# EDGAR Filing Document

**Accession Number:** 0001948212
**File Stem:** 0001445546-23-000183
**Filing Date:** 2023-1
**Character Count:** 327996
**Document Hash:** 4f2817fd8671f0be8ab84b8f2c88609a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001445546-23-000183.hdr.sgml**: 20230112

**ACCESSION NUMBER**: 0001445546-23-000183

**CONFORMED SUBMISSION TYPE**: S-6/A

**PUBLIC DOCUMENT COUNT**: 6

**FILED AS OF DATE**: 20230112

**DATE AS OF CHANGE**: 20230111

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FT 10495
- **CENTRAL INDEX KEY:** 0001948212
- **IRS NUMBER:** 000000000

**FILING VALUES:**
- **FORM TYPE:** S-6/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-268597
- **FILM NUMBER:** 23524573

**BUSINESS ADDRESS:**
- **STREET 1:** C/O FIRST TRUST PORTFOLIOS L.P.
- **STREET 2:** 120 EAST LIBERTY DRIVE, SUITE 400
- **CITY:** WHEATON
- **STATE:** IL
- **ZIP:** 60187
- **BUSINESS PHONE:** 630 765 8000

**MAIL ADDRESS:**
- **STREET 1:** C/O FIRST TRUST PORTFOLIOS L.P.
- **STREET 2:** 120 EAST LIBERTY DRIVE, SUITE 400
- **CITY:** WHEATON
- **STATE:** IL
- **ZIP:** 60187

```
<PRE></PRE>
```

Registration No. 333-268597

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 10495

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:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;Copy to: |
| &nbsp;&nbsp;JAMES A. BOWEN | &nbsp;&nbsp;ERIC F. FESS |
| &nbsp;&nbsp;c/o First Trust Portfolios L.P. | &nbsp;&nbsp;c/o Chapman and Cutler LLP |
| &nbsp;&nbsp;120 East Liberty Drive | &nbsp;&nbsp;320 South Canal Street |
| &nbsp;&nbsp;Suite 400 | &nbsp;&nbsp;27th Floor |
| &nbsp;&nbsp;Wheaton, Illinois 60187 | &nbsp;&nbsp;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.

\| \|Check box if it is proposed that this filing will become effective on January 12, 2023 at 2:00 p.m. pursuant to Rule 487.

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

**________________________________** 
```
<PRE>

            60/40 Strategic Allocation Port. 1Q '23 - Term 4/16/24
            75/25 Strategic Allocation Port. 1Q '23 - Term 4/16/24

                                   FT 10495

FT 10495 is a series of a unit investment trust, the FT Series. FT 10495
consists of two separate portfolios listed above (each, a "Trust," and
collectively, the "Trusts"). Each Trust is a separate investment vehicle and
you may invest in either of the Trusts.

60/40 Strategic Allocation Portfolio, 1st Quarter 2023 Series and 75/25
Strategic Allocation Portfolio, 1st Quarter 2023 Series each invest in a
diversified portfolio of common stocks ("Common Stocks") and shares of
exchange-traded funds ("ETFs" or "Funds"), the portfolios of which are
invested in fixed-income securities. Collectively, the Common Stocks and ETFs
are referred to as the "Securities." Certain of the ETFs invest in high-yield
securities. See "Risk Factors" for a discussion of the risk of investing in
high-yield securities or "junk" bonds. An investment can be made in the
underlying ETFs directly rather than through the Trusts. These direct
investments can be made without paying the sales charge, operating expenses
and organizational costs of a Trust.

Each Trust seeks above-average total return.

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 January 12, 2023

                               Table of Contents

Summary of Essential Information                                3
Fee Table                                                       4
Report of Independent Registered Public Accounting Firm         5
Statements of Net Assets                                        6
Schedule of Investments                                         7
The FT Series                                                  20
Portfolios                                                     21
Risk Factors                                                   23
Public Offering                                                32
Distribution of Units                                          34
The Sponsor's Profits                                          35
The Secondary Market                                           36
How We Purchase Units                                          36
Expenses and Charges                                           36
Tax Status                                                     37
Retirement Plans                                               39
Rights of Unit Holders                                         39
Income and Capital Distributions                               40
Redeeming Your Units                                           41
Investing in a New Trust                                       42
Removing Securities from a Trust                               42
Amending or Terminating the Indenture                          43
Information on the Sponsor and Trustee                         43
Other Information                                              44

Page 2

                  Summary of Essential Information (Unaudited)

                                    FT 10495

   At the Opening of Business on the Initial Date of Deposit-January 12, 2023

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

                                                                                60/40 Strategic          75/25 Strategic
                                                                                Allocation Portfolio     Allocation Portfolio
                                                                                1st Quarter 2023 Series  1st Quarter 2023 Series
                                                                                _______________________  ______________________
Initial Number of Units (1)                                                        229,984                   159,083
Fractional Undivided Interest in the Trust per Unit (1)                          1/229,984                 1/159,083
Public Offering Price:
Public Offering Price per Unit (2)                                              $   10.000                $   10.000
   Less Initial Sales Charge per Unit (3)                                            (.000)                    (.000)
                                                                                __________                __________
Aggregate Offering Price Evaluation of Securities per Unit (4)                      10.000                    10.000
   Less Deferred Sales Charge per Unit (3)                                           (.135)                    (.135)
                                                                                __________                __________
Redemption Price per Unit (5)                                                        9.865                     9.865
   Less Creation and Development Fee per Unit (3)(5)                                 (.050)                    (.050)
   Less Organization Costs per Unit (5)                                              (.019)                    (.019)
                                                                                __________                __________
Net Asset Value per Unit                                                        $    9.796                $    9.796
                                                                                ==========                ==========
Cash CUSIP Number                                                               30330B 707                30330B 749
Reinvestment CUSIP Number                                                       30330B 715                30330B 756
Fee Account Cash CUSIP Number                                                   30330B 723                30330B 764
Fee Account Reinvestment CUSIP Number                                           30330B 731                30330B 772
Pricing Line Product Code                                                           145202                    145206
Ticker Symbol                                                                       FIGUZX                    FALZOX

First Settlement Date                                           January 17, 2023
Mandatory Termination Date (6)                                  April 16, 2024
Income Distribution Record Date                                 Tenth day of each month, commencing February 10, 2023.
Income Distribution Date (7)                                    Twenty-fifth day of each month, commencing February 25, 2023.

_____________

(1) As of the Evaluation Time on the Initial Date of Deposit, we may adjust
the number of Units of a Trust so that the Public Offering Price per Unit will
equal approximately $10.00. If we make such an adjustment, the fractional
undivided interest per Unit will vary from the amounts indicated above.

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

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

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

(5) The creation and development fee and estimated organization costs per Unit
will be deducted from the assets of a Trust at the end of the initial offering
period. If Units are redeemed prior to the close of the initial offering
period, these fees will not be deducted from the redemption proceeds. See
"Redeeming Your Units."

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

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

Page 3

                             Fee Table (Unaudited)

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

                                                                              60/40 Strategic           75/25 Strategic
                                                                              Allocation Portfolio      Allocation Portfolio
                                                                              1st Quarter 2023 Series   1st Quarter 2023 Series
                                                                              _______________________   _______________________
                                                                                            Amount                    Amount
                                                                                            per Unit                  per Unit
                                                                                            ________                  ________
Unit Holder Sales Fees (as a percentage of public offering price)

Maximum Sales Charge
   Initial sales charge                                                       0.00%(a)      $.000       0.00%(a)      $.000
   Deferred sales charge                                                      1.35%(b)      $.135       1.35%(b)      $.135
   Creation and development fee                                               0.50%(c)      $.050       0.50%(c)      $.050
                                                                              _____         _____       _____         _____
   Maximum sales charge (including creation and development fee)              1.85%         $.185       1.85%         $.185
                                                                              =====         =====       =====         =====

Organization Costs (as a percentage of public offering price)
   Estimated organization costs                                               .190%(d)      $.0190      .190%(d)      $.0190
                                                                              =====         ======      =====         ======
Estimated Annual Trust Operating Expenses(e)
(as a percentage of average net assets)
   Portfolio supervision, bookkeeping, administrative and evaluation fees     .059%         $.0060      .059%         $.0060
   Trustee's fee and other operating expenses                                 .126%(f)      $.0127      .126%(f)      $.0127
   Acquired Fund fees and expenses                                            .118%(g)      $.0119      .074%(g)      $.0075
                                                                              _____         ______      _____         ______
      Total                                                                   .303%         $.0306      .259%         $.0262
                                                                              =====         ======      =====         ======

                                    Example

This example is intended to help you compare the cost of investing in a Trust
with the cost of investing in other investment products. The example assumes
that you invest $10,000 in a Trust and the principal amount and distributions
are rolled every 15 months into a New Trust. The example also assumes a 5%
return on your investment each year and that your Trust's, and each New
Trust's, sales charges and 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 roll your
proceeds from one trust to the next for the periods shown, would be:

                                                                   1 Year        3 Years       5 Years       10 Years
                                                                   ______        _______       _______       ________
60/40 Strategic Allocation Portfolio, 1st Quarter 2023 Series      $234          $722          $1,009        $2,183
75/25 Strategic Allocation Portfolio, 1st Quarter 2023 Series       230           708             987         2,136

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

_____________

(a) The combination of the initial and deferred sales charge comprises what we
refer to as the "transactional sales charge." The initial sales charge is
actually equal to the difference between the maximum sales charge of 1.85% and
the sum of any remaining deferred sales charge and creation and development
fee. When the Public Offering Price per Unit equals $10, there is no initial
sales charge. If the price you pay for your Units exceeds $10 per Unit, you
will pay an initial sales charge.

(b) The deferred sales charge is a fixed dollar amount equal to $.135 per Unit
which, as a percentage of the Public Offering Price, will vary over time. The
deferred sales charge will be deducted in three monthly installments
commencing April 20, 2023.

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

(d) Estimated organization costs will be deducted from the assets of each
Trust at the end of a Trust's initial offering period. Estimated organization
costs are assessed on a fixed dollar amount per Unit basis which, as a
percentage of average net assets, will vary over time.

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

(f) Other operating expenses for the Trusts do not include brokerage costs and
other portfolio transaction fees for the Trusts. In certain circumstances the
Trusts may incur additional expenses not set forth above. See "Expenses and
Charges."

(g) Although not actual Trust operating expenses, the Trusts, and therefore
Unit holders of the Trusts, will indirectly bear similar operating expenses of
the Funds in which each Trust invests in the estimated amounts set forth in
the table. These expenses are estimated based on the actual Fund expenses
disclosed in a Fund's most recent SEC filing but are subject to change in the
future. An investor in the Trusts will therefore indirectly pay higher
expenses than if the underlying Fund shares were held directly.

Page 4

                             Report of Independent
                       Registered Public Accounting Firm

To the Unit Holders and the Sponsor, First Trust Portfolios L.P., of FT 10495

Opinion on the Statements of Net Assets

We have audited the accompanying statements of net assets of FT 10495,
comprising 60/40 Strategic Allocation Port. 1Q '23 - Term 4/16/24 (60/40
Strategic Allocation Portfolio, 1st Quarter 2023 Series) and 75/25 Strategic
Allocation Port. 1Q '23 - Term 4/16/24 (75/25 Strategic Allocation Portfolio,
1st Quarter 2023 Series) (collectively the "Trusts"), one of the series
constituting the FT Series, including the schedules of investments, as of the
opening of business on January 12, 2023 (Initial Date of Deposit), and the
related notes. In our opinion, the statements of net assets present fairly, in
all material respects, the financial position of each of the Trusts
constituting FT 10495 as of the opening of business on January 12, 2023
(Initial Date of Deposit), in conformity with accounting principles generally
accepted in the United States of America.

Basis for Opinion

These statements of net assets are the responsibility of the Trusts' Sponsor.
Our responsibility is to express an opinion on the Trusts' statements of net
assets based on our audits. 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 Trusts 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 audits 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 statements of net assets are free of material
misstatement, whether due to error or fraud. The Trusts are not required to
have, nor were we engaged to perform, an audit of their internal control over
financial reporting. As part of our audits 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 Trusts' internal
control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material
misstatement of the statements 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 statements of net assets. Our audits also included
evaluating the accounting principles used and significant estimates made by
the Trusts' Sponsor, as well as evaluating the overall presentation of the
statements of net assets. Our procedures included confirmation of the
irrevocable letter of credit held by The Bank of New York Mellon, the Trustee,
and allocated among the Trusts for the purchase of securities, as shown in the
statements of net assets, as of the opening of business on January 12, 2023,
by correspondence with the Trustee. We believe that our audits provide a
reasonable basis for our opinion.

/s/ DELOITTE & TOUCHE LLP

Chicago, Illinois
January 12, 2023

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

Page 5

                            Statements of Net Assets

                                    FT 10495

   At the Opening of Business on the Initial Date of Deposit-January 12, 2023

                                                                               60/40 Strategic          75/25 Strategic
                                                                               Allocation Portfolio     Allocation Portfolio
                                                                               1st Quarter 2023 Series  1st Quarter 2023 Series
                                                                               _______________________  _______________________
                                   NET ASSETS

Investment in Securities represented by purchase contracts (1) (2)             $2,299,840               $1,590,829
Less liability for reimbursement to Sponsor for organization costs (3)             (4,370)                  (3,023)
Less liability for deferred sales charge (4)                                      (31,048)                 (21,476)
Less liability for creation and development fee (5)                               (11,499)                  (7,954)
                                                                               __________               __________
Net assets                                                                     $2,252,923               $1,558,376
                                                                               ==========               ==========
Units outstanding                                                                 229,984                  159,083
Net asset value per Unit (6)                                                   $    9.796               $    9.796

                             ANALYSIS OF NET ASSETS

Cost to investors (7)                                                          $2,299,840               $1,590,829
Less maximum sales charge (7)                                                     (42,547)                 (29,430)
Less estimated reimbursement to Sponsor for organization costs (3)                 (4,370)                  (3,023)
                                                                               __________               __________
Net assets                                                                     $2,252,923               $1,558,376
                                                                               ==========               ==========

__________

                       NOTES TO STATEMENTS OF NET ASSETS

Each 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. Each 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) Each Trust invests in a diversified portfolio of Common Stocks and ETFs.
Aggregate cost of the Securities listed under "Schedule of Investments" for
each Trust is based on their aggregate underlying value. Each Trust has a
Mandatory Termination Date of April 16, 2024.

(2) An irrevocable letter of credit issued by The Bank of New York Mellon, of
which approximately $5,500,000 has been allocated to the Trusts, $3,000,000
for 60/40 Strategic Allocation Portfolio, 1st Quarter 2023 Series and
$2,500,000 for 75/25 Strategic Allocation Portfolio, 1st Quarter 2023 Series,
has been deposited with the Trustee as collateral, covering the monies
necessary for the purchase of the Securities according to their purchase
contracts.

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

(4) Represents the amount of mandatory deferred sales charge distributions of
$.135 per Unit, payable to the Sponsor in three equal monthly installments
beginning on April 20, 2023 and on the twentieth day of each month thereafter
(or if such date is not a business day, on the preceding business day) through
June 20, 2023. If Unit holders redeem Units before June 20, 2023, they will
have to pay the remaining amount of the deferred sales charge applicable to
such Units when they redeem them.

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

(6) Net asset value per Unit is calculated by dividing a Trust's net assets by
the number of Units outstanding. This figure includes organization costs and
the creation and development fee, which will only be assessed to Units
outstanding at the close of the initial offering period.

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

Page 6

         60/40 Strategic Allocation Portfolio, 1st Quarter 2023 Series
                                    FT 10495

                            Schedule of Investments

  At the Opening of Business on the Initial Date of Deposit-January 12, 2023

                                                                        Percentage       Number     Market       Cost of
Ticker Symbol and                                                       of Aggregate     of         Value        Securities to
Name of Issuer of Securities (1)(3)                                     Offering Price   Shares     per Share    the Trust (2)
___________________________________                                     ______________   ______     _________    _____________
COMMON STOCKS (60.00%):
Communication Services (3.30%):
T           AT&T Inc.                                                     0.50%          593        $19.41      $   11,510
DTEGY       Deutsche Telekom AG (ADR) +                                   0.40%          423          21.71           9,183
IPG         The Interpublic Group of Companies, Inc.                      0.20%          128          35.98           4,605
KDDIY       KDDI Corporation (ADR) +                                      0.40%          623          14.73           9,177
NFLX        Netflix, Inc. *                                               0.50%           35         327.26          11,454
NYT         The New York Times Company (Class A)                          0.20%          133          34.55           4,595
NTDOY       Nintendo Co., Ltd. (ADR) +                                    0.40%          893          10.24           9,144
NTTYY       Nippon Telegraph and Telephone Corporation (ADR) +            0.40%          325          28.22           9,172
WWE         World Wrestling Entertainment, Inc.                           0.20%           51          89.50           4,565
ZD          Ziff Davis, Inc. *                                            0.10%           27          84.09           2,270
Consumer Discretionary (9.20%):
BMWYY       Bayerische Motoren Werke AG (ADR) +                           0.40%          279          32.97           9,199
CCS         Century Communities, Inc.                                     0.10%           40          57.73           2,309
CHGG        Chegg, Inc. *                                                 0.10%           93          24.53           2,281
COLM        Columbia Sportswear Company                                   0.20%           50          92.03           4,602
DHI         D.R. Horton, Inc.                                             0.50%          120          95.62          11,474
DECK        Deckers Outdoor Corporation *                                 0.20%           11         410.46           4,515
DDS         Dillard's, Inc. (Class A)                                     0.20%           13         356.32           4,632
DG          Dollar General Corporation                                    0.50%           49         236.81          11,604
GM          General Motors Company                                        0.50%          303          37.82          11,459
GPC         Genuine Parts Company                                         0.50%           68         169.16          11,503
LOPE        Grand Canyon Education, Inc. *                                0.10%           20         113.24           2,265
HESAY       Hermes International (ADR) +                                  0.40%           53         175.18           9,285
IDEXY       Industria de Diseno Textil, S.A. (ADR) +                      0.40%          625          14.78           9,238
KBH         KB Home                                                       0.10%           64          35.94           2,300
PPRUY       Kering (ADR) +                                                0.40%          156          58.80           9,173
LEN         Lennar Corporation                                            0.50%          116          98.58          11,435
MDC         M.D.C. Holdings, Inc.                                         0.10%           65          35.34           2,297
MBGYY       Mercedes-Benz Group AG (ADR) +                                0.40%          502          18.34           9,204
MTH         Meritage Homes Corporation *                                  0.10%           23         100.90           2,321
MUSA        Murphy USA Inc.                                               0.21%           18         263.10           4,736
PAG         Penske Automotive Group, Inc.                                 0.20%           38         120.65           4,585
PHM         PulteGroup, Inc.                                              0.20%           92          49.83           4,584
SKX         Skechers U.S.A., Inc. *                                       0.20%           99          46.48           4,602
SKY         Skyline Champion Corporation *                                0.10%           40          57.50           2,300
SONY        Sony Group Corp. (ADR) +                                      0.40%          109          84.29           9,188
SHOO        Steven Madden, Ltd.                                           0.10%           69          33.22           2,292
TMHC        Taylor Morrison Home Corporation *                            0.10%           70          32.83           2,298
TJX         The TJX Companies, Inc.                                       0.50%          140          82.27          11,518
TOL         Toll Brothers, Inc.                                           0.20%           83          55.45           4,602
TSCO        Tractor Supply Company                                        0.50%           52         221.60          11,523
TPH         Tri Pointe Homes, Inc. *                                      0.10%          113          20.48           2,314
ULTA        Ulta Beauty, Inc. *                                           0.49%           23         493.55          11,352

Page 7

                       Schedule of Investments (cont'd.)

         60/40 Strategic Allocation Portfolio, 1st Quarter 2023 Series
                                    FT 10495

  At the Opening of Business on the Initial Date of Deposit-January 12, 2023

                                                                        Percentage         Number     Market      Cost of
Ticker Symbol and                                                       of Aggregate       of         Value       Securities to
Name of Issuer of Securities (1)(3)                                     Offering Price     Shares     per Share   the Trust (2)
___________________________________                                     ______________     ______     _________   _____________
COMMON STOCKS (CONT'D.):
Consumer Discretionary (cont'd.):
WSM         Williams-Sonoma, Inc.                                         0.20%             36        $130.10     $    4,684
Consumer Staples (4.90%):
ADM         Archer-Daniels-Midland Company                                0.50%            133          86.68         11,528
BJ          BJ's Wholesale Club Holdings, Inc. *                          0.20%             67          69.71          4,671
CALM        Cal-Maine Foods, Inc.                                         0.10%             44          52.50          2,310
CASY        Casey's General Stores, Inc.                                  0.20%             21         220.92          4,639
COKE        Coca-Cola Consolidated Inc.                                   0.19%              9         496.01          4,464
COST        Costco Wholesale Corporation                                  0.51%             24         484.31         11,623
GIS         General Mills, Inc.                                           0.50%            137          83.95         11,501
IMKTA       Ingles Markets, Incorporated                                  0.10%             24          96.70          2,321
NSRGY       Nestle S.A. (ADR) +                                           0.40%             75         121.65          9,124
PG          The Procter & Gamble Company                                  0.50%             76         150.66         11,450
SFM         Sprouts Farmers Market, Inc. *                                0.10%             72          31.82          2,291
TSN         Tyson Foods, Inc. (Class A)                                   0.50%            176          65.81         11,583
WBA         Walgreens Boots Alliance, Inc.                                0.50%            310          37.12         11,507
WMT         Walmart, Inc.                                                 0.50%             79         146.13         11,544
WMK         Weis Markets, Inc.                                            0.10%             27          85.25          2,302
Energy (5.90%):
ARCH        Arch Resources Inc.                                           0.10%             17         135.47          2,303
CVX         Chevron Corporation                                           0.50%             66         175.20         11,563
CIVI        Civitas Resources, Inc.                                       0.20%             81          56.66          4,589
CRK         Comstock Resources, Inc.                                      0.10%            186          12.36          2,299
COP         ConocoPhillips                                                0.50%             98         118.24         11,588
CTRA        Coterra Energy Inc.                                           0.20%            184          24.69          4,543
E           Eni SpA (ADR) +                                               0.40%            300          30.63          9,189
EQT         EQT Corporation                                               0.20%            137          33.40          4,576
EQNR        Equinor ASA +                                                 0.40%            300          30.84          9,252
XOM         Exxon Mobil Corporation                                       0.50%            104         111.37         11,582
HES         Hess Corporation                                              0.50%             79         145.25         11,475
DINO        HF Sinclair Corp.                                             0.20%             89          51.58          4,591
LBRT        Liberty Energy Inc. (Class A)                                 0.10%            143          16.26          2,325
NOG         Northern Oil and Gas, Inc.                                    0.10%             75          30.80          2,310
BTU         Peabody Energy Corporation *                                  0.10%             84          27.15          2,281
PSX         Phillips 66                                                   0.50%            114         101.42         11,562
PXD         Pioneer Natural Resources Company                             0.50%             50         231.60         11,580
SHEL        Shell Plc (ADR) +                                             0.40%            156          58.93          9,193
TTE         TotalEnergies SE (ADR) +                                      0.40%            145          63.34          9,184
Financials (5.80%):
AFL         Aflac Incorporated                                            0.50%            160          71.91         11,506
AEL         American Equity Investment Life Holding Company               0.10%             49          46.44          2,276
AIG         American International Group, Inc.                            0.50%            181          63.46         11,486
AMP         Ameriprise Financial, Inc.                                    0.50%             35         329.99         11,550
CNO         CNO Financial Group, Inc.                                     0.10%             97          23.61          2,290

Page 8

                       Schedule of Investments (cont'd.)

         60/40 Strategic Allocation Portfolio, 1st Quarter 2023 Series
                                    FT 10495

  At the Opening of Business on the Initial Date of Deposit-January 12, 2023

                                                                         Percentage       Number     Market      Cost of
Ticker Symbol and                                                        of Aggregate     of         Value       Securities to
Name of Issuer of Securities (1)(3)                                      Offering Price   Shares     per Share   the Trust (2)
___________________________________                                      ______________   ______     _________   _____________
COMMON STOCKS (CONT'D.):
Financials (cont'd.):
EVR         Evercore Inc.                                                  0.20%            36       $126.41     $    4,551
FCFS        FirstCash Holdings, Inc.                                       0.10%            26         89.58          2,329
BEN         Franklin Resources, Inc.                                       0.20%           156         29.47          4,597
GNW         Genworth Financial, Inc. *                                     0.10%           434          5.27          2,287
HIG         The Hartford Financial Services Group, Inc.                    0.50%           151         75.98         11,473
HLI         Houlihan Lokey, Inc.                                           0.20%            49         94.90          4,650
MMC         Marsh & McLennan Companies, Inc.                               0.50%            66        173.91         11,478
MTG         MGIC Investment Corporation                                    0.10%           175         13.07          2,287
ORI         Old Republic International Corporation                         0.20%           188         24.30          4,568
PIPR        Piper Sandler Companies                                        0.10%            16        140.00          2,240
PB          Prosperity Bancshares, Inc.                                    0.20%            62         73.69          4,569
RLI         RLI Corp.                                                      0.20%            34        136.07          4,626
TOWN        TowneBank                                                      0.10%            74         30.88          2,285
TRV         The Travelers Companies, Inc.                                  0.50%            60        191.63         11,498
UBSI        United Bankshares, Inc.                                        0.20%           114         40.50          4,617
WRB         W.R. Berkley Corporation                                       0.20%            63         72.96          4,596
WAFD        Washington Federal, Inc.                                       0.10%            66         34.78          2,295
ZURVY       Zurich Insurance Group AG (ADR) +                              0.40%           190         48.28          9,173
Health Care (7.98%):
ABT         Abbott Laboratories                                            0.50%           101        113.15         11,428
AMN         AMN Healthcare Services, Inc. *                                0.20%            42        110.88          4,657
AZTA        Azenta Inc. *                                                  0.10%            37         61.84          2,288
CI          Cigna Corporation                                              0.50%            37        309.23         11,442
CRVL        CorVel Corporation *                                           0.10%            15        151.75          2,276
ENOV        Enovis Corp. *                                                 0.10%            39         59.42          2,317
ENSG        The Ensign Group, Inc.                                         0.20%            48         95.73          4,595
HSIC        Henry Schein, Inc. *                                           0.20%            57         80.62          4,595
INCY        Incyte Corporation *                                           0.20%            58         79.68          4,621
JNJ         Johnson & Johnson                                              0.50%            66        174.88         11,542
MEDP        Medpace Holdings, Inc. *                                       0.20%            20        226.68          4,534
MRK         Merck & Co., Inc.                                              0.50%           104        111.07         11,551
MKKGY       Merck KGaA (ADR) +                                             0.40%           212         43.54          9,230
MRNA        Moderna, Inc. *                                                0.50%            62        186.64         11,572
MOH         Molina Healthcare, Inc. *                                      0.20%            15        302.76          4,541
NVS         Novartis AG (ADR) +                                            0.40%           101         90.47          9,137
NVO         Novo Nordisk A/S (ADR) +                                       0.40%            69        132.58          9,148
PFE         Pfizer Inc.                                                    0.50%           243         47.45         11,530
QDEL        QuidelOrtho Corporation *                                      0.20%            54         84.90          4,585
REGN        Regeneron Pharmaceuticals, Inc. *                              0.49%            16        709.94         11,359
SNY         Sanofi (ADR) +                                                 0.40%           189         48.74          9,212
UTHR        United Therapeutics Corporation *                              0.20%            17        263.79          4,484
UNH         UnitedHealth Group Incorporated                                0.49%            23        493.40         11,348
VRTX        Vertex Pharmaceuticals Incorporated *                          0.50%            39        292.25         11,398

Page 9

                       Schedule of Investments (cont'd.)

         60/40 Strategic Allocation Portfolio, 1st Quarter 2023 Series
                                    FT 10495

  At the Opening of Business on the Initial Date of Deposit-January 12, 2023

                                                                          Percentage       Number     Market      Cost of
Ticker Symbol and                                                         of Aggregate     of         Value       Securities to
Name of Issuer of Securities (1)(3)                                       Offering Price   Shares     per Share   the Trust (2)
___________________________________                                       ______________   ______     _________   _____________
COMMON STOCKS (CONT'D.):
Industrials (7.32%):
MMM         3M Company                                                      0.51%           90        $129.12     $   11,621
ABB         ABB Ltd (ADR) +                                                 0.40%          276          33.40          9,218
ATKR        Atkore Inc. *                                                   0.20%           37         122.90          4,547
BCC         Boise Cascade Company                                           0.10%           33          70.38          2,323
BRC         Brady Corporation                                               0.10%           47          49.05          2,305
CAT         Caterpillar Inc.                                                0.50%           46         250.73         11,534
FIX         Comfort Systems USA, Inc.                                       0.10%           20         117.12          2,342
DE          Deere & Company                                                 0.51%           27         433.48         11,704
DPSGY       Deutsche Post AG (ADR) +                                        0.40%          227          40.62          9,221
WIRE        Encore Wire Corporation                                         0.10%           16         143.63          2,298
EXPD        Expeditors International of Washington, Inc.                    0.20%           42         110.41          4,637
FWRD        Forward Air Corporation                                         0.10%           22         103.01          2,266
FELE        Franklin Electric Co., Inc.                                     0.10%           27          84.90          2,292
HUBG        Hub Group, Inc. *                                               0.10%           28          81.71          2,288
KNX         Knight-Swift Transportation Holdings Inc.                       0.20%           81          56.14          4,547
LSTR        Landstar System, Inc.                                           0.20%           26         174.00          4,524
MATX        Matson, Inc.                                                    0.10%           37          62.48          2,312
MLI         Mueller Industries, Inc.                                        0.10%           35          66.54          2,329
NOC         Northrop Grumman Corporation                                    0.49%           23         492.93         11,337
PCAR        PACCAR Inc                                                      0.50%          114         101.06         11,521
RHI         Robert Half International Inc.                                  0.20%           60          76.22          4,573
RUSHA       Rush Enterprises, Inc. (Class A)                                0.10%           44          52.22          2,298
SAIA        Saia, Inc. *                                                    0.20%           19         236.64          4,496
SNDR        Schneider National, Inc. (Class B)                              0.10%           92          24.81          2,283
SNA         Snap-on Incorporated                                            0.20%           19         246.93          4,692
UFPI        UFP Industries Inc.                                             0.20%           54          85.12          4,596
UPS         United Parcel Service, Inc. (Class B)                           0.50%           63         182.23         11,481
GWW         W.W. Grainger, Inc.                                             0.51%           20         582.28         11,646
WSO         Watsco, Inc.                                                    0.20%           17         276.97          4,709
WERN        Werner Enterprises, Inc.                                        0.10%           53          43.43          2,302
Information Technology (6.20%):
AMKR        Amkor Technology, Inc.                                          0.20%          155          29.70          4,604
APH         Amphenol Corporation                                            0.50%          143          80.68         11,537
AMAT        Applied Materials, Inc.                                         0.50%          105         110.06         11,556
ARW         Arrow Electronics, Inc. *                                       0.20%           41         111.69          4,579
AVT         Avnet, Inc.                                                     0.10%           53          43.97          2,330
BMI         Badger Meter, Inc.                                              0.10%           20         113.26          2,265
CRUS        Cirrus Logic, Inc. *                                            0.10%           28          83.80          2,346
CSCO        Cisco Systems, Inc.                                             0.50%          234          49.21         11,515
CTSH        Cognizant Technology Solutions Corporation                      0.50%          187          61.50         11,501
DIOD        Diodes Incorporated *                                           0.10%           27          84.13          2,272
HPE         Hewlett Packard Enterprise Company                              0.20%          271          16.91          4,583
NSIT        Insight Enterprises, Inc. *                                     0.10%           21         109.34          2,296

Page 10

                       Schedule of Investments (cont'd.)

         60/40 Strategic Allocation Portfolio, 1st Quarter 2023 Series
                                    FT 10495

  At the Opening of Business on the Initial Date of Deposit-January 12, 2023

                                                                         Percentage       Number     Market      Cost of
Ticker Symbol and                                                        of Aggregate     of         Value       Securities to
Name of Issuer of Securities (1)(3)                                      Offering Price   Shares     per Share   the Trust (2)
___________________________________                                      ______________   ______     _________   _____________
COMMON STOCKS (CONT'D.):
Information Technology (cont'd.):
INTC        Intel Corporation                                             0.50%           388        $  29.85    $   11,582
JBL         Jabil Inc.                                                    0.20%            61           75.00         4,575
KEYS        Keysight Technologies, Inc. *                                 0.50%            64          179.44        11,484
MCHP        Microchip Technology Incorporated                             0.50%           152           75.40        11,461
NTCT        NetScout Systems, Inc. *                                      0.10%            72           31.63         2,277
PLXS        Plexus Corp. *                                                0.10%            21          110.12         2,313
QCOM        QUALCOMM Incorporated                                         0.50%            98          118.39        11,602
SANM        Sanmina Corporation *                                         0.10%            39           58.61         2,286
SMCI        Super Micro Computer, Inc. *                                  0.10%            30           75.61         2,268
TOELY       Tokyo Electron Limited (ADR) +                                0.40%           111           83.20         9,235
VSH         Vishay Intertechnology, Inc.                                  0.10%           102           22.46         2,291
Materials (7.00%):
AIQUY       Air Liquide S.A. (ADR) +                                      0.40%           295           31.11         9,177
APD         Air Products and Chemicals, Inc.                              0.50%            37          312.77        11,573
AMR         American Metallurgical Resources, Inc.                        0.10%            16          146.21         2,339
NGLOY       Anglo American Plc (ADR) +                                    0.40%           427           21.55         9,202
BASFY       BASF SE (ADR) +                                               0.40%           654           14.09         9,212
BHP         BHP Group Ltd (ADR) +                                         0.40%           137           67.30         9,220
CF          CF Industries Holdings, Inc.                                  0.20%            55           84.05         4,623
CMC         Commercial Metals Company                                     0.20%            83           56.17         4,662
CTVA        Corteva Inc.                                                  0.50%           186           62.08        11,547
DD          DuPont de Nemours Inc.                                        0.50%           154           74.90        11,535
GEF         Greif, Inc.                                                   0.10%            34           68.28         2,322
HUN         Huntsman Corporation                                          0.20%           148           31.06         4,597
IOSP        Innospec Inc.                                                 0.10%            22          105.51         2,321
NEM         Newmont Corporation                                           0.50%           218           52.46        11,436
NUE         Nucor Corporation                                             0.50%            75          154.50        11,588
OI          O-I Glass, Inc. *                                             0.10%           120           19.00         2,280
RS          Reliance Steel & Aluminum Co.                                 0.20%            22          210.56         4,632
RIO         Rio Tinto Plc (ADR) +                                         0.40%           122           75.35         9,193
SHECY       Shin-Etsu Chemical Co., Ltd. (ADR) +                          0.40%           292           31.51         9,201
SLGN        Silgan Holdings Inc.                                          0.20%            88           52.06         4,581
STLD        Steel Dynamics, Inc.                                          0.20%            42          110.00         4,620
X           United States Steel Corporation                               0.20%           167           27.56         4,603
HCC         Warrior Met Coal, Inc.                                        0.10%            69           34.06         2,350
WLK         Westlake Corporation                                          0.20%            41          111.76         4,582
Real Estate (1.40%):
CBRE        CBRE Group, Inc. *                                            0.50%           136           84.83        11,537
DLR         Digital Realty Trust, Inc. (4)                                0.50%           109          105.03        11,448
JLL         Jones Lang LaSalle Incorporated *                             0.20%            27          173.43         4,683
STAG        STAG Industrial, Inc. (4)                                     0.20%           133           34.73         4,619

Page 11

                       Schedule of Investments (cont'd.)

         60/40 Strategic Allocation Portfolio, 1st Quarter 2023 Series
                                    FT 10495

  At the Opening of Business on the Initial Date of Deposit-January 12, 2023

                                                                         Percentage       Number     Market      Cost of
Ticker Symbol and                                                        of Aggregate     of         Value       Securities to
Name of Issuer of Securities (1)(3)                                      Offering Price   Shares     per Share   the Trust (2)
___________________________________                                      ______________   ______     _________   _____________
COMMON STOCKS (CONT'D.):
Utilities (1.00%):
ALE        ALLETE, Inc.                                                    0.10%             35      $66.07     $    2,312
AGR        Avangrid, Inc.                                                  0.20%            103        44.54          4,588
IBDRY      Iberdrola S.A. (ADR) +                                          0.40%            195        47.08          9,181
OTTR       Otter Tail Corporation                                          0.10%             37        63.04          2,332
UGI        UGI Corporation                                                 0.20%            113        41.01          4,634
EXCHANGE-TRADED FUNDS (40.00%):
FTSL       First Trust Senior Loan Fund (5)                                1.60%            806        45.62         36,770
HYLS       First Trust Tactical High Yield ETF (5)                         1.60%            911        40.38         36,786
PGX        Invesco Preferred ETF                                           1.60%          3,047        12.08         36,808
BKLN       Invesco Senior Loan ETF                                         1.60%          1,744        21.07         36,746
SHYG       iShares 0-5 Year High Yield Corporate Bond ETF                  1.60%            878        41.85         36,744
IGLB       iShares 10+ Year Investment Grade Corporate Bond ETF            1.60%            699        52.69         36,830
IEF        iShares 7-10 Year Treasury Bond ETF                             1.60%            373        98.64         36,793
USHY       iShares Broad USD High Yield Corporate Bond ETF                 1.60%          1,030        35.71         36,781
USIG       iShares Broad USD Investment Grade Corporate Bond ETF           1.60%            727        50.64         36,815
CMBS       iShares CMBS ETF                                                1.60%            786        46.74         36,738
IGIB       iShares Trust iShares 5-10 Year Investment Grade
           Corporate Bond ETF                                              1.60%            722        50.95         36,786
JMBS       Janus Henderson Mortgage-Backed Securities ETF                  1.60%            788        46.69         36,792
CORP       PIMCO Investment Grade Corporate Bond Index
           Exchange-Traded Fund                                            1.60%            384        95.82         36,795
SRLN       SPDR Blackstone Senior Loan ETF                                 1.60%            879        41.82         36,760
JNK        SPDR Bloomberg Barclays High Yield Bond ETF                     1.60%            394        93.38         36,792
SJNK       SPDR Bloomberg Short Term High Yield Bond ETF                   1.60%          1,477        24.88         36,748
PSK        SPDR ICE Preferred Securities ETF                               1.60%          1,046        35.11         36,725
SPBO       SPDR Portfolio Corporate Bond ETF                               1.60%          1,255        29.32         36,797
SPHY       SPDR Portfolio High Yield Bond ETF                              1.60%          1,593        23.11         36,814
SPIB       SPDR Portfolio Intermediate Term Corporate Bond ETF             1.60%          1,134        32.39         36,730
SPMB       SPDR Portfolio Mortgage Backed Bond ETF                         1.60%          1,647        22.31         36,745
FLTR       VanEck IG Floating Rate ETF                                     1.60%          1,469        25.00         36,725
EMLC       VanEck J.P. Morgan EM Local Currency Bond ETF                   1.60%          1,469        25.01         36,740
VCIT       Vanguard Intermediate-Term Corporate Bond ETF                   1.60%            461        79.80         36,788
VMBS       Vanguard Mortgage-Backed Securities ETF                         1.60%            786        46.76         36,753
                                                                         _______                                 __________
                Total Investments                                        100.00%                                 $2,299,840
                                                                         =======                                 ==========

___________

See "Notes to Schedules of Investments" on page 19.

Page 12

                            Schedule of Investments

         75/25 Strategic Allocation Portfolio, 1st Quarter 2023 Series
                                    FT 10495

   At the Opening of Business on the Initial Date of Deposit-January 12, 2023

                                                                          Percentage       Number     Market      Cost of
Ticker Symbol and                                                         of Aggregate     of         Value       Securities to
Name of Issuer of Securities (1)(3)                                       Offering Price   Shares     per Share   the Trust (2)
___________________________________                                       ______________   ______     _________   _____________
COMMON STOCKS (75.00%):
Communication Services (4.12%):
T           AT&T Inc.                                                       0.62%            512      $19.41     $    9,938
DTEGY       Deutsche Telekom AG (ADR) +                                     0.50%            366        21.71          7,946
IPG         The Interpublic Group of Companies, Inc.                        0.25%            111        35.98          3,994
KDDIY       KDDI Corporation (ADR) +                                        0.50%            539        14.73          7,939
NFLX        Netflix, Inc. *                                                 0.62%             30       327.26          9,818
NYT         The New York Times Company (Class A)                            0.25%            115        34.55          3,973
NTDOY       Nintendo Co., Ltd. (ADR) +                                      0.50%            772        10.24          7,905
NTTYY       Nippon Telegraph and Telephone Corporation (ADR) +              0.50%            281        28.22          7,930
WWE         World Wrestling Entertainment, Inc.                             0.25%             44        89.50          3,938
ZD          Ziff Davis, Inc. *                                              0.13%             24        84.09          2,018
Consumer Discretionary (11.52%):
BMWYY       Bayerische Motoren Werke AG (ADR) +                             0.50%            241        32.97          7,946
CCS         Century Communities, Inc.                                       0.13%             35        57.73          2,021
CHGG        Chegg, Inc. *                                                   0.12%             80        24.53          1,962
COLM        Columbia Sportswear Company                                     0.25%             43        92.03          3,957
DHI         D.R. Horton, Inc.                                               0.62%            104        95.62          9,944
DECK        Deckers Outdoor Corporation *                                   0.26%             10       410.46          4,105
DDS         Dillard's, Inc. (Class A)                                       0.25%             11       356.32          3,920
DG          Dollar General Corporation                                      0.63%             42       236.81          9,946
GM          General Motors Company                                          0.62%            262        37.82          9,909
GPC         Genuine Parts Company                                           0.63%             59       169.16          9,980
LOPE        Grand Canyon Education, Inc. *                                  0.12%             17       113.24          1,925
HESAY       Hermes International (ADR) +                                    0.50%             45       175.18          7,883
IDEXY       Industria de Diseno Textil, S.A. (ADR) +                        0.50%            540        14.78          7,981
KBH         KB Home                                                         0.12%             55        35.94          1,977
PPRUY       Kering (ADR) +                                                  0.50%            135        58.80          7,938
LEN         Lennar Corporation                                              0.63%            101        98.58          9,957
MDC         M.D.C. Holdings, Inc.                                           0.12%             56        35.34          1,979
MBGYY       Mercedes-Benz Group AG (ADR) +                                  0.50%            434        18.34          7,957
MTH         Meritage Homes Corporation *                                    0.13%             20       100.90          2,018
MUSA        Murphy USA Inc.                                                 0.25%             15       263.10          3,946
PAG         Penske Automotive Group, Inc.                                   0.25%             33       120.65          3,981
PHM         PulteGroup, Inc.                                                0.25%             80        49.83          3,986
SKX         Skechers U.S.A., Inc. *                                         0.25%             85        46.48          3,951
SKY         Skyline Champion Corporation *                                  0.13%             35        57.50          2,012
SONY        Sony Group Corp. (ADR) +                                        0.50%             95        84.29          8,008
SHOO        Steven Madden, Ltd.                                             0.13%             60        33.22          1,993
TMHC        Taylor Morrison Home Corporation *                              0.12%             60        32.83          1,970
TJX         The TJX Companies, Inc.                                         0.63%            121        82.27          9,955
TOL         Toll Brothers, Inc.                                             0.25%             71        55.45          3,937
TSCO        Tractor Supply Company                                          0.63%             45       221.60          9,972
TPH         Tri Pointe Homes, Inc. *                                        0.13%             98        20.48          2,007
ULTA        Ulta Beauty, Inc. *                                             0.62%             20       493.55          9,871
WSM         Williams-Sonoma, Inc.                                           0.25%             31       130.10          4,033

Page 13

                       Schedule of Investments (cont'd.)

         75/25 Strategic Allocation Portfolio, 1st Quarter 2023 Series
                                    FT 10495

   At the Opening of Business on the Initial Date of Deposit-January 12, 2023

                                                                          Percentage       Number     Market      Cost of
Ticker Symbol and                                                         of Aggregate     of         Value       Securities to
Name of Issuer of Securities (1)(3)                                       Offering Price   Shares     per Share   the Trust (2)
___________________________________                                       ______________   ______     _________   _____________
COMMON STOCKS (CONT'D.):
Consumer Staples (6.13%):
ADM         Archer-Daniels-Midland Company                                  0.63%            115      $86.68     $    9,968
BJ          BJ's Wholesale Club Holdings, Inc. *                            0.25%             58        69.71          4,043
CALM        Cal-Maine Foods, Inc.                                           0.13%             38        52.50          1,995
CASY        Casey's General Stores, Inc.                                    0.25%             18       220.92          3,977
COKE        Coca-Cola Consolidated Inc.                                     0.25%              8       496.01          3,968
COST        Costco Wholesale Corporation                                    0.64%             21       484.31         10,170
GIS         General Mills, Inc.                                             0.62%            118        83.95          9,906
IMKTA       Ingles Markets, Incorporated                                    0.12%             20        96.70          1,934
NSRGY       Nestle S.A. (ADR) +                                             0.50%             65       121.65          7,907
PG          The Procter & Gamble Company                                    0.62%             66       150.66          9,944
SFM         Sprouts Farmers Market, Inc. *                                  0.12%             62        31.82          1,973
TSN         Tyson Foods, Inc. (Class A)                                     0.63%            152        65.81         10,003
WBA         Walgreens Boots Alliance, Inc.                                  0.63%            268        37.12          9,948
WMT         Walmart, Inc.                                                   0.62%             68       146.13          9,937
WMK         Weis Markets, Inc.                                              0.12%             23        85.25          1,961
Energy (7.39%):
ARCH        Arch Resources Inc.                                             0.13%             15       135.47          2,032
CVX         Chevron Corporation                                             0.63%             57       175.20          9,986
CIVI        Civitas Resources, Inc.                                         0.25%             70        56.66          3,966
CRK         Comstock Resources, Inc.                                        0.12%            161        12.36          1,990
COP         ConocoPhillips                                                  0.62%             84       118.24          9,932
CTRA        Coterra Energy Inc.                                             0.25%            159        24.69          3,926
E           Eni SpA (ADR) +                                                 0.50%            259        30.63          7,933
EQT         EQT Corporation                                                 0.25%            119        33.40          3,975
EQNR        Equinor ASA +                                                   0.50%            259        30.84          7,988
XOM         Exxon Mobil Corporation                                         0.63%             90       111.37         10,023
HES         Hess Corporation                                                0.63%             69       145.25         10,022
DINO        HF Sinclair Corp.                                               0.25%             77        51.58          3,972
LBRT        Liberty Energy Inc. (Class A)                                   0.13%            124        16.26          2,016
NOG         Northern Oil and Gas, Inc.                                      0.13%             65        30.80          2,002
BTU         Peabody Energy Corporation *                                    0.12%             73        27.15          1,982
PSX         Phillips 66                                                     0.62%             98       101.42          9,939
PXD         Pioneer Natural Resources Company                               0.63%             43       231.60          9,959
SHEL        Shell Plc (ADR) +                                               0.50%            135        58.93          7,956
TTE         TotalEnergies SE (ADR) +                                        0.50%            126        63.34          7,981
Financials (7.20%):
AFL         Aflac Incorporated                                              0.62%            138        71.91          9,924
AEL         American Equity Investment Life Holding Company                 0.12%             42        46.44          1,950
AIG         American International Group, Inc.                              0.62%            156        63.46          9,900
AMP         Ameriprise Financial, Inc.                                      0.62%             30       329.99          9,900
CNO         CNO Financial Group, Inc.                                       0.12%             84        23.61          1,983
EVR         Evercore Inc.                                                   0.25%             31       126.41          3,919
FCFS        FirstCash Holdings, Inc.                                        0.12%             22        89.58          1,971
BEN         Franklin Resources, Inc.                                        0.25%            135        29.47          3,978

Page 14

                       Schedule of Investments (cont'd.)

         75/25 Strategic Allocation Portfolio, 1st Quarter 2023 Series
                                    FT 10495

   At the Opening of Business on the Initial Date of Deposit-January 12, 2023

                                                                          Percentage       Number     Market      Cost of
Ticker Symbol and                                                         of Aggregate     of         Value       Securities to
Name of Issuer of Securities (1)(3)                                       Offering Price   Shares     per Share   the Trust (2)
___________________________________                                       ______________   ______     _________   _____________
COMMON STOCKS (CONT'D.):
Financials (cont'd.):
GNW         Genworth Financial, Inc. *                                      0.12%            375      $  5.27     $    1,976
HIG         The Hartford Financial Services Group, Inc.                     0.63%            131        75.98          9,953
HLI         Houlihan Lokey, Inc.                                            0.25%             42        94.90          3,986
MMC         Marsh & McLennan Companies, Inc.                                0.62%             57       173.91          9,913
MTG         MGIC Investment Corporation                                     0.12%            151        13.07          1,974
ORI         Old Republic International Corporation                          0.25%            163        24.30          3,961
PIPR        Piper Sandler Companies                                         0.12%             14       140.00          1,960
PB          Prosperity Bancshares, Inc.                                     0.25%             54        73.69          3,979
RLI         RLI Corp.                                                       0.25%             29       136.07          3,946
TOWN        TowneBank                                                       0.12%             64        30.88          1,976
TRV         The Travelers Companies, Inc.                                   0.63%             52       191.63          9,965
UBSI        United Bankshares, Inc.                                         0.25%             98        40.50          3,969
WRB         W.R. Berkley Corporation                                        0.25%             54        72.96          3,940
WAFD        Washington Federal, Inc.                                        0.12%             57        34.78          1,982
ZURVY       Zurich Insurance Group AG (ADR) +                               0.50%            164        48.28          7,918
Health Care (9.98%):
ABT         Abbott Laboratories                                             0.63%             88       113.15          9,957
AMN         AMN Healthcare Services, Inc. *                                 0.25%             36       110.88          3,992
AZTA        Azenta Inc. *                                                   0.12%             32        61.84          1,979
CI          Cigna Corporation                                               0.62%             32       309.23          9,895
CRVL        CorVel Corporation *                                            0.12%             13       151.75          1,973
ENOV        Enovis Corp. *                                                  0.12%             33        59.42          1,961
ENSG        The Ensign Group, Inc.                                          0.25%             42        95.73          4,021
HSIC        Henry Schein, Inc. *                                            0.25%             49        80.62          3,950
INCY        Incyte Corporation *                                            0.25%             50        79.68          3,984
JNJ         Johnson & Johnson                                               0.63%             57       174.88          9,968
MEDP        Medpace Holdings, Inc. *                                        0.24%             17       226.68          3,854
MRK         Merck & Co., Inc.                                               0.63%             90       111.07          9,996
MKKGY       Merck KGaA (ADR) +                                              0.50%            183        43.54          7,968
MRNA        Moderna, Inc. *                                                 0.63%             54       186.64         10,079
MOH         Molina Healthcare, Inc. *                                       0.25%             13       302.76          3,936
NVS         Novartis AG (ADR) +                                             0.50%             88        90.47          7,961
NVO         Novo Nordisk A/S (ADR) +                                        0.50%             60       132.58          7,955
PFE         Pfizer Inc.                                                     0.63%            210        47.45          9,964
QDEL        QuidelOrtho Corporation *                                       0.25%             47        84.90          3,990
REGN        Regeneron Pharmaceuticals, Inc. *                               0.62%             14       709.94          9,939
SNY         Sanofi (ADR) +                                                  0.50%            164        48.74          7,993
UTHR        United Therapeutics Corporation *                               0.25%             15       263.79          3,957
UNH         UnitedHealth Group Incorporated                                 0.62%             20       493.40          9,868
VRTX        Vertex Pharmaceuticals Incorporated *                           0.62%             34       292.25          9,936

Page 15

                       Schedule of Investments (cont'd.)

         75/25 Strategic Allocation Portfolio, 1st Quarter 2023 Series
                                    FT 10495

   At the Opening of Business on the Initial Date of Deposit-January 12, 2023

                                                                          Percentage       Number     Market      Cost of
Ticker Symbol and                                                         of Aggregate     of         Value       Securities to
Name of Issuer of Securities (1)(3)                                       Offering Price   Shares     per Share   the Trust (2)
___________________________________                                       ______________   ______     _________   _____________
COMMON STOCKS (CONT'D.):
Industrials (9.12%):
MMM         3M Company                                                      0.62%             77      $129.12     $    9,942
ABB         ABB Ltd (ADR) +                                                 0.50%            238        33.40          7,949
ATKR        Atkore Inc. *                                                   0.25%             32       122.90          3,933
BCC         Boise Cascade Company                                           0.12%             28        70.38          1,971
BRC         Brady Corporation                                               0.13%             41        49.05          2,011
CAT         Caterpillar Inc.                                                0.63%             40       250.73         10,029
FIX         Comfort Systems USA, Inc.                                       0.13%             17       117.12          1,991
DE          Deere & Company                                                 0.63%             23       433.48          9,970
DPSGY       Deutsche Post AG (ADR) +                                        0.50%            196        40.62          7,961
WIRE        Encore Wire Corporation                                         0.13%             14       143.63          2,011
EXPD        Expeditors International of Washington, Inc.                    0.25%             36       110.41          3,975
FWRD        Forward Air Corporation                                         0.12%             19       103.01          1,957
FELE        Franklin Electric Co., Inc.                                     0.13%             24        84.90          2,038
HUBG        Hub Group, Inc. *                                               0.12%             24        81.71          1,961
KNX         Knight-Swift Transportation Holdings Inc.                       0.25%             70        56.14          3,930
LSTR        Landstar System, Inc.                                           0.25%             23       174.00          4,002
MATX        Matson, Inc.                                                    0.13%             32        62.48          1,999
MLI         Mueller Industries, Inc.                                        0.13%             30        66.54          1,996
NOC         Northrop Grumman Corporation                                    0.62%             20       492.93          9,859
PCAR        PACCAR Inc                                                      0.63%             99       101.06         10,005
RHI         Robert Half International Inc.                                  0.25%             52        76.22          3,963
RUSHA       Rush Enterprises, Inc. (Class A)                                0.12%             38        52.22          1,984
SAIA        Saia, Inc. *                                                    0.25%             17       236.64          4,023
SNDR        Schneider National, Inc. (Class B)                              0.12%             80        24.81          1,985
SNA         Snap-on Incorporated                                            0.25%             16       246.93          3,951
UFPI        UFP Industries Inc.                                             0.25%             47        85.12          4,001
UPS         United Parcel Service, Inc. (Class B)                           0.63%             55       182.23         10,023
GWW         W.W. Grainger, Inc.                                             0.62%             17       582.28          9,899
WSO         Watsco, Inc.                                                    0.24%             14       276.97          3,878
WERN        Werner Enterprises, Inc.                                        0.12%             45        43.43          1,954
Information Technology (7.77%):
AMKR        Amkor Technology, Inc.                                          0.25%            134        29.70          3,980
APH         Amphenol Corporation                                            0.63%            124        80.68         10,004
AMAT        Applied Materials, Inc.                                         0.63%             91       110.06         10,015
ARW         Arrow Electronics, Inc. *                                       0.25%             35       111.69          3,909
AVT         Avnet, Inc.                                                     0.12%             45        43.97          1,979
BMI         Badger Meter, Inc.                                              0.13%             18       113.26          2,039
CRUS        Cirrus Logic, Inc. *                                            0.13%             24        83.80          2,011
CSCO        Cisco Systems, Inc.                                             0.62%            202        49.21          9,940
CTSH        Cognizant Technology Solutions Corporation                      0.63%            162        61.50          9,963
DIOD        Diodes Incorporated *                                           0.13%             24        84.13          2,019
HPE         Hewlett Packard Enterprise Company                              0.25%            234        16.91          3,957
NSIT        Insight Enterprises, Inc. *                                     0.12%             18       109.34          1,968
INTC        Intel Corporation                                               0.63%            335        29.85         10,000
JBL         Jabil Inc.                                                      0.25%             53        75.00          3,975

Page 16

                       Schedule of Investments (cont'd.)

         75/25 Strategic Allocation Portfolio, 1st Quarter 2023 Series
                                    FT 10495

   At the Opening of Business on the Initial Date of Deposit-January 12, 2023

                                                                          Percentage       Number     Market      Cost of
Ticker Symbol and                                                         of Aggregate     of         Value       Securities to
Name of Issuer of Securities (1)(3)                                       Offering Price   Shares     per Share   the Trust (2)
___________________________________                                       ______________   ______     _________   _____________
COMMON STOCKS (CONT'D.):
Information Technology (cont'd.):
KEYS        Keysight Technologies, Inc. *                                   0.63%             56      $179.44     $   10,049
MCHP        Microchip Technology Incorporated                               0.63%            132        75.40          9,953
NTCT        NetScout Systems, Inc. *                                        0.12%             62        31.63          1,961
PLXS        Plexus Corp. *                                                  0.12%             18       110.12          1,982
QCOM        QUALCOMM Incorporated                                           0.63%             85       118.39         10,063
SANM        Sanmina Corporation *                                           0.13%             34        58.61          1,993
SMCI        Super Micro Computer, Inc. *                                    0.12%             26        75.61          1,966
TOELY       Tokyo Electron Limited (ADR) +                                  0.50%             96        83.20          7,987
VSH         Vishay Intertechnology, Inc.                                    0.12%             88        22.46          1,976
Materials (8.77%):
AIQUY       Air Liquide S.A. (ADR) +                                        0.50%            255        31.11          7,933
APD         Air Products and Chemicals, Inc.                                0.63%             32       312.77         10,009
AMR         American Metallurgical Resources, Inc.                          0.13%             14       146.21          2,047
NGLOY       Anglo American Plc (ADR) +                                      0.50%            369        21.55          7,952
BASFY       BASF SE (ADR) +                                                 0.50%            565        14.09          7,958
BHP         BHP Group Ltd (ADR) +                                           0.50%            119        67.30          8,009
CF          CF Industries Holdings, Inc.                                    0.25%             47        84.05          3,950
CMC         Commercial Metals Company                                       0.25%             72        56.17          4,044
CTVA        Corteva Inc.                                                    0.63%            161        62.08          9,995
DD          DuPont de Nemours Inc.                                          0.63%            133        74.90          9,962
GEF         Greif, Inc.                                                     0.12%             29        68.28          1,980
HUN         Huntsman Corporation                                            0.25%            128        31.06          3,976
IOSP        Innospec Inc.                                                   0.13%             19       105.51          2,005
NEM         Newmont Corporation                                             0.62%            189        52.46          9,915
NUE         Nucor Corporation                                               0.63%             65       154.50         10,042
OI          O-I Glass, Inc. *                                               0.12%            104        19.00          1,976
RS          Reliance Steel & Aluminum Co.                                   0.25%             19       210.56          4,001
RIO         Rio Tinto Plc (ADR) +                                           0.50%            105        75.35          7,912
SHECY       Shin-Etsu Chemical Co., Ltd. (ADR) +                            0.50%            252        31.51          7,941
SLGN        Silgan Holdings Inc.                                            0.25%             76        52.06          3,957
STLD        Steel Dynamics, Inc.                                            0.25%             36       110.00          3,960
X           United States Steel Corporation                                 0.25%            144        27.56          3,969
HCC         Warrior Met Coal, Inc.                                          0.13%             59        34.06          2,010
WLK         Westlake Corporation                                            0.25%             36       111.76          4,023
Real Estate (1.75%):
CBRE        CBRE Group, Inc. *                                              0.62%            117        84.83          9,925
DLR         Digital Realty Trust, Inc. (4)                                  0.63%             95       105.03          9,978
JLL         Jones Lang LaSalle Incorporated *                               0.25%             23       173.43          3,989
STAG        STAG Industrial, Inc. (4)                                       0.25%            115        34.73          3,994
Utilities (1.25%):
ALE         ALLETE, Inc.                                                    0.12%             30        66.07          1,982
AGR         Avangrid, Inc.                                                  0.25%             89        44.54          3,964
IBDRY       Iberdrola S.A. (ADR) +                                          0.50%            169        47.08          7,956
OTTR        Otter Tail Corporation                                          0.13%             32        63.04          2,017
UGI         UGI Corporation                                                 0.25%             97        41.01          3,978

Page 17

                       Schedule of Investments (cont'd.)

         75/25 Strategic Allocation Portfolio, 1st Quarter 2023 Series
                                    FT 10495

   At the Opening of Business on the Initial Date of Deposit-January 12, 2023

                                                                          Percentage       Number     Market      Cost of
Ticker Symbol and                                                         of Aggregate     of         Value       Securities to
Name of Issuer of Securities (1)                                          Offering Price   Shares     per Share   the Trust (2)
________________________________                                          ______________   ______     _________   _____________
EXCHANGE-TRADED FUNDS (25.00%):
FTSL        First Trust Senior Loan Fund (5)                                1.00%            348      $45.62     $   15,876
HYLS        First Trust Tactical High Yield ETF (5)                         1.00%            394        40.38         15,910
PGX         Invesco Preferred ETF                                           1.00%          1,317        12.08         15,909
BKLN        Invesco Senior Loan ETF                                         1.00%            754        21.07         15,887
SHYG        iShares 0-5 Year High Yield Corporate Bond ETF                  1.00%            379        41.85         15,861
IGLB        iShares 10+ Year Investment Grade Corporate Bond ETF            1.00%            302        52.69         15,912
IEF         iShares 7-10 Year Treasury Bond ETF                             1.00%            161        98.64         15,881
USHY        iShares Broad USD High Yield Corporate Bond ETF                 1.00%            445        35.71         15,891
USIG        iShares Broad USD Investment Grade Corporate
            Bond ETF                                                        1.00%            314        50.64         15,901
CMBS        iShares CMBS ETF                                                1.00%            339        46.74         15,845
IGIB        iShares Trust iShares 5-10 Year Investment Grade
            Corporate Bond ETF                                              1.00%            312        50.95         15,896
JMBS        Janus Henderson Mortgage-Backed Securities ETF                  1.00%            341        46.69         15,921
CORP        PIMCO Investment Grade Corporate Bond Index
            Exchange-Traded Fund                                            1.00%            166        95.82         15,906
SRLN        SPDR Blackstone Senior Loan ETF                                 1.00%            380        41.82         15,892
JNK         SPDR Bloomberg Barclays High Yield Bond ETF                     1.00%            170        93.38         15,875
SJNK        SPDR Bloomberg Short Term High Yield Bond ETF                   1.00%            638        24.88         15,873
PSK         SPDR ICE Preferred Securities ETF                               1.00%            452        35.11         15,870
SPBO        SPDR Portfolio Corporate Bond ETF                               1.00%            542        29.32         15,891
SPHY        SPDR Portfolio High Yield Bond ETF                              1.00%            688        23.11         15,900
SPIB        SPDR Portfolio Intermediate Term Corporate Bond ETF             1.00%            490        32.39         15,871
SPMB        SPDR Portfolio Mortgage Backed Bond ETF                         1.00%            712        22.31         15,885
FLTR        VanEck IG Floating Rate ETF                                     1.00%            635        25.00         15,875
EMLC        VanEck J.P. Morgan EM Local Currency Bond ETF                   1.00%            635        25.01         15,881
VCIT        Vanguard Intermediate-Term Corporate Bond ETF                   1.00%            199        79.80         15,880
VMBS        Vanguard Mortgage-Backed Securities ETF                         1.00%            339        46.76         15,852
                                                                          _______                                 __________
                 Total Investments                                        100.00%                                 $1,590,829
                                                                          =======                                 ==========
___________

See "Notes to Schedules of Investments" on page 19.

Page 18

                       NOTES TO SCHEDULES OF INVESTMENTS

(1) 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
January 11, 2023. Such purchase contracts are expected to settle within two
business days.

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

                                                                   Cost of Securities    Profit
                                                                   to Sponsor            (Loss)
                                                                   __________________    ______
60/40 Strategic Allocation Portfolio, 1st Quarter 2023 Series      $2,300,884            $(1,044)
75/25 Strategic Allocation Portfolio, 1st Quarter 2023 Series       1,591,568               (739)

(3) Common Stocks of companies headquartered or incorporated outside the United
States comprise approximately 12.00% of the investments in 60/40 Strategic
Allocation Portfolio, 1st Quarter 2023 Series and approximately 15.00% of the
investments in 75/25 Strategic Allocation Portfolio, 1st Quarter 2023 Series,
broken down by country as set forth below:

60/40 Strategic Allocation Portfolio, 1st            75/25 Strategic Allocation Portfolio, 1st
Quarter 2023 Series                                  Quarter 2023 Series
_________________________________________            _________________________________________
Australia                           0.40%            Australia                           0.50%
Denmark                             0.40%            Denmark                             0.50%
France                              2.00%            France                              2.50%
Germany                             2.40%            Germany                             3.00%
Italy                               0.40%            Italy                               0.50%
Japan                               2.40%            Japan                               3.00%
Norway                              0.40%            Norway                              0.50%
Spain                               0.80%            Spain                               1.00%
Switzerland                         1.60%            Switzerland                         2.00%
United Kingdom                      1.20%            United Kingdom                      1.50%

(4) This Security represents the common stock 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 0.70% of the investments of 60/40 Strategic Allocation
Portfolio, 1st Quarter 2023 Series. REITs comprise approximately 0.88% of the
investments of 75/25 Strategic Allocation Portfolio, 1st Quarter 2023 Series.

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

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

* This Security represents a non-income producing security.

Page 19

                        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 10495, consists of
two separate portfolios set forth below:

- 60/40 Strategic Allocation Port. 1Q '23 - Term 4/16/24
(60/40 Strategic Allocation Portfolio, 1st Quarter 2023 Series)

- 75/25 Strategic Allocation Port. 1Q '23 - Term 4/16/24
(75/25 Strategic Allocation Portfolio, 1st Quarter 2023 Series)

Each 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 Trusts.

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 Trusts.

On the Initial Date of Deposit, we deposited portfolios of Common Stocks and
ETFs with the Trustee and, in turn, the Trustee delivered documents to us
representing our ownership of the Trusts in the form of units ("Units").

After the Initial Date of Deposit, we may deposit additional Securities in a
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 in "Schedule of Investments" for each
Trust), adjusted to reflect the sale, redemption or liquidation of any of the
Securities or any stock split or a merger or other similar event affecting the
issuer of the Securities.

Since the prices of the Securities will fluctuate daily, the ratio of
Securities in a Trust, on a market value basis, will also change daily. The
portion of Securities represented by each Unit will not change as a result of
the deposit of additional Securities or cash in a 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 Trusts pay the
associated brokerage fees. To reduce this dilution, the Trusts 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 Trusts pay 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 a Trust to buy
Securities. If we or an affiliate of ours act as agent to a 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
Trusts, which may include broker/dealers who sell Units of the Trusts. We do
not consider sales of Units of the Trusts or any other products sponsored by
First Trust as a factor in selecting such broker/dealers.

We cannot guarantee that a 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 a Trust," to maintain the sound
investment character of a Trust, and the proceeds received by a 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 Trusts. As the holder of the
Securities, the Trustee will vote the Securities and, except as described
below and as described in "Removing Securities from a 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 the Trusts. If permitted under law and rules thereunder
and if the Sponsor determines or otherwise agrees that the voting or response
to other actions with respect to the Funds held by a Trust should not be done
as described above and, with respect to a Trust structured as a grantor trust
for tax purposes the outcome of voting or response to such matters will not
result in such Trust receiving new or exchange securities, as certified to the

Page 20

Trustee by the Sponsor, the Sponsor will direct the Trustee in writing as to
the manner in which the voting or response should be made. The Trustee shall
have no responsibility or liability for any loss or liability resulting from
any vote or other response made pursuant to the Sponsor's direction or
otherwise in the absence of the Sponsor's direction.

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 a Trust fails, unless we can purchase substitute
Securities ("Replacement Securities") we will refund to you that portion of
the purchase price and transactional sales charge resulting from the failed
contract on the next Income Distribution Date. Any Replacement Security a
Trust acquires will be identical to those from the failed contract.

                         Portfolios

Objective.

Each Trust seeks above-average total return. While the Trusts seek above-
average total return, each follows a different investment strategy. We cannot
guarantee that a Trust will achieve its objective or that a Trust will make
money once expenses are deducted.

Portfolio Selection Process.

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

The composition of the Trusts on the Initial Date of Deposit is as follows:

            60/40 Strategic Allocation Portfolio

- Approximately 15.00% common stocks which comprise the Large-Cap Growth
Strategy;

- Approximately 15.00% common stocks which comprise the Large-Cap Value
Strategy;

- Approximately 6.00% common stocks which comprise the Mid-Cap Growth Strategy;

- Approximately 6.00% common stocks which comprise the Mid-Cap Value Strategy;

- Approximately 3.00% common stocks which comprise the Small-Cap Growth
Strategy;

- Approximately 3.00% common stocks which comprise the Small-Cap Value Strategy;

- Approximately 12.00% common stocks which comprise the International
Strategy; and

- Approximately 40.00% Fixed-Income Exchange-Traded Funds.

            75/25 Strategic Allocation Portfolio

- Approximately 18.75% common stocks which comprise the Large-Cap Growth
Strategy;

- Approximately 18.75% common stocks which comprise the Large-Cap Value
Strategy;

- Approximately 7.50% common stocks which comprise the Mid-Cap Growth Strategy;

- Approximately 7.50% common stocks which comprise the Mid-Cap Value Strategy;

- Approximately 3.75% common stocks which comprise the Small-Cap Growth
Strategy;

- Approximately 3.75% common stocks which comprise the Small-Cap Value Strategy;

- Approximately 15.00% common stocks which comprise the International
Strategy; and

- Approximately 25.00% Fixed-Income Exchange-Traded Funds.

Common Stock Selection.

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

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

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

The domestic universe is established by identifying the 3,000 largest U.S.
stocks (excluding limited partnerships, royalty trusts, regulated investment
companies and business development companies) and then separating them into

Page 21

large-cap (largest 10%), mid-cap (next 20%) and small-cap (remaining 70%). The
stocks in each group are then divided evenly between growth and value by their
price-to-book ratios to establish the universe of stocks eligible for
selection from within each market capitalization range. In the case of the
small-cap universe, only the 250 largest stocks with a minimum average daily
trading volume of $1,000,000 within each growth and value group are included
to ensure sufficient liquidity. The international universe consists of the 100
largest companies from developed nations whose shares are either directly
listed on a U.S. securities exchange or are in the form of American Depositary
Receipts/ADRs which trade on the over-the-counter market or are listed on a
U.S. securities exchange. Stocks with a price of $1,000 or higher per share
are not eligible for selection.

We then rank the stocks within each of the seven style classes based on two
multi-factor models. Half of a stock's ranking is based on a risk model and
the remaining half is based on a model which is determined by their style
designation. Value and international stocks are ranked on one model while
growth stocks are ranked using a separate model.

Stock Selection Factors.

Risk Model

- Debt-to-equity. Compares a company's long-term debt to their stockholder's
equity. Higher levels of this ratio are associated with higher risk, lower
levels with lower risk.

- Beta. Compares a security's volatility relative to the market. A security
with a beta less than 1 would generally be considered lower risk than the
market. A security with a beta more than 1 would generally be considered
higher risk than the market.

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

Value & International Model

- Price-to-book. Compares a company's market capitalization to its book value.
A lower, but positive, price-to-book ratio is generally used as an indication
of value.

- Price-to-cash flow. Compares a company's market capitalization to cash flow
generated. A lower, but positive, ratio indicates investors are paying less
for the cash flow generated which can be a sign of value.

- Return on assets. Compares a company's trailing 12-months net income to its
total assets. The ratio shows how efficiently a company generates net income
from its assets.

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

Growth Model

- Price-to-sales. Compares a company's market capitalization to revenue
generated. A lower ratio indicates investors are paying less for the revenue
generated.

- Price-to-cash flow. Compares a company's market capitalization to cash flow
generated. A lower, but positive, ratio indicates investors are paying less
for the cash flow generated which can be a sign of value.

- Change in return on assets. Compares a company's current return on assets
relative to a year ago. The ratio shows improvement in a company's ability to
generate net income from its assets.

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

The 30 stocks with the best overall ranking from each of the seven style
classes are selected for the Trusts, subject to a maximum of six stocks from
any one of the 11 market sectors as determined by S&P's Global Industry
Classification Standard. The Financials and Real Estate sectors are combined
for the sector limit purpose. In the event of a tie, the stock with the better
price to cash flow ratio is selected.

Fixed Income ETF Selection.

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

We perform rigorous analysis and employ a disciplined portfolio construction
process when selecting ETFs to include in the portfolio. Primarily, we prefer
larger funds with higher trading volumes and we look for funds with higher
yields, as well as those that have shown a relatively consistent distribution

Page 22

over time. We also consider a fund's ability to continue its distribution
payments in the future.

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

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

In connection with the Trusts' investments in ETFs advised by First Trust
Advisors L.P., an affiliate of the Trusts' Sponsor, First Trust Advisors L.P.
will receive advisory fees from the underlying ETFs which it would not
otherwise receive if the Trusts invested solely in ETFs advised by
unaffiliated third-parties. This may provide an incentive for the Sponsor to
select ETFs advised by First Trust Advisors L.P. over ETFs advised by
unaffiliated third-parties. However, the Sponsor selected what it considered
to be the best suited ETFs to achieve the Trusts' investment objectives even
though there may be other ETFs, including those advised by unaffiliated third-
parties, that provide similar results.

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

Additional Portfolio Contents.

In addition to the investments described above, the Trusts invest in, or the
Funds held by the Trusts invest in: Global Depositary Receipts and New York
Registry Shares.

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

None of Pacific Investment Management Company LLC, PIMCO Investments LLC or
the PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund make any
representations regarding the advisability of investing in the Trusts.

                        Risk Factors

Principal Risks.

The following is a discussion of the principal risks of investing in the Trusts.

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

Because the Trusts are 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 Trusts will be positive over any period of time, especially the
relatively short 15-month life of the Trusts, or that you won't lose money.
Units of the Trusts are not deposits of any bank and are not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other
government agency.

Market Risk. Market risk is the risk that a particular security, or Units of
the Trusts 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 Trusts 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

Page 23

significant negative impact on the Trusts and their 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 a 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 a 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 a 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 a Trust's investments as well as a Trust's performance, and the
value or liquidity of certain Securities held by a 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.

Distributions. As stated under "Summary of Essential Information," the Trusts
will generally make monthly distributions of income. The Funds held by the
Trusts make distributions on a monthly or quarterly basis. As a result of
changing interest rates, refundings, sales or defaults on the underlying
securities held by the Funds, and other factors, there is no guarantee that
distributions will either remain at current levels or increase over time.
Certain of the Common Stocks held by the Trusts may currently pay dividends,
but there is also no guarantee that the issuers of the Common Stocks will
declare dividends in the future or that, if declared, they will either remain
at current levels or increase over time.

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

Exchange-Traded Funds. The Trusts invest in shares of ETFs. The Trusts are
subject to substantially the same risks as those associated with the direct
ownership of the securities represented by the underlying ETFs in which it
invests. In addition, the Trusts may be affected by losses of the ETFs and the
level of risk arising from the investment practices of the ETFs (such as the
use of leverage by the ETFs). The Trusts have no control over the investments
and related risks taken by the ETFs in which it invests. The Trusts and the
underlying funds have management and operating expenses. You will bear not

Page 24

only your share of your Trust's expenses, but also the expenses of the
underlying funds. By investing in other funds, the Trusts incur greater
expenses than you would incur if you invested directly in the funds.

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

Investment in Other Investment Companies Risk. Because the Trusts hold Funds,
Unit holders are subject to the risk that the securities selected by the
Funds' investment advisors will underperform the markets, the relevant indices
or the securities selected by other funds. Further, Funds may in the future
invest in other types of securities which involve risk which may differ from
those set forth below. In addition, because the Trusts hold Funds, Unit
holders bear both their proportionate share of the expenses of a Trust and,
indirectly the expenses of the Funds. Certain of the Funds held by the Trusts
may invest a relatively high percentage of their assets in a limited number of
issuers. As a result, these Funds may be more susceptible to a single adverse
economic or regulatory occurrence affecting one or more of these issuers,
experience increased volatility and be highly concentrated in certain issuers.

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

Growth Investing Risk. Certain of the Common Stocks held by the Trusts are
issued by companies which, based upon their higher than average price/book
ratios, are expected to experience greater earnings growth rates relative to
other companies in the same industry or the economy as a whole. Securities of
growth companies may be more volatile than other stocks. If the perception of
a company's growth potential is not realized, the securities purchased may not
perform as expected, reducing a Trust's return. In addition, because different
types of stocks tend to shift in and out of favor depending on market and
economic conditions, "growth" stocks may perform differently from the market
as a whole and other types of securities.

Value Investing Risk. Certain of the Common Stocks held by the Trusts are
issued by companies which, based upon their lower than average price/book
ratios, are believed to be undervalued or inexpensive relative to other
companies in the same industry or the economy as a whole. These common stocks
were generally selected on the basis of an issuer's business and economic
fundamentals or the securities' current and projected credit profiles,
relative to current market price. Such securities are subject to the risk of
misestimating certain fundamental factors and will generally underperform
during periods when value style investments are "out of favor."

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

Common Stocks. A percentage of the Trusts consist of Common Stocks, and
certain of the Funds held by the Trusts invest in common stocks. Common stocks
represent a proportional share of ownership in a company. Common stock prices
fluctuate for several reasons including changes in investors' perceptions of
the financial condition of an issuer or the general condition of the relevant
stock market, such as market volatility, or when political or economic events
affecting the issuers occur. Common stock prices may also be particularly
sensitive to rising interest rates, as the cost of capital rises and borrowing
costs increase, negatively impacting issuers.

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

High-yield securities or "junk" bonds, the generic names for securities rated
below "BBB-" by Standard & Poor's or below "Baa3" by Moody's, are frequently

Page 25

issued by corporations in the growth stage of their development or by
established companies that are highly leveraged or whose operations or
industries are depressed. Obligations rated below "BBB-" should be considered
speculative as these ratings indicate a quality of less than investment grade,
and therefore carry an increased risk of default as compared to investment
grade issues. The Funds held by the Trusts may invest in securities of any
high-yield credit quality, including securities rated as low as "D" by
Standard and Poor's or "C" by Moody's. Because high-yield securities are
generally subordinated obligations and are perceived by investors to be
riskier than higher rated securities, their prices tend to fluctuate more than
higher rated securities and are affected by short-term credit developments to
a greater degree.

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

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

Investment Grade Securities. All of the Funds held by the Trusts invest in
investment grade securities. The value of these securities will decline with
increases in interest rates, not only because increases in rates generally
decrease values, but also because increased rates may indicate an economic
slowdown. An economic slowdown, or a reduction in an issuer's
creditworthiness, may result in the issuer being unable to maintain earnings
at a level sufficient to maintain interest and principal payments.

Mortgage-Backed Securities. Certain of the Funds held by the Trusts invest in
mortgage-backed securities. Mortgage-backed securities represent direct or
indirect participations in, or are secured by and payable from, mortgage loans
secured by real property and can include single- and multi-class pass-through
securities and collateralized mortgage obligations. Mortgage-backed securities
are based on different types of mortgages, including those on commercial real
estate or residential properties. These securities often have stated
maturities of up to thirty years when they are issued, depending upon the
length of the mortgages underlying the securities. In practice, however,
unscheduled or early payments of principal and interest on the underlying
mortgages may make the securities' effective maturity shorter than this.
Rising interest rates tend to extend the duration of mortgage-backed
securities, making them more sensitive to changes in interest rates, and may
reduce the market value of the securities. In addition, mortgage-backed
securities are subject to prepayment risk, the risk that borrowers may pay off
their mortgages sooner than expected, particularly when interest rates
decline. This can reduce the Funds', and therefore the Trusts', returns
because the Funds may have to reinvest that money at lower prevailing interest
rates.

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

Senior Loans. Certain of the Funds held by the Trusts invest in senior loans
issued by banks, other financial institutions, and other investors to
corporations, partnerships, limited liability companies and other entities to
finance leveraged buyouts, recapitalizations, mergers, acquisitions, stock
repurchases, debt refinancings and, to a lesser extent, for general operating
and other purposes. An investment in senior loans involves risk that the
borrowers under senior loans may default on their obligations to pay principal
or interest when due. Although senior loans may be secured by specific
collateral, there can be no assurance that liquidation of collateral would
satisfy the borrower's obligation in the event of non-payment or that such
collateral could be readily liquidated. Senior loans are typically structured
as floating-rate instruments in which the interest rate payable on the
obligation fluctuates with interest rate changes. As a result, the yield on
Funds investing in senior loans will generally decline in a falling interest
rate environment and increase in a rising interest rate environment. Senior
loans are generally below investment grade quality and may be unrated at the
time of investment; are generally not registered with the SEC or state
securities commissions; and are generally not listed on any securities

Page 26

exchange. Transactions in senior loans may take longer than seven days to
settle which could affect an underlying Fund's ability to manage the liquidity
of its portfolio. Because senior loans are generally not registered with the
SEC under the Securities Act of 1933, as amended, they may not be subject to
the protections afforded under the federal securities laws. See "Risk Factors-
High-Yield Securities" for a description of the risks involved in investing in
below investment grade securities. In addition, the amount of public
information available on senior loans is generally less extensive than that
available for other types of assets.

Covenant-Lite Loans. Certain of the Funds held by the Trusts invest
significantly in "covenant-lite" loans, which are loans made with minimal
protections for the lender. Because covenant-lite loans are less restrictive
on borrowers and provide less protection for lenders than typical corporate
loans, the risk of default may be significantly higher. Covenant-lite loans
contain fewer maintenance covenants, or no maintenance covenants at all, than
traditional loans and may not include terms that allow the lender to monitor
the financial performance of the borrower and declare a default if certain
criteria are breached. This may hinder the Funds' ability to reprice credit
risk associated with the borrower and reduce the Funds' ability to restructure
a problematic loan and mitigate potential loss. As a result, the Funds'
exposure to losses on such investments is increased, especially during a
downturn in the credit cycle.

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

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

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

Post-Brexit Risk. The United Kingdom's official departure from the European
Union (commonly referred to as "Brexit") led to volatility in global financial
markets, in particular those of the United Kingdom and across Europe, and the
weakening in political, regulatory, consumer, corporate and financial
confidence in the United Kingdom and Europe. Given the size and importance of
the United Kingdom's economy, uncertainty or unpredictability about its legal,
political and/or economic relationships with Europe has been, and may continue

Page 27

to be, a source of instability and could lead to significant currency
fluctuations and other adverse effects on international markets and
international trade even under the post-Brexit trade guidelines. The economic
fallout of Brexit combined with political turmoil within the office of the
prime minister, staggering inflation, stagnant wages and wavering fiscal
policies, continue to push the United Kingdom's economy into a state of
crisis. In addition, depreciation of the British pound sterling and/or the
euro in relation to the U.S. dollar following Brexit may adversely affect
investments denominated in the British pound sterling and/or the euro.

It is not currently possible to determine the extent of the impact that Brexit
may have on a Trust's investments and this uncertainty could negatively impact
current and future economic conditions in the United Kingdom and other
countries, which could negatively impact the value of a Trust's investments.

Small and/or Mid Capitalization Companies. Certain of the Common Stocks held
by the Trusts 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 Common Stocks held by the
Trusts 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.

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

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. A bond's call price could be
less than the price the Fund paid for the bond and could be below the bond's
par value. This means a Fund could receive less than the amount paid for the
bond and may not be able to reinvest the proceeds in securities with as high a
yield as the called bond. A Fund may contain 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 Fund.

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.

Liquidity Risk. Liquidity risk is the risk that the value of a fixed-income
security held by a Fund will fall if trading in the security is limited or
absent. No one can guarantee that a liquid trading market will exist for any
fixed-income security because these securities generally trade in the over-the-
counter market (they are not listed on a securities exchange). During times of
reduced market liquidity, the Funds held by the Trusts may not be able to sell
the underlying securities readily at prices reflecting the values at which the
underlying securities are carried on a Fund's books. Sales of large blocks of
securities by market participants 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 underlying
investments held by a Fund.

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"

Page 28

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.

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

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

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

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

Trading Issues Risk. Although the shares of a Fund are listed for trading on a
securities exchange, there can be no assurance that an active trading market
for such shares will develop or be maintained. Trading in shares on such
exchanges may be halted due to market conditions or for reasons that, in the
view of an exchange, make trading in shares inadvisable. In addition, trading
in shares on an exchange is subject to trading halts caused by extraordinary
market volatility pursuant to the exchange's "circuit breaker" rules. Market
makers are under no obligation to make a market in a Fund's shares. There can
be no assurance that the requirements of the exchange necessary to maintain
the listing of a Fund will continue to be met or will remain unchanged. In
particular, if a Fund does not comply with any provision of the listing
standards of an exchange that are applicable to the Fund, and cannot bring
itself into compliance within a reasonable period after discovering the
matter, the exchange may remove the shares of the Fund from listing. The Funds
may have difficulty maintaining their listing on an exchange in the event that
a Fund's assets are small or the Fund does not have enough shareholders.

Cybersecurity Risk. As the use of Internet technology has become more prevalent
in the course of business, the Trusts have become more susceptible to potential
operational risks through breaches in cybersecurity. A breach in cybersecurity
refers to both intentional and unintentional events that may cause the Trusts to
lose proprietary information, suffer data corruption or lose operational
capacity. Such events could cause the Sponsor of the Trusts 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 Trusts
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 a
Trust's third-party service providers, or issuers in which the Trusts invest,

Page 29

can also subject the Trusts to many of the same risks associated with direct
cybersecurity breaches. The Sponsor of, and third-party service provider to, the
Trusts 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 Trusts do not directly control the
cybersecurity systems of issuers or third- party service providers.

Legislation/Litigation. From time to time, various legislative initiatives are
proposed in the United States and abroad which may have a negative impact on
certain of the Trusts' investments. In addition, litigation regarding any of
the issuers of the Securities 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 Trusts'
investments.

Non-Principal Risks.

The following is a discussion of non-principal risks of investing in the Trusts.

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

Emerging and Developing Markets. Certain of the Funds held by the Trusts are
issued by companies headquartered or incorporated in countries considered to
be emerging or developing markets or have significant business operations in
emerging or developing markets. Risks of investing in emerging and developing
countries are even greater than the risks associated with foreign investments
in general. These increased risks include, among other risks, the possibility
of investment and trading limitations, greater liquidity concerns, higher
price volatility, greater delays and disruptions in settlement transactions,
greater political uncertainties and greater dependence on international trade
or development assistance. In addition, less information about emerging and
developing market companies is publicly available due to differences in
regulatory, accounting, audit and financial recordkeeping standards and
information that is available may be unreliable or outdated. Moreover, the
rights and remedies associated with emerging and developing market investment
securities may be different than those available for investments in more
developed markets. Furthermore, emerging and developing market countries may
be subject to overburdened infrastructures, obsolete financial systems and
environmental problems. For these reasons, investments in emerging and
developing markets are often considered speculative.

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

LIBOR Risk. Certain of the Funds held by the Trusts invest significantly in
floating-rate securities that pay interest based on LIBOR. The United
Kingdom's Financial Conduct Authority ("FCA"), which regulates LIBOR, intends
to cease making LIBOR available as a reference rate over a phase-out period
that began in early 2022. However, subsequent announcements by the FCA, the
LIBOR administrators, and other regulators indicate that it is possible that
the most widely used LIBOR rates may continue until mid-2023. The
unavailability or replacement of LIBOR may affect the value, liquidity or
return on certain investments and may result in costs incurred in connection
with closing out positions and entering into new trades. Any potential effects
of the transition away from LIBOR on a Fund or on certain instruments in which
a Fund invests can be difficult to ascertain, and they may vary depending on a
variety of factors. In the United States, it is anticipated that in many
instances the Secured Overnight Financing Rate ("SOFR") will replace LIBOR as
the reference rate for many of the floating rate instruments held by a Fund.
There is no assurance that the composition or characteristics of SOFR, or any
alternative reference rate, will be similar to or produce the same value or
economic equivalence as LIBOR or that instruments using an alternative rate

Page 30

will have the same volume or liquidity. As a result, the transition process
might lead to increased volatility and reduced liquidity in markets that
currently rely on LIBOR to determine interest rates; a reduction in the value
of some LIBOR-based investments; increased difficulty in borrowing or
refinancing and diminished effectiveness of any applicable hedging strategies
against instruments whose terms currently include LIBOR; and/or costs incurred
in connection with temporary borrowings and closing out positions and entering
into new agreements. Any such effects (as well as other unforeseen effects) of
the transition away from LIBOR and the adoption of alternative reference rates
could result in losses to the Funds held by the Trusts.

Money Market Securities. Certain of the Funds held by the Trusts invest in
money market or similar securities as a defensive measure when the Fund's
investment advisor anticipates unusual market or other conditions. If market
conditions improve while a Fund has temporarily invested some or all of its
assets in high quality money market securities, the potential gain from the
market upswing may be reduced, thus limiting the Fund's opportunity to achieve
its investment objective.

Preferred Securities. Certain of the Funds held by the Trusts invest in
preferred stocks. Preferred stocks are unique securities that combine some of
the characteristics of both common stocks and bonds. Preferred stocks
generally pay a fixed rate of return and are sold on the basis of current
yield, like bonds. However, because they are equity securities, preferred
stocks provide equity ownership of a company and the income is paid in the
form of dividends. Preferred stocks typically have a yield advantage over
common stocks as well as comparably-rated fixed income investments. Preferred
stocks are typically subordinated to bonds and other debt instruments in a
company's capital structure, in terms of priority to corporate income, and
therefore will be subject to greater credit risk than those debt instruments.

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

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

Subprime Residential Mortgage Loans. Certain of the Funds held by the Trusts
invest in subprime residential mortgage loans. "Subprime" mortgage loans refer
to mortgage loans that have been originated using underwriting standards that
are less restrictive than the underwriting requirements used as standards for
other first and junior lien mortgage loan purchase programs, such as the
programs of Fannie Mae and Freddie Mac. These lower standards include mortgage
loans made to borrowers having imperfect or impaired credit histories
(including outstanding judgments or prior bankruptcies), mortgage loans where
the amount of the loan at origination is 80% or more of the value of the
mortgaged property, mortgage loans made to borrowers with low credit scores,
mortgage loans made to borrowers who have other debt that represents a large
portion of their income and mortgage loans made to borrowers whose income is
not required to be disclosed or verified.

Page 31

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

                       Public Offering

The Public Offering Price.

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

- The aggregate underlying value of the Securities;

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

- Dividends receivable on Securities; and

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

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

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

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

Minimum Purchase.

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

Maximum Sales Charge.

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

Transactional Sales Charge.

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

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

Page 32

exceeds $10.00 and as deferred sales charge and creation and development fee
payments are made.

Monthly Deferred Sales Charge. In addition, three monthly deferred sales
charges of $.045 per Unit will be deducted from a Trust's assets on
approximately the twentieth day of each month from April 20, 2023 through June
20, 2023. If you buy Units at a price of less than $10.00 per Unit, the dollar
amount of the deferred sales charge will not change, but the deferred sales
charge on a percentage basis will be more than 1.35% of the Public Offering
Price.

Creation and Development Fee.

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

Discounts for Certain Persons.

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

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

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

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

The Value of the Securities.

The Sponsor will determine the aggregate underlying value of the Securities in
a 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.

Page 33

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

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

                    Distribution of Units

We intend to qualify Units of the Trusts 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 Trusts.
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 reflect a
concession or agency commission of 1.25% of the Public Offering Price per
Unit, subject to reductions set forth in "Public Offering-Discounts for
Certain Persons."

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

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

Dealers and other selling agents will not receive a concession on the sale of
Units which are not subject to a transactional sales charge, but such Units
will be included in determining whether the above volume sales levels are met.
Eligible dealer firms and other selling agents include clearing firms that
place orders with First Trust and provide First Trust with information with

Page 34

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 Trusts available to their
customers on an agency basis. A portion of the transactional sales charge paid
by these customers is kept by or given to the banks in the amounts shown above.

Other Compensation and Benefits to Broker/Dealers.

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

Advertising and Investment Comparisons.

Advertising materials regarding a 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 a 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 each 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 a Trust (which may
show performance net of the expenses and charges a 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 each Trust differ from
other comparative investments. You should not assume that these performance
comparisons will be representative of a Trust's future performance. We may
also, from time to time, use advertising which classifies trusts or portfolio
securities according to capitalization and/or investment style.

                    The Sponsor's Profits

We will receive a gross sales commission equal to the maximum transactional
sales charge per Unit less any reduction as stated in "Public Offering." We
will also receive the amount of any collected creation and development fee.
Also, any difference between our cost to purchase the Securities and the price
at which we sell them to a Trust is considered a profit or loss (see Note 2 of
"Notes to Schedules of Investments"). During the initial offering period,

Page 35

dealers and others may also realize profits or sustain losses as a result of
fluctuations in the Public Offering Price they receive when they sell the Units.

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

                    The Secondary Market

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

We will pay all expenses to maintain a secondary market, except 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 each Trust are listed under "Fee Table." If
actual expenses of a Trust exceed the estimate, that Trust will bear the
excess. The Trustee will pay operating expenses of the Trusts from the Income
Account of such Trust if funds are available, and then from the Capital
Account. The Income and Capital Accounts are non-interest-bearing to Unit
holders, so the Trustee may earn interest on these funds, thus benefiting from
their use. In addition, investors will also indirectly pay a portion of the
expenses of the underlying Funds. The Bank of New York Mellon may act as
custodian, fund accountant and/or transfer agent for certain of the underlying
Funds and may receive compensation for such services.

First Trust Advisors L.P., an affiliate of ours, acts as Portfolio Supervisor
and will be compensated for providing portfolio supervisory services as well
as bookkeeping and other administrative services. 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
Trusts. As Sponsor, we will be compensated for providing evaluation services
and we will receive brokerage fees when the Trusts use 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 a Trust. A 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 a Trust outstanding at any
time during the calendar year, except during the initial offering period, in
which case these fees are calculated based on the largest number of Units
outstanding during the period for which compensation is paid. These fees may
be adjusted for inflation without Unit holders' approval, but in no case will
the annual fees paid to us or our affiliates for providing services to all
unit investment trusts be more than the actual cost of providing such services
in such year.

As Sponsor, we will receive a fee from each Trust for creating and developing
the Trusts, including determining each Trust's objectives, policies,
composition and size, selecting service providers and information services and
for providing other similar administrative and ministerial functions. The
"creation and development fee" is a charge of $.050 per Unit outstanding at
the end of the initial offering period. The Trustee will deduct this amount
from a Trust's assets as of the close of the initial offering period. We do
not use this fee to pay distribution expenses or as compensation for sales
efforts. This fee will not be deducted from your proceeds if you sell or
redeem your Units before the end of the initial offering period.

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

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

Page 36

- The expenses and costs incurred by the Trustee to protect a 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 a Trust;

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

The above expenses and the Trustee's annual fee are secured by a lien on the
Trusts. In addition, if there is not enough cash in the Income or Capital
Account of a Trust, the Trustee has the power to sell Securities from such
Trust to make cash available to pay these charges which may result in capital
gains or losses to you. See "Tax Status."

                         Tax Status

Federal Tax Matters.

This section discusses some of the main U.S. federal income tax consequences
of owning Units of the Trusts 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 Trusts.
This summary may not be sufficient for you to use for the purpose of avoiding
penalties under federal tax law.

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

Trust Status.

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

Each Trust intends to qualify as a "regulated investment company," commonly
known as a "RIC," under the federal tax laws. If a Trust qualifies as a RIC
and distributes its income as required by the tax law, such 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 a Trust.

Income from the Trusts.

Trust distributions are generally taxable. After the end of each year, you
will receive a tax statement that separates a Trust's distributions into
ordinary income dividends, capital gain dividends, exempt-interest dividends
and return of capital. Income reported is generally net of expenses (but see
"Treatment of Trust Expenses" below). Ordinary income dividends are generally
taxed at your ordinary income tax rate, however, certain dividends received
from a Trust may be taxed at the capital gains tax rates. Generally, all
capital gain dividends are treated as long-term capital gains regardless of
how long you have owned your Units. Exempt-interest dividends generally are
excluded from your gross income for federal income tax purposes. Some or all
of the exempt-interest dividends may be taken into account for alternative
minimum tax purposes and may have other tax consequences. In addition, a 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 Trusts may qualify as long-term capital gains,
which, if you are an individual, is generally taxed at a lower rate than your
ordinary income and short-term capital gain income. However, capital gain
received from assets held for more than one year that is considered
"unrecaptured section 1250 gain" (which may be the case, for example, with
some capital gains attributable to equity interests in REITs) is taxed at a
higher rate. The distributions from your Trust that you must take into account
for federal income tax purposes are not reduced by the amount used to pay a

Page 37

deferred sales charge, if any. Distributions from your Trust, including
capital gains but not exempt-interest dividends, may also be subject to a
"Medicare tax" if your adjusted gross income exceeds certain threshold amounts.

Certain Stock Dividends.

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

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

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

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

Sale of Units.

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

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

Distribution Reinvestment Option.

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

Treatment of Trust Expenses.

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

Investments in Certain Non-U.S. Corporations.

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

Page 38

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

Non-U.S. Investors.

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

Separately, the United States, pursuant to the Foreign Account Tax Compliance
Act ("FATCA") imposes a 30% tax on certain non-U.S. entities that receive U.S.
source interest or dividends if the non-U.S. entity does not comply with
certain U.S. disclosure and reporting requirements. This FATCA tax also
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.

Foreign Tax Credit.

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

In-Kind Distributions.

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

Rollovers.

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

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 Trusts for:

- Individual Retirement Accounts;

- Keogh Plans;

- Pension funds; and

- Other tax-deferred retirement plans.

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

                   Rights of Unit Holders

Unit Ownership.

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

Page 39

Unit Holder Reports.

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

- A summary of transactions in the Trusts for the year;

- A list of any Securities sold during the year and the Securities held at the
end of that year by the Trusts;

- 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.

              Income and Capital Distributions

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

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

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

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

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

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

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

Page 40

                    Redeeming Your Units

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

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

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

If you tender for redemption at least 5,000 Units of a Trust, or such larger
amount as required by your broker/dealer or bank, rather than receiving cash,
you may elect to receive an In-Kind Distribution in an amount equal to the
Redemption Price per Unit by making this request to your broker/dealer or bank
at the time of tender. However, to be eligible to participate in the In-Kind
Distribution option at redemption, Unit holders must hold their Units through
the end of the initial offering period. No In-Kind Distribution requests
submitted during the 10 business days prior to a Trust's Mandatory Termination
Date will be honored. Where possible, the Trustee will make an In-Kind
Distribution by distributing each of the Securities in book-entry form to your
bank's or broker/dealer's account at DTC. The Trustee will subtract any
customary transfer and registration charges from your In-Kind Distribution. As
a tendering Unit holder, you will receive your pro rata number of whole shares
of Securities that make up the portfolio, and cash from the Capital Account
equal to the fractional shares to which you are entitled.

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

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

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

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

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

- For any other period permitted by SEC order.

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

The Redemption Price.

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

adding

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

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

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

deducting

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

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

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

4. cash held for distribution to Unit holders of record of such 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 such Trust; and

dividing

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

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

Page 41

                  Investing in a New Trust

When each Trust is about to terminate, you may have the option to roll your
proceeds into the next series of a Trust (the "New Trusts") if one is
available. We intend to create the New Trusts in conjunction with the
termination of the Trusts and plan to apply the same strategy we used to
select the portfolio for the Trusts to the New Trusts.

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

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

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

Please note that there are certain tax consequences associated with becoming a
Rollover Unit holder. See "Tax Status." We may modify, amend or terminate this
rollover option upon 60 days notice.

              Removing Securities from a Trust

The portfolios of the Trusts are not managed. However, we may, but are not
required to, direct the Trustee to dispose of a Security in certain limited
circumstances, including situations in which:

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

- Any action or proceeding prevents the payment of dividends;

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

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

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

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

- The sale of Securities is necessary or advisable (i) in order to maintain
the qualification of a 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 a Trust;

- As a result of the ownership of the Security, a 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 a 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.

Except for instances in which a Trust acquires Replacement Securities, as
described in "The FT Series," a Trust will generally not acquire any
securities or other property other than the Securities. The Trustee, on behalf
of such Trust and at the direction of the Sponsor, will vote for or against
any offer for new or exchanged securities or property in exchange for a
Security, such as those acquired in a merger or other transaction. If such
exchanged securities or property are acquired by a Trust, at our instruction,
they will either be sold or held in such Trust. In making the determination as
to whether to sell or hold the exchanged securities or property we may get
advice from the Portfolio Supervisor. Any proceeds received from the sale of
Securities, exchanged securities or property will be credited to the Capital
Account of a Trust for distribution to Unit holders or to meet redemption
requests. The Trustee may retain and pay us or an affiliate of ours to act as
agent for a Trust to facilitate selling Securities, exchanged securities or

Page 42

property from the Trusts. 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 Trusts, which may include broker/dealers who
sell Units of the Trusts. We do not consider sales of Units of the Trusts 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. Each Trust will pay for these brokerage services at
standard commission rates.

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

            Amending or Terminating the Indenture

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

- To cure ambiguities;

- To correct or supplement any defective or inconsistent provision;

- To make any amendment required by any governmental agency; or

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

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

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

- If the value of the Securities owned by such 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 such Trust during the initial offering period
("Discretionary Liquidation Amount"); or

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

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

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

If you do not elect to participate in the rollover option, you will receive a
cash distribution from the sale of the remaining Securities, along with your
interest in the Income and Capital Accounts, within a reasonable time after
your Trust is terminated. The Trustee will deduct from a 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:

- 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

Page 43

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 Trusts or to any series of
the Trusts 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 Trusts 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 Trusts.

The Trustee.

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

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

Limitations of Liabilities of Sponsor and Trustee.

Neither we nor the Trustee will be liable for taking any action or for not
taking any action in good faith according to the Indenture. We will also not
be accountable for errors in judgment. We will only be liable for our own
willful misfeasance, bad faith, gross negligence (ordinary negligence in the
Trustee's case) or reckless disregard of our obligations and duties. The
Trustee is not liable for any loss or depreciation when the 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 Trusts; 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 Trusts' statements of net assets, including the schedules of investments,
as of the opening of business on the Initial Date of Deposit included in this
prospectus, have been audited by Deloitte & Touche LLP, an independent
registered public accounting firm, as stated in their report appearing herein,
and are 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. You should be
aware that the Trusts and the underlying Funds do not necessarily have

Page 44

exposure to all of the various asset classes described in the Information
Supplement. In addition, the underlying Funds' exposure to the investments
described in the Information Supplement is not fixed and may change over time.

Page 45

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Page 47

                                 FIRST TRUST(R)

             60/40 Strategic Allocation Port. 1Q '23 - Term 4/16/24
             75/25 Strategic Allocation Port. 1Q '23 - Term 4/16/24
                                    FT 10495

                                    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 Trusts 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 trusts, 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. 333-268597) and

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

 Information about the Trusts, including their Codes 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 Trusts is available on the EDGAR Database on the SEC's
                         Internet site at www.sec.gov.

                     To obtain copies at prescribed rates -

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

                                January 12, 2023

               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 trusts contained in FT
10495 not found in the prospectus for the Trusts. However, you should be aware
that the Trusts and the underlying Funds do not necessarily have exposure to
all of the various asset classes described in this Information Supplement. In
addition, the underlying Funds' exposure to the investments described below is
not fixed and may change over time. This Information Supplement is not a
prospectus and does not include all of the information you should consider
before investing in a 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 January 12, 2023. Capitalized terms have
been defined in the prospectus.

                               Table of Contents

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

Risk Factors

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

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

Page 1

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

Preferred Stocks. An investment in preferred stocks should be made with an
understanding of the risks which such an investment entails, including the
risk that the financial condition of the issuers of the Securities or the
general condition of the preferred stock market may worsen, and the value of
the preferred stocks and therefore the value of the Units may decline.
Preferred stocks may be susceptible to general stock market movements and to
volatile increases and decreases of value as market confidence in and
perceptions of the issuers change. These perceptions are based on
unpredictable factors, including expectations regarding government, economic,
monetary and fiscal policies, inflation and interest rates, economic expansion
or contraction, market liquidity, and global or regional political, economic
or banking crises. Preferred stocks are also vulnerable to Congressional
reductions in the dividends received deduction which would adversely affect
the after-tax return to the investors who can take advantage of the deduction.
Such a reduction might adversely affect the value of preferred stocks in
general. Holders of preferred stocks, as owners of the entity, have rights to
receive payments from the issuers of those preferred stocks that are generally
subordinate to those of creditors of, or holders of debt obligations or, in
some cases, other senior preferred stocks of, such issuers. Preferred stocks
do not represent an obligation of the issuer and, therefore, do not offer any
assurance of income or provide the same degree of protection of capital as do
debt securities. The issuance of additional debt securities or senior
preferred stocks will create prior claims for payment of principal and
interest and senior dividends which could adversely affect the ability and
inclination of the issuer to declare or pay dividends on its preferred stock
or the rights of holders of preferred stock with respect to assets of the
issuer upon liquidation or bankruptcy. The value of preferred stocks is
subject to market fluctuations for as long as the preferred stocks remain
outstanding, and thus the value of the Securities may be expected to fluctuate
over the life of the Trust to values higher or lower than those prevailing on
the Initial Date of Deposit.

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

Page 2

preferred securities prior to their stated maturity date; (iv) future
legislation may be proposed or enacted that may prohibit the corporation from
deducting its interest payments on the interest-bearing notes, preferred
securities or subordinated debentures for tax purposes, making redemption of
these instruments likely; (v) a corporation may redeem the interest-bearing
notes, preferred securities or subordinated debentures in whole at any time or
in part from time to time on or after a stated call date; (vi) trust preferred
securities holders have very limited voting rights; and (vii) payment of
interest on the interest-bearing notes, preferred securities or subordinated
debentures, and therefore distributions on the trust preferred securities, is
dependent on the financial condition of the issuing corporation.

REITs. An investment in REITs should be made with an understanding of the
risks which such an investment entails. 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 REITs and their ability to pay dividends 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

Page 3

Internal Revenue Code, and to maintain exemption from the Investment Company Act
of 1940. A default by a borrower or lessee may cause a REIT to experience delays
in enforcing its right as mortgagee or lessor and to incur significant costs
related to protecting its investments. In addition, because real estate
generally is subject to real property taxes, REITs may be adversely affected by
increases or decreases in property tax rates and assessments or reassessments of
the properties underlying REITs by taxing authorities. 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.

Issuers of REITs generally maintain 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.

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

ETFs can provide exposure to broad-based indexes, growth and value styles,
market cap segments, sectors and industries, specific countries or regions of
the world or physical commodities. The securities comprising ETFs may be
common stocks, fixed-income securities or physical commodities. ETFs contain a
number of securities, anywhere from fewer than 20 securities up to more than
1,000 securities. As a result, investors in ETFs obtain exposure to a much
greater number of securities than an individual investor would typically be
able to obtain on their own. The performance of index-based ETFs is generally
highly correlated with the indices or sectors which they are designed to track.

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

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

Page 4

Closed-End Funds. An investment in closed-end funds should be made with an
understanding of the risks which such an investment entails. Closed-end mutual
funds' portfolios are managed and their shares are generally listed on a
securities exchange. The net asset value of closed-end fund shares will
fluctuate with changes in the value of the underlying securities which the
closed-end fund owns. In addition, for various reasons closed-end fund shares
frequently trade at a discount from their net asset value in the secondary
market. The amount of such discount from net asset value is subject to change
from time to time in response to various factors. Closed-end funds' articles
of incorporation may contain certain anti-takeover provisions that may have
the effect of inhibiting a fund's possible conversion to open-end status and
limiting the ability of other persons to acquire control of a fund. In certain
circumstances, these provisions might also inhibit the ability of stockholders
(including the Trust) to sell their shares at a premium over prevailing market
prices. This characteristic is a risk separate and distinct from the risk that
a fund's net asset value will decrease. In particular, this characteristic
would increase the loss or reduce the return on the sale of those closed-end
fund shares which were purchased by a Trust at a premium. In the unlikely
event that a closed-end fund converts to open-end status at a time when its
shares are trading at a premium there would be an immediate loss in value to a
Trust since shares of open-end funds trade at net asset value. Certain closed-
end funds may have in place or may put in place in the future plans pursuant
to which the fund may repurchase its own shares in the marketplace. Typically,
these plans are put in place in an attempt by a fund's board of directors to
reduce a discount on its share price. To the extent such a plan was
implemented and shares owned by a Trust are repurchased by a fund, the Trust's
position in that fund would be reduced and the cash would be distributed.

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

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

Business Development Companies. An investment in business development
companies should be made with an understanding of the risks which such an
investment entails. Business development companies' portfolios are managed and
their shares are generally listed on a securities exchange. Business
development companies are closed-end funds which have elected to be treated as
business development companies. The net asset value of business development
company shares will fluctuate with changes in the value of the underlying
securities which the business development company fund owns. In addition, for
various reasons business development company shares frequently trade at a
discount from their net asset value in the secondary market. The amount of
such discount from net asset value is subject to change from time to time in
response to various factors. Business development companies' articles of
incorporation may contain certain anti-takeover provisions that may have the
effect of inhibiting a fund's possible conversion to open-end status and
limiting the ability of other persons to acquire control of a fund. In certain
circumstances, these provisions might also inhibit the ability of stockholders
(including the Trust) to sell their shares at a premium over prevailing market
prices. This characteristic is a risk separate and distinct from the risk that
a fund's net asset value will decrease. In particular, this characteristic
would increase the loss or reduce the return on the sale of those business
development company shares which were purchased by the Trust at a premium. In
the unlikely event that a business development company converts to open-end
status at a time when its shares are trading at a premium there would be an
immediate loss in value to a Trust since shares of open-end funds trade at net
asset value. Certain business development companies may have in place or may
put in place in the future plans pursuant to which the fund may repurchase its
own shares in the marketplace. Typically, these plans are put in place in an
attempt by a fund's board of directors to reduce a discount on its share
price. To the extent such a plan was implemented and shares owned by the Trust
are repurchased by a fund, the Trust's position in that fund would be reduced
and the cash would be distributed.

Page 5

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

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

Convertible Securities. The following section applies to individual Trusts
which contain Securities which invest in convertible securities. Convertible
securities include convertible subordinated debentures and corporate bonds
("Convertible Bonds") and cumulative convertible preferred stocks
("Convertible Preferred Stocks"). Convertible securities contain a conversion
privilege which, under specified circumstances, offers the holder the right to
exchange such security for common stock of the issuing corporation.
Convertible Bonds obligate the issuing company to pay a stated annual rate of
interest (or a stated dividend in the case of Convertible Preferred Stocks)
and to return the principal amount after a specified period of time. The
income offered by convertible securities is generally higher than the
dividends received from the underlying common stock, but lower than similar
quality non-convertible debt securities. Convertible securities are usually
priced at a premium to their conversion value, i.e., the value of the common
stock received if the holder were to exchange the convertible security.

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

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

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

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

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

The market for convertible securities includes a larger proportion of small-
to medium-size companies than the broad stock market (as measured by such
indices as the Standard & Poor's 500 Composite Stock Price Index). Companies

Page 6

which issue convertible securities are often lower in credit quality,
typically rated below "Investment Grade." Moreover, the credit rating of a
company's convertible issuance is generally lower than the rating of the
company's conventional debt issues since the convertible security is normally
a "junior" security. Securities with such ratings are considered speculative,
and thus pose a greater risk of default than investment grade securities.

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

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

Convertible securities are subject to the risk that the financial condition of
the issuers of the convertible securities or the general condition of the
stock market or bond market may worsen and the value of the convertible
securities and therefore the value of the Units may decline. Convertible
securities may be susceptible to general stock market movements and to
increases and decreases of value as market confidence in and perceptions of
the issuers change. These perceptions are based on unpredictable factors
including expectations regarding government, economic, monetary and fiscal
policies, inflation and interest rates, economic expansion or contraction, and
global or regional political, economic or banking crises. Convertible
Preferred Stocks are also subject to Congressional reductions in the dividends-
received deduction which would adversely affect the after-tax return to the
corporate investors who can take advantage of the deduction. Such reductions
also might adversely affect the value of preferred stocks in general. Holders
of preferred stocks have rights to receive payments from the issuers of those
preferred stocks that are generally subordinate to those of creditors of, or
holders of debt obligations or, in some cases, senior preferred stocks of,
such issuers. Convertible Preferred Stocks do not represent an obligation of
the issuer and, therefore, do not offer any assurance of income (since
dividends on a preferred stock must be declared by the issuer's Board of
Directors) or provide the same degree of protection of capital as do debt
securities. Cumulative preferred stock dividends must be paid before common
stock dividends and any cumulative preferred stock dividend omitted is added
to future dividends payable to the holders of cumulative preferred stock. The
issuance of additional debt securities or senior preferred stock will create
prior claims for payment of principal and interest and senior dividends which
could adversely affect the ability and inclination of the issuer to declare or
pay dividends on its preferred stock or the rights of holders of preferred
stock with respect to assets of the issuer upon liquidation or bankruptcy. The
value of preferred stocks is subject to market fluctuations for as long as the
preferred stocks remain outstanding, and thus the value of the Convertible
Preferred Stocks in the Funds may be expected to fluctuate over the life of
the Trust to values higher or lower than those prevailing on the Date of
Deposit. Holders of Convertible Preferred Stocks incur more risk than holders
of debt obligations because preferred stockholders, as owners of the entity,
have generally inferior rights to receive payments from the issuer in
comparison with the rights of creditors of or holders of debt obligations
issued by the issuer.

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

Whether or not the convertible securities are listed on a national securities
exchange, the principal trading market for the convertible securities may be
in the over-the-counter market. As a result, the existence of a liquid trading
market for the convertible securities may depend on whether dealers will make
a market in the convertible securities. There can be no assurance that a
market will be made for any of the convertible securities, that any market for
the convertible securities will be maintained or of the liquidity of the
convertible securities in any markets made.

Issues of Convertible Bonds and Convertible Preferred Stocks generally provide
that the convertible security may be liquidated, either by a partial scheduled
redemption pursuant to a sinking fund or by a refunding redemption pursuant to
which, at the option of the issuer, all or part of the issue can be retired
from any available funds, at prices which may or may not include a premium
over the involuntary liquidation preference, which generally is the same as
the par or stated value of the convertible security. In general, optional
redemption provisions are more likely to be exercised when the convertible
security is valued at a premium over par or stated value than when they are

Page 7

valued at a discount from par or stated value. Generally, the value of the
convertible security will be at a premium over par when market interest rates
fall below the coupon rate.

Fixed-Income Securities. The following section applies to individual Trusts
which contain Securities which invest in fixed-income securities. Fixed-income
securities, 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.

Fixed-income securities 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 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.

Fixed-income securities 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. 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 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.

Fixed-income securities 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 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 purchased at a price
higher than the price at which they are redeemed, this will represent a loss
of capital.

Page 8

Certain fixed-income securities 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. 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.

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

High-yield securities or "junk" bonds, the generic names for securities rated
below "BBB-" by Standard & Poor's, or below "Baa3" by Moody's, are frequently
issued by corporations in the growth stage of their development, by
established companies whose operations or industries are depressed or by
highly leveraged companies purchased in leveraged buyout transactions. The
market for high-yield securities is very specialized and investors in it have
been predominantly financial institutions. High-yield securities are generally
not listed on a national securities exchange. Trading of high-yield
securities, therefore, takes place primarily in over-the-counter markets which
consist of groups of dealer firms that are typically major securities firms.
Because the high-yield security market is a dealer market, rather than an
auction market, no single obtainable price for a given security prevails at
any given time. Prices are determined by negotiation between traders. The
existence of a liquid trading market for the securities may depend on whether
dealers will make a market in the securities. There can be no assurance that a
market will be made for any of the securities, that any market for the
securities will be maintained or of the liquidity of the securities in any
markets made. Not all dealers maintain markets in all high-yield securities.
Therefore, since there are fewer traders in these securities than there are in
"investment grade" securities, the bid-offer spread is usually greater for
high-yield securities than it is for investment grade securities.

Lower-rated securities tend to offer higher yields than higher-rated securities
with the same maturities because the creditworthiness of the issuers of
lower-rated securities may not be as strong as that of other issuers. Moreover,
if a fixed-income security is recharacterized as equity by the Internal Revenue
Service for federal income tax purposes, the issuer's interest deduction with
respect to the security will be disallowed and this disallowance may adversely
affect the issuer's credit rating. Because investors generally perceive that
there are greater risks associated with lower-rated securities, the yields and
prices of these securities tend to fluctuate more than higher-rated securities
with changes in the perceived quality of the credit of their issuers. In
addition, the market value of high-yield, high-risk, fixed-income securities may
fluctuate more than the market value of higher-rated securities since
high-yield, high-risk, fixed-income securities tend to reflect short-term credit
development to a greater extent than higher-rated securities. Lower-rated

Page 9

securities generally involve greater risks of loss of income and principal than
higher-rated securities. Issuers of lower-rated securities may possess fewer
creditworthiness characteristics than issuers of higher-rated securities and,
especially in the case of issuers whose obligations or credit standing have
recently been downgraded, may be subject to claims by debtholders, owners of
property leased to the issuer or others which, if sustained, would make it more
difficult for the issuers to meet their payment obligations. High-yield,
high-risk securities are also affected by variables such as interest rates,
inflation rates and real growth in the economy. Therefore, investors should
consider carefully the relative risks associated with investment in securities
which carry lower ratings.

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

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

Obligations that are rated lower than "BBB-" by Standard & Poor's, or "Baa3"
by Moody's, respectively, should be considered speculative as such ratings
indicate a quality of less than investment grade. Investors should carefully
review the objective of the Trust and consider their ability to assume the
risks involved before making an investment in the Trust.

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

Subprime Residential Mortgage Loans. The following section applies to
individual Trusts which contain Securities which invest in subprime
residential mortgage loans. An investment in subprime residential mortgage
loans should be made with an understanding of the risks which such an
investment entails, including increased credit risks and the risk that the
value of subprime residential mortgage loans will decline, and may decline
precipitously, with increases in interest rates. In a high interest rate
environment, the value of subprime residential mortgage loans may be adversely
affected when payments on the mortgages do not occur as anticipated, resulting
in the extension of the mortgage's effective maturity and the related increase
in interest rate sensitivity of a longer-term investment. The value of
subprime mortgage loans may also change due to shifts in the market's
perception of issuers and regulatory or tax changes adversely affecting the
mortgage securities markets as a whole. Due to current economic conditions,
including fluctuating interest rates, as well as aggressive lending practices,
subprime mortgage loans have in recent periods experienced increased rates of

Page 10

delinquency, foreclosure, bankruptcy and loss, and they are likely to continue
to experience rates that are higher, and that may be substantially higher,
than those experienced by mortgage loans underwritten in a more traditional
manner. Thus, because of the higher delinquency rates and losses associated
with subprime mortgage loans, risks of investing in Securities which hold
subprime mortgage loans are similar to those which affect high-yield
securities or "junk" bonds, which include less liquidity, greater volatility
and an increased risk of default as compared to higher rated securities.

TIPS. The following section applies to individual Trusts which contain
Securities which invest in TIPS. TIPS are inflation-indexed fixed-income
securities issued by the U.S. Department of Treasury that utilize an inflation
mechanism tied to the Consumer Price Index ("CPI"). TIPS are backed by the
full faith and credit of the United States. TIPS are offered with coupon
interest rates lower than those of nominal rate Treasury securities. The
coupon interest rate remains fixed throughout the term of the securities.
However, each day the principal value of the TIPS is adjusted based upon a pro-
rata portion of the CPI as reported three months earlier. Future interest
payments are made based upon the coupon interest rate and the adjusted
principal value. In a falling inflationary environment, both interest payments
and the value of the TIPS will decline.

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.

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

Page 11

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.

Emerging and Developing Markets. The following section applies to individual
Trusts which contain Securities issued by, or which invest in, companies from
certain emerging or developing markets. Compared to more mature markets, some
emerging and developing markets may have a low level of regulation,
enforcement of regulations and monitoring of investors' activities. Those
activities may include practices such as trading on material non-public
information. The securities markets of emerging and developing countries are
not as large as the more established securities markets and have substantially
less trading volume, resulting in a lack of liquidity and high price
volatility. There may be a high concentration of market capitalization and
trading volume in a small number of issuers representing a limited number of
industries as well as a high concentration of investors and financial
intermediaries. These factors may adversely affect the timing and pricing of
the acquisition or disposal of securities.

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

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

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

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

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

Page 12

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.

Page 13

</PRE>
```

Undertakings

1. 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.

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

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

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, the Registrant, FT 10495, 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 January 12, 2023.

FT 10495

By: <u>First Trust Portfolios L.P.</u><br> Depositor

---

| | |
|:---|:---|
| By: | <u>/s/ Elizabeth H. Bull</u><br> Senior Vice President |

---

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:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;<u>Name</u> | &nbsp;&nbsp;<u>Title</u>\* | &nbsp;&nbsp;&nbsp;<u>Date</u> |
| &nbsp;&nbsp;James A. Bowen | &nbsp;&nbsp;Director of The Charger Corporation, the General Partner of First Trust Portfolios L.P., and Chief Executive Officer of First Trust Portfolios L.P. | &nbsp;&nbsp;))))By: <u>/s/ Elizabeth H. Bull</u>) Attorney-in-Fact\*\*) January 12, 2023 |
| &nbsp;&nbsp;James M. Dykas | &nbsp;&nbsp;Chief Financial Officer of First Trust Portfolios L.P. | &nbsp;&nbsp;)) |
| &nbsp;&nbsp;Christina Knierim | &nbsp;&nbsp;Controller of First Trust Portfolios L.P. | &nbsp;&nbsp;)) |

---

\* 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](https://www.sec.gov/Archives/edgar/data/1919017/000144554622003872/ex-99_poa.htm) 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.

CONSENT OF COUNSEL

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

EXHIBIT INDEX

1.1 [Standard Terms and Conditions of Trust](https://www.sec.gov/Archives/edgar/data/1932408/000144554622005878/ex-1_1.htm) for FT 10292 and certain subsequent
Series, effective September 7, 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 (incorporated by reference to Amendment No. 1 to Form S-6 [ File
No. 333-266325 ] filed on behalf of FT 10292).

1.1.1 [Trust Agreement for FT 10495](ex-99_a1.htm) , effective January 12, 2023 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.

1.2 [Certificate of Limited Partnership](http://www.sec.gov/Archives/edgar/data/1765637/000144554619002061/ex-99_12.htm) of Nike Securities, L.P., predecessor of
First Trust Portfolios L.P. (incorporated by reference to Amendment No. 1 to Form S-6 [ File
No. 333-230481 ] filed on behalf of FT 8001).

1.3 [Amended and Restated Limited Partnership Agreement](http://www.sec.gov/Archives/edgar/data/1765637/000144554619002061/ex-99_13.htm) of Nike Securities, L.P.,
predecessor of First Trust Portfolios L.P. (incorporated by reference to Amendment No. 1 to Form S-6 [ File
No. 333-230481 ] filed on behalf of FT 8001).

1.4 [Articles of Incorporation](http://www.sec.gov/Archives/edgar/data/1765637/000144554619002061/ex-99_14.htm) of Nike Securities Corporation, predecessor to
The Charger Corporation, the general partner of First Trust Portfolios L.P., Depositor (incorporated by reference to Amendment No. 1 to
Form S-6 [ File No. 333-230481 ] filed
on behalf of FT 8001).

1.5 [By-Laws](http://www.sec.gov/Archives/edgar/data/1501210/000144554610004041/ex-99_1.txt) 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).

1.7 Fund of Funds Agreements (incorporated by reference
to Amendment No. 1 to Form S-6 [ File No. 333-261661 ] filed
on behalf of [FT 9909](https://www.sec.gov/Archives/edgar/data/1890626/000144554622000227/ex-99_17.htm) , Amendment No. 1 to Form S-6 [ File
No. 333-261297 ] filed on behalf of [FT 9857](https://www.sec.gov/Archives/edgar/data/1886320/000144554622000466/ex-99_17.htm) , Amendment No. 1 to Form S-6 [ File
No. 333-262164 ] filed on behalf of [FT 9948](https://www.sec.gov/Archives/edgar/data/1895931/000144554622000550/ex-99_17.htm) , Amendment No. 1 to Form S-6 [ File
No. 333-262344 ] filed on behalf of [FT 9965](https://www.sec.gov/Archives/edgar/data/1896702/000144554622000755/ex-99_17.htm) and Amendment No. 1 to Form S-6 [ File
No. 333-263845 ] filed on behalf of [FT 10083](https://www.sec.gov/Archives/edgar/data/1908366/000144554622002689/ex-99_17.htm)).

2.2 [Code of Ethics](http://www.sec.gov/Archives/edgar/data/1732176/000144554618002364/ex-99_ethics.txt) (incorporated by reference to Amendment No. 1 to Form
S-6 [ File No. 333-224320 ] filed
on behalf of FT 7359).

3.1 [Opinion of counsel](ex-99_2a.htm) as to legality of securities being registered.

4.1 [Consent of Independent Registered Public Accounting Firm.](ex-99_c4.htm)

6.1 [List of Principal Officers](http://www.sec.gov/Archives/edgar/data/1795884/000144554620001243/ex-99_officers.txt) of the Depositor (incorporated by reference
to Amendment No. 1 to Form S-6 [ File No. 333-236093 ] filed
on behalf of FT 8556).

7.1 [Powers of Attorney](https://www.sec.gov/Archives/edgar/data/1919017/000144554622003872/ex-99_poa.htm) 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 
```
<PRE></PRE>
```

## Ex-99

MEMORANDUM

FT 10495

<u>File No. 333-268597</u>

The Prospectus and the Indenture filed with Amendment No. 1 of the Registration Statement on Form S-6 have been revised to reflect information regarding the execution of the Indenture and the deposit of Securities on January 12, 2023 and to set forth certain statistical data based thereon. In addition, there are a number of other changes described below.

THE PROSPECTUS

---

| | |
|:---|:---|
| &nbsp;&nbsp;<u>Cover Page</u> | &nbsp;&nbsp;The date of the Trusts have been added. |
| &nbsp;&nbsp;<u>Page 3</u> | &nbsp;&nbsp;The following information for the Trusts appears: |
|  | &nbsp;&nbsp;The Aggregate Value of Securities initially deposited has been added. |
|  | &nbsp;&nbsp;The initial number of Units of the Trusts |
|  | &nbsp;&nbsp;Sales charge |
|  | &nbsp;&nbsp;The Public Offering Price per Unit as of the business day before the Initial Date of Deposit |
|  | &nbsp;&nbsp;The Mandatory Termination Dates have been added. |
| &nbsp;&nbsp;<u>Page 5</u> | &nbsp;&nbsp;The Report of Independent Registered Public Accounting Firm has been completed. |
| &nbsp;&nbsp;<u>Page 6</u> | &nbsp;&nbsp;The Statements of Net Assets have been completed. |
| &nbsp;&nbsp;<u>Pages 7-19</u> | &nbsp;&nbsp;The Schedules of Investments have been completed. |
| &nbsp;&nbsp;<u>Back Cover</u> | &nbsp;&nbsp;The date of the Prospectus has been included. |

---

THE TRUST AGREEMENT AND STANDARD TERMS AND CONDITIONS OF TRUST

The Trust Agreement has been conformed to reflect the execution thereof.

/s/ CHAPMAN AND CUTLER LLP

January 12, 2023

## Exhibit 99.1

FT 10495

TRUST AGREEMENT

Dated: January 12, 2023

The Trust Agreement among First Trust Portfolios L.P., as Depositor, The Bank of New York Mellon, as Trustee, First Trust Advisors L.P., as Portfolio Supervisor, sets forth certain provisions in full and incorporates other provisions by reference to the document entitled "Standard Terms and Conditions of Trust for FT 10292 and certain subsequent Series, Effective: September 7, 2022" (herein called the "Standard Terms and Conditions of Trust"), and such provisions as are incorporated by reference constitute a single instrument. All references herein to Articles and Sections are to Articles and Sections of the Standard Terms and Conditions of Trust.

WITNESSETH THAT:

In consideration of the premises and of the mutual agreements herein contained, the Depositor, the Trustee, the Portfolio Supervisor agree as follows:

PART I

STANDARD TERMS AND CONDITIONS OF TRUST

Subject to the provisions of Part II and Part III hereof, all the provisions contained in the Standard Terms and Conditions of Trust are herein incorporated by reference in their entirety and shall be deemed to be a part of this instrument as fully and to the same extent as though said provisions had been set forth in full in this instrument. Facsimile or electronic signatures (including signatures in Portable Document Format (PDF)) to this Trust Agreement shall be acceptable and binding, and this Trust Agreement may be delivered by facsimile or other electronic means (including by electronic mail or a designated document storage website) confirmed by electronic mail.

PART II

SPECIAL TERMS AND CONDITIONS OF TRUST

60/40 STRATEGIC ALLOCATION PORT. 1Q '23 - TERM 4/16/24

The following special terms and conditions are hereby agreed to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.The Securities initially deposited in the Trust pursuant to Section 2.01 of the Standard Terms and Conditions of Trust are set forth in Schedule A hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.The aggregate number of Units delivered by the Trustee on the Initial Date of Deposit in exchange for the Securities pursuant to Section 2.03 of the Standard Terms and Conditions of Trust and the initial fractional undivided interest in and ownership of the Trust represented by each Unit thereof are set forth in the Prospectus in the section "Summary of Essential Information."

Documentation confirming the ownership of this number of Units for the Trust is being delivered by the Trustee to the Depositor pursuant to Section 2.03 of the Standard Terms and Conditions of Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.The Record Date shall be as set forth in the Prospectus under "Summary of Essential Information." The Trustee shall pay the amounts specified in Part I of Section 3.05 of the Standard Terms and Conditions of Trust which have accrued as of the last Business Day of each calendar month on or shortly after such Business Day, provided, however, that fees and expenses accrued during the initial offering period, as determined in Section 4.01 of the Indenture (such fees to be computed on the largest number of Units outstanding during the period for which paid) shall be paid as provided in the following sentence. Fees payable pursuant to Section 4.03 shall be paid on, or shortly after, the last Business Day of each calendar month, and fees paid to the Trustee shall be paid on or shortly after the calendar month in which the initial offering period ends, together with any accrual of fees and expenses during such calendar month after the initial offering period ends. Fees accrued during such month after the end of the initial offering period shall be computed on the number of Units outstanding at the opening of business on the Business Day immediately following the date on which the initial offering period ends.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.The Distribution Date shall be the 25th day of the month in which the related Record Date occurs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E.The Mandatory Termination Date for the Trust shall be as set forth in the Prospectus under "Summary of Essential Information."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F.First Trust Advisors L.P.'s compensation as referred to in Section 3.16 of the Standard Terms and Conditions of Trust and First Trust Portfolios L.P.'s compensation as referred to in Section 4.03 of the Standard Terms and Conditions of Trust shall be an annual aggregate fee in the amount of $0.0060 per Unit. The Trustee shall pay such aggregate amount to First Trust Advisors L.P. which shall be responsible to remit the Depositor's fee to First Trust Portfolios L.P. First Trust Advisors L.P. shall confirm such remittance and the amount thereof to the Trustee upon request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G.The Trustee's compensation rate pursuant to Section 6.04 of the Standard Terms and Conditions of Trust shall be an annual fee in the amount of $0.0085 per Unit. However, in no event shall the Trustee receive compensation in any one year from any Trust of less than $2,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H.The Initial Date of Deposit for the Trust is January 12, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I.There is no minimum amount of Securities to be sold by the Trustee pursuant to Section 5.02 of the Indenture for the redemption of Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.The minimum number of Units a Unit holder must redeem in order to be eligible for an in-kind distribution of Securities pursuant to Section 5.02 shall be 5,000 Units of the Trust. No in-kind distribution requests submitted during the 10 Business Days prior to the Trust's Mandatory Termination Date will be honored.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K.No Unit holder will be eligible for an in-kind distribution of Securities pursuant to Section 8.02.

PART II

SPECIAL TERMS AND CONDITIONS OF TRUST

75/25 STRATEGIC ALLOCATION PORT. 1Q '23 - TERM 4/16/24

The following special terms and conditions are hereby agreed to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.The Securities initially deposited in the Trust pursuant to Section 2.01 of the Standard Terms and Conditions of Trust are set forth in Schedule A hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.The aggregate number of Units delivered by the Trustee on the Initial Date of Deposit in exchange for the Securities pursuant to Section 2.03 of the Standard Terms and Conditions of Trust and the initial fractional undivided interest in and ownership of the Trust represented by each Unit thereof are set forth in the Prospectus in the section "Summary of Essential Information."

Documentation confirming the ownership of this number of Units for the Trust is being delivered by the Trustee to the Depositor pursuant to Section 2.03 of the Standard Terms and Conditions of Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.The Record Date shall be as set forth in the Prospectus under "Summary of Essential Information." The Trustee shall pay the amounts specified in Part I of Section 3.05 of the Standard Terms and Conditions of Trust which have accrued as of the last Business Day of each calendar month on or shortly after such Business Day, provided, however, that fees and expenses accrued during the initial offering period, as determined in Section 4.01 of the Indenture (such fees to be computed on the largest number of Units outstanding during the period for which paid) shall be paid as provided in the following sentence. Fees payable pursuant to Section 4.03 shall be paid on, or shortly after, the last Business Day of each calendar month, and fees paid to the Trustee shall be paid on or shortly after the calendar month in which the initial offering period ends, together with any accrual of fees and expenses during such calendar month after the initial offering period ends. Fees accrued during such month after the end of the initial offering period shall be computed on the number of Units outstanding at the opening of business on the Business Day immediately following the date on which the initial offering period ends.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.The Distribution Date shall be the 25th day of the month in which the related Record Date occurs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E.The Mandatory Termination Date for the Trust shall be as set forth in the Prospectus under "Summary of Essential Information."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F.First Trust Advisors L.P.'s compensation as referred to in Section 3.16 of the Standard Terms and Conditions of Trust and First Trust Portfolios L.P.'s compensation as referred to in Section 4.03 of the Standard Terms and Conditions of Trust shall be an annual aggregate fee in the amount of $0.0060 per Unit. The Trustee shall pay such aggregate amount to First Trust Advisors L.P. which shall be responsible to remit the Depositor's fee to First Trust Portfolios L.P. First Trust Advisors L.P. shall confirm such remittance and the amount thereof to the Trustee upon request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G.The Trustee's compensation rate pursuant to Section 6.04 of the Standard Terms and Conditions of Trust shall be an annual fee in the amount of $0.0085 per Unit. However, in no event shall the Trustee receive compensation in any one year from any Trust of less than $2,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H.The Initial Date of Deposit for the Trust is January 12, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I.There is no minimum amount of Securities to be sold by the Trustee pursuant to Section 5.02 of the Indenture for the redemption of Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.The minimum number of Units a Unit holder must redeem in order to be eligible for an in-kind distribution of Securities pursuant to Section 5.02 shall be 5,000 Units of the Trust. No in-kind distribution requests submitted during the 10 Business Days prior to the Trust's Mandatory Termination Date will be honored.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K.No Unit holder will be eligible for an in-kind distribution of Securities pursuant to Section 8.02.

PART III

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.The definition of "Securities" as set forth in Section 1.01(23) shall be amended to include debt securities of corporations or other entities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.The second paragraph of Section 3.05(II)(a) is amended to add the following sentence at the end thereof:

"Notwithstanding anything to the contrary in this Section 3.05, the Trustee will not be required to make a distribution from the Income Account of a Trust which has elected to qualify as a "regulated Investment company" and does not make distributions of income calculated on the basis of one-twelfth of the annual income of the Trust unless the amount available for distribution from such account shall equal or exceed $1.00 per 100 Units."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.The first two sentences of the third paragraph of Section 3.11 shall be replaced with the following:

"Subject to the preceding paragraph, with respect to any Trust that holds shares of a closed-end fund, exchange traded fund or other investment fund (a "Deposited Fund"), the Trustee will provide the Depositor access to the information provided to the Trustee regarding matters on which voting or other action is solicited or required with respect to shares of a Deposited Fund. If the Depositor determines that the voting or response to such matters should not be done in accordance with the first paragraph of this Section and, with respect to any Trust which is a widely held fixed investment trust as defined in Treas. Reg. Section 1.671-5(b)(22) the outcome of voting or response to such matters will not result in such Trust receiving new or exchange securities, as certified to the Trustee by the Depositor upon which the Trustee shall conclusively rely, the Depositor will direct the Trustee in writing as to the manner in which the voting or response should be made not later than ten Business Days prior to due date for the vote or response."

IN WITNESS WHEREOF, First Trust Portfolios L.P., The Bank of New York Mellon and First Trust Advisors L.P. have each caused this Trust Agreement to be executed and the respective corporate seal to be hereto affixed and attested (if applicable) by authorized officers; all as of the day, month and year first above written.

FIRST TRUST PORTFOLIOS L.P.,

Depositor

First Trust Advisors L.P.,

Portfolio Supervisor

By /s/ Elizabeth H. Bull <br> Senior Vice President of:

&nbsp;&nbsp;&nbsp;&nbsp;First Trust Portfolios L.P. and

&nbsp;&nbsp;&nbsp;&nbsp;First Trust Advisors L.P.

THE BANK OF NEW YORK MELLON, Trustee

By /s/ Ann S. Hom<br> Vice President

SCHEDULE A TO TRUST AGREEMENT

Securities Initially Deposited

FT 10495

(Note: Incorporated herein and made a part hereof for the Trust is the "Schedule of Investments" for the Trust as set forth in the Prospectus.)

## Exhibit 99.3

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| ![cac_logo](cac.jpg) | **Chapman and Cutler LLP**<br> 320 South Canal Street, 27th Floor<br> Chicago, Illinois 60606<br>T 312.845.3000<br> F 312.701.2361<br> www.chapman.com |

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January 12, 2023

First Trust Portfolios L.P.

120 East Liberty Drive

Suite 400

Wheaton, Illinois 60187

Re: FT 10495

Gentlemen:

We have served as counsel for First Trust Portfolios L.P., as Sponsor and Depositor of FT 10495 in connection with the preparation, execution and delivery of a Trust Agreement dated January 12, 2023 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, pursuant to which the Depositor has delivered to and deposited the Securities listed in Schedule A to the Trust Agreement with the Trustee and pursuant to which the Trustee has issued to or on the order of the Depositor units of fractional undivided interest in and ownership of the Fund created under said Trust Agreement.

In connection therewith, we have examined such pertinent records and documents and matters of law as we have deemed necessary in order to enable us to express the opinions hereinafter set forth.

Based upon the foregoing, we are of the opinion that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.the execution and delivery of the Trust Agreement and the issuance of Units in the Fund have been duly authorized; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.the Units in the Fund when duly issued and delivered by the Trustee in accordance with the aforementioned Trust Agreement, will constitute valid and binding obligations of the Fund and the Depositor and such Units, when issued and delivered in accordance with the Trust Agreement against payment of the consideration set forth in the Trust prospectus, will be validly issued, fully paid and non-assessable.

We hereby consent to the filing of this opinion as an exhibit to the Registration Statement (File No. 333-268597) relating to the Units referred to above, to the use of our name and to the reference to our firm in said Registration Statement and in the related Prospectus.

Respectfully submitted,

/s/ CHAPMAN AND CUTLER LLP

EFF/mjd

## Exhibit 99.4

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We consent to the use in this Registration Statement No. 333-268597 on Form S-6 of our report dated January 12, 2023, relating to the financial statements of FT 10495, comprising 60/40 Strategic Allocation Port. 1Q '23 - Term 4/16/24 (60/40 Strategic Allocation Portfolio, 1st Quarter 2023 Series) and 75/25 Strategic Allocation Port. 1Q '23 - Term 4/16/24 (75/25 Strategic Allocation Portfolio, 1st Quarter 2023 Series), one of the series constituting the FT Series, appearing in the Prospectus, which is a part of such Registration Statement, and to the reference to us under the heading "Experts" in such Prospectus.

/s/ DELOITTE & TOUCHE LLP

Chicago, Illinois

January 12, 2023