FT 3398 offers units from 18 portfolios

By Tali David

Minneapolis, April 2 - FT 3398 is offering units of its Dow Target 5 Portfolio, Second Quarter 2012, Dow Target Dividend Portfolio, Second Quarter 2012, Global Target 15 Portfolio, Second Quarter 2012, Nasdaq Target 15 Portfolio, Second Quarter 2012, NYSE International Target 25 Portfolio, Second Quarter 2012, S&P Target 24 Portfolio, Second Quarter 2012, S&P Target SMid 60 Portfolio, Second Quarter 2012, Target 50/50 Portfolio, Second Quarter 2012, Target Diversified. Dividend Portfolio, Second Quarter 2012, Target Dividend Multi-Strategy Portfolio, Second Quarter 2012, Target Double Play Portfolio, Second Quarter 2012, Target Focus 5 Portfolio, Second Quarter 2012, Target Global Dividend Leaders Portfolio, Second Quarter 2012, Target Growth Portfolio, Second Quarter 2012, Target Small-Cap Portfolio, Second Quarter 2012, Target VIP Cons. Equity Portfolio, Second Quarter 2012, Value Line Diversified. Target 40 Portfolio, Second Quarter 2012 and Value Line Target 25 Portfolio, Second Quarter 2012, 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 5 Portfolio seeks to uncover stocks that may be out of favor or undervalued by investing in stocks with high dividend yields.

On March 30, the initial date of deposit, $146,524 of contracts to purchase securities comprised the trust. The 14,800 units have an initial offering price of $10 and a net asset value of $9.670 each. The estimated net annual distribution is $0.3692 per unit.

The Dow Target Dividend Portfolio selects a portfolio of the 20 stocks

from the Dow Jones U.S. Select Dividend Index with the best overall ranking on both the change in return on assets over the last 12 months and price-to-book as a means to seek to achieve its investment objective.

On March 30, the initial date of deposit, $175,468 of contracts to purchase securities comprised the trust. The 17,724 units have an initial offering price of $10 and a net asset value of $9.670 each. The estimated net annual distribution is $0.3616 per unit.

The Global Target 15 Portfolio 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 March 30, the initial date of deposit, $125,410 of contracts to purchase securities comprised the trust. The 12,668 units have an initial offering price of $10 and a net asset value of $9.670 each. The estimated net annual distribution is $0.4554 per unit.

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 seek to achieve its investment objective.

On March 30, the initial date of deposit, $156,227 of contracts to purchase securities comprised the trust. The 15,780 units have an initial offering price of $10 and a net asset value of $9.670 each. The estimated net annual distribution is $0.1630 per unit.

The NYSE International Target 25 Portfolio provides investors with a way to strategically invest in foreign companies.

On March 30, the initial date of deposit, $177,101 of contracts to purchase securities comprised the trust. The 17,889 units have an initial offering price of $10 and a net asset value of $9.670 each. The estimated net annual distribution is $0.3208 per unit.

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

On March 30, the initial date of deposit, $178,193 of contracts to purchase securities comprised the trust. The 17,999 units have an initial offering price of $10 and a net asset value of $9.670 each. The estimated net annual distribution is $0.1437 per unit.

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

On March 30, the initial date of deposit, $169,876 of contracts to purchase securities comprised the trust. The 17,159 units have an initial offering price of $10 and a net asset value of $9.670 each. The estimated net annual distribution is $0.0705 per unit.

The Target 50/50 Portfolio securities were chosen by applying the same selection criteria set forth above under the caption the Dow Target Dividend Portfolio.

On March 30, the initial date of deposit, $506,869 of contracts to purchase securities comprised the trust. The 51,199 units have an initial offering price of $10 and a net asset value of $9.670 each. The estimated net annual distribution is $0.2805 per unit.

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

On March 30, the initial date of deposit, $175,876 of contracts to purchase securities comprised the trust. The 17,765 units have an initial offering price of $10 and a net asset value of $9.676 each. The estimated net annual distribution is $0.3438 per unit.

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

On March 30, the initial date of deposit, $256,154 of contracts to purchase securities comprised the trust. The 25,874 units have an initial offering price of $10 and a net asset value of $9.670 each. The estimated net annual distribution is $0.4211 per unit.

The Target Double Play Portfolio seeks to provide an above-average total return by investing in the common stocks of companies that are selected by applying two separate strategies.

On March 30, the initial date of deposit, $137,028 of contracts to purchase securities comprised the trust. The 13,841 units have an initial offering price of $10 and a net asset value of $9.676 each. The estimated net annual distribution is $0.2597 per unit.

The Target Focus 5 Portfolio is comprised of the Dow Target Dividend Strategy, the S&P Target SMid 60 Strategy, the Value Line Target 25 Strategy, the NYSE International Target 25 Strategy and the MSCI EAFE Target 20 Strategy.

On March 30, the initial date of deposit, $285,419 of contracts to purchase securities comprised the trust. The 28,830 units have an initial offering price of $10 and a net asset value of $9.670 each. The estimated net annual distribution is $0.1964 per unit.

The Target Global Dividend Leaders Portfolio is comprised of a six-step strategy, starting with establishing three distinct universes as of two business days prior to the initial date of deposit.

On March 30, the initial date of deposit, $151,619 of contracts to purchase securities comprised the trust. The 15,315 units have an initial offering price of $10 and a net asset value of $9.691 each. The estimated net annual distribution is $0.5528 per unit.

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

On March 30, the initial date of deposit, $129,135 of contracts to purchase securities comprised the trust. The 13,044 units have an initial offering price of $10 and a net asset value of $9.670 each. The estimated net annual distribution is $0.0735 per unit.

The Target Small-Cap Portfolio securities were chosen by applying the same selection criteria set forth above under the caption Target 50/50 Portfolio.

On March 30, the initial date of deposit, $159,194 of contracts to purchase securities comprised the trust. The 16,080 units have an initial offering price of $10 and a net asset value of $9.670 each. The estimated net annual distribution is $0.0088 per unit.

The Target VIP Conservative Equity 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, $415,918 of contracts to purchase securities comprised the trust. The 42,012 units have an initial offering price of $10 and a net asset value of $9.670 each. The estimated net annual distribution is $0.1750 per unit.

The Value Line Diversified Target 40 Portfolio invests in 40 of the 400 stocks that Value Line gives a #1 or #2 ranking for Timeliness that have recently exhibited certain positive financial attributes.

On March 30, the initial date of deposit, $145,389 of contracts to purchase securities comprised the trust. The 14,686 units have an initial offering price of $10 and a net asset value of $9.670 each. The estimated net annual distribution is $0.1014 per unit.

The Value Line Target 25 Portfolio securities were chosen by applying the same selection criteria set forth above under the caption Target 50/50 Portfolio.

On March 30, the initial date of deposit, $137,027 of contracts to purchase securities comprised the trust. The 13,841 units have an initial offering price of $10 and a net asset value of $9.683 each. The estimated net annual distribution is $0.1609 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 trusts have a mandatory termination date of July 9, 2013.

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