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

Registration No. 333-240188

1940 Act No. 811-2541

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:

THE FIRST TRUST COMBINED SERIES 603

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 August 20, 2020 at 2:00 p.m. pursuant to Rule 487.

________________________________

Tax Exempt Municipal Income Trust, Series 313

The First Trust(R) Combined Series 603

The First Trust Combined Series 603 consists of a unit investment trust
known as Tax Exempt Municipal Income Trust, Series 313 (the "Trust"). The
Trust invests in a portfolio of tax-exempt municipal bonds issued by or on
behalf of certain states or United States territories which, in the
opinion of recognized bond counsel to the issuing authorities, provide
income which is exempt from federal and, in certain instances, state and
local income tax (the "Securities"). The Trust seeks income exempt from
federal and, in certain instances, state and local income tax and to
preserve capital.

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 August 20, 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 First Trust Combined Series 11
Portfolio 12
Estimated Returns 12
Risk Factors 12
Public Offering 18
Distribution of Units 19
Underwriting Concessions 21
Underwriting 21
The Sponsor's Profits 21
The Secondary Market 21
How We Purchase Units 21
Expenses and Charges 22
Tax Status 22
Rights of Unit Holders 24
Income and Capital Distributions 24
Redeeming Your Units 25
Removing Securities from the Trust 25
Amending or Terminating the Indenture 26
Information on the Sponsor, Trustee and Evaluator 27
Other Information 28
Description of Bond Ratings 28
Federal Tax-Free Income 30

Page 2

Summary of Essential Information (Unaudited)

Tax Exempt Municipal Income Trust, Series 313

The First Trust Combined Series 603

At the Opening of Business on the Initial Date of Deposit-August 20, 2020

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

Initial Number of Units 5,340
Fractional Undivided Interest in the Trust per Unit 1/5,340
Principal Amount (Par Value) of Securities per Unit (1) $ 1,000.00
Public Offering Price:
Public Offering Price per Unit (2) $ 1,149.28
Less Maximum Sales Charge per Unit (3) (39.95)
_______________
Aggregate Offering Price Evaluation of Securities per Unit (4) 1,109.33
Less Organization Costs per Unit (5) (8.00)
_______________
Net Asset Value per Unit (based on aggregate offer prices of Securities) (5) $ 1,101.33
===============
Sponsor's Initial Repurchase Price per Unit (5) $ 1,109.33
Redemption Price per Unit (based on aggregate bid prices of Securities) (5) $ 1,097.78
Weighted Average Maturity of the Securities 27.4 years
First Settlement Date August 24, 2020
Termination Date (6) December 15, 2050
Ticker Symbol FIFTUX
Distributions (7):
Estimated Net Annual Interest Income per Unit $ 33.34
Initial Distribution per Unit $ 1.48
Estimated Regular Distributions per Unit $ 2.78
Estimated Current Return (8) 2.90%
Estimated Long-Term Return (8) 1.78%
CUSIP Number 33741B 662
Fee Account CUSIP Number 33741B 670
Pricing Line Product Code 131690

____________

(1) Because certain of the Securities may, in certain circumstances, be
sold, redeemed or mature in accordance with their terms, the Unit value at
the Termination Date may not equal the Principal Amount (Par Value) of
Securities per Unit stated above.

(2) The Public Offering Price shown above reflects the value of the
Securities at the opening of business on 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 accrued interest on the
Securities. After this date, a pro rata share of any accrued interest on
the Securities will be included.

(3) You will pay a maximum sales charge of 3.50% of the Public Offering
Price per Unit (equivalent to 3.627% of the net amount invested).
Investors will not be assessed a sales charge on the portion of their
Units represented by cash deposited to pay the Trust's organization costs.

(4) Each Security is valued at its aggregate offering price. The initial
evaluation for purposes of determining the purchase, sale or redemption
price of Units on the Initial Date of Deposit will occur at the latter of
4:00 p.m. Eastern time or the effectiveness of the Trust. Thereafter,
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 Net Asset Value per Unit figure reflects the deduction of
estimated organization costs, which will be deducted from the assets of
the Trust at the end of the initial offering period. The Sponsor's Initial
Repurchase Price per Unit does not reflect the deduction of estimated
organization costs until the end of the initial offering period as set
forth under "Fee Table." The Redemption Price per Unit reflects the
deduction of such estimated organization costs. See "Redeeming Your Units."

(6) See "Amending or Terminating the Indenture."

(7) Distributions will be paid on the twenty-fifth day of each month
("Distribution Date") to Unit holders of record on the tenth day of such
month ("Distribution Record Date"). The amount of the Estimated Regular
Distributions per Unit was calculated on the basis of the Estimated Annual
Interest Income per Unit less the estimated annual expenses and divided by
twelve. Each Unit holder will receive the Initial Distribution per Unit on
September 25, 2020. Estimated Regular Distributions per Unit will occur
monthly, beginning October 25, 2020. The actual distribution you receive
will vary from that set forth above with changes in the Trust's fees and
expenses and with the sale, maturity or redemption of Securities. See "Fee
Table" and "Expenses and Charges." Distributions from the Principal
Account will be made monthly if the amount available for distribution
equals at least $1.00 per Unit. See "Income and Capital Distributions."

(8) Estimated Current Return is calculated by dividing Estimated Net
Annual Interest Income per Unit by the Public Offering Price. Estimated
Long-Term Return is calculated using a formula which (1) factors in the
relative weightings of the market values, yields (which take into account
the amortization of premiums and the accretion of discounts) and estimated
retirements of the Securities; and (2) takes into account a compounding
factor, the sales charge and expenses. There is no assurance that the
Estimated Current and Long-Term Returns set forth above will be realized
in the future because the various components used to calculate these
figures, such as Trust expenses, market values and estimated retirements
of the Securities, will change. In addition, neither rate reflects the
true return you will receive, which will be lower, because neither
includes the effect of certain delays in distributions with respect to
when the Securities pay interest and when distributions are paid by the
Trust.

Page 3

Fee Table (Unaudited)

This Fee Table describes the fees and expenses that you may pay if you buy
and hold Units of the Trust and receive distributions monthly. See "Public
Offering" and "Expenses and Charges." Although the Trust has a term of
approximately 30.5 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 imposed on purchase 3.50%(a) $39.95
===== ======

Organization Costs
(as a percentage of public offering price)
Estimated organization costs .696%(b) $8.00
===== =====

Estimated Annual Trust Operating Expenses(c)
(as a percentage of average net assets)
Portfolio supervision, bookkeeping, administrative and evaluation fees .071% $0.81
Trustee's fee and other operating expenses .242%(d) $2.75
_____ _____
Total .313% $3.56
===== =====

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 and
sell all your Units at the end of those periods. The example also assumes
a 5% return on your investment each year and that your 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 3 Years 5 Years 10 Years
______ _______ _______ ________
$451 $515 $586 $793

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

____________

(a) The maximum sales charge consists entirely of an initial sales charge,
deducted at the time of purchase. Investors will not be assessed a sales
charge on the portion of their Units represented by cash deposited to pay
the Trust's organization costs.

(b) Estimated organization costs will be deducted from the assets of the
Trust at 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.

(c) 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.

(d) Other operating expenses do not include brokerage costs and other
portfolio transaction fees. A portion of the Trustee's fee represents the
cost to the Trustee of advancing funds to the Trust to meet scheduled
distributions, to provide funds for payment of redemptions, or otherwise
as required for the administration of the Trust. The Trustee can adjust
the amount of its fee in response to, among other things, changes in short
term interest rates and changes in the average cash balances on hand in
the Trust Accounts. 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 The
First Trust(R) Combined Series 603

Opinion on the Statement of Net Assets

We have audited the accompanying statement of net assets of The First
Trust(R) Combined Series 603, comprising Tax Exempt Municipal Income
Trust, Series 313 (the "Trust"), one of the series constituting The First
Trust(R) Combined Series, including the schedule of investments, as of the
opening of business on August 20, 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 August 20, 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 securities delivered to the Trust and 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
August 20, 2020, by correspondence with the Trustee. We believe that our
audit provides a reasonable basis for our opinion.

/s/ DELOITTE & TOUCHE LLP

Chicago, Illinois
August 20, 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

Tax Exempt Municipal Income Trust, Series 313

The First Trust Combined Series 603

At the Opening of Business on the Initial Date of Deposit-August 20, 2020

NET ASSETS
Investment in Securities represented by Securities and/or purchase contracts (1)(2) $5,881,113
Accrued interest on underlying Securities (2)(3) 21,830
Cash (2) 42,720
__________
5,945,663
Less liability for reimbursement to Sponsor for organization costs (4) (42,720)
Less distributions payable (3) (21,830)
__________
Net assets $5,881,113
==========
Units outstanding 5,340
Net asset value per Unit (5) $ 1,101.33
ANALYSIS OF NET ASSETS
Cost to investors (6) $6,137,166
Less maximum sales charge (6) (213,333)
Less estimated reimbursement to Sponsor for organization costs (4) (42,720)
__________
Net assets $5,881,113
==========

_____________

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 tax-exempt municipal
bonds. Aggregate cost of the Securities listed under "Schedule of
Investments" is based on their aggregate underlying value. The Trust has a
Termination Date of December 15, 2050.

(2) An irrevocable letter of credit issued by The Bank of New York Mellon,
of which $6,000,000 is allocated to the Trust, has been deposited with the
Trustee as collateral, covering the monies necessary for the purchase of
Securities subject to purchase contracts ($3,623,602) (which includes
accrued interest to the Initial Date of Deposit ($21,830)), cash ($42,720)
and accrued interest from the Initial Date of Deposit to the later of the
First Settlement Date of the Trust or the expected dates of delivery of
the Securities ($2,189). The Trustee will advance to the Trust the amount
of net interest accrued to the First Settlement Date, which will be
distributed to the Sponsor as Unit holder of record.

(3) The purchased interest on the underlying Securities accrued to the
Initial Date of Deposit will be distributed to the Sponsor as Unit holder
of record.

(4) 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 $8.00 per Unit.
A payment will be made at 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 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.

(5) 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, which will only be assessed to Units outstanding at
the close of the initial offering period.

(6) The aggregate cost to investors in the Trust, excluding the amount
held in cash deposited to pay the Trust's organization costs, includes a
maximum sales charge computed at the rate of 3.50% of the Public Offering
Price per Unit (equivalent to 3.627% of the net amount invested), assuming
no reduction of sales charge as set forth under "Public Offering."

Page 6

Schedule of Investments

Tax Exempt Municipal Income Trust, Series 313

The First Trust Combined Series 603

At the Opening of Business on the Initial Date of Deposit-August 20, 2020

Rating Cost of
Aggregate Issue Represented by Securities or (Unaudited) Redemption Securities to the
Principal Sponsor's Contracts to Purchase Securities (1) S&P (3) Provisions (4) Trust (2) (5)
__________ ______________________________________________ ___________ ______________ __________________
MUNICIPAL BONDS (100.00%):

ARIZONA (3.63%):
$ 205,000 City of Phoenix Civic Improvement Corporation, Junior Lien A+ 2029 @ 100 $ 213,325
Airport Revenue, Series 2019A (Non-AMT), 3.00%, 2045 @ 100 S.F.
Due 07/01/2049 (7)

CALIFORNIA (12.70%):
445,000 Antelope Valley Community College District, (Los Angeles and AA 2030 @ 100 481,623
Kern Counties, California), Election of 2016 General 2046 @ 100 S.F.
Obligation, Series B, (Federally Tax-Exempt), 3.00%, Due
08/01/2050

250,000 Calexico Financing Authority, Wastewater Revenue Series 2020A, AA 2030 @ 100 265,072
Assured Guarantee Insured, 3.00%, Due 11/01/2050 (8) 2046 @ 100 S.F.

COLORADO (5.24%):
100,000 Colorado Health Facilities Authority, Revenue, (CommonSpirit BBB+ 2029 @ 100 112,032
Health), Series 2019A-1, 4.00%, Due 08/01/2044 2040 @ 100 S.F.

195,000 Colorado Health Facilities Authority, Revenue, (CommonSpirit BBB+ 2029 @ 100 196,540
Health), Series 2019A-2, 3.25%, Due 08/01/2049 (7) 2045 @ 100 S.F.

FLORIDA (4.68%):
235,000 The District School Board of Pasco County, Florida, Capital AA 2030 @ 100 275,046
Improvement Revenue, Series 2020, Build America Mutual 2046 @ 100 S.F.
Insured, 4.00%, Due 12/01/2050 (8)

ILLINOIS (14.17%):
225,000 City of Chicago, Chicago O'Hare International Airport, General A 2029 @ 100 272,619
Airport Senior Lien Revenue, Series 2018B (Non-AMT), 5.00%, 2045 @ 100 S.F.
Due 01/01/2048

350,000 Illinois Finance Authority, Academic Facilities Lease Revenue, NR 2029 @ 100 422,100
(Provident Group - UIUC Properties LLC - University of Illinois 2045 @ 100 S.F.
at Urbana-Champaign Project), Series 2019A, 5.00%,
Due 10/01/2049

125,000 Regional Transportation Authority, Cook, DuPage, Kane, Lake, AA 2028 @ 100 138,579
McHenry and Will Counties, Illinois, General Obligation, 2046 @ 100 S.F.
Series 2018B, 4.00%, Due 06/01/2048 (6)

Michigan (6.84%):
250,000 East China School District, County of St. Clair, State of AA 2030 @ 100 271,443
Michigan, 2020 School Building and Site, Series I, (General
Obligation - Unlimited Tax), 3.00%, Due 05/01/2045

125,000 Michigan Finance Authority, Hospital Revenue Refunding, (Henry A 2026 @ 100 130,581
Ford Health System), Series 2016, 3.25%, Due 11/15/2042 (7)

MINNESOTA (2.74%):
145,000 Duluth Economic Development Authority, Health Care Facilities A- 2028 @ 100 160,860
Revenue, Series 2018A, (Essentia Health Obligated Group), 2041 @ 100 S.F.
4.25%, Due 02/15/2043 (7)

MISSISSIPPI (4.97%):
250,000 Mississippi Development Bank, Special Obligation, Series AA 2030 @ 100 292,608
2020B, (Starkville, Mississippi, Parks and Recreation General 2046 @ 100 S.F.
Obligation Project), Build America Mutual Insured, 4.00%,
Due 07/01/2050 (8)

Page 7

Schedule of Investments (cont'd.)

Tax Exempt Municipal Income Trust, Series 313

The First Trust Combined Series 603

At the Opening of Business on the Initial Date of Deposit-August 20, 2020

NEW JERSEY (2.43%):
$ 145,000 New Jersey Educational Facilities Authority, Revenue, Stevens BBB+ 2030 @ 100 $ 142,799
Institute of Technology Issue, 2020 Series A (Green), 3.00%, 2046 @ 100 S.F.
Due 07/01/2050

NEW YORK (12.07%):
400,000 Hudson Yards Infrastructure Corporation, Second Indenture A+ 2027 @ 100 446,636
Revenue, Fiscal 2017 Series A, (Tax-Exempt), 4.00%, 2043 @ 100 S.F.
Due 02/15/2044

250,000 New York State Thruway Authority, General Revenue, Series N, A 2030 @ 100 263,510
3.00%, Due 01/01/2050

OREGON (6.67%):
370,000 City of Vale, Malheur County, Oregon, Full Faith and Credit A- 2030 @ 100 392,326
Obligations, Series 2020B, (Subject to Annual Appropriation), 2031 @ 100 S.F.
3.25%, Due 06/01/2050

PENNSYLVANIA (3.93%):
200,000 Adams County General Authority, Gettysburg College Revenue, A 2030 @ 100 230,956
Series of 2020, 4.00%, Due 08/15/2045 2041 @ 100 S.F.

TENNESSEE (3.59%):
170,000 Metropolitan Nashville Airport Authority, Subordinate Airport, NR 2030 @ 100 211,172
Revenue, Series 2019A (Non-AMT), 5.00%, Due 07/01/2049 2045 @ 100 S.F.

TEXAS (7.67%):
405,000 New Hope Cultural Education Facilities Finance Corporation, A 2028 @ 100 451,243
Lease Revenue, (North Central Texas College - Denton Campus 2034 @ 100 S.F.
Project), Series 2018A, 4.00%, Due 06/15/2043 (7)

WISCONSIN (8.67%):
250,000 Public Finance Authority, Health Care Facilities Revenue and A 2030 @ 100 251,568
Refunding Revenue, (Blue Ridge HealthCare) Series 2020A, 2046 @ 100 S.F.
3.00%, Due 01/01/2050 (7)

250,000 Wisconsin Health and Educational Facilities Authority, A- 2026 @ 100 258,475
Revenue, Series 2016A, (Marshfield Clinic Health System, 2043 @ 100 S.F.
Inc.), 3.50%, Due 02/15/2046 (7)
__________ __________
$5,340,000 Total Investments . $5,881,113
========== ==========

Page 8

______________

See "Notes to Schedule of Investments" on page 9.

NOTES TO SCHEDULE OF INVESTMENTS

(1) The percentages shown in the Schedule of Investments represent the
percentage of net assets. All Securities are represented by the actual
Securities and/or regular way contracts to purchase such Securities which
are backed by an irrevocable letter of credit deposited with the Trustee.
The Sponsor entered into purchase contracts for the Securities on August
11, 2020, August 13, 2020, August 14, 2020, August 17, 2020, August 18,
2020, August 19, 2020 and August 20, 2020, and the Sponsor expects that
any outstanding purchase contracts as of August 20, 2020 will settle on or
prior to August 24, 2020. The Securities are obligations of issuers of
certain states or United States territories. The Securities in the Trust
are divided by source of revenue and represent the percentage of net
assets as indicated by the following table:

Number of Issues Source of Revenue Portfolio Percentage
________________ ________________________ ____________________
3 Education 13.53%
3 General Obligation 19.48%
6 Health Care 18.88%
1 Lease Obligation 7.67%
1 Miscellaneous 7.59%
1 Special Tax 4.68%
5 Transportation Facility 18.69%
2 Water and Sewerage 9.48%

(2) The cost of the Securities to the Trust represents the aggregate
underlying value with respect to the Securities acquired (generally
determined by the aggregate offering price of the Securities at the
opening of business on the Initial Date of Deposit). The evaluation of the
Securities at the opening of business on the Initial Date of Deposit has
been determined by ICE Data Pricing & Reference Data, LLC, an independent
pricing agent. The cost of the Securities to the Sponsor and the Sponsor's
profit (which is the difference between the cost of the Securities to the
Sponsor and the cost of the Securities to the Trust) are $5,876,511 and
$4,602, respectively. The cost of the Securities to the Sponsor may
include the cost of and gain or loss on certain futures contracts entered
into by the Sponsor in an effort to hedge the impact of interest rate
fluctuations on the value of certain of the Securities to the extent the
Sponsor entered into such contracts. The aggregate bid price of the
Securities at the opening of business on the Initial Date of Deposit was
$5,862,123 (unaudited).

(3) 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 "Description
of Bond Ratings."

(4) Certain Securities may be redeemed before their stated maturity. This
column shows when a Security is initially redeemable and the redemption
price for that year. Securities are redeemable at declining prices (but
not below par value) in subsequent years. S.F. indicates a sinking fund is
established with respect to an issue of Securities. Certain Securities may
also be redeemed in whole or in part other than by operation of the stated
redemption provisions under certain circumstances detailed in the
instruments creating them. Such redemption provisions may result in a
redemption price less than the value of the Securities on the Initial Date
of Deposit. Redemption pursuant to call provisions generally will occur at
times when the redeemed Securities have an offering side valuation which
represents a premium over par. To the extent that Securities were
deposited in the Trust at a price higher than the price at which they are
redeemed, this will represent a loss of capital when compared with the
original Public Offering Price of the Units. Distributions will generally
be reduced by the amount of the income which would otherwise have been
paid with respect to redeemed Securities and Unit holders will receive a
distribution of the principal amount and any premium received on such
redemption (except to the extent the proceeds of the redeemed Securities
are used to pay for Unit redemptions). Estimated Current Return and
Estimated Long-Term Return may also be affected by such redemptions.

Page 9

(5) In accordance with Financial Accounting Standards Board Accounting
Standards Codification 820 ("ASC 820"), "Fair Value Measurement," fair
value is defined as the price that the Trust would receive upon selling an
investment in a timely transaction to an independent buyer in the
principal or most advantageous market of the investment. ASC 820
established a three-tier hierarchy to maximize the use of the observable
market data and minimize the use of unobservable inputs and to establish
classification of the fair value measurements for disclosure purposes.
Inputs refer broadly to the assumptions that market participants would use
in pricing the asset or liability, including the technique or pricing
model used to measure fair value and the risk inherent in the inputs to
the valuation technique. Inputs may be observable or unobservable.
Observable inputs are inputs that reflect the assumptions market
participants would use in pricing the asset or liability, developed based
on market data obtained from sources independent of the reporting entity.
Unobservable inputs are inputs that may reflect the reporting entity's own
assumptions about the assumptions market participants would use in pricing
the asset or liability, developed based on the best information available
in the circumstances. The three-tier hierarchy of inputs is summarized in
the three broad levels: Level 1 which represents quoted prices in active
markets for identical investments; Level 2 which represents fair value
based on other significant observable inputs (including, quoted prices for
similar investments in active markets, quoted prices for identical or
similar investments in markets that are non-active, inputs other than
quoted prices that are observable for the investment (for example,
interest rates and yield curves observable at commonly quoted intervals,
volatilities, prepayment speeds, loss severities, credit risks, and
default rates) or inputs that are derived from or corroborated by
observable market data by correlation or other means); and Level 3 which
represents fair value based on significant unobservable inputs (including
the Trust's own assumptions in determining the fair value of investments).
At the date of deposit, all of the Trust's investments are classified as
Level 2; the valuation on the date of deposit was determined by the
Evaluator using offering prices provided by third-party pricing services.
The inputs used by these third party pricing services were based upon
significant observable inputs, that included, but were not limited to, the
items noted above.

(6) 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 semi-annual 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. As discussed in footnote 4 above, the redemption of Securities
can have negative consequences to the Trust. Securities bearing this
option within the Trust and their respective premiums to the applicable
Treasury rate are as follows: Regional Transportation Authority, 0.25%.

(7) These Securities were, or will be, issued at an original issue
discount on the following dates and at the following percentages of their
original principal amount:

Date %
__________ _______
Colorado Health Facilities Authority, 3.25% 08/21/2019 97.746%
Duluth Economic Development Authority 11/01/2018 96.898%
New Hope Cultural Education Facilities Finance Corp 06/28/2018 96.923%
Public Finance Authority 07/23/2020 97.698%
Wisconsin Health & Educational Facilities Authority 10/05/2016 95.398%
Michigan Finance Authority 09/28/2016 95.904%
City of Phoenix Civic Improvement Corporation 12/11/2019 98.453%

(8) Insurance has been obtained by the issuer of this Security. Such
insurance coverage continues in force so long as a Security is outstanding
and the insurer remains in business. For Securities with credit support
from third party guarantees, the rating reflects the greater of the
underlying rating of the issuer or the insured rating. See "Risk Factors"
in the prospectus for a discussion of risks of investing in insured
Securities.

Page 10

The First Trust Combined Series

The First Trust Combined Series Defined.

We, First Trust Portfolios L.P. (the "Sponsor"), have created hundreds of
similar yet separate series of an investment company which we have named
The First Trust Combined Series. The series to which this prospectus
relates, The First Trust Combined Series 603, consists of a single
portfolio known as Tax Exempt Municipal Income Trust, Series 313.

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 between 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 municipal bonds and/or
contracts for municipal bonds (including a letter of credit or the
equivalent) 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 occurrence of an event which
affects the capital structure of the issuer of a Security or a sale of a
Security made as described in "Removing Securities from the Trust."

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 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 will mature or may be
redeemed prior to the Termination Date or 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 sales charge resulting from the
failed contract on the next Distribution Date. Any Replacement Security
the Trust acquires will meet requirements specified in the Indenture.

Page 11

Portfolio

Objectives.

The Trust seeks to distribute income that is exempt from federal and, in
certain instances, state and local income taxes and to preserve capital by
investing in a portfolio of investment grade tax-exempt municipal bonds.
Under normal circumstances, the Trust will invest at least 80% of its
assets in tax-exempt municipal bonds.

Portfolio Selection Process.

The Sponsor utilized various metrics to select the Securities for the
Trust, including various sources of revenue and/or any such criteria as
the Sponsor deemed appropriate in relation to the Trust's investment
objectives.

As of the Initial Date of Deposit, all of the Securities were rated "BBB-"
or better by Standard & Poor's, or of comparable quality by another
nationally recognized statistical rating organization. See "Description of
Bond Ratings." After the Initial Date of Deposit, a Security's rating may
be lowered. This would not immediately cause the Security to be removed
from the Trust, but may be considered by us in determining whether to
direct the Trustee to dispose of such Security. See "Removing Securities
from the Trust."

Alternative Minimum Tax. The Securities included in the Trust's portfolio
are exempt from the alternative minimum tax.

The Trust has an expected life of approximately 14.7 years. A diversified
portfolio helps to offset the risks normally associated with such an
investment, although it does not eliminate them entirely.

Additional Portfolio Contents.

In addition to the investments described above, the Trust has exposure to
the following investments: general obligation and revenue bonds.

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

Estimated Returns

The Estimated Current and Long-Term Returns set forth in the "Summary of
Essential Information" are estimates and are designed to be comparative
rather than predictive. We cannot predict your actual return, which will
vary with Unit price, how long you hold your investment and with changes
in the portfolio, interest income and expenses. In addition, neither rate
reflects the true return you will receive, which will be lower, because
neither includes the effect of certain delays in distributions with
respect to when the Securities pay interest and when distributions are
paid by the Trust. Estimated Current Return equals the estimated annual
interest income to be received from the Securities less estimated annual
Trust expenses, divided by the Public Offering Price per Unit (which
includes the initial sales charge). Estimated Long-Term Return is a
measure of the estimated return over the estimated life of the Trust and
is calculated using a formula which (1) factors in the market values,
yields (which take into account the amortization of premiums and the
accretion of discounts) and estimated retirements of the Securities, and
(2) takes into account a compounding factor, the sales charge and
expenses. Unlike Estimated Current Return, Estimated Long-Term Return
reflects maturities, discounts and premiums of the Securities in the
Trust. We will provide you with estimated cash flows for the Trust at no
charge upon your request.

Risk Factors

Price Volatility. The Trust invests in municipal bonds. The value of the
Securities will decline 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. The value of the Securities will also fluctuate with
changes in investors' perceptions of an issuer's financial condition or
the general condition of the municipal bond market, changes in inflation
rates or when political or economic events affecting the issuers occur.

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.

Page 12

Interest. There is no guarantee that the issuers of the Securities will be
able to satisfy their interest payment obligations to the Trust over the
life of the Trust.

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
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.

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

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

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

The costs associated with combating the COVID-19 pandemic and the negative
impact on tax revenues has adversely affected the financial condition of
many states and political subdivisions. As a result, an increasing number
of municipalities have been unable to make payments on existing debt
obligations. This increase in defaults has resulted in many municipal
issuers making draws on reserves, further impacting the value of bonds. To
aid municipalities, the Federal Reserve and the U.S. Treasury announced
the Municipal Liquidity Facility ("MLF") program on April 9, 2020 under
which the Federal Reserve will lend on a recourse basis to a special
purpose vehicle to purchase up to $500 billion of eligible notes from
cities and states subject to certain population thresholds and other
requirements. The Federal Reserve's MLF program provides a backstop for
issuers to help meet the cash shortfall from lower revenues tied to the
COVID-19 pandemic. In addition, Congress included provisions in the

Page 13

Coronavirus Aid, Relief, and Economic Security Act ("CARES Act") to
provide $150 billion in federal aid to state and local governments for
COVID-19 relief efforts. Different states are taking different approaches,
depending on the status of their budgets prior to the COVID-19 crisis and
how significantly they have been impacted by the pandemic. The Federal
government may provide additional relief for municipalities, however
additional federal funding for state and local governments is uncertain.
It is impossible to assess the long-term impact of these government
interventions on the municipal bond market, as many of the programs are
just beginning to be operationalized. The ongoing effects of the COVID-19
pandemic could result in continuing financial difficulties for municipal
issuers, increasing the risk of additional defaults and volatility in the
market, which could negatively impact the performance of the Trust.

General Obligation and Revenue Bonds. General obligation bonds are general
obligations of a governmental entity that are backed by the taxing power
of such entity. All other Securities held by the Trust are revenue bonds
payable from the income of a specific project or authority and are not
supported by the issuer's power to levy taxes. General obligation bonds
are secured by the issuer's pledge of its faith, credit and taxing power
for the payment of principal and interest. Revenue bonds, on the other
hand, are payable only from the revenues derived from a particular
facility or class of facilities or, in some cases, from the proceeds of a
special excise tax or other specific revenue source. There are, of course,
variations in the security of the different bonds, both within a
particular classification and between classifications, depending on
numerous factors.

Education Revenue Bonds. Certain of the Securities are considered
education revenue bonds. Education revenue bonds are payable from and
secured by revenues derived from the operation of schools, colleges and
universities and whose revenues are derived mainly from ad valorem taxes,
or for higher education systems, or from tuition, dormitory revenues,
grants and endowments. General problems relating to school bonds include
litigation contesting the state constitutionality of financing public
education in part from ad valorem taxes, thereby creating a disparity in
educational funds available to schools in wealthy areas and schools in
poor areas. Litigation or legislation on this issue may affect the sources
of funds available for the payment of school bonds in the Trust. General
problems relating to college and university obligations would include the
prospect of a declining percentage of the population consisting of
"college" age individuals, possible inability to raise tuitions and fees
sufficiently to cover increased operating costs, the uncertainty of
continued receipt of Federal grants and state funding and new government
legislation or regulations which may adversely affect the revenues or
costs of such issuers. All of such issuers have been experiencing certain
of these problems in varying degrees.

Health Care Revenue Bonds. Certain of the Securities are considered health
care revenue bonds. Ratings of bonds issued for health care facilities are
sometimes based on feasibility studies that contain projections of
occupancy levels, revenue and expenses. A facility's gross receipts and
net income available for debt service may be affected by future events and
conditions including among other things, demand for services, the ability
of the facility to provide the services required, physicians' confidence
in the facility, management capabilities, competition with other
hospitals, efforts by insurers and governmental agencies to limit rates,
legislation establishing state rate-setting agencies, expenses, government
regulation, the cost and possible unavailability of malpractice insurance
and the termination or restriction of governmental financial assistance,
including that associated with Medicare, Medicaid and other similar third
party payor programs.

Lease Obligation Revenue Bonds. One of the Securities is a lease
obligation issued for the most part by governmental authorities that have
no taxing power or other means of directly raising revenues. Rather, the
governmental authorities are financing vehicles created solely for the
construction of buildings (schools, administrative offices, convention
centers and prisons, for example) or the purchase of equipment (police
cars and computer systems, for example) that will be used by a state or
local government (the "lessee"). Thus, these obligations are subject to
the ability and willingness of the lessee government to meet its lease
rental payments which include debt service on the obligations. Lease
obligations are subject, in almost all cases, to the annual appropriation
risk, i.e., the lessee government is not legally obligated to budget and
appropriate for the rental payments beyond the current fiscal year. These
obligations are also subject to construction and abatement risk in many
states-rental obligations cease in the event that delays in building,
damage, destruction or condemnation of the project prevents its use by the
lessee. In these cases, insurance provisions designed to alleviate this
risk become important credit factors. In the event of default by the
lessee government, there may be significant legal and/or practical
difficulties involved in the re-letting or sale of the project. Some of
these issues, particularly those for equipment purchase, contain the so-
called "substitution safeguard," which bars the lessee government, in the
event it defaults on its rental payments, from the purchase or use of

Page 14

similar equipment for a certain period of time. This safeguard is designed
to insure that the lessee government will appropriate, even though it is
not legally obligated to do so, but its legality remains untested in most,
if not all, states.

Special Tax Revenue Bonds. One of the Securities is a special tax bond
payable from and secured by the revenues derived by a municipality from a
particular tax. Examples of special taxes are a tax on the rental of a
hotel room, on the purchase of food and beverages, on the purchase of
fuel, on the rental of automobiles or on the consumption of liquor.
Special tax bonds are not secured by the general tax revenues of the
municipality, and they do not represent general obligations of the
municipality. Payment on special tax bonds may be adversely affected by a
reduction in revenues realized from the underlying special tax. Also,
should spending on the particular goods or services that are subject to
the special tax decline, the municipality may be under no obligation to
increase the rate of the special tax to ensure that sufficient revenues
are raised from the shrinking taxable base.

Transportation Facility Revenue Bonds. Certain of the Securities are
considered transportation facility revenue bonds. Transportation facility
revenue bonds are obligations which are payable from and secured by
revenues derived from the ownership and operation of facilities such as
airports, bridges, turnpikes, port authorities, convention centers and
arenas. The major portion of an airport's gross operating income is
generally derived from fees received from signatory airlines pursuant to
use agreements which consist of annual payments for leases, occupancy of
certain terminal space and service fees. Airport operating income may
therefore be affected by the ability of the airlines to meet their
obligations under the use agreements. The air transport industry is
experiencing significant variations in earnings and traffic, due to
increased competition, excess capacity, increased costs, deregulation,
traffic constraints and other factors, and several airlines are
experiencing severe financial difficulties. The Sponsor cannot predict
what effect these industry conditions may have on airport revenues which
are dependent for payment on the financial condition of the airlines and
their usage of the particular airport facility. Similarly, payment on
bonds related to other facilities is dependent on revenues from the
projects, such as user fees from ports, tolls on turnpikes and bridges and
rents from buildings. Therefore, payment may be adversely affected by
reduction in revenues due to such factors as increased cost of
maintenance, decreased use of a facility, lower cost of alternative modes
of transportation, scarcity of fuel and reduction or loss of rents.

Water and Sewerage Revenue Bonds. Certain of the Securities are considered
water and sewerage revenue bonds. Water and sewerage revenue bonds are
obligations of issuers whose revenues are derived from the sale of water
and/or sewerage services. Water and sewerage bonds are generally payable
from user fees. Problems faced by such issuers include the ability to
obtain timely and adequate rate increases, population decline resulting in
decreased user fees, the difficulty of financing large construction
programs, the limitations on operations and increased costs and delays
attributable to environmental considerations, the increasing difficulty of
obtaining or discovering new supplies of fresh water, the effect of
conservation programs and the impact of "no-growth" zoning ordinances. All
of such issuers have been experiencing certain of these problems in
varying degrees.

Insurance Risk. Certain of the Securities held by the Trust are covered by
insurance policies obtained by the issuers or underwriters of the bonds
from insurance companies. The "Schedule of Investments" identifies the
insurers of such Securities. Insurance guarantees the timely payment, when
due, of all principal and interest on the insured Securities. Such
insurance is effective so long as the insured Security is outstanding and
the insurer remains in business. Insurance relates only to the particular
Security and not to the Units offered hereby or to their market value.
Insured Securities have received the rating described in the "Schedule of
Investments" by Standard & Poor's, if any, in recognition of such
insurance. There can be no assurance that any insurer listed will be able
to satisfy its commitments in the event claims are made in the future.
Certain significant providers of insurance for municipal securities have
recently incurred significant losses as a result of exposure to sub-prime
mortgages and other lower credit quality investments that have experienced
recent defaults or otherwise suffered extreme credit deterioration. As a
result, such losses have reduced the insurers' capital and called into
question their continued ability to perform their obligations under such
insurance if they are called upon to do so in the future. While an insured
municipal security will typically be deemed to have the rating of its
insurer, if the insurer of a municipal security suffers a downgrade in its
credit rating or the market discounts the value of the insurance provided
by the insurer, the rating of the underlying municipal security will be
more relevant and the value of the municipal security would more closely,
if not entirely, reflect such rating. In such a case, the value of
insurance associated with a municipal security would decline and may not
add any value.

Page 15

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

Because the insurance on the Securities, if any, will be effective so long
as the Securities are outstanding, such insurance will be taken into
account in determining the market value of the Securities and therefore,
some value attributable to such insurance will be included in the value of
the Units of the Trust. The insurance does not, however, guarantee the
market value of the Securities or of the Units.

Discount Bonds. Discount bonds are bonds which have been acquired at a
market discount from par value at maturity. The coupon interest rates on
the discount bonds at the time they were purchased and deposited in the
Trust were lower than the current market interest rates for newly issued
bonds of comparable rating and type. The market discount on previously
issued bonds will increase when interest rates for newly issued comparable
bonds increase and decrease when such interest rates fall, other things
being equal. A discount bond held to maturity will have a larger portion
of its total return in the form of taxable income and capital gain and
less in the form of tax-exempt interest income than a comparable bond
newly issued at current market rates. See "Tax Status."

On sale or redemption, Unit holders may receive ordinary income dividends
from the Trust if the Trust sells or redeems bonds that were acquired at a
market discount, or sells bonds at a short term capital gain. In general,
the Internal Revenue Service will treat bonds as market discount bonds
when the cost of the bond, plus any original issue discount that has not
yet accrued, is less than the amount due to be paid at the maturity of the
bond. Any gain realized that is in excess of the earned portion of
original issue discount will be taxable as capital gain unless the gain is
attributable to market discount in which case the accretion of market
discount is taxable as ordinary income.

Original Issue Discount Bonds. Seven of the Securities are considered
original issue discount bonds. These bonds typically pay a lower interest
rate than comparable bonds that were issued at or above their par value.
Under current law, the original issue discount, which is the difference
between the stated redemption price at maturity and the issue price of the
bonds, is deemed to accrue on a daily basis and the accrued portion is
treated as tax-exempt interest income for Federal income tax purposes. The
Trust may also pay a premium when it buys a bond, even a bond issued with
original issue discount. The Trust may be required to amortize the premium
over the term of the bond and reduce its basis for the bond even though it
does not get any deduction for the amortization. Therefore, sometimes the
Trust may have a taxable gain when it sells a bond for an amount equal to
or less than its original tax basis.

The current value of an original issue discount bond reflects the present
value of its stated redemption price at maturity. In a stable interest
rate environment, the market value of these bonds tends to increase more
slowly in early years and greater increments as the bonds approach maturity.

The issuers of these bonds may be able to call or redeem a bond before its
stated maturity date and at a price less than the bond's par value.

Premium Bonds. Premium bonds are bonds which have been acquired at a
market premium from par value at maturity. The coupon interest rates on
the premium bonds at the time they were purchased and deposited in the
Trust were higher than the current market interest rates for newly issued
bonds of comparable rating and type. The current returns of such bonds are
initially higher than the current returns of comparable bonds issued at
currently prevailing interest rates because premium bonds tend to decrease
in market value as they approach maturity when the face amount becomes
payable. Because part of the purchase price is thus returned not at
maturity but through current income payments, early redemption of a
premium bond at par or early prepayments of principal will result in a
reduction in yield. Redemptions are more likely to occur at times when the
bonds have an offering side valuation which represents a premium over par,
or for original issue discount bonds, a premium over the accreted value.
To the extent that the Securities were deposited in the Fund at a price
higher than the price at which they are redeemed, this will represent a
loss of capital when compared to the original Public Offering Price of the
Units. The Trust may be required to sell zero coupon bonds prior to
maturity (at their current market price which is likely to be less than

Page 16

their par value) in order to pay expenses of the Trust or in case the
Trust is terminated. See "Removing Securities from the Trust" and
"Amending or Terminating the Indenture."

Interest Rate Risk. Interest rate risk is the risk that the value of the
Securities will fall if interest rates increase. Bonds typically fall in
value when interest rates rise and rise in value when interest rates fall.
Bonds with longer periods before maturity are often more sensitive to
interest rate changes. Due to the current period of historically low
rates, the bonds 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.

Call Risk. Call risk is the risk that the issuer prepays or "calls" a bond
before its stated maturity. An issuer might call a bond if interest rates
fall and the bond pays a higher than market interest rate or if the issuer
no longer needs the money for its original purpose. If an issuer calls a
bond, the Trust will distribute the principal to you but your future
interest distributions will fall. You might not be able to reinvest this
principal in another investment with as high a yield. A bond's call price
could be less than the price the Trust paid for the bond and could be
below the bond's par value. This means you could receive less than the
amount you paid for your Units. The Trust contains bonds that have "make
whole" call options that generally cause the bonds to be redeemable at any
time at a designated price. Such bonds are generally more likely to be
subject to early redemption and may result in the reduction of income
received by the Trust. If enough bonds in the Trust are called, the Trust
could terminate early.

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

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

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

Bond Quality Risk. Bond quality risk is the risk that a bond will fall in
value if a rating agency decreases the bond's rating.

Liquidity Risk. Liquidity risk is the risk that the value of a bond will
fall if trading in the bond is limited or absent. No one can guarantee
that a liquid trading market will exist for any bond because these bonds
generally trade in the over-the-counter market (they are not listed on a
securities exchange). During times of reduced market liquidity, the Trust
may not be able to sell Securities readily at prices reflecting the values
at which the Securities are carried on the Trust's books. Sales of large
blocks of securities by market participants, such as the Trust, that are
seeking liquidity can further reduce security prices in an illiquid 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
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 which may have a negative impact on the prices of certain of

Page 17

the municipal bonds represented in the Trust. Any legislation that
proposes to reduce or eliminate the exemption of interest on municipal
bonds from federal income taxation would negatively impact the value of
the municipal bonds held by the Trust. In addition, litigation regarding
any of the issuers of the municipal bonds, such as litigation affecting
the validity of certain municipal bonds or the tax-free nature of the
interest thereon, 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 or on
the issuers thereof.

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 Interest and Principal Accounts of the
Trust;

- Net interest accrued but unpaid on the Securities after the First
Settlement Date to the date of settlement; and

- The sales charge.

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 offering prices of the Securities, changes in the
value of the Interest and/or Principal Accounts and the accrual of
interest on the Securities.

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. Cash which comprises 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) has
been included in the Trust. The Sponsor will be reimbursed for the Trust's
organization costs at the end of the initial offering period (a
significantly shorter time period than the life of the Trust). To the
extent actual organization costs are less than the estimated amount, only
the actual organization costs will be deducted from the assets of the Trust.

Accrued Interest.

Accrued interest represents unpaid interest on a bond from the last day it
paid interest. Interest on the Securities generally is paid semiannually,
although the Trust accrues such interest daily. Because the Trust always
has an amount of interest earned but not yet collected, the Public
Offering Price of Units will have added to it the proportionate share of
accrued interest to the date of settlement. You will receive the amount,
if any, of accrued interest you paid for on the next Distribution Date. In
addition, if you sell or redeem your Units you will be entitled to receive
your proportionate share of accrued interest from the purchaser of your
Units.

Minimum Purchase.

The minimum amount per account you can purchase of the Trust is generally
$1,000 worth of Units ($1,000 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.

Sales Charges.

Initial Offering Period. The maximum sales charge during the initial
offering period equals 3.50% of the Public Offering Price (equivalent to
3.627% of the net amount invested).

Secondary Market. The maximum sales charge during the secondary market is
determined based upon the number of years remaining to the maturity of
each Security in the Trust, but in no event will the secondary market
sales charge exceed 3.75% of the Public Offering Price (equivalent to
3.896% of the net amount invested). For purposes of computation,
Securities will be deemed to mature either on their expressed maturity
dates, or an earlier date if: (a) they have been called for redemption or
funds have been placed in escrow to redeem them on an earlier call date;
or (b) such Securities are subject to a "mandatory tender." The effect of
this method of sales charge computation will be that different sales
charge rates will be applied to each of the Securities, in accordance with
the following schedule:

Secondary
Market
Years to Maturity Sales Charge
______________________________________________________
Less than 3 1.50%
3 but less than 6 2.25%
6 but less than 9 2.75%
9 but less than 12 3.25%
12 or more 3.75%

Page 18

Discounts for Certain Persons.

The maximum sales charge is 3.50% per Unit and the maximum dealer
concession is 2.60% 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 purchase Units
subject to a sales charge of 0.60% of the Public Offering Price
(equivalent to 0.604% of the net amount invested). These Units will be
designated as Fee Account Units and assigned a Fee Account CUSIP Number.
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. 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.

The Value of the Securities.

The Evaluator will appraise 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:

a) On the basis of current market offering prices for the Securities
obtained from dealers or brokers who customarily deal in bonds comparable
to those held by the Trust;

b) If such prices are not available for any of the Securities, on the
basis of current market offering prices of comparable bonds;

c) By determining the value of the Securities on the offering side of the
market by appraisal; or

d) By any combination of the above.

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. The offering price
of the Securities may be expected to be greater than their bid price by
approximately 1-3% of the aggregate principal amount of such Securities.

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 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 2.60% per Unit during the
Initial Offering Period (80% of the maximum sales charge for secondary
market sales), but will not receive a concession or agency commission on
the sale of Fee Account Units.

Underwriters other than the Sponsor will sell Units to other broker-dealer
and selling agents (including the Sponsor) at the Public Offering Price
less a concession or agency commission not in excess of a maximum
concession of 2.70%.

Eligible dealer firms and other selling agents who, during the previous
consecutive 12-month period through the end of the most recent month, sold

Page 19

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:

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 0.100%
$5,000 but less than $7,500 0.100%
$7,500 or more 0.100%

Dealers and other selling agents will not receive a concession on the sale
of Fee Account Units, 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 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

Page 20

and World Report, Bloomberg Businessweek, Forbes or Fortune. The
investment characteristics of the Trust differ from other comparative
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.

Underwriting Concessions

The Agreement Among Underwriters provides that a public offering of the
Units of each Trust will be made at the Public Offering Price described in
the prospectus. Units may also be sold to or through dealers and other
selling agents during the initial offering period and in the secondary
market at prices representing a concession or agency commission as
described in "Distribution of Units."

The Sponsor will sell Units of the Trust to Underwriters on the Initial
Date of Deposit at the Public Offering Price per Unit less a concession of
2.85% per Unit underwritten, based on a minimum underwriting of 1,000
Units. Underwriting concessions also apply on a dollar basis using a
$1,000 Unit equivalent and will be applied on whichever basis is more
favorable to the Underwriter. In addition, Underwriters that underwrite at
least 3,000 Units will receive a volume concession of up to 0.100% on the
Units actually underwritten, but are not eligible to receive the volume
concession as described in "Distribution of Units."

In addition to any other benefits that the Underwriters may realize from
the sale of the Units of the Trust, the Agreement Among Underwriters
provides that the Sponsor will share with the other Underwriters, on a pro
rata basis, 50% of the net gain, if any, represented by the difference
between the Sponsor's cost of the Securities in connection with their
acquisition and the Aggregate Offering Price thereof on the Initial Date
of Deposit, less a charge for acquiring the Securities in the portfolio
and for the Sponsor maintaining a secondary market for the Units.

Underwriting

Number
Name and Address of Units
________________ ________

SPONSOR:
First Trust Portfolios L.P. 140
120 East Liberty Drive
Wheaton, Illinois 60187

UNDERWRITER:
E D & F Man Capital Markets Inc. 5,200
140 East 45th Street, 42nd Floor
New York, New York 10017
_____
5,340
=====

The Sponsor's Profits

We will receive a gross sales commission equal to the maximum sales charge
per Unit for the Trust less any reduction as stated in "Public Offering."
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 2 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.

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 we hold to the Trustee for redemption as any other Units. If we
elect not to purchase Units, the Trustee may sell Units tendered for
redemption 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.

Page 21

Expenses and Charges

The estimated annual expenses of the Trust are listed under "Fee Table."
If actual expenses of the Trust exceed the estimate, the Trust will bear
the excess. The Trustee will pay operating expenses of the Trust from the
Interest Account of the Trust if funds are available, and then from the
Principal Account. The Interest and Principal 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 may purchase research
services from a number of sources, which may include underwriters or
dealers of the Trust. 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 affiliate for providing
services to all unit investment trusts be more than the actual cost of
providing such services in such year.

In addition to the Trust's operating expenses, and the fees set forth
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;
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 Interest or
Principal Account, the Trustee has the power to sell Securities to make
cash available to pay these charges. These sales may result in capital
gains or losses to the Unit holders. 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 Interest and Principal Accounts,
regardless of tax structure. Please refer to the "Income and Capital
Distributions" section of the prospectus for more information.

Page 22

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.

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, exempt-interest dividends and return of capital.
Income that is categorized as exempt-interest dividends generally is
excluded from your gross income for federal income tax purposes. Some or
all of the exempt-interest dividends may be taken into account for
alternative minimum tax purposes and may have other tax consequences.
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. 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. 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 but
not exempt-interest dividends, may also be subject to a "Medicare tax" if
your adjusted gross income exceeds certain threshold amounts.

The Trust may be required to recognize income on some of its investments
without receiving cash in exchange for the investments. The Trust would
still be required to make distributions to maintain its RIC status, so
depending upon the circumstances, some assets of the Trust may need to be
sold to fund the required distributions.

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.

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.

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,
short-term capital gains dividends, and distributions that are
attributable to exempt-interest income or certain other interest income,
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

Page 23

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.

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

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 Interest Account and Principal 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:

- 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 interest received on the Trust's
Securities to the Interest Account of the Trust. All other receipts, such
as return of capital or capital gain dividends, are credited to the
Principal Account of the Trust.

After deducting the amount of accrued interest the Trustee advanced to us
as Unit holder of record as of the First Settlement Date, the Trustee will
distribute to Unit holders of record on the next and each following
Distribution Record Date an amount of income substantially equal to their
pro rata share of the balance of the Interest Account calculated on the
basis of the interest accrued per Unit on the Securities from and
including the preceding Distribution Record Date, after deducting
estimated expenses. See "Summary of Essential Information" for the Trust.
The amount of the initial distribution of income from the Interest Account
will be prorated based on the number of days in the first payment period.
Because interest is not received by the Trust at a constant rate
throughout the year, the distributions you receive may be more or less
than the amount credited to the Interest Account as of the Distribution
Record Date. In order to minimize fluctuations in distributions, the
Trustee is authorized to advance such amounts as may be necessary to
provide distributions of approximately equal amounts. The Trustee will be
reimbursed, without interest, for any such advances from funds in the
Interest Account at the next Distribution Record Date to the extent funds
available exceed the amount required for distribution. The Trustee will
distribute capital from the Principal Account 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 Unit. However, amounts in
the Principal Account from the sale of Securities designated to meet
redemptions of Units or pay expenses will not be distributed. 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 Interest or Principal 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.

Page 24

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 Interest and Principal Accounts. All Unit holders will
receive a pro rata share of any other assets remaining in the 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.

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 interest will be withdrawn
from the Interest Account if funds are available for that purpose, or from
the Principal Account. All other amounts paid on redemption will be taken
from the Principal 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."

The Trustee may sell Securities in the Trust 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 Interest and Principal Accounts of the Trust not designated
to purchase Securities;

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

3. accrued interest on the Securities; 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.

Until they are collected, the Redemption Price per Unit will include
estimated organization costs as set forth under "Fee Table."

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 has defaulted in the payment of principal or
interest on the Security;

- Any action or proceeding seeking to restrain or enjoin the payment of
principal or interest on the Security has been instituted;

- There is any legal question or impediment affecting the Security;

Page 25

- The issuer of the Security has breached a covenant which would affect
the payment of principal or interest on the Security, 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;

- The Security is the subject of an advanced refunding;

- 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";

- Such factors arise which, in our opinion, adversely affect the tax or
exchange control status of the Security;

- 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; 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.

If a Security defaults in the payment of principal or interest and no
provision for payment is made, the Trustee must notify us of this fact. If
we fail to instruct the Trustee whether to sell or hold the Security
within 30 days of our being notified, the Trustee may, in its discretion,
sell any defaulted Securities and will not be liable for any depreciation
or loss incurred thereby.

Except for instances in which the Trust acquires Replacement Securities as
described in "The First Trust Combined Series," the Trust will generally
not acquire any bonds 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 bonds or property in
exchange for a Security. In that regard, we may instruct the Trustee to
accept such an offer or to take any other action with respect thereto as
we may deem proper if the issuer is in default with respect to such
Securities or in our written opinion the issuer will likely default in
respect to such Securities in the foreseeable future. Any obligations
received in exchange or substitution will be held by the Trustee subject
to the terms and conditions in the Indenture to the same extent as
Securities originally deposited in the Trust. We may get advice from the
Portfolio Supervisor before reaching a decision regarding the receipt of
new or exchange securities or property. The Trustee may retain and pay us
or an affiliate of ours to act as agent for the Trust to facilitate
selling Securities, exchanged bonds 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. We will maintain a list with the Trustee of which Securities
should be sold. We may consider sales of units of unit investment trusts
which we sponsor in making recommendations to the Trustee on the selection
of broker/dealers to execute the Trust's portfolio transactions, or when
acting as agent for the Trust in acquiring or selling Securities on behalf
of the Trust.

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 upon
the redemption, sale or other disposition of the last Security held in the
Trust, but in no case later than the Termination Date as stated in the
"Summary of Essential Information." The Trust may be terminated prior to
the Termination Date:

Page 26

- 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 20% of the aggregate principal amount 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 such 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. For various reasons, the Trust may be reduced below
the Discretionary Liquidation Amount and could therefore be terminated
before the Termination Date.

The Trustee will notify you of any termination prior to the Termination
Date. You will receive a cash distribution from the sale of the remaining
Securities, along with your interest in the Interest and Principal
Accounts of the Trust, within a reasonable time after the Trust is
terminated. The sale of Securities upon termination may result in a lower
sales price than might otherwise be realized if the sale were not required
at that time. For this reason, among others, the amount realized by a Unit
holder upon termination may be less than the principal amount of
Securities per Unit or value at the time of purchase. 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 the Sponsor, Trustee and Evaluator

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.

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; 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

Page 27

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 risk information about the Trust.

Description of Bond Ratings*

* 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
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.)

Page 28

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
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

Page 29

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.

Federal Tax-Free Income

The taxable equivalent yield is the current yield you would need to earn
on a taxable investment in order to equal a stated tax free yield on a
municipal investment. To assist you to more easily compare municipal
investments like the Trust with taxable alternative investments, the table
below presents the approximate taxable equivalent yields for individuals
for a range of hypothetical tax free yields assuming the stated marginal
federal tax rates for 2020 listed below. The table does not reflect (i)
any federal limitations on the amount of allowable itemized deductions or
any phase-outs of exemptions or credits, (ii) any state or local taxes
imposed, or (iii) any alternative minimum taxes or any taxes other than
federal personal income taxes. In addition, note that certain investment
income may also be subject to a 3.80% "Medicare tax."

----------------------------------------------------------------------------------------------------------------------------------
NATIONAL TAX EQUIVALENT TABLE
----------------------------------------------------------------------------------------------------------------------------------
Taxable Income Tax-Exempt Estimated Current Return
----------------------------------------------------------------------------------------------------------------------------------
Single Joint Tax 1.50% 2.00% 2.50% 3.00% 3.50% 4.00% 4.50%
Return Return Rate Equivalent Taxable Estimated Current Return
------------------ -------------------- -------- -------- -------- -------- -------- -------- -------- -------
$ 0 - 9,875 $ 0 - 19,750 10.00% 1.67% 2.22% 2.78% 3.33% 3.89% 4.44% 5.00%
9,875 - 40,125 19,750 - 80,250 12.00% 1.70% 2.27% 2.84% 3.41% 3.98% 4.55% 5.11%
40,125 - 85,525 80,250 - 171,050 22.00% 1.92% 2.56% 3.21% 3.85% 4.49% 5.13% 5.77%
85,525 - 163,300 171,050 - 326,600 24.00% 1.97% 2.63% 3.29% 3.95% 4.61% 5.26% 5.92%
163,300 - 207,350 326,600 - 414,700 32.00% 2.21% 2.94% 3.68% 4.41% 5.15% 5.88% 6.62%
207,350 - 518,400 414,700 - 622,050 35.00% 2.31% 3.08% 3.85% 4.62% 5.38% 6.15% 6.92%
Over 518,400 Over 622,050 37.00% 2.38% 3.17% 3.97% 4.76% 5.56% 6.35% 7.14%
Over 518,400 Over 622,050 40.80%* 2.53% 3.38% 4.22% 5.07% 5.91% 6.76% 7.60%
----------------------------------------------------------------------------------------------------------------------------------

* This is the maximum stated regular federal tax rate of 37.00% plus the
3.80% Medicare tax imposed on the net investment income of certain
taxpayers. The Medicare tax could also apply to taxpayers in other tax
brackets. This tax generally applies to net investment income if the
taxpayer's adjusted gross income exceeds certain threshold amounts, which
are $250,000 in the case of married couples filing joint returns and
$200,000 in the case of single individuals. Tax-exempt interest income is
generally not included in net investment income for purposes of this tax.

Page 30

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Page 31

First Trust(R)

THE FIRST TRUST(R) COMBINED SERIES 603
TAX EXEMPT MUNICIPAL INCOME TRUST, SERIES 313

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. 333-240188) and

- Investment Company Act of 1940 (file no. 811-2541)

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

August 20, 2020

PLEASE RETAIN THIS PROSPECTUS FOR FUTURE REFERENCE

Page 32

First Trust(R)

The First Trust(R) Combined Series

Information Supplement

This Information Supplement provides additional information concerning the
structure, operations and risks of the unit investment trust contained in
The First Trust Combined Series 603 not found in the prospectus for the
Trust. This Information Supplement is not a prospectus and does not
include all of the information that 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 August 20, 2020. Capitalized terms
have been defined in the prospectus.

Table of Contents

Risk Factors 1
Insurance Risk 1
Municipal Securities 2
Education Revenue Securities 2
Health Care Revenue Securities 2
Industrial Revenue Securities 3
Lease Obligation Revenue Securities 3
Multi-Family Mortgage Revenue Securities 3
Resource Recovery Facility Revenue Securities 4
Single Family Mortgage Revenue Securities 4
Special Tax Revenue Securities 4
Tax Allocation Revenue Securities 4
Transportation Facility Revenue Securities 5
Utility Revenue Securities 5
Water and Sewerage Revenue Securities 5
Discount Securities 5
Original Issue Discount Securities 6
Premium Securities 6
When Issued Securities 6
Zero Coupon Securities 6

Risk Factors

The Trust will invest most of its net assets in securities issued by or on
behalf of (or in certificates of participation in lease-purchase
obligations of) certain states or United States Territories which, in the
opinion of recognized bond counsel to the issuing authorities, provide
income which is exempt from federal and applicable state and local income
tax. The Trust is therefore susceptible to general or particular economic,
political or regulatory factors that may affect issuers of such
obligations. The following information constitutes only a brief summary of
some of the many complex factors that may have an effect. The information
does not apply to "conduit" obligations on which the public issuer itself
has no financial responsibility. This information is derived from official
statements of certain national issuers published in connection with their
issuance of securities and from other publicly available information, and
is believed to be accurate. No independent verification has been made of
any of the following information.

The timely payment of principal of and interest on certain of the
Securities may be guaranteed by bond insurance purchased by certain of the
issuers or other parties.

Insurance Risk. Certain of the bonds held by the Trust may be insured. In
the case of insured bonds, insurance has been obtained either by the
issuer or underwriters of bonds in the Trust, by a prior owner of such
bonds, or by the Sponsor prior to the deposit of such bonds in the Trust
guaranteeing prompt payment of interest and principal, when due, in
respect of such bonds in the Trust. The premium for any preinsured bond
insurance has been paid by such issuer, by a prior owner of such bonds or
the Sponsor and any such policy or policies are non-cancellable and will
continue in force so long as the bonds so insured are outstanding and the
respective preinsured bond insurer remains in business. If the provider of

Page 1

an original issuance insurance policy is unable to meet its obligations
under such policy or if the rating assigned to the claims-paying ability
of any such insurer deteriorates, the insurers have no obligation to
insure any issue adversely affected by either of the above described events.

In the event of nonpayment of interest or principal, when due, in respect
of a bond, an insurer shall make such payment after the respective insurer
has been notified that such nonpayment has occurred or is threatened (but
not earlier than the date such payment is due). The insurer, as regards
any payment it may make, will succeed to the rights of the Trustee in
respect thereof.

The Internal Revenue Service has issued a letter ruling which holds in
effect that insurance proceeds representing maturing interest on defaulted
municipal obligations paid to holders of insured bonds, under policy
provisions substantially identical to the policies described herein, will
be excludable from Federal gross income under Section 103(a)(1) of the
Internal Revenue Code to the same extent as if such payments were made by
the issuer of the municipal obligations. Holders of Units in the Trust
should discuss with their tax advisors the degree of reliance which they
may place on this letter ruling.

Each insurer is subject to regulation by the department of insurance in
the state in which it is qualified to do business. Such regulation,
however, is no guarantee that each insurer will be able to perform on its
contract of insurance in the event a claim should be made thereunder at
some time in the future. At the date hereof, it is reported that no claims
have been submitted or are expected to be submitted to any of the insurers
which would materially impair the ability of any such company to meet its
commitment pursuant to any contract of bond or portfolio insurance.

There have been a number of recent developments with respect to ratings
actions impacting insurance companies by the rating agencies, Standard &
Poor's Financial Services LLC, a division of S&P Global Inc. ("S&P"),
Moody's Investors Service, Inc. ("Moody's") and Fitch Ratings Ltd.
("Fitch"). In light of the ongoing nature of ratings actions or
announcements by the rating agencies, you should consult announcements by
the rating agencies, the websites of the rating agencies and the websites
of the insurers for the then current publicly available information. These
ratings actions have had a significant impact on the ability of insurers
to compete in the financial guarantee business.

Municipal Securities

Bonds held directly by the Trust, or bonds held by Closed-End Funds or
ETFs in which the Trust invests, may be general obligations of a
governmental entity that are backed by the taxing power of such entity.
Other bonds in the funds may be revenue bonds payable from the income of a
specific project or authority and are not supported by the issuer's power
to levy taxes. General obligation bonds are secured by the issuer's pledge
of its faith, credit and taxing power for the payment of principal and
interest. Revenue bonds, on the other hand, are payable only from the
revenues derived from a particular facility or class of facilities or, in
some cases, from the proceeds of a special excise tax or other specific
revenue source. There are, of course, variations in the security of the
different bonds in the funds, both within a particular classification and
between classifications, depending on numerous factors. A description of
certain types of revenue bonds follows.

Education Revenue Securities. Certain of the bonds may be obligations of
issuers which are, or which govern the operation of, schools, colleges and
universities and whose revenues are derived mainly from ad valorem taxes,
or for higher education systems, from tuition, dormitory revenues, grants
and endowments. General problems relating to school bonds include
litigation contesting the state constitutionality of financing public
education in part from ad valorem taxes, thereby creating a disparity in
educational funds available to schools in wealthy areas and schools in
poor areas. Litigation or legislation on this issue may affect the sources
of funds available for the payment of school bonds in the Trusts. General
problems relating to college and university obligations would include the
prospect of a declining percentage of the population consisting of
"college" age individuals, possible inability to raise tuitions and fees
sufficiently to cover increased operating costs, the uncertainty of
continued receipt of Federal grants and state funding and new government
legislation or regulations which may adversely affect the revenues or
costs of such issuers. All of such issuers have been experiencing certain
of these problems in varying degrees.

Health Care Revenue Securities. Certain of the bonds may be health care
revenue bonds. Ratings of bonds issued for health care facilities are
sometimes based on feasibility studies that contain projections of
occupancy levels, revenues and expenses. A facility's gross receipts and
net income available for debt service may be affected by future events and
conditions including among other things, demand for services, the ability
of the facility to provide the services required, physicians' confidence
in the facility, management capabilities, competition with other
hospitals, efforts by insurers and governmental agencies to limit rates,
legislation establishing state rate-setting agencies, expenses, government
regulation, the cost and possible unavailability of malpractice insurance
and the termination or restriction of governmental financial assistance,

Page 2

including that associated with Medicare, Medicaid and other similar third
party payor programs. Pursuant to recent Federal legislation, Medicare
reimbursements are currently calculated on a prospective basis utilizing a
single nationwide schedule of rates. Prior to such legislation Medicare
reimbursements were based on the actual costs incurred by the health
facility. The current legislation may adversely affect reimbursements to
hospitals and other facilities for services provided under the Medicare
program.

Industrial Revenue Securities. Certain of the bonds may be industrial
revenue bonds ("IRBs"), including pollution control revenue bonds, which
are taxable or tax-exempt securities issued by states, municipalities,
public authorities or similar entities to finance the cost of acquiring,
constructing or improving various industrial projects. These projects are
usually operated by corporate entities. Issuers are obligated only to pay
amounts due on the IRBs to the extent that funds are available from the
unexpended proceeds of the IRBs or receipts or revenues of the issuer
under an arrangement between the issuer and the corporate operator of a
project. The arrangement may be in the form of a lease, installment sale
agreement, conditional sale agreement or loan agreement, but in each case
the payments to the issuer are designed to be sufficient to meet the
payments of amounts due on the IRBs. Regardless of the structure, payment
of IRBs is solely dependent upon the creditworthiness of the corporate
operator of the project or corporate guarantor. Corporate operators or
guarantors may be affected by many factors which may have an adverse
impact on the credit quality of the particular company or industry. These
include cyclicality of revenues and earnings, regulatory and environmental
restrictions, litigation resulting from accidents or environmentally-
caused illnesses, extensive competition and financial deterioration
resulting from a complete restructuring pursuant to a leveraged buy-out,
takeover or otherwise. Such a restructuring may result in the operator of
a project becoming highly leveraged which may impact on such operator's
creditworthiness, which in turn would have an adverse impact on the rating
and/or market value of such bonds. Further, the possibility of such a
restructuring may have an adverse impact on the market for and
consequently the value of such bonds, even though no actual takeover or
other action is ever contemplated or affected. The IRBs in a fund may be
subject to special or extraordinary redemption provisions which may
provide for redemption at par or, with respect to original issue discount
bonds, at issue price plus the amount of original issue discount accreted
to the redemption date plus, if applicable, a premium. The Sponsor cannot
predict the causes or likelihood of the redemption of IRBs or other bonds
in the funds prior to the stated maturity of such bonds.

Lease Obligation Revenue Securities. Certain of the bonds may be lease
obligations issued for the most part by governmental authorities that have
no taxing power or other means of directly raising revenues. Rather, the
governmental authorities are financing vehicles created solely for the
construction of buildings (schools, administrative offices, convention
centers and prisons, for example) or the purchase of equipment (police
cars and computer systems, for example) that will be used by a state or
local government (the "lessee"). Thus, these obligations are subject to
the ability and willingness of the lessee government to meet its lease
rental payments which include debt service on the obligations. Lease
obligations are subject, in almost all cases, to the annual appropriation
risk, i.e., the lessee government is not legally obligated to budget and
appropriate for the rental payments beyond the current fiscal year. These
obligations are also subject to construction and abatement risk in many
states-rental obligations cease in the event that delays in building,
damage, destruction or condemnation of the project prevents its use by the
lessee. In these cases, insurance provisions designed to alleviate this
risk become important credit factors. In the event of default by the
lessee government, there may be significant legal and/or practical
difficulties involved in the re-letting or sale of the project. Some of
these issues, particularly those for equipment purchase, contain the so-
called "substitution safeguard," which bars the lessee government, in the
event it defaults on its rental payments, from the purchase or use of
similar equipment for a certain period of time. This safeguard is designed
to insure that the lessee government will appropriate, even though it is
not legally obligated to do so, but its legality remains untested in most,
if not all, states.

Multi-Family Mortgage Revenue Securities. Certain of the bonds may be
obligations of issuers whose revenues are primarily derived from housing
projects for low to moderate income families. The ability of such issuers
to make debt service payments will be affected by events and conditions
affecting financed projects, including, among other things, the
achievement and maintenance of sufficient occupancy levels and adequate
rental income, increases in taxes, employment and income conditions
prevailing in local labor markets, utility costs and other operating
expenses, the managerial ability of project managers, changes in laws and
governmental regulations, the appropriation of subsidies and social and
economic trends affecting the localities in which the projects are
located. The occupancy of housing projects may be adversely affected by
high rent levels and income limitations imposed under Federal and state

Page 3

programs. Multi-family mortgage revenue bonds are subject to redemption
and call features, including extraordinary mandatory redemption features,
upon prepayment, sale or non-origination of mortgage loans as well as upon
the occurrence of other events. Certain issuers of multi-family housing
bonds have considered various ways to redeem bonds they have issued prior
to the stated first redemption dates for such bonds. In one situation the
New York City Housing Development Corporation, in reliance on its
interpretation of certain language in the indenture under which one of its
bond issues was created, redeemed all of such issue at par in spite of the
fact that such indenture provided that the first optional redemption was
to include a premium over par and could not occur prior to 1992.

Resource Recovery Facility Revenue Securities. Certain of the bonds may be
obligations which are payable from and secured by revenues derived from
the operation of resource recovery facilities. Resource recovery
facilities are designed to process solid waste, generate steam and convert
steam to electricity. Resource recovery bonds may be subject to
extraordinary optional redemption at par upon the occurrence of certain
circumstances, including but not limited to: destruction or condemnation
of a project; contracts relating to a project becoming void, unenforceable
or impossible to perform; changes in the economic availability of raw
materials, operating supplies or facilities necessary for the operation of
a project or technological or other unavoidable changes adversely
affecting the operation of a project; administrative or judicial actions
which render contracts relating to the projects void, unenforceable or
impossible to perform; or impose unreasonable burdens or excessive
liabilities. The Sponsor cannot predict the causes or likelihood of the
redemption of resource recovery bonds in the funds prior to the stated
maturity of the Securities.

Single Family Mortgage Revenue Securities. Certain of the bonds may be
single family mortgage revenue bonds, which are issued for the purpose of
acquiring from originating financial institutions notes secured by
mortgages on residences located within the issuer's boundaries and owned
by persons of low or moderate income. Mortgage loans are generally
partially or completely prepaid prior to their final maturities as a
result of events such as sale of the mortgaged premises, default,
condemnation or casualty loss. Because these bonds are subject to
extraordinary mandatory redemption in whole or in part from such
prepayments of mortgage loans, a substantial portion of such bonds will
probably be redeemed prior to their scheduled maturities or even prior to
their ordinary call dates. The redemption price of such issues may be more
or less than the offering price of such bonds. Extraordinary mandatory
redemption without premium could also result from the failure of the
originating financial institutions to make mortgage loans in sufficient
amounts within a specified time period or, in some cases, from the sale by
the bond issuer of the mortgage loans. Failure of the originating
financial institutions to make mortgage loans would be due principally to
the interest rates on mortgage loans funded from other sources becoming
competitive with the interest rates on the mortgage loans funded with the
proceeds of the single family mortgage revenue bonds. Additionally,
unusually high rates of default on the underlying mortgage loans may
reduce revenues available for the payment of principal of or interest on
such mortgage revenue bonds. Single family mortgage revenue bonds issued
after December 31, 1980 were issued under Section 103A of the Internal
Revenue Code, which Section contains certain ongoing requirements relating
to the use of the proceeds of such bonds in order for the interest on such
bonds to retain its tax-exempt status. In each case, the issuer of the
bonds has covenanted to comply with applicable ongoing requirements and
bond counsel to such issuer has issued an opinion that the interest on the
bonds is exempt from Federal income tax under existing laws and
regulations. There can be no assurances that the ongoing requirements will
be met. The failure to meet these requirements could cause the interest on
the bonds to become taxable, possibly retroactively from the date of
issuance.

Special Tax Revenue Securities. Certain of the bonds may be special tax
bonds payable from and secured by the revenues derived by a municipality
from a particular tax. Examples of special taxes are a tax on the rental
of a hotel room, on the purchase of food and beverages, on the purchase of
fuel, on the rental of automobiles or on the consumption of liquor.
Special tax bonds are not secured by the general tax revenues of the
municipality, and they do not represent general obligations of the
municipality. Payment on special tax bonds may be adversely affected by a
reduction in revenues realized from the underlying special tax. Also,
should spending on the particular goods or services that are subject to
the special tax decline, the municipality may be under no obligation to
increase the rate of the special tax to ensure that sufficient revenues
are raised from the shrinking taxable base.

Tax Allocation Revenue Securities. Certain of the bonds may be tax
allocation bonds. Tax allocation bonds are typically secured by
incremental tax revenues collected on property within the areas where
redevelopment projects financed by bond proceeds are located. Bond

Page 4

payments are expected to be made from projected increases in tax revenues
derived from higher assessed values of property resulting from development
in the particular project area and not from an increase in tax rates.
Special risk considerations include: variations in taxable values of
property in the project area; successful appeals by property owners of
assessed valuations; substantial delinquencies in the payment of property
taxes; or imposition of any constitutional or legislative property tax
rate decrease.

Transportation Facility Revenue Securities. Certain of the bonds may be
obligations which are payable from and secured by revenues derived from
the ownership and operation of facilities such as airports, bridges,
turnpikes, port authorities, convention centers and arenas. The major
portion of an airport's gross operating income is generally derived from
fees received from signatory airlines pursuant to use agreements which
consist of annual payments for leases, occupancy of certain terminal space
and service fees. Airport operating income may therefore be affected by
the ability of the airlines to meet their obligations under the use
agreements. The air transport industry is experiencing significant
variations in earnings and traffic, due to increased competition, excess
capacity, increased costs, deregulation, traffic constraints and other
factors, and several airlines are experiencing severe financial
difficulties. The Sponsor cannot predict what effect these industry
conditions may have on airport revenues which are dependent for payment on
the financial condition of the airlines and their usage of the particular
airport facility. Similarly, payment on bonds related to other facilities
is dependent on revenues from the projects, such as user fees from ports,
tolls on turnpikes and bridges and rents from buildings. Therefore,
payment may be adversely affected by reduction in revenues due to such
factors as increased cost of maintenance, decreased use of a facility,
lower cost of alternative modes of transportation, scarcity of fuel and
reduction or loss of rents.

Utility Revenue Securities. Certain of the bonds may be obligations of
issuers whose revenues are primarily derived from the sale of energy.
Utilities are generally subject to extensive regulation by state utility
commissions which, among other things, establish the rates which may be
charged and the appropriate rate of return on an approved asset base. The
problems faced by such issuers include the difficulty in obtaining
approval for timely and adequate rate increases from the governing public
utility commission, the difficulty in financing large construction
programs, the limitations on operations and increased costs and delays
attributable to environmental considerations, increased competition,
recent reductions in estimates of future demand for electricity in certain
areas of the country, the difficulty of the capital market in absorbing
utility debt, the difficulty in obtaining fuel at reasonable prices and
the effect of energy conservation. All of such issuers have been
experiencing certain of these problems in varying degrees. In addition,
Federal, state and municipal governmental authorities may from time to
time review existing legislation and impose additional regulations
governing the licensing, construction and operation of nuclear power
plants, which may adversely affect the ability of the issuers of such
bonds to make payments of principal and/or interest on such bonds.

Water and Sewerage Revenue Securities. Certain of the bonds may be
obligations of issuers whose revenues are derived from the sale of water
and/or sewerage services. Water and sewerage bonds are generally payable
from user fees. Problems faced by such issuers include the ability to
obtain timely and adequate rate increases, population decline resulting in
decreased user fees, the difficulty of financing large construction
programs, the limitations on operations and increased costs and delays
attributable to environmental considerations, the increasing difficulty of
obtaining or discovering new supplies of fresh water, the effect of
conservation programs and the impact of "no-growth" zoning ordinances. All
of such issuers have been experiencing certain of these problems in
varying degrees.

Discount Securities. Certain of the bonds may have been acquired at a
market discount from par value at maturity. The coupon interest rates on
the discount bonds at the time they were purchased and deposited in the
funds were lower than the current market interest rates for newly issued
bonds of comparable rating and type. If such interest rates for newly
issued comparable bonds increase, the market discount of previously issued
bonds will become greater, and if such interest rates for newly issued
comparable bonds decline, the market discount of previously issued bonds
will be reduced, other things being equal. Investors should also note that
the value of bonds purchased at a market discount will increase in value
faster than bonds purchased at a market premium if interest rates
decrease. Conversely, if interest rates increase, the value of bonds
purchased at a market discount will decrease faster than bonds purchased
at a market premium. In addition, if interest rates rise, the prepayment
risk of higher yielding, premium bonds and the prepayment benefit for
lower yielding, discount bonds will be reduced. Market discount
attributable to interest changes does not indicate a lack of market
confidence in the issue. Neither the Sponsor nor the Trustee shall be
liable in any way for any default, failure or defect in any of the bonds.

Page 5

Original Issue Discount Securities. Certain of the bonds are considered
original issue discount bonds. Under current law, the original issue
discount, which is the difference between the stated redemption price at
maturity and the issue price of the bonds, is deemed to accrue on a daily
basis and the accrued portion is treated as taxable interest income for
Federal income tax purposes. On sale or redemption, any gain realized that
is in excess of the earned portion of original issue discount will be
taxable as capital gain unless the gain is attributable to market discount
in which case the accretion of market discount is taxable as ordinary
income. The current value of an original issue discount bond reflects the
present value of its stated redemption price at maturity. The market value
tends to increase in greater increments as the bonds approach maturity.

Premium Securities. Certain of the bonds may have been acquired at a
market premium from par value at maturity. The coupon interest rates on
the premium bonds at the time they were purchased by the fund were higher
than the current market interest rates for newly issued bonds of
comparable rating and type. If such interest rates for newly issued and
otherwise comparable bonds decrease, the market premium of previously
issued bonds will be increased, and if such interest rates for newly
issued comparable bonds increase, the market premium of previously issued
bonds will be reduced, other things being equal. The current returns of
bonds trading at a market premium are initially higher than the current
returns of comparable bonds of a similar type issued at currently
prevailing interest rates because premium bonds tend to decrease in market
value as they approach maturity when the face amount becomes payable.
Because part of the purchase price is thus returned not at maturity but
through current income payments, early redemption of a premium bond at par
or early prepayments of principal will result in a reduction in yield.
Redemption pursuant to call provisions generally will, and redemption
pursuant to sinking fund provisions may, occur at times when the redeemed
bonds have an offering side valuation which represents a premium over par
or for original issue discount bonds a premium over the accreted value.

When Issued Securities. "When, as and if issued" bonds are bonds that
trade before they are actually issued. This means that the bonds can only
be delivered when the bonds are actually issued. Delivery of these bonds
may be delayed or may not occur. Interest on these bonds does not begin
accruing until the bonds are delivered to an investor. An investor may
have to adjust their tax basis if the bonds are delivered after their
expected delivery date. Any adjustment would reflect interest that accrued
between the time of purchase and the time of delivery of the bonds. In
addition, an investor may experience gains or losses on these bonds from
the time of purchase even though the investor has not received them.

Zero Coupon Securities. Zero coupon bonds (which include bonds known as
multiplier bonds, money multiplier bonds, capital appreciation bonds,
capital accumulator bonds, compound interest bonds and money discount
maturity payment bonds) do not provide for the payment of any current
interest and generally provide for payment at maturity at face value
unless sooner sold or redeemed. Zero coupon bonds may be subject to more
price volatility than conventional bonds. While some types of zero coupon
bonds, such as multipliers and capital appreciation bonds, define par as
the initial offering price rather than the maturity value, they share the
basic zero coupon bond features of (1) not paying interest on a semi-
annual basis and (2) providing for the reinvestment of the bond's semi-
annual earnings at the bond's stated yield to maturity. While zero coupon
bonds are frequently marketed on the basis that their fixed rate of return
minimizes reinvestment risk, this benefit can be negated in large part by
weak call protection, i.e., a bond's provision for redemption at only a
modest premium over the accreted value of the bond.

Page 6

UNDERTAKINGS

With the exception of the information included in the state specific appendices to the Information Supplement, which will vary depending upon the make-up of a Fund or updated to reflect current events, any amendment to a Fund's Information Supplement will be subject to the review of the staff of the Securities and Exchange Commission prior to distribution; and

The Information Supplement to the Trust will not include third party financial information.

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

Item A.

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.

Item B.

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, The First Trust Combined Series 603, 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 and FT 7935 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, The First Trust Combined Series 603, has duly caused this Amendment to Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Wheaton and State of Illinois on August 20, 2020.

THE FIRST TRUST COMBINED SERIES 603

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** ) August 20, 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 8556 (File No. 333-236093) 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.

CONSENT OF INDEPENDENT PRICING AGENT

The consent of ICE Data Pricing & Reference Data, LLC to the use of its name in the Prospectus included in the Registration Statement will be filed as Exhibit 4.3 to the Registration Statement.

S-4

EXHIBIT INDEX

1.1

Form of Standard Terms and Conditions of Trust for The First Trust Combined Series 283 and subsequent Series effective February 19, 2009, 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. 2 to Form S-6 [File No. 333-157167] filed on behalf of the First Trust Combined Series 283).

1.1.1

Form of Trust Agreement for the First Trust Combined Series 603 and certain subsequent Series, effective August 20, 2020 among First Trust Portfolios L.P., as Depositor, The Bank of New York Mellon, as Trustee and First Trust Advisors L.P., as Evaluator and Portfolio Supervisor.

1.2

Copy of 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

Copy of 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

Copy of 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

Copy of 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

Master Agreement Among Underwriters (incorporated by reference to Amendment No. 2 to Form S-6 [File No. 333-157167] filed on behalf of The First Trust Combined Series 283).

S-5

2.2

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

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.

4.3

Consent of ICE Data Pricing & Reference Data, LLC.

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. 333-236093] filed on behalf of FT 8556).

S-6