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Form 487 FT 10481

December 8, 2022 3:19 PM EST

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Registration No. 333-268547

1940 Act No. 811-05903

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Amendment No. 1 to Form S-6

 

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

 

A.Exact name of trust:

 

FT 10481

 

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 320 South Canal Street
Suite 400 27th Floor
Wheaton, Illinois  60187 Chicago, Illinois 60606

 

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 December 8, 2022 at 2:00 p.m. pursuant to Rule 487.

 

________________________________


                 Corporate Investment Grade Laddered Portfolio,
                                   Series 21


                                   FT 10481

FT 10481 is a series of a unit investment trust, the FT Series. FT 10481
consists of a single portfolio known as Corporate Investment Grade Laddered
Portfolio, Series 21 (the "Trust"). The Trust invests in a laddered portfolio
of investment grade corporate debt obligations ("Securities"). The Trust seeks
to distribute high current monthly income 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 December 8, 2022


                               Table of Contents

Summary of Essential Information                         3
Fee Table                                                4
Report of Independent Registered Public Accounting Firm  5
Statement of Net Assets                                  6
Schedule of Investments                                  7
The FT Series                                           11
Portfolio                                               12
Estimated Returns                                       12
Weighted Average Modified Duration of the Securities    12
Risk Factors                                            12
Public Offering                                         16
Distribution of Units                                   18
Underwriting Concessions                                19
Underwriting                                            19
The Sponsor's Profits                                   19
The Secondary Market                                    20
How We Purchase Units                                   20
Expenses and Charges                                    20
Tax Status                                              21
Retirement Plans                                        22
Rights of Unit Holders                                  22
Income and Capital Distributions                        23
Redeeming Your Units                                    23
Removing Securities from the Trust                      24
Amending or Terminating the Indenture                   25
Information on the Sponsor and Trustee                  25
Other Information                                       26
Credit Rating Definitions                               27

Page 2


                  Summary of Essential Information (Unaudited)

            Corporate Investment Grade Laddered Portfolio, Series 21
                                    FT 10481

  At the Opening of Business on the Initial Date of Deposit-December 8, 2022

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

Initial Number of Units                                                                                 6,250
Fractional Undivided Interest in the Trust per Unit                                                   1/6,250
Principal Amount (Par Value) of Securities per Unit (1)                                            $ 1,000.00
Public Offering Price:
Public Offering Price per Unit (2)                                                                 $   991.69
    Less Maximum Sales Charge per Unit (3)                                                             (24.59)
                                                                                                   ___________
Aggregate Offering Price Evaluation of Securities per Unit (4)                                         967.10
    Less Organization Costs per Unit (5)                                                                (8.00)
                                                                                                   __________
Net Asset Value per Unit (based on aggregate offer prices of Securities) (5)                       $   959.10
                                                                                                   ==========
Sponsor's Initial Repurchase Price per Unit (5)                                                    $   967.10
Redemption Price per Unit (based on aggregate bid prices of Securities) (5)                        $   957.21
Weighted Average Maturity of the Securities                                                        5.60 years
Weighted Average Modified Duration of the Securities                                               4.68 years
First Settlement Date                                                                       December 12, 2022
Termination Date (6)                                                                        December 31, 2032
Ticker Symbol                                                                                          FFQUUX
Distributions (7):
     Estimated Net Annual Interest Income per Unit                                                 $    37.90
     Initial Distribution per Unit                                                                 $     2.94
     Estimated Regular Distributions per Unit                                                      $     3.16
Estimated Current Return (8)                                                                             3.82%
Estimated Long-Term Return (8)                                                                           4.13%
Cash CUSIP Number                                                                                  30329R 481
Fee Account CUSIP Number                                                                           30329R 499
Pricing Line Product Code                                                                              144772

____________

(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
on the business day prior to the Initial Date of Deposit. No investor will
purchase Units at this price. The price you pay for your Units will be based
on their valuation at the Evaluation Time on the date you purchase your Units.
On the Initial Date of Deposit, the Public Offering Price per Unit will not
include any 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 2.50% of the Public Offering Price
per Unit (equivalent to 2.564% 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 from the Interest Account 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
from the Interest Account on January 25, 2023. Estimated Regular Distributions
per Unit from the Interest Account will occur monthly, beginning February 25,
2023. 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, directly or
indirectly, pay if you buy and hold Units of the Trust. See "Public Offering"
and "Expenses and Charges." Although the Trust has a term of approximately 10
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                                                            2.50%(a)      $24.59
                                                                                                       =====         ======
Organization Costs
(as a percentage of public offering price)
   Estimated organization costs                                                                        .807%(b)      $8.00
                                                                                                       =====         =====
Estimated Annual Trust Operating Expenses(c)
(as a percentage of average net assets)
   Portfolio supervision, bookkeeping, administrative and evaluation fees                              .082%         $0.81
   Trustee's fee and other operating expenses                                                          .252%(d)      $2.50
                                                                                                       _____         _____
      Total                                                                                            .334%         $3.31
                                                                                                       =====         =====

                                    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 the Trust's operating expenses
stay the same. The example does not take into consideration transaction fees
which may be charged by certain broker/dealers for processing redemption
requests. Although your actual costs may vary, based on these assumptions your
costs, assuming you sell or redeem your Units at the end of each period, would
be:

        1 Year           3 Years          5 Years          10 Years
        ______           _______          _______          ________
        $364             $433             $509             $732

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 FT 10481

Opinion on the Statement of Net Assets

We have audited the accompanying statement of net assets of FT 10481,
comprising Corporate Investment Grade Laddered Portfolio, Series 21 (the
"Trust"), one of the series constituting the FT Series, including the schedule
of investments, as of the opening of business on December 8, 2022 (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 December 8, 2022 (Initial Date of
Deposit), in conformity with accounting principles generally accepted in the
United States of America.

Basis for Opinion

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

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

Our audit included performing procedures to assess the risks of material
misstatement of the statement of net assets, whether due to error or fraud, and
performing procedures that respond to those risks. Such procedures included
examining, on a test basis, evidence regarding the amounts and disclosures in
the statement of net assets. Our audit also included evaluating the accounting
principles used and significant estimates made by the Trust's Sponsor, as well
as evaluating the overall presentation of the statement of net assets. Our
procedures included confirmation of the irrevocable letter of credit held by The
Bank of New York Mellon, the Trustee, and deposited in the Trust for the
purchase of securities, as shown in the statement of net assets, as of the
opening of business on December 8, 2022, by correspondence with the Trustee. We
believe that our audit provides a reasonable basis for our opinion.


/s/ DELOITTE & TOUCHE LLP

Chicago, Illinois
December 8, 2022

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

            Corporate Investment Grade Laddered Portfolio, Series 21
                                    FT 10481

  At the Opening of Business on the Initial Date of Deposit-December 8, 2022

                                   NET ASSETS
Investments in Securities represented by Securities and/or purchase contracts (1)(2)                          $5,994,365
Accrued interest on underlying Securities (2)(3)                                                                  51,402
Cash (2)                                                                                                          50,000
                                                                                                              __________
                                                                                                               6,095,767
Less liability for reimbursement to Sponsor for organization costs (4)                                           (50,000)
Less distributions payable (3)                                                                                   (51,402)
                                                                                                              __________
Net assets                                                                                                    $5,994,365
                                                                                                              ==========
Outstanding Units                                                                                                  6,250
Net asset value per Unit (5)                                                                                  $   959.10
                             ANALYSIS OF NET ASSETS
Cost to investors (6)                                                                                         $6,198,053
Less maximum sales charge (6)                                                                                   (153,688)
Less estimated reimbursement to Sponsor for organization costs (4)                                               (50,000)
                                                                                                              __________
Net assets                                                                                                    $5,994,365
                                                                                                              ==========

______________

                       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 portfolio of interest-bearing corporate debt
obligations. 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 31, 2032.

(2) An irrevocable letter of credit issued by The Bank of New York Mellon, of
which $8,200,000 is allocated to the Trust, has been deposited with the
Trustee as collateral, covering the monies necessary for the purchase of the
Securities subject to purchase contracts ($6,049,559) (which includes accrued
interest to the Initial Date of Deposit ($51,402)), cash ($50,000) 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
($2,862). 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 as of 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 end 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 2.50% of the Public Offering Price per Unit
(equivalent to 2.564% of the net amount invested), assuming no reduction of
sales charge as set forth under "Public Offering."

Page 6


                            Schedule of Investments

            Corporate Investment Grade Laddered Portfolio, Series 21
                                    FT 10481

   At the Opening of Business on the Initial Date of Deposit-December 8, 2022


                                                                                                     Percentage
                                                                                                     of              Cost of
                                                                                     Rating          Aggregate       Securities
Aggregate      Issue Represented by Securities or Sponsor's                          (Unaudited)     Offering        to the
Principal      Contracts to Purchase Securities (1)                                  S&P (3)         Price           Trust (2)(4)
_________      ____________________________________________                          __________      __________     ____________
               CORPORATE BONDS (100.00%):
               Communication Services (4.09%):
$  250,000     Comcast Corporation, Notes, 4.25%, Due 10/15/2030 (5) (6)              A-              4.09%         $   245,337

               Consumer Discretionary (18.89%):
   250,000     Booking Holdings, Inc., Senior Notes, 3.55%,
                  Due 03/15/2028 (5) (6)                                              A-              3.94%             236,410

   250,000     Brunswick Corporation, Senior Notes, 4.40%,
                  Due 09/15/2032 (5) (6)                                              BBB-            3.58%             214,405

   250,000     General Motors Financial Company, Inc., Senior Notes, 4.00%,
                  Due 10/06/2026 (5) (6)                                              BBB             3.95%             236,610

   250,000     H&R Block, Block Financial LLC, Notes, 3.875%,
                  Due 08/15/2030 (5) (6)                                              BBB             3.73%             223,737

   250,000     Ralph Lauren Corporation, Senior Notes, 2.95%,
                  Due 06/15/2030 (5) (6)                                              A-              3.69%             221,267

               Consumer Staples (4.18%):
   250,000     Philip Morris International Inc., Notes, 5.125%,
                  Due 11/15/2024 (5)                                                  A-              4.18%             250,467

               Energy (12.51%):
   250,000     BP Capital Markets Plc, Guaranteed Notes, 3.723%,
                  Due 11/28/2028 (5) (6) +                                            A-              3.99%             239,052

   250,000     Energy Transfer LP, Senior Notes, 4.95%, Due 05/15/2028 (5) (6)        BBB-            4.06%             243,545

   250,000     Marathon Oil Corporation, Notes, 6.80%, Due 03/15/2032 (5)             BBB-            4.46%             267,152

               Financials (24.32%):
   250,000     Bank of America Corporation, Senior Notes, 3.50%,
                  Due 04/19/2026 (5)                                                  A-              4.02%             240,757

   250,000     The Bank of Nova Scotia, Senior Medium-Term Notes, 5.25%,
                  Due 12/6/2024 (5) +                                                 A-              4.18%             250,832

   250,000     Canadian Imperial Bank of Commerce, Senior Notes, 3.60%,
                  Due 04/07/2032 (5) (6) +                                            A-              3.78%             226,878

   250,000     MetLife Inc., Senior Notes, 6.50%, Due 12/15/2032 (5)                  A-              4.72%             282,955

   250,000     Prudential plc, Notes, 3.125%, Due 04/14/2030 +                        A               3.73%             223,368

   250,000     Sumitomo Mitsui Financial Group, Inc., Senior Notes, 3.01%,
                  Due 10/19/2026 +                                                    A-              3.89%             233,143

Page 7


                       Schedule of Investments (cont'd.)

            Corporate Investment Grade Laddered Portfolio, Series 21
                                    FT 10481

   At the Opening of Business on the Initial Date of Deposit-December 8, 2022


                                                                                                     Percentage
                                                                                                     of             Cost of
                                                                                     Rating          Aggregate      Securities
Aggregate      Issue Represented by Securities or Sponsor's                          (Unaudited)     Offering       to the
Principal      Contracts to Purchase Securities (1)                                  S&P (3)         Price          Trust (2)(4)
_________      ____________________________________________                          __________      __________     ____________
               Industrials (8.04%):
$  250,000     Aircastle Limited, Senior Notes, 4.125%,
                  Due 05/01/2024 (5) (6) +                                            BBB-            4.03%         $   241,843

   250,000     Canadian National Railway Company, Notes, 2.95%,
                  Due 11/21/2024 (5) (6) +                                            A               4.01%             240,488

               Information Technology (19.36%):
   250,000     Avnet, Inc., Notes, 4.625%, Due 04/15/2026 (5) (6)                     BBB-            4.05%             242,628

   250,000     DXC Technology Company, Senior Notes, 2.375%,
                  Due 09/15/2028 (5) (6)                                              BBB-            3.59%             215,180

   250,000     Intel Corp., Senior Notes, 4.15%, Due 08/05/2032 (5) (6)               A+              4.02%             240,790

   250,000     Tyco Electronics Group S.A., Senior Notes, 3.45%,
                  Due 08/01/2024 (5) (6) +                                            A-              4.09%             245,440

   250,000     Xilinx, Inc., Senior Notes, 2.375%, Due 06/01/2030 (5) (6)             A-              3.61%             216,220

               Materials (4.66%):
   250,000     Rio Tinto Finance (USA) Limited, Notes, 7.125%,
                  Due 07/15/2028 (5) +                                                A               4.66%             279,028

               Real Estate (3.95%):
   250,000     Simon Property Group, L.P., Notes, 3.25%,
                  Due 11/30/2026 (5) (6) (7)                                          A-              3.95%             236,833
__________                                                                                          _______         ___________
$6,250,000                 Total Investments                                                        100.00%         $ 5,994,365
==========                                                                                          =======         ===========

_____________

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

Page 8


                       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 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 December 6, 2022, December 7, 2022 and
December 8, 2022, and the Sponsor expects that any outstanding purchase
contracts as of December 8, 2022 will settle on or prior to December 12, 2022.
Corporate debt obligations of companies headquartered or incorporated outside
of the United States comprise approximately 36.36% of the investments of the
Trust (consisting of Australia, 4.66%; Bermuda, 4.03%; Canada, 11.97%; Japan,
3.89%; Luxembourg, 4.09% and United Kingdom, 7.72%).

(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 cost of the Securities to the Sponsor and
the Sponsor's loss (which is the difference between the cost of the Securities
to the Sponsor and the cost of the Securities to the Trust) are $6,000,363 and
$5,998, 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 $5,982,575 (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. Securities rated below
"BBB-" by S&P ("Below Investment Grade Securities") are regarded as having
significant speculative characteristics with respect to capacity to pay
interest and repay principal in accordance with the terms of the obligation.
Within the universe of securities rated Below Investment Grade, securities
rated "BB+" indicates the lowest degree of speculation while securities rated
"C" indicates the highest degree of speculation. While such securities will
likely have some quality and protective characteristics, these may be
outweighed by large uncertainties or major risk exposures to adverse
conditions. See "Risk Factors" for a discussion of the risks of investing in
high-yield securities. "(e)" indicates an "Expected Rating" and is intended to
anticipate Standard & Poor's forthcoming rating assignment. Expected Ratings
are generated by Bloomberg Finance L.P. ("Bloomberg") based on sources it
considers reliable or established Standard & Poor's rating practices. Expected
Ratings exist only until Standard & Poor's assigns a rating to the issue.
There is no guarantee that the ratings, when assigned, will not differ from
those currently expected. See "Credit Rating Definitions."

(4) 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 Sponsor 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.

Page 9


(5) This Security has a "make whole" call option and is redeemable in whole or
in part at any time, unless otherwise described 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. 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. Securities bearing this option within the
Trust and their respective premiums to the applicable Treasury rate, if
available, are as follows: Aircastle Limited, 0.50% until 02/01/2024; Avnet,
Inc., 0.45% until 01/15/2026; BP Capital Markets Plc, 0.25% until 08/28/2028;
Bank of America Corporation, 0.30%; The Bank of Nova Scotia, 0.15% until
12/04/2024; H&R Block, 0.50% until 05/15/2030; Booking Holdings, Inc., 0.20%
until 12/15/2027; Brunswick Corporation, 0.35% until 06/15/2032; Canadian
Imperial Bank of Commerce, 0.20% until 03/07/2032; Canadian National Railway
Company, 0.125% until 08/21/2024; Comcast Corporation, 0.20% until 07/15/2030;
DXC Technology Company, 0.20% until 07/15/2028; Energy Transfer LP, 0.35%
until 02/15/2028; General Motors Financial Company, Inc., 0.40% until
07/06/2026; Intel Corp., 0.25% until 05/05/2032; Marathon Oil Corporation,
0.30%; MetLife Inc., 0.20%; Philip Morris International Inc., 0.15%; Ralph
Lauren Corporation, 0.40% until 03/15/2030; Rio Tinto Finance (USA) Limited,
0.40%; Simon Property Group, L.P., 0.20% until 08/30/2026; Tyco Electronics
Group S.A., 0.15% until 05/01/2024 and Xilinx, Inc., 0.30% until 03/01/2030.

(6) The following Securities are redeemable at any time after the dates listed
below and at the prices listed below.

                                                                         Date              Call Price
                                                                       __________          __________
Aircastle Limited                                                      02/01/2024           $100.00
Avnet, Inc.                                                            01/15/2026           $100.00
H&R Block                                                              05/15/2030           $100.00
Booking Holdings, Inc.                                                 12/15/2027           $100.00
BP Capital Markets Plc                                                 08/28/2028           $100.00
Brunswick Corporation                                                  06/15/2032           $100.00
Canadian Imperial Bank of Commerce                                     03/07/2032           $100.00
Canadian National Railway Company                                      08/21/2024           $100.00
Comcast Corporation                                                    07/15/2030           $100.00
DXC Technology Company                                                 07/15/2028           $100.00
Energy Transfer LP                                                     02/15/2028           $100.00
General Motors Financial Company, Inc.                                 07/06/2026           $100.00
Intel Corp.                                                            05/05/2032           $100.00
Ralph Lauren Corporation                                               03/15/2030           $100.00
Simon Property Group, L.P.                                             08/30/2026           $100.00
Tyco Electronics Group S.A.                                            05/01/2024           $100.00
Xilinx, Inc.                                                           03/01/2030           $100.00

(7) This Security represents the corporate bond of a real estate investment
trust ("REIT"). REITs which invest in mortgage loans and mortgage-backed
securities are included in the Financials sector whereas REITs which directly
hold real estate properties are included in the Real Estate sector. REITs
comprise approximately 3.95% of the investments of the Trust.

+ This Security represents the corporate debt obligation of a foreign company.

Page 10


                                 The FT Series

The FT Series Defined.

We, First Trust Portfolios L.P. (the "Sponsor"), have created hundreds of
similar yet separate series of a unit investment trust which we have named the
FT Series. The series to which this prospectus relates, FT 10481, consists of
a single portfolio known as Corporate Investment Grade Laddered Portfolio,
Series 21.

The Trust was created under the laws of the State of New York by a Trust
Agreement (the "Indenture") dated the Initial Date of Deposit. This agreement,
entered into among First Trust Portfolios L.P., as Sponsor, The Bank of New
York Mellon as Trustee and First Trust Advisors L.P. as Portfolio Supervisor,
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 corporate debt obligations and/or
contracts for corporate debt obligations (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 sale, redemption or liquidation of any of the Securities or other similar
event affecting the capital structure of the issuer of the Securities.

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

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

We cannot guarantee that the Trust will keep its present size and composition
for any length of time. Securities may be periodically sold under certain
circumstances to satisfy Trust obligations, to meet redemption requests and,
as described in "Removing Securities from the Trust," to maintain the sound
investment character of the Trust, and the proceeds received by the Trust will
be used to meet Trust obligations or distributed to Unit holders. 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
the requirements specified in the Indenture.

Page 11


                                   Portfolio

Objectives.

The Trust seeks to distribute high current monthly income and to preserve
capital. Under normal circumstances, the Trust will invest at least 80% of its
assets in investment grade corporate bonds.

The Trust invests in a professionally selected portfolio of fixed-rate
corporate bonds that mature at regular intervals over the life of the Trust.
The bonds selected for the Trust consist of investment grade debt issues.
Certain bonds held by the Trust are rated as investment grade by only one of
either Standard & Poor's or Moody's and either unrated or below investment
grade by the other. A bond's rating is based upon an evaluation by a credit
rating organization of the corporation's credit history and ability to repay
obligations.

The corporate bonds were selected by our research department based on a number
of factors including, but not limited to, a security's creditworthiness and
valuation. Creditworthiness is assessed on the evaluation of fundamental
characteristics of the issuer as well as industry specific and geographic
risk. Credit ratings and financial outlooks are also considered. Factors
considered at the security level include the analysis of the issuer's capital
structure, the subordination of the security, the coupon type, liquidity and
the amount of an issue outstanding. These factors in combination with the
duration, yield, price, call features and maturity dates result in an overall
determination of relative value.

Additional Portfolio Contents.

In addition to the investments described above, the Trust invests in: REITs,
foreign securities and companies with various market capitalizations.

There is no assurance 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 sales charge).
Estimated Long-Term Return is a measure of the estimated return over the
estimated average 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.

              Weighted Average Modified Duration of the Securities

The Weighted Average Modified Duration of the Securities in the Trust as of
the business day before the Initial Date of Deposit is set forth in the
"Summary of Essential Information." Modified duration is a calculation that
expresses the measurable change in the value of a security in response to a
change in interest rates. Modified duration follows the concept that interest
rates and bond prices move in opposite directions. This formula is used to
determine the effect that a 1% change in interest rates might have on the
price of a bond. For example, if a portfolio has a duration of 3 years then
that portfolio's value is estimated to decline approximately 3% for each 1%
increase in interest rates or rise approximately 3% for each 1% decrease in
interest rates. Weighted Average Modified Duration of the Securities will vary
with changes in the value and yield of the Securities and with the default,
redemption, maturity, exchange, sale or other liquidation of Securities. The
Weighted Average Modified Duration of the Securities set forth in the "Summary
of Essential Information" relates only to the Securities in the Trust and not
to the Trust itself or Units. Weighted Average Modified Duration of Securities
does not account for the Trust sales charge or expenses and is not intended to
predict or guarantee future performance of the Securities or the Trust.

                                  Risk Factors

Price Volatility. The Trust invests in corporate debt obligations. The value
of the Trust's Units will fluctuate with changes in the value of these
securities. Corporate bond prices fluctuate for several reasons including

Page 12


changes in investors' perceptions of the financial condition of an issuer or
the general condition of the relevant market for corporate debt obligations,
such as market volatility, or when political or economic events affecting the
issuers occur. In addition, corporate bond prices may be particularly
sensitive to rising interest rates, as the cost of capital rises and borrowing
costs increase, negatively impacting issuers.

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.

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, political turbulence 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.

In February 2022, Russia commenced a military attack on Ukraine. In response,
various countries, including the United States, issued broad-ranging sanctions
on Russia and certain Russian companies and individuals. The hostilities
between the two countries may escalate and any existing or future sanctions
could have a severe adverse effect on Russia's economy, currency, companies
and region as well as negatively impact other regional and global economic
markets of the world, companies in such countries and various sectors,
industries and markets for securities and commodities globally, such as oil
and natural gas, and may have a negative effect on a Trust's investments and
performance beyond any direct exposure to Russian issuers or those of
adjoining geographic regions. Russia may also take retaliatory actions or
countermeasures, such as cyberattacks and espionage, which may negatively
impact the countries and companies in which the Trust may invest. The extent
and duration of the military action or future escalation of such hostilities;
the extent and impact of existing and any future sanctions, market disruptions
and volatility; and the result of any diplomatic negotiations cannot be
predicted. These and any related events could have a significant negative
impact on certain of the Trust's investments as well as the Trust's
performance, and the value or liquidity of certain Securities held by the
Trust may decline significantly.

An outbreak of a respiratory disease designated as COVID-19 was first detected
in China in December 2019. The COVID-19 global pandemic and the ensuing
policies enacted by governments and central banks have caused and may continue
to cause significant volatility and uncertainty in global financial markets,
negatively impacting global growth prospects. While the U.S. has resumed
"reasonably" normal business activity, many countries continue to impose
lockdown measures. The duration of the COVID-19 outbreak and its effects
cannot be determined with certainty and may exacerbate other pre-existing
political, social and economic risks. Additionally, there is no guarantee that
vaccines will be effective against emerging variants of the disease.

Governments and central banks, including the Federal Reserve, have taken
extraordinary and unprecedented actions to support local and global economies
and financial markets. These measures have included, among other policy
responses, a $700 billion quantitative easing program, a reduction of the
Federal funds rate to near-zero, and numerous economic stimulus packages. The
impact of these and additional measures taken in the future, and whether they
will be effective in mitigating economic and market disruptions, including
upward pressure on prices, will not be known for some time. As a means to
fight inflation, the Federal Reserve has raised interest rates and expects to
continue to do so and has announced that it intends to reverse previously
implemented quantitative easing.

Corporate Bonds. Corporate bonds, which are debt instruments issued by
corporations to raise capital, have priority over preferred securities and
common stock in a company's capital structure, but may be subordinated to an
issuer's other debt instruments. The financial markets, including those for
corporate bonds, have recently experienced periods of extreme illiquidity and

Page 13


volatility. Due to these significant difficulties in the financial markets,
there can be substantial uncertainty in assessing the value of an issuer's
assets or the extent of its obligations. For these or other reasons, the
ratings of the bonds in the Trust's portfolio may not accurately reflect the
current financial condition or prospects of the issuers of the bonds. In
addition, the financial condition of an issuer may worsen or its credit
ratings may drop, resulting in a reduction in the value of your Units.

Investment Grade Bonds. Investment grade corporate bonds are subject to
various risks described below. The value of these bonds 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 on its bonds.

Interest Rate Risk. Interest rate risk is the risk that the value of the
Securities held by the Trust will fall if interest rates increase. 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. The Federal Reserve has recently raised
interest rates and expects to continue to do so in response to inflation.
Therefore, risks associated with rising rates are heightened for the bonds
held by the Trust.

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.

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. Further,
the bid/ask spread may widen depending on market conditions and the liquidity
of the bonds held by the Trust.

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.

Event Risk. Event risk is the risk that corporate issuers may undergo
restructurings, such as mergers, leveraged buyouts, takeovers or similar
events financed by increased debt. As a result of the added debt, the credit
quality and market value of an issuer's bonds may decline significantly.

Market Discount. Certain of the Securities held by the Trust may have current
market values which are below the principal value of such Securities on the
Initial Date of Deposit. A primary reason for the market value of such bonds

Page 14


being less than principal value at maturity is that the interest rate of such
bonds is at lower rates than the current market interest rate for comparably
rated bonds. Bonds selling at market discounts tend to increase in market
value as they approach maturity. Because the Trust is not actively managed,
the Trustee will not sell bonds in response to or in anticipation of market
discounts or fluctuations.

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.

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

Foreign Securities. Certain of the Securities held by the Trust are issued by
foreign entities, which makes the Trust subject to more risks than if it
invested solely in domestic corporate debt obligations. Risks of foreign
corporate debt obligations include higher brokerage costs; different
accounting standards; expropriation, nationalization or other adverse
political or economic developments; currency devaluations, blockages or
transfer restrictions; restrictions on foreign investments and exchange of
securities; inadequate financial information; lack of liquidity of certain
foreign markets; and less government supervision and regulation of exchanges,
brokers, and issuers in foreign countries. Securities issued by non-U.S.
issuers may pay interest and/or dividends in foreign currencies and may be
principally traded in foreign currencies. Therefore, there is a risk that the
U.S. dollar value of these interest and/or dividend payments and/or securities
will vary with fluctuations in foreign exchange rates. Investments in debt
securities of foreign governments present special risks, including the fact
that issuers may be unable or unwilling to repay principal and/or interest
when due in accordance with the terms of such debt, or may be unable to make
such repayments when due in the currency required under the terms of the debt.
Political, economic and social events also may have a greater impact on the
price of debt securities issued by foreign governments than on the price of
U.S. securities.

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

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

Cybersecurity Risk. As the use of Internet technology has become more
prevalent in the course of business, the Trust has become more susceptible to

Page 15


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

                                Public Offering

The Public Offering Price.

Units will be purchased at the Public Offering Price, the per Unit price 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 ultimately
be charged to 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 semi-annually,
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 included in your purchase price on the next Distribution Date. In
addition, if you sell or redeem your Units you will be entitled to receive
your proportionate share of the 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 Charge.

Initial Offering Period. The maximum sales charge during the initial offering
period equals 2.50% of the Public Offering Price, less cash deposited to pay
the Trust's organization costs (equivalent to 2.564% of the net amount
invested).

Page 16


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%

Discounts for Certain Persons.

The maximum sales charge is 2.50% per Unit and the maximum dealer concession
is 1.60% 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 Sponsor will determine the aggregate underlying value of the Securities in
the Trust as of the Evaluation Time on each business day and will adjust the
Public Offering Price of the Units according to this valuation. This Public
Offering Price will be effective for all orders received before the Evaluation
Time on each such day. If we or the Trustee receive orders for purchases,
sales or redemptions after that time, or on a day which is not a business day,
they will be held until the next determination of price. The term "business
day" as used in this prospectus shall mean any day on which the NYSE is open.
For purposes of Securities and Unit settlement, the term business day does not
include days on which U.S. financial institutions are closed.

The aggregate underlying value of the Securities in the Trust will be
determined by the Sponsor 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, which may reflect odd-lot pricing where appropriate;

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 in the Trust will be determined as set forth above, except that
bid prices are used instead of offering prices when necessary. The offering
price of the Securities may be expected to be greater than the bid price by
approximately 1-3% of the aggregate principal amount of such Securities.

Page 17


                             Distribution of Units

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

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

Dealer Concessions.

Dealers and other selling agents can purchase Units at prices which represent
a concession or agency commission of 1.60% 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 1.70%.

Eligible dealer firms and other selling agents who, during the previous
consecutive 12-month period through the end of the most recent month, sold
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                     0.125%
$5,000 but less than $7,500                     0.150%
$7,500 or more                                  0.175%

Dealers and other selling agents will not receive a concession on the sale of
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 advisors, 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.

Page 18


Advertising and Investment Comparisons.

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

From time to time we may compare the estimated returns of the Trust (which may
show performance net of the expenses and charges the Trust would have
incurred) and returns over specified periods of other similar trusts we
sponsor in our advertising and sales materials, with (1) returns on other
taxable investments such as the common stocks comprising various market
indexes, corporate or U.S. Government bonds, bank CDs and money market
accounts or funds, (2) performance data from Morningstar, Inc. or (3)
information from publications such as Money, The New York Times, U.S. News and
World Report, Bloomberg Businessweek, Forbes or Fortune. The investment
characteristics of the Trust differ from other comparative 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 1.85%
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
______________________________________________________
Underwriter:
StoneX Financial Inc.                            6,250
329 Park Avenue North
Suite 350
Winter Park, Florida 32789                       _____
                                                 6,250
                                                 =====

                             The Sponsor's Profits

We will receive a gross sales commission equal to the maximum sales charge per
Unit 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.

Page 19


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

                             How We Purchase Units

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

                              Expenses and Charges

The estimated annual expenses of the Trust are listed under "Fee Table." If
actual expenses exceed the estimate, the Trust will bear the excess. The
Trustee will pay operating expenses of the Trust from the Interest Account 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 will be compensated for providing portfolio supervisory 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 be compensated for providing evaluation
services and 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 the Sponsor, First Trust Advisors L.P. and the Trustee are
based on the largest aggregate number of Units of the Trust outstanding at any
time during the calendar year, except during the initial offering period, in
which case these fees are calculated based on the largest number of Units
outstanding during the period for which compensation is paid. These fees may
be adjusted for inflation without Unit holders' approval, but in no case will
the annual fees paid to us or our affiliates for providing services to all
unit investment trusts be more than the actual cost of providing such services
in such year.

In addition to the Trust's operating expenses and those fees described above,
the Trust may also incur the following charges:

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

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

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

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

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

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

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

The above expenses and the Trustee's annual fee are secured by a lien on the
Trust. In addition, if there is not enough cash in the Interest or Principal
Account, the Trustee has the power to sell Securities to make cash available

Page 20


to pay these charges which may result in capital gains or losses to you. See
"Tax Status."

                                   Tax Status

Federal Tax Matters.

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

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

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

Trust Status.

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

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

Income from the Trust.

Trust distributions are generally taxable. After the end of each year, you
will receive a tax statement that separates the Trust's distributions into
ordinary income dividends, capital gain dividends and return of capital.
Income reported is generally net of expenses (but see "Treatment of Trust
Expenses" below). Ordinary income dividends are generally taxed at your
ordinary income tax rate. 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, 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.

Page 21


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 certain
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
currently applies to the gross proceeds from the disposition of securities
that produce U.S. source interest or dividends. 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.

                                Retirement Plans

You may purchase Units of the Trust for:

- Individual Retirement Accounts;

- Keogh Plans;

- Pension funds; and

- Other tax-deferred retirement plans.

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

                             Rights of Unit Holders

Unit Ownership.

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

Unit Holder Reports.

The Trustee will prepare a statement detailing the per Unit amounts (if any)
distributed from the 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.

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

Page 22


                        Income and Capital Distributions

You will begin receiving distributions on your Units only after you become a
Record Owner. The Trustee will credit any 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. 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. In any
case, the Trustee may distribute funds in the Principal Account in December of
each year to avoid imposition of any income or excise taxes on undistributed
income in the Trust and will distribute funds as part of the final liquidation
distribution. 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 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.

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 income 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, to the extent such amounts are attributable to the redeemed
Units, or from the sale of the Securities.

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:

Page 23


- 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 Securities;

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

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

- The issuer of the Security has breached a covenant which would affect the
payment of 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;

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

- Such Securities are the subject of an advanced refunding;

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

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

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

- As a result of the ownership of the Security, the Trust or its Unit holders
would be a direct or indirect shareholder of a passive foreign investment
company; or

- The sale of the Security is necessary for the Trust to comply with such
federal and/or state 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 FT Series," the Trust will generally not acquire any
securities or other property other than the Securities. The Trustee, on behalf
of the Trust and at the direction of the Sponsor, will vote for or against any
offer for new or exchanged securities or property in exchange for a Security.
In that regard, we may instruct the Trustee to accept such an offer or to take

Page 24


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 exchanged 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 securities or property from the Trust. If we or our
affiliate act in this capacity, we will be held subject to the restrictions
under the 1940 Act. When acting in an agency capacity, we may select various
broker/dealers to execute securities transactions on behalf of the Trust,
which may include broker/dealers who sell Units of the Trust. We do not
consider sales of Units of the Trust or any other products sponsored by First
Trust as a factor in selecting such broker/dealers. As authorized by the
Indenture, the Trustee may also employ a subsidiary or affiliate of the
Trustee to act as broker in selling such Securities or property. The Trust
will pay for these brokerage services at standard commission rates.

The Trustee may sell Securities designated by us, or, absent our direction, at
its own discretion, in order to meet redemption requests or pay expenses. 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:

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

- If the value of the Securities owned by the Trust as shown by any evaluation
is less than the lower of $2,000,000 or 20% of the total value of Securities
deposited in the Trust during the initial offering period ("Discretionary
Liquidation Amount"); or

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

If the Trust is terminated due to this last reason, we will refund your entire
sales charge. 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,
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 and Trustee

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:

Page 25


- 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 $545 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, 2021, the total partners' capital of First Trust Portfolios L.P.
was $125,276,503.

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

                               Other Information

Legal Opinions.

Our counsel is Chapman and Cutler LLP, 320 S. Canal St., Chicago, Illinois
60606. 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,

Page 26


and is included in reliance upon the report of such firm given upon their
authority as experts in accounting and auditing.

Supplemental Information.

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

                           Credit Rating Definitions*

                     * As published by Standard & Poor's.

Standard & Poor's.

An S&P Global Ratings' issue credit rating is a forward-looking opinion about
the creditworthiness of an obligor with respect to a specific financial
obligation, a specific class of financial obligations, or a specific financial
program (including ratings on medium-term note programs and commercial paper
programs). It takes into consideration the creditworthiness of guarantors,
insurers, or other forms of credit enhancement on the obligation and takes
into account the currency in which the obligation is denominated. The opinion
reflects S&P Global Ratings' view of the obligor's capacity and willingness to
meet its financial commitments as they come due, and this opinion may assess
terms, such as collateral security and subordination, which could affect
ultimate payment in the event of default.

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

Long-Term Issue Credit Ratings.

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

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

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

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

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

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

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

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

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

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

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

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

Page 27


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 the next five business
days in the absence of a stated grace period or within the earlier of the
stated grace period or the next 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. A rating on an obligation is lowered to `D' if it
is subject to a distressed debt restructuring.

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

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

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

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

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Page 31


                                 FIRST TRUST(R)

                 Corporate Investment Grade Laddered Portfolio,
                                   Series 21

                                    FT 10481

                                    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. 333-268547) and

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

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

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

                    To obtain copies at prescribed rates -

                   Write: Public Reference Section of the SEC
                          100 F Street, N.E.
                          Washington, D.C. 20549
          e-mail address: [email protected]

                               December 8, 2022

              PLEASE RETAIN THIS PROSPECTUS FOR FUTURE REFERENCE


                                 FIRST TRUST(R)

                                 The FT Series

                            Information Supplement

This Information Supplement provides additional information concerning the
structure, operations and risks of the unit investment trust contained in FT
10481 not found in the prospectus for the Trust. This Information Supplement
is not a prospectus and does not include all of the information you should
consider before investing in the Trust. This Information Supplement should be
read in conjunction with the prospectus for the Trust in which you are
considering investing.

This Information Supplement is dated December 8, 2022. Capitalized terms have
been defined in the prospectus.

                               Table of Contents
Risk Factors
   Securities                                                                  1
   REITs                                                                       3
   Foreign Issuers                                                             4
   Small and/or Mid Capitalization Companies                                   5
Securities Selected for Corporate Investment Grade Laddered Portfolio,
   Series 21                                                                   5

Risk Factors

Securities. The Trust may consist of Securities which, in many cases, do not
have the benefit of covenants which would prevent the issuer from engaging in
capital restructurings or borrowing transactions in connection with corporate
acquisitions, leveraged buyouts or restructurings which could have the effect
of reducing the ability of the issuer to meet its debt obligations and might
result in the ratings of the Securities and the value of the underlying Trust
portfolio being reduced.

Certain of the Securities held by the Trust may have been acquired at a market
discount from par value at maturity. The coupon interest rates on the discount
Securities at the time they were purchased and deposited in the Trust were
lower than the current market interest rates for newly issued Securities of
comparable rating and type. If such interest rates for newly issued comparable
Securities increase, the market discount of previously issued Securities will
become greater, and if such interest rates for newly issued comparable
Securities decline, the market discount of previously issued Securities will
be reduced, other things being equal. Investors should also note that the
value of Securities purchased at a market discount will increase in value
faster than Securities purchased at a market premium if interest rates
decrease. Conversely, if interest rates increase, the value of Securities
purchased at a market discount will decrease faster than Securities purchased
at a market premium. In addition, if interest rates rise, the prepayment risk
of higher yielding, premium Securities and the prepayment benefit for lower
yielding, discount Securities will be reduced. A discount Security held to
maturity will have a larger portion of its total return in the form of capital
gain and less in the form of interest income than a comparable Security newly
issued at current market rates. 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 Securities.

Certain of the Securities held by the Trust may be original issue discount
Securities or zero coupon Securities. Under current law, the original issue
discount, which is the difference between the stated redemption price at
maturity and the issue price of the Securities, is deemed to accrue on a daily
basis and the accrued portion is treated as 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. See "Tax Status" in the
prospectus. The current value of an original discount Security reflects the
present value of its stated redemption price at maturity. The market value
tends to increase in greater increments as the Securities approach maturity.
The effect of owning deep discount zero coupon Securities which do not make
current interest payments is that a fixed yield is earned not only on the
original investment, but also, in effect, on all earnings during the life of
the discount obligation. This implicit reinvestment of earnings at the same
rate eliminates the risk of being unable to reinvest the income on such
obligations at a rate as high as the implicit yield on the discount
obligation, but at the same time eliminates the holder's ability to reinvest

Page 1


at higher rates in the future. For this reason, the zero coupon Securities are
subject to substantially greater price fluctuations during periods of changing
interest rates than are securities of comparable quality which make regular
interest payments.

Certain of the Securities held by the Trust may have been acquired at a market
premium from par value at maturity. The coupon interest rates on the premium
Securities at the time they were purchased and deposited in the Trust were
higher than the current market interest rates for newly issued Securities of
comparable rating and type. If such interest rates for newly issued and
otherwise comparable Securities decrease, the market premium of previously
issued Securities will be increased, and if such interest rates for newly
issued comparable Securities increase, the market premium of previously issued
Securities will be reduced, other things being equal. The current returns of
Securities trading at a market premium are initially higher than the current
returns of comparable Securities of a similar type issued at currently
prevailing interest rates because premium Securities 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 Security 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 Securities
have an offering side valuation which represents a premium over par or for
original issue discount Securities a premium over the accreted value. To the
extent that the 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 to the original Public Offering Price of the Units. Because
premium Securities generally pay a higher rate of interest than Securities
priced at or below par, the effect of the redemption of premium Securities
would be to reduce Estimated Net Annual Unit Income by a greater percentage
than the par amount of such Securities bears to the total par amount of
Securities in the Trust. Although the actual impact of any such redemptions
that may occur will depend upon the specific Securities that are redeemed, it
can be anticipated that the Estimated Net Annual Unit Income will be
significantly reduced after the dates on which such Securities are eligible
for redemption.

Because certain of the Securities may from time to time under certain
circumstances be sold or redeemed or will mature in accordance with their
terms and because the proceeds from such events will be distributed to Unit
holders and will not be reinvested, no assurance can be given that the Trust
will retain for any length of time its present size and composition. Neither
the Sponsor nor the Trustee shall be liable in any way for any default,
failure or defect in any Security. Certain of the Securities contained in the
Trust may be subject to being called or redeemed in whole or in part prior to
their stated maturities pursuant to optional redemption provisions, sinking
fund provisions or otherwise. A Security subject to optional call is one which
is subject to redemption or refunding prior to maturity at the option of the
issuer. A refunding is a method by which a Security issue is redeemed, at or
before maturity, by the proceeds of a new Security issue. A Security subject
to sinking fund redemption is one which is subject to partial call from time
to time at par or from a fund accumulated for the scheduled retirement of a
portion of an issue prior to maturity. The exercise of redemption or call
provisions will (except to the extent the proceeds of the called Securities
are used to pay for Unit redemptions) result in the distribution of principal
and may result in a reduction in the amount of subsequent interest
distributions; it may also affect the Estimated Long-Term Return and the
Estimated Current Return on Units of the Trust. Redemption pursuant to call
provisions is more likely to occur, and redemption pursuant to sinking fund
provisions may occur, when the Securities have an offering side valuation
which represents a premium over par or for original issue discount Securities
a premium over the accreted value. Unit holders may recognize capital gain or
loss upon any redemption or call.

The contracts to purchase Securities delivered to the Trustee represent
obligations by issuers or dealers to deliver Securities to the Sponsor for
deposit in the Trust. Contracts are typically settled and the Securities
delivered within a few business days subsequent to the Initial Date of
Deposit. The percentage of the aggregate principal amount of the Securities of
the Trust relating to "when, as and if issued" Securities or other Securities
with delivery dates after the date of settlement for a purchase made on the
Initial Date of Deposit, if any, is indicated in the section entitled
"Schedule of Investments" in the prospectus. Interest on "when, as and if
issued" and delayed delivery Securities begins accruing to the benefit of Unit
holders on their dates of delivery. Because "when, as and if issued"
Securities have not yet been issued, as of the Initial Date of Deposit the
Trust are subject to the risk that the issuers thereof might decide not to
proceed with the offering of such Securities or that the delivery of such
Securities or the delayed delivery Securities may be delayed. If such
Securities or replacement Securities are not acquired by the Trust or if their
delivery is delayed, the Estimated Long-Term Return and the Estimated Current
Return shown in the prospectus may be reduced.

Page 2


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

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

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

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

REITs may concentrate investments in specific geographic areas or in specific
property types, i.e., hotels, shopping malls, residential complexes, office
buildings and timberlands. The impact of economic conditions on REITs can also
be expected to vary with geographic location and property type. Investors
should be aware that REITs may not be diversified and are subject to the risks
of financing projects. REITs are also subject to defaults by borrowers, self-
liquidation, the market's perception of the REIT industry generally, and the
possibility of failing to qualify for pass-through of income under the
Internal Revenue Code, and to maintain exemption from the Investment Company
Act of 1940. A default by a borrower or lessee may cause a REIT to experience
delays in enforcing its right as mortgagee or lessor and to incur significant
costs related to protecting its investments. In addition, because real estate
generally is subject to real property taxes, REITs may be adversely affected
by increases or decreases in property tax rates and assessments or

Page 3


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

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

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

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

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

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

Page 4


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

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

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

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

Securities Selected for Corporate Investment Grade Laddered Portfolio, Series 21

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

Communication Services
______________________

Comcast Corporation (Class A), headquartered in Philadelphia, Pennsylvania,
together with its subsidiaries, provides consumer entertainment, information,
and communication products and services to its residential and commercial
customers in the United States.

Consumer Discretionary
______________________

Booking Holdings Inc., headquartered in Norwalk, Connecticut, is an online
travel and reservation service company. The company's system provides
consumers savings on a range of products and services through online booking,
while enabling sellers to generate incremental revenue.

Brunswick Corporation, headquartered in Mettawa, Illinois, is a global
designer, manufacturer and marketer of recreation products. The company's
products include marine engines, boats, fitness equipment and active
recreation products.

General Motors Company, headquartered in Detroit, Michigan, is an automotive
company. The company designs, manufactures and markets cars, crossovers,
trucks and automobile parts worldwide.

H&R Block, Inc., headquartered in Kansas City, Missouri, is a holding company
whose subsidiaries provide tax-related services, investment services through
broker/dealers, mortgage services, personal productivity software, accounting
and consulting services to business clients.

Ralph Lauren Corporation, headquartered in New York, New York, is engaged in
the design, marketing and distribution of premium lifestyle products in the
four categories of accessories, apparel, fragrance and home.

Consumer Staples
________________

Philip Morris International Inc., headquartered in New York, New York,
produces, markets and distributes a variety of branded cigarette and tobacco
products. The company's products are marketed outside the United States
through subsidiaries and affiliates.

Energy
______

BP Plc, headquartered in London, England, produces and markets crude oil and
petroleum products worldwide. The company is engaged in the exploration, field
development and production of natural gas and oil throughout the world. The
company also refines, manufactures and markets petroleum and petrochemical
products to wholesale and retail customers.

Page 5


Energy Transfer LP, headquartered in Dallas, Texas, operates a diversified
portfolio of energy assets. The company owns a large platform of crude oil,
natural gas and natural gas liquid assets and provides natural gas pipeline
transportation and transmission services.

Marathon Oil Corporation, headquartered in Houston, Texas, is a global energy
company. The company explores for, produces and markets crude oil, natural gas
and petroleum products. In addition, the company mines, extracts and
transports bitumen.

Financials
__________

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

The Bank of Nova Scotia, headquartered in Toronto, Canada, is an international
bank and a financial services provider. The company provides retail,
commercial, corporate, investment and private banking services and products.

Canadian Imperial Bank of Commerce, headquartered in Toronto, Canada, is a
diversified financial institution that offers various financial and banking
products and services. The company serves individuals, small businesses,
government and corporate clients in Canada and globally.

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

Prudential plc, headquartered in London, England, together with its
subsidiaries, provides retail financial products and services, and asset
management services to individuals and businesses in Asia, the United States,
the United Kingdom, Europe and Africa.

Sumitomo Mitsui Financial Group, Inc., headquartered in Tokyo, Japan, is the
holding company for Japan's third-largest bank which has operations including
retail, corporate, and investment banking; asset management; securities
trading; and loans.

Industrials
___________

Aircastle Limited, incorporated in Bermuda and headquartered in
Stamford, Connecticut, buys, sells, and leases commercial jet aircraft to
airlines all over the world.

Canadian Imperial Bank of Commerce, headquartered in Toronto, Canada, is a
diversified financial institution that offers various financial and banking
products and services. The company serves individuals, small businesses,
government and corporate clients in Canada and globally.

Information Technology
______________________

Advanced Micro Devices, Inc., headquartered in Santa Clara, California,
designs, develops, makes and sells a variety of industry-standard integrated
circuits which are used in product applications such as telecommunications
equipment, data and network communications equipment, consumer electronics,
personal computers and workstations.

Avnet, Inc., headquartered in Phoenix, Arizona, distributes electronic
components, enterprise networks, computer equipment and embedded subsystems.

DXC Technology Company, headquartered in Ashburn, Virginia, is an information
technology company. The company provides analytics, applications, business
processes, cloud, consulting and security services.

Intel Corporation, headquartered in Santa Clara, California, designs,
develops, makes and markets advanced microcomputer components and related
products at various levels of integration. The company's principal components
consist of silicon-based semiconductors etched with complex patterns of
transistors.

TE Connectivity Ltd., headquartered in Schaffhausen, Switzerland, provides
engineered electronic components, network solutions, undersea
telecommunication systems and wireless systems.

Materials
_________

Rio Tinto Limited, headquartered in London, England, is engaged in
finding, mining and processing the earth's mineral resources. The company's
major products include aluminum, copper, diamonds, energy products (coal and
uranium), gold, industrial minerals (borax, titanium dioxide, salt, talc and
zircon) and iron ore.

Real Estate
___________

Simon Property Group, Inc., headquartered in Indianapolis, Indiana, is a self-
managed real estate investment trust. The company is engaged in the ownership,
development and management of regional malls and shopping centers.

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

Page 6

 

Undertaking to File Reports

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

 

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.

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, FT 10481, hereby identifies The First Trust Special Situations Trust, Series 4; The First Trust Special Situations Trust, Series 18; The First Trust Special Situations Trust, Series 69; The First Trust Special Situations Trust, Series 108; The First Trust Special Situations Trust, Series 119; The First Trust Special Situations Trust, Series 190; FT 286; The First Trust Combined Series 272; FT 412; FT 438; FT 556; FT 754; FT 1102; FT 1179; FT 2935; FT 3320; FT 3367; FT 3370; FT 3397; FT 3398; FT 3400; FT 3451; FT 3480; FT 3529; FT 3530; FT 3568; FT 3569; FT 3570; FT 3572; FT 3615; FT 3647; FT 3650; FT 3689; FT 3690; FT 3729; FT 3780; FT 3940; FT 4020; FT 4037; FT 4143; FT 4260; FT 4746; FT 4789; FT 5039; FT 5415; FT 7033; FT 7256; FT 7935; FT 8495; FT 8669; FT 8713; FT 8740; FT 8746; FT 8758; FT 8817; FT 8955; FT 8956; FT 8965; FT 8976; FT 8978; FT 8993; FT 8994; FT 8997; FT 9039; FT 9040; FT 9042; FT 9058; FT 9068; FT 9203; FT 9204; FT 9303; FT 9305; FT 9326; FT 9327; FT 9372; FT 9401; FT 9402; FT 9403; FT 9474; FT 9513; FT 9514; FT 9611; FT 9630; FT 9709; FT 9872; FT 9908; FT 9911; FT 9923; FT 9937; FT 9950; FT 9961; FT 9977; FT 9978; 10051; FT 10057; FT 10105; FT 10109; FT 10121; FT 10272; FT 10295; FT 10323 and FT 10412 for purposes of the representations required by Rule 487 and represents the following:

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

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

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

Pursuant to the requirements of the Securities Act of 1933, the Registrant, FT 10481, has duly caused this Amendment to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Wheaton and State of Illinois on December 8, 2022.

 

FT 10481

 

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**
)    December 8, 2022
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 10131 (File No. 333-264568) 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 is contained in their respective opinion filed as Exhibit 3.1 of 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 is filed as Exhibit 4.1 to the Registration Statement. 

S-4

 

EXHIBIT INDEX

 

1.1Standard Terms and Conditions of Trust for FT 10366 and certain subsequent Series, effective October 25, 2022 among First Trust Portfolios L.P., as Depositor, The Bank of New York Mellon, as Trustee, First Trust Advisors L.P., as Portfolio Supervisor and FTP Services LLC, as FTPS Unit Servicing Agent (incorporated by reference to Amendment No. 1 to Form S-6 [File No. 333-267573] filed on behalf of FT 10366).

 

1.1.1Trust Agreement for FT 10481, effective December 8, 2022, among First Trust Portfolios L.P., as Depositor, The Bank of New York Mellon, as Trustee and First Trust Advisors L.P., as Portfolio Supervisor.

 

1.2Certificate 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).

 

1.3Amended 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).

 

1.4Articles 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).

 

1.5By-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).

 

1.6Master Agreement Among Underwriters (incorporated by reference to Amendment No. 1 to Form S-6 [File No. 333-267573] filed on behalf of FT 10366).

 

1.7Fund of Funds Agreements (incorporated by reference to Amendment No. 1 to Form S-6 [File No. 333-261661] filed on behalf of FT 9909, Amendment No. 1 to Form S-6 [File No. 333-261297] filed on behalf of FT 9857, Amendment No. 1 to Form S-6 [File No. 333-262164] filed on behalf of FT 9948, Amendment No. 1 to Form S-6 [File No. 333-262344] filed on behalf of FT 9965 and Amendment No. 1 to Form S-6 [File No. 333-263845] filed on behalf of FT 10083).

 

S-5

 

 

2.2Code of Ethics (incorporated by reference to Amendment No. 1 to Form S-6 [File No. 333-224320] filed on behalf of FT 7359).

 

3.1Opinion of counsel as to legality of securities being registered.

 

4.1Consent of Independent Registered Public Accounting Firm.

 

6.1List 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).

 

7.1Powers 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. 333-264568] filed on behalf of FT 10131).

  

 

S-6

 

ATTACHMENTS / EXHIBITS

MEMORANDUM OF CHANGES

TRUST AGREEMENT

OPINION REGARDING LEGALITY

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM



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