[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_94":95},"routes/item",{"_9":10},"item",{"_11":12,"_13":14,"_15":16,"_17":18,"_19":20,"_21":-5,"_22":23,"_24":25,"_26":27,"_28":29,"_30":29,"_31":32,"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":-5,"_46":47,"_48":-5,"_49":-5,"_50":51,"_52":53,"_54":55,"_56":57,"_58":57,"_59":60,"_61":40,"_62":63},"id","cnkad4jdlitmszasc2bcqztmg","revision",2,"title","FT 13272 单位投资信托发布，40%普通股与60%ETF配置","originalTitle","FT 13272 (0002146663) (Filer)","summary","FT 13272 单位投资信托于2026年10月13日成立，配置40%普通股与60%ETF，主要持仓包括Alphabet、AT&T等。该信托初始单位价值9.796美元，销售费用最高1.85%，年度运营费用约0.421%。","reason","source",{"_11":84,"_85":86,"_87":88,"_89":57,"_90":91,"_92":93},"links",{"_81":82,"_63":83},"publishedAt","2026-10-13T15:39:12.000Z","discoveredAt","2026-10-13T15:44:50.607Z","timelineAt","category","tip","tags",[80],"stockSymbols",[],"score",38,"selected",false,"channel","news","story",{"_72":73,"_15":74},"x","readingMode","full","author","language","body",{"_76":-5,"_63":77,"_78":-5,"_79":40},"outline",[],"relatedStories",[75],"indexable",true,"markdownAvailable","group",{"_64":65,"_43":66,"_67":68,"_69":70,"_71":70},"hasTranslation","bodyLanguage","original","factId","fiNTo6FhhwQc",{"_72":73,"_15":74},"reportCount",1,"additionalSourceCount",0,"developmentCount","publicId","bda2aa22-972b-4313-bd5b-40c9b3cd0d6b","FT 13272 单位投资信托成立",{"_72":73,"_15":74},"zh","

Registration No. 333-298479

1940 Act No. 811-05903

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Amendment No. 1 to Form S-6

FOR REGISTRATION UNDER THE SECURITIES ACT OF 1933\nOF SECURITIES OF UNIT INVESTMENT TRUSTS REGISTERED ON FORM N-8B-2

A.Exact name of trust:

FT 13272

B.Name of depositor:

FIRST TRUST PORTFOLIOS L.P.

C.Complete address of depositor’s\nprincipal executive offices:

120 East Liberty Drive

Suite 400

Wheaton, Illinois 60187

D.Name and complete address\nof agents for service:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	Copy to:

JAMES A. BOWEN	ERIC F. FESS
c/o First Trust Portfolios L.P.	c/o Chapman and Cutler LLP
120 East Liberty Drive	320 South Canal Street
Suite 400	27th Floor
Wheaton, Illinois 60187	Chicago, Illinois 60606

E.Title and Amount of Securities\nBeing Registered:

An indefinite number of Units pursuant to Rule 24f-2 promulgated\nunder the Investment Company Act of 1940, as amended.

F.Approximate date of proposed\nsale to public:

As soon as practicable after the effective\ndate of the Registration Statement.

| |Check box if it is proposed that\nthis filing will become effective on October 13, 2026 at 2:00 p.m. pursuant to Rule 487.

The registrant hereby\namends this Registration Statement on such date or dates as may be necessary to delay its effective date until the registrant shall file\na further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section\n8(a) of the Securities Act of 1933 or until the Registration Statement shall become effective on such date as the Commission, acting pursuant\nto said Section 8(a), may determine.

________________________________

40/60\nStrategic Allocation Port. 4Q ’26 - Term 1/18/28

FT\n13272

FT\n13272 is a series of a unit investment trust, the FT Series. FT 13272 consists of a single portfolio known as 40/60 Strategic Allocation\nPort. 4Q ’26 - Term 1/18/28 (40/60 Strategic Allocation Portfolio, 4th Quarter 2026 Series) (the “Trust”). The Trust\ninvests in a diversified portfolio of common stocks (“Common Stocks”) and shares issued by exchange-traded funds (“ETFs”\nor “Funds”). Collectively, the Common Stocks and ETFs are referred to as the “Securities.” Certain of the ETFs\ninvest in high-yield securities. See “Risk Factors” for a discussion of the risk of investing in high-yield securities or\n“junk” bonds. An investment can be made in the underlying ETFs directly rather than through the Trust. These direct investments\ncan be made without paying the sales charge, operating expenses and organizational costs of the Trust. The Trust seeks above-average total\nreturn.

THE\nSECURITIES AND EXCHANGE COMMISSION (“SEC”) HAS NOT APPROVED OR DISAPPROVED OF THESE SECURITIES OR PASSED UPON THE ADEQUACY\nOF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

$\"\"$

800–621–1675

The\ndate of this prospectus is October 13, 2026

\n \n \n

Table of Contents

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Summary of Essential Information			3
Fee Table			4
Report of Independent Registered Public Accounting Firm			5
Statement of Net Assets			6
Schedule of Investments			7
The FT Series			15
Portfolio			16
Risk Factors			18
Public Offering			29
Distribution of Units			31
The Sponsor’s Profits			33
The Secondary Market			33
How We Purchase Units			33
Expenses and Charges			33
Tax Status			34
Retirement Plans			36
Rights of Unit Holders			37
Income and Capital Distributions			37
Redeeming Your Units			38
Investing in a New Trust			39
Removing Securities from the Trust			39
Amending or Terminating the Indenture			40
Information on the Sponsor and Trustee			41
Other Information			42

\n \n \n

Summary of Essential Information\n (Unaudited)

Summary of Essential Information

40/60\nStrategic Allocation Port. 4Q ’26 - Term 1/18/28

FT 13272

At the Opening of Business on the Initial\nDate of Deposit—October 13, 2026

\tSponsor:\tFirst Trust Portfolios L.P.
\n\tTrustee:\tThe Bank of New York Mellon

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Initial Number of Units (1)\t\t		166,451
Fractional Undivided Interest in the Trust per Unit (1)\t\t		1/166,451
Public Offering Price:
Public Offering Price per Unit (2)\t\t	$	10.000
Less Initial Sales Charge per Unit (3)\t\t		(.000	)
Aggregate Offering Price Evaluation of Securities per Unit (4)\t\t		10.000
Less Deferred Sales Charge per Unit (3)\t\t		(.135	)
Redemption Price per Unit (5)\t\t		\t 9.865
Less Creation and Development Fee per Unit (3)(5)\t\t		(.050	)
Less Organization Costs per Unit (5)\t\t		(.019	)
Net Asset Value per Unit\t\t	$	9.796
Cash CUSIP Number\t\t		\t30346M 846
Reinvestment CUSIP Number\t\t		\t 30346M 853
Fee Account Cash CUSIP Number\t\t		\t 30346M 861
Fee Account Reinvestment CUSIP Number\t\t		\t 30346M 879
Ticker Symbol\t		\tFYOGUX

\n \n \n \n \n \n \n \n \n \n \n \n \n

First Settlement Date\t	October 14, 2026
Mandatory Termination Date (6)\t	January 18, 2028
Income Account Distribution Record Date\t	Tenth day of each month, commencing November 10, 2026.
Income Account Distribution Date (7)\t	Twenty-fifth day of each month, commencing November 25, 2026.

(1)

As of the Evaluation Time (defined below in footnote 4) on the Initial\nDate of Deposit, we may adjust the number of Units of the Trust so that the Public Offering Price per Unit will equal approximately $10.00.\nIf we make such an adjustment, the fractional undivided interest per Unit will vary from the amount indicated above.

(2)

The Public Offering Price shown above reflects the value of the Securities on the business days prior\nto the Initial Date of Deposit. No investor will purchase Units at this price. The price you pay for your Units will be based on their\nvaluation at the Evaluation Time on the date you purchase your Units. On the Initial Date of Deposit, the Public Offering Price per Unit\nwill not include any accumulated dividends on the Securities. After this date, a pro rata share of any accumulated dividends on the Securities\nwill be included.

(3)

You will pay a maximum sales charge of 1.85% of the Public Offering Price per Unit (equivalent to 1.85%\nof the net amount invested) which consists of an initial sales charge, a deferred sales charge and a creation and development fee. The\nsales charges are described in the “Fee Table.”

(4)

Each listed Security is valued at its last closing sale price at the Evaluation Time on the business day\nprior to the Initial Date of Deposit. If a Security is not listed, or if no closing sale price exists, it is valued at its closing ask\nprice on such date. See “Public Offering—The Value of the Securities.” Evaluations for purposes of determining the purchase,\nsale or redemption price of Units are made as of the close of trading on the New York Stock Exchange (“NYSE”) (generally 4:00\np.m. Eastern time) on each day on which it is open (the “Evaluation Time”).

(5)

The creation and development fee and the estimated organization costs per Unit will be deducted from the\nassets of the Trust at the end of the initial offering period. If Units are redeemed prior to the close of the initial offering period,\nthese fees will not be deducted from the redemption proceeds. See “Redeeming Your Units.”

(6)

See “Amending or Terminating the Indenture.”

(7)

The Trustee will distribute money from the Income and Capital Accounts monthly on the twenty-fifth day\nof each month to Unit holders of record on the tenth day of each month if the amount available for distribution from an account equals\nat least $1.00 per 100 Units. See “Income and Capital Distributions.”

\n \n \n

Fee Table (Unaudited)

Fee Table

This\nFee Table describes the fees and expenses that you may, directly or indirectly, pay if you buy and hold Units of the Trust. See “Public\nOffering” and “Expenses and Charges.” Although the Trust has a term of approximately 15 months and is a unit investment\ntrust rather than a mutual fund, this information allows you to compare fees.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

		Amount per Unit
Unit Holder Sales Fees (as a percentage of public offering price)
Maximum Sales Charge
Initial sales charge\t\t	0.00%	(a)	$	.000
Deferred sales charge\t\t\t\t	1.35%	(b)	$	.135
Creation and development fee\t	0.50%	(c)	$	.050
Maximum sales charge (including creation and development fee)\t	1.85%		$	.185
Organization Costs (as a percentage of public offering price)
Estimated organization costs\t	.190%	(d)	$	.0190
Estimated Annual Trust Operating Expenses^(e)
(as a percentage of average net assets)
Portfolio supervision, bookkeeping, administrative and evaluation fees\t	.059%		$	.0060
Trustee’s fee and other operating expenses \t\t	.126%	(f)	$	.0127
Acquired Fund fees and expenses\t	.236%	(g)	$	.0239
Total\t	.421%		$	.0426

Example

This\nexample is intended to help you compare the cost of investing in the Trust with the cost of investing in other investment products. The\nexample assumes that you invest $10,000 in the Trust and the principal amount and distributions are rolled every 15 months into a\nNew Trust. The example also assumes a 5% return on your investment each year and that your Trust’s, and each New Trust’s,\nsales charges and expenses stay the same. The example does not take into consideration transaction fees which may be charged by certain\nbroker/dealers for processing redemption requests. Although your actual costs may vary, based on these assumptions your costs, assuming\nyou roll your proceeds from one trust to the next for the periods shown, would be:

\n \n \n \n \n \n \n \n \n \n \n

1 Year	3 Years	5 Years	10 Years
$247	$759	$1,072	$2,310

If\nyou elect not to roll your proceeds from one trust to the next, your costs will be limited by the number of years your proceeds are invested,\nas set forth above.

(a)

The combination of the initial and deferred sales charge comprises what we refer to as the “transactional\nsales charge.” The initial sales charge is actually equal to the difference between the maximum sales charge of 1.85% and the sum\nof any remaining deferred sales charge and creation and development fee. When the Public Offering Price per Unit equals $10, there is\nno initial sales charge. If the price you pay for your Units exceeds $10 per Unit, you will pay an initial sales charge.

(b)

The deferred sales charge is a fixed dollar amount equal to $.135 per Unit which, as a percentage of the\nPublic Offering Price, will vary over time. The deferred sales charge will be deducted in three monthly installments commencing February\n19, 2027.

(c)

The creation and development fee compensates the Sponsor for creating and developing the Trust. The creation\nand development fee is a charge of $.050 per Unit collected at the end of the initial offering period, which is expected to be approximately\nthree months from the Initial Date of Deposit. If the price you pay for your Units exceeds $10 per Unit, the creation and development\nfee will be less than 0.50%; if the price you pay for your Units is less than $10 per Unit, the creation and development fee will exceed\n0.50%. If you purchase Units after the initial offering period, you will not be assessed the creation and development fee.

(d)

Estimated organization costs will be deducted from the assets of the Trust at the end of the initial offering\nperiod. Estimated organization costs are assessed on a fixed dollar amount per Unit basis which, as a percentage of average net assets,\nwill vary over time.

(e)

With the exception of the underlying Fund expenses, each of the fees listed herein is assessed on a fixed\ndollar amount per Unit basis which, as a percentage of average net assets, will vary over time.

(f)

Other operating expenses do not include brokerage costs and other portfolio transaction fees for the Trust.\nIn certain circumstances the Trust may incur additional expenses not set forth above. See “Expenses and Charges.”

(g)

Although not an actual Trust operating expense, the Trust, and therefore Unit holders, will indirectly\nbear similar operating expenses of the Funds in which the Trust invests in the estimated amounts set forth in the table. These expenses\nare estimated based on the actual Fund expenses disclosed in a Fund’s most recent SEC filing but are subject to change in the future.\nAn investor in the Trust will therefore indirectly pay higher expenses than if the underlying Fund shares were held directly.

\n \n \n

Report of Independent
\n Registered Public Accounting Firm

Report of Independent Registered Public Accounting\n Firm

To the Unit Holders and the Sponsor,\nFirst Trust Portfolios L.P., of FT 13272

Opinion on the Statement of Net\nAssets

We have audited the\naccompanying statement of net assets, including the schedule of investments, of FT 13272, comprising 40/60\nStrategic Allocation Port. 4Q ’26 - Term 1/18/28 (40/60 Strategic Allocation Portfolio, 4th Quarter 2026 Series) (the “Trust”),\none of the series constituting the FT Series, as of the opening of business on October 13, 2026 (Initial Date of Deposit), and the\nrelated notes. In our opinion, the statement of net assets presents fairly, in all material respects, the financial position of the Trust\nas of the opening of business on October 13, 2026 (Initial Date of Deposit), in conformity with accounting principles generally accepted\nin the United States of America.

Basis for Opinion

This statement of net\nassets is the responsibility of the Trust’s Sponsor. Our responsibility is to express an opinion on this statement of net assets\nbased on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB)\nand are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules\nand regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit\nin accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance\nabout whether the statement of net assets is free of material misstatement, whether due to error or fraud. The Trust is not required to\nhave, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit we are required\nto obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness\nof the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included\nperforming procedures to assess the risks of material misstatement of the statement of net assets, whether due to error or fraud, and\nperforming procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts\nand disclosures in the statement of net assets. Our audit also included evaluating the accounting principles used and significant estimates\nmade by the Trust’s Sponsor, as well as evaluating the overall presentation of the statement of net assets. Our procedures included\nconfirmation of the irrevocable letter of credit held by The Bank of New York Mellon, the Trustee, and deposited in the Trust for the\npurchase of securities, as shown in the statement of net assets, as of the opening of business on October 13, 2026, by correspondence\nwith the Trustee. We believe that our audit provides a reasonable basis for our opinion.

/s/ DELOITTE & TOUCHE LLP

Chicago, Illinois
\nOctober 13, 2026

We have served as the auditor\nof one or more investment companies sponsored by First Trust Portfolios L.P. since 2001.

\n \n \n

Statement of Net Assets

40/60\nStrategic Allocation Port. 4Q ’26 - Term 1/18/28
\nFT 13272

At the Opening of Business on the Initial\nDate of Deposit—October 13, 2026

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

NET ASSETS
Investment in Securities represented by purchase contracts (1) (2)\t	$	1,664,515
Less liability for reimbursement to Sponsor for organization costs (3)\t		(3,163	)
Less liability for deferred sales charge (4)\t		(22,471	)
Less liability for creation and development fee (5)\t		(8,323	)
Net assets\t	$	1,630,558
Units outstanding\t		166,451
Net asset value per Unit (6)\t	$	9.796
ANALYSIS OF NET ASSETS
Cost to investors (7)\t	$	1,664,515
Less maximum sales charge (7)\t		(30,794	)
Less estimated reimbursement to Sponsor for organization costs (3)\t		(3,163	)
Net assets\t	$	1,630,558

NOTES\nTO STATEMENT OF NET ASSETS

The Trust is registered as a unit investment\ntrust under the Investment Company Act of 1940. The Sponsor is responsible for the preparation of financial statements in accordance with\naccounting principles generally accepted in the United States which require the Sponsor to make estimates and assumptions that affect\namounts reported herein. Actual results could differ from those estimates. The Trust intends to comply in its initial fiscal year and\nthereafter with provisions of the Internal Revenue Code applicable to regulated investment companies and as such, will not be subject\nto federal income taxes on otherwise taxable income (including net realized capital gains) distributed to Unit holders.

(1)

The Trust invests in a diversified portfolio of Common Stocks and\nETFs. Aggregate cost of the Securities listed under “Schedule of Investments” is based on their aggregate underlying value.\nThe Trust has a Mandatory Termination Date of January 18, 2028.

(2)

An irrevocable letter of credit issued by The Bank of New York Mellon,\nof which approximately $3,000,000 has been allocated to the Trust, has been deposited with the Trustee as collateral, covering the monies\nnecessary for the purchase of the Securities according to their purchase contracts.

(3)

A portion of the Public Offering Price consists of an amount sufficient\nto reimburse the Sponsor for all or a portion of the costs of establishing the Trust. These costs have been estimated at $.0190 per Unit\nfor the Trust. A payment will be made at the end of the initial offering period to an account maintained by the Trustee from which the\nobligation of the investors to the Sponsor will be satisfied. To the extent that actual organization costs of the Trust are greater than\nthe estimated amount, only the estimated organization costs added to the Public Offering Price will be reimbursed to the Sponsor and deducted\nfrom the assets of the Trust.

(4)

Represents the amount of mandatory deferred sales charge distributions\nof $.135 per Unit, payable to the Sponsor in three equal monthly installments beginning on February 19, 2027 and on the twentieth day\nof each month thereafter (or if such date is not a business day, on the preceding business day) through April 20, 2027. If Unit holders\nredeem Units before April 20, 2027, they will have to pay the remaining amount of the deferred sales charge applicable to such Units when\nthey redeem them.

(5)

The creation and development fee ($.050 per Unit) is payable by\nthe Trust on behalf of Unit holders out of assets of the Trust at the end of the initial offering period. If Units are redeemed prior\nto the close of the initial offering period, the fee will not be deducted from the proceeds.

(6)

Net asset value per Unit is calculated by dividing the Trust’s\nnet assets by the number of Units outstanding. This figure includes organization costs and the creation and development fee, which will\nonly be assessed to Units outstanding at the close of the initial offering period.

(7)

The aggregate cost to investors in the Trust includes a maximum\nsales charge (comprised of an initial and a deferred sales charge and the creation and development fee) computed at the rate of 1.85%\nof the Public Offering Price (equivalent to 1.85% of the net amount invested, exclusive of the deferred sales charge and the creation\nand development fee), assuming no reduction of the maximum sales charge as set forth under “Public Offering.”

\n \n \n

Schedule of Investments

40/60\nStrategic Allocation Port. 4Q ’26 - Term 1/18/28

FT 13272

At the Opening of Business on the Initial\nDate of Deposit—October 13, 2026

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

		Percentage			Market		Cost of
Ticker Symbol and	of Aggregate	Number		Value per	Securities to
Name of Issuer of Securities (1)(3)	Offering Price	of Shares		Share	the Trust (2)
Common Stocks (40.00%):
Communication Services (2.21%):
GOOGL	Alphabet Inc. (Class A)\t		0.34%			16		$	352.72	$	5,644
T	AT&T Inc.\t		0.33%			247			22.49		5,555
DTEGY	Deutsche Telekom AG (ADR) †\t		0.27%			159			27.86		4,430
FOXA	Fox Corporation (Class A)\t		0.13%			35			62.59		2,191
NYT	The New York Times Company (Class A)\t		0.13%			34			66.08		2,247
NTTYY	NTT, Inc. (ADR) †\t		0.27%			164			27.14		4,451
PPLI	People Inc. *\t		0.07%			27			40.86		1,103
SFTBY	SoftBank Group Corp. (ADR) †\t		0.27%			253			17.52		4,433
TDS	Telephone and Data Systems, Inc.\t		0.07%			32			34.79		1,113
DIS	The Walt Disney Company\t		0.33%			51			108.49		5,533
Consumer Discretionary (5.03%):
ANF	Abercrombie & Fitch Co. (Class A) *\t		0.13%			15			145.91		2,189
AMZN	Amazon.com, Inc. *\t		0.33%			21			259.53		5,450
AEO	American Eagle Outfitters, Inc.\t		0.07%			61			18.07		1,102
BBY	Best Buy Co., Inc.\t		0.14%			26			86.99		2,262
EAT	Brinker International, Inc. *\t		0.13%			11			194.12		2,135
CMG	Chipotle Mexican Grill, Inc. *\t		0.33%			183			30.40		5,563
CVSA	Covista Inc. *\t		0.07%			9			128.87		1,160
DRI	Darden Restaurants, Inc.\t		0.13%			11			199.61		2,196
DUOL	Duolingo, Inc. *\t		0.13%			15			147.74		2,216
FRCOY	Fast Retailing Co., Ltd. (ADR) †\t		0.27%			98			45.50		4,459
GAP	The Gap, Inc.\t		0.13%			97			22.78		2,210
GNTX	Gentex Corporation\t		0.07%			54			20.71		1,118
LOPE	Grand Canyon Education, Inc. *\t		0.07%			7			160.28		1,122
GRBK	Green Brick Partners, Inc. *\t		0.07%			18			61.83		1,113
HRB	H&R Block, Inc.\t		0.07%			25			44.32		1,108
HOG	Harley-Davidson, Inc.\t		0.07%			40			27.37		1,095
IDEXY	Industria de Diseno Textil, S.A. (ADR) †\t		0.27%			297			14.95		4,440
LAUR	Laureate Education, Inc. (Class A) *\t		0.07%			28			39.59		1,108
MHK	Mohawk Industries, Inc. *\t		0.13%			19			117.40		2,231
MUSA	Murphy USA Inc.\t		0.13%			4			525.47		2,102
OLLI	Ollie’s Bargain Outlet Holdings, Inc. *\t		0.07%			13			86.44		1,124
PDD	PDD Holdings Inc. (ADR) †*\t		0.27%			55			80.92		4,451
PRDO	Perdoceo Education Corporation\t		0.07%			33			33.73		1,113
PROSY	Prosus N.V. (ADR) †\t		0.27%			552			8.04		4,438
PHM	PulteGroup, Inc.\t		0.13%			20			111.14		2,223
ROST	Ross Stores, Inc.\t		0.34%			25			225.84		5,646
SONY	Sony Group Corp. (ADR) †\t		0.27%			183			24.26		4,440
LRN	Stride, Inc. *\t		0.07%			13			84.43		1,098
TJX	The TJX Companies, Inc.\t		0.33%			39			141.92		5,535
TM	Toyota Motor Corporation †\t		0.27%			24			184.72		4,433
URBN	Urban Outfitters, Inc. *\t		0.13%			27			82.69		2,233

\n \n \n

Schedule of Investments (cont’d.)

40/60\nStrategic Allocation Port. 4Q ’26 - Term 1/18/28

FT 13272

At the Opening of Business on the Initial\nDate of Deposit—October 13, 2026

		Percentage			Market		Cost of
Ticker Symbol and	of Aggregate	Number		Value per	Securities to
Name of Issuer of Securities (1)(3)	Offering Price	of Shares		Share	the Trust (2)
Common Stocks (cont’d.):
Consumer Staples (3.59%):
ANDE	The Andersons, Inc.\t		0.07%			17		$	65.08	$	1,106
BUD	Anheuser-Busch InBev S.A./N.V. (ADR) †\t		0.27%			57			78.29		4,463
BJ	BJ’s Wholesale Club Holdings, Inc. *\t		0.13%			22			99.80		2,196
CALM	Cal-Maine Foods, Inc.\t		0.06%			17			63.44		1,078
KO	The Coca-Cola Company\t		0.33%			62			89.79		5,567
COST	Costco Wholesale Corporation\t		0.35%			6			959.44		5,757
DLTR	Dollar Tree, Inc. *\t		0.13%			19			117.61		2,235
FRPT	Freshpet, Inc. *\t		0.07%			17			65.26		1,109
INGR	Ingredion Incorporated\t		0.13%			23			96.22		2,213
JAPAY	Japan Tobacco, Inc. (ADR) †\t		0.27%			194			22.88		4,439
MKC	McCormick & Company, Incorporated\t		0.13%			49			45.58		2,233
MNST	Monster Beverage Corporation *\t		0.33%			127			43.76		5,558
PEP	PepsiCo, Inc.\t		0.33%			44			126.68		5,574
PSMT	PriceSmart, Inc.\t		0.07%			7			169.25		1,185
PG	The Procter & Gamble Company\t		0.33%			36			153.20		5,515
SFM	Sprouts Farmers Market, Inc. *\t		0.13%			34			64.33		2,187
USFD	US Foods Holding Corp. *\t		0.13%			23			97.70		2,247
WMT	Walmart Inc.\t		0.33%			49			113.08		5,541
Energy (5.45%):
AR	Antero Resources Corporation *\t		0.13%			61			36.56		2,230
BP	BP p.l.c. (ADR) †\t		0.27%			95			46.73		4,439
CNQ	Canadian Natural Resources Limited †\t		0.27%			88			50.50		4,444
CVX	Chevron Corporation\t		0.34%			26			215.00		5,590
CHRD	Chord Energy Corporation\t		0.13%			15			144.57		2,169
CNX	CNX Resources Corporation *\t		0.07%			32			34.44		1,102
COP	ConocoPhillips\t		0.33%			40			137.56		5,502
CNR	Core Natural Resources, Inc.\t		0.07%			12			91.62		1,099
CVI	CVR Energy, Inc.\t		0.13%			38			58.91		2,239
DK	Delek US Holdings, Inc.\t		0.06%			14			77.33		1,083
DVN	Devon Energy Corporation\t		0.33%			113			48.96		5,532
E	Eni S.p.A. (ADR) †\t		0.27%			78			56.77		4,428
EOG	EOG Resources, Inc.\t		0.33%			37			150.51		5,569
EQT	EQT Corporation\t		0.33%			104			53.22		5,535
EQNR	Equinor ASA †\t		0.27%			101			43.94		4,438

\n \n \n

Schedule of Investments (cont’d.)

40/60\nStrategic Allocation Port. 4Q ’26 - Term 1/18/28

FT 13272

At the Opening of Business on the Initial\nDate of Deposit—October 13, 2026

		Percentage			Market		Cost of
Ticker Symbol and	of Aggregate	Number		Value per	Securities to
Name of Issuer of Securities (1)(3)	Offering Price	of Shares		Share	the Trust (2)
Common Stocks (cont’d.):
Energy (cont’d.):
EXE	Expand Energy Corporation\t		0.13%			25		$	88.81	$	2,220
XOM	ExxonMobil Holdings Corp.\t		0.33%			32			172.15		5,509
GPOR	Gulfport Energy Corporation *\t		0.07%			7			164.96		1,155
MUR	Murphy Oil Corporation\t		0.07%			28			39.38		1,103
OII	Oceaneering International, Inc. *\t		0.07%			25			44.42		1,110
PARR	Par Pacific Holdings, Inc. *\t		0.06%			13			83.12		1,081
PTEN	Patterson-UTI Energy, Inc.\t		0.07%			98			11.33		1,110
PBF	PBF Energy Inc.\t		0.13%			26			85.02		2,210
PR	Permian Resources Corp.\t		0.13%			95			23.40		2,223
RRC	Range Resources Corporation\t		0.13%			54			41.42		2,237
SHEL	Shell plc (ADR) †\t		0.27%			44			101.59		4,470
SU	Suncor Energy Inc. †\t		0.26%			60			73.51		4,411
TRGP	Targa Resources Corp.\t		0.33%			19			290.54		5,520
TDW	Tidewater Inc. *\t		0.07%			13			86.45		1,124
Financials (6.12%):
SRCE	1st Source Corporation\t		0.07%			13			84.70		1,101
ALIZY	Allianz SE (ADR) †\t		0.27%			95			46.72		4,438
ALL	The Allstate Corporation\t		0.33%			24			232.60		5,582
AMP	Ameriprise Financial, Inc.\t		0.33%			11			500.02		5,500
ARR	ARMOUR Residential REIT, Inc. (4)\t		0.07%			81			13.75		1,114
BRK/B	Berkshire Hathaway Inc. (Class B) *\t		0.34%			11			517.60		5,694
CBOE	Cboe Global Markets, Inc.\t		0.12%			7			297.38		2,082
CB	Chubb Limited †\t		0.27%			13			345.06		4,486
CINF	Cincinnati Financial Corporation\t		0.13%			13			165.55		2,152
CME	CME Group Inc.\t		0.33%			20			277.24		5,545
ACT	Enact Holdings, Inc.\t		0.13%			49			44.90		2,200
ERIE	Erie Indemnity Company\t		0.13%			10			225.06		2,251
FDS	FactSet Research Systems Inc.\t		0.14%			8			288.67		2,309
FHI	Federated Hermes, Inc. (Class B)\t		0.07%			20			56.03		1,121
FCFS	FirstCash Holdings, Inc.\t		0.13%			10			216.20		2,162
THG	The Hanover Insurance Group, Inc.\t		0.13%			10			221.65		2,216
HIG	The Hartford Insurance Group, Inc.\t		0.34%			43			130.19		5,598
IBKR	Interactive Brokers Group, Inc. (Class A)\t		0.33%			63			87.89		5,537
MTG	MGIC Investment Corporation\t		0.07%			41			27.03		1,108
NMIH	NMI Holdings, Inc. (Class A) *\t		0.07%			28			39.39		1,103
ORI	Old Republic International Corporation\t		0.13%			58			38.07		2,208
OSCR	Oscar Health, Inc. (Class A) *\t		0.13%			65			34.01		2,211
OVCHY	Oversea-Chinese Banking Corporation Limited (ADR) †\t		0.27%			98			45.35		4,444

\n \n \n

Schedule of Investments (cont’d.)

40/60\nStrategic Allocation Port. 4Q ’26 - Term 1/18/28

FT 13272

At the Opening of Business on the Initial\nDate of Deposit—October 13, 2026

		Percentage			Market		Cost of
Ticker Symbol and	of Aggregate	Number		Value per	Securities to
Name of Issuer of Securities (1)(3)	Offering Price	of Shares		Share	the Trust (2)
Common Stocks (cont’d.):
Financials (cont’d.):
PLMR	Palomar Holdings, Inc.\t		0.06%			8		$	134.23	$	1,074
PGR	The Progressive Corporation\t		0.33%			25			220.28		5,507
RDN	Radian Group Inc.\t		0.07%			33			33.87		1,118
RELY	Remitly Global, Inc. *\t		0.07%			47			23.54		1,106
SSB	SouthState Bank Corporation\t		0.13%			22			100.77		2,217
TOST	Toast, Inc. (Class A) *\t		0.13%			71			31.32		2,224
TKOMY	Tokio Marine Holdings, Inc. (ADR) †\t		0.27%			1,317			3.37		4,438
TOWN	TowneBank\t		0.07%			32			35.00		1,120
TRV	The Travelers Companies, Inc.\t		0.33%			15			371.68		5,575
V	Visa Inc. (Class A)\t		0.33%			14			389.27		5,450
Health Care (6.54%):
ACAD	ACADIA Pharmaceuticals Inc. *\t		0.07%			57			19.41		1,106
ADUS	Addus HomeCare Corporation *\t		0.07%			10			115.48		1,155
AMLX	Amylyx Pharmaceuticals, Inc. *\t		0.07%			40			27.48		1,099
AZN	AstraZeneca Plc †\t		0.27%			28			158.33		4,433
BDX	Becton, Dickinson and Company\t		0.33%			29			188.89		5,478
BSX	Boston Scientific Corporation *\t		0.33%			127			43.84		5,568
CAH	Cardinal Health, Inc.\t		0.33%			23			238.08		5,476
COR	Cencora, Inc.\t		0.33%			17			325.06		5,526
CI	The Cigna Group\t		0.34%			20			283.34		5,667
CRVL	CorVel Corporation *\t		0.07%			14			77.92		1,091
EHC	Encompass Health Corporation\t		0.13%			18			124.42		2,240
EXEL	Exelixis, Inc. *\t		0.13%			37			59.82		2,213
GMED	Globus Medical, Inc. (Class A) *\t		0.13%			29			76.24		2,211
IOVA	Iovance Biotherapeutics, Inc. *\t		0.13%			152			14.56		2,213
IQV	IQVIA Holdings Inc. *\t		0.33%			21			262.21		5,506
KRYS	Krystal Biotech, Inc. *\t		0.14%			7			332.07		2,324
LFST	LifeStance Health Group, Inc. *\t		0.07%			89			12.48		1,111
MCK	McKesson Corporation\t		0.34%			6			955.76		5,735
MEDP	Medpace Holdings, Inc. *\t		0.15%			4			620.05		2,480
MDT	Medtronic Plc †\t		0.26%			48			91.93		4,413
MMSI	Merit Medical Systems, Inc. *\t		0.06%			12			89.75		1,077
NTRA	Natera, Inc. *\t		0.33%			14			397.77		5,569
NHC	National HealthCare Corporation\t		0.07%			5			229.88		1,149
NBIX	Neurocrine Biosciences, Inc. *\t		0.14%			16			141.37		2,262
NVO	Novo Nordisk A/S (ADR) †\t		0.27%			115			38.58		4,437
REGN	Regeneron Pharmaceuticals, Inc.\t		0.32%			7			762.81		5,340

\n \n \n

Schedule of Investments (cont’d.)

40/60\nStrategic Allocation Port. 4Q ’26 - Term 1/18/28

\nFT 13272

At the Opening of Business on the Initial\nDate of Deposit—October 13, 2026

		Percentage			Market		Cost of
Ticker Symbol and	of Aggregate	Number		Value per	Securities to
Name of Issuer of Securities (1)(3)	Offering Price	of Shares		Share	the Trust (2)
Common Stocks (cont’d.):
Health Care (cont’d.):
SNY	Sanofi (ADR) †\t		0.27%			112		$	39.74	$	4,451
UTHR	United Therapeutics Corporation *\t		0.13%			4			550.10		2,200
UHS	Universal Health Services, Inc. (Class B)\t		0.13%			12			178.83		2,146
VEEV	Veeva Systems Inc. (Class A) *\t		0.34%			19			295.85		5,621
VRTX	Vertex Pharmaceuticals Incorporated *\t		0.33%			11			507.00		5,577
ZBH	Zimmer Biomet Holdings, Inc.\t		0.13%			24			92.17		2,212
Industrials (4.48%):
AME	AMETEK, Inc.\t		0.33%			22			249.89		5,498
ADP	Automatic Data Processing, Inc.\t		0.33%			20			273.81		5,476
BRC	Brady Corporation\t		0.07%			13			85.13		1,107
BR	Broadridge Financial Solutions, Inc.\t		0.13%			13			166.41		2,163
CTAS	Cintas Corporation\t		0.33%			27			205.23		5,541
CXW	CoreCivic, Inc. *\t		0.07%			33			33.60		1,109
EME	EMCOR Group, Inc.\t		0.33%			7			779.16		5,454
EXLS	ExlService Holdings, Inc. *\t		0.07%			30			36.74		1,102
EXPO	Exponent, Inc.\t		0.07%			16			70.67		1,131
FAST	Fastenal Company\t		0.33%			108			51.49		5,561
GD	General Dynamics Corporation\t		0.34%			17			335.46		5,703
GEO	The GEO Group, Inc. *\t		0.07%			35			31.73		1,111
IESC	IES Holdings, Inc. *\t		0.14%			8			287.79		2,302
ITOCY	Itochu Corp. (ADR) †\t		0.27%			326			13.62		4,440
KMT	Kennametal Inc.\t		0.07%			35			31.64		1,107
KEX	Kirby Corporation *\t		0.13%			16			135.88		2,174
LYFT	Lyft, Inc. (Class A) *\t		0.13%			138			16.11		2,223
MMS	MAXIMUS, Inc.\t		0.07%			19			58.87		1,119
PH	Parker-Hannifin Corporation\t		0.34%			6			956.89		5,741
PCTY	Paylocity Holding Corporation *\t		0.13%			14			156.03		2,184
RCRUY	Recruit Holdings Co., Ltd. (ADR) †\t		0.27%			197			22.50		4,432
SAIC	Science Applications International Corporation\t		0.06%			8			133.05		1,064
SKYW	SkyWest, Inc. *\t		0.07%			12			95.02		1,140
WM	Waste Management, Inc.\t		0.33%			26			211.14		5,490
Information Technology (3.92%):
ACN	Accenture plc †\t		0.27%			21			214.87		4,512
ADBE	Adobe Incorporated *\t		0.33%			23			238.14		5,477
BRZE	Braze, Inc. (Class A) *\t		0.07%			38			29.06		1,104
CTSH	Cognizant Technology Solutions Corporation\t		0.13%			37			59.68		2,208

\n \n \n

Schedule of Investments (cont’d.)

40/60\nStrategic Allocation Port. 4Q ’26 - Term 1/18/28

\nFT 13272

At the Opening of Business on the Initial\nDate of Deposit—October 13, 2026

		Percentage			Market		Cost of
Ticker Symbol and	of Aggregate	Number		Value per	Securities to
Name of Issuer of Securities (1)(3)	Offering Price	of Shares		Share	the Trust (2)
Common Stocks (cont’d.):
Information Technology (cont’d.):
DXC	DXC Technology Company *\t		0.07%			89		$	12.54	$	1,116
P	Everpure, Inc. (Class A) *\t		0.34%			36			155.31		5,591
FSLR	First Solar, Inc. *\t		0.13%			12			179.72		2,157
FTNT	Fortinet, Inc. *\t		0.34%			29			192.94		5,595
FRSH	Freshworks Inc. (Class A) *\t		0.07%			80			13.92		1,114
INTU	Intuit Inc.\t		0.33%			18			305.99		5,508
MSFT	Microsoft Corporation\t		0.32%			10			541.15		5,411
PEGA	Pegasystems Inc.\t		0.07%			32			34.91		1,117
PLXS	Plexus Corp. *\t		0.14%			9			256.56		2,309
QLYS	Qualys, Inc. *\t		0.13%			11			196.77		2,164
ROP	Roper Technologies, Inc.\t		0.33%			15			367.32		5,510
SPSC	SPS Commerce, Inc. *\t		0.07%			13			84.60		1,100
WDC	Western Digital Corporation\t		0.32%			14			386.94		5,417
WDAY	Workday, Inc. (Class A) *\t		0.33%			29			188.25		5,459
ZM	Zoom Communications, Inc. (Class A) *\t		0.13%			23			97.94		2,253
Materials (1.26%):
AEM	Agnico Eagle Mines Limited †\t		0.27%			24			188.18		4,516
CF	CF Industries Holdings, Inc.\t		0.13%			19			114.58		2,177
CDE	Coeur Mining, Inc.\t		0.13%			132			16.76		2,212
CCK	Crown Holdings, Inc.\t		0.13%			20			108.51		2,170
NEM	Newmont Corporation\t		0.33%			47			117.15		5,506
RIO	Rio Tinto plc (ADR) †\t		0.27%			47			94.30		4,432
Real Estate (0.13%):
VICI	VICI Properties Inc. (4)\t		0.13%			96			23.03		2,211
Utilities (1.27%):
AVA	Avista Corporation\t		0.07%			31			35.83		1,111
DUK	Duke Energy Corporation\t		0.33%			47			117.69		5,531
EXC	Exelon Corporation\t		0.33%			132			42.12		5,560
NWN	Northwest Natural Holding Company\t		0.07%			23			48.46		1,115
OGS	ONE Gas, Inc.\t		0.07%			15			73.61		1,104
SR	Spire Inc.\t		0.07%			14			79.56		1,114
XEL	Xcel Energy Inc.\t		0.33%			75			74.17		5,563

\n \n \n

Schedule of Investments (cont’d.)

40/60\nStrategic Allocation Port. 4Q ’26 - Term 1/18/28

FT 13272

At the Opening of Business on the Initial\nDate of Deposit—October 13, 2026

		Percentage			Market		Cost of
Ticker Symbol and	of Aggregate	Number		Value per	Securities to
Name of Issuer of Securities (1)	Offering Price	of Shares		Share	the Trust (2)
Exchange-Traded Funds (60.00%):\t
FTCB	First Trust Core Investment Grade ETF (5)\t		2.40%			2,016		$	19.82	$	39,957
FEMB	First Trust Emerging Markets Local Currency Bond ETF (5)\t		2.40%			1,383			28.88		39,941
FSIG	First Trust Limited Duration Investment Grade Corporate ETF (5)\t\t		2.40%			2,163			18.47		39,951
FPE	First Trust Preferred Securities and Income ETF (5)\t		2.40%			2,349			17.01		39,956
FTSL	First Trust Senior Loan Fund (5)\t		2.40%			895			44.63		39,944
SCIO	First Trust Structured Credit Income Opportunities ETF (5)\t		2.40%			1,996			20.02		39,950
HYLS	First Trust Tactical High Yield ETF (5)\t		2.40%			1,008			39.63		39,947
FLBL	Franklin Senior Loan ETF\t		2.40%			1,758			22.73		39,951
BKLN	Invesco Senior Loan ETF\t		2.40%			1,951			20.48		39,956
VRP	Invesco Variable Rate Preferred ETF\t		2.40%			1,685			23.71		39,951
SHYG	iShares 0-5 Year High Yield Corporate Bond ETF\t		2.40%			968			41.27		39,949
IGLB	iShares 10+ Year Investment Grade Corporate Bond ETF\t		2.40%			871			45.87		39,953
USHY	iShares Broad USD High Yield Corporate Bond ETF\t		2.40%			1,118			35.73		39,946
HYDB	iShares High Yield Systematic Bond ETF\t		2.40%			888			44.98		39,942
EMHY	iShares J.P. Morgan EM High Yield Bond ETF\t		2.40%			1,032			38.70		39,933
JMBS	Janus Henderson Mortgage-Backed Securities ETF\t		2.40%			940			42.49		39,941
HYS	PIMCO 0-5 Year High Yield Corporate Bond Index Exchange- Traded Fund\t\t		2.40%			443			90.26		39,985
SCHI	Schwab 5-10 Year Corporate Bond ETF\t		2.40%			1,860			21.48		39,953
SRLN	State Street SPDR Blackstone Senior Loan ETF\t		2.40%			994			40.19		39,949
SJNK	State Street SPDR Bloomberg Short Term High Yield Bond ETF\t\t		2.40%			1,648			24.24		39,948
SPBO	State Street SPDR Portfolio Corporate Bond ETF\t		2.40%			1,447			27.60		39,937
SPHY	State Street SPDR Portfolio High Yield Bond ETF\t		2.40%			1,768			22.59		39,939
SPLB	State Street SPDR Portfolio Long Term Corporate Bond ETF\t		2.40%			1,950			20.49		39,955
FLTR	VanEck IG Floating Rate ETF\t		2.40%			1,564			25.54		39,945
VCLT	Vanguard Long-Term Corporate Bond ETF\t		2.40%			580			68.87		39,945
	Total Investments\t\t		100.00%							$	1,664,515

See\n“Notes to Schedule of Investments” on page 14.

NOTES TO SCHEDULE OF INVESTMENTS

(1)

All Securities are represented by regular way contracts to purchase such Securities which are backed by\nan irrevocable letter of credit deposited with the Trustee. The Sponsor entered into purchase contracts for the Securities on October\n13, 2026. Such purchase contracts are expected to settle within one business day.

(2)

The cost of the Securities to the Trust represents the aggregate underlying value with respect to the\nSecurities acquired (generally determined by the closing sale prices of the listed Securities and the ask prices of over-the-counter traded\nSecurities at the Evaluation Time on the business day prior to the Initial Date of Deposit). The cost of Securities to the Trust may not\ncompute due to rounding the market value per share. The valuation of the Securities has been determined by the Sponsor. In accordance\nwith Financial Accounting Standards Board Accounting Standards Codification 820, “Fair Value Measurement,” the Trust’s\ninvestments are classified as Level 1, which refers to securities traded in an active market. The cost of the Securities to the Sponsor\nand the Sponsor’s loss (which is the difference between the cost of the Securities to the Sponsor and the cost of the\nSecurities to the Trust) are $1,669,599 and $5,084, respectively.

(3)

Common Stocks of companies headquartered or incorporated outside the United States comprise approximately\n8.08% of the investments of the Trust (consisting of Belgium, 0.27%; Canada, 0.80%; Denmark, 0.27%; France, 0.27%; Germany, 0.54%; Ireland, 0.80%; Italy, 0.27%; Japan, 2.43%; The Netherlands,\n0.27%; Norway, 0.27%; Singapore, 0.27%; Spain, 0.27%; Switzerland, 0.27% and United Kingdom, 1.08%).

(4)

This Security represents the common stock of a real estate investment\ntrust (“REIT”).

(5)

This Security is advised by First Trust Advisors L.P., an affiliate of the Sponsor.

†

This Security represents the common stock of a foreign company which trades directly or through an American\nDepositary Receipt/ADR on the over-the-counter market or on a U.S. national securities exchange.

This Security represents a non-income producing security.

\n \n \n

The FT Series

The FT Series Defined.

We,\nFirst Trust Portfolios L.P. (the “Sponsor”), have created hundreds of similar yet separate series of a unit investment trust\nwhich we have named the FT Series. The series to which this prospectus relates, FT 13272, consists of a single portfolio known as\n40/60 Strategic Allocation Port. 4Q ’26 - Term 1/18/28 (40/60 Strategic Allocation Portfolio, 4th Quarter 2026 Series).

The\nTrust was created under the laws of the State of New York by a Trust Agreement (the “Indenture”) dated the Initial Date of\nDeposit. This agreement, entered into among First Trust Portfolios L.P., as Sponsor, The Bank of New York Mellon as Trustee and First\nTrust Advisors L.P. as Portfolio Supervisor, governs the operation of the Trust.

You may get more specific details concerning the nature, structure\nand risks of this product in an “Information Supplement” by calling the Sponsor at 800–621–1675, dept. code 2.

How We Created the Trust.

On\nthe Initial Date of Deposit, we deposited a portfolio of Common Stocks and ETFs with the Trustee and, in turn, the Trustee delivered documents\nto us representing our ownership of the Trust in the form of units (“Units”).

After\nthe Initial Date of Deposit, we may deposit additional Securities in the Trust, or cash (including a letter of credit or the equivalent)\nwith instructions to buy more Securities to create new Units for sale. If we create additional Units, we will attempt, to the extent practicable,\nto maintain the percentage relationship established among the Securities on the Initial Date of Deposit (as set forth under “Schedule\nof Investments”), adjusted to reflect the sale, redemption or liquidation of any of the Securities or any stock split or merger\nor other similar event affecting the issuer of the Securities.

Since\nthe prices of the Securities will fluctuate daily, the ratio of Securities in the Trust, on a market value basis, will also change daily.\nThe portion of Securities represented by each Unit will not change as a result of the deposit of additional Securities or cash in the\nTrust. If we deposit cash, you and new investors may experience a dilution of your investment. This is because prices of Securities will\nfluctuate between the time of the cash deposit and the purchase of the Securities, and because the Trust pays the associated brokerage\nfees. To reduce this dilution, the Trust will try to buy the Securities as close to the Evaluation Time and as close to the evaluation\nprice as possible. In addition, because the Trust pays the brokerage fees associated with the creation of new Units and with the sale\nof Securities to meet redemption and exchange requests, frequent redemption and exchange activity will likely result in higher brokerage\nexpenses.

An\naffiliate of the Trustee may receive these brokerage fees or the Trustee may retain and pay us (or our affiliate) to act as agent for\nthe Trust to buy Securities. If we or an affiliate of ours act as agent to the Trust, we will be subject to the restrictions under the\nInvestment Company Act of 1940, as amended (the “1940 Act”). When acting in an agency capacity, we may select various broker/dealers\nto execute securities transactions on behalf of the Trust, which may include broker/dealers who sell Units of the Trust. We do not consider\nsales of Units of the Trust or any other products sponsored by First Trust as a factor in selecting such broker/dealers.

We cannot guarantee that the Trust will\nkeep its present size and composition for any length of time. Securities may be periodically sold under certain circumstances to satisfy\nTrust obligations, to meet redemption requests and, as described in “Removing Securities from the Trust,” to maintain the\nsound investment character of the Trust, and the proceeds received by the Trust will be used to meet Trust obligations or distributed\nto Unit holders. However, Securities will not be sold to take advantage of market fluctuations or changes in anticipated rates of appreciation\nor depreciation, or if they no longer meet the criteria by which they were selected. You will not be able to dispose of or vote any of\nthe Securities in the Trust. As the holder of the Securities, the Trustee will vote the Securities and, except as described below and\nas described in “Removing Securities from the Trust,” will endeavor to vote the Securities such that the Securities are voted\nas closely as possible in the same manner and the same general proportion as are the Securities held by owners other than the Trust. If\npermitted under law and rules thereunder and if the Sponsor determines or otherwise agrees that the voting or response to other actions\nwith respect to the Funds held by the Trust should not be done as described above and, with respect to a Trust structured as a grantor\ntrust for tax purposes the outcome of voting or response to such matters will not result in such Trust receiving new or exchange securities,\nas certified to the Trustee by the Sponsor, the Sponsor will direct the Trustee in writing as to the manner in which the voting or response\nshould be made. The Trustee shall have no responsibility or liability for any loss or liability resulting from any vote or other response\nmade pursuant to the Sponsor’s direction or otherwise in the absence of the Sponsor’s direction.

None\nof Pacific Investment Management Company LLC, PIMCO Investments LLC or PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded\nFund make any representations regarding the advisability of investing in the Trust.

Neither\nwe nor the Trustee will be liable for a failure in any of the Securities. However, if a contract for the purchase of any of the Securities\ninitially deposited in the Trust fails, unless we can purchase substitute Securities (“Replacement Securities”), we will refund\nto you that portion of the purchase price and transactional sales charge resulting from the failed contract on the next Income Account\nDistribution Date. Any Replacement Security the Trust acquires will be identical to those from the failed contract.

\n \n \n

Portfolio

Objective.

The\nTrust seeks above-average total return. We cannot guarantee that the Trust will achieve its objective or that the Trust will make money\nonce expenses are deducted.

Portfolio Selection Process.

The\nTrust is a unit investment trust that invests in a fixed portfolio of common stocks and ETFs which are selected by applying our disciplined\ninvestment process. We apply a disciplined and comprehensive valuation process to select securities across assets of varying sizes, styles,\ncountries, and sectors, including those that have had relatively lower correlation with one another.

The\ncomposition of the Trust on the Initial Date of Deposit is as follows:

\n \n \n

40/60 Strategic Allocation Portfolio

•

Approximately 10.00% common stocks which comprise the Large-Cap Growth Strategy;

•

Approximately 10.00% common stocks which comprise the Large-Cap Value Strategy;

•

Approximately 4.00% common stocks which comprise the Mid-Cap Growth Strategy;

•

Approximately 4.00% common stocks which comprise the Mid-Cap Value Strategy;

•

Approximately 2.00% common stocks which comprise the Small-Cap Growth Strategy;

•

Approximately 2.00% common stocks which comprise the Small-Cap Value Strategy;

•

Approximately 8.00% common stocks which comprise the International Strategy; and

•

Approximately 60.00% fixed-income Exchange-Traded Funds.

Common Stock Selection.

Our\napproach to selecting stocks is based on a proprietary rules-based selection process which is consistently applied. This process embodies\nkey elements of our investment philosophy by focusing on financial measures that are least susceptible to accounting distortions and erroneous\ncorporate guidance.

When\nselecting stocks for the portfolio, we apply a model which analyzes large-cap, mid-cap, small-cap, and international stocks to assess\nvaluations based on multiple risk, value, and growth factors. Our goal is to identify stocks which exhibit the fundamental characteristics\nthat enable them to provide the greatest potential for capital appreciation.

The\nfirst step in our selection process is to establish a universe of stocks from which the portfolio will be selected. The universe is identified\nas of four business days prior to the Initial Date of Deposit and divided into seven distinct styles consisting of six domestic equity\nasset classes noted above and one international equity asset class.

The\ndomestic universe is established by identifying the 3,000 largest U.S. stocks (excluding limited partnerships, royalty trusts, regulated\ninvestment companies and business development companies) and then separating them into large-cap (largest 10%), mid-cap (next 20%) and\nsmall-cap (remaining 70%). The stocks in each group are then divided evenly between growth and value by their price to book ratios to\nestablish the universe of stocks eligible for selection from within each market capitalization range.\nIn the case of the small-cap universe, only the 250 largest stocks with a minimum average daily trading volume of $1,000,000 within each\ngrowth and value group are included to ensure sufficient liquidity. The international universe consists of the 100 largest companies from\ndeveloped nations whose shares are either directly listed on a U.S. securities exchange or are in the form of American Depositary Receipts/ADRs\nwhich trade on the over-the-counter market or are listed on a U.S. securities exchange. Regardless of universe, stocks with a price of\n$1,000 or higher per share are not eligible for selection.

We\nthen rank the stocks within each of the seven universes based on two multi-factor models, with each factor within a model receiving an\nequal weight. Half of a stock’s ranking is based on a risk model and applies to all seven universes. The remaining half of a stock’s\nranking is based on a model which is determined by the stock’s style designation (i.e., growth, value or international). Value and\ninternational stocks are ranked together on one model, while growth stocks are ranked using a separate model.

Stock Selection Factors.

Risk Model. The following factors are used to evaluate\nand rank the stocks within the model:

•

Debt to equity ratio. Compares a company’s long-term debt to its stockholder’s equity. Companies that have a lower debt\nto equity ratio are assigned a higher ranking.

•

Beta. Compares a security’s volatility relative to the market. A security with a beta less than 1.0 would generally be considered\nlower risk than the market. Companies that have a lower beta are assigned a higher ranking.

•

Earnings variability. Compares a company’s trailing 12-months earnings per share from the previous five years against a linear\ntrend line. Companies that have more consistent earnings growth are assigned a higher ranking.

Value & International Model. The following factors\nare used to evaluate and rank the stocks within the model:

•

Price to book ratio. Compares a company’s market capitalization to its book value. Companies that have a lower, but positive,\nprice to book ratio are assigned a higher ranking.

•

Price to cash flow ratio. Compares a company’s market capitalization to its cash flow generated. Companies that have a lower,\nbut positive, price to cash flow ratio are assigned a higher ranking.

•

Return on assets. Compares a company’s trailing 12-months net income to its total assets. Companies that have higher return\non assets are assigned a higher ranking.

•

3-month price appreciation. Companies are numerically ranked by their stock’s trailing three-month price appreciation, with\na preference to those with the greatest price appreciation.

Growth Model. The following factors are used to evaluate\nand rank the stocks within the model:

•

Price to sales ratio. Compares a company’s market capitalization to revenue generated. Companies that have a lower price to\nsales ratio are assigned a higher ranking.

•

Price to cash flow ratio. Compares a company’s market capitalization to its cash flow generated. Companies that have a lower,\nbut positive, price to cash flow ratio are assigned a higher ranking.

•

Change in return on assets. Compares a company’s current return on assets relative to a year ago. Companies that have a higher\nchange in return on assets are assigned a higher ranking.

•

6-month price appreciation. Companies are numerically ranked by their stock’s trailing six-month price appreciation, with a\npreference to those with the greatest price appreciation.

The\n30 stocks with the best overall ranking from each of the seven style classes are selected for the portfolio, subject to a maximum of six\nstocks from any one of the major market sectors as determined by S&P’s Global Industry Classification Standard (“GICS^®”).\nThe Financials and Real Estate sectors are combined for the sector limit purpose. If more than six stocks from any one of the major GICS^®\nsectors are selected, those stocks are excluded and replaced with the next best scoring stocks which satisfy the criteria set forth above.\nIn the event of a tie, the stock with the better price to cash flow ratio is selected.

Fixed Income ETF Selection.

For\nthe fixed income portion of the portfolio we include ETFs which invest in a variety of fixed income securities, which may include investment\ngrade and high-yield corporate bonds, mortgage-backed securities, senior loans, covenant-lite loans, treasury bonds and agency bonds.\nThe Sponsor does not require specific duration, maturity or investment quality policies when selecting the ETFs for the portfolio.

We\nperform rigorous analysis and employ a disciplined portfolio construction process when selecting ETFs to include in the portfolio. Primarily,\nwe prefer larger funds with higher trading volumes and we look for funds with higher yields, as well as those that have shown a relatively\nconsistent distribution over time. We also consider a fund’s ability to continue its distribution payments in the future.

The\nnext step in our process is to consider current economic events that might affect financial markets generally and/or the ETF market, as\nwell as news relating to a specific ETF, ETF group or category of funds. In evaluating the fixed income ETFs, we also review the credit\nquality of the underlying securities held by the funds. If funds are substantially similar with regard to their fixed income characteristics,\nfunds with lower expense ratios will be selected.

We\nconsult with our fixed income research teams and portfolio management teams who understand the unique factors that drive risk adjusted\nreturns within various asset classes to develop the overall strategic allocation of the fixed income portfolio. Based on these factors,\nwe create a broadly diversified fixed income portfolio with an emphasis on higher income funds.

In\nconnection with the Trust’s investments in ETFs advised by First Trust Advisors L.P., an affiliate of the Trust’s Sponsor,\nFirst Trust Advisors L.P. will receive advisory fees from the underlying ETFs which it would not otherwise receive if the Trust invested\nsolely in ETFs advised by unaffiliated third-parties. This may provide an incentive for the Sponsor to select ETFs advised by First Trust\nAdvisors L.P. over ETFs advised by unaffiliated third parties. The Sponsor may invest in an affiliated ETF even in circumstances\nwhere an unaffiliated ETF may have lower fees or better performance over certain time periods. However,\nthe Sponsor selected what it considered to be the best suited ETFs to achieve the Trust’s investment objectives even though there\nmay be other ETFs, including those advised by unaffiliated third-parties, that provide similar results.

Please\nnote that we applied the strategies which make up a portion of the portfolio for the Trust at a particular time. If we create additional\nUnits of the Trust after the Initial Date of Deposit we will deposit the Securities originally selected by applying the strategy on the\nInitial Date of Deposit. This is true even if a later application of the strategy would have resulted in the selection of different securities.\nThe Securities were selected as of the strategy’s selection date using closing market prices on such date or, if a particular market\nwas not open for trading on such date, closing market prices on the day immediately prior to the strategy’s selection date in which\nsuch market was open. In addition, companies which, based on publicly available information as of the date the Securities were selected,\nare the subject of an announced business combination which we expect will happen within 12 months of the date of this prospectus, or companies\nwhich are subject to any of the limited circumstances which warrant removal of a Security from the Trust as described under “Removing\nSecurities from the Trust,” are not eligible for inclusion in a Trust’s portfolio.

While not a part of the Trust’s portfolio\nselection process, the Trust also has exposure to dividend-paying securities through the Trust’s investment in the Common Stocks,\nand to floating-rate securities, foreign securities and depositary receipts through the Trust’s investment in the Funds. The Trust’s\nportfolio may include both actively managed ETFs and ETFs that track an index.

As\nwith any similar investments, there can be no assurance that the objective of the Trust will be achieved. See “Risk Factors”\nfor a discussion of the risks of investing in the Trust.

\n \n \n

Risk Factors

Principal Risks.

The\nfollowing is a discussion of the principal risks of investing in the Trust.

Price\nVolatility. The Trust invests in Common Stocks and ETFs. The value of the Trust’s Units will fluctuate with changes in the value\nof these Securities. The value of a security fluctuates for several reasons including changes in investors’ perceptions of the financial\ncondition of an issuer or the general condition of the relevant stock market, such as market volatility, or when political or economic\nevents affecting the issuers occur.

Because\nthe Trust is not managed, the Trustee will not sell Securities in response to or in anticipation of market fluctuations, as is common\nin managed investments. As with any investment, we cannot guarantee that the performance of the Trust will be positive over any period\nof time, especially the relatively short 15-month life of the Trust, or that you won’t lose money. Units of the Trust are not deposits\nof any bank and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

Market\nRisk. Market risk is the risk that a particular security, or Units of the Trust in general, may fall in value or underperform other\ninvestments. Securities are subject to market fluctuations caused by such factors as economic, political, regulatory or market developments,\nchanges in interest rates and perceived trends in securities prices. As a means to fight inflation, the Federal Reserve and certain foreign\ncentral banks have raised interest rates and may continue to do so. Potential future bank failures could result in disruption to the broader\nbanking industry or markets generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten\nmarket volatility and reduce liquidity. Additionally, challenges in commercial real estate markets, including declining valuations and\nelevated vacancies, could have a broader impact on financial markets. In addition, local, regional or global events such as war, acts\nof terrorism, natural disasters, spread of infectious diseases or other public health issues, recessions, political turbulence or other\nevents could have a significant negative impact on the Trust and its investments. The ongoing adversarial political climate in the United\nStates, as well as political and diplomatic events both domestic and abroad, have had and may continue to have an adverse impact on the\nU.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Trust’s investments and operations.\nThe change in administration resulting from the 2024 United States national elections could result in significant impacts to international\ntrade relations, tax and immigration policies, and other aspects of the national and international political and financial landscape,\nwhich could affect, among other things, inflation and the securities markets generally. Administrative actions against companies in certain\nindustries, such as the defense industry, prohibiting them from paying dividends or engaging in stock buybacks, may negatively impact\nthe performance of such companies and the Trust’s investments. Ongoing armed conflicts between Russia and Ukraine in Europe and\namong the United States, Israel, Iran, Hamas, Hezbollah and other militant groups in the Middle East, have caused and could continue to\ncause significant market disruptions and volatility within the markets in Russia, Europe, the Middle East, the United States, and other\nnations. Such events may also disrupt global trade and supply chains, increase sanctions and other governmental actions, and contribute\nto volatility in oil and natural gas markets. The hostilities and sanctions resulting from those hostilities could have a significant\nimpact on certain Trust investments as well as Trust performance. The economies of the United States and its trading partners, as well\nas the financial markets generally, may be adversely impacted by trade disputes, including the imposition of tariffs, and other matters.\nA public health crisis, and the ensuing policies enacted by governments and central banks in response, could cause significant volatility\nand uncertainty in global financial markets, negatively impacting global growth prospects. Such events may affect certain geographic regions,\ncountries, sectors and industries more significantly than others. Advancements in technology may also adversely impact markets and the\noverall performance of the Trust. For instance, the economy may be significantly impacted by the advanced development and increased regulation\nof artificial intelligence. Additionally, cybersecurity breaches of both government and non-government entities could have negative impacts\non infrastructure and the ability of such entities, including the Trust, to operate properly. Such events could adversely affect the prices\nand liquidity of the Trust’s portfolio securities and could result in disruptions in the trading markets. Any such circumstances\ncould have a materially negative impact on the value of the Trust’s Units and result in increased market volatility.

Distributions.\nAs stated under “Summary of Essential Information,” the Trust will generally make monthly distributions of income. The Funds\nheld by the Trust may make distributions throughout the year. As a result of changing interest rates, refundings, sales or defaults on\nthe underlying securities held by the Funds, and other factors, there is no guarantee that distributions will either remain at current\nlevels or increase over time. Common stocks may pay dividends, but there is no guarantee that the issuers of the common stocks will declare\ndividends in the future or that, if declared, they will either remain at current levels or increase over time.

Strategy.\nPlease note that we applied the strategy which makes up a portion of the portfolio for the Trust at a particular time. If we create additional\nUnits of the Trust after the Initial Date of Deposit we will deposit the Securities originally selected by applying the strategy on the\nInitial Date of Deposit. This is true even if a later application of the strategy would have resulted in the selection of different securities.\nThere is no guarantee the investment objective of the Trust will be achieved. Because the Trust is unmanaged and follows a strategy, the\nTrustee will not buy or sell Securities in the event the strategy is not achieving the desired results.

Exchange-Traded\nFunds. The Trust is subject to substantially the same risks as those associated with the direct ownership of the securities represented\nby the underlying ETFs in which it invests. In addition, the Trust may be affected by losses of the ETFs and the level of risk arising\nfrom the investment practices of the ETFs (such as the use of leverage by the ETFs). The Trust has no control over the investments and\nrelated risks taken by the ETFs in which it invests. The Trust and the underlying funds have management and operating expenses. You will\nbear not only your share of your Trust’s expenses, but also the expenses of the underlying funds. By investing in other funds, the\nTrust incurs greater expenses than you would incur if you invested directly in the funds.

Shares\nof ETFs may trade at a discount from their net asset value in the secondary market. This risk is separate and distinct from the risk that\nthe net asset value of the ETF shares may decrease. The amount of such discount from net asset value is subject to change from time to\ntime in response to various factors.

Investment\nin Other Investment Companies Risk. Because the Trust holds Funds, Unit holders are subject to the risk that the securities selected\nby the Funds’ investment advisors will underperform the markets, the relevant indices or the securities selected by other funds.\nFurther, Funds may in the future invest in other types of securities which involve risk which may differ from those set forth below. In\naddition, because the Trust holds Funds, Unit holders bear both their proportionate share of the expenses of the Trust and, indirectly\nthe expenses of the Funds. Certain of the Funds held by the Trust may invest a relatively high percentage of their assets in a limited\nnumber of issuers. As a result, these Funds may be more susceptible to a single adverse economic or regulatory occurrence affecting one\nor more of these issuers, experience increased volatility and be highly concentrated in certain issuers.

Index\nCorrelation Risk. Index correlation risk is the risk that the performance of an index-based ETF will vary from the actual performance\nof the fund’s target index, known as “tracking error.” This can happen due to transaction costs, market impact, corporate\nactions (such as mergers and spin-offs) and timing variances. Some index-based ETFs use a technique called “representative sampling,”\nwhich means that the ETF invests in a representative sample of securities in its target index rather than all of the index securities.\nThis could increase the risk of a tracking error.

Growth\nInvesting Risk. Common stocks with growth characteristics are expected to experience greater earnings growth rates relative to other\ncompanies in the same industry or the economy as a whole based upon their higher than average price to book ratios. Securities of growth\ncompanies may be more volatile than other stocks. If the perception of a company’s growth potential is not realized, the securities\npurchased may not perform as expected, reducing the Trust’s return. In addition, because different types of stocks tend to shift\nin and out of favor depending on market and economic conditions, “growth” stocks may perform differently from the market as\na whole and other types of securities.

Value\nInvesting Risk. Common stocks with value characteristics are believed to be undervalued or inexpensive relative to other companies\nin the same industry or the economy as a whole based upon their lower than average price to book ratios. These common stocks were generally\nselected on the basis of an issuer’s business and economic fundamentals or the securities’ current and projected credit profiles,\nrelative to current market price. Such securities are subject to the risk of misestimating certain fundamental factors and will generally\nunderperform during periods when value style investments are “out of favor.”

Investment\nStyle. Although the Common Stocks contained in the Trust meet the stated style, capitalization, and investment objective of the Trust\nas of the date the Securities were selected, market fluctuations after this date may change a particular Common Stocks’ classification.\nCommon Stocks will not generally be removed from the Trust as a result of market fluctuations.

Common\nStocks. Common stocks represent a proportional share of ownership in a company. Common stock prices fluctuate for several reasons\nincluding changes in investors’ perceptions of the financial condition of an issuer or the general condition of the relevant stock\nmarket, such as market volatility, or when political or economic events affecting the issuers occur. Common stock prices may also be particularly\nsensitive to rising interest rates, as the cost of capital rises and borrowing costs increase, negatively impacting issuers.

Floating-Rate\nSecurities. A floating-rate security is an instrument in which the interest rate payable on the obligation fluctuates on a periodic\nbasis based upon changes in an interest rate benchmark. As a result, the yield on such a security will generally decline in a falling\ninterest rate environment, causing the Trust to experience a reduction in the income it receives from such securities. A sudden and significant\nincrease in market interest rates may increase the risk of payment defaults and cause a decline in the value of this investment and the\nvalue of the Units.

High-Yield\nSecurities. High-yield securities are securities rated below investment grade by one or more rating agencies (i.e., “junk”\nbonds) or securities that are unrated and determined by the Sponsor to be of comparable quality. High-yield, high-risk securities are\nsubject to greater market fluctuations and risk of loss than securities with higher investment ratings. The value of these securities\nwill decline significantly with increases in interest rates, not only because increases in rates generally decrease values, but also because\nincreased rates may indicate an economic slowdown. An economic slowdown, or a reduction in an issuer’s creditworthiness, may result\nin the issuer being unable to maintain earnings at a level sufficient to maintain interest and principal payments.

High-yield\nsecurities or “junk” bonds, the generic names for securities rated below “BBB–” by Standard & Poor’s\nor below “Baa3” by Moody’s, are frequently issued by corporations in the growth stage of their development or by established\ncompanies that are highly leveraged or whose operations or industries are depressed. Obligations rated below “BBB–”\nshould be considered speculative as these ratings indicate a quality of less than investment grade, and therefore carry an increased risk\nof default as compared to investment grade issues. The Funds held by the Trust may invest in securities of any high-yield credit quality,\nincluding securities rated as low as “D” by Standard and Poor’s or “C” by Moody’s. Because high-yield\nsecurities are generally subordinated obligations and are perceived by investors to be riskier than higher rated securities, their prices\ntend to fluctuate more than higher rated securities and are affected by short-term credit developments to a greater degree.

The market for high-yield securities is\nsmaller and less liquid than that for investment grade securities. High-yield securities are generally not listed on a national securities\nexchange but trade in the over-the-counter markets. Due to the smaller, less liquid market for high-yield securities, the bid-offer spread\non such securities is generally greater than it is for investment grade securities and the purchase or sale of such securities may take\nlonger to complete.

Distressed debt securities are speculative\nand involve substantial risks in addition to the risks of investing in high-yield securities that are not in default. Generally, holders\nof distressed debt securities will not receive interest payments, and there is a substantial risk that the principal will not be repaid.\nIn any reorganization or liquidation proceeding related to a distressed debt security, holders may lose their entire investment in the\nsecurity.

Investment Grade Securities. The\nvalue of investment grade securities will decline with increases in interest rates, not only because increases in rates generally decrease\nvalues, but also because increased rates may indicate an economic slowdown. An economic slowdown, or a reduction in an issuer’s\ncreditworthiness, may result in the issuer being unable to maintain earnings at a level sufficient to maintain interest and principal\npayments.

Mortgage-Backed Securities. Mortgage-backed\nsecurities represent direct or indirect participations in, or are secured by and payable from, mortgage loans secured by real property\nand can include single- and multi-class pass-through securities and collateralized mortgage obligations. Mortgage-backed securities are\nbased on different types of mortgages, including those on commercial real estate or residential properties. These securities often have\nstated maturities of up to thirty years when they are issued, depending upon the length of the mortgages underlying the securities. In\npractice, however, unscheduled or early payments of principal and interest on the underlying mortgages may make the securities’\neffective maturity shorter than this. Rising interest rates tend to extend the duration of mortgage-backed securities, making them more\nsensitive to changes in interest rates, and may reduce the market value of the securities. In addition, mortgage-backed securities are\nsubject to prepayment risk, the risk that borrowers may pay off their mortgages sooner than expected, particularly when interest rates\ndecline. This can reduce the Funds’, and therefore the Trust’s, returns because the Funds may have to reinvest that money\nat lower prevailing interest rates.

Mortgage-backed securities, and particularly\nnon-agency mortgage-backed securities, are subject to liquidity risk, which is the risk that the value of such securities held by a Fund\nwill fall if trading in the securities is limited or absent. No one can guarantee that a liquid trading market will exist for any mortgage-backed\nsecurity because these securities generally trade in the over-the-counter market (they are not listed on a securities exchange). The liquidity\nof a mortgage-backed security may change drastically over time.

Senior Loans. Senior loans are issued\nby banks, other financial institutions, and other investors to corporations, partnerships, limited liability companies and other entities\nto finance leveraged buyouts, recapitalizations, mergers, acquisitions, stock repurchases, debt refinancings and, to a lesser extent,\nfor general operating and other purposes. An investment in senior loans involves risk that the borrowers under senior loans may default\non their obligations to pay principal or interest when due. Although senior loans may be secured by specific collateral, there can be\nno assurance that liquidation of collateral would satisfy the borrower’s obligation in the event of non-payment or that such collateral\ncould be readily liquidated. Senior loans are typically structured as floating-rate instruments in which the interest rate payable on\nthe obligation fluctuates with interest rate changes. As a result, the yield on Funds investing in senior loans will generally decline\nin a falling interest rate environment and increase in a rising interest rate environment. Senior loans are generally below investment\ngrade quality and may be unrated at the time of investment; are generally not registered with the SEC or state securities commissions;\nand are generally not listed on any securities exchange. Transactions in senior loans may take longer than seven days to settle which\ncould affect an underlying Fund’s ability to manage the liquidity of its portfolio. Because senior loans are generally not registered\nwith the SEC under the Securities Act of 1933, as amended, they may not be subject to the protections afforded under the federal securities\nlaws. See “Risk Factors—High-Yield Securities” for a description of the risks involved in investing in below investment\ngrade securities. In addition, the amount of public information available on senior loans is generally less extensive than that available\nfor other types of assets.

Covenant-Lite Loans. “Covenant-lite”\nloans are loans made with minimal protections for the lender. Because covenant-lite loans are less restrictive on borrowers and provide\nless protection for lenders than typical corporate loans, the risk of default may be significantly higher. Covenant-lite loans contain\nfewer maintenance covenants, or no maintenance covenants at all, than traditional loans and may not include terms that allow the lender\nto monitor the financial performance of the borrower and declare a default if certain criteria are breached. This may hinder the Funds’\nability to reprice credit risk associated with the borrower and reduce the Funds’ ability to restructure a problematic loan and\nmitigate potential loss. As a result, the Funds’ exposure to losses on such investments is increased, especially during a downturn\nin the credit cycle.

U.S. Treasury Obligations. U.S.\nTreasury obligations are direct obligations of the United States which are backed by the full faith and credit of the United States. U.S.\nTreasury obligations are generally not affected by credit risk, but are subject to changes in market value resulting from changes in interest\nrates. The value of U.S. Treasury obligations will be adversely affected by decreases in bond prices and increases in interest rates,\nnot only because increases in interest rates generally decrease values, but also because increased interest rates may indicate an economic\nslowdown.

Foreign Securities. Risks of foreign\nsecurities include higher brokerage costs; different accounting standards; expropriation, nationalization or other adverse political or\neconomic developments; currency devaluations, blockages or transfer restrictions; restrictions on foreign investments and exchange of\nsecurities; inadequate financial information; lack of liquidity of certain foreign markets; and less government supervision and regulation\nof exchanges, brokers, and issuers in foreign countries. Certain foreign markets have experienced heightened volatility due to recent\nnegative political or economic developments or natural disasters. Securities issued by non-U.S. issuers may pay interest and/or dividends\nin foreign currencies and may be principally traded in foreign currencies. Therefore, there is a risk that the U.S. dollar value of these\ninterest and/or dividend payments and/or securities will vary with fluctuations in foreign exchange rates. Investments in debt securities\nof foreign governments present special risks, including the fact that issuers may be unable or unwilling to repay principal and/or interest\nwhen due in accordance with the terms of such debt, or may be unable to make such repayments when due in the currency required under the\nterms of the debt. Political, economic and social events also may have a greater impact on the price of debt securities issued by foreign\ngovernments than on the price of U.S. securities.

Depositary Receipts Risk. Depositary\nreceipts (which may include American Depositary Receipts/ADRs, Global Depositary Receipts/GDRs, New York Registry Shares, and/or similarly\nstructured securities) are securities issued by a bank or trust company reflecting ownership of underlying securities issued by a foreign\ncompany. Depositary receipts may be less liquid than the underlying shares in their primary trading market. Any distributions paid to\nthe holders of depositary receipts are usually subject to a fee charged by the depositary. Holders of depositary receipts may have limited\nvoting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions\nmay limit the ability to convert shares into depositary receipts and vice versa. Such restrictions may cause shares of the underlying\nissuer to trade at a discount or premium to the market price of the depositary receipts. Moreover, depositary receipts may be “sponsored”\nor “unsponsored.” Sponsored depositary receipts are established jointly by a depositary and the underlying issuer, whereas\nunsponsored depositary receipts may be established by a depositary without participation by the underlying issuer. Holders of unsponsored\ndepositary receipts generally bear all the costs associated with establishing the unsponsored depositary receipts. In addition, the issuers\nof the securities underlying unsponsored depositary receipts are not obligated to disclose material information in the U.S. and, therefore,\nthere may be less information available regarding such issuers and there may not be a correlation between such information and the market\nvalue of the depositary receipts.

Small and/or Mid Capitalization Companies.\nInvesting in stocks of small and/or mid capitalization companies may involve greater risk than investing in larger companies. For example,\nsuch companies may have limited product lines, as well as shorter operating histories, less experienced management and more limited financial\nresources than larger companies. Securities of such companies generally trade in lower volumes and are generally subject to greater and\nless predictable changes in price than securities of larger companies. In addition, small and mid-cap stocks may not be widely followed\nby the investment community, which may result in low demand.

Large Capitalization Companies.\nThe return on investment in stocks of large capitalization companies may be less than the return on investment in stocks of small and/or\nmid capitalization companies. Large capitalization companies may also grow at a slower rate than the overall market.

Interest Rate Risk. Interest rate\nrisk is the risk that the value of the securities held by the Funds held by the Trust will fall if interest rates increase. Securities\ntypically fall in value when interest rates rise and rise in value when interest rates fall. Securities with longer periods before maturity\nare often more sensitive to interest rate changes.

Credit Risk. Credit risk is the\nrisk that a security’s issuer is unable or unwilling to make dividend, interest or principal payments when due and the related risk\nthat the value of a security may decline because of concerns about the issuer’s ability or willingness to make such payments.

Call Risk. Call risk is the risk\nthat the issuer prepays or “calls” a bond before its stated maturity. An issuer might call a bond if interest rates fall and\nthe bond pays a higher than market interest rate or if the issuer no longer needs the money for its original purpose. A bond’s call\nprice could be less than the price the Fund paid for the bond and could be below the bond’s par value. This means a Fund could receive\nless than the amount paid for the bond and may not be able to reinvest the proceeds in securities with as high a yield as the called bond.\nA Fund may contain bonds that have “make whole” call options that generally cause the bonds to be redeemable at any time at\na designated price. Such bonds are generally more likely to be subject to early redemption and may result in the reduction of income received\nby the Fund.

Extension Risk. If interest rates\nrise, certain obligations may be paid off by the obligor at a slower rate than expected, which will cause the value of such obligations\nto fall.

Liquidity Risk. Liquidity risk is\nthe risk that the value of a fixed-income security held by a Fund will fall if trading in the security is limited or absent. No one can\nguarantee that a liquid trading market will exist for any fixed-income security because these securities generally trade in the over-the-counter\nmarket (they are not listed on a securities exchange). During times of reduced market liquidity, the Funds held by the Trust may not be\nable to sell the underlying securities readily at prices reflecting the values at which the underlying securities are carried on a Fund’s\nbooks. Sales of large blocks of securities by market participants that are seeking liquidity can further reduce security prices in an\nilliquid market. Further, the bid/ask spread may widen depending on market conditions and the liquidity of the underlying investments\nheld by a Fund.

Prepayment Risk. Many types of debt\ninstruments are subject to prepayment risk, which is the risk that the issuer will repay principal prior to the maturity date. Debt instruments\nallowing prepayment may offer less potential for gains during a period of declining interest rates.

Valuation Risk. Unlike publicly\ntraded securities that trade on national securities exchanges, there is no central place or exchange for trading most debt securities.\nDebt securities generally trade on an “over-the-counter” market. Due to the lack of centralized information and trading, the\nvaluation of debt securities may carry more uncertainty and risk than that of publicly traded securities. Accordingly, determinations\nof the fair value of debt securities may be based on infrequent and dated information. Also, because the available information is less\nreliable and more subjective, elements of judgment may play a greater role in valuation of debt securities than for other types of securities.

Authorized Participant Concentration\nRisk. Only an authorized participant may engage in creation or redemption transactions directly with an ETF. ETFs have a limited number\nof institutions that act as authorized participants. To the extent that these institutions exit the business or are unable to proceed\nwith creation and/or redemption orders with respect to an ETF and no other authorized participant is able to step forward to create or\nredeem, in either of these cases, ETF shares may trade at a discount to the ETF’s net asset value and possibly face delisting and\nthe bid/ask spread on the ETF shares may widen.

Fluctuation of Net Asset Value Risk.\nThe net asset value of shares of a Fund will generally fluctuate with changes in the market value of the Fund’s holdings. The\nmarket prices of shares will generally fluctuate in accordance with changes in net asset value as well as the relative supply of and demand\nfor shares on the exchange on which they trade. The bid/ask spread may also widen depending on market conditions and the liquidity of\nthe underlying investments held by a Fund. The Trust cannot predict whether shares will trade below, at or above their net asset value\nbecause the shares trade on an exchange at market prices and not at net asset value. Price differences may be due, in large part, to the\nfact that supply and demand forces at work in the secondary trading market for shares will be closely related to, but not identical to,\nthe same forces influencing the prices of the holdings of a Fund trading individually or in the aggregate at any point in time.

Management Risk. Actively managed\nFunds are subject to management risk. In managing a Fund’s investment portfolio, the Fund’s investment advisor will apply\ninvestment techniques and risk analyses that may not have the desired result. There can be no guarantee that the Funds will meet their\ninvestment objectives.

Market\nMaker Risk. If a Fund has lower average daily trading volumes, it may rely on a small number of third-party market makers to provide\na market for the purchase and sale of shares. Any trading halt or other problem relating to the trading activity of these market makers\ncould result in a dramatic change in the spread between a Fund’s net asset value and the price at which the Fund’s shares\nare trading on the exchange, which could result in a decrease in value of the Fund’s shares. In addition, decisions by market makers\nto reduce their role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process\nin maintaining the relationship between the underlying values of a Fund’s portfolio securities and the Fund’s market price.\nThis reduced effectiveness could result in a Fund’s shares trading at a discount to net asset value and also in greater than normal\nintraday bid-ask spreads for Fund shares.

Trading\nIssues Risk. Although the shares of a Fund are listed for trading on a securities exchange, there can be no assurance that an active\ntrading market for such shares will develop or be maintained. Trading in shares on such exchanges may be halted due to market conditions\nor for reasons that, in the view of an exchange, make trading in shares inadvisable. In addition, trading in shares on an exchange is\nsubject to trading halts caused by extraordinary market volatility pursuant to the exchange’s “circuit breaker” rules.\nMarket makers are under no obligation to make a market in a Fund’s shares. There can be no assurance that the requirements of the\nexchange necessary to maintain the listing of a Fund will continue to be met or will remain unchanged. In particular, if a Fund does not\ncomply with any provision of the listing standards of an exchange that are applicable to the Fund, and cannot bring itself into compliance\nwithin a reasonable period after discovering the matter, the exchange may remove the shares of the Fund from listing. The Funds may have\ndifficulty maintaining their listing on an exchange in the event that a Fund’s assets are small or the Fund does not have enough\nshareholders.

Cybersecurity\nRisk. As the use of Internet technology has become more prevalent in the course of business, the Trust has become more susceptible\nto potential operational, information security and related risks through breaches in cybersecurity. A breach in cybersecurity refers to\nboth intentional and unintentional events that may cause the Trust to lose proprietary information, suffer data corruption or lose operational\ncapacity, any of which could result in a material adverse effect on the Trust or its Unit holders. Such events could cause the Sponsor\nof the Trust to incur regulatory penalties, reputational damage, additional compliance costs associated with corrective measures and/or\nfinancial loss. Cybersecurity breaches may involve unauthorized access to digital information systems utilized by the Trust through “hacking”\nor malicious software coding, but may also result from outside attacks such as denial-of service attacks through efforts to make network\nservices unavailable to intended users. Emerging threats like ransomware or zero-day exploits could also cause disruptions to Trust operations.\nIn addition, cybersecurity breaches of the Trust’s third-party service providers, or issuers in which the Trust invests, can also\nsubject the Trust to many of the same risks associated with direct cybersecurity breaches. Further, errors, misconduct, or compromise\nof accounts of employees of the Sponsor, Portfolio Supervisor or the Trust’s third-party service providers can also create material\ncybersecurity risks. The Sponsor of, and third-party service provider to, the Trust have established risk management systems designed\nto reduce the risks associated with cybersecurity. However, there is no guarantee that such efforts will succeed, especially because the\nTrust does not directly control the cybersecurity systems of issuers or third-party service providers. Cybersecurity incidents may also\ntrigger Trust obligations under data privacy laws, potentially increasing notification and compliance burdens. Cybersecurity incidents\naffecting issuers in whose securities the Trust invests may also have a negative impact on the value of the securities of such issuers,\nand in turn, the value of the Trust.

Operational\nRisk. The Trust is subject to risks arising from various operational factors, including, but not limited to, human error, processing\nand communication errors, errors of the Trust’s service providers, counterparties or other third-parties, failed or inadequate processes\nand technology or systems failures. These errors or failures may adversely affect the Trust’s operations, including its ability\nto execute its investment process, calculate or disseminate its NAV in a timely manner, and process purchases or redemptions. The Trust\nrelies on third-parties for a range of services. Any delay or failure relating to engaging or maintaining such service providers may affect\nthe Trust’s ability to meet its investment objective. Although the Trust seeks to reduce these operational risks through controls\nand procedures, there is no way to completely protect against such risks.

Legislation/Litigation.\nFrom time to time, various legislative initiatives are proposed in the United States and abroad which may have a negative impact on certain\nof the Trust’s investments. Any legislation that proposes to reduce or eliminate the exemption of interest on tax-exempt municipal\nbonds from federal income taxation would negatively impact the value of the municipal bonds held by the Funds held by the Trust. In addition,\nlitigation regarding any of the issuers of the Securities, or the industries represented by these issuers, or litigation affecting the\nvalidity of certain municipal bonds or the tax-free nature of the interest thereon, may negatively impact the value of these Securities.\nWe cannot predict what impact any pending or proposed legislation or pending or threatened litigation will have on the value of the Trust’s\ninvestments.

Non-Principal Risks.

The\nfollowing is a discussion of non-principal risks of investing in the Trust.

Alternative\nMinimum Tax. While distributions of exempt-interest dividends from the Trust are generally exempt from federal income taxes, a portion\nof such interest may be taken into account in computing the alternative minimum tax on individuals.

Business\nDevelopment Companies (“BDCs”). BDCs invest in and lend to private middle-market businesses. BDCs are publicly-traded\nmezzanine/private equity funds that are subject to regulatory oversight by the SEC. BDCs are unique in that at least 70% of their investments\nmust be made to private U.S. businesses that do not have marginable securities and they are required to provide managerial assistance\nto portfolio companies. An investment in BDCs is subject to various risks, including management’s ability to meet the fund’s\ninvestment objective, and to manage the fund’s portfolio when the underlying securities are redeemed or sold, during periods of\nmarket turmoil and as investors’ perceptions regarding the funds or their underlying investments change. BDCs are not redeemable\nat the option of the shareholder and they may trade in the market at a discount to their net asset value.

Convertible\nSecurities. Convertible securities are bonds, preferred stocks, and other securities that pay interest or dividends and are convertible\ninto common stocks. As such, convertible securities have some characteristics of both bonds and common stocks. Like a bond (or some preferred\nstocks), a convertible security typically pays a fixed rate of interest (or dividends) and promises to repay principal at a given date\nin the future. However, an investor can exchange the convertible security for a specific number of shares of the issuing company’s\ncommon stock at a “conversion price” specified at the time the convertible security is issued. Companies that issue convertible\nsecurities often do not have high credit ratings. In addition, the credit rating of a company’s convertible securities is typically\nlower than the rating of the company’s conventional debt securities, because convertibles are normally considered junior or subordinate\nsecurities. Convertible securities are predominantly high-yield securities. Convertible securities are typically issued at prices which\nrepresent a premium to their conversion value. Accordingly, the value of the convertible security increases (or decreases) as the price\nof the underlying common stock increases (or decreases). Convertible securities typically pay income yields that are higher than the dividend\nyields of the issuer’s common stock, but lower than the yields of the issuer’s debt securities.

In\ngeneral, a convertible security performs more like a stock when the underlying common stock’s price is closer to the conversion\nprice of the convertible security (because it is assumed that it will be converted into the stock) and more like a bond when the underlying\ncommon stock’s price is significantly lower than the convertible security’s conversion price (because it is assumed that it\nwill not be converted). For these reasons Unit holders must be willing to accept the market risks of both bonds and common stocks. However,\nbecause convertible securities have characteristics of both common stocks and bonds, they tend to be less sensitive to interest rate changes\nthan bonds of comparable maturity and quality, and less sensitive to stock market changes than common stocks. Because of these factors\nand the hybrid nature of convertible securities, Unit holders should recognize that convertible securities are likely to perform quite\ndifferently than broadly-based measures of the stock and bond markets.

While\nall markets are prone to change over time, the generally high rate at which convertible securities are retired (through conversion or\nredemption) and replaced with newly issued convertible securities causes the convertible securities market to change more rapidly than\nother markets. Due to the smaller, less liquid market for convertible securities, the bid-offer spread on such securities is generally\ngreater than it is for investment grade bonds, and the purchase or sale of such securities may take longer to complete. Moreover, convertible\nsecurities with innovative structures, such as mandatory conversion securities and equity-linked securities, have increased the sensitivity\nof this market to the volatility of the equity markets and to the special risks of those innovations. No one can guarantee that a liquid\ntrading market will exist for any convertible security because these securities generally trade in the over-the-counter market (they are\nnot listed on a securities exchange).

Contingent\nconvertible securities (“CoCos”) are hybrid debt securities typically issued by banking institutions and either convert into\nequity at a predetermined share price or are written down in value based on the specific terms of the individual security if a pre-specified\ntrigger event occurs. Trigger events vary by instrument and are defined by the documents governing the contingent convertible security.\nCoCos may have fully discretionary coupons. This means coupons can potentially be cancelled at the banking institution’s discretion\nor at the request of the relevant regulatory authority in order to help the bank absorb losses. In the event of liquidation, dissolution\nor winding-up of an issuer prior to a conversion, the rights and claims of the holders of the contingent convertibles against the issuer\nwill generally rank junior to the claims of all holders of unsubordinated obligations of the issuer. In addition, if CoCos are converted\ninto the issuer’s underlying equity securities following a conversion event, each holder will be subordinated due to their conversion\nfrom being the holder of a debt instrument to being the holder of an equity instrument. The value of CoCos is unpredictable and may be\ninfluenced by many factors including, without limitation: the creditworthiness of the issuer and/or fluctuations in such issuer’s\napplicable capital ratios; supply and demand for CoCos; general market conditions and available liquidity; and economic, financial and\npolitical events that affect the issuer, its particular market or the financial markets in general.

Derivative\nInstruments. The performance of a derivative instrument is derived from the performance of a reference security, index, currency,\nor interest rate. Derivative instruments, including options, swaps, caps, floors, collars, futures and forwards, can be used to hedge\na Fund’s investment in other securities or for investment purposes. The use of derivatives can lead to losses because of adverse\nmovements in the price or value of the underlying asset, index, currency or rate, which may be magnified by certain features of the derivatives.\nThe ability to successfully use derivatives depends on a Fund investment advisor’s ability to predict pertinent market movements,\nwhich cannot be assured, and may result in losses greater than if they had not been used. Derivatives are also subject to counterparty\nrisk. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the value of the\nFunds held by the Trust may decline. The derivatives markets are a focus of recent legislation. The extent and impact of such regulation\nis not yet known. Recent legislation may make derivatives more costly, may limit the availability of derivatives and may affect the value\nor performance of derivatives.

Emerging\nand Developing Markets. Risks of investing in emerging and developing countries are even greater than the risks associated with foreign\ninvestments in general. These increased risks include, among other risks, the possibility of investment and trading limitations, greater\nliquidity concerns, higher price volatility, greater delays and disruptions in settlement transactions, greater political uncertainties\nand greater dependence on international trade or development assistance. In addition, less information about emerging and developing market\ncompanies is publicly available due to differences in regulatory, accounting, audit and financial recordkeeping standards and information\nthat is available may be unreliable or outdated. Moreover, the rights and remedies associated with emerging and developing market investment\nsecurities may be different than those available for investments in more developed markets. Furthermore, emerging and developing market\ncountries may be subject to overburdened infrastructures, obsolete financial systems and environmental problems. For these reasons, investments\nin emerging and developing markets are often considered speculative.

Limited\nDuration Bonds. Limited duration bonds are subject to interest rate risk, which is the risk that the value of a security will fall\nif interest rates increase. While limited duration bonds are generally subject to less interest rate sensitivity than longer duration\nbonds, there can be no assurance that interest rates will not rise during the life of the Trust.

Money\nMarket Securities. Money market securities or similar securities may be used as a defensive measure when the Fund’s investment\nadvisor anticipates unusual market or other conditions. If market conditions improve while a Fund has temporarily invested some or all\nof its assets in high quality money market securities, the potential gain from the market upswing may be reduced, thus limiting the Fund’s\nopportunity to achieve its investment objective.

Municipal\nBonds. Municipal bonds are debt obligations issued by states or by political subdivisions or authorities of states. Municipal bonds\nare typically designated as general obligation bonds, which are general obligations of a governmental entity that are backed by the taxing\npower of such entity, or revenue bonds, which are payable from the income of a specific project or authority and are not supported by\nthe issuer’s power to levy taxes. Municipal bonds are long-term fixed rate debt obligations that generally decline in value with\nincreases in interest rates, when an issuer’s financial condition worsens or when the rating on a bond is decreased. Many municipal\nbonds may be called or redeemed prior to their stated maturity, an event which is more likely to occur when interest rates fall. In such\nan occurrence, a Fund may not be able to reinvest the money it receives in other bonds that have as high a yield or as long a maturity.

Many\nmunicipal bonds are subject to continuing requirements as to the actual use of the bond proceeds or manner of operation of the project\nfinanced from bond proceeds that may affect the exemption of interest on such bonds from federal income taxation. The market for municipal\nbonds is generally less liquid than for other securities and therefore the price of municipal bonds may be more volatile and subject to\ngreater price fluctuations than securities with greater liquidity. In addition, an issuer’s ability to make income distributions\ngenerally depends on several factors including the financial condition of the issuer and general economic conditions. Any of these factors\nmay negatively impact the price of municipal bonds held by a Fund and would therefore impact the price of both the Securities and the\nUnits.

Acts\nof terrorism and any resulting damage may not be covered by insurance on the bonds. Issuers of the bonds may therefore be at risk of default\ndue to losses sustained as a result of terrorist activities.

Municipal\nbonds may be insured. Insurance guarantees the timely payment, when due, of all principal and interest on the insured securities. Such\ninsurance is effective so long as the insured security is outstanding and the insurer remains in business. Insurance relates only to the\nparticular security and not to the Units offered hereby or to their market value. There can be no assurance that any insurer listed will\nbe able to satisfy its commitments in the event claims are made in the future. Certain significant providers of insurance for municipal\nsecurities have recently incurred significant losses as a result of exposure to sub-prime mortgages and other lower credit quality investments\nthat have experienced recent defaults or otherwise suffered extreme credit deterioration. As a result, such losses have reduced the insurers’\ncapital and called into question their continued ability to perform their obligations under such insurance if they are called upon to\ndo so in the future. While an insured municipal security will typically be deemed to have the rating of its insurer, if the insurer of\na municipal security suffers a downgrade in its credit rating or the market discounts the value of the insurance provided by the insurer,\nthe rating of the underlying municipal security will be more relevant and the value of the municipal security would more closely, if not\nentirely, reflect such rating. In such a case, the value of insurance associated with a municipal security would decline and may not add\nany value.

Insurance\ncompanies are subject to extensive regulation and supervision where they do business by state insurance commissioners who regulate the\nstandards of solvency which must be maintained, the nature of and limitations on investments, reports of financial condition, and requirements\nregarding reserves for unearned premiums, losses and other matters. A significant portion of the assets of insurance companies is required\nby law to be held in reserve against potential claims on policies and is not available to general creditors. Although the federal government\ndoes not regulate the business of insurance, federal initiatives including pension regulation, controls on medical care costs, minimum\nstandards for no-fault automobile insurance, national health insurance, tax law changes affecting life insurance companies and repeal\nof the antitrust exemption for the insurance business can significantly impact the insurance business.

A\npublic health crisis, such as the COVID-19 pandemic, can magnify the risks of the municipal securities market. The costs associated with\ncombating the COVID-19 pandemic, or any future public health crisis, and the corresponding negative impact on tax revenues could adversely\naffect the financial condition of many states and political subdivisions. These risks may also adversely affect several sectors of the\nmunicipal bond market, such as airports, toll roads, hospitals and colleges, among many others. The full impact of the COVID-19 pandemic,\nor any future public health crisis, on state and political subdivisions’ ability to make payments on debt obligations is impossible\nto predict, but could negatively impact the value of bonds, the ability of state and political subdivisions to make payments when due\nand the performance of the Trust. Municipal securities issued by U.S. territories, including, but not limited to, Puerto Rico, the U.S.\nVirgin Islands and Guam, may face a heightened risk of default due to adverse economic conditions in such territories, which could negatively\nimpact the value of any Trust investments in U.S. territorial issuers and the Trust’s investment performance.

Discount\nBonds. Discount bonds are bonds which have been acquired at a market discount from par value at maturity. The coupon interest rates\non discount bonds at the time they were purchased are typically lower than the current market interest rates for newly issued bonds of\ncomparable rating and type. The market discount on previously issued bonds will increase when interest rates for newly issued comparable\nbonds increase and decrease when such interest rates fall, other things being equal. A discount bond held to maturity will have a larger\nportion of its total return in the form of taxable income and capital gain and less in the form of tax-exempt interest income than a comparable\nbond newly issued at current market rates. In general, the Internal Revenue Service will treat bonds as market discount bonds when the\ncost of the bond, plus any original issue discount that has not yet accrued, is less than the amount due to be paid at the maturity of\nthe bond. Any gain realized that is in excess of the earned portion of original issue discount will be taxable as capital gain unless\nthe gain is attributable to market discount in which case the accretion of market discount is taxable as ordinary income.

Original\nIssue Discount Bonds. Original issue discount bonds typically pay a lower interest rate than comparable bonds that were issued at\nor above their par value. Under current law, the original issue discount, which is the difference between the stated redemption price\nat maturity and the issue price of the bonds, is deemed to accrue on a daily basis and the accrued portion is treated as tax-exempt interest\nincome for Federal income tax purposes. The current value of an original issue discount bond reflects the present value of its stated\nredemption price at maturity. In a stable interest rate environment, the market value of these bonds tends to increase more slowly in\nearly years and greater increments as the bonds approach maturity. The issuers of these bonds may be able to call or redeem a bond before\nits stated maturity date and at a price less than the bond’s par value.

Options.\nThe value of an option may be adversely affected if the market for the option becomes less liquid or smaller, and will be affected by\nchanges in the value and dividend rates of the stock subject to the option, an increase in interest rates, a change in the actual and\nperceived volatility of the stock market and the common stock and the remaining time to expiration. Additionally, the value of an option\ndoes not increase or decrease at the same rate as the underlying stock (although they generally move in the same direction). However,\nas an option approaches its expiration date, its value increasingly moves with the price of the stock subject to an option. The strike\nprice for an option may be adjusted downward before an option expiration triggered by certain corporate events affecting that stock. A\ndownward adjustment to the strike price will have the effect of reducing the equity appreciation. Option strike prices may be adjusted\nto reflect certain corporate events such as extraordinary dividends, stock splits, merger or other extraordinary distributions or events.\nIf the value of the underlying stock exceeds the strike price of an option, it is likely that the holder of that option will exercise\ntheir right to purchase the stock.

Preferred\nSecurities. Preferred stocks are unique securities that combine some of the characteristics of both common stocks and bonds. Preferred\nstocks generally pay a fixed rate of return and are sold on the basis of current yield, like bonds. However, because they are equity securities,\npreferred stocks provide equity ownership of a company and the income is paid in the form of dividends. Preferred stocks typically have\na yield advantage over common stocks as well as comparably-rated fixed income investments. Preferred stocks are typically subordinated\nto bonds and other debt instruments in a company’s capital structure, in terms of priority to corporate income, and therefore will\nbe subject to greater credit risk than those debt instruments.

REITs.\nREITs are financial vehicles that pool investors’ capital to purchase or finance real estate. REITs may concentrate their investments\nin specific geographic areas or in specific property types, i.e., hotels, shopping malls, residential complexes, office buildings and\ntimberlands. The value of REITs and the ability of REITs to distribute income may be adversely affected by several factors, including\nrising interest rates, changes in the national, state and local economic climate and real estate conditions, perceptions of prospective\ntenants of the safety, convenience and attractiveness of the properties, the ability of the owner to provide adequate management, maintenance\nand insurance, the cost of complying with the Americans with Disabilities Act, increased competition from new properties, the impact of\npresent or future environmental legislation and compliance with environmental laws, changes in real estate taxes and other operating expenses,\nadverse changes in governmental rules and fiscal policies, adverse changes in zoning laws, and other factors beyond the control of the\nissuers of REITs. Certain of the REITs may also be mortgage real estate investment trusts (“Mortgage REITs”). Mortgage REITs\nare companies that provide financing for real estate by purchasing or originating mortgages and mortgage-backed securities and earn income\nfrom the interest on these investments. Mortgage REITs are also subject to many of the same risks associated with investments in other\nREITs and to real estate market conditions.

Short\nSales Risk. A Fund may engage in “short sale” transactions. A Fund will lose value if the security or instrument that\nis the subject of a short sale increases in value. A Fund also may enter into a short derivative position through a futures contract.\nIf the price of the security or derivative that is the subject of a short sale increases, then the Fund will incur a loss equal to the\nincrease in price from the time that the short sale was entered into plus any premiums and interest paid to a third party in connection\nwith the short sale. Therefore, short sales involve the risk that losses may be exaggerated, potentially losing more money than the actual\ncost of the investment. Also, there is the risk that the third party to the short sale may fail to honor its contract terms, causing a\nloss to the Fund.

Subprime Residential Mortgage Loans.\n“Subprime” mortgage loans refer to mortgage loans that have been originated using underwriting standards that are less restrictive\nthan the underwriting requirements used as standards for other first and junior lien mortgage loan purchase programs, such as the programs\nof Fannie Mae and Freddie Mac. These lower standards include mortgage loans made to borrowers having imperfect or impaired credit histories\n(including outstanding judgments or prior bankruptcies), mortgage loans where the amount of the loan at origination is 80% or more of\nthe value of the mortgaged property, mortgage loans made to borrowers with low credit scores, mortgage loans made to borrowers who have\nother debt that represents a large portion of their income and mortgage loans made to borrowers whose income is not required to be disclosed\nor verified.

Due to current economic conditions, including\nfluctuating interest rates, as well as aggressive lending practices, subprime mortgage loans have in recent periods experienced increased\nrates of delinquency, foreclosure, bankruptcy and loss, and they are likely to continue to experience rates that are higher, and that\nmay be substantially higher, than those experienced by mortgage loans underwritten in a more traditional manner. Thus, because of the\nhigher delinquency rates and losses associated with subprime mortgage loans, risks of investing in subprime mortgage loans are similar\nto those which affect high-yield securities or “junk” bonds, which include less liquidity, greater volatility and an increased\nrisk of default as compared to higher rated securities.

\n \n \n

Public Offering

The Public Offering Price.

Units will be purchased at the Public Offering\nPrice, the price per Unit of which is comprised of the following:

•

The aggregate underlying value of the Securities;

•

The amount of any cash in the Income and Capital Accounts;

•

Dividends receivable on Securities; and

•

The maximum sales charge (which combines an initial upfront sales charge, a deferred sales charge and the creation and development\nfee).

The price you pay for your Units will differ\nfrom the amount stated under “Summary of Essential Information” due to various factors, including fluctuations in the prices\nof the Securities and changes in the value of the Income and/or Capital Accounts.

Although you are not required to pay for\nyour Units until one business day following your order (the “date of settlement”), you may pay before then. You will become\nthe owner of Units (“Record Owner”) on the date of settlement if payment has been received. If you pay for your Units before\nthe date of settlement, we may use your payment during this time and it may be considered a benefit to us, subject to the limitations\nof the Securities Exchange Act of 1934, as amended.

Organization Costs. Securities purchased\nwith the portion of the Public Offering Price intended to be used to reimburse the Sponsor for the Trust’s organization costs (including\ncosts of preparing the registration statement, the Indenture and other closing documents, registering Units with the SEC and states, the\ninitial audit of the Trust’s statement of net assets, legal fees and the initial fees and expenses of the Trustee) will be purchased\nin the same proportionate relationship as all the Securities contained in the Trust. Securities will be sold to reimburse the Sponsor\nfor the Trust’s organization costs at the end of the initial offering period (a significantly shorter time period than the life\nof the Trust). During the initial offering period, there may be a decrease in the value of the Securities. To the extent the proceeds\nfrom the sale of these Securities are insufficient to repay the Sponsor for Trust organization costs, the Trustee will sell additional\nSecurities to allow the Trust to fully reimburse the Sponsor. In that event, the net asset value per Unit of the Trust will be reduced\nby the amount of additional Securities sold. Although the dollar amount of the reimbursement due to the Sponsor will remain fixed and\nwill never exceed the per Unit amount set forth for the Trust in “Notes to Statement of Net Assets,” this will result in a\ngreater effective cost per Unit to Unit holders for the reimbursement to the Sponsor. To the extent actual organization costs are less\nthan the estimated amount, only the actual organization costs will ultimately be charged to the Trust. When Securities are sold to reimburse\nthe Sponsor for organization costs, the Trustee will sell Securities, to the extent practicable, which will maintain the same proportionate\nrelationship among the Securities contained in the Trust as existed prior to such sale.

Minimum Purchase.

The minimum amount per account you can\npurchase of the Trust is generally $1,000 worth of Units ($500 if you are purchasing Units for your Individual Retirement Account or any\nother qualified retirement plan), but such amounts may vary depending on your selling firm.

Maximum Sales Charge.

The maximum sales charge of 1.85% per Unit\nis comprised of a transactional sales charge and a creation and development fee. After the initial offering period the maximum sales charge\nwill be reduced by 0.50%, to reflect the amount of the previously charged creation and development fee.

Transactional Sales Charge.

The transactional sales charge you will\npay has both an initial and a deferred component.

Initial Sales Charge. The initial\nsales charge, which you will pay at the time of purchase, is equal to the difference between the maximum sales charge of 1.85% of the\nPublic Offering Price and the sum of the maximum remaining deferred sales charge and creation and development fee (initially $.185 per\nUnit). On the Initial Date of Deposit, and any other day the Public Offering Price per Unit equals $10.00, there is no initial sales charge.\nThereafter, you will pay an initial sales charge when the Public Offering Price per Unit exceeds $10.00 and as deferred sales charge and\ncreation and development fee payments are made.

Monthly Deferred Sales Charge. In\naddition, three monthly deferred sales charges of $.045 per Unit will be deducted from the Trust’s assets on approximately the twentieth\nday of each month from February 19, 2027 through April 20, 2027. If you buy Units at a price of less than $10.00 per Unit, the dollar\namount of the deferred sales charge will not change, but the deferred sales charge on a percentage basis will be more than 1.35% of the\nPublic Offering Price.

Creation and Development Fee.

As Sponsor, we will also receive, and the\nUnit holders will pay, a creation and development fee. See “Expenses and Charges” for a description of the services provided\nfor this fee. The creation and development fee is a charge of $.050 per Unit collected at the end of the initial offering period. If you\nbuy Units at a price of less than $10.00 per Unit, the dollar amount of the creation and development fee will not change, but the creation\nand development fee on a percentage basis will be more than 0.50% of the Public Offering Price.

Discounts for Certain Persons.

The maximum sales charge is 1.85% per Unit\nand the maximum dealer concession is 1.25% per Unit.

If you are purchasing Units for an investment\naccount, the terms of which provide that your registered investment advisor or registered broker/dealer (a) charges periodic fees\nin lieu of commissions; (b) charges for financial planning, investment advisory or asset management services; or (c) charges\na comprehensive “wrap fee” or similar fee for these or comparable services (“Fee Accounts”), you will not be assessed\nthe transactional sales charge described above on such purchases. These Units will be designated as Fee Account Units and, depending upon\nthe purchase instructions we receive, assigned either a Fee Account Cash CUSIP Number, if you elect to have distributions paid to you,\nor a Fee Account Reinvestment CUSIP Number, if you elect to have distributions reinvested into additional Units of the Trust. Certain\nFee Account Unit holders may be assessed transaction or other account fees on the purchase and/or redemption of such Units by their registered\ninvestment advisor, broker/dealer or other processing organizations for providing certain transaction or account activities. Fee Account\nUnits are not available for purchase in the secondary market. We reserve the right to limit or deny purchases of Units not subject to\nthe transactional sales charge by investors whose frequent trading activity we determine to be detrimental to the Trust.

Employees, officers and directors (and\nimmediate family members) of the Sponsor, our related companies, and dealers and their affiliates will purchase Units at the Public Offering\nPrice less the applicable dealer concession, subject to the policies of the related selling firm. Immediate family members include spouses,\nor the equivalent if recognized under local law, children or step-children under the age of 21 living in the same household, parents or\nstep-parents and trustees, custodians or fiduciaries for the benefit of such persons. Only employees, officers and directors of companies\nthat allow their employees to participate in this employee discount program are eligible for the discounts.

You will be charged the deferred sales\ncharge per Unit regardless of the price you pay for your Units or whether you are eligible to receive any discounts. However, if the purchase\nprice of your Units was less than $10.00 per Unit or if you are eligible to receive a discount such that the maximum sales charge you\nmust pay is less than the applicable maximum deferred sales charge, including Fee Account Units, you will be credited additional Units\nwith a dollar value equal to the difference between your maximum sales charge and the maximum deferred sales charge at the time you buy\nyour Units. If you elect to have distributions reinvested into additional Units of the Trust, in addition to the reinvestment Units you\nreceive you will also be credited additional Units with a dollar value at the time of reinvestment sufficient to cover the amount of any\nremaining deferred sales charge and creation and development fee to be collected on such reinvestment Units. The dollar value of these\nadditional credited Units (as with all Units) will fluctuate over time, and may be less on the dates deferred sales charges or the creation\nand development fee are collected than their value at the time they were issued.

The Value of the Securities.

The\nSponsor will determine the aggregate underlying value of the Securities in the Trust as of the Evaluation Time on each business day and\nwill adjust the Public Offering Price of the Units according to this valuation. This Public Offering Price will be effective for all orders\nreceived before the Evaluation Time on each such day. If we or the Trustee receive orders for purchases, sales or redemptions after that\ntime, or on a day which is not a business day, they will be held until the next determination of price. The term “business day”\nas used in this prospectus shall mean any day on which the NYSE is open. For purposes of Securities and Unit settlement, the term business\nday does not include days on which U.S. financial institutions are closed.

The aggregate underlying value of the Securities\nin the Trust will be determined as follows: if the Securities are listed on a national or foreign securities exchange or Nasdaq, Inc.,\ntheir value shall generally be based on the closing sale price on the exchange or system which is the principal market therefore (“Primary\nExchange”), which shall be deemed to be the NYSE if the Securities are listed thereon (unless the Sponsor deems such price inappropriate\nas the basis for evaluation). In the event a closing sale price on the Primary Exchange is not published, the Securities will be valued\nbased on the last trade price on the Primary Exchange. If no trades occur on the Primary Exchange for a specific trade date, the value\nwill be based on the closing sale price from, in the opinion of the Sponsor, an appropriate secondary exchange, if any. If no trades occur\non the Primary Exchange or any appropriate secondary exchange on a specific trade date, the Sponsor will determine the value of the Securities\nusing the best information available to the Sponsor, which may include the prior day’s evaluated price. If the Security is an American\nDepositary Receipt /ADR, Global Depositary Receipt/GDR or other similar security in which no trade occurs on the Primary Exchange or any\nappropriate secondary exchange on a specific trade date, the value will be based on the evaluated price of the underlying security, determined\nas set forth above, after applying the appropriate ADR/GDR ratio, the exchange rate and such other information which the Sponsor deems\nappropriate. For purposes of valuing Securities traded on Nasdaq, Inc., closing sale price shall mean the Nasdaq^® Official\nClosing Price as determined by Nasdaq, Inc. If the Securities are not so listed or, if so listed and the principal market therefore is\nother than on the Primary Exchange or any appropriate secondary exchange, the value shall generally be based on the current ask price\non the over-the-counter market (unless the Sponsor deems such price inappropriate as a basis for evaluation). If current ask prices are\nunavailable, the value is generally determined (a) on the basis of current ask prices for comparable securities, (b) by appraising\nthe value of the Securities on the ask side of the market, or (c) any combination of the above. If such prices are in a currency\nother than U.S. dollars, the value of such Security shall be converted to U.S. dollars based on current exchange rates (unless the Sponsor\ndeems such prices inappropriate as a basis for evaluation). If the Sponsor deems a price determined as set forth above to be inappropriate\nas the basis for evaluation, the Sponsor shall use such other information available to the Sponsor which it deems appropriate as the basis\nfor determining the value of a Security.

After the initial offering period is over,\nthe aggregate underlying value of the Securities will be determined as set forth above, except that bid prices are used instead of ask\nprices when necessary.

\n \n \n

Distribution of Units

We intend to qualify Units of the Trust\nfor sale in a number of states. All Units will be sold at the then current Public Offering Price.

The Sponsor compensates intermediaries,\nsuch as broker/dealers and banks, for their activities that are intended to result in sales of Units of the Trust. This compensation includes\ndealer concessions described in the following section and may include additional concessions and other compensation and benefits to broker/dealers\nand other intermediaries.

Dealer Concessions.

Dealers and other selling agents can purchase\nUnits at prices which represent a concession or agency commission of 1.25% of the Public Offering Price per Unit, subject to reductions\nset forth in “Public Offering—Discounts for Certain Persons.”

Eligible dealer firms and other selling\nagents who, during the previous consecutive 12-month period through the end of the most recent month, sold primary market units of unit\ninvestment trusts sponsored by us in the dollar amounts shown below will be entitled to up to the following additional sales concession\non primary market sales of units during the current month of unit investment trusts sponsored by us:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Total sales\t (in millions) \t \t\t	Additional \nConcession
$25 but less than $100\t		0.035	%
$100 but less than $150\t		0.050	%
$150 but less than $250\t		0.075	%
$250 but less than $1,000\t		0.100	%
$1,000 but less than $5,000\t		0.125	%
$5,000 but less than $7,500\t		0.150	%
$7,500 or more\t		0.175	%

Dealers and other selling agents will not\nreceive a concession on the sale of Units which are not subject to a transactional sales charge, but such Units will be included in determining\nwhether the above volume sales levels are met. Eligible dealer firms and other selling agents include clearing firms that place orders\nwith First Trust and provide First Trust with information with respect to the representatives who initiated such transactions. Eligible\ndealer firms and other selling agents will not include firms that solely provide clearing services to other broker/dealer firms or firms\nwho place orders through clearing firms that are eligible dealers. We reserve the right to change the amount of concessions or agency\ncommissions from time to time. Certain commercial banks may be making Units of the Trust available to their customers on an agency basis.\nA portion of the transactional sales charge paid by these customers is kept by or given to the banks in the amounts shown above.

Other Compensation and Benefits to Broker/Dealers.

The Sponsor, at its own expense and out\nof its own profits, currently provides additional compensation and benefits to broker/dealers who sell Units of this Trust and other First\nTrust products. This compensation is intended to result in additional sales of First Trust products and/or compensate broker/dealers and\nfinancial advisors for past sales. A number of factors are considered in determining whether to pay these additional amounts. Such factors\nmay include, but are not limited to, the level or type of services provided by the intermediary, the level or expected level of sales\nof First Trust products by the intermediary or its agents, the placing of First Trust products on a preferred or recommended product list,\naccess to an intermediary’s personnel, and other factors. The Sponsor makes these payments for marketing, promotional or related\nexpenses, including, but not limited to, expenses of entertaining retail customers and financial advisors, advertising, sponsorship of\nevents or seminars, obtaining information about the breakdown of unit sales among an intermediary’s representatives or offices,\nobtaining shelf space in broker/dealer firms and similar activities designed to promote the sale of the Sponsor’s products. The\nSponsor makes such payments to a substantial majority of intermediaries that sell First Trust products. The Sponsor may also make certain\npayments to, or on behalf of, intermediaries to defray a portion of their costs incurred for the purpose of facilitating Unit sales, such\nas the costs of developing or purchasing trading systems to process Unit trades. Payments of such additional compensation described in\nthis and the preceding paragraph, some of which may be characterized as “revenue sharing,” create a conflict of interest by\ninfluencing financial intermediaries and their agents to sell or recommend a First Trust product, including the Trust, over products offered\nby other sponsors or fund companies. These arrangements will not change the price you pay for your Units.

Advertising and Investment Comparisons.

Advertising materials regarding the Trust\nmay discuss several topics, including: developing a long-term financial plan; working with your financial professional; the nature and\nrisks of various investment strategies and unit investment trusts that could help you reach your financial goals; the importance of discipline;\nhow the Trust operates; how securities are selected; various unit investment trust features such as convenience and costs; and options\navailable for certain types of unit investment trusts. These materials may include descriptions of the principal businesses of the companies\nrepresented in the Trust, research analysis of why they were selected and information relating to the qualifications of the persons or\nentities providing the research analysis. In addition, they may include research opinions on the economy and industry sectors included\nand a list of investment products generally appropriate for pursuing those recommendations.

From time to time we may compare the estimated\nreturns of the Trust (which may show performance net of the expenses and charges the Trust would have incurred) and returns over specified\nperiods of other similar trusts we sponsor in our advertising and sales materials, with (1) returns on other taxable investments such\nas the common stocks comprising various market indexes, corporate or U.S. Government bonds, bank CDs and money market accounts or funds,\n(2) performance data from Morningstar, Inc. or (3) information from publications such as Money, The New York Times,\nU.S. News and World Report, Bloomberg Businessweek, Forbes or Fortune. The investment characteristics of the\nTrust differ from other comparative investments. You should not assume that these performance comparisons will be representative of the\nTrust’s future performance. We may also, from time to time, use advertising which classifies trusts or portfolio securities according\nto capitalization and/or investment style.

\n \n \n

The Sponsor’s Profits

We will receive a gross sales commission\nequal to the maximum transactional sales charge per Unit less any reduction as stated in “Public Offering.” We will also receive\nthe amount of any collected creation and development fee. Also, any difference between our cost to purchase the Securities and the price\nat which we sell them to the Trust is considered a profit or loss (see Note 2 of “Notes to Schedule of Investments”). During\nthe initial offering period, dealers and others may also realize profits or sustain losses as a result of fluctuations in the Public Offering\nPrice they receive when they sell the Units.

In maintaining a market for the Units,\nany difference between the price at which we purchase Units and the price at which we sell or redeem them will be a profit or loss to\nus.

\n \n \n

The Secondary Market

Although not obligated, we may maintain\na market for the Units after the initial offering period and continuously offer to purchase Units at prices based on the Redemption Price\nper Unit.

We will pay all expenses to maintain a\nsecondary market, except fees to value Trust Securities and Trustee costs to transfer and record the ownership of Units. We may discontinue\npurchases of Units at any time. If you wish to dispose of your Units, you should ask us for the current market prices before making\na tender for redemption to the Trustee. If you sell or redeem your Units before you have paid the total deferred sales charge on your\nUnits, you will have to pay the remainder at that time.

\n \n \n

How We Purchase Units

The Trustee will notify us of any tender\nof Units for redemption. If our bid at that time is equal to or greater than the Redemption Price per Unit, we may purchase the Units.\nYou will receive your proceeds from the sale no later than if they were redeemed by the Trustee. We may tender Units that we hold to the\nTrustee for redemption as any other Units. If we elect not to purchase Units, the Trustee may sell tendered Units in the over-the-counter\nmarket, if any. However, the amount you will receive is the same as you would have received on redemption of the Units.

\n \n \n

Expenses and Charges

The estimated annual expenses of the Trust\nare listed under “Fee Table.” If actual expenses of the Trust exceed the estimate, the Trust will bear the excess. The Trustee\nwill pay operating expenses of the Trust from the Income Account if funds are available, and then from the Capital Account. The Income\nand Capital Accounts are non-interest-bearing to Unit holders, so the Trustee may earn interest on these funds, thus benefiting from their\nuse. In addition, investors will also indirectly pay a portion of the expenses of the underlying Funds. The Bank of New York Mellon may\nact as custodian, fund accountant and/or transfer agent for certain of the underlying Funds and may receive compensation for such services.

First Trust Advisors L.P., an affiliate\nof ours, acts as Portfolio Supervisor and will be compensated for providing portfolio supervisory services as well as bookkeeping and\nother administrative services to the Trust. In providing portfolio supervisory services, the Portfolio Supervisor may purchase research\nservices from a number of sources, which may include underwriters or dealers of the Trust. As Sponsor, we will be compensated for providing\nevaluation services and we will receive brokerage fees when the Trust uses us (or an affiliate of ours) as agent in buying or selling\nSecurities. As authorized by the Indenture, the Trustee may employ a subsidiary or affiliate of the Trustee to act as broker to execute\ncertain transactions for the Trust. The Trust will pay for such services at standard commission rates.

The fees payable to the Sponsor, First\nTrust Advisors L.P. and the Trustee are based on the largest aggregate number of Units of the Trust outstanding at any time during the\ncalendar year, except during the initial offering period, in which case these fees are calculated based on the largest number of Units\noutstanding during the period for which compensation is paid. These fees may be adjusted for inflation without Unit holders’ approval,\nbut in no case will the annual fees paid to us or our affiliates for providing services to all unit investment trusts be more than the\nactual cost of providing such services in such year.

As Sponsor, we will receive a fee from\nthe Trust for creating and developing the Trust, including determining the Trust’s objectives, policies, composition and size, selecting\nservice providers and information services and for providing other similar administrative and ministerial functions. The “creation\nand development fee” is a charge of $.050 per Unit outstanding at the end of the initial offering period. The Trustee will deduct\nthis amount from the Trust’s assets as of the close of the initial offering period. We do not use this fee to pay distribution expenses\nor as compensation for sales efforts. This fee will not be deducted from your proceeds if you sell or redeem your Units before the end\nof the initial offering period.

In addition to the Trust’s operating\nexpenses and those fees described above, the Trust may also incur the following charges:

•

All legal expenses of the Trustee according to its responsibilities under the Indenture;

•

The expenses and costs incurred by the Trustee to protect the Trust and your rights and interests (i.e., participating in litigation\nconcerning a portfolio security) and the costs of indemnifying the Trustee;

•

Fees for any extraordinary services the Trustee performed under the Indenture;

•

Payment for any loss, liability or expense the Trustee incurred without negligence, bad faith or willful misconduct on its part, in\nconnection with its acceptance or administration of the Trust;

•

Payment for any loss, liability or expenses we incurred without negligence, bad faith or willful misconduct in acting as Sponsor of\nthe Trust;

•

Foreign custodial and transaction fees (which may include compensation paid to the Trustee or its subsidiaries or affiliates), if\nany; and/or

•

All taxes and other government charges imposed upon the Securities or any part of the Trust.

The above expenses and the Trustee’s\nannual fee are secured by a lien on the Trust. In addition, if there is not enough cash in the Income or Capital Account, the Trustee\nhas the power to sell Securities to make cash available to pay these charges which may result in capital gains or losses to you. See “Tax\nStatus.”

\n \n \n

Tax Status

Federal Tax Matters.

This section discusses some of the main\nU.S. federal income tax consequences of owning Units of the Trust as of the date of this prospectus. Tax laws and interpretations change\nfrequently, and this summary does not describe all of the tax consequences to all taxpayers. For example, this summary generally does\nnot describe your situation if you are a broker/dealer or other investor with special circumstances. In addition, this section may not\ndescribe your state, local or non-U.S. tax consequences.

This federal income tax summary is based\nin part on the advice of counsel to the Sponsor. The Internal Revenue Service (“IRS”) could disagree with any conclusions\nset forth in this section. In addition, our counsel may not have been asked to review, and may not have reached a conclusion with respect\nto the federal income tax treatment of the assets to be deposited in the Trust. This summary may not be sufficient for you to use for\nthe purpose of avoiding penalties under federal tax law.

As with any investment, you should seek\nadvice based on your individual circumstances from your own tax advisor.

Trust Status.

Unit investment trusts maintain both Income\nand Capital Accounts, regardless of tax structure. Please refer to the “Income and Capital Distributions” section of the prospectus\nfor more information.

The Trust intends to qualify as a “regulated\ninvestment company,” commonly known as a “RIC,” under the federal tax laws. If the Trust qualifies as a RIC and distributes\nits income as required by the tax law, the Trust generally will not pay federal income taxes. For federal income tax purposes, you are\ntreated as the owner of the Trust Units and not of the assets held by the Trust.

Income from the Trust.

Trust distributions are generally taxable.\nAfter the end of each year, you will receive a tax statement that separates the Trust’s distributions into ordinary income dividends,\ncapital gain dividends, exempt-interest dividends and return of capital. Income reported is generally net of expenses (but see “Treatment\nof Trust Expenses” below). Ordinary income dividends are generally taxed at your ordinary income tax rate, however, certain dividends\nreceived from the Trust may be taxed at the capital gains tax rates. Generally, all capital gain dividends are treated as long-term capital\ngains regardless of how long you have owned your Units. Exempt-interest dividends generally are excluded from your gross income for federal\nincome tax purposes. Some or all of the exempt-interest dividends may be taken into account in determining the alternative minimum tax\non individuals and may have other tax consequences. For tax years beginning after December 31, 2022, exempt-interest dividends may affect\nthe corporate alternative minimum tax for certain corporations. In addition, the Trust may make distributions that represent a return\nof capital for tax purposes and will generally not be currently taxable to you, although they generally reduce your tax basis in your\nUnits and thus increase your taxable gain or decrease your loss when you dispose of your Units. The tax laws may require you to treat\ndistributions made to you in January as if you had received them on December 31 of the previous year.

Some distributions from the Trust may qualify\nas long-term capital gains, which, if you are an individual, is generally taxed at a lower rate than your ordinary income and short-term\ncapital gain income. However, capital gain received from assets held for more than one year that is considered “unrecaptured section\n1250 gain” (which may be the case, for example, with some capital gains attributable to equity interests in REITs) is taxed at a\nhigher rate. The distributions from the Trust that you must take into account for federal income tax purposes are not reduced by the amount\nused to pay a deferred sales charge, if any. Distributions from the Trust, including capital gains but not exempt-interest dividends,\nmay also be subject to a “Medicare tax” if your adjusted gross income exceeds certain threshold amounts.

Certain Stock Dividends.

Ordinary income dividends received by an\nindividual Unit holder from a RIC such as the Trust are generally taxed at the same rates that apply to long-term capital gains, provided\ncertain holding period requirements are satisfied and provided the dividends are attributable to qualifying dividend income (“QDI”)\nreceived by the Trust itself. Dividends that do not meet these requirements will generally be taxed at ordinary income tax rates. After\nthe end of the tax year, the Trust will provide a tax statement to its Unit holders reporting the amount of any distribution which may\nbe taken into account as a dividend which is eligible for the capital gains tax rates.

Unit holders that are corporations may\nbe eligible for the dividends received deduction with respect to certain ordinary income dividends on Units that are attributable to qualifying\ndividends received by the Trust from certain corporations.

Because the Trust holds REIT shares, some\ndividends may be designated by the REIT as capital gain dividends and, therefore, distributions from the Trust attributable to such dividends\nand designated by the Trust as capital gain dividends may be taxable to you as capital gains. If you hold a Unit for six months or less,\nany loss incurred by you related to the sale of such Unit will be treated as a long-term capital loss to the extent of any long-term capital\ngain distributions received (or deemed to have been received) with respect to such Unit.

Some portion of the dividends on your Units\nthat are attributable to dividends received by the Trust from the REIT shares may be designated by the Trust as eligible for a deduction\nfor qualified business income.

Sale of Units.

If you sell your Units (whether to a third\nparty or to the Trust), you will generally recognize a taxable gain or loss. To determine the amount of this gain or loss, you must subtract\nyour (adjusted) tax basis in your Units from the amount you receive from the sale. Your original tax basis in your Units is generally\nequal to the cost of your Units, including sales charges. In some cases, however, you may have to adjust your tax basis after you purchase\nyour Units, in which case your gain would be calculated using your adjusted basis.

The tax statement you receive in regard\nto the sale or redemption of your Units may contain information about your basis in the Units and whether any gain or loss recognized\nby you should be considered long-term or short-term capital gain. The information reported to you is based upon rules that do not take\ninto consideration all of the facts that may be known to you or to your advisors. You should consult with your tax advisor about any adjustments\nthat may need to be made to the information reported to you in determining the amount of your gain or loss.

Distribution Reinvestment Option.

If you elect to reinvest your distributions\ninto additional Units, you will be treated as if you have received your distribution in an amount equal to the distribution you are\nentitled to. Your tax liability will be the same as if you received the distribution in cash. Also, the reinvestment would generally be\nconsidered a purchase of new Units for federal income tax purposes.

Treatment of Trust Expenses.

Expenses incurred and deducted by the Trust\nwill generally not be treated as income taxable to you. In some cases, however, you may be required to treat your portion of these Trust\nexpenses as income. You may not be able to take a deduction for some or all of these expenses even if the cash you receive is reduced\nby such expenses.

Investments in Certain Non-U.S. Corporations.

A\nforeign corporation will generally be treated as a passive foreign investment company (“PFIC”) if 75% or more of its income\nis passive income or if 50% or more of its assets are held to produce passive income. If the Trust holds an equity interest in PFICs,\nthe Trust could be subject to U.S. federal income tax and additional interest charges on gains and certain distributions from the PFICs,\neven if all the income or gain is distributed in a timely fashion to the Trust Unit holders. Similarly, if the Trust invests in a fund\n(a “Portfolio Fund”) that invests in PFICs, the Portfolio Fund may be subject to such taxes. The Trust will not be able to\npass through to its Unit holders any credit or deduction for such taxes if the taxes are imposed at the Trust level or on a Portfolio\nFund. The Trust (or the Portfolio Fund) may be able to make an election that could limit the tax imposed on the Trust (or the Portfolio\nFund). In this case, the Trust (or the Portfolio Fund) would recognize as ordinary income any increase in the value of such PFIC shares,\nand as ordinary loss any decrease in such value to the extent it did not exceed prior increases included in income.

Under\nthis election, the Trust (or the Portfolio Fund) might be required to recognize income in excess of its distributions from the PFICs and\nits proceeds from dispositions of PFIC stock during that year, and such income would nevertheless be subject to the distribution requirement\nand would be taken into account for purposes of determining the application of the 4% excise tax imposed on RICs that do not meet certain\ndistribution thresholds. Dividends paid by PFICs are not treated as QDI to shareholders of the PFICs.

Non-U.S. Investors.

If\nyou are a non-U.S. investor, distributions from the Trust treated as dividends will generally be subject to a U.S. withholding tax of\n30% of the distribution. Certain dividends, such as capital gains dividends, short-term capital gains dividends, and distributions that\nare attributable to exempt-interest income or certain other interest income, may not be subject to U.S. withholding taxes. In addition,\nsome non-U.S. investors may be eligible for a reduction or elimination of U.S. withholding taxes under a treaty. However, the qualification\nfor those exclusions may not be known at the time of the distribution and some excluded income may be taken into consideration for alternative\nminimum tax purposes.

Separately,\nthe United States, pursuant to the Foreign Account Tax Compliance Act (“FATCA”) imposes a 30% tax on certain non-U.S. entities\nthat receive U.S. source interest or dividends if the non-U.S. entity does not comply with certain U.S. disclosure and reporting requirements.\nThis FATCA tax also currently applies to the gross proceeds from the disposition of securities that produce U.S. source interest or dividends.\nHowever, proposed regulations may eliminate the requirement to withhold on payments of gross proceeds from dispositions.

It\nis the responsibility of the entity through which you hold your Units to determine the applicable withholding.

Foreign Tax Credit.

If\nthe Trust directly or indirectly invests in non-U.S. stocks, the tax statement that you receive may include an item showing foreign taxes\nthe Trust paid to other countries. You may be able to deduct or receive a tax credit for your share of these taxes. The Trust would have\nto meet certain IRS requirements in order to pass through credits to you.

In-Kind Distributions.

If\npermitted by this prospectus, as described in “Redeeming Your Units,” you may request an In-Kind Distribution of Trust assets\nwhen you redeem your Units. This distribution is subject to tax, and you will generally recognize gain or loss, generally based on the\nvalue at that time of the securities and the amount of cash received.

Rollovers.

If\nyou elect to have your proceeds from the Trust rolled over into a future series of the Trust, the exchange would generally be considered\na sale for federal income tax purposes.

You\nshould consult your tax advisor regarding potential foreign, state or local taxation with respect to your Units.

\n \n \n

Retirement Plans

You\nmay purchase Units of the Trust for:

•

Individual Retirement Accounts;

•

Keogh Plans;

•

Pension funds; and

•

Other tax-deferred retirement plans.

Generally,\nthe federal income tax on capital gains and income received in each of the above plans is deferred until you receive distributions. These\ndistributions are generally treated as ordinary income but may, in some cases, be eligible for special averaging or tax-deferred rollover\ntreatment. Before participating in a plan like this, you should review the tax laws regarding these plans and consult your attorney or\ntax advisor. Brokerage firms and other financial institutions offer these plans with varying fees and charges.

\n \n \n

Rights of Unit Holders

Unit Ownership.

Ownership\nof Units will not be evidenced by certificates. If you purchase or hold Units through a broker/dealer or bank, your ownership of Units\nwill be recorded in book-entry form at the Depository Trust Company (“DTC”) and credited on its records to your broker/dealer’s\nor bank’s DTC account. Transfer of Units will be accomplished by book entries made by DTC and its participants if the Units are\nregistered to DTC or its nominee, Cede & Co. DTC will forward all notices and credit all payments received in respect of the Units\nheld by the DTC participants. You will receive written confirmation of your purchases and sales of Units from the broker/dealer or bank\nthrough which you made the transaction. You may transfer your Units by contacting the broker/dealer or bank through which you hold your\nUnits.

Unit Holder Reports.

The\nTrustee will prepare a statement detailing the per Unit amounts (if any) distributed from the Income Account and Capital Account in connection\nwith each distribution. In addition, at the end of each calendar year, the Trustee will prepare a statement which contains the following\ninformation:

•

A summary of transactions in the Trust for the year;

•

A list of any Securities sold during the year and the Securities held at the end of that year\nby the Trust;

•

The Redemption Price per Unit, computed on the 31st day of December of such year (or the last\nbusiness day before); and

•

Amounts of income and capital distributed during the year.

By\nFebruary 15th yearly, the Annual Reports are posted to the Sponsor’s website (www.ftportfolios.com) in the UIT Tax Center and retrievable\nby CUSIP. You may also request one be sent to you by calling the Sponsor at 800–621–1675, dept. code 2. In addition, you may\nalso request from the Trustee copies of the evaluations of the Securities as prepared by the Sponsor to enable you to comply with applicable\nfederal and state tax reporting requirements.

\n \n \n

Income and Capital Distributions

You\nwill be eligible to receive distributions, if any, on your Units only after you become a Record Owner. The Trustee will credit any dividends\nreceived on the Trust’s Securities to the Income Account of the Trust. All other receipts, such as return of capital or capital\ngain dividends, are credited to the Capital Account of the Trust. Dividends received on foreign Securities, if any, are converted into\nU.S. dollars at the applicable exchange rate.

The\nTrustee will make distributions from the Income Account on or near the Income Account Distribution Dates to Unit holders of record on\nthe preceding Income Account Distribution Record Date provided the amount equals at least $1.00 per 100 Units. No Income Account distribution\nwill be paid if accrued expenses of the Trust exceed amounts in the Income Account on the Distribution Dates. Distribution amounts will\nvary with changes in the Trust’s fees and expenses, in dividends received and with the sale of Securities. The Trustee will distribute\namounts in the Capital Account, net of amounts designated to meet redemptions, pay the deferred sales charge and creation and development\nfee or pay expenses, on the twenty-fifth day of each month to Unit holders of record on the tenth day of each month provided the amount\nequals at least $1.00 per 100 Units. In any case, the Trustee may distribute funds in the Capital Account in December of each year to\navoid imposition of any income or excise taxes on undistributed income in the Trust and will distribute funds as part of the final liquidation\ndistribution.

If\nan Income or Capital Account distribution date is a day on which the NYSE is closed, the distribution will be made on the next day the\nstock exchange is open. Distributions are paid to Unit holders of record determined as of the close of business on the Record Date for\nthat distribution or, if the Record Date is a day on which the NYSE is closed, the first preceding day on which the exchange is open.

We\nanticipate that there will be enough money in the Capital Account of the Trust to pay the deferred sales charge to the Sponsor. If not,\nthe Trustee may sell Securities to meet the shortfall.

Within\na reasonable time after the Trust is terminated, unless you are a Rollover Unit holder, you will receive the pro rata share of the money\nfrom the sale of the Securities and amounts in the Income and Capital Accounts. All Unit holders will receive a pro rata share of any\nother assets remaining in your Trust after deducting any unpaid expenses.

The\nTrustee may establish reserves (the “Reserve Account”) within the Trust to cover anticipated state and local taxes or any\ngovernmental charges to be paid out of the Trust.

Distribution\nReinvestment Option. You may elect to have each distribution of income and/or capital reinvested into additional Units of the Trust\nby notifying your broker/dealer or bank within the time period required by such entities so that they can notify the Trustee of your election\nat least 10 days before any Record Date. Each later distribution of income and/or capital on your Units will be reinvested by the Trustee\ninto additional Units of such Trust. There is no sales charge on Units acquired through the Distribution Reinvestment Option, as discussed\nunder “Public Offering.” This option may not be available in all states. Each reinvestment plan is subject to availability\nor limitation by the Sponsor and each broker/dealer or selling firm. The Sponsor or broker/dealers may suspend or terminate the offering\nof a reinvestment plan at any time. Because the Trust may begin selling Securities nine business days prior to the Mandatory Termination\nDate, reinvestment is not available during this period. Please contact your financial professional for additional information. Please\nnote that even if you reinvest distributions, they are still considered distributions for income tax purposes.

\n \n \n

Redeeming Your Units

You\nmay redeem all or a portion of your Units at any time by sending a request for redemption to your broker/dealer or bank through which\nyou hold your Units. No redemption fee will be charged, but you are responsible for any governmental charges that apply. Certain broker/dealers\nmay charge a transaction fee for processing redemption requests. One business day after the day you tender your Units (the “Date\nof Tender”) you will receive cash in an amount for each Unit equal to the Redemption Price per Unit calculated at the Evaluation\nTime on the Date of Tender.

The\nDate of Tender is considered to be the date on which your redemption request is received by the Trustee from the broker/dealer or bank\nthrough which you hold your Units (if such day is a day the NYSE is open for trading). However, if the redemption request is received\nafter 4:00 p.m. Eastern time (or after any earlier closing time on a day on which the NYSE is scheduled in advance to close at such earlier\ntime), the Date of Tender is the next day the NYSE is open for trading.

Any\namounts paid on redemption representing income will be withdrawn from the Income Account if funds are available for that purpose, or from\nthe Capital Account. All other amounts paid on redemption will be taken from the Capital Account.

If\nyou tender for redemption at least 5,000 Units, or such larger amount as required by your broker/dealer or bank, rather than receiving\ncash, you may elect to receive an In-Kind Distribution in an amount equal to the Redemption Price per Unit by making this request to your\nbroker/dealer or bank at the time of tender. However, to be eligible to participate in the In-Kind Distribution option at redemption,\nUnit holders must hold their Units through the end of the initial offering period. No In-Kind Distribution requests submitted during the\n10 business days prior to the Trust’s Mandatory Termination Date will be honored. Where possible, the Trustee will make an In-Kind\nDistribution by distributing each of the Securities in book-entry form to your bank’s or broker/dealer’s account at DTC. The\nTrustee will subtract any customary transfer and registration charges from your In-Kind Distribution. As a tendering Unit holder, you\nwill receive your pro rata number of whole shares of Securities that make up the portfolio, and cash from the Capital Account equal to\nthe fractional shares to which you are entitled.

If\nyou elect to receive an In-Kind Distribution of Securities, you should be aware that it will be considered a taxable event at the time\nyou receive the Securities. See “Tax Status” for additional information.

The\nTrustee may sell Securities to make funds available for redemption. If Securities are sold, the size and diversification of the Trust\nwill be reduced. These sales may result in lower prices than if the Securities were sold at a different time.

Your\nright to redeem Units (and therefore, your right to receive payment) may be delayed:

•

If the NYSE is closed (other than customary weekend and holiday closings);

•

If the SEC determines that trading on the NYSE is restricted or that an emergency exists making\nsale or evaluation of the Securities not reasonably practical; or

•

For any other period permitted by SEC order.

The\nTrustee is not liable to any person for any loss or damage which may result from such a suspension or postponement.

The Redemption Price.

The\nRedemption Price per Unit is determined by the Trustee by:

adding

cash in the Income and Capital Accounts of the Trust not designated to purchase Securities;

the aggregate underlying value of the Securities held in the Trust; and

dividends receivable on the Securities trading ex-dividend as of the date of computation; and

deducting

any applicable taxes or governmental charges that need to be paid out of the Trust;

any amounts owed to the Trustee for its advances;

estimated accrued expenses of the Trust, if any;

cash held for distribution to Unit holders of record of the Trust as of the business day before\nthe evaluation being made;

liquidation costs for foreign Securities, if any; and

other liabilities incurred by the Trust; and

dividing

the result by the number of outstanding Units of the Trust.

Any\nremaining deferred sales charge on the Units when you redeem them will be deducted from your redemption proceeds. In addition, until they\nare collected, the Redemption Price per Unit will include estimated organization costs as set forth under “Fee Table.”

\n \n \n

Investing in a New Trust

When\nthe Trust is about to terminate, you may have the option to roll your proceeds into the next series of the Trust (the “New Trust”)\nif one is available. We intend to create the New Trust in conjunction with the termination of the Trust and plan to apply the same strategy\nwe used to select the portfolio for the Trust to the New Trust.

If\nyou wish to have the proceeds from your Units rolled into the New Trust you must notify the broker/dealer where your Units are held of\nyour election prior to that firm’s cut-off date. If you make this election you will be considered a “Rollover Unit holder.”

Once\nall of the Securities are sold in connection with the termination of the Trust, as described in “Amending or Terminating the Indenture,”\nyour proceeds, less any brokerage fees, governmental charges or other expenses involved in the sales, will be used to buy units of a New\nTrust or trust with a similar investment strategy that you have selected, provided such trusts are registered and being offered. Accordingly,\nproceeds may be uninvested for up to several days. Units purchased with rollover proceeds will generally be purchased subject to the sales\ncharge set forth in the prospectus for such trust.

We\nintend to create New Trust units as quickly as possible, depending on the availability of the securities contained in a New Trust’s\nportfolio. Rollover Unit holders will be given first priority to purchase New Trust units. We cannot, however, assure the exact timing\nof the creation of New Trust units or the total number of New Trust units we will create. Any proceeds not invested on behalf of Rollover\nUnit holders in New Trust units will be distributed within a reasonable time after such occurrence. Although we believe that enough New\nTrust units can be created, monies in a New Trust may not be fully invested on the next business day.

Please\nnote that there are certain tax consequences associated with becoming a Rollover Unit holder. See “Tax Status.” We may modify,\namend or terminate this rollover option upon 60 days notice.

\n \n \n

Removing Securities from the Trust

The\nportfolio of the Trust is not managed. However, we may, but are not required to, direct the Trustee to dispose of a Security in certain\nlimited circumstances, including situations in which:

•

The issuer of the Security defaults in the payment of a declared dividend;

•

Any action or proceeding prevents the payment of dividends;

•

There is any legal question or impediment affecting the Security;

•

The issuer of the Security has breached a covenant which would affect the payment of dividends,\nthe issuer’s credit standing, or otherwise damage the sound investment character of the Security;

•

The issuer has defaulted on the payment of any other of its outstanding obligations;

•

There has been a public tender offer made for a Security or a merger or acquisition is announced\naffecting a Security, and that in our opinion the sale or tender of the Security is in the best interest of Unit holders;

•

The sale of Securities is necessary or advisable (i) in order to maintain the qualification\nof the Trust as a “regulated investment company” in the case of the Trust which has elected to qualify as such or (ii) to\nprovide funds to make any distribution for a taxable year in order to avoid imposition of any income or excise taxes on undistributed\nincome in the Trust which is a “regulated investment company”;

•

The price of the Security has declined to such an extent, or such other credit factors exist,\nthat in our opinion keeping the Security would be harmful to the Trust;

•

As a result of the ownership of the Security, the Trust or its Unit holders would be a direct\nor indirect shareholder of a passive foreign investment company; or

•

The sale of the Security is necessary for the Trust to comply with such federal and/or state\nlaws, regulations and/or regulatory actions and interpretations which may be in effect from time to time.

Except\nfor instances in which the Trust acquires Replacement Securities, as described in “The FT Series,” the Trust will generally\nnot acquire any securities or other property other than the Securities. The Trustee, on behalf of the Trust and at the direction of the\nSponsor, will vote for or against any offer for new or exchanged securities or property in exchange for a Security, such as those acquired\nin a merger or other transaction. If such exchanged securities or property are acquired by the Trust, at our instruction, they will either\nbe sold or held in the Trust. In making the determination as to whether to sell or hold the exchanged securities or property we may get\nadvice from the Portfolio Supervisor. Any proceeds received from the sale of Securities, exchanged securities or property will be credited\nto the Capital Account of the Trust for distribution to Unit holders or to meet redemption requests. The Trustee may retain and pay us\nor an affiliate of ours to act as agent for the Trust to facilitate selling Securities, exchanged securities or property from the Trust.\nIf we or our affiliate act in this capacity, we will be held subject to the restrictions under the 1940 Act. When acting in an agency\ncapacity, we may select various broker/dealers to execute securities transactions on behalf of the Trust, which may include broker/dealers\nwho sell Units of the Trust. We do not consider sales of Units of the Trust or any other products sponsored by First Trust as a factor\nin selecting such broker/dealers. As authorized by the Indenture, the Trustee may also employ a subsidiary or affiliate of the Trustee\nto act as broker in selling such Securities or property. The Trust will pay for these brokerage services at standard commission rates.

The\nTrustee may sell Securities designated by us or, absent our direction, at its own discretion, in order to meet redemption requests or\npay expenses. In designating Securities to be sold, we will try to maintain the proportionate relationship among the Securities. If this\nis not possible, the composition and diversification of the Trust may be changed.

\n \n \n

Amending or Terminating the Indenture

Amendments.\nThe Indenture may be amended by us and the Trustee without your consent:

•

To cure ambiguities;

•

To correct or supplement any defective or inconsistent provision;

•

To make any amendment required by any governmental agency; or

•

To make other changes determined not to be adverse to your best interests (as determined by\nus and the Trustee).

Termination.\nAs provided by the Indenture, the Trust will terminate on the Mandatory Termination Date as stated in the “Summary of Essential\nInformation.” The Trust may be terminated earlier:

•

Upon the consent of 100% of the Unit holders of the Trust;

•

If the value of the Securities owned by the Trust as shown by any evaluation is less than the\nlower of $2,000,000 or 20% of the total value of Securities deposited in the Trust during the initial offering period (“Discretionary\nLiquidation Amount”); or

•

In the event that Units of the Trust not yet sold aggregating more than 60% of the Units of\nthe Trust are tendered for redemption by underwriters, including the Sponsor.

If\nthe Trust is terminated due to this last reason, we will refund your entire sales charge; however, termination of the Trust before the\nMandatory Termination Date for any other stated reason will result in all remaining unpaid deferred sales charges on your Units being\ndeducted from your termination proceeds. For various reasons, the Trust may be reduced below the Discretionary Liquidation Amount and\ncould therefore be terminated before the Mandatory Termination Date.

Unless\nterminated earlier, the Trustee may begin to sell Securities in connection with the termination of the Trust as early as nine business\ndays prior to, but will sell Securities no later than, the Mandatory Termination Date. We will determine the manner and timing of the\nsale of Securities. Because the Trustee must sell the Securities within a relatively short period of time, the sale of Securities as part\nof the termination process may result in a lower sales price than might otherwise be realized if such sale were not required at this time.

If\nyou do not elect to participate in the rollover option, you will receive a cash distribution from the sale of the remaining Securities,\nalong with your interest in the Income and Capital Accounts, within a reasonable time after the Trust is terminated. The Trustee will\ndeduct from the Trust any accrued costs, expenses, advances or indemnities provided for by the Indenture, including estimated compensation\nof the Trustee and costs of liquidation and any amounts required as a reserve to pay any taxes or other governmental charges.

\n \n \n

Information on the Sponsor and Trustee

The Sponsor.

We,\nFirst Trust Portfolios L.P., specialize in the underwriting, trading and wholesale distribution of unit investment trusts under the “First\nTrust” brand name as well as other securities. An Illinois limited partnership formed in 1991, we took over the First Trust product\nline and act as Sponsor for successive series of:

•

The First Trust Combined Series

•

FT Series (formerly known as The First Trust Special Situations Trust)

•

The First Trust Insured Corporate Trust

•

The First Trust of Insured Municipal Bonds

•

The First Trust GNMA

•

FTP Series

The\nFirst Trust product line commenced with the first insured unit investment trust in 1974. To date we have deposited more than $670 billion\nin First Trust unit investment trusts. Our employees include a team of professionals with many years of experience in the unit investment\ntrust industry.

We\nare a member of FINRA and SIPC. Our principal offices are at 120 East Liberty Drive, Wheaton, Illinois 60187; telephone number 800–621–1675.\nAs of December 31, 2025, the total partners’ capital of First Trust Portfolios L.P. was $125,781,225.

This\ninformation refers only to us and not to the Trust or to any series of the Trust or to any other dealer. We are including this information\nonly to inform you of our financial responsibility and our ability to carry out our contractual obligations. We will provide more detailed\nfinancial information on request.

Code\nof Ethics. The Sponsor and the Trust have adopted a code of ethics requiring the Sponsor’s employees who have access to information\non Trust transactions to report personal securities transactions. The purpose of the code is to avoid potential conflicts of interest\nand to prevent fraud, deception or misconduct with respect to the Trust.

The Trustee.

The\nTrustee is The Bank of New York Mellon, a trust company organized under the laws of New York. The Bank of New York Mellon has its unit\ninvestment trust division offices at 240 Greenwich Street, New York, New York 10286, telephone 800–813–3074. If you have questions\nregarding your account or your Trust, please contact the Trustee at its unit investment trust division offices or your financial advisor.\nThe Sponsor does not have access to individual account information. The Bank of New York Mellon is subject to supervision and examination\nby the Superintendent of the New York State Department of Financial Services and the Board of Governors of the Federal Reserve System,\nand its deposits are insured by the Federal Deposit Insurance Corporation to the extent permitted by law.

The\nTrustee has not participated in selecting the Securities for the Trust; it only provides administrative services.

Limitations of Liabilities of Sponsor and Trustee.

Neither\nwe nor the Trustee will be liable for taking any action or for not taking any action in good faith according to the Indenture. We will\nalso not be accountable for errors in judgment. We will only be liable for our own willful misfeasance, bad faith, gross negligence (ordinary\nnegligence in the Trustee’s case) or reckless disregard of our obligations and duties. The Trustee is not liable for any loss or\ndepreciation when the Securities are sold. If we fail to act under the Indenture, the Trustee may do so, and the Trustee will not be liable\nfor any action it takes in good faith under the Indenture.

The\nTrustee will not be liable for any taxes or other governmental charges or interest on the Securities which the Trustee may be required\nto pay under any present or future law of the United States or of any other taxing authority with jurisdiction. Also, the Indenture states\nother provisions regarding the liability of the Trustee.

If\nwe do not perform any of our duties under the Indenture or are not able to act or become bankrupt, or if our affairs are taken over by\npublic authorities, then the Trustee may:

•

Appoint a successor sponsor, paying them a reasonable rate not more than that stated by the\nSEC;

•

Terminate the Indenture and liquidate the Trust; or

•

Continue to act as Trustee without terminating the Indenture.

The\nTrustee and Unit holders may rely on the accuracy of any evaluation prepared by the Sponsor. The Sponsor will make determinations in good\nfaith based upon the best available information, but will not be liable to the Trustee or Unit holders for errors in judgment.

\n \n \n

Other Information

Legal Opinions.

Our counsel is Chapman and Cutler LLP,\n320 S. Canal St., Chicago, Illinois 60606. They have passed upon the legality of the Units offered\nhereby and certain matters relating to federal tax law. Carter Ledyard & Milburn LLP acts as the Trustee’s counsel.

Experts.

The\nTrust’s statement of net assets, including the schedule of investments, as of the opening of business on the Initial Date of Deposit\nincluded in this prospectus, has been audited by Deloitte & Touche LLP, an independent registered public accounting firm, as stated\nin their report appearing herein, and is included in reliance upon the report of such firm given upon their authority as experts in accounting\nand auditing.

Supplemental Information.

If\nyou write or call the Sponsor, you will receive free of charge supplemental information about this Series, which has been filed with the\nSEC and to which we have referred throughout. This information states more specific details concerning the nature, structure and risks\nof this product. You should be aware that the Trust and the underlying Funds do not necessarily have exposure to all of the various asset\nclasses described in the Information Supplement. In addition, the underlying Funds’ exposure to the investments described in the\nInformation Supplement is not fixed and may change over time.

This page\nis intentionally left blank.

$\"\"$

40/60\nStrategic Allocation Port. 4Q ’26 - Term 1/18/28
\nFT 13272

Sponsor:

$\"\"$

First Trust Portfolios L.P.

Member SIPC • Member FINRA
\n120 East Liberty Drive
\nWheaton, Illinois 60187
\n800–621–1675

Trustee:

The Bank of New York Mellon

240 Greenwich Street
\nNew York, New York 10286
\n800–813–3074
\n24-Hour Pricing Line:
\n800–446–0132

When\nUnits of the Trust are no longer available, this prospectus may be used as a preliminary prospectus
\nfor a future series, in which case you should note the following:

The\ninformation in the prospectus is not complete and may be changed. We may not sell, or accept offers to buy, securities of a future series\nuntil that series has become effective with the SEC. No securities can be sold in any state where a sale would be illegal.

This\nprospectus contains information relating to the above-mentioned unit investment trust, but does not contain all of the information about\nthis investment company as filed with the SEC in Washington, D.C. under the:

Securities\nAct of 1933 (file no. 333–298479) and

Investment\nCompany Act of 1940 (file no. 811–05903)

Information\nabout the Trust, including its Code of Ethics, can be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C.\nInformation regarding the operation of the SEC’s Public Reference Room may be obtained by calling the SEC at 202–942–8090.

Information\nabout the Trust is available on the EDGAR Database on the SEC’s Internet site at www.sec.gov.
\nTo obtain copies at prescribed rates –

\tWrite:\tPublic Reference Section of the SEC
\n\t100 F Street, N.E.
\n\tWashington, D.C. 20549

October 13, 2026

PLEASE RETAIN THIS PROSPECTUS FOR FUTURE REFERENCE

$\"\"$

The\nFT Series

Information\nSupplement

This\nInformation Supplement provides additional information concerning the structure, operations and risks of the unit investment trust contained\nin FT 13272 not found in the prospectus for the Trust. However, you should be aware that the Trust and the underlying Funds do not necessarily\nhave exposure to all of the various asset classes described in this Information Supplement. In addition, the underlying Funds’ exposure\nto the investments described below is not fixed and may change over time. This Information Supplement is not a prospectus and does not\ninclude all of the information you should consider before investing in the Trust. This Information Supplement should be read in conjunction\nwith the prospectus for the Trust in which you are considering investing.

This\nInformation Supplement is dated October 13, 2026. Capitalized terms have been defined in the prospectus.

Table\nof Contents

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Risk Factors
Securities			1
Common Stocks			1
Preferred Stocks			2
Trust Preferred Securities			2
REITs			3
ETFs			4
Closed-End Funds			5
Business Development Companies			5
Convertible Securities			6
Fixed-Income Securities			8
High-Yield Securities			9
Senior Loans			10
Subprime Residential Mortgage Loans			10
TIPS			11
Foreign Issuers			11
Emerging and Developing Markets			12
Small and/or Mid Capitalization Companies			12

Risk Factors

Securities. An\ninvestment in Units of the Trust should be made with an understanding of the risks involved in the Trust’s exposure to the following\ntypes of securities, either directly or indirectly through the Funds held by the Trust: common stocks (“Common Stocks”), preferred\nstock (“Preferred Stocks”), trust preferred securities (“Trust Preferred Securities”), real estate investment\ntrusts (“REITs”), exchange-traded funds (“ETFs”), closed-end funds (“Closed-End Funds”) and/or business\ndevelopment companies. In selecting Closed-End Funds and/or ETFs to be included in the portfolio, the Sponsor may not be able to include\ncertain Closed-End Funds and/or ETFs that it previously would have considered due to the investment restrictions imposed by new Rule 12d1-4\nunder the Investment Company Act of 1940, as amended.

Common\nStocks. An investment in common stocks should be made with an understanding of the risks which such an investment entails, including\nthe risk that the financial condition of the issuers of the common stocks or the general condition of the relevant stock market may worsen,\nand the value of the common stocks and therefore the value of the Units may decline. Common stocks are especially susceptible to general\nstock market movements and to volatile increases and decreases of value, as market confidence in and perceptions of the issuers change.\nThese perceptions are based on unpredictable factors, including expectations regarding government, economic, monetary and fiscal policies,\ninflation and interest rates, economic expansion or contraction, and global or regional political, economic or banking crises.

Shareholders\nof common stocks have rights to receive payments from the issuers of those common stocks that are generally subordinate to those of creditors\nof, or holders of debt obligations or preferred stocks of, such issuers. Shareholders of common stocks have a right to receive dividends\nonly when and if, and in the amounts, declared by the issuer’s board of directors and have a right to participate in amounts available\nfor distribution by the issuer only after all other claims on the issuer have been paid or provided for. Common stocks do not represent\nan obligation of the issuer and, therefore, do not offer any assurance of income or provide the same degree of protection of capital as\ndo debt securities. The issuance of additional debt securities or preferred stock will create prior claims for payment of principal, interest\nand dividends which could adversely affect the ability and inclination of the issuer to declare or pay dividends on its common stock or\nthe rights of holders of common stock with respect to assets of the issuer upon liquidation or bankruptcy. Cumulative preferred stock\ndividends must be paid before common stock dividends, and any cumulative preferred stock dividend omitted is added to future dividends\npayable to the holders of cumulative preferred stock. Preferred stockholders are also generally entitled to rights on liquidation which\nare senior to those of common stockholders.

Preferred\nStocks. An investment in preferred stocks should be made with an understanding of the risks which such an investment entails, including\nthe risk that the financial condition of the issuers of the Securities or the general condition of the preferred stock market may worsen,\nand the value of the preferred stocks and therefore the value of the Units may decline. Preferred stocks may be susceptible to general\nstock market movements and to volatile increases and decreases of value as market confidence in and perceptions of the issuers change.\nThese perceptions are based on unpredictable factors, including expectations regarding government, economic, monetary and fiscal policies,\ninflation and interest rates, economic expansion or contraction, market liquidity, and global or regional political, economic or banking\ncrises. Preferred stocks are also vulnerable to Congressional reductions in the dividends received deduction which would adversely affect\nthe after-tax return to the investors who can take advantage of the deduction. Such a reduction might adversely affect the value of preferred\nstocks in general. Holders of preferred stocks, as owners of the entity, have rights to receive payments from the issuers of those preferred\nstocks that are generally subordinate to those of creditors of, or holders of debt obligations or, in some cases, other senior preferred\nstocks of, such issuers. Preferred stocks do not represent an obligation of the issuer and, therefore, do not offer any assurance of income\nor provide the same degree of protection of capital as do debt securities. The issuance of additional debt securities or senior preferred\nstocks will create prior claims for payment of principal and interest and senior dividends which could adversely affect the ability and\ninclination of the issuer to declare or pay dividends on its preferred stock or the rights of holders of preferred stock with respect\nto assets of the issuer upon liquidation or bankruptcy. The value of preferred stocks is subject to market fluctuations for as long as\nthe preferred stocks remain outstanding, and thus the value of the Securities may be expected to fluctuate over the life of the Trust\nto values higher or lower than those prevailing on the Initial Date of Deposit.

Trust\nPreferred Securities. An investment in trust preferred securities should be made with an understanding of the risks which such an\ninvestment entails. Holders of trust preferred securities incur risks in addition to or slightly different than the typical risks of holding\npreferred stocks. Trust preferred securities are limited-life preferred securities that are typically issued by corporations, generally\nin the form of interest-bearing notes or preferred securities, or by an affiliated business trust of a corporation, generally in the form\nof beneficial interests in subordinated debentures issued by the corporation, or similarly structured securities. The maturity and dividend\nrate of the trust preferred securities are structured to match the maturity and coupon interest rate of the interest-bearing notes, preferred\nsecurities or subordinated debentures. Trust preferred securities usually mature on the stated maturity date of the interest-bearing notes,\npreferred securities or subordinated debentures and may be redeemed or liquidated prior to the stated maturity date of such instruments\nfor any reason on or after their stated call date or upon the occurrence of certain extraordinary circumstances at any time. Trust preferred\nsecurities generally have a yield advantage over traditional preferred stocks, but unlike preferred stocks, distributions on the trust\npreferred securities are treated as interest rather than dividends for Federal income tax purposes. Unlike most preferred stocks, distributions\nreceived from trust preferred securities are not eligible for the dividends-received deduction. Certain of the risks unique to trust preferred\nsecurities include: (i) distributions on trust preferred securities will be made only if interest payments on the interest-bearing notes,\npreferred securities or subordinated debentures are made; (ii) a corporation issuing the interest-bearing notes, preferred securities\nor subordinated debentures may defer interest payments on these instruments for up to 20 consecutive quarters and if such election is\nmade, distributions will not be made on the trust preferred securities during the deferral period; (iii) certain tax or regulatory events\nmay trigger the redemption of the interest-bearing notes, preferred securities or subordinated debentures by the issuing corporation and\nresult in prepayment of the trust preferred securities prior to their stated maturity date; (iv) future legislation may be proposed\nor enacted that may prohibit the corporation from deducting its interest payments on the interest-bearing notes, preferred securities\nor subordinated debentures for tax purposes, making redemption of these instruments likely; (v) a corporation may redeem the interest-bearing\nnotes, preferred securities or subordinated debentures in whole at any time or in part from time to time on or after a stated call date;\n(vi) trust preferred securities holders have very limited voting rights; and (vii) payment of interest on the interest-bearing notes,\npreferred securities or subordinated debentures, and therefore distributions on the trust preferred securities, is dependent on the financial\ncondition of the issuing corporation.

REITs.\nAn investment in REITs should be made with an understanding of the risks which such an investment entails. Generally, these include economic\nrecession, the cyclical nature of real estate markets, competitive overbuilding, unusually adverse weather conditions, changing demographics,\nchanges in governmental regulations (including tax laws and environmental, building, zoning and sales regulations), increases in real\nestate taxes or costs of material and labor, the inability to secure performance guarantees or insurance as required, the unavailability\nof investment capital and the inability to obtain construction financing or mortgage loans at rates acceptable to builders and purchasers\nof real estate. Additional risks include an inability to reduce expenditures associated with a property (such as mortgage payments and\nproperty taxes) when rental revenue declines, and possible loss upon foreclosure of mortgaged properties if mortgage payments are not\npaid when due.

REITs\nare financial vehicles that have as their objective the pooling of capital from a number of investors in order to participate directly\nin real estate ownership or financing. REITs are generally fully integrated operating companies that have interests in income-producing\nreal estate. Equity REITs emphasize direct property investment, holding their invested assets primarily in the ownership of real estate\nor other equity interests. REITs obtain capital funds for investment in underlying real estate assets by selling debt or equity securities\nin the public or institutional capital markets or by bank borrowing. Thus, the returns on common equities of REITs will be significantly\naffected by changes in costs of capital and, particularly in the case of highly “leveraged” REITs (i.e., those with large\namounts of borrowings outstanding), by changes in the level of interest rates. The objective of an equity REIT is to purchase income-producing\nreal estate properties in order to generate high levels of cash flow from rental income and a gradual asset appreciation, and they typically\ninvest in properties such as office, retail, industrial, hotel and apartment buildings and healthcare facilities.

REITs\nare a creation of the tax law. REITs essentially operate as a corporation or business trust with the advantage of exemption from corporate\nincome taxes provided the REIT satisfies the requirements of Sections 856 through 860 of the Internal Revenue Code. The major tests for\ntax-qualified status are that the REIT (i) be managed by one or more trustees or directors, (ii) issue shares of transferable interest\nto its owners, (iii) have at least 100 shareholders, (iv) have no more than 50% of the shares held by five or fewer individuals, (v) invest\nsubstantially all of its capital in real estate related assets and derive substantially all of its gross income from real estate related\nassets and (vi) distributed at least 95% of its taxable income to its shareholders each year. If a REIT should fail to qualify for such\ntax status, the related shareholders (including such Trust) could be adversely affected by the resulting tax consequences.

The\nunderlying value of REITs and their ability to pay dividends may be adversely affected by changes in national economic conditions, changes\nin local market conditions due to changes in general or local economic conditions and neighborhood characteristics, increased competition\nfrom other properties, obsolescence of property, changes in the availability, cost and terms of mortgage funds, the impact of present\nor future environmental legislation and compliance with environmental laws, the ongoing need for capital improvements, particularly in\nolder properties, changes in real estate tax rates and other operating expenses, regulatory and economic impediments to raising rents,\nadverse changes in governmental rules and fiscal policies, dependency on management skill, civil unrest, acts of God, including earthquakes,\nfires and other natural disasters (which may result in uninsured losses), acts of war, adverse changes in zoning laws, and other factors\nwhich are beyond the control of the issuers of REITs. The value of REITs may at times be particularly sensitive to devaluation in the\nevent of rising interest rates.

REITs\nmay concentrate investments in specific geographic areas or in specific property types, i.e., hotels, shopping malls, residential complexes,\noffice buildings and timberlands. The impact of economic conditions on REITs can also be expected to vary with geographic location and\nproperty type. Investors should be aware that REITs may not be diversified and are subject to the risks of financing projects. REITs are\nalso subject to defaults by borrowers, self-liquidation, the market’s perception of the REIT industry generally, and the possibility\nof failing to qualify for pass-through of income under the Internal Revenue Code, and to maintain exemption from the Investment Company\nAct of 1940. A default by a borrower or lessee may cause a REIT to experience delays in enforcing its right as mortgagee or lessor and\nto incur significant costs related to protecting its investments. In addition, because real estate generally is subject to real property\ntaxes, REITs may be adversely affected by increases or decreases in property tax rates and assessments or reassessments of the properties\nunderlying REITs by taxing authorities. Furthermore, because real estate is relatively illiquid, the ability of REITs to vary their portfolios\nin response to changes in economic and other conditions may be limited and may adversely affect the value of the Units. There can be no\nassurance that any REIT will be able to dispose of its underlying real estate assets when advantageous or necessary.

Issuers\nof REITs generally maintain comprehensive insurance on presently owned and subsequently acquired real property assets, including liability,\nfire and extended coverage. However, certain types of losses may be uninsurable or not be economically insurable as to which the underlying\nproperties are at risk in their particular locales. There can be no assurance that insurance coverage will be sufficient to pay the full\ncurrent market value or current replacement cost of any lost investment. Various factors might make it impracticable to use insurance\nproceeds to replace a facility after it has been damaged or destroyed. Under such circumstances, the insurance proceeds received by a\nREIT might not be adequate to restore its economic position with respect to such property.

Under\nvarious environmental laws, a current or previous owner or operator of real property may be liable for the costs of removal or remediation\nof hazardous or toxic substances on, under or in such property. Such laws often impose liability whether or not the owner or operator\ncaused or knew of the presence of such hazardous or toxic substances and whether or not the storage of such substances was in violation\nof a tenant’s lease. In addition, the presence of hazardous or toxic substances, or the failure to remediate such property properly,\nmay adversely affect the owner’s ability to borrow using such real property as collateral. No assurance can be given that REITs\nmay not be presently liable or potentially liable for any such costs in connection with real estate assets they presently own or subsequently\nacquire. Certain of the REITs may also be Mortgage REITs. Mortgage REITs are companies that provide financing for real estate by purchasing\nor originating mortgages and mortgage-backed securities and earn income from the interest on these investments. Mortgage REITs are also\nsubject to many of the same risks associated with investments in other REITs and to real estate market conditions.

ETFs.\nAn investment in ETFs should be made with an understanding of the risks which such an investment entails. ETFs are investment pools that\nhold other securities. ETFs are either passively-managed index funds that seek to replicate the performance or composition of a recognized\nsecurities index or actively--managed funds that seek to achieve a stated investment objective. ETFs are either open-end management investment\ncompanies or unit investment trusts registered under the Investment Company Act of 1940, as amended. Unlike typical open-end funds or\nunit investment trusts, ETFs generally do not sell or redeem their individual shares at net asset value. ETFs generally sell and redeem\nshares in large blocks (often known as “Creation Units”), however, the Sponsor does not intend to sell or redeem ETFs in this\nmanner. In addition, securities exchanges list ETF shares for trading, which allow investors to purchase and sell individual ETF shares\namong themselves at market prices throughout the day. The Trust will purchase and sell ETF shares on these securities exchanges. ETFs\ntherefore possess characteristics of traditional open-end funds and unit investment trusts, which issue redeemable shares, and of corporate\ncommon stocks or closed-end funds, which generally issue shares that trade at negotiated prices on securities exchanges and are not redeemable.

ETFs\ncan provide exposure to broad-based indexes, growth and value styles, market cap segments, sectors and industries, specific countries\nor regions of the world or physical commodities. The securities comprising ETFs may be common stocks, fixed-income securities or physical\ncommodities. ETFs contain a number of securities, anywhere from fewer than 20 securities up to more than 1,000 securities. As a result,\ninvestors in ETFs obtain exposure to a much greater number of securities than an individual investor would typically be able to obtain\non their own. The performance of index-based ETFs is generally highly correlated with the indices or sectors which they are designed to\ntrack.

ETFs\nare subject to various risks, including management’s ability to meet the fund’s investment objective, and to manage the fund’s\nportfolio when the underlying securities are redeemed or sold, during periods of market turmoil and as investors’ perceptions regarding\nETFs or their underlying investments change.

Shares\nof ETFs frequently trade at a discount from their net asset value in the secondary market. This risk is separate and distinct from the\nrisk that the net asset value of the ETF shares may decrease. The amount of such discount from net asset value is subject to change from\ntime to time in response to various factors.

Closed-End\nFunds. An investment in closed-end funds should be made with an understanding of the risks which such an investment entails. Closed-end\nmutual funds’ portfolios are managed and their shares are generally listed on a securities exchange. The net asset value of closed-end\nfund shares will fluctuate with changes in the value of the underlying securities which the closed-end fund owns. In addition, for various\nreasons closed-end fund shares frequently trade at a discount from their net asset value in the secondary market. The amount of such discount\nfrom net asset value is subject to change from time to time in response to various factors. Closed-end funds’ articles of incorporation\nmay contain certain anti-takeover provisions that may have the effect of inhibiting a fund’s possible conversion to open-end status\nand limiting the ability of other persons to acquire control of a fund. In certain circumstances, these provisions might also inhibit\nthe ability of stockholders (including the Trust) to sell their shares at a premium over prevailing market prices. This characteristic\nis a risk separate and distinct from the risk that a fund’s net asset value will decrease. In particular, this characteristic would\nincrease the loss or reduce the return on the sale of those closed-end fund shares which were purchased by a Trust at a premium. In the\nunlikely event that a closed-end fund converts to open-end status at a time when its shares are trading at a premium there would be an\nimmediate loss in value to a Trust since shares of open-end funds trade at net asset value. Certain closed-end funds may have in place\nor may put in place in the future plans pursuant to which the fund may repurchase its own shares in the marketplace. Typically, these\nplans are put in place in an attempt by a fund’s board of directors to reduce a discount on its share price. To the extent such\na plan was implemented and shares owned by a Trust are repurchased by a fund, the Trust’s position in that fund would be reduced\nand the cash would be distributed.

A\nTrust is prohibited from subscribing to a rights offering for shares of any of the closed-end funds in which they invest. In the event\nof a rights offering for additional shares of a fund, Unit holders should expect that their Trust will, at the completion of the offer,\nown a smaller proportional interest in such fund that would otherwise be the case. It is not possible to determine the extent of this\ndilution in share ownership without knowing what proportion of the shares in a rights offering will be subscribed. This may be particularly\nserious when the subscription price per share for the offer is less than the fund’s net asset value per share. Assuming that all\nrights are exercised and there is no change in the net asset value per share, the aggregate net asset value of each shareholder’s\nshares of common stock should decrease as a result of the offer. If a fund’s subscription price per share is below that fund’s\nnet asset value per share at the expiration of the offer, shareholders would experience an immediate dilution of the aggregate net asset\nvalue of their shares of common stock as a result of the offer, which could be substantial.

Closed-end\nfunds may utilize leveraging in their portfolios. Leveraging can be expected to cause increased price volatility for those fund’s\nshares, and as a result, increased volatility for the price of the Units of a Trust. There can be no assurance that a leveraging strategy\nwill be successful during any period in which it is employed.

Business\nDevelopment Companies. An investment in business development companies should be made with an understanding of the risks which such\nan investment entails. Business development companies’ portfolios are managed and their shares are generally listed on a securities\nexchange. Business development companies are closed-end funds which have elected to be treated as business development companies. The\nnet asset value of business development company shares will fluctuate with changes in the value of the underlying securities which the\nbusiness development company fund owns. In addition, for various reasons business development company shares frequently trade at a discount\nfrom their net asset value in the secondary market. The amount of such discount from net asset value is subject to change from time to\ntime in response to various factors. Business development companies’ articles of incorporation may contain certain anti-takeover\nprovisions that may have the effect of inhibiting a fund’s possible conversion to open-end status and limiting the ability of other\npersons to acquire control of a fund. In certain circumstances, these provisions might also inhibit the ability of stockholders (including\nthe Trust) to sell their shares at a premium over prevailing market prices. This characteristic is a risk separate and distinct from the\nrisk that a fund’s net asset value will decrease. In particular, this characteristic would increase the loss or reduce the return\non the sale of those business development company shares which were purchased by the Trust at a premium. In the unlikely event that a\nbusiness development company converts to open-end status at a time when its shares are trading at a premium there would be an immediate\nloss in value to a Trust since shares of open-end funds trade at net asset value. Certain business development companies may have in place\nor may put in place in the future plans pursuant to which the fund may repurchase its own shares in the marketplace. Typically, these\nplans are put in place in an attempt by a fund’s board of directors to reduce a discount on its share price. To the extent such\na plan was implemented and shares owned by the Trust are repurchased by a fund, the Trust’s position in that fund would be reduced\nand the cash would be distributed.

A\nTrust is prohibited from subscribing to a rights offering for shares of any of the business development companies in which they invest.\nIn the event of a rights offering for additional shares of a fund, Unit holders should expect that their Trust will, at the completion\nof the offer, own a smaller proportional interest in such fund that would otherwise be the case. It is not possible to determine the extent\nof this dilution in share ownership without knowing what proportion of the shares in a rights offering will be subscribed. This may be\nparticularly serious when the subscription price per share for the offer is less than the fund’s net asset value per share. Assuming\nthat all rights are exercised and there is no change in the net asset value per share, the aggregate net asset value of each shareholder’s\nshares of common stock should decrease as a result of the offer. If a fund’s subscription price per share is below that fund’s\nnet asset value per share at the expiration of the offer, shareholders would experience an immediate dilution of the aggregate net asset\nvalue of their shares of common stock as a result of the offer, which could be substantial.

Business\ndevelopment companies may utilize leveraging in their portfolios. Leveraging can be expected to cause increased price volatility for those\nfund’s shares, and as a result, increased volatility for the price of the Units of a Trust. There can be no assurance that a leveraging\nstrategy will be successful during any period in which it is employed.

Convertible\nSecurities. Convertible securities include convertible subordinated debentures and corporate bonds (“Convertible Bonds”)\nand cumulative convertible preferred stocks (“Convertible Preferred Stocks”). Convertible securities contain a conversion\nprivilege which, under specified circumstances, offers the holder the right to exchange such security for common stock of the issuing\ncorporation. Convertible Bonds obligate the issuing company to pay a stated annual rate of interest (or a stated dividend in the case\nof Convertible Preferred Stocks) and to return the principal amount after a specified period of time. The income offered by convertible\nsecurities is generally higher than the dividends received from the underlying common stock, but lower than similar quality non-convertible\ndebt securities. Convertible securities are usually priced at a premium to their conversion value, i.e., the value of the common stock\nreceived if the holder were to exchange the convertible security.

The\nholder of the convertible security may choose at any time to exchange the convertible security for a specified number of shares of the\ncommon stock of the corporation, or occasionally a subsidiary company, at a specified price, as defined by the corporation when the security\nis issued. Accordingly, the value of the convertible obligation may generally be expected to increase (decrease) as the price of the associated\ncommon stock increases (decreases). Also, the market value of convertible securities tends to be influenced by the level of interest rates\nand tends to decline as interest rates increase and, conversely, to increase as interest rates decline. Convertible securities rank senior\nto common stocks in an issuer’s capital structure, but are junior to non-convertible debt securities. As convertible securities\nare considered junior to any non-convertible debt securities issued by the corporation, convertible securities are typically rated by\nestablished credit ratings agencies at one level below the rating on such corporation’s nonconvertible debt.

Convertible\nsecurities are hybrid securities, combining the investment characteristics of both bonds and common stock. Like a bond (or preferred stock),\na convertible security pays interest at a fixed rate (dividend), but may be converted into common stock at a specified price or conversion\nrate.

When\nthe conversion price of the convertible security is significantly above the price of the issuer’s common stock, a convertible security\ntakes on the risk characteristics of a bond. At such times, the price of a convertible security will vary inversely with changes in the\nlevel of interest rates. In other words, when interest rates rise, prices of convertible securities will generally fall; conversely, when\ninterest rates fall, prices of convertible securities will generally rise. This interest rate risk is in part offset by the income paid\nby the convertible securities.

In\ncontrast, when the conversion price of a convertible security and the common stock price are close to one another, a convertible security\nwill behave like a common stock. In such cases, the prices of convertible securities may exhibit the short-term price volatility characteristic\nof common stocks.

For\nthese reasons Unit holders must be willing to accept the market risks of both bonds and common stocks. However, because convertible securities\nhave characteristics of both common stocks and bonds, they tend to be less sensitive to interest rate changes than bonds of comparable\nmaturity and quality, and less sensitive to stock market changes than fully invested common stock portfolios. Because of these factors\nand the hybrid nature of convertible securities, Unit holders should recognize that convertible securities are likely to perform quite\ndifferently than broadly-based measures of the stock and bond markets.

The\nmarket for convertible securities includes a larger proportion of small- to medium-size companies than the broad stock market (as measured\nby such indices as the Standard & Poor’s 500 Composite Stock Price Index). Companies which issue convertible securities are\noften lower in credit quality, typically rated below “Investment Grade.” Moreover, the credit rating of a company’s\nconvertible issuance is generally lower than the rating of the company’s conventional debt issues since the convertible security\nis normally a “junior” security. Securities with such ratings are considered speculative, and thus pose a greater risk of\ndefault than investment grade securities.

High-risk\nsecurities may be thinly traded, which can adversely affect the prices at which such securities can be sold and can result in high transaction\ncosts. Judgment plays a greater role in valuing high risk securities than securities for which more extensive quotations and last sale\ninformation are available. Adverse publicity and changing investor perceptions may affect the ability of outside price services to value\nsecurities.

During\nan economic downturn or a prolonged period of rising interest rates, the ability of issuers of debt to serve their payment obligations,\nmeet projected goals, or obtain additional financing may be impaired.

Convertible\nsecurities are subject to the risk that the financial condition of the issuers of the convertible securities or the general condition\nof the stock market or bond market may worsen and the value of the convertible securities and therefore the value of the Units may decline.\nConvertible securities may be susceptible to general stock market movements and to increases and decreases of value as market confidence\nin and perceptions of the issuers change. These perceptions are based on unpredictable factors including expectations regarding government,\neconomic, monetary and fiscal policies, inflation and interest rates, economic expansion or contraction, and global or regional political,\neconomic or banking crises. Convertible Preferred Stocks are also subject to Congressional reductions in the dividends-received deduction\nwhich would adversely affect the after-tax return to the corporate investors who can take advantage of the deduction. Such reductions\nalso might adversely affect the value of preferred stocks in general. Holders of preferred stocks have rights to receive payments from\nthe issuers of those preferred stocks that are generally subordinate to those of creditors of, or holders of debt obligations or, in some\ncases, senior preferred stocks of, such issuers. Convertible Preferred Stocks do not represent an obligation of the issuer and, therefore,\ndo not offer any assurance of income (since dividends on a preferred stock must be declared by the issuer’s Board of Directors)\nor provide the same degree of protection of capital as do debt securities. Cumulative preferred stock dividends must be paid before common\nstock dividends and any cumulative preferred stock dividend omitted is added to future dividends payable to the holders of cumulative\npreferred stock. The issuance of additional debt securities or senior preferred stock will create prior claims for payment of principal\nand interest and senior dividends which could adversely affect the ability and inclination of the issuer to declare or pay dividends on\nits preferred stock or the rights of holders of preferred stock with respect to assets of the issuer upon liquidation or bankruptcy. The\nvalue of preferred stocks is subject to market fluctuations for as long as the preferred stocks remain outstanding, and thus the value\nof the Convertible Preferred Stocks in the Funds may be expected to fluctuate over the life of the Trust to values higher or lower than\nthose prevailing on the Date of Deposit. Holders of Convertible Preferred Stocks incur more risk than holders of debt obligations because\npreferred stockholders, as owners of the entity, have generally inferior rights to receive payments from the issuer in comparison with\nthe rights of creditors of or holders of debt obligations issued by the issuer.

Convertible\nBonds are typically subordinated debentures and, therefore, the claims of senior creditors must be settled in full before any payment\nwill be made to holders of Convertible Bonds in the event of insolvency or bankruptcy. Senior creditors typically include all other long-term\ndebt issuers and bank loans. Convertible Bonds do, however, have a priority over common and preferred stock. Investors in Convertible\nBonds pay for the conversion privilege by accepting a significantly lower yield to maturity than that concurrently offered by non-convertible\nbonds of equivalent quality.

Whether\nor not the convertible securities are listed on a national securities exchange, the principal trading market for the convertible securities\nmay be in the over-the-counter market. As a result, the existence of a liquid trading market for the convertible securities may depend\non whether dealers will make a market in the convertible securities. There can be no assurance that a market will be made for any of the\nconvertible securities, that any market for the convertible securities will be maintained or of the liquidity of the convertible securities\nin any markets made.

Issues\nof Convertible Bonds and Convertible Preferred Stocks generally provide that the convertible security may be liquidated, either by a partial\nscheduled redemption pursuant to a sinking fund or by a refunding redemption pursuant to which, at the option of the issuer, all or part\nof the issue can be retired from any available funds, at prices which may or may not include a premium over the involuntary liquidation\npreference, which generally is the same as the par or stated value of the convertible security. In general, optional redemption provisions\nare more likely to be exercised when the convertible security is valued at a premium over par or stated value than when they are valued\nat a discount from par or stated value. Generally, the value of the convertible security will be at a premium over par when market interest\nrates fall below the coupon rate.

Fixed-Income\nSecurities. Fixed-income securities, in many cases, do not have the benefit of covenants which would prevent the issuer from engaging\nin capital restructurings or borrowing transactions in connection with corporate acquisitions, leveraged buyouts or restructurings which\ncould have the effect of reducing the ability of the issuer to meet its debt obligations and might result in the ratings of the securities\nand the value of the underlying Trust portfolio being reduced.

Fixed-income\nsecurities may have been acquired at a market discount from par value at maturity. The coupon interest rates on the discount securities\nat the time they were purchased were lower than the current market interest rates for newly issued securities of comparable rating and\ntype. If such interest rates for newly issued comparable securities increase, the market discount of previously issued securities will\nbecome greater, and if such interest rates for newly issued comparable securities decline, the market discount of previously issued securities\nwill be reduced, other things being equal. Investors should also note that the value of securities purchased at a market discount will\nincrease in value faster than securities purchased at a market premium if interest rates decrease. Conversely, if interest rates increase,\nthe value of securities purchased at a market discount will decrease faster than securities purchased at a market premium. In addition,\nif interest rates rise, the prepayment risk of higher yielding, premium securities and the prepayment benefit for lower yielding, discount\nsecurities will be reduced. A discount security held to maturity will have a larger portion of its total return in the form of capital\ngain and less in the form of interest income than a comparable security newly issued at current market rates. Market discount attributable\nto interest changes does not indicate a lack of market confidence in the issue. Neither the Sponsor nor the Trustee shall be liable in\nany way for any default, failure or defect in any of the securities.

Fixed-income\nsecurities may be original issue discount securities or zero coupon securities. Under current law, the original issue discount, which\nis the difference between the stated redemption price at maturity and the issue price of the securities, is deemed to accrue on a daily\nbasis and the accrued portion is treated as interest income for federal income tax purposes. On sale or redemption, any gain realized\nthat is in excess of the earned portion of original issue discount will be taxable as capital gain unless the gain is attributable to\nmarket discount in which case the accretion of market discount is taxable as ordinary income. The current value of an original discount\nsecurity reflects the present value of its stated redemption price at maturity. The market value tends to increase in greater increments\nas the securities approach maturity. The effect of owning deep discount zero coupon Securities which do not make current interest payments\nis that a fixed yield is earned not only on the original investment, but also, in effect, on all earnings during the life of the discount\nobligation. This implicit reinvestment of earnings at the same rate eliminates the risk of being unable to reinvest the income on such\nobligations at a rate as high as the implicit yield on the discount obligation, but at the same time eliminates the holder’s ability\nto reinvest at higher rates in the future. For this reason, the zero coupon securities are subject to substantially greater price fluctuations\nduring periods of changing interest rates than are securities of comparable quality which make regular interest payments.

Fixed-income\nsecurities may have been acquired at a market premium from par value at maturity. The coupon interest rates on the premium securities\nat the time they were purchased were higher than the current market interest rates for newly issued securities of comparable rating and\ntype. If such interest rates for newly issued and otherwise comparable securities decrease, the market premium of previously issued securities\nwill be increased, and if such interest rates for newly issued comparable securities increase, the market premium of previously issued\nsecurities will be reduced, other things being equal. The current returns of securities trading at a market premium are initially higher\nthan the current returns of comparable securities of a similar type issued at currently prevailing interest rates because premium securities\ntend to decrease in market value as they approach maturity when the face amount becomes payable. Because part of the purchase price is\nthus returned not at maturity but through current income payments, early redemption of a premium security at par or early prepayments\nof principal will result in a reduction in yield. Redemption pursuant to call provisions generally will, and redemption pursuant to sinking\nfund provisions may, occur at times when the redeemed securities have an offering side valuation which represents a premium over par or\nfor original issue discount securities a premium over the accreted value. To the extent that the securities were purchased at a price\nhigher than the price at which they are redeemed, this will represent a loss of capital.

Certain\nfixed-income securities may be subject to being called or redeemed in whole or in part prior to their stated maturities pursuant to optional\nredemption provisions, sinking fund provisions or otherwise. A security subject to optional call is one which is subject to redemption\nor refunding prior to maturity at the option of the issuer. A refunding is a method by which a security issue is redeemed, at or before\nmaturity, by the proceeds of a new security issue. A security subject to sinking fund redemption is one which is subject to partial call\nfrom time to time at par or from a fund accumulated for the scheduled retirement of a portion of an issue prior to maturity. Redemption\npursuant to call provisions is more likely to occur, and redemption pursuant to sinking fund provisions may occur, when the securities\nhave an offering side valuation which represents a premium over par or for original issue discount securities a premium over the accreted\nvalue.

High-Yield\nSecurities. An investment in high-yield securities should be made with an understanding of the risks that an investment in high-yield,\nhigh-risk, fixed-rate, domestic and foreign securities or “junk” bonds may entail, including increased credit risks and the\nrisk that the value of high-yield securities will decline, and may decline precipitously, with increases in interest rates. In recent\nyears there have been wide fluctuations in interest rates and thus in the value of fixed-rate securities generally. High-yield securities\nare, under most circumstances, subject to greater market fluctuations and risk of loss of income and principal than are investments in\nlower-yielding, higher-rated securities, and their value may decline precipitously because of increases in interest rates, not only because\nthe increases in rates generally decrease values, but also because increased rates may indicate a slowdown in the economy and a decrease\nin the value of assets generally that may adversely affect the credit of issuers of high-yield, high-risk securities resulting in a higher\nincidence of defaults among high-yield, high-risk securities. A slowdown in the economy, or a development adversely affecting an issuer’s\ncreditworthiness, may result in the issuer being unable to maintain earnings or sell assets at the rate and at the prices, respectively,\nthat are required to produce sufficient cash flow to meet its interest and principal requirements. For an issuer that has outstanding\nboth senior commercial bank debt and subordinated high-yield, high-risk securities, an increase in interest rates will increase that issuer’s\ninterest expense insofar as the interest rate on the bank debt is fluctuating. However, many leveraged issuers enter into interest rate\nprotection agreements to fix or cap the interest rate on a large portion of their bank debt. This reduces exposure to increasing rates,\nbut reduces the benefit to the issuer of declining rates. The Sponsor cannot predict future economic policies or their consequences or,\ntherefore, the course or extent of any similar market fluctuations in the future.

High-yield\nsecurities or “junk” bonds, the generic names for securities rated below “BBB–” by Standard & Poor’s,\nor below “Baa3” by Moody’s, are frequently issued by corporations in the growth stage of their development, by established\ncompanies whose operations or industries are depressed or by highly leveraged companies purchased in leveraged buyout transactions. The\nmarket for high-yield securities is very specialized and investors in it have been predominantly financial institutions. High-yield securities\nare generally not listed on a national securities exchange. Trading of high-yield securities, therefore, takes place primarily in over-the-counter\nmarkets which consist of groups of dealer firms that are typically major securities firms. Because the high-yield security market is a\ndealer market, rather than an auction market, no single obtainable price for a given security prevails at any given time. Prices are determined\nby negotiation between traders. The existence of a liquid trading market for the securities may depend on whether dealers will make a\nmarket in the securities. There can be no assurance that a market will be made for any of the securities, that any market for the securities\nwill be maintained or of the liquidity of the securities in any markets made. Not all dealers maintain markets in all high-yield securities.\nTherefore, since there are fewer traders in these securities than there are in “investment grade” securities, the bid-offer\nspread is usually greater for high-yield securities than it is for investment grade securities.

Lower-rated\nsecurities tend to offer higher yields than higher-rated securities with the same maturities because the creditworthiness of the issuers\nof lower-rated securities may not be as strong as that of other issuers. Moreover, if a fixed-income security is recharacterized as equity\nby the Internal Revenue Service for federal income tax purposes, the issuer’s interest deduction with respect to the security will\nbe disallowed and this disallowance may adversely affect the issuer’s credit rating. Because investors generally perceive that there\nare greater risks associated with lower-rated securities, the yields and prices of these securities tend to fluctuate more than higher-rated\nsecurities with changes in the perceived quality of the credit of their issuers. In addition, the market value of high-yield, high-risk,\nfixed-income securities may fluctuate more than the market value of higher-rated securities since high-yield, high-risk, fixed-income\nsecurities tend to reflect short-term credit development to a greater extent than higher-rated securities. Lower-rated securities generally\ninvolve greater risks of loss of income and principal than higher-rated securities. Issuers of lower-rated securities may possess fewer\ncreditworthiness characteristics than issuers of higher-rated securities and, especially in the case of issuers whose obligations or credit\nstanding have recently been downgraded, may be subject to claims by debtholders, owners of property leased to the issuer or others which,\nif sustained, would make it more difficult for the issuers to meet their payment obligations. High-yield, high-risk securities are also\naffected by variables such as interest rates, inflation rates and real growth in the economy. Therefore, investors should consider carefully\nthe relative risks associated with investment in securities which carry lower ratings.

Should\nthe issuer of any security default in the payment of principal or interest, the Securities in the Trust may incur additional expenses\nseeking payment on the defaulted security. Because amounts (if any) recovered by the Securities in the Trust in payment under the defaulted\nsecurity may not be reflected in the value of the Securities until actually received by the Securities and depending upon when a Unit\nholder purchases or sells his or her Units, it is possible that a Unit holder would bear a portion of the cost of recovery without receiving\nany portion of the payment recovered.

High-yield,\nhigh-risk securities are generally subordinated obligations. The payment of principal (and premium, if any), interest and sinking fund\nrequirements with respect to subordinated obligations of an issuer is subordinated in right of payment to the payment of senior obligations\nof the issuer. Senior obligations generally include most, if not all, significant debt obligations of an issuer, whether existing at the\ntime of issuance of subordinated debt or created thereafter. Upon any distribution of the assets of an issuer with subordinated obligations\nupon dissolution, total or partial liquidation or reorganization of or similar proceeding relating to the issuer, the holders of senior\nindebtedness will be entitled to receive payment in full before holders of subordinated indebtedness will be entitled to receive any payment.\nMoreover, generally no payment with respect to subordinated indebtedness may be made while there exists a default with respect to any\nsenior indebtedness. Thus, in the event of insolvency, holders of senior indebtedness of an issuer generally will recover more, ratably,\nthan holders of subordinated indebtedness of that issuer.

Obligations\nthat are rated lower than “BBB–” by Standard & Poor’s, or “Baa3” by Moody’s, respectively,\nshould be considered speculative as such ratings indicate a quality of less than investment grade. Investors should carefully review the\nobjective of the Trust and consider their ability to assume the risks involved before making an investment in the Trust.

Senior\nLoans. Senior loans are generally issued by banks, other financial institutions, and other investors to corporations, partnerships,\nlimited liability companies and other entities to finance leveraged buyouts, recapitalizations, mergers, acquisitions, stock repurchases,\ndebt refinancings and, to a lesser extent, for general operating and other purposes. An investment by Securities in senior loans involves\nrisk that the borrowers under senior loans may default on their obligations to pay principal or interest when due. Although senior loans\nmay be secured by specific collateral, there can be no assurance that liquidation of collateral would satisfy the borrower’s obligation\nin the event of non-payment or that such collateral could be readily liquidated. Senior loans are typically structured as floating-rate\ninstruments in which the interest rate payable on the obligation fluctuates with interest rate changes. As a result, the yield on Securities\ninvesting in senior loans will generally decline in a falling interest rate environment and increase in a rising interest rate environment.\nSenior loans are generally below investment grade quality and may be unrated at the time of investment; are generally not registered with\nthe SEC or state securities commissions; and are generally not listed on any securities exchange. In addition, the amount of public information\navailable on senior loans is generally less extensive than that available for other types of assets.

Subprime\nResidential Mortgage Loans. An investment in subprime residential mortgage loans should be made with an understanding of the risks\nwhich such an investment entails, including increased credit risks and the risk that the value of subprime residential mortgage loans\nwill decline, and may decline precipitously, with increases in interest rates. In a high interest rate environment, the value of subprime\nresidential mortgage loans may be adversely affected when payments on the mortgages do not occur as anticipated, resulting in the extension\nof the mortgage’s effective maturity and the related increase in interest rate sensitivity of a longer-term investment. The value\nof subprime mortgage loans may also change due to shifts in the market’s perception of issuers and regulatory or tax changes adversely\naffecting the mortgage securities markets as a whole. Due to current economic conditions, including fluctuating interest rates, as well\nas aggressive lending practices, subprime mortgage loans have in recent periods experienced increased rates of delinquency, foreclosure,\nbankruptcy and loss, and they are likely to continue to experience rates that are higher, and that may be substantially higher, than those\nexperienced by mortgage loans underwritten in a more traditional manner. Thus, because of the higher delinquency rates and losses associated\nwith subprime mortgage loans, risks of investing in Securities which hold subprime mortgage loans are similar to those which affect high-yield\nsecurities or “junk” bonds, which include less liquidity, greater volatility and an increased risk of default as compared\nto higher rated securities.

TIPS.\nTIPS are inflation-indexed fixed-income securities issued by the U.S. Department of Treasury that utilize an inflation mechanism tied\nto the Consumer Price Index (“CPI”). TIPS are backed by the full faith and credit of the United States. TIPS are offered with\ncoupon interest rates lower than those of nominal rate Treasury securities. The coupon interest rate remains fixed throughout the term\nof the securities. However, each day the principal value of the TIPS is adjusted based upon a pro-rata portion of the CPI as reported\nthree months earlier. Future interest payments are made based upon the coupon interest rate and the adjusted principal value. In a falling\ninflationary environment, both interest payments and the value of the TIPS will decline.

Foreign\nIssuers. Since certain of the Securities held by the Trust consist of, or invest in, securities issued by foreign entities, an investment\nin the Trust involves certain investment risks that are different in some respects from an investment in a trust which invests solely\nin the securities of domestic entities. These investment risks include future political or governmental restrictions which might adversely\naffect the payment or receipt of payment of dividends on the relevant Securities, the possibility that the financial condition of the\nissuers of the Securities may become impaired or that the general condition of the relevant stock market may worsen (both of which would\ncontribute directly to a decrease in the value of the Securities and thus in the value of the Units), the limited liquidity and relatively\nsmall market capitalization of the relevant securities market, expropriation or confiscatory taxation, economic uncertainties and foreign\ncurrency devaluations and fluctuations. In addition, for foreign issuers that are not subject to the reporting requirements of the Securities\nExchange Act of 1934, as amended, there may be less publicly available information than is available from a domestic issuer. Also, foreign\nissuers are not necessarily subject to uniform accounting, auditing and financial reporting standards, practices and requirements comparable\nto those applicable to domestic issuers. The securities of many foreign issuers are less liquid and their prices more volatile than securities\nof comparable domestic issuers. In addition, fixed brokerage commissions and other transaction costs on foreign securities exchanges are\ngenerally higher than in the United States and there is generally less government supervision and regulation of exchanges, brokers and\nissuers in foreign countries than there is in the United States. However, due to the nature of the issuers of the Securities selected\nfor the Trust, the Sponsor believes that adequate information will be available to allow the Supervisor to provide portfolio surveillance\nfor the Trust.

Securities\nissued by non-U.S. issuers may pay interest and/or dividends in foreign currencies and may be principally traded in foreign currencies.\nTherefore, there is a risk that the U.S. dollar value of these interest and/or dividend payments and/or securities will vary with fluctuations\nin foreign exchange rates.

On\nthe basis of the best information available to the Sponsor at the present time, none of the Securities in the Trust are subject to exchange\ncontrol restrictions under existing law which would materially interfere with payment to the Trust of dividends due on, or proceeds from\nthe sale of, the Securities. However, there can be no assurance that exchange control regulations might not be adopted in the future which\nmight adversely affect payment to the Trust. The adoption of exchange control regulations and other legal restrictions could have an adverse\nimpact on the marketability of international securities in the Trust and on the ability of the Trust to satisfy its obligation to redeem\nUnits tendered to the Trustee for redemption. In addition, restrictions on the settlement of transactions on either the purchase or sale\nside, or both, could cause delays or increase the costs associated with the purchase and sale of the foreign Securities and correspondingly\ncould affect the price of the Units.

Investors\nshould be aware that it may not be possible to buy all Securities at the same time because of the unavailability of any Security, and\nrestrictions applicable to the Trust relating to the purchase of a Security by reason of the federal securities laws or otherwise.

Foreign\nsecurities generally have not been registered under the Securities Act of 1933 and may not be exempt from the registration requirements\nof such Act. Sales of non-exempt Securities by the Trust in the United States securities markets are subject to severe restrictions and\nmay not be practicable. Accordingly, sales of these Securities by the Trust will generally be effected only in foreign securities markets.\nAlthough the Sponsor does not believe that the Trust will encounter obstacles in disposing of the Securities, investors should realize\nthat the Securities may be traded in foreign countries where the securities markets are not as developed or efficient and may not be as\nliquid as those in the United States. The value of the Securities will be adversely affected if trading markets for the Securities are\nlimited or absent.

Emerging\nand Developing Markets. Compared to more mature markets, some emerging and developing markets may have a low level of regulation,\nenforcement of regulations and monitoring of investors’ activities. Those activities may include practices such as trading on material\nnon-public information. The securities markets of emerging and developing countries are not as large as the more established securities\nmarkets and have substantially less trading volume, resulting in a lack of liquidity and high price volatility. There may be a high concentration\nof market capitalization and trading volume in a small number of issuers representing a limited number of industries as well as a high\nconcentration of investors and financial intermediaries. These factors may adversely affect the timing and pricing of the acquisition\nor disposal of securities.

In\ncertain emerging and developing markets, registrars are not subject to effective government supervision nor are they always independent\nfrom issuers. The possibility of fraud, negligence, undue influence being exerted by the issuer or refusal to recognize ownership exists,\nwhich, along with other factors, could result in the registration of a shareholding being completely lost. Investors should therefore\nbe aware that the Trust could suffer loss arising from these registration problems. In addition, the legal remedies in emerging and developing\nmarkets are often more limited than the remedies available in the United States.

Practices\npertaining to the settlement of securities transactions in emerging and developing markets involve higher risks than those in developed\nmarkets, in large part because of the need to use brokers and counterparties who are less well capitalized, and custody and registration\nof assets in some countries may be unreliable. As a result, brokerage commissions and other fees are generally higher in emerging and\ndeveloping markets and the procedures and rules governing foreign transactions and custody may involve delays in payment, delivery or\nrecovery of money or investments. Delays in settlement could result in investment opportunities being missed if the Trust is unable to\nacquire or dispose of a security. Certain foreign investments may also be less liquid and more volatile than U.S. investments, which may\nmean at times that such investments are unable to be sold at desirable prices.

Political\nand economic structures in emerging and developing markets often change rapidly, which may cause instability. In adverse social and political\ncircumstances, governments have been involved in policies of expropriation, confiscatory taxation, nationalization, intervention in the\nsecurities market and trade settlement, and imposition of foreign investment restrictions and exchange controls, and these could be repeated\nin the future. In addition to withholding taxes on investment income, some governments in emerging and developing markets may impose different\ncapital gains taxes on foreign investors. Foreign investments may also be subject to the risks of seizure by a foreign government and\nthe imposition of restrictions on the exchange or export of foreign currencies. Additionally, some governments exercise substantial influence\nover the private economic sector and the political and social uncertainties that exist for many emerging and developing countries are\nconsiderable.

Another\nrisk common to most emerging and developing countries is that the economy is heavily export oriented and, accordingly, is dependent upon\ninternational trade. The existence of overburdened infrastructures and obsolete financial systems also presents risks in certain countries,\nas do environmental problems. Certain economies also depend, to a large degree, upon exports of primary commodities and, therefore, are\nvulnerable to changes in commodity prices which, in turn, may be affected by a variety of factors.

Small\nand/or Mid Capitalization Companies. While historically stocks of small and mid capitalization companies have outperformed the stocks\nof large companies, the former have customarily involved more investment risk as well. Such companies may have limited product lines,\nmarkets or financial resources; may lack management depth or experience; and may be more vulnerable to adverse general market or economic\ndevelopments than large companies. Some of these companies may distribute, sell or produce products which have recently been brought to\nmarket and may be dependent on key personnel.

The\nprices of small and mid cap company securities are often more volatile than prices associated with large company issues, and can display\nabrupt or erratic movements at times, due to limited trading volumes and less publicly available information. Also, because such companies\nnormally have fewer shares outstanding and these shares trade less frequently than large companies, it may be more difficult for the Trusts\nwhich contain these Securities to buy and sell significant amounts of such shares without an unfavorable impact on prevailing market price.

Undertakings

Subject to the terms and conditions of Section 15(d) of the Securities Exchange Act of 1934, the undersigned\nregistrant hereby undertakes to file with the Securities and Exchange Commission such supplementary and periodic information, documents,\nand reports as may be prescribed by any rule or regulation of the Commission heretofore or hereafter duly adopted pursuant to authority\nconferred in that section.

Insofar as indemnification for liability arising under the Securities Act of 1933 (the “Securities\nAct”) may be permitted to directors, officers and controlling persons of the registrant pursuant to Rule 484 under the Securities\nAct, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification\nis against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification\nagainst such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling\nperson of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling\nperson in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been\nsettled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against\npublic policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

CONTENTS\nOF REGISTRATION STATEMENT

Bonding Arrangements of Depositor:

First Trust Portfolios\nL.P. is covered by a Brokers’ Fidelity Bond, in the total amount of $2,000,000, the insurer being National Union Fire Insurance\nCompany of Pittsburgh.

This Registration Statement on Form S-6 comprises the following papers and documents:

The Facing Sheet

The Prospectus

The Signatures

Exhibits

S-1

SIGNATURES

Pursuant to\nthe requirements of the Securities Act of 1933, the Registrant, FT 13272, has duly caused this Amendment to the Registration Statement\nto be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Wheaton and State of Illinois on October 13,\n2026.

FT 13272

By:

First Trust Portfolios L.P.
\nDepositor

By:

/s/ Ronda L. Saeli-Chiappe
\nSenior Vice President

S-2

Pursuant to the requirements\nof the Securities Act of 1933, this Amendment to the Registration Statement has been signed below by the following person in the capacity\nand on the date indicated:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Name	Title*	Date

James A. Bowen	Director of The Charger Corporation, the General Partner of First Trust Portfolios L.P., and Chief Executive Officer of First Trust Portfolios L.P.	\n ) \n ) \n ) \n )By:/s/ Ronda L. Saeli-Chiappe \n ) Attorney-in-Fact** \n ) October 13, 2026 \n ) \n )
James M. Dykas	Chief Financial Officer of First Trust Portfolios L.P.	\n ) \n ) \n )
Christina Knierim	Controller of First Trust Portfolios L.P.	) \n)

The title of the person named herein represents his or her capacity in and relationship to First Trust\nPortfolios L.P., the Depositor.

Executed copies of the related powers of\nattorney were filed with the Securities and Exchange Commission in connection with the Amendment No. 1 to Form S-6 of FT 12910 (File\nNo. 333-294321) and the same is hereby incorporated herein by this reference.

S-3

CONSENT\nOF COUNSEL

The consent of counsel\nto the use of its name in the Prospectus included in this Registration Statement is contained in its opinion filed as Exhibit 3.1 of the\nRegistration Statement.

Consent\nof Independent Registered Public Accounting Firm

The consent of Deloitte & Touche LLP\nto the use of its name in the Prospectus included in the Registration Statement is filed as Exhibit 4.1 to the Registration Statement.

S-4

EXHIBIT\nINDEX

1.1

Standard Terms\nand Conditions of Trust for FT 10292 and certain subsequent Series, effective September 7, 2022 among First Trust Portfolios L.P.,\nas Depositor, The Bank of New York Mellon, as Trustee and First Trust Advisors L.P., as Portfolio Supervisor (incorporated by reference\nto Amendment No. 1 to Form S-6 [File No. 333-266325] filed on behalf of FT 10292).

1.1.1

Trust Agreement for FT 13272, effective October 13, 2026 among First Trust Portfolios L.P., as Depositor,\nThe Bank of New York Mellon, as Trustee and First Trust Advisors L.P., as Portfolio Supervisor.

1.2

Certificate\nof Limited Partnership of Nike Securities, L.P., predecessor of First Trust Portfolios L.P. (incorporated by reference to Amendment\nNo. 1 to Form S-6 [File No. 333-230481] filed on behalf of FT 8001).

1.3

Amended and\nRestated Limited Partnership Agreement of Nike Securities, L.P., predecessor of First Trust Portfolios L.P. (incorporated by reference\nto Amendment No. 1 to Form S-6 [File No. 333-230481] filed on behalf of FT 8001).

1.4

Articles of\nIncorporation of Nike Securities Corporation, predecessor to The Charger Corporation, the general partner of First Trust Portfolios\nL.P., Depositor (incorporated by reference to Amendment No. 1 to Form S-6 [File No. 333-230481] filed on behalf of FT 8001).

1.5

By-Laws of\nThe Charger Corporation, the general partner of First Trust Portfolios L.P., Depositor (incorporated by reference to Amendment No. 2 to\nForm S-6 [File No. 333-169625] filed on behalf of FT 2669).

1.7

Fund of Funds Agreements (incorporated by reference to Amendment No. 1 to Form S-6 [File No. 333-261661]\nfiled on behalf of FT 9909, Amendment No.\n1 to Form S-6 [File No. 333-261297] filed on behalf of FT\n9857, Amendment No. 1 to Form S-6 [File No. 333-262164] filed on behalf of FT\n9948, Amendment No. 1 to Form S-6 [File No. 333-262344] filed on behalf of FT\n9965, Amendment No. 1 to Form S-6 [File No. 333-263845] filed on behalf of FT\n10083 and Amendment No. 1 to Form S-6 [File No. 333-274281] filed on behalf of FT\n11028).

2.2

Code of\nEthics (incorporated by reference to Amendment No. 1 to Form S-6 [File No. 333-224320] filed on behalf of FT 7359).

S-5

3.1

Opinion of counsel as to legality of securities being registered.

4.1

Consent of Independent Registered Public Accounting Firm.

6.1

List of\nPrincipal Officers of the Depositor (incorporated by reference to Amendment No. 1 to Form S-6 [File No. 333-236093] filed on behalf\nof FT 8556).

7.1

Powers of Attorney\nexecuted by the Officers listed on page S-3 of this Registration Statement (incorporated by reference to Amendment No. 1 to Form S-6 [File\nNo. 333-294321] filed on behalf of FT 12910).

S-6

","zhKind","complete","政策与监管","aihot","/items/cnkad4jdlitmszasc2bcqztmg","https://www.sec.gov/Archives/edgar/data/2146663/000144554626007595/0001445546-26-007595-index.htm","rss-sec-xbrl","name","SEC · EDGAR 财务披露","kind","rss","firstParty","iconUrl","/api/img-proxy?u=https%3A%2F%2Fwww.sec.gov%2Fthemes%2Fcustom%2Fuswds_sec%2Fassets%2Fimg%2Ffavicons%2Fapple-touch-icon.png&mode=avatar&exp=1792108800&sig=e4adf00b596060d2","iconSrcSet","/api/img-proxy?u=https%3A%2F%2Fwww.sec.gov%2Fthemes%2Fcustom%2Fuswds_sec%2Fassets%2Fimg%2Ffavicons%2Fapple-touch-icon.png&mode=avatar-48&exp=1792108800&sig=208b33ec2756b0ea 48w, /api/img-proxy?u=https%3A%2F%2Fwww.sec.gov%2Fthemes%2Fcustom%2Fuswds_sec%2Fassets%2Fimg%2Ffavicons%2Fapple-touch-icon.png&mode=avatar-96&exp=1792108800&sig=786fcd6a5ff8379c 96w","changelogVersion","2026-10-01T08:00"]