487 1 s487.htm FORM S-6 TO EFFECTIVE AMENDMENT

Registration No. 333-249578

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 OF SECURITIES OF UNIT INVESTMENT TRUSTS REGISTERED ON FORM N-8B-2

A. Exact name of trust:

FT 9032

B. Name of depositor:

FIRST TRUST PORTFOLIOS L.P.

C. Complete address of depositor's principal executive offices:

120 East Liberty Drive

Suite 400

Wheaton, Illinois 60187

D. Name and complete address of agents for service:

	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	111 West Monroe Street
Suite 400	Chicago, Illinois 60603
Wheaton, Illinois 60187

E. Title and Amount of Securities Being Registered:

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

F. Approximate date of proposed sale to public:

As soon as practicable after the effective date of the Registration Statement.

|X|

Check box if it is proposed that this filing will become effective on November 4, 2020 at 2:00 p.m. pursuant to Rule 487.

________________________________

Stonebridge Preferred Income Portfolio, Series 30

FT 9032

FT 9032 is a series of a unit investment trust, the FT Series. FT 9032
consists of a single portfolio known as Stonebridge Preferred Income
Portfolio, Series 30 (the "Trust"). The Trust invests in a diversified
portfolio of preferred stocks and trust preferred securities (the
"Securities"). Certain of the Securities are considered to be high-yield
securities. See "Risk Factors" for a discussion of the risks of investing
in high-yield securities or "junk" bonds. The Trust seeks a high rate of
current income.

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

FIRST TRUST(R)

800-621-1675

The date of this prospectus is November 4, 2020

Page 1

Table of Contents

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 12
Portfolio 13
Risk Factors 13
Public Offering 17
Distribution of Units 19
The Sponsor's Profits 21
The Secondary Market 21
How We Purchase Units 21
Expenses and Charges 21
Tax Status 22
Retirement Plans 24
Rights of Unit Holders 24
Income and Capital Distributions 25
Redeeming Your Units 26
Removing Securities from the Trust 27
Amending or Terminating the Indenture 27
Information on Stonebridge Advisors LLC,
the Sponsor, Trustee and Evaluator 28
Other Information 29
Credit Rating Definitions 29

Page 2

Summary of Essential Information (Unaudited)

Stonebridge Preferred Income Portfolio, Series 30
FT 9032

At the Opening of Business on the Initial Date of Deposit-November 4, 2020

Sponsor: First Trust Portfolios L.P.
Trustee: The Bank of New York Mellon
Evaluator: First Trust Advisors L.P.

Initial Number of Units (1) 17,243
Fractional Undivided Interest in the Trust per Unit (1) 1/17,243
Public Offering Price:
Public Offering Price per Unit (2) $ 10.000
Less Initial Sales Charge per Unit (3) (.000)
__________
Aggregate Offering Price Evaluation of Securities per Unit (4) 10.000
Less Deferred Sales Charge per Unit (3) (.225)
__________
Redemption Price per Unit (5) 9.775
Less Creation and Development Fee per Unit (3)(5) (.050)
Less Organization Costs per Unit (5) (.037)
__________
Net Asset Value per Unit $ 9.688
==========
Cash CUSIP Number 30316N 329
Reinvestment CUSIP Number 30316N 337
Fee Account Cash CUSIP Number 30316N 345
Fee Account Reinvestment CUSIP Number 30316N 352
Pricing Line Product Code 132830
Ticker Symbol FWJAKX

First Settlement Date November 6, 2020
Mandatory Termination Date (6) November 4, 2022
Income Distribution Record Date Tenth day of each month, commencing December 10, 2020.
Income Distribution Date (7) Twenty-fifth day of each month, commencing December 25, 2020.

______________

(1) As of the Evaluation Time on the Initial Date 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. If 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 day prior to 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 valuation at the Evaluation Time on the date
you purchase your Units. On the Initial Date of Deposit, the Public
Offering Price per Unit will not include any accumulated dividends on the
Securities. After this date, a pro rata share of any accumulated dividends
on the Securities will be included.

(3) You will pay a maximum sales charge of 2.75% of the Public Offering
Price per Unit (equivalent to 2.75% of the net amount invested) which
consists of an initial sales charge, a deferred sales charge and a
creation and development fee. The sales 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 prior 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 price on such date. See "Public Offering-The
Value of the Securities." Evaluations for purposes of determining the
purchase, sale or redemption price of Units are made as of the close of
trading on the New York Stock Exchange ("NYSE") (generally 4:00 p.m.
Eastern time) on each day on which it is open (the "Evaluation Time").

(5) The creation and development fee will be deducted from the assets of
the Trust at the end of the initial offering period and the estimated
organization costs per Unit will be deducted from the assets of the Trust
at the earlier of six months after the Initial Date of Deposit or the end
of the initial offering period. If Units are redeemed prior to any such
reduction, these 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 Capital Account monthly on
the twenty-fifth day of each month to Unit holders of record on the tenth
day of each month if the amount available for distribution equals at least
$1.00 per 100 Units. In any case, the Trustee will distribute any funds in
the Capital Account in December of each year and as part of the final
liquidation distribution. See "Income and Capital Distributions."

Page 3

Fee Table (Unaudited)

This Fee Table describes the fees and expenses that you may, directly or
indirectly, pay if you buy and hold Units of the Trust. See "Public
Offering" and "Expenses and Charges." Although the Trust has a term of
approximately two years and is a unit investment trust rather than a
mutual fund, this information allows you to compare fees.

Amount
per Unit
________
Unit Holder Sales Fees (as a percentage of public offering price)

Maximum Sales Charge
Initial sales charge 0.00%(a) $.000
Deferred sales charge 2.25%(b) $.225
Creation and development fee 0.50%(c) $.050
_____ _____
Maximum sales charge (including creation and development fee) 2.75% $.275
===== =====

Organization Costs (as a percentage of public offering price)
Estimated organization costs .370%(d) $.0370
===== ======

Estimated Annual Trust Operating Expenses(e)
(as a percentage of average net assets)
Portfolio supervision, bookkeeping, administrative and evaluation fees .080% $.0080
Trustee's fee and other operating expenses .138%(f) $.0138
_____ ______
Total .218% $.0218
===== ======

Example

This example is intended to help you compare the cost of investing in the
Trust with the cost of investing in other investment products. The example
assumes that you invest $10,000 in the Trust for the periods shown. The
example also assumes a 5% return on your investment each year and that the
Trust's operating expenses stay the same. The example does not take into
consideration transaction fees which may be charged by certain
broker/dealers for processing redemption requests. Although your actual
costs may vary, based on these assumptions your costs, assuming you sell
or redeem your Units at the end of each period, would be:

1 Year 2 Years
______ _______
$334 $356

The example will not differ if you hold rather than sell your Units at the
end of each period.

_____________

(a) The combination of the initial and deferred sales charge comprises
what we refer to as the "transactional sales charge." The initial sales
charge is actually equal to the difference between the maximum sales
charge of 2.75% and the sum of any remaining deferred sales charge and
creation and development fee. When the Public Offering Price per Unit
equals $10, there is no 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 $.225 per
Unit which, as a percentage of the Public Offering Price, will vary over
time. The deferred sales charge will be deducted in three monthly
installments commencing February 19, 2021.

(c) The creation and development fee compensates the Sponsor for creating
and developing the Trust. The creation and development fee is a charge of
$.050 per Unit collected at the end of the initial offering period, which
is expected to be approximately three months from the Initial Date of
Deposit. If the price you pay for your Units exceeds $10 per Unit, the
creation and development fee 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 0.50%. 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 earlier of six months after the Initial Date of Deposit or
the end of the initial offering period. Estimated organization costs are
assessed on a fixed dollar amount per Unit basis which, as a percentage of
average net assets, will vary over time.

(e) Each of the fees listed herein is assessed on a fixed dollar 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. In certain circumstances the Trust may incur
additional expenses not set forth above. See "Expenses and Charges."

Page 4

Report of Independent
Registered Public Accounting Firm

To the Unit Holders and the Sponsor, First Trust Portfolios L.P., of FT 9032

Opinion on the Statement of Net Assets

We have audited the accompanying statement of net assets of FT 9032,
comprising Stonebridge Preferred Income Portfolio, Series 30 (the
"Trust"), one of the series constituting the FT Series, including the
schedule of investments, as of the opening of business on November 4, 2020
(Initial Date of Deposit), and the related notes. In our opinion, the
statement of net assets presents fairly, in all material respects, the
financial position of the Trust as of the opening of business on November
4, 2020 (Initial Date of Deposit), in conformity with accounting
principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audit included performing procedures to assess the risks of material
misstatement of the statement of net assets, whether due to error or
fraud, and performing procedures that respond to those risks. Such
procedures included examining, on a test basis, evidence regarding the
amounts and disclosures in the statement of net assets. Our audit also
included evaluating the accounting principles used and significant
estimates made by the Trust's Sponsor, as well as evaluating the overall
presentation of the statement of net assets. Our procedures included
confirmation of the irrevocable letter of credit held by The Bank of New
York Mellon, the Trustee, and deposited in the Trust for the purchase of
securities, as shown in the statement of net assets, as of the opening of
business on November 4, 2020, by correspondence with the Trustee. We
believe that our audit provides a reasonable basis for our opinion.

/s/ DELOITTE & TOUCHE LLP

Chicago, Illinois
November 4, 2020

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

Page 5

Statement of Net Assets

Stonebridge Preferred Income Portfolio, Series 30
FT 9032

At the Opening of Business on the Initial Date of Deposit-November 4, 2020

NET ASSETS
Investment in Securities represented by purchase contracts (1) (2) $172,434
Less liability for reimbursement to Sponsor for organization costs (3) (638)
Less liability for deferred sales charge (4) (3,880)
Less liability for creation and development fee (5) (862)
________
Net assets $167,054
========
Units outstanding 17,243
Net asset value per Unit (6) $ 9.688
ANALYSIS OF NET ASSETS
Cost to investors (7) $172,434
Less maximum sales charge (7) (4,742)
Less estimated reimbursement to Sponsor for organization costs (3) (638)
________
Net assets $167,054
========

_____________

NOTES TO STATEMENT OF NET ASSETS

The Trust is registered as a unit investment trust under the Investment
Company Act of 1940. The Sponsor is responsible for the preparation of
financial statements in accordance with accounting principles generally
accepted in the United States which require the Sponsor to make estimates
and assumptions that affect amounts reported herein. Actual results could
differ from those estimates. The Trust intends to comply in its initial
fiscal year and thereafter with provisions of the Internal Revenue Code
applicable to regulated investment companies and as such, will not be
subject to 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 preferred stocks and
trust preferred securities. Aggregate cost of the Securities listed under
"Schedule of Investments" is based on their aggregate underlying value.
The Trust has a Mandatory Termination Date of November 4, 2022.

(2) An irrevocable letter of credit issued by The Bank of New York Mellon,
of which approximately $200,000 has been allocated to the Trust, has been
deposited with the Trustee as collateral, covering the monies necessary
for the purchase of the Securities according to their purchase contracts.

(3) A portion of the Public Offering Price consists of an amount
sufficient to reimburse the Sponsor for all or a portion of the costs of
establishing the Trust. These costs have been estimated at $.0370 per Unit
for the Trust. A payment will be made at the earlier of six months after
the Initial Date of Deposit or the end of the initial offering period to
an account maintained by the Trustee from which the obligation of the
investors to the Sponsor will be satisfied. To the extent that actual
organization costs of the Trust are greater than the estimated amount,
only the estimated organization costs added to the Public Offering Price
will be reimbursed to the Sponsor and deducted from the assets of the Trust.

(4) Represents the amount of mandatory deferred sales charge distributions
of $.225 per Unit, payable to the Sponsor in three equal monthly
installments beginning on February 19, 2021 and on the twentieth day of
each month thereafter (or if such date is not a business day, on the
preceding business day) through April 20, 2021. If Unit holders redeem
Units before April 20, 2021, they will have to pay the remaining amount of
the deferred sales charge applicable to such Units when they redeem them.

(5) The creation and development fee ($.050 per Unit) is payable by the
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 to 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 net
assets by the number of Units outstanding. This figure includes
organization costs and the creation and development fee, which will only
be assessed to Units outstanding at the earlier of six months after the
Initial Date of Deposit or the end of the initial offering period in the
case of organization costs or the close of the initial offering period in
the case of the creation and development fee.

(7) The aggregate cost to investors in the Trust includes a maximum sales
charge (comprised of an initial sales charge, a deferred sales charge and
the creation and development fee) computed at the rate of 2.75% of the
Public Offering Price per Unit (equivalent to 2.75% of the net amount
invested, exclusive of the deferred sales charge and the creation and
development fee), assuming no reduction of the maximum sales charge as set
forth under "Public Offering."

Page 6

Schedule of Investments

Stonebridge Preferred Income Portfolio, Series 30
FT 9032

At the Opening of Business on the Initial Date of Deposit-November 4, 2020

Percentage
Rating of Aggregate Number Market Cost of
(Unaudited) Offering Redemption of Value per Securities to
Name of Issue of Securities (1)(5)(6) S&P (2) Price Provisions (3) Shares Share the Trust (4)
_____________________________________ __________ ____________ ________________ ______ _________ ______________
PREFERRED SECURITIES (100.00%):
Communication Services (7.51%):
AT&T Inc., 5.625%, Due 08/01/2067 BBB 1.50% 08/01/23 @ 25.00 96 $ 26.94 $ 2,586
AT&T Inc., Series A, 5.000% BB+ 1.01% 12/12/24 @ 25.00 67 25.93 1,737
AT&T Inc., Series C, 4.750% BB+ 1.50% 02/18/25 @ 25.00 102 25.30 2,581
Qwest Corporation, 6.500%, Due 09/01/2056 BBB- 1.00% 09/01/21 @ 25.00 68 25.31 1,721
Qwest Corporation, 6.750%, Due 06/15/2057 BBB- 1.00% 06/15/22 @ 25.00 66 26.20 1,729
Qwest Corporation, 7.000%, Due 02/01/2056 BBB- 1.00% 02/01/21 @ 25.00 68 25.45 1,731
United States Cellular Corporation, 6.250%,
Due 09/01/2069 NR 0.50% 09/01/25 @ 25.00 33 26.30 868
Consumer Staples (3.50%):
CHS Inc., Series 2, 7.100%, Variable Rate NR 1.50% 03/31/24 @ 25.00 93 27.80 2,585
CHS Inc., Series 3, 6.750%, Variable Rate NR 1.50% 09/30/24 @ 25.00 96 26.91 2,583
CHS Inc., Series 4, 7.500% NR 0.50% 01/21/25 @ 25.00 30 28.50 855
Energy (2.01%):
Enbridge Inc., Series B, 6.375%, Variable Rate,
Due 04/15/2078 + BBB- 2.01% 04/15/23 @ 25.00 136 25.45 3,461
Financials (65.48%):
AGNC Investment Corp., Series E, 6.500%, Variable
Rate (7) NR 0.99% 10/15/24 @ 25.00 78 21.99 1,715
The Allstate Corporation, 5.100%, Variable Rate,
Due 01/15/2053 (8) BBB 0.49% 01/15/23 @ 25.00 33 25.78 851
The Allstate Corporation, Series H, 5.100% BBB 0.99% 10/15/24 @ 25.00 64 26.76 1,713
American Equity Investment Life Holding Company,
Series A, 5.950%, Variable Rate BB 1.00% 12/01/24 @ 25.00 69 24.93 1,720
American Equity Investment Life Holding Company,
Series B, 6.625%, Variable Rate BB 1.50% 09/01/25 @ 25.00 99 26.21 2,595
American Financial Group, Inc., 5.125%,
Due 12/15/2059 BBB- 1.00% 12/15/24 @ 25.00 64 26.95 1,725
American Financial Group, Inc., 5.625%,
Due 06/01/2060 BBB- 1.50% 06/01/25 @ 25.00 95 27.17 2,581
Annaly Capital Management, Inc., Series I, 6.750%,
Variable Rate (7) NR 1.50% 06/30/24 @ 25.00 116 22.35 2,593
Aspen Insurance Holdings Limited, 5.625% + BB+ 1.99% 10/01/24 @ 25.00 138 24.91 3,438
Aspen Insurance Holdings Limited, 5.950%, Variable
Rate + BB+ 0.50% 07/01/23 @ 25.00 33 26.22 865
Athene Holding Ltd., Series A, 6.350%,
Variable Rate + BBB- 1.00% 06/30/29 @ 25.00 63 27.29 1,719
Athene Holding Ltd., Series B, 5.625% + BBB- 0.50% 09/30/24 @ 25.00 33 25.98 857
Athene Holding Ltd., Series C, 6.375%,
Variable Rate + BBB- 1.00% 06/30/25 @ 25.00 63 27.32 1,721

Page 7

Schedule of Investments (cont'd.)

Stonebridge Preferred Income Portfolio, Series 30
FT 9032

At the Opening of Business on the Initial Date of Deposit-November 4, 2020

Percentage
Rating of Aggregate Number Market Cost of
(Unaudited) Offering Redemption of Value per Securities to
Name of Issue of Securities (1)(5)(6) S&P (2) Price Provisions (3) Shares Share the Trust (4)
_____________________________________ __________ ____________ ________________ ______ _________ ______________
Financials (cont'd.):
Atlantic Union Bankshares Corporation, Series A,
6.875% NR 0.75% 09/01/25 @ 25.00 48 $ 26.79 $ 1,286
Axis Capital Holdings Limited, Series E, 5.500% + BBB 1.25% 11/07/21 @ 25.00 84 25.60 2,150
Bank of America Corporation, Series HH, 5.875% BBB- 0.50% 07/24/23 @ 25.00 32 27.05 866
Bank of America Corporation, Series KK, 5.375% BBB- 2.50% 06/25/24 @ 25.00 163 26.46 4,313
Bank of America Corporation, Series LL, 5.000% BBB- 0.99% 09/17/24 @25.00 66 25.97 1,714
Brightsphere Investment Group Inc., 5.125%,
Due 08/01/2031 BBB- 1.00% 10/19/20 @ 25.00 69 25.00 1,725
Capital One Financial Corporation, Series H,
6.000% NR 0.99% 12/01/21 @ 25.00 66 25.95 1,713
Capital One Financial Corporation, Series I,
5.000% BB 1.50% 12/01/24 @ 25.00 103 25.09 2,584
Capital One Financial Corporation, Series J,
4.800% BB 1.50% 06/01/25 @ 25.00 104 24.84 2,583
Citigroup Inc., Series K, 6.875%, Variable Rate BB+ 1.51% 11/15/23 @ 25.00 94 27.64 2,598
Citizens Financial Group, Inc., Series D, 6.350%,
Variable Rate BB+ 0.50% 04/06/24 @ 25.00 32 26.69 854
Citizens Financial Group, Inc., Series E, 5.000% BB+ 1.75% 01/06/25 @ 25.00 119 25.30 3,011
Equitable Holdings, Inc., Series A, 5.250% BBB- 1.50% 12/15/24 @ 25.00 101 25.66 2,592
First Republic Bank, Series K, 4.125% BBB- 1.50% 10/30/25 @ 25.00 103 25.13 2,588
The Goldman Sachs Group, Inc., Series J, 5.500%,
Variable Rate BB 0.76% 05/10/23 @ 25.00 50 26.06 1,303
The Hartford Financial Services Group, Inc.,
Series G, 6.000% BBB- 0.50% 11/15/23 @ 25.00 31 27.59 855
JPMorgan Chase & Co., Series EE, 6.000% BBB- 1.50% 03/01/24 @ 25.00 94 27.50 2,585
KeyCorp, Series E, 6.125%, Variable Rate BB+ 1.00% 12/15/26 @ 25.00 60 28.86 1,732
KeyCorp, Series F, 5.650% BB+ 1.50% 12/15/23 @ 25.00 98 26.32 2,579
KeyCorp, Series G, 5.625% BB+ 1.00% 09/15/24 @ 25.00 64 27.05 1,731
MetLife, Inc., Series F, 4.750% BBB 3.01% 03/15/25 @ 25.00 197 26.32 5,185
Morgan Stanley, Series E, 7.125%, Variable Rate BB+ 0.50% 10/15/23 @ 25.00 30 28.52 856
Morgan Stanley, Series F, 6.875%, Variable Rate BB+ 0.50% 01/15/24 @ 25.00 31 27.94 866
Morgan Stanley, Series K, 5.850%, Variable Rate BB+ 0.51% 04/15/27 @ 25.00 31 28.14 872
New York Community Bancorp, Inc., Series A,
6.375%, Variable Rate B+ 1.00% 03/17/27 @ 25.00 66 26.25 1,732
People's United Financial, Inc., Series A, 5.625%,
Variable Rate BB+ 1.50% 12/15/26 @ 25.00 97 26.69 2,589

Page 8

Schedule of Investments (cont'd.)

Stonebridge Preferred Income Portfolio, Series 30
FT 9032

At the Opening of Business on the Initial Date of Deposit-November 4, 2020

Percentage
Rating of Aggregate Number Market Cost of
(Unaudited) Offering Redemption of Value per Securities to
Name of Issue of Securities (1)(5)(6) S&P (2) Price Provisions (3) Shares Share the Trust (4)
_____________________________________ __________ ____________ ________________ ______ _________ ______________
Financials (cont'd.):
Pinnacle Financial Partners, Inc., Series B,
6.750% NR 1.01% 09/01/25 @ 25.00 64 $ 27.09 $ 1,734
Prudential Financial, Inc., 4.125%, Due 09/01/2060 BBB+ 2.01% 09/01/25 @ 25.00 137 25.26 3,461
Regions Financial Corporation, Series B, 6.375%,
Variable Rate BB+ 1.00% 09/15/24 @ 25.00 61 28.33 1,728
Reinsurance Group of America, Incorporated,
5.750%, Variable Rate, Due 06/15/2056(8) BBB+ 1.00% 06/15/26 @ 25.00 63 27.51 1,733
State Street Corporation, Series D, 5.900%,
Variable Rate BBB 0.25% 03/15/24 @ 25.00 16 27.14 434
Stifel Financial Corp., Series A, 6.250% BB- 0.75% 07/15/21 @ 25.00 50 25.90 1,295
Stifel Financial Corp., Series C, 6.125% BB- 0.74% 06/15/25 @ 25.00 47 27.26 1,281
Synovus Financial Corp., Series D, 6.300%,
Variable Rate BB- 0.50% 06/21/23 @ 25.00 33 26.15 863
Synovus Financial Corp., Series E, 5.875%,
Variable Rate BB- 0.50% 07/01/24 @ 25.00 33 26.20 865
Truist Financial Corporation, Series O, 5.250% BBB- 2.00% 06/01/25 @ 25.00 128 26.95 3,450
Truist Financial Corporation, Series R, 4.750% BBB- 1.75% 09/01/25 @ 25.00 116 25.95 3,010
U.S. Bancorp, Series K, 5.500% BBB 0.50% 10/15/23 @ 25.00 32 27.18 870
Valley National Bancorp, Series A, 6.250%,
Variable Rate BB 0.50% 06/30/25 @ 25.00 33 26.35 870
Voya Financial, Inc., Series B, 5.350%, Variable
Rate BBB- 1.00% 09/15/29 @ 25.00 60 28.67 1,720
W.R. Berkley Corporation, 5.100%,
Due 12/30/2059 BBB- 1.00% 12/30/24 @ 25.00 64 26.90 1,722
Wells Fargo & Company, Series Q, 5.850%, Variable
Rate BB+ 0.50% 09/15/23 @ 25.00 34 25.53 868
Wells Fargo & Company, Series R, 6.625%, Variable
Rate BB+ 0.99% 03/15/24 @ 25.00 62 27.60 1,711
Wells Fargo & Company, Series Z, 4.750% BB+ 2.50% 03/15/25 @ 25.00 171 25.16 4,303
Wesbanco, Inc, Series A, 6.750%, Variable Rate NR 0.75% 11/15/25 @ 25.00 48 26.79 1,286
Wintrust Financial Corporation, Series E, 6.875%,
Variable Rate NR 1.25% 07/15/25 @ 25.00 81 26.64 2,158
Industrials (3.00%):
Air Lease Corporation, Series A, 6.150%, Variable
Rate BB+ 2.00% 03/15/24 @ 25.00 145 23.75 3,444
WESCO International, Inc., Series A, 10.625%,
Variable Rate NR 1.00% 06/22/25 @ 25.00 60 28.82 1,729

Page 9

Stonebridge Preferred Income Portfolio, Series 30

Schedule of Investments (cont'd.)

FT 9032

At the Opening of Business on the Initial Date of Deposit-November 4, 2020

Percentage
Rating of Aggregate Number Market Cost of
(Unaudited) Offering Redemption of Value per Securities to
Name of Issue of Securities (1)(5)(6) S&P (2) Price Provisions (3) Shares Share the Trust (4)
_____________________________________ __________ ____________ ________________ ______ _________ ______________
Real Estate (5.49%):
American Homes 4 Rent, Series H, 6.250% (7) BB 0.49% 09/19/23 @ 25.00 32 $ 26.62 $ 852
Digital Realty Trust, Inc., Series K, 5.850% (7) BB+ 1.00% 03/13/24 @ 25.00 62 27.72 1,719
Digital Realty Trust, Inc., Series L, 5.200% (7) BB+ 1.00% 10/10/24 @ 25.00 65 26.56 1,726
PS Business Parks, Inc., Series Z, 4.875% (7) BBB 0.75% 11/04/24 @ 25.00 50 26.01 1,301
Public Storage, Series L, 4.625% (7) BBB+ 1.00% 06/17/25 @ 25.00 65 26.52 1,724
Public Storage, Series M, 4.125% (7) BBB+ 0.50% 08/14/25 @ 25.00 33 26.01 858
Public Storage, Series N, 3.875% (7) BBB+ 0.75% 10/06/25 @ 25.00 52 24.85 1,292
Utilities (13.01%):
Algonquin Power & Utilities Corp., 6.875%,Variable
Rate, Due 10/17/2078 + BB+ 1.51% 10/17/23 @ 25.00 96 27.05 2,597
Algonquin Power & Utilities Corp., Series 19-A,
6.200%, Variable Rate, Due 07/01/2079 + BB+ 2.00% 07/01/24 @ 25.00 127 27.14 3,447
CMS Energy Corp., 5.875%, Due 03/01/2079 BBB- 1.99% 03/01/24 @ 25.00 126 27.28 3,437
Duke Energy Corporation, 5.625%, Due 09/15/2078 BBB 1.00% 09/15/23 @ 25.00 62 27.91 1,730
Duke Energy Corporation, Series A, 5.750% BBB 0.51% 06/15/24 @ 25.00 31 28.16 873
National Rural Utilities Cooperative Finance
Corporation, Series US, 5.500%, Due 05/15/2064 (8) BBB+ 0.50% 05/15/24 @ 25.00 32 27.20 870
NextEra Energy Capital Holdings, Series N, 5.650%,
Due 03/01/2079 BBB 0.49% 06/15/24 @ 25.00 30 28.34 850
NiSource Inc., Series B, 6.500%, Variable Rate BBB- 2.00% 03/15/24 @ 25.00 123 28.06 3,451
The Southern Company, Series 2020, 4.950%,
Due 01/30/2080 BBB 0.51% 01/30/25 @ 25.00 33 26.41 872
The Southern Company, Series C, 4.200%,
Due 10/15/2060 BBB 2.00% 10/15/25 @ 25.00 136 25.36 3,449
Spire Inc., Series A, 5.900% BBB 0.50% 08/15/24 @ 25.00 31 27.70 859
_______ ________
Total Investments 100.00% $172,434
======= ========
__________

See "Notes to Schedule of Investments" on page 11.

Page 10

NOTES TO SCHEDULE OF INVESTMENTS

(1) Shown under this heading is the stated dividend rate of each of the
Securities, expressed as a percentage of par or stated value. All
Securities are represented by regular way contracts to purchase such
Securities for the performance of which an irrevocable letter of credit
has been deposited with the Trustee. The Sponsor entered into purchase
contracts for the Securities on November 4, 2020. Such purchase contracts
are expected to settle within two business days. Each Security was
originally issued with a par or stated value per share equal to $25.

(2) The ratings are by Standard & Poor's Financial Services LLC, a
division of S&P Global Inc. ("S&P" or "Standard & Poor's") and are
unaudited. Such ratings were obtained from an information reporting
service other than S&P. "NR" indicates no rating by S&P. Such Securities
may, however, be rated by another nationally recognized statistical rating
organization. "(e)" indicates an "Expected Rating" and is intended to
anticipate Standard & Poor's forthcoming rating assignment. Expected
Ratings are generated by Bloomberg Finance L.P. ("Bloomberg") based on
sources it considers reliable or established Standard & Poor's rating
practices. Expected Ratings exist only until Standard & Poor's assigns a
rating to the issue. There is no guarantee that the ratings, when
assigned, will not differ from those currently expected. See "Credit
Rating Definitions."

(3) The Securities are first redeemable on such date and at such price as
listed above. Optional redemption provisions, which may be exercised in
whole or in part, are at prices of par or stated value. Optional
redemption provisions generally will occur at times when the redeemed
Securities have an offering side evaluation which represents a premium
over par or stated value. To the extent that the Securities were acquired
at a price higher than the redemption price, this will represent a loss of
capital when compared with the Public Offering Price of the Units when
acquired. Distributions to Unit holders will generally be reduced by the
amount of the dividends which otherwise would have been paid with respect
to redeemed Securities, and any principal amount received on such
redemption after satisfying any redemption requests for Units received by
the Trust will be distributed to Unit holders. Certain of the Securities
have provisions which would allow for their redemption prior to the
earliest stated call date pursuant to the occurrence of certain
extraordinary events.

(4) The cost of the Securities to the Trust represents the aggregate
underlying value with respect to the Securities acquired (generally
determined by the closing sale prices of the listed Securities and the ask
prices of the over-the-counter traded Securities at the Evaluation Time on
the business day preceding the Initial Date of Deposit). The cost of
Securities to the Trust may not compute due to rounding the market value
per share. The valuation of the Securities has been determined by the
Evaluator, an affiliate of the Sponsor. In accordance with Financial
Accounting Standards Board Accounting Standards Codification 820, "Fair
Value Measurement," the Trust's investments are classified as Level 1,
which refers to securities traded in an active market. The cost of the
Securities to the Sponsor and the Sponsor's loss (which is the
difference between the cost of the Securities to the Sponsor and the cost
of the Securities to the Trust) are $173,329 and $895, respectively.

(5) Preferred securities of companies headquartered or incorporated
outside the United States comprise approximately 11.76% of the investments
of the Trust (consisting of Bermuda, 6.24% and Canada, 5.52%).

(6) Securities of companies in the following categories comprise the
approximate percentage of the investments of the Trust as indicated:
Preferred Stocks, 74.99% and Trust Preferred Securities, 25.01%.

(7) This Security represents the preferred stock or trust preferred
security of a real estate investment trust ("REIT"). REITs which invest in
mortgage loans and mortgage-backed securities are included in the
Financials sector whereas REITs which directly hold real estate properties
are included in the Real Estate sector. REITs comprise approximately 7.98%
of the investments of the Trust.

(8) This Security has a "make whole" call option and is redeemable in whole
or in part at any time, unless otherwise provided below, at the option of
the issuer, at a redemption price equal to the greater of (i) 100% of
their principal amount or (ii) the sum of the present values of the
remaining scheduled payments of principal and interest thereon, discounted
to the date of redemption on a semiannual basis (assuming a 360-day year
consisting of twelve 30-day months) at a set premium to the then current
applicable Treasury Rate, plus, in either case, accrued and unpaid
interest on the principal amount being redeemed to the date of redemption.
Securities bearing this option within the Trust and their respective
premiums to the applicable Treasury rate are as follows: The Allstate
Corporation, 5.100%, 0.50% until 01/15/2023; National Rural Utilities
Cooperative Finance Corporation, Series US, 5.500%, 0.50% until 05/15/2024
and Reinsurance Group of America, Incorporated, 5.750%, 0.50% until
06/15/2026.

+ This Security represents the preferred stock or trust preferred security
of a foreign company which trades directly or through an American
Depositary Receipt/ADR on the over-the-counter market or on a U.S.
national securities exchange.

Page 11

The FT Series

The FT Series Defined.

We, First Trust Portfolios L.P. (the "Sponsor"), have created hundreds of
similar yet separate series of a unit investment trust which we have named
the FT Series. The series to which this prospectus relates, FT 9032,
consists of a single portfolio known as Stonebridge Preferred Income
Portfolio, Series 30.

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

YOU MAY GET MORE SPECIFIC DETAILS CONCERNING THE NATURE, STRUCTURE AND
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 the Initial Date of Deposit, we deposited a portfolio of preferred
stocks and trust preferred securities with the Trustee and, in turn, the
Trustee delivered documents to us representing our ownership of the Trust
in the form of units ("Units").

After the Initial Date of Deposit, we may deposit additional Securities in
the Trust, or cash (including a letter of credit or the equivalent) with
instructions to buy more Securities to create new Units for sale. If we
create additional Units, we will attempt, to the extent practicable, to
maintain the percentage relationship established among the Securities on
the Initial Date of Deposit (as set forth under "Schedule of
Investments"), adjusted to reflect the sale, redemption or liquidation of
any of the Securities or any stock split or a merger or other similar
event affecting the issuer of the Securities.

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

An affiliate of the Trustee may receive these brokerage fees or the
Trustee may retain and pay us (or our affiliate) to act as agent for the
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 Investment Company
Act of 1940, as amended (the "1940 Act"). When acting in an agency
capacity, we may select various broker/dealers to execute securities
transactions on behalf of the Trust, which may include broker/dealers who
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 in selecting such
broker/dealers.

We cannot guarantee that the Trust will keep its present size and
composition for any length of time. Securities may be periodically sold
under certain circumstances to satisfy Trust obligations, to meet
redemption requests and, as described in "Removing Securities from the
Trust," to maintain the sound investment character of the Trust, and the
proceeds received by the Trust will be used to meet Trust obligations or
distributed to Unit holders, but will not be reinvested. However,
Securities will not be sold to take advantage of market fluctuations or
changes in anticipated rates of appreciation or 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 the Securities in the Trust. As the
holder of the Securities, the Trustee will vote the Securities and, except
as described in "Removing Securities from the Trust," will endeavor to
vote the Securities such that the Securities are voted as closely as
possible in the same manner and the same general proportion as are the
Securities held by owners other than such Trust.

Neither we 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 initially deposited in the Trust fails, unless we can purchase
substitute Securities ("Replacement Securities"), we will refund to you
that portion of the purchase price and transactional sales charge
resulting from the failed contract on the next Income Distribution Date.
Any Replacement Security the Trust acquires will be identical to those
from the failed contract.

Page 12

Portfolio

Objective.

The Trust seeks a high rate of current income by investing in a portfolio
of preferred securities selected by the Sponsor in collaboration with
Stonebridge Advisors LLC ("Stonebridge"). Under normal circumstances, the
Trust will invest at least 80% of its assets in preferred securities. The
Trust is concentrated in securities of the industry or group of industries
comprising the financials sector.

Portfolio Selection Process.

The Trust is a unit investment trust that is diversified across preferred
securities issued by companies that we believe have current attractive
yields.

The Sponsor selected a portfolio of preferred securities by collaborating
with Stonebridge. Stonebridge used relative value, fundamental credit and
market technical analyses to prepare a recommended portfolio of securities
designed to meet the objective of the Trust. Attributes such as credit
quality, yield, capital structure positioning, as well as market
technicals such as trading volumes, liquidity and pricing inefficiencies
were considered in this process. Stonebridge submitted its portfolio
suggestions to the Sponsor who then chose the final portfolio.

Additional Portfolio Contents.

In addition to the investments described above, the Trust has exposure to
the following investments: high-yield securities, REITs, foreign
securities (including American Depositary Receipts) and companies with
various market capitalizations.

Of course, as with any similar investments, there can be no guarantee that
the objective of the Trust will be achieved. See "Risk Factors" for a
discussion of the risks of investing in the Trust.

Risk Factors

Price Volatility. The Trust invests in preferred stocks and trust
preferred securities of U.S. and foreign companies. The value of the
Trust's Units will fluctuate with changes in the value of these
securities. Preferred securities prices fluctuate for several reasons
including changes in investors' perceptions of the financial condition of
an issuer or the general condition of the relevant stock market, or when
political or economic events affecting the issuers occur. In addition,
preferred securities may be sensitive to rising interest rates, as the
cost of capital rises and borrowing costs increase, negatively impacting
issuers. However, because preferred security distributions are fixed
(though not guaranteed) and preferred securities typically have superior
rights to common stocks in distributions and liquidation, they are
generally less volatile than common stocks.

Because the Trust is not managed, the Trustee will not sell securities in
response to or in anticipation of market fluctuations, as is common in
managed investments. As with any investment, we cannot guarantee that the
performance of the Trust will be positive over any period of time or that
you won't lose money. Units of the Trust are not deposits of any bank and
are not insured or guaranteed by the Federal Deposit Insurance Corporation
or any other government agency.

Market Risk. Market risk is the risk that a particular security, or Units
of the Trust in general, may fall in value. Securities are subject to
market fluctuations caused by such factors as economic, political,
regulatory or market developments, changes in interest rates and perceived
trends in securities prices. Units of the Trust could decline in value or
underperform other investments. In addition, local, regional or global
events such as war, acts of terrorism, spread of infectious diseases or
other public health issues, recessions, or other events could have a
significant negative impact on the Trust and its investments. Such events
may affect certain geographic regions, countries, sectors and industries
more significantly than others. Such events could adversely affect the
prices and liquidity of the Trust's portfolio securities and could result
in disruptions in the trading markets. Any such circumstances could have a
materially negative impact on the value of the Trust's Units and result in
increased market volatility.

The recent outbreak of a respiratory disease designated as COVID-19 was
first detected in China in December 2019. The global economic impact of
the COVID-19 outbreak is impossible to predict but has resulted in
disruptions to manufacturing, supply chains and sales in affected areas
and negatively impacted global economic growth prospects. The COVID-19
outbreak has also caused significant volatility and declines in global
financial markets, which have caused losses for investors. The impact of
the COVID-19 outbreak may be short term or may last for an extended period
of time, and in either case could result in a substantial economic
downturn or recession.

Government interventions aimed at curtailing the distress to financial
markets caused by the COVID-19 outbreak such as the Federal Reserve's $700
billion quantitative easing program announced in March 2020, coupled with
reducing the Federal funds rate to near-zero, may not work as intended and

Page 13

may result in increased volatility in financial markets. Quantitative
easing refers to purchasing large quantities of securities issued or
guaranteed by the U.S. government, its agencies or instrumentalities on
the open market. The impact of government interventions on the markets,
and the practical implications for market participants, may not be fully
known for some time.

Distributions. All of the Securities held by the Trust currently pay
dividends, but there is no guarantee that the issuers of the Securities
will be able to pay dividends or interest at their stated rate in the
future.

Concentration Risk. When at least 25% of a trust's portfolio is invested
in securities issued by companies within a single sector, the trust is
considered to be concentrated in that particular sector. A portfolio
concentrated in one or more sectors may present more risks than a
portfolio broadly diversified over several sectors.

The Trust is concentrated in securities of the industry or group of
industries comprising the financials sector.

Financials. Financial companies, such as retail and commercial banks,
insurance companies and financial services companies, are subject to
extensive governmental regulation and intervention, which may adversely
affect the scope of their activities, the prices they can charge, the
amount and types of capital they must maintain and, potentially, their
size. Governmental regulation may change frequently and may have
significant adverse consequences for financial companies, including
effects not intended by such regulation. The impact of more stringent
capital requirements, or recent or future regulation in various countries,
on any individual financial company or on financial companies as a whole
cannot be predicted. Certain risks may impact the value of investments in
financial companies more severely than those of investments in other
issuers, including the risks associated with companies that operate with
substantial financial leverage. Financial companies may also be adversely
affected by volatility in interest rates, decreases in the availability of
money or asset valuations, credit rating downgrades and adverse conditions
in other related markets. Insurance companies in particular may be subject
to severe price competition and/or rate regulation, which may have an
adverse impact on their profitability. Financial companies are also a
target for cyber-attacks and may experience technology malfunctions and
disruptions as a result.

In addition, general economic conditions are important to the operations
of financial companies. Credit losses resulting from financial
difficulties of borrowers and financial losses associated with investment
activities may have an adverse effect on the profitability of financial
companies. While financial companies such as banks tend to increase
reserves in anticipation of economic stress, there can be no assurance
that such reserves will be sufficient to cover rising default rates.
Financial companies may be highly dependent upon access to capital
markets, and any impediments to such access, such as adverse overall
economic conditions or a negative perception in the capital markets of a
company's financial condition or prospects, could adversely affect its
business. Some financial companies may also be required to accept or
borrow significant amounts of capital from government sources. There is no
guarantee that governments will provide any such relief in the future.
These actions may cause the securities of many companies in the financials
sector to decline in value.

Interest Rate Risk. Interest rate risk is the risk that the value of the
securities held by the Trust will fall if interest rates increase.
Securities typically fall in value when interest rates rise and rise in
value when interest rates fall. Securities with longer periods before
maturity are often more sensitive to interest rate changes. Due to the
current period of historically low rates, the securities held by the Trust
may be subject to a greater risk of rising interest rates than would
normally be the case.

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

Preferred Stocks. Approximately 74.99% of the Trust consists of preferred
stocks. Preferred stocks are typically subordinated to bonds and other
debt instruments in a company's capital structure, in terms of priority to
corporate income, and therefore will be subject to greater credit risk
than those debt instruments.

Trust Preferred Securities. Approximately 25.01% of the Trust consists of
trust preferred securities. Trust preferred securities are securities
typically issued by corporations, generally in the form of interest-
bearing notes or preferred stocks, or by an affiliated business trust of a
corporation, generally in the form of beneficial interests in subordinated
debentures or similarly structured securities. Dividend payments of the
trust preferred securities generally coincide with interest payments on
the underlying obligations. Trust preferred securities generally have a
yield advantage over traditional preferred stocks, but unlike preferred
stocks, distributions are generally treated as interest rather than

Page 14

dividends for federal income tax purposes and therefore, are not eligible
for the dividends received deduction or the reduced tax rates applicable
to qualified dividend income. Trust preferred securities are typically
subordinated to the conventional short term debt of an issuer, have
different redemption provisions and, unlike conventional short term debt,
provide for the optional deferral of interest payments for up to 20
consecutive quarters. While trust preferred securities have preference in
bankruptcy over the common stock of an issuer, they are typically
subordinated to any debt issued by an issuer. In the event of an issuer's
bankruptcy, the holders of all outstanding debt of the issuer must be
repaid prior to holders of trust preferred securities, which makes these
securities riskier than an investment in securities which are not
subordinated to other debt of the issuer.

Trust preferred securities prices fluctuate for several reasons including
changes in investors' perception of the financial condition of an issuer
or the general condition of the market for trust preferred securities, or
when political or economic events affecting the issuers occur. Trust
preferred securities are also sensitive to interest rate fluctuations, as
the cost of capital rises and borrowing costs increase in a rising
interest rate environment and the risk that a trust preferred security may
be called for redemption in a falling interest rate environment. Trust
preferred securities are also subject to unique risks which include the
fact that dividend payments will only be paid if interest payments on the
underlying obligations are made, which interest payments are dependent on
the financial condition of the issuer and may be deferred for up to 20
consecutive quarters. During any deferral period, investors are generally
taxed as if the Trust had received current income. In such a case, Unit
holders will have income taxes due prior to receiving cash distributions
to pay such taxes. In addition, the underlying obligations, and thus the
trust preferred securities, may be prepaid after a stated call date or as
a result of certain tax or regulatory events. Trust preferred securities
are typically subordinated to bonds and other debt instruments in a
company's capital structure, in terms of priority to corporate income, and
therefore will be subject to greater credit risk than those debt
instruments.

Tax or other regulatory changes may change the tax characterization of
trust preferred securities. In addition, certain tax or other regulatory
changes may cause trust preferred securities held by the Trust to be
called for redemption prior to maturity or prior to the Trust's Mandatory
Termination Date. As a result, tax or regulatory changes may impact the
value of the trust preferred securities held by the Trust.

High-Yield Securities. Certain of the Securities held by the Trust,
representing 59.25% of the Trust's portfolio on the Initial Date of
Deposit, are rated below investment grade by one of more rating agencies
or, if unrated, determined to have a comparable rating by Stonebridge
(high-yield securities or "junk" bonds). High-yield, high-risk securities
are subject to greater market fluctuations and risk of loss than
securities with higher investment ratings. The value of these securities
will decline significantly with increases in interest rates, not only
because increases in rates generally decrease values, but also because
increased rates may indicate an economic slowdown. An economic slowdown,
or a reduction in an issuer's creditworthiness, may result in the issuer
being unable to maintain earnings at a level sufficient to maintain
interest and principal payments.

High-yield securities or "junk" bonds, the generic names for securities
rated below "BBB-" by Standard & Poor's or below "Baa3" by Moody's, are
frequently issued by corporations in the growth stage of their development
or by established companies that are highly leveraged or whose operations
or industries are depressed. Obligations rated below "BBB-" should be
considered speculative as these ratings indicate a quality of less than
investment grade, and therefore carry an increased risk of default as
compared to investment grade issues. Because high-yield securities are
generally subordinated obligations and are perceived by investors to be
riskier than higher rated securities, their prices tend 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 smaller and less liquid than that
for investment grade securities. High-yield securities are generally not
listed on a national securities exchange but trade in the over-the-counter
markets. Due to the smaller, less liquid market for high-yield securities,
the bid-offer spread on such securities is generally greater than it is
for investment grade securities and the purchase or sale of such
securities may take longer to complete.

Distressed debt securities are speculative and involve substantial risks
in addition to the risks of investing in high-yield securities that are
not in default. Generally, holders of distressed debt securities will not
receive interest payments, and there is a substantial risk that the
principal will not be repaid. In any reorganization or liquidation

Page 15

proceeding related to a distressed debt security, holders may lose their
entire investment in the security.

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

Foreign Securities. Certain of the Securities held by the Trust are issued
by foreign entities, which makes the Trust subject to more risks than if
it invested solely in domestic securities. Risks of foreign securities
include higher brokerage costs; different accounting standards;
expropriation, nationalization or other adverse political or economic
developments; currency devaluations, blockages or transfer restrictions;
restrictions on foreign investments and exchange of securities; inadequate
financial information; lack of liquidity of certain foreign markets; and
less government supervision and regulation of exchanges, brokers, and
issuers in foreign countries. Certain foreign markets have experienced
heightened volatility due to recent negative political or economic
developments or natural disasters. Securities issued by non-U.S. issuers
may pay interest and/or dividends in foreign currencies and may be
principally traded in foreign currencies. Therefore, there is a risk that
the U.S. dollar value of these interest and/or dividend payments and/or
securities will vary with fluctuations in foreign exchange rates.

American Depositary Receipts/ADRs and similarly structured securities may
be less liquid than the underlying shares in their primary trading market.
Any distributions paid to the holders of depositary receipts are usually
subject to a fee charged by the depositary. Issuers of depositary receipts
are not obligated to disclose information that is considered material in
the United States. As a result, there may be less information available
regarding such issuers. Holders of depositary receipts may have limited
voting rights, and investment restrictions in certain countries may
adversely impact the value of depositary receipts because such
restrictions may limit the ability to convert shares into depositary
receipts and vice versa. Such restrictions may cause shares of the
underlying issuer to trade at a discount or premium to the market price of
the depositary receipts.

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

Large Capitalization Companies. Certain of the Securities held by the
Trust are issued by large capitalization companies. The return on
investment in stocks of large capitalization companies may be less than
the return on investment in stocks of small and/or mid capitalization
companies. Large capitalization companies may also grow at a slower rate
than the overall market.

Cybersecurity Risk. As the use of Internet technology has become more
prevalent in the course of business, the Trust has become more susceptible
to potential operational risks through breaches in cybersecurity. A breach
in cybersecurity refers to both intentional and unintentional events that
may cause the Trust to lose proprietary information, suffer data
corruption or lose operational capacity. Such events could cause the
Sponsor of the Trust to incur regulatory penalties, reputational damage,
additional compliance costs associated with corrective measures and/or
financial loss. Cybersecurity breaches may involve unauthorized access to
digital information systems utilized by the Trust through "hacking" or
malicious software coding, but may also result from outside attacks such
as denial-of-service attacks through efforts to make network services

Page 16

unavailable to intended users. In addition, cybersecurity breaches of the
Trust's third-party service providers, or issuers in which the Trust
invests, can also subject the Trust to many of the same risks associated
with direct cybersecurity breaches. The Sponsor of, and third-party
service provider to, the Trust have established risk management systems
designed to reduce the risks associated with cybersecurity. However, there
is no guarantee that such efforts will succeed, especially because the
Trust does not directly control the cybersecurity systems of issuers or
third-party service providers.

Legislation/Litigation. From time to time, various legislative initiatives
are proposed in the United States and abroad which may have a negative
impact on certain companies represented in the Trust. In addition,
litigation regarding any of the issuers of the Securities, or the
industries represented by these issuers, may negatively impact the value
of these Securities. We cannot predict what impact any pending or proposed
legislation or pending or threatened litigation will have on the value of
the Securities.

Public Offering

The Public Offering Price.

Units will be purchased at the Public Offering Price, 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 fee).

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

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

Organization Costs. Securities purchased with the portion of the Public
Offering Price intended to be used to reimburse the Sponsor for the
Trust's organization costs (including costs of preparing the registration
statement, the Indenture and other closing documents, registering Units
with the SEC and states, the initial audit of the Trust's statement of net
assets, legal fees and the initial fees and expenses of the Trustee) will
be purchased in the same proportionate relationship as all the Securities
contained in the Trust. Securities will be sold to reimburse the Sponsor
for the Trust's organization costs at the earlier of six months after the
Initial Date of Deposit or the end of the initial offering period (a
significantly shorter time period than the life of the Trust). During the
period ending with the earlier of six months after the Initial Date of
Deposit or the end of the initial offering period, there may be a decrease
in the value of the Securities. To the extent the proceeds from the sale
of these Securities are insufficient to repay the Sponsor for Trust
organization costs, the Trustee will sell additional Securities to allow
the Trust to fully reimburse the Sponsor. In that event, the net asset
value per Unit of the Trust will be reduced by the amount of additional
Securities sold. Although the dollar amount of the reimbursement due to
the Sponsor will remain fixed and will never exceed the per Unit amount
set forth in "Notes to Statement of Net Assets," this will result in a
greater effective cost per Unit to Unit holders for the reimbursement to
the Sponsor. To the extent actual organization costs are less than the
estimated amount, only the actual organization costs will ultimately be
charged to the Trust. When Securities are sold to reimburse the Sponsor
for organization costs, the Trustee will sell Securities, to the extent
practicable, which will maintain the same proportionate relationship among
the Securities contained in the Trust as existed prior to such sale.

Minimum Purchase.

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

Maximum Sales Charge.

The maximum sales charge of 2.75% per Unit is comprised of a transactional
sales charge and a creation and development fee. After the initial

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offering period the maximum sales charge will 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 pay has both an initial and a
deferred component.

Initial Sales Charge. The initial sales charge, which you will pay at the
time of purchase, is equal to the difference between the maximum sales
charge of 2.75% of the Public Offering Price and the sum of the maximum
remaining deferred sales charge and creation and development fee
(initially $.275 per Unit). 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. Thereafter, you will pay an initial sales charge when the
Public Offering Price per Unit exceeds $10.00 and as deferred sales charge
and creation and development fee payments are made.

Monthly Deferred Sales Charge. In addition, three monthly deferred sales
charges of $.075 per Unit will be deducted from the Trust's assets on
approximately the twentieth day of each month from February 19, 2021
through April 20, 2021. If you buy Units at a price of less than $10.00
per Unit, the dollar amount of the deferred sales charge will not change,
but the deferred sales charge on a percentage basis will be more than
2.25% of the Public Offering Price.

If you purchase Units after the last deferred sales charge payment has
been assessed, your transactional sales charge will consist of a one-time
initial sales charge of 2.25% of the Public Offering Price (equivalent to
2.302% of the net amount invested).

Creation and Development Fee.

As Sponsor, we will also receive, and the Unit holders will pay, a
creation and development fee. See "Expenses and Charges" for a description
of the services provided for 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 buy 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 and 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 2.75% per Unit and the maximum dealer
concession is 2.00% per Unit.

If you are purchasing Units for an investment account, the terms of which
provide that your registered investment advisor or registered
broker/dealer (a) charges periodic fees in lieu of commissions; (b)
charges for financial planning, investment advisory or asset management
services; or (c) charges a comprehensive "wrap fee" or similar fee for
these or comparable services ("Fee Accounts"), you will not be assessed
the transactional sales charge described above on such purchases. These
Units will be designated as Fee Account Units and, depending upon the
purchase instructions we receive, assigned either a Fee Account Cash CUSIP
Number, if you elect to have distributions paid to you, or a Fee Account
Reinvestment CUSIP Number, if you elect to have distributions reinvested
into additional Units of the Trust. Certain Fee Account Unit holders may
be assessed transaction or other account fees on the purchase and/or
redemption of such Units by their registered investment advisor,
broker/dealer or other processing organizations for providing certain
transaction or account activities. Fee Account Units are not available for
purchase in the secondary market. We reserve the right to limit or deny
purchases of Units not subject to the transactional sales charge by
investors whose frequent trading activity we determine to be detrimental
to the Trust.

Employees, officers and directors (and immediate family members) of the
Sponsor, our related companies, and dealers and their affiliates will
purchase Units at the Public Offering Price less the applicable dealer
concession, subject to the policies of the related selling firm. Immediate
family members include spouses, or the equivalent if recognized under
local law, children or step-children under the age of 21 living in the
same household, parents or step-parents and trustees, custodians or
fiduciaries for the benefit of such persons. Only employees, officers and
directors of companies that allow their employees to participate in this
employee discount program are eligible for the discounts.

You will be charged the deferred sales charge per Unit regardless of the
price you pay for your Units or whether you are eligible to receive any
discounts. However, if the purchase price 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 must pay is less than the applicable maximum
deferred sales charge, including Fee Account Units, you will be credited
additional Units with a dollar value equal to the difference between your
maximum sales charge and the maximum deferred sales charge at the time you
buy your Units. If you elect to have distributions reinvested into
additional Units of the Trust, in addition to the reinvestment Units you
receive you will also be credited additional Units with a dollar value at
the time of reinvestment sufficient to cover the amount of any remaining
deferred sales charge and creation and development fee to be collected on

Page 18

such reinvestment Units. The dollar value of these additional credited
Units (as with all Units) will fluctuate over time, and may be less on the
dates deferred sales charges or the creation and development fee are
collected than their value at the time they were issued.

The Value of the Securities.

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

The aggregate underlying value of the Securities in the Trust will be
determined as follows: if the Securities are listed on a national or
foreign securities exchange or The NASDAQ Stock Market, LLC(R), their
value shall generally be based on the closing sale price on the exchange
or system which is the principal market therefore ("Primary Exchange"),
which shall be deemed to be the NYSE if the Securities are listed thereon
(unless the Evaluator deems such price inappropriate as the basis for
evaluation). In the event a closing sale price on the Primary Exchange is
not published, the Securities will be valued based on the last trade price
on the Primary Exchange. If no trades occur on the Primary Exchange for a
specific trade date, the value will be based on the closing sale price
from, in the opinion of the Evaluator, an appropriate secondary exchange,
if any. If no trades occur on the Primary Exchange or any appropriate
secondary exchange on a specific trade date, the Evaluator will determine
the value of the Securities using the best information available to the
Evaluator, which may include the prior day's evaluated price. If the
Security is an American Depositary Receipt/ADR, Global Depositary
Receipt/GDR or other similar security in which no trade occurs on the
Primary Exchange or any appropriate secondary exchange on a specific trade
date, the value will be based on the evaluated price of the underlying
security, determined as set forth above, after applying the appropriate
ADR/GDR ratio, the exchange rate and such other information which the
Evaluator deems appropriate. For purposes of valuing Securities traded on
The NASDAQ Stock Market, LLC(R), closing sale price shall mean the
Nasdaq(R) Official Closing Price as determined by The NASDAQ Stock Market,
LLC(R). If the Securities are not so listed or, if so listed and the
principal market therefore is other than on the Primary Exchange or any
appropriate secondary exchange, the value shall generally be based on the
current ask price on the over-the-counter market (unless the Evaluator
deems such price inappropriate as a basis for evaluation). If current ask
prices are unavailable, the value is generally determined (a) on the basis
of current ask prices for comparable securities, (b) by appraising the
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 other than U.S.
dollars, the value of such Security shall be converted to U.S. dollars
based on current exchange rates (unless the Evaluator deems such prices
inappropriate as a basis for evaluation). If the Evaluator deems a price
determined as set forth above to be inappropriate as the basis for
evaluation, the Evaluator shall use such other information available to
the Evaluator which it deems appropriate as the basis for determining the
value of a Security.

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

Distribution of Units

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

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

Dealer Concessions.

Dealers and other selling agents can purchase Units at prices which
represent a concession or agency commission of 2.00% of the Public
Offering Price per Unit, subject to reductions set forth in "Public
Offering-Discounts for Certain Persons."

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

Page 19

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

Dealers and other selling agents will not receive a concession on the sale
of Units which are not subject to a transactional sales charge, but such
Units will be included in determining whether the above volume sales
levels are met. Eligible dealer firms and other selling agents include
clearing firms that place orders with First Trust and provide First Trust
with information with respect to the representatives who initiated such
transactions. Eligible dealer firms and other selling agents will not
include firms that solely provide clearing services to other broker/dealer
firms or firms who place orders through clearing firms that are eligible
dealers. We reserve the right to change the amount of concessions or
agency commissions from time to time. Certain commercial banks may be
making Units of the Trust available to their customers on an agency basis.
A 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 of its own profits, currently
provides additional compensation and benefits to broker/dealers who sell
Units of this Trust and other First Trust products. This compensation is
intended to result in additional sales of First Trust products and/or
compensate broker/dealers and financial advisors for past sales. A number
of factors are considered in determining whether to pay these additional
amounts. Such factors may include, but are not limited to, the level or
type of services provided by the intermediary, the level or expected level
of sales of First Trust products by the intermediary or its agents, the
placing of First Trust products on a preferred or recommended product
list, access to an intermediary's personnel, and other factors. The
Sponsor makes these payments for marketing, promotional or related
expenses, including, but not limited to, expenses of entertaining retail
customers and financial advisers, advertising, sponsorship of events or
seminars, obtaining information about the breakdown of unit sales among an
intermediary's representatives or offices, obtaining shelf space in
broker/dealer firms and similar activities designed to promote the sale of
the Sponsor's products. The Sponsor makes such payments to a substantial
majority of intermediaries that sell First Trust products. The Sponsor may
also make certain payments to, or on behalf of, intermediaries to defray a
portion of their costs incurred for the purpose of facilitating Unit
sales, such as the costs of developing or purchasing trading systems to
process Unit trades. Payments of such additional compensation described in
this and the preceding paragraph, some of which may be characterized as
"revenue sharing," create a conflict of interest by influencing financial
intermediaries and their agents to sell or recommend a First Trust
product, including the Trust, over products offered by 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 may discuss several topics,
including: developing a long-term financial plan; working with your
financial professional; the nature and risks of various investment
strategies and unit investment trusts that could help you reach your
financial goals; the importance of discipline; how the Trust operates; how
securities are selected; various unit investment trust features such as
convenience and costs; and options available for certain types of unit
investment trusts. These materials may include descriptions of the
principal businesses of the companies represented in the Trust, research
analysis of why they were selected and information relating to the
qualifications of the persons or entities providing the research analysis.
In addition, they may include research opinions on the economy and
industry sectors included and a list of investment products generally
appropriate for pursuing those recommendations.

From time to time we may compare the estimated returns of the Trust (which
may show performance net of the expenses and charges the Trust would have
incurred) and returns over specified periods of other similar trusts we
sponsor in our advertising and sales materials, with (1) returns on other
taxable investments such as the common stocks comprising various market
indexes, corporate or U.S. Government bonds, bank CDs and money market
accounts or funds, (2) performance data from Morningstar, Inc. or (3)
information from publications such as Money, The New York Times, U.S. News
and World Report, Bloomberg Businessweek, Forbes or Fortune. The
investment characteristics of the Trust differ from other comparative

Page 20

investments. You should not assume that these performance comparisons will
be representative of the Trust's future performance. We may also, from
time to time, use advertising which classifies trusts or portfolio
securities according to capitalization and/or investment style.

The Sponsor's Profits

We will receive a gross sales commission equal to the maximum
transactional sales charge per Unit of the Trust less any reduction as
stated in "Public Offering." We will also receive the amount of any
collected creation and development fee. Also, any difference between our
cost to purchase the Securities and the price at which we sell them to the
Trust is considered a profit or loss (see Note 4 of "Notes to Schedule of
Investments"). During the initial offering period, dealers and others may
also realize profits or sustain losses as a result of fluctuations in the
Public Offering Price they receive when they sell the Units.

In maintaining a market for the Units, any 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 us.

The Secondary Market

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

We will pay all expenses to maintain a secondary market, except the
Evaluator fees and Trustee costs to transfer and record the ownership of
Units. We may discontinue purchases of Units at any time. IF YOU WISH TO
DISPOSE OF YOUR UNITS, YOU SHOULD ASK US FOR THE CURRENT MARKET PRICES
BEFORE MAKING A TENDER FOR REDEMPTION TO THE TRUSTEE. If you sell or
redeem your Units before you have paid the total deferred sales charge on
your Units, you will have to pay the remainder at that time.

How We Purchase Units

The Trustee will notify us of any tender of 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. You 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 Trustee for redemption as any other Units. If we
elect not to purchase Units, the Trustee may sell tendered Units in the
over-the-counter market, if any. However, the amount you will receive is
the same as you would have received on redemption of the Units.

Expenses and Charges

The estimated annual expenses of the Trust are listed under "Fee Table."
If actual expenses exceed the estimate, the Trust will bear the excess.
The Trustee will pay operating expenses of the Trust from the Income
Account if funds are available, and then from the Capital Account. The
Income and Capital Accounts are non-interest-bearing to Unit holders, so
the Trustee may earn interest on these funds, thus benefiting from their
use.

First Trust Advisors L.P., an affiliate of ours, acts as Portfolio
Supervisor and Evaluator and will be compensated for providing portfolio
supervisory services and evaluation services as well as bookkeeping and
other administrative services to the Trust. In providing portfolio
supervisory services, the Portfolio Supervisor will purchase consulting
services from Stonebridge Advisors LLC for a fee not to exceed $.0025 per
Unit sold. In addition, the Portfolio Supervisor may, at its own expense,
employ one or more sub-Portfolio Supervisors to assist in providing
services to the Trust. As Sponsor, we will receive brokerage fees when the
Trust uses us (or an affiliate of ours) as agent in buying or selling
Securities. As authorized by the Indenture, the Trustee may employ a
subsidiary or affiliate of the Trustee to act as broker to execute certain
transactions for the Trust. The Trust will pay for such services at
standard commission rates.

The fees payable to First Trust Advisors L.P. and the Trustee are based on
the largest aggregate number of Units of the Trust outstanding at any time
during the calendar year, except during the initial offering period, in
which case these fees are calculated based on the largest number of Units
outstanding during the period for which compensation is paid. These fees
may be adjusted for inflation without Unit holders' approval, but 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 actual cost of
providing such services in such year.

As Sponsor, we will receive a fee from the Trust for creating and
developing the Trust, including determining the Trust's objectives,
policies, composition and size, selecting service providers and
information services and for providing other similar administrative and

Page 21

ministerial functions. The "creation and development fee" is a charge of
$.050 per Unit outstanding at the end of the initial offering period. The
Trustee will deduct this 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 or as compensation for sales efforts. This fee will not be
deducted from your proceeds if you sell or redeem your Units before the
end of the initial offering period.

In addition to the Trust's operating expenses 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
concerning 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 connection
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 the
Trust;

- Foreign custodial and transaction fees (which may include compensation
paid to the Trustee or its subsidiaries or affiliates), if any; 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 annual 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 has 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 Status."

Tax Status

Federal Tax Matters.

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

This federal income tax summary is based in part on the advice of counsel
to the Sponsor. The Internal Revenue Service ("IRS") could disagree with
any conclusions set forth in this section. In addition, our counsel may
not have been asked to review, and may not have reached a conclusion with
respect to 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 the
purpose of avoiding penalties under federal tax law.

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

Trust Status.

Unit investment trusts maintain both Income and Capital Accounts,
regardless of tax structure. Please refer to the "Income and Capital
Distributions" section of the prospectus for more information.

The Trust intends to qualify as a "regulated investment company," commonly
known as a "RIC," under the federal tax laws. If the Trust qualifies as a
RIC and distributes its income as required by the tax law, the Trust
generally will not pay federal income taxes. For federal income tax
purposes, you are treated 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. After the end of each year, you
will receive a tax statement that separates the Trust's distributions into
ordinary income dividends, capital gain dividends and return of capital.
Income reported is generally net of expenses (but see "Treatment of Trust
Expenses" below). Ordinary income dividends are generally taxed at your
ordinary income tax rate, however, certain dividends received from the
Trust may be taxed at the capital gains tax rates. Generally, all capital
gain dividends are treated as long-term capital gains regardless of how
long you have owned your Units. In addition, the Trust may make
distributions that represent a return of capital for tax purposes and will
generally not be currently taxable to you, although they generally reduce
your tax basis in your Units and thus increase your taxable gain or
decrease your loss when you dispose of your Units. The tax laws may
require you to treat distributions 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 as long-term capital gains,
which, if you are an individual, is generally taxed at a lower rate than
your ordinary income and short-term capital gain income. However, capital
gain received from assets held for more than one year that is considered
"unrecaptured section 1250 gain" (which may be the case, for example, with

Page 22

some capital gains attributable to equity interests in REITs) is taxed at
a higher rate. The distributions from the Trust that you must take into
account for federal income tax purposes are not reduced by the amount used
to pay a deferred sales charge, if any. Distributions from the Trust,
including capital gains, may 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 individual Unit holder from a RIC
such as the Trust are generally taxed at the same rates that apply to long-
term capital gains, provided certain holding period requirements are
satisfied and provided the dividends are attributable to qualifying
dividend income ("QDI") received by the Trust itself. Dividends that do
not meet these requirements will generally be taxed at ordinary income tax
rates. After the end of the tax year, the Trust will provide a tax
statement to its Unit holders reporting the amount of any distribution
which may be taken into account as a dividend which is eligible for the
capital gains tax rates.

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

Because the Trust holds REIT shares, some dividends may be designated by
the REIT as capital gain dividends and, therefore, distributions from the
Trust attributable to such dividends and 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, any 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 gain distributions received (or deemed to
have been received) with respect to such Unit.

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

Sale of Units.

If you sell your Units (whether to a third party 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 your (adjusted) tax basis in your
Units from the amount you receive from the sale. Your original tax basis
in your Units is generally equal to the cost of your Units, including
sales charges. In some cases, however, you may have to adjust your tax
basis after you purchase your Units, in which case your gain would be
calculated using your adjusted basis.

The tax statement you receive in regard to the sale or redemption of your
Units may contain information about your basis in the Units and whether
any gain or loss recognized by you should be considered long-term or short-
term capital gain. The information reported to you is based upon rules
that do not take into 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 that 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 into additional Units, you
will be treated as if you have received your distribution in an amount
equal to the distribution you are entitled to. Your tax liability will be
the same as if you received the distribution in cash. Also, the
reinvestment would generally be considered a purchase of new Units for
federal income tax purposes.

Treatment of Trust Expenses.

Expenses incurred and deducted by the Trust will generally not be treated
as income taxable to you. In some cases, however, you may be required to
treat your portion of these Trust expenses 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 by such expenses.

Investments in Certain Non-U.S. Corporations.

A foreign corporation will generally be treated as a passive foreign
investment company ("PFIC") if 75% or more of its income is 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, the Trust could be subject to
U.S. federal income tax and additional interest charges on gains and
certain distributions from the PFICs, even if all the income or gain is
distributed in a timely fashion to the Trust Unit holders. The Trust will
not be able to pass through to its Unit holders any credit or deduction
for such taxes if the taxes are imposed at the Trust level. The Trust may
be able to make an election that could limit the tax imposed on the Trust.
In this case, the Trust would recognize as ordinary income any increase in
the value of such PFIC shares, and as ordinary loss any decrease in such
value to the extent it did not exceed prior increases included in income.

Page 23

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

Non-U.S. Investors.

If you are a non-U.S. investor, distributions from the Trust treated as
dividends will generally be subject to a U.S. withholding tax of 30% of
the distribution. Certain dividends, such as capital gains dividends and
short-term capital gains dividends, may not be subject to U.S. withholding
taxes. In addition, some non-U.S. investors may be eligible for a
reduction or elimination of U.S. withholding taxes under a treaty.
However, the qualification for those exclusions may not be known at the
time of the distribution.

Separately, the United States, pursuant to the Foreign Account Tax
Compliance Act ("FATCA") imposes a 30% tax on certain non-U.S. entities
that receive U.S. source interest or dividends if the non-U.S. entity does
not comply with certain U.S. disclosure and reporting requirements. This
FATCA tax also applies to the gross proceeds from the disposition of
securities that produce U.S. source interest or dividends after December
31, 2018. However, proposed regulations may eliminate the requirement to
withhold on payments of gross proceeds from dispositions.

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

Foreign Tax Credit.

If the Trust directly or indirectly invests in non-U.S. stocks, the tax
statement that you receive may include an item showing foreign taxes the
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 to meet certain
IRS requirements in order to pass through credits to you.

In-Kind Distributions.

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

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

Retirement Plans

You may purchase Units of the Trust for:

- Individual Retirement Accounts;

- Keogh Plans;

- Pension funds; and

- Other tax-deferred retirement plans.

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

Rights of Unit Holders

Unit Ownership.

Ownership of Units will not be evidenced by certificates. If you purchase
or hold Units through a broker/dealer or bank, your ownership of Units
will be recorded in book-entry form at the Depository Trust Company
("DTC") and credited on its records to your broker/dealer's or bank's DTC
account. Transfer of Units will be accomplished by book entries made by
DTC and its participants if the Units are registered to DTC or its
nominee, Cede & Co. DTC will forward all notices and credit all payments
received in respect of the Units held by the DTC participants. You will
receive written confirmation of your purchases and sales of Units from the
broker/dealer or bank through which you made the transaction. You may
transfer your Units by contacting the broker/dealer or bank through which
you hold your Units.

Unit Holder Reports.

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

Page 24

- 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 by the Trust;

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

- Amounts of income and capital distributed during the year.

It is the responsibility of the entity through which you hold your Units
to distribute these statements to you. In addition, you may also request
from the Trustee copies of the evaluations of the Securities as prepared
by the Evaluator to enable you to comply with applicable federal and state
tax reporting requirements.

Income and Capital Distributions

You will begin receiving distributions on your Units only after you become
a Record Owner. The Trustee will credit dividends received on the Trust's
Securities to the Income Account of the Trust. All other receipts, such as
return of capital or capital gain dividends, are credited to the Capital
Account of the Trust. Dividends received on foreign Securities, if any,
are converted into U.S. dollars at the applicable exchange rate.

The Trustee will make distributions on or near the Income Distribution
Dates to Unit holders of record on the preceding Income Distribution
Record Date. Distributions will consist of an amount substantially equal
to the Unit holder's pro rata share of the balance of the Income Account
calculated on the basis of one-twelfth of the estimated annual dividend
distributions (reset on a quarterly basis) in the Income Account after
deducting estimated expenses. See "Summary of Essential Information." The
amount of the initial distribution from the Income Account will be
prorated based on the number of days in the first payment period. No
income distribution will be paid if accrued expenses of the Trust exceed
amounts in the Income Account on the Distribution Dates. Distribution
amounts will vary with changes in the Trust's fees and expenses, in
dividends received and with the sale of Securities. The Trustee will
distribute amounts in the Capital Account, net of amounts designated to
meet redemptions, pay the deferred sales charge and creation and
development fee 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
equals at least $1.00 per 100 Units. In any case, the Trustee will
distribute any funds in the Capital Account in December of each year and
as part of the final liquidation distribution. If the Trustee does not
have your taxpayer identification number ("TIN"), it is required to
withhold a certain percentage of your distribution and deliver such amount
to the IRS. You may recover this amount by giving your TIN to the Trustee,
or when you file a tax return. However, you should check your statements
to make sure the Trustee has your TIN to avoid this "back-up withholding."

If an 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 stock
exchange is open. Distributions are paid to Unit holders of record
determined as of the close of business on the Record Date for that
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 anticipate that there will be enough money in the Capital Account of
the Trust to pay the deferred sales charge to the Sponsor. If not, the
Trustee may sell Securities to meet the shortfall.

Within a reasonable time after the Trust is terminated, you will receive
the pro rata share of the money from the sale of the Securities and
amounts in the Income and Capital Accounts. All Unit holders will receive
a pro rata share of any other assets remaining in your Trust after
deducting any unpaid expenses.

The Trustee may establish reserves (the "Reserve Account") within the
Trust to cover anticipated state and local taxes or any governmental
charges to be paid out of the Trust.

Distribution Reinvestment Option. You may elect to have each distribution
of income and/or capital reinvested into additional Units of the Trust by
notifying your broker/dealer or bank within the time period required by
such entities so that they can notify the Trustee of your election at
least 10 days before any Record Date. Each later distribution of income
and/or capital on your Units will be reinvested by the Trustee into
additional Units of such Trust. There is no sales charge on Units acquired
through the Distribution Reinvestment Option, as discussed under "Public
Offering." This option may not be available in all states. Each
reinvestment plan is subject to availability or limitation by the Sponsor
and each broker/dealer or selling firm. The Sponsor or broker/dealers may
suspend or terminate the offering of a reinvestment plan at any time.
Because the Trust may begin selling Securities nine business days prior to
the Mandatory Termination Date, reinvestment is not available during this
period. Please contact your financial professional for additional
information. PLEASE NOTE THAT EVEN IF YOU REINVEST DISTRIBUTIONS, THEY
ARE STILL CONSIDERED DISTRIBUTIONS FOR INCOME TAX PURPOSES.

Page 25

Redeeming Your Units

You may 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 you
hold your Units. No redemption fee will be charged, but you are
responsible for any governmental charges that apply. Certain
broker/dealers may charge a transaction fee for processing redemption
requests. Two business days after the day you tender your Units (the "Date
of Tender") you will receive cash in an amount for each Unit equal to the
Redemption Price per Unit calculated at the Evaluation Time on the Date of
Tender.

The Date of Tender is considered to be the date on which your redemption
request is received by the Trustee from the broker/dealer or bank through
which you hold your Units (if such day is a day the NYSE is open for
trading). However, if the redemption request is received after 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 time), the Date of Tender
is the next day the NYSE is open for trading.

Any amounts paid on redemption representing income will be withdrawn from
the Income Account if funds are available for that purpose, or from the
Capital Account. All other amounts paid on redemption will be taken from
the Capital Account. The IRS will require the Trustee to withhold a
portion of your redemption proceeds if the Trustee does not have your TIN
as generally discussed under "Income and Capital Distributions."

If you tender for redemption at least 2,500 Units, or such larger amount
as required by your broker/dealer or bank, rather than receiving cash, 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 broker/dealer or
bank at the time of tender. However, to be eligible to participate in the
In-Kind Distribution option at redemption, Unit holders must hold their
Units through the end of the initial offering period. No In-Kind
Distribution requests submitted during the 10 business days prior to the
Trust's Mandatory Termination Date will be honored. Where possible, the
Trustee will make an In-Kind Distribution by distributing each of the
Securities in book-entry form to your bank's or broker/dealer's account at
DTC. The Trustee will subtract any customary transfer and registration
charges from your In-Kind Distribution. As a tendering Unit holder, you
will receive your pro rata number of whole shares of Securities that make
up the portfolio, and cash from the Capital Account equal to the
fractional shares to which you are entitled.

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

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

Your right 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 sale or evaluation of the Securities not
reasonably practical; or

- For any other period permitted by SEC order.

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

The Redemption Price.

The Redemption Price per Unit is determined by the Trustee by:

adding

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

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

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

deducting

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

2. any amounts owed to the Trustee for its advances;

3. estimated accrued expenses of the Trust, if any;

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

5. liquidation costs for foreign Securities, if any; and

6. other liabilities incurred by the Trust; and

dividing

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

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

Page 26

Removing Securities from the Trust

The portfolio of the Trust is not managed. However, we may, but are not
required to, direct the Trustee to dispose of a Security in certain
limited 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, the 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 affecting 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 of the Trust as a "regulated investment
company" in the case of the Trust which has elected to qualify as such or
(ii) to provide funds to make any distribution for a taxable year in order
to avoid imposition of any income or excise taxes on undistributed income
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, that 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 or 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 securities laws, regulations and/or regulatory
actions and interpretations which may be in effect from time to time.

Except for instances in which the Trust acquires Replacement Securities,
as described in "The FT Series," the Trust will generally not acquire any
securities or other property other than the Securities. The Trustee, on
behalf of the Trust and at the direction of the Sponsor, will vote for or
against any offer for new or exchanged securities or property in exchange
for a Security, such as those acquired in a merger or other transaction.
If such exchanged securities or property are acquired by the Trust, at our
instruction, they will either be 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 advice from the Portfolio Supervisor. Any proceeds
received from the sale of Securities, exchanged securities or property
will be credited to the Capital Account of the Trust for distribution to
Unit holders or to meet redemption requests. The Trustee may retain and
pay us or an affiliate of ours to act as agent for the Trust to facilitate
selling Securities, exchanged securities or property from the Trust. If 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 capacity, we may
select various broker/dealers to execute securities transactions on behalf
of the Trust, which may include broker/dealers who 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 in selecting such
broker/dealers. As authorized by the Indenture, the Trustee may also
employ a subsidiary or affiliate of the Trustee to act as broker in
selling such Securities or property. The Trust will pay for these
brokerage services at standard commission rates.

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

Amending or Terminating the Indenture

Amendments. The 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 us and the Trustee).

Termination. As provided by the Indenture, the Trust will terminate on the
Mandatory Termination Date as stated in the "Summary of Essential
Information." The Trust may be terminated earlier:

Page 27

- 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 lower of $2,000,000 or 20% of the total value
of Securities deposited in the Trust during the initial offering period
("Discretionary Liquidation Amount"); or

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

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

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

You will receive a cash distribution from the sale of the remaining
Securities, along with your interest in the Income and Capital Accounts,
within a reasonable time after the Trust is terminated. The Trustee will
deduct from the Trust any accrued costs, expenses, advances or indemnities
provided for by the Indenture, including estimated compensation of the
Trustee and costs of liquidation and any amounts required as a reserve to
pay any taxes or other governmental charges.

Information on Stonebridge Advisors LLC, the Sponsor,
Trustee and Evaluator

Stonebridge Advisors LLC.

Stonebridge, an affiliate of First Trust, has an experienced investment
team with an average of 15 years of broad investment experience in fixed
income and equities in the areas of portfolio management, trading, and
research. Stonebridge's primary focus is in preferred and hybrid securities.

Collectively, the Stonebridge investment team members have started two
investment management firms and managed multi-billion dollar portfolios.
With the team's advanced portfolio management, analytical and modeling
capabilities, Stonebridge has created a selection of preferred securities
strategies to meet the needs of a wide range of clients.

The Sponsor.

We, First Trust Portfolios L.P., specialize in the underwriting, trading
and wholesale distribution of unit investment trusts under the "First
Trust" brand name and other securities. An Illinois limited partnership
formed in 1991, we took over the First Trust product line 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

The First Trust product line commenced with the first insured unit
investment trust in 1974. To date we have deposited more than $460 billion
in First Trust unit investment trusts. Our employees include a team of
professionals with many years of experience in the unit investment trust
industry.

We are a member of FINRA and SIPC. Our principal offices are at 120 East
Liberty Drive, Wheaton, Illinois 60187; telephone number 800-621-1675. As
of December 31, 2019, the total partners' capital of First Trust
Portfolios L.P. was $49,108,615.

This information 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
only to inform you of our financial responsibility and our ability to
carry out our contractual obligations. We will provide more detailed
financial information on request.

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

Page 28

The Trustee.

The Trustee 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
investment trust division offices at 240 Greenwich Street, New York, New
York 10286, telephone 800-813-3074. If you have questions regarding your
account or your Trust, please contact the Trustee at its unit investment
trust division offices or your financial adviser. The Sponsor does not
have access to individual account information. The Bank of New York Mellon
is subject to supervision and examination by the Superintendent of the New
York State Department of Financial Services and the Board of Governors of
the Federal Reserve System, and its deposits are insured by the Federal
Deposit Insurance Corporation to the extent permitted by law.

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

Limitations of Liabilities of Sponsor and Trustee.

Neither we 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 also
not be accountable for errors in judgment. We will only be liable for our
own willful misfeasance, bad faith, gross negligence (ordinary negligence
in the Trustee's case) or reckless disregard of our obligations and
duties. The Trustee is not liable for any loss or depreciation 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 for any action it takes in
good faith under the Indenture.

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

If we 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 public
authorities, then the Trustee may:

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

- Terminate the Indenture and liquidate the Trust; or

- Continue to act as Trustee without terminating the Indenture.

The Evaluator.

The Evaluator is First Trust Advisors L.P., an Illinois limited
partnership formed in 1991 and an affiliate of the Sponsor. The
Evaluator's address is 120 East Liberty Drive, Wheaton, Illinois 60187.

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

Other Information

Legal Opinions.

Our counsel is Chapman and Cutler LLP, 111 W. Monroe St., Chicago,
Illinois 60603. They have passed upon the legality of the Units offered
hereby and certain matters relating to federal tax law. Carter Ledyard &
Milburn LLP acts as the Trustee's counsel.

Experts.

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

Supplemental Information.

If you write or call the Sponsor, you will receive free of charge
supplemental information about this Series, which has been filed with the
SEC and to which we have referred throughout. This information states more
specific details concerning the nature, structure and risks of this product.

Credit Rating Definitions*

* As published by Standard & Poor's.

Standard & Poor's.

An S&P Global Ratings' issue credit rating is a forward-looking opinion
about the creditworthiness of an obligor with respect to a specific
financial obligation, a specific class of financial obligations, or a
specific financial program (including ratings on medium-term note programs
and commercial paper programs). It takes into consideration the
creditworthiness of guarantors, insurers, or other forms of credit
enhancement on the obligation and takes into account the currency in which
the obligation is denominated. The opinion reflects S&P Global Ratings'
view of the obligor's capacity and willingness to meet its financial

Page 29

commitments as they come due, and this opinion may assess terms, such as
collateral security and subordination, which could affect ultimate payment
in the event of default.

Issue credit ratings can be either long-term or short-term. Short-term
ratings are generally assigned to those obligations considered short-term
in the relevant market. Short-term ratings are also used to indicate the
creditworthiness of an obligor with respect to put features on long-term
obligations. Medium-term notes are assigned long-term ratings.

Long-Term Issue Credit Ratings.

Issue credit ratings are based, in varying degrees, on S&P Global Ratings'
analysis of the following considerations:

1. The likelihood of payment: the capacity and willingness of the obligor
to meet its financial commitments on an obligation in accordance with the
terms of the obligation;

2. The nature and provisions of the financial obligation, and the promise
we impute; and

3. The protection afforded by, and relative position of, the financial
obligation in the event of a bankruptcy, reorganization, or other
arrangement under the laws of bankruptcy and other laws affecting
creditors' rights.

An issue rating is an assessment of default risk, but may incorporate an
assessment of relative seniority or ultimate recovery in the event of
default. Junior obligations are typically rated lower than senior
obligations, to reflect the lower priority in bankruptcy, as noted above.
(Such differentiation may apply when an entity has both senior and
subordinated obligations, secured and unsecured obligations, or operating
company and holding company obligations.)

AAA An obligation rated `AAA' has the highest rating assigned by S&P
Global Ratings. The obligor's capacity to meet its financial commitments
on the obligation is extremely strong.

AA An obligation rated `AA' differs from the highest-rated obligations
only to a small degree. The obligor's capacity to meet its financial
commitments on the obligation is very strong.

A An obligation rated `A' is somewhat more susceptible to the adverse
effects of changes in circumstances and economic conditions than
obligations in higher-rated categories. However, the obligor's capacity to
meet its financial commitments on the obligation is still strong.

BBB An obligation rated `BBB' exhibits adequate protection parameters.
However, adverse economic conditions or changing circumstances are more
likely to weaken the obligor's capacity to meet its financial commitments
on the obligation.

Obligations rated `BB,' `B,' `CCC,' `CC' and `C' are regarded as having
significant speculative characteristics. `BB' indicates the least degree
of speculation and `C' the highest. While such obligations will likely
have some quality and protective characteristics, these may be outweighed
by large uncertainties or major exposures to adverse conditions.

BB An obligation rated `BB' is less vulnerable to nonpayment than other
speculative issues. However, it faces major ongoing uncertainties or
exposure to adverse business, financial, or economic conditions that could
lead to the obligor's inadequate capacity to meet its financial
commitments on the obligation.

B An obligation rated `B' is more vulnerable to nonpayment than
obligations rated `BB,' but the obligor currently has the capacity to meet
its financial commitments on the obligation. Adverse business, financial,
or economic conditions will likely impair the obligor's capacity or
willingness to meet its financial commitments on the obligation.

CCC An obligation rated `CCC' is currently vulnerable to nonpayment, and
is dependent upon favorable business, financial, and economic conditions
for the obligor to meet its financial commitments on the obligation. In
the event of adverse business, financial, or economic conditions, the
obligor is not likely to have the capacity to meet its financial
commitments on the obligation.

CC An obligation rated `CC' is currently highly vulnerable to nonpayment.
The `CC' rating is used when a default has not yet occurred but S&P Global
Ratings expects default to be a virtual certainty, regardless of the
anticipated time to default.

C An obligation rated `C' is currently highly vulnerable to nonpayment,
and the obligation is expected to have lower relative seniority or lower
ultimate recovery compared with obligations that are rated higher.

D An obligation rated `D' is in default or in breach of an imputed
promise. For non-hybrid capital instruments, the `D' rating category is
used when payments on an obligation are not made on the date due, unless
S&P Global Ratings believes that such payments will be made within five
business days in the absence of a stated grace period or within the

Page 30

earlier of the stated grace period or 30 calendar days. The `D' rating
also will be used upon the filing of a bankruptcy petition or the taking
of similar action and where default on an obligation is a virtual
certainty, for example due to automatic stay provisions. An obligation's
rating is lowered to `D' if it is subject to a distressed exchange offer.

Ratings from `AA' to `CCC' may be modified by the addition of a plus (+)
or minus (-) sign to show relative standing within the rating categories.

Expected Ratings are designated on the "Schedule of Investments" by an
"(e)" after the rating code. Expected Ratings are intended to anticipate
S&P's forthcoming rating assignments. Expected Ratings are generated by
Bloomberg based on sources it considers reliable or established S&P rating
practices. Expected Ratings exist only until S&P assigns a rating to the
issue.

"NR" indicates that no rating has been requested, that there is
insufficient information on which to base a rating, or that Standard &
Poor's does not rate a particular obligation as a matter of policy.

Disclaimer Notice. This may contain information obtained from third
parties, including ratings from credit ratings agencies such as Standard &
Poor's. Reproduction and distribution of third party content in any form
is prohibited except with the prior written permission of the related
third party. Third party content providers do not guarantee the accuracy,
completeness, timeliness or availability of any information, including
ratings, and are not responsible for any errors or omissions (negligent or
otherwise), regardless of the cause, or for the results obtained from the
use of such content. THIRD PARTY CONTENT PROVIDERS GIVE NO EXPRESS OR
IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF
MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. THIRD PARTY
CONTENT PROVIDERS SHALL NOT BE LIABLE FOR ANY DIRECT, INDIRECT,
INCIDENTAL, EXEMPLARY, COMPENSATORY, PUNITIVE, SPECIAL OR CONSEQUENTIAL
DAMAGES, COSTS, EXPENSES, LEGAL FEES, OR LOSSES (INCLUDING LOST INCOME OR
PROFITS AND OPPORTUNITY COSTS OR LOSSES CAUSED BY NEGLIGENCE) IN
CONNECTION WITH ANY USE OF THEIR CONTENT, INCLUDING RATINGS. Credit
ratings are statements of opinions and are not statements of fact or
recommendations to purchase, hold or sell securities. They do not address
the suitability of securities or the suitability of securities for
investment purposes, and should not be relied on as investment advice.

Page 31

First Trust(R)

Stonebridge Preferred Income Portfolio, Series 30
FT 9032

Sponsor:

First Trust Portfolios L.P.

Member SIPC o Member FINRA
120 East Liberty Drive
Wheaton, Illinois 60187
800-621-1675

Trustee:

The Bank of New York Mellon

240 Greenwich Street
New York, New York 10286
800-813-3074
24-Hour Pricing Line:
800-446-0132
Please refer to the "Summary of Essential Information" for the Product Code.
________________________

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

THE INFORMATION IN THE PROSPECTUS IS NOT COMPLETE AND MAY BE CHANGED. WE
MAY NOT SELL, OR ACCEPT OFFERS TO BUY, SECURITIES OF A FUTURE SERIES UNTIL
THAT SERIES HAS BECOME EFFECTIVE WITH THE SEC. NO SECURITIES CAN BE SOLD
IN ANY STATE WHERE A SALE WOULD BE ILLEGAL.
________________________

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

- Securities Act of 1933 (file no. 333-249578) and

- Investment Company Act of 1940 (file no. 811-05903)

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

Information about the Trust is available on the EDGAR Database on the
SEC's Internet site at www.sec.gov.

To obtain copies at prescribed rates -

Write: Public Reference Section of the SEC
100 F Street, N.E.
Washington, D.C. 20549
e-mail address: publicinfo@sec.gov

November 4, 2020

PLEASE RETAIN THIS PROSPECTUS FOR FUTURE REFERENCE

Page 32

First Trust(R)

The FT Series

Information Supplement

This Information Supplement provides additional information concerning the
structure, operations and risks of the unit investment trust contained in
FT 9032 not found in the prospectus for the Trust. This Information
Supplement is not a prospectus and does not include all of the information
you should consider before investing in the Trust. This Information
Supplement should be read in conjunction with the prospectus for the Trust
in which you are considering investing.

This Information Supplement is dated November 4, 2020. Capitalized terms
have been defined in the prospectus.

Table of Contents

Risk Factors
Dividends 1
Preferred Stocks 1
Trust Preferred Securities 2
High-Yield Securities 2
REITs 4
Foreign Issuers 5
Small and/or Mid Capitalization Companies 6
Concentration
Concentration Risk 6
Financials 6
Securities Selected for Stonebridge Preferred Income
Portfolio, Series 30 7

Risk Factors

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

Preferred Stocks. An investment in Units of the Trust should be made with
an understanding of the risks which an investment in preferred stocks
entails, including the risk that the financial condition of the issuers of
the Securities or the general condition of the preferred stock market may
worsen, and the value of the preferred stocks and therefore the value of
the Units may decline. Preferred stocks may be susceptible to general
stock market movements and to volatile increases and decreases of value as
market confidence in and perceptions of the issuers change. These
perceptions are based on unpredictable factors, including expectations
regarding government, economic, monetary and fiscal policies, inflation
and interest rates, economic expansion or contraction, market liquidity,
and global or regional political, economic or banking crises. Preferred
stocks are also vulnerable to Congressional reductions in the dividends
received deduction which would adversely affect the after-tax return to
the investors who can take advantage of the deduction. Such a reduction
might adversely affect the value of preferred stocks in general. Holders
of preferred stocks, as owners of the entity, have rights to receive
payments from the issuers of those preferred stocks that are generally
subordinate to those of creditors of, or holders of debt obligations or,

Page 1

in some cases, other senior preferred stocks of, such issuers. Preferred
stocks do not represent an obligation of the issuer and, therefore, do not
offer any assurance of income or provide the same degree of protection of
capital as do debt securities. The issuance of additional debt securities
or senior preferred stocks will create prior claims for payment of
principal and interest and senior dividends which could adversely affect
the ability and inclination of the issuer to declare or pay dividends on
its preferred stock or the rights of holders of preferred stock with
respect to assets of the issuer upon liquidation or bankruptcy. The value
of preferred stocks is subject to market fluctuations for as long as the
preferred stocks remain outstanding, and thus the value of the Securities
may be expected to fluctuate over the life of the Trust to values higher
or lower than those prevailing on the Initial Date of Deposit.

Trust Preferred Securities. An investment in Units of the Trust should
also be made with an understanding of the risks which an investment in
trust preferred securities entails. Holders of trust preferred securities
incur risks in addition to or slightly different than the typical risks of
holding preferred stocks. As previously discussed, trust preferred
securities are limited-life preferred securities that are typically issued
by corporations, generally in the form of interest-bearing notes or
preferred securities issued by corporations, or by an affiliated business
trust of a corporation, generally in the form of beneficial interests in
subordinated debentures issued by the corporation, or similarly structured
securities. The maturity and dividend rate of the trust preferred
securities are structured to match the maturity and coupon interest rate
of the interest-bearing notes, preferred securities or subordinated
debentures. Trust preferred securities usually mature on the stated
maturity date of the interest-bearing notes, preferred securities or
subordinated debentures and may be redeemed or liquidated prior to the
stated maturity date of such instruments for any reason on or after their
stated call date or upon the occurrence of certain extraordinary
circumstances at any time. Trust preferred securities generally have a
yield advantage over traditional preferred stocks, but unlike preferred
stocks, distributions on the Trust preferred securities are treated as
interest rather than dividends for Federal income tax purposes. Unlike
most preferred stocks, distributions received from trust preferred
securities are not eligible for the dividends-received deduction. Certain
of the risks unique to trust preferred securities include: (i)
distributions on trust preferred securities will be made only if interest
payments on the interest-bearing notes, preferred securities or
subordinated debentures are made; (ii) a corporation issuing the interest-
bearing notes, preferred securities or subordinated debentures may defer
interest payments on these instruments for up to 20 consecutive quarters
and if such election is made, distributions will not be made on the trust
preferred securities during the deferral period; (iii) certain tax or
regulatory events may trigger the redemption of the interest-bearing
notes, preferred securities or subordinated debentures by the issuing
corporation and result in prepayment of the trust preferred securities
prior to their stated maturity date; (iv) future legislation may be
proposed or enacted that may prohibit the corporation from deducting its
interest payments on the interest-bearing notes, preferred securities or
subordinated debentures for tax purposes, making redemption of these
instruments likely; (v) a corporation may redeem the interest-bearing
notes, preferred securities or subordinated debentures in whole at any
time or in part from time to time on or after a stated call date; (vi)
trust preferred securities holders have very limited voting rights; and
(vii) payment of interest on the interest-bearing notes, preferred
securities or subordinated debentures, and therefore distributions on the
trust preferred securities, is dependent on the financial condition of the
issuing corporation.

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

High-yield securities or "junk" bonds, the generic names for securities
rated below "BBB-" by Standard & Poor's, or below "Baa3" by Moody's, are
frequently issued by corporations in the growth stage of their
development, by established companies whose operations or industries are
depressed or by highly leveraged companies purchased in leveraged buyout
transactions. The market for high-yield securities is very specialized and
investors in it have been predominantly financial institutions. High-yield
securities are generally not listed on a national securities exchange.
Trading of high-yield securities, therefore, takes place primarily in over-
the-counter markets which consist of groups of dealer firms that are
typically major securities firms. Because the high-yield security market
is a dealer market, rather than an auction market, no single obtainable

Page 2

price for a given security prevails at any given time. Prices are
determined by negotiation between traders. The existence of a liquid
trading market for the securities may depend on whether dealers will make
a market 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 will
be maintained or of the liquidity of the securities in any markets made.
Not all dealers maintain markets in all high-yield securities. Therefore,
since there are fewer traders in these securities than there are in
"investment grade" securities, the bid-offer spread is usually greater for
high-yield securities than it is for investment grade securities.

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

Should the issuer of any security default in the payment of principal or
interest, the Trust may incur additional expenses seeking payment on the
defaulted security. Because amounts (if any) recovered by the Trust in
payment under the defaulted security may not be reflected in the value of
the Units until actually received by the Trust, and depending upon when a
Unit holder 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
any portion of the payment recovered.

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

Obligations that are rated lower than "BBB-" by Standard & Poor's, or
"Baa3" by Moody's, respectively, should be considered speculative as such

Page 3

ratings indicate a quality of less than investment grade. Investors should
carefully review the objective of the Trust and consider their ability to
assume the risks involved before making an investment in the Trust.

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

REITs are financial vehicles that have as their objective the pooling of
capital from a number of investors in order to participate directly in
real estate ownership or financing. REITs are generally fully integrated
operating companies that have interests in income-producing real estate.
Equity REITs emphasize direct property investment, holding their invested
assets primarily in the ownership of real estate or other equity
interests. REITs obtain capital funds for investment in underlying real
estate assets by selling debt or equity securities in the public or
institutional capital markets or by bank borrowing. Thus, the returns on
common equities of REITs will be significantly affected by changes in
costs of capital and, particularly in the case of highly "leveraged" REITs
(i.e., those with large amounts of borrowings outstanding), by changes in
the level of interest rates. The objective of an equity REIT is to
purchase income-producing real estate properties in order to generate high
levels of cash flow from rental income and a gradual asset appreciation,
and they typically invest in properties such as office, retail,
industrial, hotel and apartment buildings and healthcare facilities.

REITs are a creation of the tax law. REITs essentially operate as a
corporation or business trust with the advantage of exemption from
corporate income taxes provided the REIT satisfies the requirements of
Sections 856 through 860 of the Internal Revenue Code. The major tests for
tax-qualified status are that the REIT (i) be managed by one or more
trustees or directors, (ii) issue shares of transferable interest to 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 substantially
all of its capital in real estate related assets and derive substantially
all of its gross income from real estate related assets and (vi)
distributed at least 95% of its taxable income to its shareholders each
year. If a REIT should fail to qualify for such tax status, the related
shareholders (including such Trust) could be adversely affected by the
resulting tax consequences.

The underlying value of the Securities and a Trust's ability to make
distributions to Unit holders may be adversely affected by changes in
national economic conditions, changes in local market conditions due to
changes in general or local economic conditions and neighborhood
characteristics, increased competition from other properties, obsolescence
of property, changes in the availability, cost and terms of mortgage
funds, the impact of present or future environmental legislation and
compliance with environmental laws, the ongoing need for capital
improvements, particularly in older properties, changes in real estate tax
rates and other operating expenses, regulatory and economic impediments to
raising rents, adverse changes in governmental rules and fiscal policies,
dependency on management skill, civil unrest, acts of God, including
earthquakes, fires and other natural disasters (which may result in
uninsured losses), acts of war, adverse changes in zoning laws, and other
factors which are beyond the control of the issuers of REITs. The value of
REITs may at times be particularly sensitive to devaluation in the event
of rising interest rates.

REITs may concentrate investments in specific geographic areas or in
specific property types, i.e., hotels, shopping malls, residential
complexes, office buildings and timberlands. The impact of economic
conditions on REITs can also be expected to vary with geographic location
and property type. Investors should be aware that REITs may not be
diversified and are subject to the risks of financing projects. REITs are
also subject to defaults by borrowers, self-liquidation, the market's
perception of the REIT industry generally, and the possibility of failing
to qualify for pass-through of income under the Internal Revenue Code, and
to maintain exemption from the Investment Company Act 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 to incur significant costs related to
protecting its investments. In addition, because real estate generally is
subject to real property taxes, REITs may be adversely affected by
increases or decreases in property tax rates and assessments or
reassessments of the properties underlying REITs by taxing authorities.

Page 4

Furthermore, because real estate is relatively illiquid, the ability of
REITs to vary their portfolios in response to changes in economic and
other conditions may be limited and may adversely affect the value of the
Units. There can be no assurance that any REIT will be able to dispose of
its underlying real estate assets when advantageous or necessary.

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

Under various environmental laws, a current or previous owner or operator
of real property may be liable for the costs of removal or remediation of
hazardous or toxic substances on, under or in such property. Such laws
often impose liability whether or not the owner or operator caused or knew
of the presence of such hazardous or toxic substances and whether or not
the storage of such substances was in violation of a tenant's lease. In
addition, the presence of hazardous or toxic substances, or the failure to
remediate such property properly, may adversely affect the owner's ability
to borrow using such real property as collateral. No assurance can be
given that REITs may not be presently liable or potentially liable for any
such costs in connection with real estate assets they presently own or
subsequently acquire. Certain of the REITs may also be Mortgage REITs.
Mortgage REITs are companies that provide financing for real estate by
purchasing or originating mortgages and mortgage-backed securities and
earn income from the interest on these investments. Mortgage REITs are
also subject to many of the same risks associated with investments in
other REITs and to real estate market conditions.

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

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

On the basis of the best information available to the Sponsor at the
present time, none of the Securities in the Trust are subject to exchange
control restrictions under existing law which would materially interfere
with payment to the Trust of dividends due on, or proceeds from the sale
of, the Securities. However, there can be no assurance that exchange
control regulations might not be adopted in the future which might
adversely affect payment to the Trust. The adoption of exchange control
regulations and other legal restrictions could have an adverse impact on
the marketability of international securities in the Trust and on the
ability of the Trust to satisfy its obligation to redeem Units tendered to

Page 5

the Trustee for redemption. In addition, restrictions on the settlement of
transactions on either the purchase or sale side, or both, could cause
delays or increase the costs associated with the purchase and sale of the
foreign Securities and correspondingly could affect the price of the Units.

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

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

Small and/or Mid Capitalization Companies. The following section applies
to individual Trusts which contain Securities issued by, or invest in
Securities that hold securities issued by, small and/or mid capitalization
companies. While historically stocks of small and mid capitalization
companies have outperformed the stocks of large companies, the former have
customarily involved more investment risk as well. Such companies may have
limited product lines, markets or financial resources; may lack management
depth or experience; and may be more vulnerable to adverse general market
or economic developments than large companies. Some of these companies may
distribute, sell or produce products which have recently been brought to
market and may be dependent on key personnel.

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

Concentration

The Trust is concentrated in stocks of the industry or group of industries
comprising the financials sector.

Financials. Companies in the financials sector include regional and money
center banks, securities brokerage firms, asset management companies,
savings banks and thrift institutions, specialty finance companies (e.g.,
credit card, mortgage providers), insurance and insurance brokerage firms,
consumer finance firms, financial conglomerates, foreign banking and
financial companies.

Financial companies are subject to extensive governmental regulation which
limits their activities and may affect their ability to earn a profit from
a given line of business. Government regulation may change frequently and
may have significant adverse consequences for companies in the financials
sector, including effects not intended by the regulation. New legislation
and regulatory changes could cause business disruptions, result in
significant loss of revenue, limit financial firms' ability to pursue
business opportunities, impact the value of business assets and impose
additional costs that may adversely affect business. There can be no
assurance as to the actual impact these laws and their implementing
regulations, or any other governmental program, will have on any
individual financial company or on the financial markets as a whole.
Companies in the financials sector may also be the targets of hacking and
potential theft of proprietary or customer information or disruptions in
service, which could have a material adverse effect on their businesses.

In addition, general economic conditions are important to the operations
of these companies, and financial difficulties of borrowers may have an
adverse effect on the profitability of financial companies. Financial
companies can be highly dependent upon access to capital markets, and any
impediments to such access, such as adverse overall economic conditions or
a negative perception in the capital markets of a financial company's

Page 6

financial condition or prospects, could adversely affect its business.
Deterioration of credit markets can have an adverse impact on a broad
range of financial markets, causing certain financial companies to incur
large losses. In these conditions, companies in the financials sector may
experience significant declines in the valuation of their assets, take
actions to raise capital and even cease operations. Some financial
companies may also be required to accept or borrow significant amounts of
capital from government sources and may face future government-imposed
restrictions on their businesses or increased government intervention.
However, there is no guarantee that governments will provide any such
relief in the future. These actions may cause the securities of many
companies in the financials sector to decline in value.

Banks, thrifts and their holding companies are especially subject to the
adverse effects of economic recession; volatile interest rates; portfolio
concentrations in geographic markets, in commercial and residential real
estate loans or any particular segment or industry; and competition from
new entrants in their fields of business. Banks, thrifts and their holding
companies are subject to extensive federal regulation and, when such
institutions are state-chartered, to state regulation as well. Such
regulations impose strict capital requirements and limitations on the
nature and extent of business activities that banks and thrifts may
pursue. Regulatory actions, such as increases in the minimum capital
requirements applicable to banks and thrifts and increases in deposit
insurance premiums required to be paid by banks and thrifts to the FDIC,
can negatively impact earnings and the ability of a company to pay
dividends. Neither federal insurance of deposits nor governmental
regulations, however, insures the solvency or profitability of banks or
their holding companies, or insures against any risk of investment in the
securities issued by such institutions.

Interest rate levels, general economic conditions and price and marketing
competition also affect insurance company profits. Companies involved in
the insurance industry are engaged in underwriting, reinsuring, selling,
distributing or placing of property and casualty, life or health
insurance. Property and casualty insurance profits may also be affected by
weather catastrophes and other disasters. Life and health insurance
profits may be affected by mortality and morbidity rates. Individual
companies may be exposed to material risks including reserve inadequacy
and the inability to collect from reinsurance carriers. Insurance
companies are subject to extensive governmental regulation, including the
imposition of maximum rate levels, which may not be adequate for some
lines of business. Proposed or potential tax law changes may also
adversely affect insurance companies' policy sales, tax obligations, and
profitability. In addition to the foregoing, profit margins of these
companies continue to shrink due to the commoditization of traditional
businesses, new competitors, capital expenditures on new technology and
the pressures to compete globally. All insurance companies are subject to
state laws and regulations that require diversification of their
investment portfolios and limit the amount of investments in certain
investment categories. Failure to comply with these laws and regulations
would cause non-conforming investments to be treated as non-admitted
assets for purposes of measuring statutory surplus and, in some instances,
would require divestiture associations.

Securities Selected for Stonebridge Preferred Income Portfolio, Series 30

Set forth below are descriptions of the issuers of the Securities or the
parent company of the issuers of the Securities.

Communication Services
______________________

AT&T Inc., headquartered in Dallas, Texas, is a telecommunications holding
company in the United States. The company is a worldwide provider of IP-
based communications services to business and a leading U.S. provider of
high-speed DSL Internet, local and long-distance voice services, wireless
services, directory publishing and advertising services.

Qwest Corporation, headquartered in Monroe, Louisiana, is an integrated
communications company. The company provides communications services to
residential, business, governmental and wholesale customers throughout the
United States.

United States Cellular Corporation, headquartered in Chicago, Illinois, is
a communication services company. The company owns, operates and invests
in cellular telephone systems throughout the United States.

Consumer Staples
________________

CHS Inc., headquartered in Inver Grove Heights, Minnesota, operates as an
integrated agricultural company that supplies crop nutrients, grain,
livestock feed and food ingredients. The company also operates petroleum
refineries and pipelines, and manufactures, markets and distributes fuel
and lubricants.

Energy
______

Enbridge Inc., headquartered in Calgary, Canada, is an energy company. The
company operates transportation systems for crude oils and liquids,
participates in international energy projects and distributes electricity
and natural gas in North America.

Page 7

Financials
__________

AGNC Investment Corp., headquartered in Bethesda, Maryland, is a real
estate investment trust. It invests primarily in agency residential
mortgage-backed securities on a leveraged basis. The principal and
interest payments of its investments are guaranteed by a U.S. government-
sponsored enterprise.

The Allstate Corporation, headquartered in Northbrook, Illinois, through
subsidiaries, writes property-liability insurance, primarily private
passenger automobile and homeowners policies. The company also offers life
insurance, annuity and group pension products.

American Equity Investment Life Holding Company, headquartered in West Des
Moines, Iowa, is engaged in the development, marketing, issuance and
administration of annuities and life insurance products. Through its
subsidiaries, the company is licensed to sell its products throughout the
United States.

American Financial Group, Inc., headquartered in Cincinnati, Ohio, is a
holding company which, through subsidiaries, is engaged primarily in
property and casualty insurance, focusing on specialized commercial
products for businesses, and in the sale of retirement annuities, life and
supplemental health insurance products.

Annaly Capital Management, Inc., headquartered in New York, New York, is
an externally managed real estate investment trust. The company owns and
manages a portfolio of real estate related investments, including mortgage-
backed securities and other securities representing interests in or
obligations backed by pools of mortgage loans.

Aspen Insurance Holdings Limited, headquartered in Hamilton, Bermuda, is a
holding company. Together with its subsidiaries, the company underwrites
property/casualty insurance and reinsurance business worldwide, including
marine, energy and aviation product lines.

Athene Holding Ltd., headquartered in Pembroke, Bermuda, is a life
insurance holding company. The company issues, reinsures and acquires
annuities for individuals and institutions looking to fund retirement needs.

Atlantic Union Bankshares Corporation, headquartered in Richmond,
Virginia, is a multi-bank holding company. The company delivers financial
services through its community bank subsidiaries and non-bank financial
services affiliates.

Axis Capital Holdings Limited, headquartered in Pembroke, Bermuda, through
its subsidiaries, provides various insurance and reinsurance products
worldwide. The company's products include property insurance, professional
liability insurance and non-life reinsurance, among others.

Bank of America Corporation, headquartered in Charlotte, North Carolina,
offers banking, asset management, investing and other risk management and
financial services. The company has an investment banking and securities
brokerage subsidiary and a mortgage lending subsidiary.

BrightSphere Investment Group Inc., headquartered in Boston,
Massachusetts, is an asset management firm. The company offers actively-
managed investment strategies and products to institutional investors
worldwide.

Capital One Financial Corporation, headquartered in McLean, Virginia, is a
diversified financial services company. The company offers credit card,
consumer banking and commercial banking services through banking offices,
the Internet and other distribution channels.

Citigroup Inc., headquartered in New York, New York, is a diversified
financial services holding company. The company offers consumer banking
and credit, corporate and investment banking, securities brokerage, wealth
management and transaction services to consumers, corporations,
governments and institutions worldwide.

Citizens Financial Group, Inc., headquartered in Providence, Rhode Island,
provides a full range of commercial banking services for retail customers.
The company offers consumer loans, commercial loans and mortgage loans.

Equitable Holdings, Inc., headquartered in New York, New York, is a
financial services company. Through its subsidiaries, the company offers
insurance, asset allocation, financial planning, portfolio construction,
advisory accounts and other investment services.

First Republic Bank, headquartered in San Francisco, California, together
with its subsidiaries, provides personalized relationship-based preferred
banking and business banking, real estate lending, trust, and wealth
management services to clients in metropolitan areas of the United States.

The Goldman Sachs Group, Inc., headquartered in New York, New York, is a
global investment banking and securities firm specializing in investment
banking, trading and principal investments, and asset management and

Page 8

securities services. The company's clients include corporations, financial
institutions, governments and high net-worth individuals.

The Hartford Financial Services Group, Inc., headquartered in Hartford,
Connecticut, writes commercial property and casualty insurance, personal
automobile and homeowners coverages and a variety of life insurance plans;
and reinsures third-party risks. The company's strategy is to focus on
five core areas: life insurance, reinsurance, commercial lines property-
casualty insurance, personal lines property-casualty insurance and
international operations.

JPMorgan Chase & Co., headquartered in New York, New York, is a financial
holding company. The company provides financial services and investment
banking to entities and individuals, including consumers, small
businesses, financial institutions, municipalities, the nonprofit sector
and real estate investors.

KeyCorp, headquartered in Cleveland, Ohio, through its subsidiaries,
conducts a commercial and retail banking business via full-service banking
offices located throughout the United States. The company also provides
trust, personal financial cash management, investment banking, securities
brokerage and international banking services.

MetLife, Inc., headquartered in New York, New York, provides insurance and
financial services to a range of individual and institutional customers.
The company has operations in the United States and other countries in the
Asia-Pacific region, Latin America and Europe.

Morgan Stanley, headquartered in New York, New York, provides a broad
range of nationally-marketed credit and investment products, with a
principal focus on individual customers. The company provides investment
banking, transaction processing, private-label credit card and various
other investment advisory services under the brand name "Morgan Stanley."

New York Community Bancorp, Inc., headquartered in Westbury, New York, is
a multi-bank holding company. Through its subsidiaries, the company offers
a full range of banking services and originates multi-family mortgage,
commercial real estate and construction loans.

People's United Financial, Inc., headquartered in Bridgeport, Connecticut,
operates as the bank holding company for People's United Bank. The company
provides commercial banking, retail banking and wealth management services
to individual, corporate and municipal customers.

Pinnacle West Capital Corporation, headquartered in Phoenix, Arizona,
through its subsidiary, Arizona Public Service Company, provides wholesale
and retail and electric services primarily in the state of Arizona. The
company generates, transmits and distributes electricity using coal, oil,
nuclear, gas and solar generating facilities.

Prudential Financial, Inc., headquartered in Newark, New Jersey, operates
as a financial services institution in the United States and worldwide.
The company's products and services include life insurance, mutual funds,
pension and retirement-related services and administration, annuities and
asset management.

Regions Financial Corporation, headquartered in Birmingham, Alabama, is a
regional bank holding company operating full-service banking offices in
Alabama, Arkansas, Florida, Georgia, Louisiana, South Carolina, Tennessee
and Texas.

Reinsurance Group of America, Incorporated, headquartered in Chesterfield,
Missouri, is an insurance holding company that, through its subsidiaries,
provides traditional and non-traditional reinsurance to clients. Products
include individual and group life and health, disability and critical
illness reinsurance, longevity reinsurance, asset-intensive reinsurance
and financial reinsurance.

State Street Corporation, headquartered in Boston, Massachusetts, is a
financial holding company. Together with its subsidiaries, the company
provides banking, global custody, investment management, administration
and securities processing services to both U.S. and non-U.S. customers.

Stifel Financial Corp., headquartered in St. Louis, Missouri, together
with its subsidiaries, is a bank holding company. The company offers
securities-related financial and money management services throughout the
United States and parts of Europe.

Synovus Financial Corp., headquartered in Columbus, Georgia, is a
financial services and bank holding company. The company, through its
subsidiaries, provides retail and commercial banking, mortgage services,
investment and brokerage services, commercial and real estate loans,
automated banking services and bank credit card services.

Truist Financial Corporation, headquartered in Charlotte, North Carolina,
through its subsidiaries, conducts a general banking business for retail
and commercial clients in the mid-Atlantic geographic area. The company

Page 9

also offers non-banking services such as loans and lease financing,
wholesale insurance brokerage services and investment advisory services.

U.S. Bancorp, headquartered in Minneapolis, Minnesota, is a financial
services holding company providing a range of financial services
throughout the United States. The company serves individuals,
institutions, corporations, government entities, estates and other
financial institutions.

Valley National Bancorp, headquartered in Wayne, New Jersey, is a regional
bank holding company with branch locations in New Jersey, Alabama, Florida
and New York. The company offers a variety of financial services products,
including consumer lending, commercial lending and investment management.

Voya Financial, Inc., headquartered in New York, New York, provides
retirement, investment management and insurance solutions throughout the
United States. The company markets products and services in five segments:
Retirement, Annuities, Investment Management, Individual Life and Employee
Benefits.

W.R. Berkley Corporation, headquartered in Greenwich, Connecticut, is an
insurance holding company, providing regional property casualty insurance,
reinsurance, specialty lines of insurance, alternative markets services
and international insurance.

Wells Fargo & Company, headquartered in San Francisco, California, is a
diversified financial services company. The company provides retail,
commercial and corporate banking services through banking offices, the
Internet and other distribution channels, serving individuals, businesses
and institutions throughout the United States and other countries.

Wesbanco, Inc., headquartered in Wheeling, West Virginia, operates as a
bank holding company for WesBanco Bank, Inc. that provides various
financial services.

Wintrust Financial Corporation, headquartered in Rosemont, Illinois, is a
bank holding company whose subsidiaries provide community-based banking
services in the Chicago metropolitan area and in southeastern Wisconsin.
The company also offers specialty financing services such as short-term
accounts receivable financing.

Industrials
___________

Air Lease Corporation, headquartered in Los Angeles, California, operates
an aircraft leasing company. The company purchases commercial aircraft to
lease to airlines around the world, including Asia, the Pacific Rim, Latin
America, the Middle East and Eastern Europe.

WESCO International, Inc., headquartered in Pittsburgh, Pennsylvania, is
an international supply chain company. The company distributes electrical
products and other industrial maintenance, repair and operating supplies.
The company also provides integrated supply services.

Real Estate
___________

American Homes 4 Rent, headquartered in Agoura Hills, California, is an
internally managed real estate investment trust. The company is focused on
acquiring, renovating, leasing and operating single-family homes as rental
properties.

Digital Realty Trust, Inc., headquartered in San Francisco, California,
operates as a real estate investment trust that engages in the ownership,
acquisition, reposition and management of technology-related real estate.

PS Business Parks, Inc., headquartered in Glendale, California, is a self-
advised and self-managed real estate investment trust. Together with its
subsidiaries, the company engages in the acquisition, development and
operation of commercial properties, primarily multi-tenant flex, office
and industrial space.

Public Storage, headquartered in Glendale, California, is a real estate
investment trust specializing in mini warehouses and self-service storage
facilities. The company also has properties used in other industrial and
commercial operations.

Utilities
_________

Algonquin Power & Utilities Corp., headquartered in Oakville, Canada, is a
utilities company. The company owns and operates a diversified portfolio
of regulated and non-regulated generation, distribution and transmission
utility assets.

CMS Energy Corp., headquartered in Jackson, Michigan, is an energy company
providing utilities to the state of Michigan. The company focuses on
independent power production and natural gas transmission.

Page 10

Duke Energy Corporation, headquartered in Charlotte, North Carolina, is a
utility company. Together with its subsidiaries, the company provides
electric service, operates interstate natural gas pipelines, and markets
electricity, natural gas and natural gas liquids.

National Rural Utilities Cooperative Finance Corporation, headquartered in
Dulles, Virginia, operates as a non-profit organization. The company
distributes electricity and related services to communities in the United
States.

NextEra Energy, Inc., headquartered in Juno Beach, Florida, through its
subsidiaries, engages in the generation, transmission, distribution and
sale of electric energy in Florida.

NiSource Inc., headquartered in Merrillville, Indiana, is a natural gas
and electric utility company. The company provides these utilities to
residential, commercial and industrial customers across the central Unites
States.

The Southern Company, headquartered in Atlanta, Georgia, through its
wholly owned subsidiaries, supplies electricity in Alabama, Florida,
Georgia and Mississippi. The company is involved in electricity
generation, transmission and distribution through coal, nuclear, oil, gas
and hydro resources.

Spire Inc., headquartered in St. Louis, Missouri, through its
subsidiaries, purchases, distributes and markets natural gas. The company
also stores and transports liquid propane, compresses natural gas,
produces oil, develops real estate and manages financial investments.

We have obtained the foregoing descriptions from third-party sources we
deem reliable.

Page 11

Undertaking

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

CONTENTS OF REGISTRATION STATEMENT

Bonding Arrangements of Depositor:

First Trust Portfolios L.P. is covered by a Brokers' Fidelity Bond, in the total amount of $2,000,000, the insurer being National Union Fire Insurance Company 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

The Registrant, FT 9032, hereby identifies The First Trust Special Situations Trust, Series 4; The First Trust Special Situations Trust, Series 18; The First Trust Special Situations Trust, Series 69; The First Trust Special Situations Trust, Series 108; The First Trust Special Situations Trust, Series 119; The First Trust Special Situations Trust, Series 190; FT 286; The First Trust Combined Series 272; FT 412; FT 438; FT 556; FT 754; FT 1102; FT 1179; FT 2935; FT 3320; FT 3367; FT 3370; FT 3397; FT 3398; FT 3400; FT 3451; FT 3480; FT 3529; FT 3530; FT 3568; FT 3569; FT 3570; FT 3572; FT 3615; FT 3647; FT 3650; FT 3689; FT 3690; FT 3729; FT 3780; FT 3940; FT 4020; FT 4037; FT 4143; FT 4260; FT 4746; FT 4789; FT 5039; FT 5415; FT 7033; FT 7256; FT 7935; FT 8495; FT 8669; FT 8713; FT 8740; FT 8746; FT 8758; FT 8817; FT 8956; FT 8976 and FT 8978 for purposes of the representations required by Rule 487 and represents the following:

(1) that the portfolio securities deposited in the series with respect to which this Registration Statement is being filed do not differ materially in type or quality from those deposited in such previous series;

(2) that, except to the extent necessary to identify the specific portfolio securities deposited in, and to provide essential financial information for, the series with respect to the securities of which this Registration Statement is being filed, this Registration Statement does not contain disclosures that differ in any material respect from those contained in the registration statements for such previous series as to which the effective date was determined by the Commission or the staff; and

(3) that it has complied with Rule 460 under the Securities Act of 1933.

Pursuant to the requirements of the Securities Act of 1933, the Registrant, FT 9032, has duly caused this Amendment to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Wheaton and State of Illinois on November 4, 2020.

FT 9032

By:

First Trust Portfolios L.P.
Depositor

By:

/s/ Elizabeth H. Bull
Senior Vice President

S-2

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

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.	) ) ) )By: /s/ Elizabeth H. Bull ) Attorney-in-Fact** ) November 4, 2020
James M. Dykas	Chief Financial Officer of First Trust Portfolios L.P.	) )
Christina Knierim	Controller of First Trust Portfolios L.P.	) )

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

Executed copies of the related powers of attorney were filed with the Securities and Exchange Commission in connection with the Amendment No. 1 to Form S-6 of FT 8880 (File No. 333-240230) and the same is hereby incorporated herein by this reference.

S-3

CONSENT OF COUNSEL

The consent of counsel to the use of its name in the Prospectus included in this Registration Statement will be contained in its opinion to be filed as Exhibit 3.1 of the Registration Statement.

CONSENT OF FIRST TRUST ADVISORS L.P.

The consent of First Trust Advisors L.P. to the use of its name in the Prospectus included in the Registration Statement will be filed as Exhibit 4.1 to the Registration Statement.

Consent of Independent Registered Public Accounting Firm

The consent of Deloitte & Touche LLP to the use of its name in the Prospectus included in the Registration Statement will be filed as Exhibit 4.2 to the Registration Statement.

S-4

EXHIBIT INDEX

1.1

Standard Terms and Conditions of Trust for FT 4484 and certain subsequent Series, effective November 6, 2013 among First Trust Portfolios L.P., as Depositor, The Bank of New York Mellon, as Trustee, First Trust Advisors L.P., as Evaluator, First Trust Advisors L.P., as Portfolio Supervisor and FTP Services LLC, as FTPS Unit Servicing Agent (incorporated by reference to Amendment No. 1 to Form S-6 [File No. 333-191558] filed on behalf of FT 4484).

1.1.1

Trust Agreement for FT 9032 and certain subsequent Series, effective November 4, 2020 among First Trust Portfolios L.P., as Depositor, The Bank of New York Mellon, as Trustee, First Trust Advisors L.P., as Evaluator, and First Trust Advisors L.P., as Portfolio Supervisor.

1.2

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

1.3

Amended and Restated Limited Partnership Agreement of Nike Securities, L.P., predecessor of First Trust Portfolios L.P. (incorporated by reference to Amendment No. 1 to Form

S-6 [File No. 333-230481] filed on behalf of FT 8001).

1.4

Articles of Incorporation of Nike Securities Corporation, predecessor to The Charger Corporation, the general partner of First Trust Portfolios L.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 The Charger Corporation, the general partner of First Trust Portfolios L.P., Depositor (incorporated by reference to Amendment No. 2 to Form S-6 [File No. 333-169625] filed on behalf of FT 2669).

1.6

Underwriter Agreement (incorporated by reference to Amendment No. 1 to Form S-6 [File No. 33-42755] filed on behalf of The First Trust Special Situations Trust, Series 19).

2.2

Code of Ethics (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 First Trust Advisors L.P.

4.2

Consent of Independent Registered Public Accounting Firm.

6.1

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

7.1

Powers of Attorney executed by the Officers listed on page S-3 of this Registration Statement (incorporated by reference to Amendment No. 1 to Form S-6 [File No. 333-240230] filed on behalf of FT 8880).

S-6