Dec. 30, the initial date of deposit, $172,666 of contracts to purchase securities comprised the trust. The 17,441 units have an initial offering price of $10 and a net asset value of $9.683 each.

Each unit will carry a maximum sales charge of 2.95%, consisting of consisting of an initial sales charge of 1%, a deferred sales charge of 1.45% and a creation and development fee of 0.5%. The maximum fee for unit purchasers of $50,000 or more is 2.7% and decreases on a sliding scale to 1.4% for investments of $1 million or more.

All trusts have a mandatory termination date of March 28, 2013.

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