# EDGAR Filing Document

**Accession Number:** 0002064997
**File Stem:** 0001445546-25-004650
**Filing Date:** 2025-7
**Character Count:** 474274
**Document Hash:** f085f6c576f2fd03dc8a5572bfaaa0b0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001445546-25-004650.hdr.sgml**: 20250709

**ACCESSION NUMBER**: 0001445546-25-004650

**CONFORMED SUBMISSION TYPE**: 487

**PUBLIC DOCUMENT COUNT**: 8

**FILED AS OF DATE**: 20250709

**EFFECTIVENESS DATE**: 20250709

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FT 12330
- **CENTRAL INDEX KEY:** 0002064997

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** IL
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 487
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-287020
- **FILM NUMBER:** 251112811

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

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

Registration No. 333-287020

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 12330

B.Name of depositor:

FIRST TRUST PORTFOLIOS L.P.

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

120 East Liberty Drive

Suite 400

Wheaton, Illinois 60187

D.Name and complete address of agents for service:

---

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

---

E.Title and Amount of Securities Being Registered:

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

F.Approximate date of proposed sale to public:

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

\|X\| Check box if it is proposed that this filing will become effective on July 9, 2025 at 2:00 p.m. pursuant to Rule 487.

________________________________ 
```
<PRE>

</PRE>
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```
<PRE STYLE="font-size: 8pt">
                   Dow(R) Target Dvd. 3Q '25 - Term 10/9/26
              S&P Dvd. Aristocrats Target 25 3Q '25 - Term 10/9/26
                      S&P Target 24 3Q '25 - Term 10/9/26
                    S&P Target SMid 60 3Q '25 - Term 10/9/26
                    Target Divsd. Dvd. 3Q '25 - Term 10/9/26
                      Target Focus 4 3Q '25 - Term 10/9/26
                Target Global Dvd. Leaders 3Q '25 - Term 10/9/26
                      Target Growth 3Q '25 - Term 10/9/26
                        Target VIP 3Q '25 - Term 10/9/26
                 Value Line(R) Target 25 3Q '25 - Term 10/9/26

                                    FT 12330

FT 12330 is a series of a unit investment trust, the FT Series. FT 12330
consists of 10 separate portfolios listed above (each, a "Trust," and
collectively, the "Trusts"). Each Trust invests in a portfolio of common
stocks ("Securities") selected by applying a specialized strategy. 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 July 9, 2025

                               Table of Contents

Summary of Essential Information                                               3
Fee Table                                                                      8
Report of Independent Registered Public Accounting Firm                       12
Statements of Net Assets                                                      13
Schedules of Investments                                                      18
The FT Series                                                                 38
Portfolios                                                                    39
Risk Factors                                                                  45
Backtested Hypothetical Performance Information                               50
Public Offering                                                               56
Distribution of Units                                                         58
The Sponsor's Profits                                                         59
The Secondary Market                                                          60
How We Purchase Units                                                         60
Expenses and Charges                                                          60
Tax Status                                                                    61
Retirement Plans                                                              65
Rights of Unit Holders                                                        65
Income and Capital Distributions                                              66
Redeeming Your Units                                                          67
Investing in a New Trust                                                      68
Removing Securities from a Trust                                              69
Amending or Terminating the Indenture                                         69
Information on the Sponsor and Trustee                                        70
Other Information                                                             71

Page 2

                  Summary of Essential Information (Unaudited)

                                    FT 12330

     At the Opening of Business on the Initial Date of Deposit-July 9, 2025

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

                                                                                               The Dow(R)          S&P Dividend
                                                                                             Target Dividend   Aristocrats Target 25
                                                                                             Portfolio, 3rd       Portfolio, 3rd
                                                                                           Quarter 2025 Series  Quarter 2025 Series
                                                                                           ___________________ _____________________
Initial Number of Units (1)                                                                     17,796              17,972
Fractional Undivided Interest in the Trust per Unit (1)                                       1/17,796            1/17,972
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)                                                          (.056)              (.025)
                                                                                           ___________         ___________
Net Asset Value per Unit                                                                   $     9.759         $     9.790
                                                                                           ===========         ===========
Tax Status (6)                                                                            Grantor Trust            RIC
Distribution Frequency (7)                                                                   Monthly             Monthly
Initial Distribution Date (7)                                                            August 25, 2025      August 25,2025
Cash CUSIP Number                                                                           30341M 387          30341M 346
Reinvestment CUSIP Number                                                                   30341M 395          30341M 353
Fee Account Cash CUSIP Number                                                               30341M 403          30341M 361
Fee Account Reinvestment CUSIP Number                                                       30341M 411          30341M 379
Ticker Symbol                                                                                   FXSQIX              FYVPRX

First Settlement Date                                          July 10, 2025
Mandatory Termination Date (8)                                 October 9, 2026
____________

See "Notes to Summary of Essential Information" on page 7.

Page 3

                  Summary of Essential Information (Unaudited)

                                    FT 12330

     At the Opening of Business on the Initial Date of Deposit-July 9, 2025

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

                                                                                S&P                 S&P                Target
                                                                             Target 24        Target SMid 60    Diversified Dividend
                                                                          Portfolio, 3rd      Portfolio, 3rd       Portfolio, 3rd
                                                                        Quarter 2025 Series Quarter 2025 Series Quarter 2025 Series
                                                                        ___________________ ___________________ ____________________
Initial Number of Units (1)                                                  30,254              16,666              17,513
Fractional Undivided Interest in the Trust per Unit (1)                    1/30,254            1/16,666            1/17,513
Public Offering Price:
Public Offering Price per Unit (2)                                      $    10.000         $    10.000         $    10.000
   Less Initial Sales Charge per Unit (3)                                     (.000)              (.000)              (.000)
                                                                        ___________         ___________         ___________
Aggregate Offering Price Evaluation of Securities per Unit (4)               10.000              10.000              10.000
   Less Deferred Sales Charge per Unit (3)                                    (.135)              (.135)              (.135)
                                                                        ___________         ___________         ___________
Redemption Price per Unit (5)                                                 9.865               9.865               9.865
   Less Creation and Development Fee per Unit (3)(5)                          (.050)              (.050)              (.050)
   Less Organization Costs per Unit (5)                                       (.032)              (.061)              (.039)
                                                                        ___________         ___________         ___________
Net Asset Value per Unit                                                $     9.783         $     9.754         $     9.776
                                                                        ===========         ===========         ===========
Tax Status (6)                                                         Grantor Trust            RIC                 RIC
Distribution Frequency (7)                                                Monthly          Semi-Annually          Monthly
Initial Distribution Date (7)                                         August 25, 2025     December 25, 2025   August 25, 2025
Cash CUSIP Number                                                        30341M 304          30341M 544          30341M 262
Reinvestment CUSIP Number                                                30341M 312          30341M 551          30341M 270
Fee Account Cash CUSIP Number                                            30341M 320          30341M 569          30341M 288
Fee Account Reinvestment CUSIP Number                                    30341M 338          30341M 577          30341M 296
Ticker Symbol                                                                FYCHLX              FZFGUX              FYLYOX

First Settlement Date                                          July 10, 2025
Mandatory Termination Date (8)                                 October 9, 2026
____________

See "Notes to Summary of Essential Information" on page 7.

Page 4

                  Summary of Essential Information (Unaudited)

                                    FT 12330

     At the Opening of Business on the Initial Date of Deposit-July 9, 2025

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

                                                                                                               Target Global
                                                                                          Target Focus Four  Dividend Leaders
                                                                                           Portfolio, 3rd     Portfolio, 3rd
                                                                                         Quarter 2025 Series   Quarter 2025
                                                                                                                  Series
                                                                                         ___________________ _________________
Initial Number of Units (1)                                                                   54,005              17,524
Fractional Undivided Interest in the Trust per Unit (1)                                     1/54,005            1/17,524
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)                                                        (.061)              (.017)
                                                                                         ___________         ___________
Net Asset Value per Unit                                                                 $     9.754         $     9.798
                                                                                         ===========         ===========
Tax Status (6)                                                                               RIC                 RIC
Distribution Frequency (7)                                                              Semi-Annually          Monthly
Initial Distribution Date (7)                                                         December 25, 2025    August 25, 2025
Cash CUSIP Number                                                                         30341M 502          30341M 221
Reinvestment CUSIP Number                                                                 30341M 510          30341M 239
Fee Account Cash CUSIP Number                                                             30341M 528          30341M 247
Fee Account Reinvestment CUSIP Number                                                     30341M 536          30341M 254
Ticker Symbol                                                                                 FZYPAX              FAIGDX

First Settlement Date                                          July 10, 2025
Mandatory Termination Date (8)                                 October 9, 2026
____________

See "Notes to Summary of Essential Information" on page 7.

Page 5

                  Summary of Essential Information (Unaudited)

                                    FT 12330

     At the Opening of Business on the Initial Date of Deposit-July 9, 2025

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

                                                                              Target                             Value Line(R)
                                                                              Growth            Target VIP         Target 25
                                                                          Portfolio, 3rd      Portfolio, 3rd     Portfolio, 3rd
                                                                        Quarter 2025 Series Quarter 2025 Series   Quarter 2025
                                                                                                                     Series
                                                                        ___________________ ___________________ ________________
Initial Number of Units (1)                                                  15,732             271,692              16,206
Fractional Undivided Interest in the Trust per Unit (1)                    1/15,732           1/271,692            1/16,206
Public Offering Price:
Public Offering Price per Unit (2)                                      $    10.000         $    10.000         $    10.000
   Less Initial Sales Charge per Unit (3)                                     (.000)              (.000)              (.000)
                                                                        ___________         ___________         ___________
Aggregate Offering Price Evaluation of Securities per Unit (4)               10.000              10.000              10.000
   Less Deferred Sales Charge per Unit (3)                                    (.135)              (.135)              (.135)
                                                                        ___________         ___________         ___________
Redemption Price per Unit (5)                                                 9.865               9.865               9.865
   Less Creation and Development Fee per Unit (3)(5)                          (.050)              (.050)              (.050)
   Less Organization Costs per Unit (5)                                       (.055)              (.042)              (.045)
                                                                        ___________         ___________         ___________
Net Asset Value per Unit                                                $     9.760         $     9.773         $     9.770
                                                                        ===========         ===========         ===========
Tax Status (6)                                                              RIC                 RIC            Grantor Trust
Distribution Frequency (7)                                             Semi-Annually       Semi-Annually          Monthly
Initial Distribution Date (7)                                       December 25, 2025    December 25, 2025     August 25, 2025
Cash CUSIP Number                                                        30341M 460          30341M 429          30341M 189
Reinvestment CUSIP Number                                                30341M 478          30341M 437          30341M 197
Fee Account Cash CUSIP Number                                            30341M 486          30341M 445          30341M 205
Fee Account Reinvestment CUSIP Number                                    30341M 494          30341M 452          30341M 213
Ticker Symbol                                                                FXIZFX              FZOXXX              FARXGX

First Settlement Date                                          July 10, 2025
Mandatory Termination Date (8)                                 October 9, 2026
____________

See "Notes to Summary of Essential Information" on page 7.

Page 6

                   NOTES TO SUMMARY OF ESSENTIAL INFORMATION

(1) As of the Evaluation Time (defined below in footnote 4) on July 10, 2025,
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 on the
relevant stock exchange 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 generally valued at its closing ask price on such
date. See "Public Offering-The Value of the Securities." The value of foreign
Securities trading in non-U.S. currencies is determined by converting the
value of such Securities to their U.S. dollar equivalent based on the currency
exchange rate for the currency in which a Security is generally denominated at
the Evaluation Time on the business day prior to the Initial Date of Deposit.
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 "Tax Status."

(7) For Trusts that are structured as grantor trusts, the Trustee will
distribute money from the Income and Capital Accounts on the twenty-fifth day
of each month to Unit holders of record on the tenth day of such month.
However, the Trustee will not distribute money if the aggregate amount in the
Income and Capital Accounts, exclusive of sale proceeds, equals less than 0.1%
of the net asset value of a Trust. Undistributed money in the Income and
Capital Accounts will be distributed in the next month in which the aggregate
amount available for distribution, exclusive of sale proceeds, exceeds 0.1% of
the net asset value of a Trust. Sale proceeds will be distributed if the
amount available for distribution equals at least $1.00 per 100 Units. For
Trusts that intend to qualify as regulated investment companies ("RICs") and
that make monthly distributions, the Trustee will distribute money from the
Income and Capital Accounts 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. For Trusts
that intend to qualify as RICs and that make semi-annual distributions, the
Trustee will distribute money from the Income Account, as determined at the
semi-annual Record Date, semi-annually on the twenty-fifth day of each June
and December to Unit holders of record on the tenth day of such months
provided the amount in the Income Account equals at least $1.00 per 100 Units,
and the Trustee will make distributions from the Capital Account monthly on
the twenty-fifth day of each month to Unit holders of record on the tenth day
of such month provided the amount available for distribution from the Capital
Account equals at least $1.00 per 100 Units. See "Income and Capital
Distributions."

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

Page 7

                             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 the Trusts have a term of approximately
15 months and are unit investment trusts rather than mutual funds, this
information allows you to compare fees.

                                                                                                               The Dow(R)            S&P Dividend Aristocrats
                                                                                                         Target Dividend Portfolio      Target 25 Portfolio
                                                                                                        3rd Quarter 2025 Series      3rd Quarter 2025 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                                                                           .560%(d)    $.0560         .250%(d)    $.0250
                                                                                                          =====       ======         =====       ======
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                                                             .113%(f)    $.0114         .126%(f)    $.0127
                                                                                                          _____       ______         _____       ______
   Total                                                                                                  .172%       $.0174         .185%       $.0187
                                                                                                          =====       ======         =====       ======

                                                                                                              S&P Target 24           S&P Target SMid 60
                                                                                                                Portfolio                  Portfolio
                                                                                                          3rd Quarter 2025 Series    3rd Quarter 2025 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                                                                           .320%(d)    $.0320         .610%(d)   $.0610
                                                                                                          =====       ======         =====      ======
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                                                             .113%(f)    $.0114         .136%(f)   $.0138
                                                                                                          _____       ______         _____      ______
   Total                                                                                                  .172%       $.0174         .195%      $.0198
                                                                                                          =====       ======         =====      ======

Page 8

                                                                                                            Target Diversified          Target Focus Four
                                                                                                            Dividend Portfolio               Portfolio
                                                                                                          3rd Quarter 2025 Series    3rd Quarter 2025 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                                                                           .390%(d)    $.0390         .610%(d)   $.0610
                                                                                                          =====       ======         =====      ======
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         .136%(f)   $.0138
                                                                                                          _____       ______         _____      ______
   Total                                                                                                  .185%       $.0187         .195%      $.0198
                                                                                                          =====       ======         =====      ======

                                                                                                          Target Global Dividend         Target Growth
                                                                                                             Leaders Portfolio             Portfolio
                                                                                                          3rd Quarter 2025 Series    3rd Quarter 2025 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                                                                           .170%(d)      $.0170       .550%(d)   $.0550
                                                                                                          =====         ======       =====      ======
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       .136%(f)   $.0138
                                                                                                          _____         ______       _____      ______
   Total                                                                                                  .185%         $.0187       .195%      $.0198
                                                                                                          =====         ======       =====      ======

Page 9

                                                                                                                Target VIP                Value Line(R)
                                                                                                                 Portfolio             Target 25 Portfolio
                                                                                                          3rd Quarter 2025 Series    3rd Quarter 2025 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                                                                           .420%(d)      $.0420       .450%(d)   $.0450
                                                                                                          =====         ======       =====      ======
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                                                             .208%(f)      $.0210       .124%(f)   $.0125
                                                                                                          _____         ______       _____      ______
   Total                                                                                                  .267%         $.0270       .183%      $.0185
                                                                                                          =====         ======       =====      ======

Page 10

                                    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
                                                                               ______     _______    _______    ________
The Dow(R) Target Dividend Portfolio, 3rd Quarter 2025 Series                  $258       $794       $1,091     $2,349
S&P Dividend Aristocrats Target 25 Portfolio, 3rd Quarter 2025 Series           229        705          974      2,109
S&P Target 24 Portfolio, 3rd Quarter 2025 Series                                234        722          995      2,153
S&P Target SMid 60 Portfolio, 3rd Quarter 2025 Series                           266        816        1,123      2,414
Target Diversified Dividend Portfolio, 3rd Quarter 2025 Series                  243        747        1,030      2,224
Target Focus Four Portfolio, 3rd Quarter 2025 Series                            266        816        1,123      2,414
Target Global Dividend Leaders Portfolio, 3rd Quarter 2025 Series               221        681          941      2,043
Target Growth Portfolio, 3rd Quarter 2025 Series                                260        798        1,099      2,366
Target VIP Portfolio, 3rd Quarter 2025 Series                                   254        781        1,084      2,335
Value Line(R) Target 25 Portfolio, 3rd Quarter 2025 Series                      249        764        1,053      2,271

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 October 20, 2025.

(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, which for certain Trusts include a one-time
licensing fee, will be deducted from the assets of each Trust at the end of
the initial offering period. Estimated organization costs are assessed on a
fixed dollar amount per Unit basis which, as a percentage of average net
assets, will vary over time.

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

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

Page 11

                             Report of Independent
                       Registered Public Accounting Firm

To the Unit Holders and the Sponsor, First Trust Portfolios L.P., of FT 12330

Opinion on the Statements of Net Assets

We have audited the accompanying statements of net assets of FT 12330,
comprising Dow(R) Target Dvd. 3Q '25 - Term 10/9/26 (The Dow(R) Target Dividend
Portfolio, 3rd Quarter 2025 Series ); S&P Dvd. Aristocrats Target 25 3Q '25 -
Term 10/9/26 (S&P Dividend Aristocrats Target 25 Portfolio, 3rd Quarter 2025
Series); S&P Target 24 3Q '25 - Term 10/9/26 (S&P Target 24 Portfolio, 3rd
Quarter 2025 Series); S&P Target SMid 60 3Q '25 - Term 10/9/26 (S&P Target SMid
60 Portfolio, 3rd Quarter 2025 Series); Target Divsd. Dvd. 3Q '25 - Term 10/9/26
(Target Diversified Dividend Portfolio, 3rd Quarter 2025 Series); Target Focus 4
3Q '25 - Term 10/9/26 (Target Focus Four Portfolio, 3rd Quarter 2025 Series);
Target Global Dvd. Leaders 3Q '25 - Term 10/9/26 (Target Global Dividend Leaders
Portfolio, 3rd Quarter 2025 Series); Target Growth 3Q '25 - Term 10/9/26 (Target
Growth Portfolio, 3rd Quarter 2025 Series); Target VIP 3Q '25 - Term 10/9/26
(Target VIP Portfolio, 3rd Quarter 2025 Series); and Value Line(R) Target 25 3Q
'25 - Term 10/9/26 (Value Line(R) Target 25 Portfolio, 3rd Quarter 2025 Series)
(collectively, the "Trusts"), one of the series constituting the FT Series,
including the schedules of investments, as of the opening of business on July 9,
2025 (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 12330 as of the opening of
business on July 9, 2025 (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 July 9, 2025, by
correspondence with the Trustee. We believe that our audits provide a
reasonable basis for our opinion.

/s/ DELOITTE & TOUCHE LLP

Chicago, Illinois
July 9, 2025

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

Page 12

                            Statements of Net Assets

                                    FT 12330

    At the Opening of Business on the Initial Date of Deposit-July 9, 2025

                                                                                                                     S&P Dividend
                                                                                           The Dow(R) Target     Aristocrats Target 25
                                                                                           Dividend Portfolio          Portfolio
                                                                                              3rd Quarter             3rd Quarter
                                                                                              2025 Series             2025 Series
                                                                                           __________________    _____________________
NET ASSETS
Investment in Securities represented
   by purchase contracts (1) (2)                                                           $177,958              $179,722
Less liability for reimbursement to Sponsor
   for organization costs (3)                                                                  (997)                 (449)
Less liability for deferred sales charge (4)                                                 (2,402)               (2,426)
Less liability for creation and development fee (5)                                            (890)                 (899)
                                                                                           ________              ________
Net assets                                                                                 $173,669              $175,948
                                                                                           ========              ========
Units outstanding                                                                            17,796                17,972
Net asset value per Unit (6)                                                               $  9.759              $  9.790

ANALYSIS OF NET ASSETS
Cost to investors (7)                                                                      $177,958              $179,722
Less maximum sales charge (7)                                                                (3,292)               (3,325)
Less estimated reimbursement to Sponsor
   for organization costs (3)                                                                  (997)                 (449)
                                                                                           ________              ________
Net assets                                                                                 $173,669              $175,948
                                                                                           ========              ========

__________

See "Notes to Statements of Net Assets" on page 17.

Page 13

                            Statements of Net Assets

                                    FT 12330

     At the Opening of Business on the Initial Date of Deposit-July 9, 2025

                                                                           S&P               S&P
                                                                        Target 24       Target SMid 60      Target Diversified
                                                                        Portfolio         Portfolio         Dividend Portfolio
                                                                       3rd Quarter       3rd Quarter           3rd Quarter
                                                                       2025 Series       2025 Series           2025 Series
                                                                       ___________      ______________      __________________
NET ASSETS
Investment in Securities represented
   by purchase contracts (1) (2)                                       $302,540         $166,657            $175,125
Less liability for reimbursement to Sponsor
   for organization costs (3)                                              (968)          (1,017)               (683)
Less liability for deferred sales charge (4)                             (4,084)          (2,250)             (2,364)
Less liability for creation and development fee (5)                      (1,513)            (833)               (876)
                                                                       ________         ________            ________
Net assets                                                             $295,975         $162,557            $171,202
                                                                       ========         ========            ========
Units outstanding                                                        30,254           16,666              17,513
Net asset value per Unit (6)                                           $  9.783         $  9.754            $  9.776

ANALYSIS OF NET ASSETS
Cost to investors (7)                                                  $302,540         $166,657            $175,125
Less maximum sales charge (7)                                            (5,597)          (3,083)             (3,240)
Less estimated reimbursement to Sponsor
   for organization costs (3)                                              (968)          (1,017)               (683)
                                                                       ________         ________            ________
Net assets                                                             $295,975         $162,557            $171,202
                                                                       ========         ========            ========

__________

See "Notes to Statements of Net Assets" on page 17.

Page 14

                            Statements of Net Assets

                                    FT 12330

     At the Opening of Business on the Initial Date of Deposit-July 9, 2025

                                                                                                                 Target Global
                                                                                         Target Focus Four     Dividend Leaders
                                                                                             Portfolio             Portfolio
                                                                                            3rd Quarter           3rd Quarter
                                                                                            2025 Series           2025 Series
                                                                                         _________________     ________________
NET ASSETS
Investment in Securities represented
   by purchase contracts (1) (2)                                                         $540,052              $175,244
Less liability for reimbursement to Sponsor
   for organization costs (3)                                                              (3,294)                 (298)
Less liability for deferred sales charge (4)                                               (7,291)               (2,366)
Less liability for creation and development fee (5)                                        (2,700)                 (876)
                                                                                         ________              ________
Net assets                                                                               $526,767              $171,704
                                                                                         ========              ========
Units outstanding                                                                          54,005                17,524
Net asset value per Unit (6)                                                             $  9.754              $  9.798

ANALYSIS OF NET ASSETS
Cost to investors (7)                                                                    $540,052              $175,244
Less maximum sales charge (7)                                                              (9,991)               (3,242)
Less estimated reimbursement to Sponsor
   for organization costs (3)                                                              (3,294)                 (298)
                                                                                         ________              ________
Net assets                                                                               $526,767              $171,704
                                                                                         ========              ========

__________

See "Notes to Statements of Net Assets" on page 17.

Page 15

                            Statements of Net Assets

                                    FT 12330

     At the Opening of Business on the Initial Date of Deposit-July 9, 2025

                                                                                                               Value Line(R)
                                                                             Target           Target VIP         Target 25
                                                                        Growth Portfolio       Portfolio         Portfolio
                                                                          3rd Quarter         3rd Quarter       3rd Quarter
                                                                          2025 Series         2025 Series       2025 Series
                                                                        ________________      ___________      _____________
NET ASSETS
Investment in Securities represented
   by purchase contracts (1) (2)                                        $157,323              $2,716,924       $162,057
Less liability for reimbursement to Sponsor
   for organization costs (3)                                               (865)                (11,411)          (729)
Less liability for deferred sales charge (4)                              (2,124)                (36,678)        (2,188)
Less liability for creation and development fee (5)                         (787)                (13,585)          (810)
                                                                        ________              __________       ________
Net assets                                                              $153,547              $2,655,250       $158,330
                                                                        ========              ==========       ========
Units outstanding                                                         15,732                 271,692         16,206
Net asset value per Unit (6)                                            $  9.760              $    9.773       $  9.770

ANALYSIS OF NET ASSETS
Cost to investors (7)                                                   $157,323              $2,716,924       $162,057
Less maximum sales charge (7)                                             (2,911)                (50,263)        (2,998)
Less estimated reimbursement to Sponsor
   for organization costs (3)                                               (865)                (11,411)          (729)
                                                                        ________              __________       ________
Net assets                                                              $153,547              $2,655,250       $158,330
                                                                        ========              ==========       ========

__________

See "Notes to Statements of Net Assets" on page 17.

Page 16

                       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. The Trusts are structured as either regulated investment
companies ("RICs") or grantor trusts ("grantors"). Those structured as RICs
intend to comply in their initial fiscal year and thereafter with provisions
of the Internal Revenue Code applicable to RICs and as such, will not be
subject to federal income taxes on otherwise taxable income (including net
realized capital gains) distributed to Unit holders. The Trusts structured as
grantors intend to comply in their initial fiscal year as a grantor under
federal tax laws. In grantors, investors are deemed for federal tax purposes,
to own the underlying assets of the Trust directly and as such, all taxability
issues are taken into account at the Unit holder level. Income passes through
to Unit holders as realized by the Trust.

(1) Each Trust invests in a diversified portfolio of common stocks. 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 October 9, 2026.

(2) An irrevocable letter of credit for approximately $6,600,000, issued by The
Bank of New York Mellon (approximately $300,000 has been allocated to each of
The Dow(R) Target Dividend Portfolio, 3rd Quarter 2025 Series; S&P Dividend
Aristocrats Target 25 Portfolio, 3rd Quarter 2025 Series; S&P Target SMid 60
Portfolio, 3rd Quarter 2025 Series; Target Diversified Dividend Portfolio, 3rd
Quarter 2025 Series; Target Global Dividend Leaders Portfolio, 3rd Quarter 2025
Series; Target Growth Portfolio, 3rd Quarter 2025 Series and Value Line(R) Target
25 Portfolio, 3rd Quarter 2025 Series; approximately $500,000 has been allocated
to S&P Target 24 Portfolio, 3rd Quarter 2025 Series; approximately
$1,000,000 has been allocated to Target Focus Four Portfolio, 3rd Quarter 2025
Series; and approximately $3,000,000 has been allocated to Target VIP Portfolio,
3rd Quarter 2025 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. The estimated organization costs range from $.0170 to $.0610 per Unit
for the Trusts. A payment will be made at the end of the initial offering
period to an account maintained by the Trustee from which the obligation of
the investors to the Sponsor will be satisfied. To the extent that actual
organization costs 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 October 20, 2025 and on the twentieth day of each month
thereafter (or if such date is not a business day, on the preceding business
day) through December 19, 2025. If Unit holders redeem Units before December
19, 2025, 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 a Trust at the
end of a Trust's 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 17

                            Schedule of Investments

         The Dow(R) Target Dividend Portfolio, 3rd Quarter 2025 Series
                                    FT 12330

     At the Opening of Business on the Initial Date of Deposit-July 9, 2025

                                                                       Percentage
                                                                       of Aggregate    Number     Market       Cost of
Ticker Symbol and                                                      Offering        of         Value per    Securities to
Name of Issuer of Securities (1)(3)                                    Price           Shares     Share        the Trust (2)
___________________________________                                    ____________    ______     _________    _____________
COMMON STOCKS (100%):
Communication Services (5%):
VZ        Verizon Communications Inc.                                    5%              207      $43.06       $  8,913
Consumer Discretionary (10%):
F         Ford Motor Company                                             5%              762       11.68          8,900
NWL       Newell Brands Inc.                                             5%            1,556        5.72          8,900
Financials (55%):
CFG       Citizens Financial Group, Inc.                                 5%              187       47.53          8,888
CMA       Comerica Incorporated                                          5%              141       63.11          8,899
FNB       F.N.B. Corporation                                             5%              564       15.77          8,894
IVZ       Invesco Ltd. +                                                 5%              533       16.69          8,896
LNC       Lincoln National Corporation                                   5%              254       34.98          8,885
RF        Regions Financial Corporation                                  5%              361       24.66          8,902
TFC       Truist Financial Corporation                                   5%              196       45.40          8,898
USB       U.S. Bancorp                                                   5%              187       47.66          8,912
UBSI      United Bankshares, Inc.                                        5%              233       38.21          8,903
UNM       Unum Group                                                     5%              110       80.94          8,903
VLY       Valley National Bancorp                                        5%              923        9.64          8,898
Health Care (5%):
PFE       Pfizer Inc.                                                    5%              347       25.62          8,890
Materials (5%):
IP        International Paper Company                                    5%              176       50.60          8,906
Utilities (20%):
EIX       Edison International                                           5%              175       50.74          8,880
ES        Eversource Energy                                              5%              138       64.56          8,909
SWX       Southwest Gas Holdings, Inc.                                   5%              119       74.71          8,891
UGI       UGI Corporation                                                5%              253       35.14          8,891
                                                                       ____                                    ________
               Total Investments                                       100%                                    $177,958
                                                                       ====                                    ========

______________________

See "Notes to Schedules of Investments" on page 36.

Page 18

                            Schedule of Investments

     S&P Dividend Aristocrats Target 25 Portfolio, 3rd Quarter 2025 Series
                                    FT 12330

     At the Opening of Business on the Initial Date of Deposit-July 9, 2025

                                                                       Percentage
                                                                       of Aggregate    Number     Market        Cost of
Ticker Symbol and                                                      Offering        of         Value per     Securities to
Name of Issuer of Securities (1)(3)                                    Price           Shares     Share         the Trust (2)
___________________________________                                    ____________    ______     _________     _____________
COMMON STOCKS (100%):
Consumer Discretionary (4%):
LOW       Lowe's Companies, Inc.                                          4%            32        $  223.67     $  7,158
Consumer Staples (24%):
ADM       Archer-Daniels-Midland Company                                  4%           132            54.55        7,201
BF/B      Brown-Forman Corporation                                        4%           253            28.47        7,203
HRL       Hormel Foods Corporation                                        4%           231            31.10        7,184
KMB       Kimberly-Clark Corporation                                      4%            55           131.40        7,227
PG        The Procter & Gamble Company                                    4%            46           157.89        7,263
TGT       Target Corporation                                              4%            70           102.01        7,141
Energy (8%):
CVX       Chevron Corporation                                             4%            47           153.24        7,202
XOM       Exxon Mobil Corporation                                         4%            63           114.19        7,194
Financials (20%):
AFL       Aflac Incorporated                                              4%            70           103.24        7,227
CB        Chubb Limited +                                                 4%            26           279.95        7,279
CINF      Cincinnati Financial Corporation                                4%            49           146.09        7,158
ERIE      Erie Indemnity Company                                          4%            21           340.91        7,159
TROW      T. Rowe Price Group, Inc.                                       4%            72            99.74        7,181
Health Care (12%):
ABT       Abbott Laboratories                                             4%            54           133.36        7,202
JNJ       Johnson & Johnson                                               4%            46           155.79        7,166
WST       West Pharmaceutical Services, Inc.                              4%            33           220.48        7,276
Industrials (28%):
AOS       A.O. Smith Corporation                                          4%           105            68.46        7,188
CAT       Caterpillar Inc.                                                4%            18           394.29        7,097
DOV       Dover Corporation                                               4%            38           188.43        7,160
EXPD      Expeditors International of Washington, Inc.                    4%            61           117.32        7,157
FAST      Fastenal Company                                                4%           168            42.84        7,197
GD        General Dynamics Corporation                                    4%            24           296.65        7,120
GWW       W.W. Grainger, Inc.                                             4%             7         1,036.62        7,256
Materials (4%):
NUE       Nucor Corporation                                               4%            51           139.73        7,126
                                                                        ____                                    ________
               Total Investments                                        100%                                    $179,722
                                                                        ====                                    ========

______________________

See "Notes to Schedules of Investments" on page 36.

Page 19

                            Schedule of Investments

                S&P Target 24 Portfolio, 3rd Quarter 2025 Series
                                    FT 12330

     At the Opening of Business on the Initial Date of Deposit-July 9, 2025

                                                                       Percentage
                                                                       of Aggregate    Number     Market        Cost of
Ticker Symbol and                                                      Offering        of         Value per     Securities to
Name of Issuer of Securities (1)(3)                                    Price           Shares     Share         the Trust (2)
___________________________________                                    ____________    ______     _________     _____________
COMMON STOCKS (100.00%):
Communication Services (11.10%):
CMCSA     Comcast Corporation (Class A)                                  8.97%         754        $   36.00     $27,144
FOXA      Fox Corporation (Class A)                                      1.60%          88            55.09        4,848
MTCH      Match Group Inc.                                               0.53%          49            32.44        1,589
Consumer Discretionary (11.48%):
ORLY      O'Reilly Automotive, Inc. *                                    7.57%         250            91.64       22,910
TPR       Tapestry, Inc.                                                 1.83%          60            92.21        5,533
ULTA      Ulta Beauty, Inc. *                                            2.08%          13           483.21        6,282
Consumer Staples (6.51%):
MO        Altria Group, Inc.                                             3.31%         168            59.54       10,003
MNST      Monster Beverage Corporation *                                 1.99%          98            61.59        6,036
SYY       Sysco Corporation                                              1.21%          48            76.53        3,673
Energy (3.16%):
BKR       Baker Hughes Company (Class A)                                 1.11%          84            40.11        3,369
SLB       Schlumberger Limited +                                         1.36%         113            36.54        4,129
TPL       Texas Pacific Land Corporation                                 0.69%           2         1,046.47        2,093
Financials (14.93%):
GL        Globe Life Inc.                                                0.24%           6           121.09          726
MA        Mastercard Incorporated                                       12.83%          69           562.44       38,808
PYPL      PayPal Holdings, Inc. *                                        1.86%          75            75.03        5,627
Health Care (9.69%):
A         Agilent Technologies, Inc.                                     3.20%          80           121.01        9,681
IDXX      IDEXX Laboratories, Inc. *                                     4.10%          23           538.84       12,393
MTD       Mettler-Toledo International Inc. +*                           2.39%           6         1,206.53        7,239
Industrials (8.95%):
HWM       Howmet Aerospace Inc.                                          3.56%          60           179.46       10,768
ITW       Illinois Tool Works Inc.                                       3.67%          43           257.90       11,090
ODFL      Old Dominion Freight Line, Inc.                                1.72%          31           167.38        5,189
Information Technology (34.18%):
AAPL      Apple Inc.                                                    24.99%         360           210.01       75,604
QCOM      QUALCOMM Incorporated                                          7.96%         151           159.45       24,077
VRSN      VeriSign, Inc.                                                 1.23%          13           286.85        3,729
                                                                       _______                                  ________
               Total Investments                                       100.00%                                  $302,540
                                                                       =======                                  ========

______________________

See "Notes to Schedules of Investments" on page 36.

Page 20

                            Schedule of Investments

             S&P Target SMid 60 Portfolio, 3rd Quarter 2025 Series
                                    FT 12330

     At the Opening of Business on the Initial Date of Deposit-July 9, 2025

                                                                       Percentage
                                                                       of Aggregate    Number     Market       Cost of
Ticker Symbol and                                                      Offering        of         Value per    Securities to
Name of Issuer of Securities (1)(3)                                    Price           Shares     Share        the Trust (2)
___________________________________                                    ____________    ______     _________    _____________
COMMON STOCKS (100.00%):
Communication Services (4.45%):
ANGI      Angi Inc. (Class A) *                                          1.11%         114        $16.26      $  1,854
SATS      EchoStar Corporation (Class A) *                               2.22%         113          32.66         3,691
TDS       Telephone and Data Systems, Inc.                               1.12%          52          35.83         1,863
Consumer Discretionary (18.91%):
AXL       American Axle & Manufacturing Holdings, Inc. *                 1.11%         425           4.36         1,853
GT        The Goodyear Tire & Rubber Company *                           2.23%         321          11.55         3,707
GHC       Graham Holdings Company                                        2.23%           4         929.74         3,719
KSS       Kohl's Corporation                                             1.11%         204           9.08         1,852
LEA       Lear Corporation                                               2.23%          35         106.00         3,710
M         Macy's, Inc.                                                   2.22%         295          12.54         3,699
HZO       MarineMax, Inc. *                                              1.11%          68          27.16         1,847
VAC       Marriott Vacations Worldwide Corporation                       2.22%          46          80.49         3,702
PENN      Penn Entertainment Inc. *                                      1.11%         101          18.31         1,849
TMHC      Taylor Morrison Home Corporation *                             2.22%          59          62.56         3,691
TPH       Tri Pointe Homes, Inc. *                                       1.12%          57          32.59         1,858
Consumer Staples (1.11%):
FDP       Fresh Del Monte Produce Inc. +                                 1.11%          56          33.01         1,849
Energy (11.11%):
VTOL      Bristow Group Inc. *                                           1.11%          53          34.78         1,843
CIVI      Civitas Resources, Inc.                                        2.22%         116          31.83         3,692
HLX       Helix Energy Solutions Group, Inc. *                           1.11%         276           6.72         1,855
MTDR      Matador Resources Company                                      2.23%          71          52.35         3,717
BTU       Peabody Energy Corporation                                     1.11%         130          14.26         1,854
PR        Permian Resources Corp.                                        2.22%         257          14.42         3,706
TALO      Talos Energy Inc. *                                            1.11%         206           9.00         1,854
Financials (34.47%):
BANC      Banc of California, Inc.                                       1.11%         125          14.81         1,851
OZK       Bank OZK                                                       2.21%          71          51.97         3,690
BKU       BankUnited, Inc.                                               1.10%          49          37.53         1,839
BHF       Brighthouse Financial, Inc. *                                  2.22%          71          52.11         3,700
CADE      Cadence Bank                                                   2.22%         105          35.23         3,699
COLB      Columbia Banking System, Inc.                                  2.22%         147          25.14         3,696
FNB       F.N.B. Corporation                                             2.22%         235          15.77         3,706
HWC       Hancock Whitney Corporation                                    2.23%          61          60.77         3,707
JEF       Jefferies Financial Group Inc.                                 2.23%          68          54.67         3,718
KMPR      Kemper Corporation                                             2.23%          59          62.86         3,709
LNC       Lincoln National Corporation                                   1.11%          53          34.98         1,854
MTG       MGIC Investment Corporation                                    2.22%         136          27.25         3,706
NYMT      New York Mortgage Trust, Inc. (4)                              1.11%         277           6.69         1,853
UNM       Unum Group                                                     2.23%          46          80.94         3,723
VBTX      Veritex Holdings, Inc.                                         1.11%          67          27.52         1,844
WAL       Western Alliance Bancorporation                                2.24%          44          84.64         3,724
WTFC      Wintrust Financial Corporation                                 2.23%          28         132.84         3,719
ZION      Zions Bancorporation, National Association                     2.23%          67          55.55         3,722

Page 21

                       Schedule of Investments (cont'd.)

             S&P Target SMid 60 Portfolio, 3rd Quarter 2025 Series
                                    FT 12330

     At the Opening of Business on the Initial Date of Deposit-July 9, 2025

                                                                       Percentage
                                                                       of Aggregate    Number     Market       Cost of
Ticker Symbol and                                                      Offering        of         Value per    Securities to
Name of Issuer of Securities (1)(3)                                    Price           Shares     Share        the Trust (2)
___________________________________                                    ____________    ______     _________    _____________
Health Care (1.11%):
AHCO     AdaptHealth Corp. *                                            1.11%          194        $  9.53      $  1,849
Industrials (8.89%):
AL       Air Lease Corporation                                          1.12%           32          58.46         1,871
ALK      Alaska Air Group, Inc. *                                       2.22%           74          50.06         3,704
CNXC     Concentrix Corporation                                         2.21%           61          60.50         3,690
JBLU     JetBlue Airways Corporation *                                  1.11%          430           4.31         1,853
KNX      Knight-Swift Transportation Holdings Inc.                      2.23%           79          47.03         3,715
Information Technology (7.76%):
AMKR     Amkor Technology, Inc.                                         2.23%          168          22.10         3,713
DXC      DXC Technology Company *                                       1.11%          115          16.04         1,845
SCSC     ScanSource, Inc. *                                             1.11%           44          42.13         1,854
SNX      TD SYNNEX Corporation                                          2.20%           26         141.09         3,668
VSAT     ViaSat, Inc. *                                                 1.11%          116          15.92         1,847
Materials (5.53%):
ASIX     AdvanSix Inc.                                                  1.10%           74          24.87         1,840
AA       Alcoa Corporation                                              2.22%          121          30.51         3,692
SCL      Stepan Company                                                 1.10%           31          59.19         1,835
SXC      SunCoke Energy, Inc.                                           1.11%          217           8.53         1,851
Real Estate (6.66%):
AAT      American Assets Trust, Inc. (4)                                1.11%           91          20.32         1,849
PK       Park Hotels & Resorts Inc. (4)                                 2.22%          343          10.79         3,701
PEB      Pebblebrook Hotel Trust (4)                                    1.11%          176          10.55         1,857
INN      Summit Hotel Properties, Inc. (4)                              1.11%          339           5.46         1,851
XHR      Xenia Hotels & Resorts, Inc. (4)                               1.11%          141          13.10         1,847
                                                                      _______                                  ________
              Total Investments                                       100.00%                                  $166,657
                                                                      =======                                  ========

______________________

See "Notes to Schedules of Investments" on page 36.

Page 22

                            Schedule of Investments

         Target Diversified Dividend Portfolio, 3rd Quarter 2025 Series
                                    FT 12330

     At the Opening of Business on the Initial Date of Deposit-July 9, 2025

                                                                       Percentage
                                                                       of Aggregate    Number     Market       Cost of
Ticker Symbol and                                                      Offering        of         Value per    Securities to
Name of Issuer of Securities (1)(3)                                    Price           Shares     Share        the Trust (2)
___________________________________                                    ____________    ______     _________    _____________
COMMON STOCKS (100.00%):
Communication Services (10.01%):
NXST        Nexstar Media Group, Inc.                                    2.51%           24       $183.51      $  4,404
SCHL        Scholastic Corporation                                       2.50%          205         21.39         4,385
SIRI        Sirius XM Holdings Inc.                                      2.50%          179         24.44         4,375
TGNA        TEGNA Inc.                                                   2.50%          255         17.18         4,381
Consumer Discretionary (10.01%):
HOG         Harley-Davidson, Inc.                                        2.50%          178         24.62         4,382
M           Macy's, Inc.                                                 2.50%          349         12.54         4,376
OXM         Oxford Industries, Inc.                                      2.50%           96         45.61         4,379
WGO         Winnebago Industries, Inc.                                   2.51%          139         31.58         4,390
Consumer Staples (10.01%):
ADM         Archer-Daniels-Midland Company                               2.49%           80         54.55         4,364
BG          Bunge Global S.A. +                                          2.51%           58         75.80         4,396
CALM        Cal-Maine Foods, Inc.                                        2.51%           43        102.37         4,402
UVV         Universal Corporation                                        2.50%           76         57.55         4,374
Energy (9.99%):
MUR         Murphy Oil Corporation                                       2.50%          169         25.89         4,375
NOG         Northern Oil and Gas, Inc.                                   2.50%          141         31.07         4,381
STNG        Scorpio Tankers Inc. +                                       2.50%          102         42.88         4,374
TEN         Tsakos Energy Navigation Limited +                           2.49%          212         20.61         4,369
Financials (10.00%):
BLX         Banco Latinoamericano de Comercio Exterior, S.A. +           2.51%          106         41.45         4,394
IGIC        International General Insurance Holdings Ltd. +              2.50%          183         23.96         4,385
JXN         Jackson Financial Inc. (Class A)                             2.49%           49         88.91         4,357
MSBI        Midland States Bancorp, Inc.                                 2.50%          233         18.77         4,373
Health Care (9.98%):
CVS         CVS Health Corporation                                       2.48%           65         66.94         4,351
PRGO        Perrigo Company Plc +                                        2.50%          161         27.14         4,369
PFE         Pfizer Inc.                                                  2.50%          171         25.62         4,381
PINC        Premier, Inc. (Class A)                                      2.50%          200         21.92         4,384
Industrials (10.00%):
CNXC        Concentrix Corporation                                       2.49%           72         60.50         4,356
DAC         Danaos Corporation +                                         2.51%           49         89.56         4,388
GSL         Global Ship Lease, Inc. (Class A) +                          2.50%          160         27.31         4,370
HY          Hyster-Yale, Inc.                                            2.50%          104         42.08         4,376

Page 23

                       Schedule of Investments (cont'd.)

         Target Diversified Dividend Portfolio, 3rd Quarter 2025 Series
                                    FT 12330

     At the Opening of Business on the Initial Date of Deposit-July 9, 2025

                                                                       Percentage
                                                                       of Aggregate    Number     Market       Cost of
Ticker Symbol and                                                      Offering        of         Value per    Securities to
Name of Issuer of Securities (1)(3)                                    Price           Shares     Share        the Trust (2)
___________________________________                                    ____________    ______     _________    _____________
Information Technology (9.99%):
AVT         Avnet, Inc.                                                  2.51%           78       $56.26      $  4,388
HPE         Hewlett Packard Enterprise Company                           2.50%          210         20.82         4,372
ITRN        Ituran Location and Control Ltd. +                           2.49%          111         39.32         4,364
SWKS        Skyworks Solutions, Inc.                                     2.49%           56         77.94         4,365
Materials (10.00%):
FMC         FMC Corporation                                              2.50%          101         43.30         4,373
HUN         Huntsman Corporation                                         2.50%          388         11.28         4,377
RYI         Ryerson Holding Corporation                                  2.50%          189         23.20         4,385
SXC         SunCoke Energy, Inc.                                         2.50%          513          8.53         4,376
Utilities (10.01%):
BKH         Black Hills Corporation                                      2.51%           78         56.42         4,401
EIX         Edison International                                         2.49%           86         50.74         4,364
NWE         NorthWestern Energy Group, Inc.                              2.50%           84         52.09         4,376
POR         Portland General Electric Company                            2.51%          108         40.68         4,393
                                                                       _______                                 ________
            	Total Investments                                      100.00%                                 $175,125
                                                                       =======                                 ========

______________________

See "Notes to Schedules of Investments" on page 36.

Page 24

                            Schedule of Investments

              Target Focus Four Portfolio, 3rd Quarter 2025 Series
                                    FT 12330

     At the Opening of Business on the Initial Date of Deposit-July 9, 2025

                                                                        Percentage
                                                                        of Aggregate      Number      Market      Cost of
Ticker Symbol and                                                       Offering          of          Value per   Securities to
Name of Issuer of Securities (1)(3)                                     Price             Shares      Share       the Trust (2)
___________________________________                                     ____________      ______      _________   _____________
COMMON STOCKS (100.00%):
Communication Services (3.23%):
ANGI      Angi Inc. (Class A) *                                           0.33%             110       $16.26     $  1,789
SATS      EchoStar Corporation (Class A) *                                0.67%             110         32.66        3,593
TEF       Telefonica, S.A. (ADR) +                                        0.40%             413          5.22        2,156
TDS       Telephone and Data Systems, Inc.                                0.33%              50         35.83        1,791
VZ        Verizon Communications Inc.                                     1.50%             188         43.06        8,095
Consumer Discretionary (12.96%):
ADT       ADT Inc.                                                        0.32%             203          8.40        1,705
ATGE      Adtalem Global Education Inc. *                                 0.31%              14        120.00        1,680
AXL       American Axle & Manufacturing Holdings, Inc. *                  0.33%             412          4.36        1,796
F         Ford Motor Company                                              1.50%             693         11.68        8,094
GT        The Goodyear Tire & Rubber Company *                            0.96%             452         11.55        5,221
GHC       Graham Holdings Company                                         0.69%               4        929.74        3,719
HMC       Honda Motor Co., Ltd. (ADR) +                                   0.40%              72         29.77        2,143
KSS       Kohl's Corporation                                              0.33%             198          9.08        1,798
LEA       Lear Corporation                                                0.67%              34        106.00        3,604
M         Macy's, Inc.                                                    0.67%             287         12.54        3,599
HZO       MarineMax, Inc. *                                               0.33%              66         27.16        1,793
VAC       Marriott Vacations Worldwide Corporation                        0.67%              45         80.49        3,622
NWL       Newell Brands Inc.                                              1.50%           1,416          5.72        8,100
PENN      Penn Entertainment Inc. *                                       0.33%              98         18.31        1,794
STLA      Stellantis N.V. +                                               0.40%             213         10.11        2,153
TPR       Tapestry, Inc.                                                  0.87%              51         92.21        4,703
TMHC      Taylor Morrison Home Corporation *                              0.66%              57         62.56        3,566
TM        Toyota Motor Corporation +                                      0.41%              13        170.20        2,213
TPH       Tri Pointe Homes, Inc. *                                        0.33%              55         32.59        1,792
ULTA      Ulta Beauty, Inc. *                                             0.98%              11        483.21        5,315
URBN      Urban Outfitters, Inc. *                                        0.30%              23         70.51        1,622
Consumer Staples (1.29%):
BJ        BJ's Wholesale Club Holdings, Inc. *                            0.66%              33        107.64        3,552
FDP       Fresh Del Monte Produce Inc. +                                  0.33%              54         33.01        1,783
HLF       Herbalife Ltd. +*                                               0.30%             162         10.02        1,623
Energy (7.32%):
BP        BP Plc (ADR) +                                                  0.40%              69         31.27        2,158
VTOL      Bristow Group Inc. *                                            0.33%              52         34.78        1,809
CVE       Cenovus Energy Inc. +                                           0.40%             148         14.61        2,162
CIVI      Civitas Resources, Inc.                                         0.67%             113         31.83        3,597
EC        Ecopetrol S.A. (ADR) +                                          0.40%             237          9.11        2,159
E         Eni SpA (ADR) +                                                 0.40%              65         33.24        2,161
EQNR      Equinor ASA +                                                   0.40%              83         26.10        2,166
HLX       Helix Energy Solutions Group, Inc. *                            0.33%             267          6.72        1,794
MTDR      Matador Resources Company                                       0.67%              69         52.35        3,612
BTU       Peabody Energy Corporation                                      0.33%             126         14.26        1,797

Page 25

                       Schedule of Investments (cont'd.)

              Target Focus Four Portfolio, 3rd Quarter 2025 Series
                                    FT 12330

     At the Opening of Business on the Initial Date of Deposit-July 9, 2025

                                                                        Percentage
                                                                        of Aggregate      Number      Market      Cost of
Ticker Symbol and                                                       Offering          of          Value per   Securities to
Name of Issuer of Securities (1)(3)                                     Price             Shares      Share       the Trust (2)
___________________________________                                     ____________      ______      _________   _____________
Energy (cont'd.):
PR        Permian Resources Corp.                                         0.66%             249       $14.42     $  3,591
PBR       Petroleo Brasileiro S.A. - Petrobras (ADR) +                    0.40%             164         13.13        2,153
SHEL      Shell Plc (ADR) +                                               0.40%              30         71.26        2,138
SU        Suncor Energy Inc. +                                            0.40%              56         38.82        2,174
TALO      Talos Energy Inc. *                                             0.33%             200          9.00        1,800
TTE       TotalEnergies SE (ADR) +                                        0.40%              35         62.04        2,171
WDS       Woodside Energy Group Limited (ADR) +                           0.40%             137         15.79        2,163
Financials (29.61%):
BANC      Banc of California, Inc.                                        0.33%             121         14.81        1,792
BSBR      Banco Santander Brasil S.A. (ADR) +                             0.40%             403          5.36        2,160
SAN       Banco Santander S.A. (ADR) +                                    0.40%             248          8.69        2,155
OZK       Bank OZK                                                        0.66%              69         51.97        3,586
BKU       BankUnited, Inc.                                                0.33%              48         37.53        1,801
BCS       Barclays Plc (ADR) +                                            0.40%             118         18.31        2,161
BHF       Brighthouse Financial, Inc. *                                   0.67%              69         52.11        3,596
CADE      Cadence Bank                                                    0.67%             102         35.23        3,593
CFG       Citizens Financial Group, Inc.                                  1.50%             170         47.53        8,080
COLB      Columbia Banking System, Inc.                                   0.67%             143         25.14        3,595
CMA       Comerica Incorporated                                           1.50%             128         63.11        8,078
FNB       F.N.B. Corporation                                              2.17%             741         15.77       11,686
HWC       Hancock Whitney Corporation                                     0.66%              59         60.77        3,585
IVZ       Invesco Ltd. +                                                  1.50%             485         16.69        8,095
JEF       Jefferies Financial Group Inc.                                  0.67%              66         54.67        3,608
KB        KB Financial Group Inc. (ADR) +                                 0.41%              25         87.89        2,197
KMPR      Kemper Corporation                                              0.66%              57         62.86        3,583
LNC       Lincoln National Corporation                                    1.83%             282         34.98        9,864
MTG       MGIC Investment Corporation                                     0.67%             132         27.25        3,597
MFG       Mizuho Financial Group, Inc. (ADR) +                            0.40%             395          5.46        2,157
NWG       Natwest Group Plc +                                             0.40%             161         13.40        2,157
NYMT      New York Mortgage Trust, Inc. (4)                               0.33%             269          6.69        1,800
IX        ORIX Corporation (ADR) +                                        0.40%              97         22.31        2,164
RF        Regions Financial Corporation                                   1.50%             328         24.66        8,088
TFC       Truist Financial Corporation                                    1.50%             178         45.40        8,081
USB       U.S. Bancorp                                                    1.50%             170         47.66        8,102
UBSI      United Bankshares, Inc.                                         1.50%             212         38.21        8,101
UNM       Unum Group                                                      2.16%             144         80.94       11,655
VLY       Valley National Bancorp                                         1.50%             840          9.64        8,098
VBTX      Veritex Holdings, Inc.                                          0.33%              65         27.52        1,789
WAL       Western Alliance Bancorporation                                 0.66%              42         84.64        3,555
WTFC      Wintrust Financial Corporation                                  0.66%              27        132.84        3,587
ZION      Zions Bancorporation, National Association                      0.67%              65         55.55        3,611

Page 26

                       Schedule of Investments (cont'd.)

              Target Focus Four Portfolio, 3rd Quarter 2025 Series
                                    FT 12330

     At the Opening of Business on the Initial Date of Deposit-July 9, 2025

                                                                        Percentage
                                                                        of Aggregate      Number      Market      Cost of
Ticker Symbol and                                                       Offering          of          Value per   Securities to
Name of Issuer of Securities (1)(3)                                     Price             Shares      Share       the Trust (2)
___________________________________                                     ____________      ______      _________   _____________
Health Care (11.51%):
AHCO      AdaptHealth Corp. *                                             0.33%             189       $  9.53     $  1,801
CAH       Cardinal Health, Inc.                                           1.80%              59        164.45        9,703
EXEL      Exelixis, Inc. *                                                0.54%              67         43.51        2,915
HCA       HCA Healthcare, Inc.                                            4.13%              59        377.60       22,278
PFE       Pfizer Inc.                                                     1.50%             316         25.62        8,096
TAK       Takeda Pharmaceutical Company Limited (ADR) +                   0.40%             144         15.02        2,163
THC       Tenet Healthcare Corporation *                                  0.73%              23        172.39        3,965
VEEV      Veeva Systems Inc. (Class A) *                                  2.08%              40        280.63       11,225
Industrials (10.06%):
AL        Air Lease Corporation                                           0.34%              31         58.46        1,812
ALK       Alaska Air Group, Inc. *                                        0.67%              72         50.06        3,604
FIX       Comfort Systems USA, Inc.                                       0.88%               9        527.42        4,747
CNXC      Concentrix Corporation                                          0.66%              59         60.50        3,570
CPA       Copa Holdings, S.A. +                                           0.30%              15        109.34        1,640
CW        Curtiss-Wright Corporation                                      0.80%               9        481.23        4,331
EME       EMCOR Group, Inc.                                               1.10%              11        541.34        5,955
HWM       Howmet Aerospace Inc.                                           3.29%              99        179.46       17,767
JBLU      JetBlue Airways Corporation *                                   0.33%             417          4.31        1,797
KNX       Knight-Swift Transportation Holdings Inc.                       0.66%              76         47.03        3,574
STRL      Sterling Infrastructure, Inc. *                                 0.34%               8        227.02        1,816
WWD       Woodward, Inc.                                                  0.69%              15        249.85        3,748
Information Technology (10.00%):
AMKR      Amkor Technology, Inc.                                          0.67%             163         22.10        3,602
APH       Amphenol Corporation                                            5.36%             297         97.41       28,931
CLS       Celestica Inc. +*                                               0.81%              28        155.70        4,360
DXC       DXC Technology Company *                                        0.33%             112         16.04        1,796
JBL       Jabil Inc.                                                      1.11%              27        221.86        5,990
SCSC      ScanSource, Inc. *                                              0.34%              43         42.13        1,812
SNX       TD SYNNEX Corporation                                           0.65%              25        141.09        3,527
UMC       United Microelectronics Corporation (ADR) +                     0.40%             282          7.64        2,154
VSAT      ViaSat, Inc. *                                                  0.33%             113         15.92        1,799
Materials (4.66%):
ASIX      AdvanSix Inc.                                                   0.33%              72         24.87        1,791
AA        Alcoa Corporation                                               0.67%             118         30.51        3,600
MT        ArcelorMittal (ADR) +                                           0.40%              66         32.90        2,171
CF        CF Industries Holdings, Inc.                                    0.70%              39         97.12        3,788
IP        International Paper Company                                     1.50%             160         50.60        8,096
SCL       Stepan Company                                                  0.33%              30         59.19        1,776
SXC       SunCoke Energy, Inc.                                            0.33%             211          8.53        1,800
VALE      Vale S.A. (ADR) +                                               0.40%             216          9.99        2,158

Page 27

                       Schedule of Investments (cont'd.)

              Target Focus Four Portfolio, 3rd Quarter 2025 Series
                                    FT 12330

     At the Opening of Business on the Initial Date of Deposit-July 9, 2025

                                                                        Percentage
                                                                        of Aggregate      Number      Market      Cost of
Ticker Symbol and                                                       Offering          of          Value per   Securities to
Name of Issuer of Securities (1)(3)                                     Price             Shares      Share       the Trust (2)
___________________________________                                     ____________      ______      _________   _____________
Real Estate (1.99%):
AAT       American Assets Trust, Inc. (4)                                 0.33%              88       $20.32     $  1,788
PK        Park Hotels & Resorts Inc. (4)                                  0.67%             333         10.79        3,593
PEB       Pebblebrook Hotel Trust (4)                                     0.33%             170         10.55        1,793
INN       Summit Hotel Properties, Inc. (4)                               0.33%             329          5.46        1,796
XHR       Xenia Hotels & Resorts, Inc. (4)                                0.33%             137         13.10        1,795
Utilities (7.37%):
EIX       Edison International                                            1.49%             159         50.74        8,068
ES        Eversource Energy                                               1.49%             125         64.56        8,070
NRG       NRG Energy, Inc.                                                1.40%              50        151.27        7,564
SWX       Southwest Gas Holdings, Inc.                                    1.49%             108         74.71        8,069
UGI       UGI Corporation                                                 1.50%             230         35.14        8,082
                                                                        _______                                   ________
                Total Investments                                       100.00%                                   $540,052
                                                                        =======                                   ========

______________________

See "Notes to Schedules of Investments" on page 36.

Page 28

                            Schedule of Investments

       Target Global Dividend Leaders Portfolio, 3rd Quarter 2025 Series
                                    FT 12330

     At the Opening of Business on the Initial Date of Deposit-July 9, 2025

                                                                             Percentage
                                                                             of Aggregate   Number    Market        Cost of
Ticker Symbol and                                                            Offering       of        Value per     Securities to
Name of Issuer of Securities (1)(3)                                          Price          Shares    Share         the Trust (2)
___________________________________                                          ____________   ______    _________     _____________
COMMON STOCKS (100%):
Communication Services (14%):
T           AT&T Inc.                                                          2%             124     $28.29       $  3,508
KT          KT Corporation (ADR) +                                             2%             169       20.77          3,510
TIGO        Millicom International Cellular S.A. +                             2%              95       37.04          3,519
NXST        Nexstar Media Group, Inc.                                          2%              19      183.51          3,487
TGNA        TEGNA Inc.                                                         2%             204       17.18          3,505
VIV         Telefonica Brasil, S.A. (ADR) +                                    2%             304       11.53          3,505
TIMB        TIM S.A. (ADR) +                                                   2%             176       19.88          3,499
Consumer Discretionary (10%):
ALV         Autoliv, Inc. +                                                    2%              30      115.62          3,469
DDS         Dillard's, Inc. (Class A)                                          2%               8      441.77          3,534
GAP         The Gap, Inc.                                                      2%             155       22.67          3,514
LEA         Lear Corporation                                                   2%              33      106.00          3,498
TNL         Travel + Leisure Co.                                               2%              62       56.57          3,507
Consumer Staples (6%):
ACI         Albertsons Companies, Inc. (Class A)                               2%             158       22.16          3,501
MO          Altria Group, Inc.                                                 2%              59       59.54          3,513
CALM        Cal-Maine Foods, Inc.                                              2%              34      102.37          3,481
Energy (16%):
BWLP        BW LPG Limited +                                                   2%             275       12.74          3,503
CRC         California Resources Corporation                                   2%              74       47.39          3,507
HAFN        Hafnia Limited +                                                   2%             672        5.22          3,508
MGY         Magnolia Oil & Gas Corporation (Class A)                           2%             148       23.64          3,499
NOG         Northern Oil and Gas, Inc.                                         2%             113       31.07          3,511
PR          Permian Resources Corp.                                            2%             243       14.42          3,504
STNG        Scorpio Tankers Inc. +                                             2%              82       42.88          3,516
TNK         Teekay Tankers Ltd. (Class A) +                                    2%              80       44.00          3,520
Financials (16%):
APAM        Artisan Partners Asset Management Inc. (Class A)                   2%              75       46.65          3,499
OZK         Bank OZK                                                           2%              67       51.97          3,482
CIM         Chimera Investment Corporation (4)                                 1%             124       14.15          1,755
FHI         Federated Hermes, Inc. (Class B)                                   2%              77       45.51          3,504
FINV        FinVolution Group (ADR) (5) +                                      2%             350       10.03          3,510
QFIN        Qifu Technolgy Inc. (Class A) (ADR) (5) +                          2%              79       44.40          3,508
RDN         Radian Group Inc.                                                  2%              98       35.64          3,493
RITM        Rithm Capital Corp. (4)                                            1%             150       11.65          1,748
WF          Woori Financial Group Inc. (ADR) +                                 2%              65       54.17          3,521
Industrials (8%):
CPA         Copa Holdings, S.A. +                                              2%              32      109.34          3,499
DAC         Danaos Corporation +                                               2%              39       89.56          3,493
OMAB        Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. +             2%              32      110.78          3,545
ZIM         ZIM Integrated Shipping Services Limited +                         2%             212       16.51          3,500
Information Technology (2%):
UMC         United Microelectronics Corporation (ADR) +                        2%             459        7.64          3,507

Page 29

                       Schedule of Investments (cont'd.)

       Target Global Dividend Leaders Portfolio, 3rd Quarter 2025 Series
                                    FT 12330

     At the Opening of Business on the Initial Date of Deposit-July 9, 2025

                                                                             Percentage
                                                                             of Aggregate   Number    Market         Cost of
Ticker Symbol and                                                            Offering       of        Value per     Securities to
Name of Issuer of Securities (1)(3)                                          Price          Shares    Share         the Trust (2)
___________________________________                                          ____________   ______    _________     _____________
Materials (4%):
GEF         Greif, Inc.                                                        2%              51     $68.21       $  3,479
VALE        Vale S.A. (ADR) +                                                  2%             351        9.99          3,506
Real Estate (18%):
ALEX        Alexander & Baldwin, Inc. (4)                                      1%              98       17.81          1,745
BRX         Brixmor Property Group Inc. (4)                                    1%              69       25.51          1,760
CDP         COPT Defense Properties (4)                                        1%              62       28.23          1,750
EPR         EPR Properties (4)                                                 1%              30       58.58          1,757
ESS         Essex Property Trust, Inc. (4)                                     1%               6      285.98          1,716
GLPI        Gaming and Leisure Properties, Inc. (4)                            1%              37       47.47          1,756
HIW         Highwoods Properties, Inc. (4)                                     1%              57       30.97          1,765
HST         Host Hotels & Resorts, Inc. (4)                                    1%             108       16.18          1,747
IIPR        Innovative Industrial Properties, Inc. (4)                         1%              32       55.47          1,775
LAMR        Lamar Advertising Company (4)                                      1%              14      123.58          1,730
NNN         NNN REIT Inc. (4)                                                  1%              41       43.21          1,772
OUT         OUTFRONT Media Inc. (4)                                            1%             103       16.99          1,750
RYN         Rayonier Inc. (4)                                                  1%              76       23.08          1,754
RHP         Ryman Hospitality Properties, Inc. (4)                             1%              17      102.32          1,739
SBRA        Sabra Health Care REIT, Inc. (4)                                   1%              95       18.40          1,748
SPG         Simon Property Group, Inc. (4)                                     1%              11      163.45          1,798
STAG        STAG Industrial, Inc. (4)                                          1%              48       36.39          1,747
VICI        VICI Properties Inc. (4)                                           1%              53       33.01          1,750
Utilities (6%):
SBS         Cia. de Saneamento Basico do Estado de Sao Paulo - SABESP
            (ADR) +                                                            2%             167       20.96          3,500
CIG         Companhia Energetica de Minas Gerais-CEMIG (Preference) (ADR) +    2%           1,761        1.99          3,504
UGI         UGI Corporation                                                    2%             100       35.14          3,514
                                                                             ____                                   ________
                 Total Investments                                           100%                                   $175,244
                                                                             ====                                   ========

______________________

See "Notes to Schedules of Investments" on page 36.

Page 30

                            Schedule of Investments

                Target Growth Portfolio, 3rd Quarter 2025 Series
                                    FT 12330

     At the Opening of Business on the Initial Date of Deposit-July 9, 2025

                                                                                Percentage
                                                                                of Aggregate    Number      Market        Cost of
Ticker Symbol and                                                               Offering        of          Value per     Securities to
Name of Issuer of Securities (1)(3)                                             Price           Shares      Share         the Trust (2)
___________________________________                                             ____________    ______      _________     _______________
COMMON STOCKS (100.00%):
Communication Services (6.45%):
NFLX      Netflix, Inc. *                                                         3.24%           4         $1,275.31     $  5,101
SPOT      Spotify Technology S.A. +*                                              3.21%           7            721.39        5,050
Consumer Discretionary (16.53%):
EAT       Brinker International, Inc. *                                           3.37%          31            171.28        5,310
CHWY      Chewy, Inc. (Class A) *                                                 3.33%         131             40.00        5,240
MELI      MercadoLibre, Inc. +*                                                   3.15%           2          2,476.60        4,953
RCL       Royal Caribbean Cruises Ltd. +                                          3.36%          16            330.20        5,283
URBN      Urban Outfitters, Inc. *                                                3.32%          74             70.51        5,218
Consumer Staples (3.33%):
SFM       Sprouts Farmers Market, Inc. *                                          3.33%          33            158.88        5,243
Financials (6.65%):
HOOD      Robinhood Markets, Inc. (Class A) *                                     3.31%          57             91.27        5,202
SEZL      Sezzle Inc. *                                                           3.34%          32            164.13        5,252
Health Care (10.07%):
EXEL      Exelixis, Inc. *                                                        3.35%         121             43.51        5,265
HIMS      Hims & Hers Health, Inc. *                                              3.33%         107             48.96        5,239
PODD      Insulet Corporation *                                                   3.39%          18            296.51        5,337
Industrials (20.01%):
FER       Ferrovial SE +                                                          3.34%         100             52.59        5,259
HWM       Howmet Aerospace Inc.                                                   3.31%          29            179.46        5,204
IESC      IES Holdings, Inc. *                                                    3.36%          18            293.78        5,288
NXT       Nextracker Inc. (Class A) *                                             3.33%          82             63.94        5,243
STRL      Sterling Infrastructure, Inc. *                                         3.32%          23            227.02        5,221
UBER      Uber Technologies, Inc. *                                               3.35%          54             97.48        5,264
Information Technology (20.26%):
APP       Applovin Corp. (Class A) *                                              3.29%          15            344.75        5,171
KLAC      KLA Corporation                                                         3.51%           6            919.22        5,515
LRCX      Lam Research Corporation                                                3.36%          53             99.83        5,291
MPWR      Monolithic Power Systems, Inc.                                          3.39%           7            761.31        5,329
NVDA      NVIDIA Corporation                                                      3.36%          33            160.00        5,280
UI        Ubiquiti Inc.                                                           3.35%          13            405.83        5,276
Materials (13.32%):
AU        AngloGold Ashanti Plc +                                                 3.33%         116             45.22        5,246
CRS       Carpenter Technology Corporation                                        3.33%          19            275.47        5,234
KGC       Kinross Gold Corporation +                                              3.33%         345             15.19        5,241
NEM       Newmont Corporation                                                     3.33%          91             57.61        5,243
Utilities (3.38%):
VST       Vistra Corp.                                                            3.38%          28            190.18        5,325
                                                                                _______                                   ________
            Total Investments                                                   100.00%                                   $157,323
                                                                                =======                                   ========
___________

See "Notes to Schedules of Investments" on page 36.

Page 31

                            Schedule of Investments

                 Target VIP Portfolio, 3rd Quarter 2025 Series
                                   FT 12330

    At the Opening of Business on the Initial Date of Deposit-July 9, 2025

                                                                                Percentage
                                                                                of Aggregate    Number      Market        Cost of
Ticker Symbol and                                                               Offering        of          Value per     Securities to
Name of Issuer of Securities (1)(3)                                             Price           Shares      Share         the Trust (2)
___________________________________                                             ____________    ______      _________     _______________
COMMON STOCKS (100.00%):
Communication Services (13.66%):
CHTR            Charter Communications, Inc. (Class A) *                          0.17%            11       $  411.66     $    4,528
CMCSA           Comcast Corporation (Class A)                                     1.50%         1,128           36.00         40,608
EVER            EverQuote, Inc. (Class A) *                                       0.27%           297           24.53          7,285
FOXA            Fox Corporation (Class A)                                         0.27%           132           55.09          7,272
MSGE            Madison Square Garden Entertainment Corp. (Class A) *             0.55%           394           37.95         14,952
MTCH            Match Group Inc.                                                  0.09%            74           32.44          2,401
META            Meta Platforms Inc. (Class A)                                     4.16%           157          720.67        113,145
NFLX            Netflix, Inc. *                                                   2.49%            53        1,275.31         67,591
ORA FP          Orange #                                                          0.83%         1,479           15.30         22,633
VZ              Verizon Communications Inc.                                       3.33%         2,103           43.06         90,555
Consumer Discretionary (9.70%):
ADT             ADT Inc.                                                          0.18%           567            8.40          4,763
ATGE            Adtalem Global Education Inc. *                                   0.17%            38          120.00          4,560
BMW GY          Bayerische Motoren Werke (BMW) AG #                               0.83%           242           93.56         22,643
BJRI            BJ's Restaurants, Inc. *                                          0.30%           181           44.45          8,045
BKNG            Booking Holdings Inc.                                             0.84%             4        5,713.33         22,853
CBRL            Cracker Barrel Old Country Store, Inc.                            0.44%           179           66.37         11,880
FIGS            FIGS, Inc. (Class A) *                                            0.28%         1,317            5.82          7,665
FWRG            First Watch Restaurant Group, Inc. *                              0.32%           481           18.03          8,672
GT              The Goodyear Tire & Rubber Company *                              0.17%           393           11.55          4,539
MBG GY          Mercedes-Benz Group AG #                                          0.83%           379           59.65         22,608
ORLY            O'Reilly Automotive, Inc. *                                       1.62%           480           91.64         43,987
PTLO            Portillo's Inc. (Class A) *                                       0.23%           521           11.95          6,226
RVLV            Revolve Group, Inc. *                                             0.44%           570           20.79         11,850
TPR             Tapestry, Inc.                                                    0.79%           232           92.21         21,393
ULTA            Ulta Beauty, Inc. *                                               0.87%            49          483.21         23,677
URBN            Urban Outfitters, Inc. *                                          0.17%            65           70.51          4,583
VOW GY          Volkswagen AG #                                                   0.83%           206          109.95         22,650
WINA            Winmark Corporation                                               0.39%            29          363.85         10,552
Consumer Staples (2.61%):
MO              Altria Group, Inc.                                                0.55%           251           59.54         14,945
BJ              BJ's Wholesale Club Holdings, Inc. *                              0.36%            92          107.64          9,903
BATS LN         British American Tobacco Plc #                                    0.83%           472           47.93         22,625
HLF             Herbalife Ltd. +*                                                 0.17%           452           10.02          4,529
MNST            Monster Beverage Corporation *                                    0.50%           221           61.59         13,612
SYY             Sysco Corporation                                                 0.20%            72           76.53          5,510
Energy (4.09%):
ARIS            Aris Water Solution, Inc. (Class A)                               0.23%           255           24.31          6,199
BKR             Baker Hughes Company (Class A)                                    0.19%           126           40.11          5,054
BP/ LN          BP Plc #                                                          0.83%         4,342            5.21         22,636
ENI IM          Eni SpA #                                                         0.83%         1,368           16.55         22,636
EQNR NO         Equinor ASA #                                                     0.83%           874           25.90         22,639
SLB             Schlumberger Limited +                                            0.23%           169           36.54          6,175
TPL             Texas Pacific Land Corporation                                    0.12%             3        1,046.47          3,139
TTE FP          TotalEnergies SE #                                                0.83%           365           61.94         22,608

Page 32

                       Schedule of Investments (cont'd.)

                 Target VIP Portfolio, 3rd Quarter 2025 Series
                                    FT 12330

     At the Opening of Business on the Initial Date of Deposit-July 9, 2025

                                                                                Percentage
                                                                                of Aggregate    Number      Market        Cost of
Ticker Symbol and                                                               Offering        of          Value per     Securities to
Name of Issuer of Securities (1)(3)                                             Price           Shares      Share         the Trust (2)
___________________________________                                             ____________    ______      _________     _______________
Financials (14.03%):
BNP FP          BNP Paribas S.A. #                                                0.83%           253       $   89.57     $   22,661
CABK SM         CaixaBank, S.A. #                                                 0.83%         2,541            8.91         22,637
ACA FP          Credit Agricole S.A. #                                            0.83%         1,205           18.78         22,628
DNB NO          DNB Bank ASA #                                                    0.83%           808           28.00         22,626
EZPW            EZCORP, Inc. *                                                    0.23%           461           13.66          6,297
FCF             First Commonwealth Financial Corporation                          0.53%           848           17.07         14,475
GL              Globe Life Inc.                                                   0.04%             9          121.09          1,090
GS              The Goldman Sachs Group, Inc.                                     3.34%           130          697.28         90,646
HCI             HCI Group, Inc.                                                   0.50%            95          142.33         13,521
INGA NA         ING Groep N.V. #                                                  0.83%         1,002           22.60         22,640
ISP IM          Intesa Sanpaolo SpA #                                             0.83%         3,911            5.79         22,638
MA              Mastercard Incorporated                                           2.15%           104          562.44         58,494
NDA FH          Nordea Bank Abp #                                                 0.83%         1,529           14.81         22,646
CASH            Pathward Financial Inc.                                           0.59%           191           83.59         15,966
PYPL            PayPal Holdings, Inc. *                                           0.31%           112           75.03          8,403
WT              WisdomTree, Inc.                                                  0.53%         1,167           12.24         14,284
Health Care (16.91%):
AHCO            AdaptHealth Corp. *                                               0.37%         1,045            9.53          9,959
A               Agilent Technologies, Inc.                                        0.53%           119          121.01         14,400
CAH             Cardinal Health, Inc.                                             1.00%           165          164.45         27,134
CDNA            CareDx, Inc. *                                                    0.31%           435           19.25          8,374
COLL            Collegium Pharmaceutical, Inc. *                                  0.30%           256           31.57          8,082
EXEL            Exelixis, Inc. *                                                  0.30%           188           43.51          8,180
GILD            Gilead Sciences, Inc.                                             0.63%           153          111.06         16,992
HRMY            Harmony Biosciences Holdings, Inc. *                              0.56%           461           32.75         15,098
HCA             HCA Healthcare, Inc.                                              2.28%           164          377.60         61,926
IDXX            IDEXX Laboratories, Inc. *                                        0.87%            44          538.84         23,709
LMAT            LeMaitre Vascular, Inc.                                           0.56%           182           83.91         15,272
MRK             Merck & Co., Inc.                                                 3.33%         1,113           81.37         90,565
MTD             Mettler-Toledo International Inc. +*                              0.40%             9        1,206.53         10,859
SUPN            Supernus Pharmaceuticals, Inc. *                                  0.59%           500           32.09         16,045
THC             Tenet Healthcare Corporation *                                    0.40%            63          172.39         10,861
UNH             UnitedHealth Group Incorporated                                   3.33%           294          307.70         90,464
VEEV            Veeva Systems Inc. (Class A) *                                    1.15%           111          280.63         31,150
Industrials (14.94%):
MMM             3M Company                                                        3.33%           589          153.74         90,553
AMSC            American Superconductor Corporation *                             0.53%           368           38.93         14,326
BLBD            Blue Bird Corporation *                                           0.43%           256           45.20         11,571
FIX             Comfort Systems USA, Inc.                                         0.49%            25          527.42         13,186
CPA             Copa Holdings, S.A. +                                             0.17%            42          109.34          4,592
CSGS            CSG Systems International, Inc.                                   0.54%           230           64.18         14,761
CW              Curtiss-Wright Corporation                                        0.46%            26          481.23         12,512
DNOW            DNOW Inc. *                                                       0.43%           832           14.15         11,773
EME             EMCOR Group, Inc.                                                 0.62%            31          541.34         16,782
FAST            Fastenal Company                                                  0.17%           106           42.84          4,541
GBX             The Greenbrier Companies, Inc.                                    0.52%           252           55.93         14,094

Page 33

                       Schedule of Investments (cont'd.)

                 Target VIP Portfolio, 3rd Quarter 2025 Series
                                    FT 12330

     At the Opening of Business on the Initial Date of Deposit-July 9, 2025

                                                                                Percentage
                                                                                of Aggregate    Number      Market        Cost of
Ticker Symbol and                                                               Offering        of          Value per     Securities to
Name of Issuer of Securities (1)(3)                                             Price           Shares      Share         the Trust (2)
___________________________________                                             ____________    ______      _________     _____________
Industrials (cont'd.):
HWM             Howmet Aerospace Inc.                                             2.41%           366       $  179.46     $   65,682
ITW             Illinois Tool Works Inc.                                          0.62%            65          257.90         16,764
KMT             Kennametal Inc.                                                   0.54%           615           23.86         14,674
LZ              LegalZoom.com, Inc. *                                             0.49%         1,476            9.01         13,299
ODFL            Old Dominion Freight Line, Inc.                                   0.28%            46          167.38          7,699
SHLS            Shoals Technologies Group, Inc. (Class A) *                       0.32%         1,503            5.72          8,590
STRL            Sterling Infrastructure, Inc. *                                   0.18%            22          227.02          4,994
SNCY            Sun Country Airlines Holdings, Inc. *                             0.20%           427           12.77          5,453
UPWK            Upwork Inc. *                                                     0.53%         1,069           13.50         14,432
VVX             V2X Inc. *                                                        0.47%           261           49.23         12,849
VOLVB SS        Volvo AB (Class B) #                                              0.83%           806           28.07         22,627
WWD             Woodward, Inc.                                                    0.38%            41          249.85         10,244
Information Technology (18.92%):
ACMR            ACM Research, Inc. (Class A) *                                    0.54%           511           28.53         14,579
AEHR            Aehr Test Systems, Inc. *                                         0.13%           237           15.17          3,595
APH             Amphenol Corporation                                              2.98%           832           97.41         81,045
AAPL            Apple Inc.                                                        4.17%           539          210.01        113,195
APP             Applovin Corp. (Class A) *                                        0.52%            41          344.75         14,135
BHE             Benchmark Electronics, Inc.                                       0.43%           292           39.96         11,668
CLS             Celestica Inc. +*                                                 0.45%            78          155.70         12,145
DJCO            Daily Journal Corporation *                                       0.16%            11          401.90          4,421
PLUS            ePlus inc. *                                                      0.55%           214           70.37         15,059
FTNT            Fortinet, Inc. *                                                  0.37%            93          107.54         10,001
GDYN            Grid Dynamics Holdings, Inc. *                                    0.31%           694           12.24          8,495
JBL             Jabil Inc.                                                        0.60%            74          221.86         16,418
KLAC            KLA Corporation                                                   0.54%            16          919.22         14,708
NVDA            NVIDIA Corporation                                                4.16%           707          160.00        113,120
PLTR            Palantir Technologies Inc. (Class A) *                            1.48%           287          139.71         40,097
QCOM            QUALCOMM Incorporated                                             1.33%           226          159.45         36,036
VRSN            VeriSign, Inc.                                                    0.20%            19          286.85          5,450
Materials (1.22%):
CF              CF Industries Holdings, Inc.                                      0.39%           108           97.12         10,489
RIO LN          Rio Tinto Plc #                                                   0.83%           386           58.58         22,612
Utilities (3.92%):
CEG             Constellation Energy Corporation                                  0.45%            39          312.84         12,201
ENEL IM         Enel SpA #                                                        0.83%         2,404            9.42         22,639
ENGI FP         Engie S.A. #                                                      0.83%           982           23.05         22,631
HTO             H2O America                                                       0.54%           282           51.82         14,613
NWN             Northwest Natural Holding Company                                 0.50%           329           41.03         13,499
NRG             NRG Energy, Inc.                                                  0.77%           139          151.27         21,027
                                                                                _______                                   __________
                  Total Investments                                             100.00%                                   $2,716,924
                                                                                =======                                   ==========
___________

See "Notes to Schedules of Investments" on page 36.

Page 34

                            Schedule of Investments

           Value Line(R) Target 25 Portfolio, 3rd Quarter 2025 Series
                                    FT 12330

    At the Opening of Business on the Initial Date of Deposit-July 9, 2025

                                                                                Percentage
                                                                                of Aggregate    Number      Market        Cost of
Ticker Symbol and                                                               Offering        of          Value per     Securities to
Name of Issuer of Securities (1)(3)                                             Price           Shares      Share         the Trust (2)
___________________________________                                             ____________    ______      _________     _____________
COMMON STOCKS (100.00%):
Consumer Discretionary (10.22%):
ADT         ADT Inc.                                                              1.05%         203         $  8.40       $  1,705
ATGE        Adtalem Global Education Inc. *                                       1.04%          14          120.00          1,680
GT          The Goodyear Tire & Rubber Company *                                  1.01%         141           11.55          1,629
TPR         Tapestry, Inc.                                                        2.84%          50           92.21          4,610
ULTA        Ulta Beauty, Inc. *                                                   3.28%          11          483.21          5,315
URBN        Urban Outfitters, Inc. *                                              1.00%          23           70.51          1,622
Consumer Staples (3.19%):
BJ          BJ's Wholesale Club Holdings, Inc. *                                  2.19%          33          107.64          3,552
HLF         Herbalife Ltd. +*                                                     1.00%         162           10.02          1,623
Health Care (30.92%):
CAH         Cardinal Health, Inc.                                                 5.99%          59          164.45          9,703
EXEL        Exelixis, Inc. *                                                      1.80%          67           43.51          2,915
HCA         HCA Healthcare, Inc.                                                 13.75%          59          377.60         22,278
THC         Tenet Healthcare Corporation *                                        2.45%          23          172.39          3,965
VEEV        Veeva Systems Inc. (Class A) *                                        6.93%          40          280.63         11,225
Industrials (24.56%):
FIX         Comfort Systems USA, Inc.                                             2.93%           9          527.42          4,747
CPA         Copa Holdings, S.A. +                                                 1.01%          15          109.34          1,640
CW          Curtiss-Wright Corporation                                            2.67%           9          481.23          4,331
EME         EMCOR Group, Inc.                                                     3.67%          11          541.34          5,955
HWM         Howmet Aerospace Inc.                                                10.85%          98          179.46         17,587
STRL        Sterling Infrastructure, Inc. *                                       1.12%           8          227.02          1,816
WWD         Woodward, Inc.                                                        2.31%          15          249.85          3,748
Information Technology (24.10%):
APH         Amphenol Corporation                                                 17.85%         297           97.41         28,931
CLS         Celestica Inc. +*                                                     2.69%          28          155.70          4,360
JBL         Jabil Inc.                                                            3.56%          26          221.86          5,768
Materials (2.34%):
CF          CF Industries Holdings, Inc.                                          2.34%          39           97.12          3,788
Utilities (4.67%):
NRG         NRG Energy, Inc.                                                      4.67%          50          151.27          7,564
                                                                                _______                                   ________
              Total Investments                                                 100.00%                                   $162,057
                                                                                =======                                   ========
___________

See "Notes to Schedules of Investments" on page 36.

Page 35

                       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
July 9, 2025. Such purchase contracts are expected to settle within two
business days.

(2) The cost of the Securities to a Trust represents the aggregate underlying
value with respect to the Securities acquired-generally determined by the
closing sale prices of the Securities on the applicable exchange (where
applicable, converted into U.S. dollars at the exchange rate at the Evaluation
Time) at the Evaluation Time on the business day prior to the Initial Date of
Deposit. The Sponsor at its discretion, may make adjustments to the prices of
Securities held by a Trust if an event occurs after the close of the market on
which a Security normally trades but before the Evaluation Time, depending on
the nature and significance of the event, consistent with applicable
regulatory guidance relating to fair value pricing. 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 a Trust) are set forth below:

                                                                           Cost of Securities    Profit
                                                                               to Sponsor        (Loss)
                                                                           __________________    ______
The Dow(R) Target Dividend Portfolio, 3rd Quarter 2025 Series                $  179,120        $(1,162)
S&P Dividend Aristocrats Target 25 Portfolio, 3rd Quarter 2025 Series           180,147            (425)
S&P Target 24 Portfolio, 3rd Quarter 2025 Series                                302,634             (94)
S&P Target SMid 60 Portfolio, 3rd Quarter 2025 Series                           167,765          (1,108)
Target Diversified Dividend Portfolio,3rd Quarter 2025 Series                   175,826            (701)
Target Focus Four Portfolio, 3rd Quarter 2025 Series                            543,543          (3,491)
Target Global Dividend Leaders Portfolio, 3rd Quarter 2025 Series               175,642            (398)
Target Growth Portfolio, 3rd Quarter 2025 Series                                158,461          (1,138)
Target VIP Portfolio, 3rd Quarter 2025 Series                                 2,729,000         (12,076)
Value Line(R) Target 25 Portfolio, 3rd Quarter 2025 Series                      163,070          (1,013)

(3) Common stocks of companies headquartered or incorporated outside the
United States comprise the approximate percentage of the investments of the
Trusts as indicated:

The Dow(R) Target Dividend Portfolio, 3rd Quarter 2025 Series , 5.00%
(consisting of Bermuda, 5.00%).

S&P Dividend Aristocrats Target 25 Portfolio, 3rd Quarter 2025 Series, 4.00%
(consisting of Switzerland, 4.00%).

S&P Target 24 Portfolio, 3rd Quarter 2025 Series, 3.75%
(consisting of Curacao, 1.36% and Switzerland, 2.39%).

S&P Target SMid 60 Portfolio, 3rd Quarter 2025 Series, 1.11%
(consisting of Cayman Islands, 1.11%).

Target Diversified Dividend Portfolio, 3rd Quarter 2025 Series, 22.51%
(consisting of Greece, 5.00%; Ireland, 2.50%; Israel, 2.49%; Jordan, 2.50%;
Monaco, 2.50%; Panama, 2.51%; Switzerland, 2.51% and United Kingdom, 2.50%).

Target Focus Four Portfolio, 3rd Quarter 2025 Series, 13.26%
(consisting of Australia, 0.40%; Bermuda, 1.50%; Brazil, 1.20%; Canada, 1.61%;
Cayman Islands, 0.63%; Colombia, 0.40%; France, 0.40%; Italy, 0.40%; Japan,
2.01%; Luxembourg, 0.40%; The Netherlands, 0.40%; Norway, 0.40%; Panama,
0.30%; South Korea, 0.41%; Spain, 0.80%; Taiwan, 0.40% and United Kingdom,
1.60%).

Target Global Dividend Leaders Portfolio, 3rd Quarter 2025 Series, 40.00%
(consisting of Brazil, 10.00%; Canada, 2.00%; China, 4.00%; Greece, 2.00%;
Israel, 2.00%; Luxembourg, 2.00%; Mexico, 2.00%; Monaco, 2.00%; Panama, 2.00%;
Singapore, 4.00%; South Korea, 4.00%; Sweden, 2.00% and Taiwan, 2.00%).

Target Growth Portfolio, 3rd Quarter 2025 Series, 19.72%
(consisting of Canada, 3.33%; Liberia, 3.36%; The Netherlands, 3.34%; Sweden,
3.21%; United Kingdom, 3.33% and Uruguay, 3.15%).

Target VIP Portfolio, 3rd Quarter 2025 Series, 18.02%
(consisting of Canada, 0.45%; Cayman Islands, 0.17%; Curacao, 0.23%; Finland,
0.83%; France, 4.15%; Germany, 2.49%; Italy, 2.49%; The Netherlands, 0.83%;
Norway, 1.66%; Panama, 0.17%; Spain, 0.83%; Sweden, 0.83%; Switzerland, 0.40%
and United Kingdom, 2.49%).

Value Line(R) Target 25 Portfolio, 3rd Quarter 2025 Series , 4.70%
(consisting of Canada, 2.69%; Cayman Islands, 1.00% and Panama, 1.01%).

Page 36

(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 the approximate percentage of the investments of the Trusts as
indicated:

S&P Target SMid 60 Portfolio, 3rd Quarter 2025 Series, 7.77%
Target Focus Four Portfolio, 3rd Quarter 2025 Series, 2.32%
Target Global Dividend Leaders Portfolio, 3rd Quarter 2025 Series, 20.00%

(5) This Security represents the common stock of a variable interest entity
("VIE"). VIEs comprise the approximate percentage of the investments of the
Trusts as indicated:

Target Global Dividend Leaders Portfolio, 3rd Quarter 2025 Series, 4.00%

+ 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 the common stock of a foreign company which trades
on a foreign securities exchange.

* This Security represents a non-income producing security.

Page 37

                        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 12330, consists of
10 separate portfolios set forth below:

- Dow(R) Target Dvd. 3Q '25 - Term 10/9/26
(The Dow(R) Target Dividend Portfolio, 3rd Quarter 2025 Series)

- S&P Dvd. Aristocrats Target 25 3Q '25 - Term 10/9/26
(S&P Dividend Aristocrats Target 25 Portfolio, 3rd Quarter 2025 Series)

- S&P Target 24 3Q '25 - Term 10/9/26
(S&P Target 24 Portfolio, 3rd Quarter 2025 Series)

- S&P Target SMid 60 3Q '25 - Term 10/9/26
(S&P Target SMid 60 Portfolio, 3rd Quarter 2025 Series)

- Target Divsd. Dvd. 3Q '25 - Term 10/9/26
(Target Diversified Dividend Portfolio, 3rd Quarter 2025 Series)

- Target Focus 4 3Q '25 - Term 10/9/26
(Target Focus Four Portfolio, 3rd Quarter 2025 Series)

- Target Global Dvd. Leaders 3Q '25 - Term 10/9/26
(Target Global Dividend Leaders Portfolio, 3rd Quarter 2025 Series)

- Target Growth 3Q '25 - Term 10/9/26
(Target Growth Portfolio, 3rd Quarter 2025 Series)

- Target VIP 3Q '25 - Term 10/9/26
(Target VIP Portfolio, 3rd Quarter 2025 Series)

- Value Line(R) Target 25 3Q '25 - Term 10/9/26
(Value Line(R) Target 25 Portfolio, 3rd Quarter 2025 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.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 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 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
such Trust.

Page 38

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 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. To achieve this objective, each
Trust will invest in the common stocks of companies which are selected by
applying a unique specialized strategy. 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. Under normal circumstances, the Dow(R)
Target Dividend Portfolio, S&P Dividend Aristocrats Target 25 Portfolio,
Target Diversified Dividend Portfolio and Target Global Dividend Leaders
Portfolio will invest at least 80% of their assets in dividend-paying
securities and the S&P Target SMid 60 Portfolio will invest at least 80% of
its assets in small and/or mid capitalization companies. Under normal
circumstances, the Target Global Dividend Leaders Portfolio will invest at
least 40% of its assets in non-U.S. securities.

The Dow(R) Target Dividend Portfolio, the S&P Target SMid 60 Portfolio and the
Target Focus Four Portfolio are concentrated (i.e., invest 25% or more of
Trust assets) in stocks of companies within the financials sector. The S&P
Dividend Aristocrats Target 25 Portfolio is concentrated in stocks of
companies within the industrials sector. The S&P Target 24 Portfolio is
concentrated within the information technology sector. The Value Line(R)
Target 25 Portfolio is concentrated in stocks within the health care sector.

Portfolio Selection Process.

            The Dow(R) Target Dividend Portfolio

The Dow(R) Target Dividend Strategy selects a portfolio of the 20 stocks from
the Dow Jones U.S. Select Dividend Index(sm) with the best overall ranking
on both the change in return on assets over the last 12 months and price to
book as a means to seek to achieve its investment objective.

The Dow(R) Target Dividend Strategy stocks are determined as follows:

Step 1: We rank all 100 stocks contained in the Dow Jones U.S. Select Dividend
Index(sm) as of two business days prior to the date of this prospectus
(best [1] to worst [100]) by the following equally-weighted factors:

- Change in return on assets over the last 12 months. An increase in return on
assets is generally used as an indication of improving business fundamentals
and would receive a higher ranking than a stock with a negative change in
return on assets.

- Price to book. A lower, but positive, price to book ratio is generally used
as an indication of value.

Step 2: We then select an equally-weighted portfolio of the 20 stocks with the
best overall combined ranking on the two factors for The Dow(R) Target
Dividend Strategy. In the event of a tie, the stock with the better price to
book ratio is selected.

Companies which, as of the business day prior to the Initial Date of Deposit,
Dow Jones has announced will be removed from the Dow Jones U.S. Select
Dividend Index(sm), or that are likely to be removed, based on Dow Jones
selection criteria, from the Dow Jones U.S. Select Dividend Index(sm)
within thirty days from the selection date, have been removed from the
universe of securities from which The Dow(R) Target Dividend Strategy stocks
are selected.

        S&P Dividend Aristocrats Target 25 Portfolio

The S&P Dividend Aristocrats Target 25 Strategy invests in companies from the
S&P 500(R) Dividend Aristocrats(R) Index. The index consists of companies from
the S&P 500(R) Index that have increased dividends every year for the last 25
consecutive years. The S&P Dividend Aristocrats Target 25 Strategy stocks are
determined as follows:

Step 1: We begin with all stocks contained in the S&P 500(R) Dividend
Aristocrats(R) Index as of two business days prior to the date of this
prospectus. Regulated investment companies, limited partnerships and business
development companies are not eligible for selection.

Step 2: We rank each stock on three equally-weighted factors:

- 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.

- Price to cash flow. Measures the cost of a company's stock for every dollar
of cash flow generated. A lower, but positive, ratio indicates investors are

Page 39

paying less for the cash flow generated which can be a sign of value.

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

Step 3: We rank each of the companies by their combined factor scores.

Step 4: We select an approximately equally-weighted portfolio of the best
scoring 25 stocks with a maximum of seven stocks from any one of the major
Global Industry Classification Standard ("GICS(R)") market sectors. If more
than seven stocks from any one of the major GICS(R) sectors are selected,
these stocks are excluded and replaced with the next best scoring stocks which
satisfy the criteria set forth above. In the event of a tie, the stock with
the better return-on-assets ratio is selected.

                   S&P Target 24 Portfolio

The S&P Target 24 Strategy selects a portfolio of 24 common stocks from the
S&P 500(R) Index which are based on the following steps:

Step 1: All of the economic sectors in the S&P 500(R) Index are ranked by
market capitalization as of two business days prior to the date of this
prospectus and the eight largest sectors are selected.

Step 2: The stocks in each of those eight sectors are then ranked among their
peers based on three distinct factors:

- Trailing four quarters' return on assets, which is net income divided by
average assets. Those stocks with high return on assets achieve better rankings;

- Buyback yield, which measures the percentage decrease in common stock
outstanding versus one year earlier. Those stocks with greater percentage
decreases receive better rankings; and

- Bullish interest indicator, which is measured over the trailing 12 months by
subtracting the number of shares traded in months in which the stock price
declined from the number of shares traded in months in which the stock price
rose and dividing the resulting number by the total number of shares traded
over the 12-month period. Those stocks with a high bullish interest indicator
achieve better rankings.

Step 3: The three stocks from each of the eight sectors with the highest
combined ranking on these three factors are selected for S&P Target 24
Strategy. In the event of a tie within a sector, the stock with the higher
market capitalization is selected.

Each stock receives a weighting equivalent to its relative market value among
the three stocks from the individual sector. The combined weight of the three
stocks for a sector is equal to the sector's equivalent weighting among the
eight sectors from which stocks are selected. However, no individual stock
will comprise 25% or more of the S&P Target 24 Portfolio as of the date of
this prospectus. The Securities will be adjusted on a proportionate basis to
accommodate this constraint.

                S&P Target SMid 60 Portfolio

This small and mid-capitalization strategy is designed to identify stocks with
improving fundamental performance and market sentiment. The S&P Target SMid 60
Strategy stocks are determined as follows:

Step 1: We begin with the stocks that comprise the Standard & Poor's MidCap
400(R) Index ("S&P MidCap 400(R)") and the Standard & Poor's SmallCap 600(R)
Index ("S&P SmallCap 600(R)") as of two business days prior to the date of
this prospectus.

Step 2: We rank the stocks in each index by price to book value and select the
best quartile from each index-100 stocks from the S&P MidCap 400(R) and 150
stocks from the S&P SmallCap 600(R) with the lowest, but positive, price to
book ratio.

Step 3:We rank each stock on three equally-weighted factors:

      - Price to cash flow;

      - 12-month change in return on assets; and

      - 3-month price appreciation.

Step 4: We eliminate any regulated investment companies, limited partnerships,
business development companies and any stock with a market capitalization of
less than $250 million and with an average daily trading volume of less than
$250,000.

Step 5: The 30 stocks from each index with the highest combined ranking on the
three factors set forth in Step 3 are selected for the portfolio. In the event
of a tie, the stock with the better price to cash flow ratio is selected.

Step 6: The stocks selected from the S&P MidCap 400(R) are given approximately
twice the weight of the stocks selected from the S&P SmallCap 600(R), taking
into consideration that only whole shares will be purchased.

Page 40

            Target Diversified Dividend Portfolio

The Target Diversified Dividend Strategy seeks above-average total return
through a combination of capital appreciation and dividend income by adhering
to a simple investment strategy; however, there is no assurance the objective
will be met. The Target Diversified Dividend Strategy stocks are determined as
follows:

Step 1: We begin with all stocks traded on a U.S. exchange as of two business
days prior to the date of this prospectus and screen for the following:

      - Minimum market capitalization of $250 million;

      - Minimum three-month average daily trading volume of $1.5 million; and

      - Minimum stock price of $5.

Step 2: We eliminate REITs, American Depositary Receipts/ADRs, regulated
investment companies and limited partnerships.

Step 3: We select only those stocks with positive three-year dividend growth.

Step 4: We rank each remaining stock on three factors:

      - Indicated dividend yield - 50%;

      - Price to book - 25%; and

      - Payout ratio - 25%.

Step 5: We purchase an approximately equally-weighted portfolio consisting of
four stocks from each of the major S&P GICS(R) market sectors with the highest
combined ranking on the three factors. 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 book ratio is selected.

                 Target Focus Four Portfolio

The Target Focus Four Portfolio invests in the common stocks of companies
which are selected by applying four separate uniquely specialized strategies.

The composition of the Target Focus Four Portfolio on the Initial Date of
Deposit is as follows:

- Approximately 30% of the portfolio is composed of common stocks which
comprise The Dow(R) Target Dividend Strategy;

- Approximately 30% of the portfolio is composed of common stocks which
comprise the S&P Target SMid 60 Strategy;

- Approximately 30% of the portfolio is composed of common stocks which
comprise the Value Line(R) Target 25 Strategy; and

- Approximately 10% of the portfolio is composed of common stocks which
comprise the NYSE(R) International Target 25 Strategy.

The Securities which comprise The Dow(R) Target Dividend Strategy and the S&P
Target SMid 60 Strategy portions of the Trust were chosen by applying the same
selection criteria set forth above under the captions "The Dow(R) Target
Dividend Portfolio" and "S&P Target SMid 60 Portfolio," respectively. The
Securities which comprise the Value Line(R) Target 25 Strategy and the NYSE(R)
International Target 25 Strategy were selected as follows:

Value Line(R) Target 25 Strategy.

The Value Line(R) Target 25 Strategy invests in 25 of the 100 stocks that
Value Line(R) gives a #1 ranking for Timeliness(TM) which have recently
exhibited certain positive financial attributes. Value Line(R) ranks 1,700
stocks which represent approximately 90% of the trading volume on all U.S.
stock exchanges. Of these 1,700 stocks, only 100 are given their #1 ranking
for Timeliness(TM), which measures Value Line's view of their probable price
performance during the next six to 12 months relative to the others. Value
Line(R) bases their rankings on various factors, including long-term trend of
earnings, prices, recent earnings, price momentum, and earnings surprise. The
Value Line(R) Target 25 Strategy stocks are determined as follows:

Step 1: We start with the 100 stocks which Value Line(R), as of two business
days prior to the date of this prospectus, gives their #1 ranking for
Timeliness(TM) and apply the following rankings as of two business days
prior to the date of this prospectus.

Step 2: We rank these stocks for consistent growth based on 12-month and 6-
month price appreciation (best [1] to worst [100]).

Step 3: We then rank the stocks for profitability by their return on assets.

Step 4: Finally, we rank the stocks for value based on their price to cash flow.

Step 5: We add up the numerical ranks achieved by each company in the above
steps and select the 25 eligible stocks with the lowest sums for the Value
Line(R) Target 25 Strategy. Stocks of financial companies, as defined by
S&P's GICS(R), the stocks of companies whose shares are not listed on a U.S.
securities exchange, and stocks of limited partnerships are not eligible for
inclusion in the Value Line(R) Target 25 Strategy stocks. In the event of a
tie, the stock with the greatest 6-month price appreciation is selected.

The stocks which comprise the Value Line(R) Target 25 Strategy are weighted
by market capitalization subject to the restriction that no stock will

Page 41

comprise less than approximately 1% or 25% or more of the Value Line(R)
Target 25 Strategy portion of the portfolio on the date of this prospectus.
The Securities will be adjusted on a proportionate basis to accommodate this
constraint.

NYSE(R) International Target 25 Strategy.

The NYSE(R) International Target 25 Strategy provides investors with a way to
strategically invest in foreign companies. The NYSE(R) International Target
25 Strategy stocks are determined as follows:

Step 1: We begin with the stocks that comprise the NYSE International 100
Index(sm) as of two business days prior to the date of this prospectus. The
index consists of the 100 largest non-U.S. stocks trading on the NYSE.

Step 2: We rank each stock on two equally-weighted factors:

      - Price to book; and

      - Price to cash flow.

Lower, but positive, price to book and price to cash flow ratios are generally
used as an indication of value.

Step 3: We screen for liquidity by eliminating companies with average daily
trading volume below $300,000 for the prior three months.

Step 4: We purchase an approximately equally-weighted portfolio of the 25
eligible stocks with the best overall ranking on the two factors, taking into
consideration that only whole shares will be purchased. In the event of a tie,
the stock with the better price to book ratio is selected.

          Target Global Dividend Leaders Portfolio

The Target Global Dividend Leaders Strategy stocks are determined based on
these steps:

Step 1: We establish three distinct universes as of two business days prior to
the Initial Date of Deposit which consist of the following:

      - Domestic equity - all U.S. stocks.

      - International equity - all foreign stocks that are listed on a U.S.
      securities exchange either directly or in the form of American Depositary
      Receipts/ADRs.

      - REITs - all U.S. REITs (including Mortgage REITs).

Step 2: Regulated investment companies and limited partnerships are excluded
from all universes. REITs (including Mortgage REITs) are also excluded from
the domestic and international equity universes.

Step 3: We select the stocks in each universe that meet the following criteria:

      - Market capitalization greater than $1 billion.

      - Three-month average daily trading volume greater than $1 million.

      - Current indicated dividend yield greater than twice that of the S&P
      500(R) Index at the time of selection.

Step 4: We rank the selected stocks within each universe on three
equally-weighted factors: price to cash flow; return on assets; and 3, 6 and
12-month price appreciation.

Step 5: We select the 20 stocks within each universe with the best overall
combined rankings. The domestic and international equity universes are subject
to a maximum of four stocks from any one of the major GICS(R) market sectors.
The Financials and Real Estate sectors are combined for the sector limit
purpose. If a universe has less than 20 eligible securities, all eligible
securities are selected.

Step 6: The universes are approximately weighted as shown below. Stocks are
approximately equally-weighted within their universe, taking into
consideration that only whole shares will be purchased.

      - 40% domestic equity.

      - 40% international equity.

      - 20% REITs.

                   Target Growth Portfolio

The Target Growth Strategy invests in stocks with large and/or mid market
capitalizations which have recently exhibited certain positive financial
attributes. The Target Growth Strategy stocks are determined as follows:

Step 1: We begin with all stocks traded on a U.S. exchange as of two business
days prior to the date of this prospectus and screen for the following:

      - Minimum market capitalization of $6 billion;

      - Minimum three month average daily trading volume of $5 million; and

      - Minimum stock price of $5.

Step 2: We eliminate REITs, American Depositary Receipts/ADRs, regulated
investment companies and limited partnerships.

Step 3: We select only those stocks with positive one year sales growth.

Step 4: We rank the remaining stocks on three equally-weighted factors:

      - Sustainable growth rate (a measurement of a company's implied growth
      rate that can be funded with its internal capital; it is calculated by

Page 42

      multiplying return on equity over the trailing 12 months by (1- payout
      ratio), where payout ratio is the trailing 12 months dividends per share
      divided by trailing 12 months earnings per share);

      - Change in return on assets; and

      - Recent 6-month price appreciation.

Step 5: We purchase an approximately equally-weighted portfolio of the 30
stocks with the highest combined ranking on the three factors, subject to a
maximum of six stocks from any one of the major GICS(R) market sectors. The
Financials and Real Estate sectors are combined for the sector limit purpose.
In the event of a tie, the stock with the higher sustainable growth rate is
selected.

                    Target VIP Portfolio

The Target VIP Portfolio invests in the common stocks of companies which are
selected by applying six separate uniquely specialized strategies.

The composition of the Target VIP Strategy on the Initial Date of Deposit is
as follows:

- Approximately 1/6 of the portfolio is composed of common stocks which
comprise The Dow(R) DART 5 Strategy;

- Approximately 1/6 of the portfolio is composed of common stocks which
comprise the European Target 20 Strategy;

- Approximately 1/6 of the portfolio is composed of common stocks which
comprise the Nasdaq(R) Target 15 Strategy;

- Approximately 1/6 of the portfolio is composed of common stocks which
comprise the S&P Target 24 Strategy;

- Approximately 1/6 of the portfolio is composed of common stocks which
comprise the Target Small-Cap Strategy; and

- Approximately 1/6 of the portfolio is composed of common stocks which
comprise the Value Line(R) Target 25 Strategy.

The Securities which comprise the S&P Target 24 Strategy and the Value Line(R)
Target 25 Strategy portions of the Trust were chosen by applying the same
selection criteria set forth above under the captions "S&P Target 24
Portfolio" and "Target Focus Four Portfolio," respectively. The Securities
which comprise The Dow(R) DART 5 Strategy, the European Target 20 Strategy,
the Nasdaq(R) Target 15 Strategy and the Target Small-Cap Strategy portions of
the Trust were selected as follows:

The Dow(R) Dividend and Repurchase Target 5 Strategy.

The Dow(R) DART 5 Strategy selects a portfolio of DJIA(R) stocks with high
dividend yields and/or high buyback ratios and high return on assets, as a
means to achieving the Strategy's investment objective. Buyback ratio is the
ratio of a company's shares of common stock outstanding 12 months prior to the
date of this prospectus compared to a company's shares outstanding as of the
business day prior to the date of this prospectus.

The Dow(R) DART 5 Strategy stocks are determined as follows:

Step 1: We rank all 30 stocks contained in the DJIA(R) by the sum of their
current indicated dividend yield and buyback ratio as of the business day
prior to the date of this prospectus.

Step 2: We then select the 10 stocks with the highest combined dividend yields
and buyback ratios.

Step 3: From the 10 stocks selected in Step 2, we select an approximately
equally-weighted portfolio of the five stocks with the greatest change in
return on assets in the most recent year as compared to the previous year for
The Dow(R) DART 5 Strategy.

European Target 20 Strategy.

The European Target 20 Strategy invests in stocks with high dividend yields.
By selecting stocks with the highest dividend yields, the European Target 20
Strategy seeks to uncover stocks that may be out of favor or undervalued. The
European Target 20 Strategy stocks are determined as follows:

Step 1: We rank the 120 largest companies based on market capitalization which
are domiciled in Austria, Belgium, Denmark, Finland, France, Germany, Greece,
Ireland, Italy, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland
and the United Kingdom by their current indicated dividend yield as of three
business days prior to the date of this prospectus.

Step 2: We select an approximately equally-weighted portfolio of the 20 highest
dividend-yielding stocks for the European Target 20 Strategy.

During the initial offering period, the Target VIP Portfolio will not invest
more than 5% of its portfolio in shares of any one securities-related issuer
contained in the European Target 20 Strategy.

Nasdaq(R) Target 15 Strategy.

The Nasdaq(R) Target 15 Strategy selects a portfolio of the 15 Nasdaq-100
Index(R) stocks with the best overall ranking on both 12- and 6-month price
appreciation, return on assets and price to cash flow as a means to achieving
its investment objective. The Nasdaq(R) Target 15 Strategy stocks are
determined as follows:

Page 43

Step 1: We select stocks which are components of the Nasdaq-100 Index(R) as of
two business days prior to the date of this prospectus and numerically rank
them by 12-month price appreciation (best [1] to worst [100]).

Step 2: We then numerically rank the stocks by 6-month price appreciation.

Step 3: The stocks are then numerically ranked by return on assets ratio.

Step 4: We then numerically rank the stocks by the ratio of cash flow per share
to stock price.

Step 5: We add up the numerical ranks achieved by each company in the above
steps and select the 15 stocks with the lowest sums for Nasdaq(R) Target 15
Strategy. In the event of a tie, the stock with the higher 6-month price
momentum is selected.

The stocks which comprise Nasdaq(R) Target 15 Strategy are weighted by market
capitalization subject to the restriction that only whole shares are purchased
and that no stock will comprise less than approximately 1% or 25% or more of
Nasdaq(R) Target 15 Strategy portion of the portfolio on the date of this
prospectus. The Securities will be adjusted on a proportionate basis to
accommodate this constraint.

Target Small-Cap Strategy.

The Target Small-Cap Strategy invests in stocks with small market
capitalizations which have recently exhibited certain positive financial
attributes. The Target Small-Cap Strategy stocks are determined as follows:

Step 1: We select the stocks of all U.S. companies which trade on the NYSE,
NYSE MTK (formerly the NYSE Amex) or Nasdaq, Inc. (excluding limited
partnerships, American Depositary Receipts/ADRs, business development
companies and mineral and oil royalty trusts) as of two business days prior to
the date of this prospectus.

Step 2: We then select companies which have a market capitalization of between
$150 million and $1 billion and whose stock has an average daily dollar
trading volume of at least $500,000.

Step 3: We next select stocks with positive three-year sales growth.

Step 4: From there we select those stocks whose most recent annual earnings
(based on the trailing 12-month period) are positive.

Step 5: We eliminate any stock whose price has appreciated by more than 75% in
the last 12 months.

Step 6: We select the 40 stocks with the greatest price appreciation in the
last 12 months and weight them on a market capitalization basis (highest to
lowest) for the Target Small-Cap Strategy. If, as a result of the constraint
in Step 5, fewer than 40 stocks are eligible for selection, additional stocks
with the smallest appreciation above 75% in the last 12 months will be
included to reach 40 stocks.

For purposes of applying the Target Small-Cap Strategy, market capitalization
and average trading volume are based on 1996 dollars which are periodically
adjusted for inflation. All steps apply monthly and rolling quarterly data
instead of annual figures where possible.

The stocks which comprise the Target Small-Cap Strategy are weighted by market
capitalization.

             Value Line(R) Target 25 Portfolio

The Securities which comprise the Value Line(R) Target 25 Strategy were chosen
by applying the same selection criteria set forth above under the caption
"Target Focus Four Portfolio."

Other Considerations.

Please note that we applied the strategy or strategies which make up the
portfolio for each 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 a strategy would have resulted in
the selection of different securities. 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 are not eligible for
inclusion in a Trust's portfolio.

The Securities for each of the strategies were selected as of a 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 on
or before their respective selection date, 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" have been excluded from the universe
of securities from which each Trust's Securities are selected.

While not a part of the Trusts' portfolio selection processes, certain of the
Trusts also invest in: depositary receipts, foreign-listed securities,
companies headquartered or incorporated in emerging and/or developing markets
and VIEs.

As with any similar investments, there can be no assurance that the objective

Page 44

of a Trust will be achieved. See "Risk Factors" for a discussion of the risks
of investing in a Trust.

The Dow Jones Industrial Average, Dow Jones U.S. Select Dividend Index(sm),
S&P 500(R) Index, S&P 500(R) Dividend Aristocrats(R) Index, S&P MidCap 400(R)
Index and S&P SmallCap 600(R) Index are products of S&P Dow Jones Indices LLC
or its affiliates ("SPDJI"), and have been licensed for use by First Trust
Portfolios L.P. Standard & Poor's(R), S&P(R), S&P 500(R), S&P(R) Dividend
Aristocrats(R), S&P MidCap 400(R) and S&P SmallCap 600(R) are registered
trademarks of Standard & Poor's Financial Services LLC ("S&P"); DJIA(R), The
Dow(R), Dow Jones(R), Dow Jones Industrial Average and Dow Jones U.S. Select
Dividend Index(sm) are trademarks of Dow Jones Trademark Holdings LLC ("Dow
Jones"); and these trademarks have been licensed for use by SPDJI and
sublicensed for certain purposes by First Trust Portfolios L.P. The Trusts, in
particular The Dow(R) Target Dividend Portfolio, S&P Dividend Aristocrats
Target 25 Portfolio, S&P Target 24 Portfolio, S&P Target SMid 60 Portfolio,
Target Focus Four Portfolio and the Target VIP Portfolio are not sponsored,
endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective
affiliates, and none of such parties make any representation regarding the
advisability of investing in such products nor do they have any liability for
any errors, omissions, or interruptions of the Dow Jones Industrial Average
and the S&P 500(R) Index. Please see the Information Supplement which sets
forth certain additional disclaimers and limitations of liabilities on behalf
of SPDJI.

"Value Line," "The Value Line Investment Survey" and "Timeliness" are
trademarks or registered trademarks of Value Line, Inc. and/or its affiliates
("Value Line") that have been licensed to First Trust Portfolios L.P. and/or
First Trust Advisors L.P. The Target Focus Four Portfolio, Target VIP
Portfolio and Value Line(R) Target 25 Portfolio are not sponsored, endorsed,
recommended, sold or promoted by Value Line. Value Line makes no
representation regarding the advisability of investing in a Trust. First Trust
Portfolios L.P. and/or First Trust Advisors L.P. are not affiliated with any
Value Line company.

"NYSE(R)" is a service/trade mark of ICE Data Indices, LLC or its affiliates
and has been licensed, along with the NYSE(R) International 100 Index
("Index") for use by First Trust Portfolios L.P. in connection with the Target
Focus Four Portfolio (the "Product"). Neither First Trust Portfolios L.P. nor
the Product, as applicable, is sponsored, endorsed, sold or promoted by ICE
Data Indices, LLC, its affiliates or its Third Party Suppliers ("ICE Data and
its Suppliers"). ICE Data and its Suppliers make no representations or
warranties regarding the advisability of investing in securities generally, in
the Product particularly, or the ability of the Index to track general market
performance. Past performance of an Index is not an indicator of or a
guarantee of future results. ICE DATA AND ITS SUPPLIERS DISCLAIM ANY AND ALL
WARRANTIES AND REPRESENTATIONS, EXPRESS AND/OR IMPLIED, INCLUDING ANY
WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE,
INCLUDING THE INDICES, INDEX DATA AND ANY INFORMATION INCLUDED IN, RELATED TO,
OR DERIVED THEREFROM ("INDEX DATA"). ICE DATA AND ITS SUPPLIERS SHALL NOT BE
SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY,
TIMELINESS OR COMPLETENESS OF THE INDICES AND THE INDEX DATA, WHICH ARE
PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK.

The publishers of the DJIA(R), the Dow Jones U.S. Select Dividend Index(sm), The
Nasdaq-100 Index(R), the Russell 3000(R) Index, S&P 500(R) Index, S&P 1000(R)
Index, S&P MidCap 400(R) Index, S&P SmallCap 600(R) Index and the NYSE
International 100 Index(sm) are not affiliated with us and have not participated
in creating the Trusts or selecting the Securities for the Trusts. Except as
noted herein, none of the index publishers have approved of any of the
information in this prospectus.

                        Risk Factors

Price Volatility. The Trusts invest in common stocks. The value of a Trust's
Units will fluctuate with changes in the value of these common stocks. 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. In addition, common stock prices
may be particularly sensitive to rising interest rates, as the cost of capital
rises and borrowing costs increase, negatively impacting issuers.

Because the Trusts are not managed, the Trustee will not sell stocks 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 any Trust 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.

Two of the Securities in the S&P Target 24 Portfolio represent approximately
37.82% of the value of the Trust. Three of the Securities in the Value Line(R)
Target 25 Portfolio represent approximately 42.45% of the value of the Trust. If
these stocks decline in value you may lose a substantial portion of your
investment.

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Market Risk. Market risk is the risk that a particular security, or Units of
the Trusts in general, may fall in value or underperform other investments.
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. The Federal Reserve has
recently lowered interest rates and may continue to do so in the future.
Recent and potential future bank failures could result in disruption to the
broader banking industry or markets generally and reduce confidence in
financial institutions and the economy as a whole, which may also heighten
market volatility and reduce liquidity. Additionally, challenges in commercial
real estate markets, including declining valuations and increasing vacancies,
could have a broader impact on financial markets. In addition, local, regional
or global events such as war, acts of terrorism, spread of infectious diseases
or other public health issues, recessions, political turbulence or other
events could have a significant negative impact on the Trusts and their
investments. The ongoing adversarial political climate in the United States,
as well as political and diplomatic events both domestic and abroad, have had
and may continue to have an adverse impact on the U.S. regulatory landscape,
markets and investor behavior, which could have a negative impact on the
Trust's investments and operations. The change in administration resulting
from the 2024 United States national elections could result in significant
impacts to international trade relations, tax and immigration policies, and
other aspects of the national and international political and financial
landscape, which could affect, among other things, inflation and the
securities markets generally. Ongoing armed conflicts between Russia and
Ukraine in Europe and among Israel, Iran, Hamas and other militant groups in
the Middle East have caused and could continue to cause significant market
disruptions and volatility within the markets in Russia, Europe, the Middle
East and the United States. The hostilities and sanctions resulting from those
hostilities could have a significant impact on certain of a Trust's
investments as well as a Trust's performance. The economies of the United
States and its trading partners, as well as the financial markets generally,
may be adversely impacted by trade disputes, including the imposition of
tariffs, and other matters. A public health crisis, and the ensuing policies
enacted by governments and central banks in response, could cause significant
volatility and uncertainty in global financial markets, negatively impacting
global growth prospects. Such events may affect certain geographic regions,
countries, sectors and industries more significantly than others. Advancements
in technology may also adversely impact markets and the overall performance of
the Trusts. For instance, the economy may be significantly impacted by the
advanced development and increased regulation of artificial intelligence.
Additionally, cybersecurity breaches of both government and non-government
entities could have negative impacts on infrastructure and the ability of such
entities, including the Trusts, to operate properly. 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.

Dividends. Common stocks may pay dividends, but there is 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.

Trusts which use dividend yield as a selection criterion employ a contrarian
strategy in which the Securities selected share qualities that have caused
them to have lower share prices or higher dividend yields than other common
stocks in their peer group. There is no assurance that negative factors
affecting the share price or dividend yield of these Securities will be
overcome over the life of such Trusts or that these Securities will increase
in value.

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

The Dow(R) Target Dividend Portfolio, the S&P Target SMid 60 Portfolio and the
Target Focus Four Portfolio are concentrated in stocks of companies within the
financials sector. The S&P Dividend Aristocrats Target 25 Portfolio is
concentrated in stocks of companies within the industrials sector. The S&P
Target 24 Portfolio is concentrated within the information technology sector.
The Value Line(R) Target 25 Portfolio is concentrated in stocks within the
health care sector.

Financials. Financial companies, such as retail and commercial banks,
insurance companies and financial services companies, are subject to extensive
governmental regulation and intervention, which may adversely affect the scope
of their activities, the prices they can charge, the amount and types of
capital they must maintain and, potentially, their size. Governmental
regulation may change frequently and may have significant adverse consequences
for financial companies, including effects not intended by such regulation.
The impact of more stringent capital requirements, or recent or future
regulation in various countries, on any individual financial company or on

Page 46

financial companies as a whole cannot be predicted. Certain risks may impact
the value of investments in financial companies more severely than those of
investments in other issuers, including the risks associated with companies
that operate with substantial financial leverage. Financial companies may also
be adversely affected by volatility in interest rates, decreases in the
availability of money or asset valuations, credit rating downgrades and
adverse conditions in other related markets. Insurance companies in particular
may be subject to severe price competition and/or rate regulation, which may
have an adverse impact on their profitability. Financial companies are also a
target for cyber-attacks and may experience technology malfunctions and
disruptions as a result.

In addition, general economic conditions are important to the operations of
financial companies. Deteriorating economic fundamentals may increase the risk
of default or insolvency of particular financial institutions, negatively
impact market value, cause credit spreads to widen, and reduce bank balance
sheets. Credit losses resulting from financial difficulties of borrowers and
financial losses associated with investment activities may have an adverse
effect on the profitability of financial companies. While financial companies
such as banks tend to increase reserves in anticipation of economic stress,
there can be no assurance that such reserves will be sufficient to cover
rising default rates. Financial companies may be highly dependent upon access
to capital markets, and any impediments to such access, such as adverse
overall economic conditions or a negative perception in the capital markets of
a company's financial condition or prospects, could adversely affect its
business. For example, any failure of a bank can result in disruption to the
broader banking industry or markets generally, which may also heighten market
volatility and reduce liquidity. Some financial companies may also be required
to accept or borrow significant amounts of capital from government sources.
There is no guarantee that governments will provide any such relief in the
future and no certainty that such relief will mitigate the effects of any
failure of a financial institution on the economy or otherwise strengthen
public confidence in financial institutions. These actions may cause the
securities of many companies in the financials sector to decline in value.

Health Care. General risks of health care companies include extensive
competition, generic drug sales resulting from the loss of patent protection,
product liability litigation and evolving government regulation. Research and
development costs of bringing new drugs to market are substantial, and there
is no guarantee that a product will ever come to market. Health care facility
operators may be affected by the demand for services, the ability of the
facility to provide the services required, efforts by government or insurers
to limit rates, restriction of government financial assistance and competition
from other providers. The health care sector may be impacted if Congress
proposes legislation regarding reform on the health care sector, changes in
current laws regarding access to health insurance and the overall risks and
costs of compliance with such regulations. Whether these proposals will be
adopted and their possible long-term effects on the health care industry
remains uncertain and cannot be predicted. In addition, health crises, such as
a pandemic outbreak, can severely impact the health care industry in
particular. These crises can disrupt health care services and processes,
strain resources and supplies, and are often increasingly difficult to assess
and impossible to predict.

Industrials. General risks of industrial companies include the general state
of the economy, intense competition, consolidation, domestic and international
politics, excess capacity and consumer spending trends. In addition, they may
also be significantly affected by overall capital spending levels, economic
cycles, technical obsolescence, delays in modernization, labor relations,
government regulations and e-commerce initiatives.

Industrial companies may also be affected by factors more specific to their
individual industries. Industrial machinery manufacturers may be subject to
declines in consumer demand and the need for modernization. Aerospace and
defense companies may be influenced by decreased demand for new equipment,
aircraft order cancellations, changes in aircraft-leasing contracts and
cutbacks in profitable business travel. Agricultural equipment businesses may
be influenced by fluctuations in farm income, farm commodity prices,
government subsidies and weather conditions. The number of housing starts,
levels of public and non-residential construction including weakening demand
for new office and retail space, and overall construction spending may
adversely affect construction equipment manufacturers, while overproduction,
consolidation and weakening global economies may lead to deteriorating sales
for auto and truck makers and their suppliers.

Information Technology. Technology companies are generally subject to the
risks of rapidly changing technologies; short product life cycles; fierce
competition; aggressive pricing; frequent introduction of new or enhanced
products; the loss of patent, copyright and trademark protections; cyclical
market patterns; evolving industry standards; and frequent new product
introductions. Technology companies may be smaller and less experienced
companies, with limited product lines, markets or financial resources.
Technology company stocks have experienced extreme price and volume
fluctuations that are often unrelated to their operating performance. Also,
the stocks of many Internet companies have exceptionally high price to
earnings ratios with little or no earnings histories.

REITs. REITs are financial vehicles that pool investors' capital to purchase
or finance real estate. REITs may concentrate their investments in specific

Page 47

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.

Strategy. Please note that we applied the strategy or strategies which make up
the portfolio for each 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 a strategy would have
resulted in the selection of different securities. There is no guarantee the
investment objective of a Trust will be achieved. The actual performance of
the Trusts will be different than the hypothetical returns of each Trust's
strategy. No representation is made that the Trusts will or are likely to
achieve the hypothetical performance shown. Because the Trusts are unmanaged
and follow a strategy, the Trustee will not buy or sell Securities in the
event a strategy is not achieving the desired results.

Foreign 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 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
dividend payments and/or securities will vary with fluctuations in foreign
exchange rates.

The purchase and sale of the foreign Securities, other than foreign Securities
listed on a U.S. securities exchange, will generally occur only in foreign
securities markets. Because foreign securities exchanges may be open on
different days than the days during which investors may purchase or redeem
Units, the value of a Trust's Securities may change on days when investors are
not able to purchase or redeem Units. Although we do not believe that the
Trusts will have problems buying and selling these Securities, certain of the
factors stated above may make it impossible to buy or sell them in a timely
manner. Custody of certain of the Securities in the Target VIP Portfolio is
maintained by one or more eligible foreign custodians or global custody and
clearing institutions, each of which has entered into a sub-custodian
relationship with the Trustee. In the event the Trustee informs the Sponsor of
any material change in the custody risks associated with maintaining assets
with any of the entities listed above, the Sponsor will instruct the Trustee
to take such action as the Sponsor deems appropriate to minimize such risk.

Depositary Receipts Risk. Depositary receipts (which may include American
Depositary Receipts/ADRs, Global Depositary Receipts/GDRs, New York Registry
Shares, and/or similarly structured securities) are securities issued by a
bank or trust company reflecting ownership of underlying securities issued by
a foreign company. Depositary receipts 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.
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. Moreover, depositary receipts may be "sponsored" or
"unsponsored." Sponsored depositary receipts are established jointly by a
depositary and the underlying issuer, whereas unsponsored depositary receipts
may be established by a depositary without participation by the underlying
issuer. Holders of unsponsored depositary receipts generally bear all the
costs associated with establishing the unsponsored depositary receipts. In
addition, the issuers of the securities underlying unsponsored depositary
receipts are not obligated to disclose material information in the U.S. and,
therefore, there may be less information available regarding such issuers and
there may not be a correlation between such information and the market value
of the depositary receipts.

Page 48

Emerging and 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.

VIEs. Non-Chinese shell companies have created structures known as VIEs in
order to gain exposure to certain Chinese companies that are unavailable to
direct investment by foreign investors. In China, direct ownership of
companies in certain sectors by foreign individuals and entities is
prohibited. In order to allow for foreign investment in these businesses, many
Chinese companies have created structures known as VIEs to enable indirect
foreign ownership. In such an arrangement, a Chinese operating company
typically establishes an offshore shell company in another jurisdiction, such
as the Cayman Islands. That shell company enters into service and other
contracts with the Chinese issuer or operating company to obtain economic
exposure to the Chinese company, then issues shares on an exchange outside of
mainland China, and U.S. investors hold stock in the non-Chinese shell company
rather than directly in the Chinese issuer or operating company. This
arrangement allows U.S. investors, such as the Trusts, to obtain economic
exposure to the Chinese issuer or operating company through contractual means
rather than through formal equity ownership. Because neither the shell company
nor the Trusts own actual equity interests in the Chinese operating company,
they do not have the voting rights or other types of control that an equity
holder would expect to benefit from. Although VIEs are a longstanding industry
practice and well known to officials and regulators in China, VIEs are not
formally recognized under Chinese law. Intervention by the Chinese government
with respect to VIEs could significantly affect the Chinese company's
performance and the enforceability of the VIE's contractual arrangements that
establish the links between the Chinese company and the shell company in which
a Trust invests. This could considerably impact the financial condition of the
shell company in which a Trust invests by limiting its ability to consolidate
the financial results of the Chinese operating company into its own financial
statements, as well as make the value of the shares held by a Trust
effectively worthless. Further, if Chinese officials prohibit the existence of
VIEs, the market value of a Trust's associated holdings would likely suffer
significant, and possibly permanent effects, which could negatively impact a
Trust's net asset value and could result in substantial losses. Further, it is
uncertain whether any new laws, rules or regulations relating to VIE
structures will be adopted or, if adopted, what impact they would have on the
value of a Trust's Units.

VIEs are also subject to the investment risks associated with the underlying
Chinese issuer or operating company. Chinese companies are not subject to the
same degree of regulatory requirements or accounting standards and oversight
as companies in more developed countries. As a result, information about the
Chinese securities and VIEs in which a Trust invests may be less reliable and
incomplete. There also may be significant obstacles to obtaining information
necessary for investigations into or litigation against Chinese companies and
VIEs, and shareholders may have limited legal remedies, which could negatively
impact a Trust. Additionally, U.S.-listed VIEs may be delisted if they do not
meet U.S. accounting standards and auditor oversight requirements. Delisting
would significantly decrease the liquidity and value of the securities,
decrease the ability of a Trust to invest in such securities and may increase
the cost of a Trust if required to seek alternative markets in which to invest
in such securities.

Exchange Rates. Because securities of foreign issuers not listed on a U.S.
securities exchange generally pay dividends and trade in foreign currencies,
the U.S. dollar value of these Securities (and therefore Units of the Trusts
containing securities of foreign issuers) will vary with fluctuations in
foreign exchange rates. As the value of Units of a Trust will vary with
fluctuations in both the value of the underlying Securities as well as foreign
exchange rates, an increase in the value of the Securities could be more than
offset by a decrease in value of the foreign currencies in which they are
denominated against the U.S. dollar, resulting in a decrease in value of the
Units. Most foreign currencies have fluctuated widely in value against the
U.S. dollar for various economic and political reasons.

To determine the value of foreign Securities not listed on a U.S. securities
exchange or their dividends, the Sponsor will estimate current exchange rates
for the relevant currencies based on activity in the various currency exchange
markets. However, these markets can be quite volatile, depending on the
activity of the large international commercial banks, various central banks,
large multi-national corporations, speculators, hedge funds and other buyers
and sellers of foreign currencies. Since actual foreign currency transactions

Page 49

may not be instantly reported, the exchange rates estimated by the Sponsor may
not reflect the amount the Trusts would receive, in U.S. dollars, had the
Trustee sold any particular currency in the market. The value of the
Securities in terms of U.S. dollars, and therefore the value of your Units,
will decline if the U.S. dollar increases in value relative to the value of
the currency in which the Securities trade. In addition, the value of
dividends received in foreign currencies will decline in value in terms of
U.S. dollars if the U.S. dollar increases in value relative to the value of
the currency in which the dividend was paid prior to the time in which the
dividend is converted to U.S. dollars.

Small and/or Mid Capitalization Companies. Investing in stocks of small and/or
mid capitalization 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. The return on investment in stocks of large
capitalization companies may be less than the return on investment in stocks
of small and/or mid capitalization companies. Large capitalization companies
may also grow at a slower rate than the overall market.

Cybersecurity Risk. As the use of Internet technology has become more
prevalent in the course of business, the 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 a Trust 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, 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 companies represented in the Trusts. In addition, litigation
regarding any of the issuers of the Securities, or the industries represented
by these issuers, may negatively impact the value of these Securities. We
cannot predict what impact any pending or proposed legislation or pending or
threatened litigation will have on the value of the Securities.

       Backtested Hypothetical Performance Information

The following tables compare the hypothetical performance information for the
identical strategies employed by each Trust and the actual performances of the
Dow Jones U.S. Select Dividend Index(sm), Russell 3000(R) Index, S&P 500(R)
Index, S&P 1000(R) Index and the MSCI All Country World Index in each of the
full years listed below (and as of the most recent month). The Trusts did not
achieve the performance shown.

These hypothetical returns should not be used to predict or guarantee future
performance of the Trusts. Returns from a Trust will differ from its strategy
for several reasons, including the following:

- Total Return figures shown do not reflect commissions paid by a Trust on the
purchase of Securities or taxes incurred by you.

- Strategy returns are for calendar years (and through the most recent month),
while the Trusts begin and end on various dates.

- Trusts have a maturity longer than one year.

- Trusts may not be fully invested at all times or equally-weighted in each of
the strategies or the stocks comprising their respective strategy or strategies.

- Extraordinary market events that are not expected to be repeated and which
may have affected performance.

- Securities are often purchased or sold at prices different from the closing
prices used in buying and selling Units.

- Cash flows (receipt/investment of).

- For Trusts investing in foreign Securities, currency exchange rates may
differ.

You should note that the Trusts are not designed to parallel movements in any
index and it is not expected that they will do so. In fact, each Trust's
strategy underperformed its comparative index, or combination thereof, in
certain years and we cannot guarantee that a Trust will outperform its
respective index over the life of a Trust or over consecutive rollover

Page 50

periods, if available. Each index differs widely in size and focus, as
described below.

Dow Jones U.S. Select Dividend Index(sm). The Dow Jones U.S. Select Dividend
Index(sm) consists of 100 dividend-paying stocks, weighted by their indicated
annualized yield. Eligible stocks are selected from a universe of all
dividend-paying companies in the Dow Jones U.S. Total Market Index(sm) that have
a non-negative historical five-year dividend-per-share growth rate, a five-year
average dividend to earnings-per-share ratio of less than or equal to 60% and a
three-month average daily trading volume of 200,000 shares.

Russell 3000(R) Index. The Russell 3000(R) Index offers investors access to
the broad U.S. equity universe representing approximately 98% of the U.S.
market. The Russell 3000(R) Index is constructed to provide a comprehensive,
unbiased and stable barometer of the broad market and is completely
reconstituted annually to ensure new and growing equities are reflected.

S&P 500(R) Index. The S&P 500(R) Index consists of stocks of 500 issuers
chosen by Standard and Poor's to be representative of the leaders of various
industries.

S&P 1000(R) Index. The S&P 1000(R) Index is a combination of the S&P MidCap
400(R) (the most widely used index for mid-size companies) and the S&P SmallCap
600(R) (an index of 600 U.S. small-cap companies), where the S&P MidCap 400(R)
represents approximately 70% of the index and S&P SmallCap 600(R) represents
approximately 30% of the index).

MSCI All Country World Index. The MSCI All Country World Index is an unmanaged
free float-adjusted market capitalization weighted index designed to measure
the equity market performance of developed and emerging markets. The index
cannot be purchased directly by investors.

The indexes are unmanaged, not subject to fees and not available for direct
investment.

Page 51

                                  COMPARISON OF HYPOTHETICAL TOTAL RETURN(2)

(Strategy figures reflect the deduction of sales charges and expenses but not brokerage commissions or taxes.)
                                      Hypothetical Strategy Total Returns(1)(3)

                             S&P Dividend                                        Target          Target
             The Dow(R)       Aristocrats         S&P         S&P Target       Diversified       Focus
          Target Dividend     Target 25        Target 24       SMid 60          Dividend          Four
Year         Strategy          Strategy         Strategy       Strategy         Strategy        Strategy
____      _______________    ____________      __________     __________       ___________      ________
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986                                            19.60%
1987                                             1.97%
1988                                             4.55%
1989                                            22.60%
1990                                             6.70%
1991                                            40.63%
1992       29.85%                               -1.53%
1993       18.06%                                8.30%
1994       -8.66%                                5.06%
1995       46.71%                               39.26%         25.20%           28.09%
1996       15.99%                               31.55%         13.08%           14.91%           27.59%
1997       40.41%                               30.34%         41.93%           25.90%           36.98%
1998        2.85%                               40.09%          4.75%           12.89%           30.78%
1999       -6.77%                               41.41%         23.73%           17.47%           44.84%
2000       25.68%              6.88%             4.09%         13.91%           19.75%            9.46%
2001       40.47%             16.08%           -10.80%         31.86%           29.55%           19.96%
2002       -0.94%            -10.18%           -19.02%         -5.40%          -10.45%          -11.24%
2003       31.91%             19.78%            23.41%         45.15%           46.97%           38.55%
2004       18.74%             17.21%            13.81%         23.37%           20.46%           21.38%
2005        2.13%              3.65%             3.89%          2.94%            1.91%            8.70%
2006       17.46%             18.03%             1.67%         19.56%           15.35%           14.02%
2007        0.95%              5.26%             3.42%         -9.78%           -3.92%            6.78%
2008      -39.62%            -22.19%           -29.21%        -37.76%          -37.10%          -43.49%
2009       14.10%             21.76%            12.35%         59.74%           40.71%           27.02%
2010       15.57%             16.93%            18.38%         14.94%           20.14%           17.68%
2011        5.45%              8.46%             7.14%         -8.93%            3.08%          -11.75%
2012        4.80%             12.49%             8.20%         20.25%           10.70%           12.49%
2013       28.57%             33.47%            42.54%         37.24%           31.54%           31.20%
2014       12.69%             11.58%             7.27%         -0.41%            5.11%            5.62%
2015       -6.17%             -2.85%             2.26%         -9.02%          -13.08%           -8.62%
2016       22.87%             13.36%             0.84%         30.60%           15.79%           18.69%
2017        6.93%             16.67%            19.55%         -0.24%            6.56%            5.51%
2018      -11.48%             -9.04%            -1.25%        -23.86%          -12.43%          -13.27%
2019        8.84%             28.60%            34.14%          3.07%           25.95%            7.14%
2020      -14.27%              2.11%            29.53%        -22.95%           -6.17%           -1.64%
2021       28.15%             28.88%            32.05%         48.84%           24.84%           37.56%
2022       -4.47%             -9.81%           -19.72%        -13.20%           -2.95%          -15.66%
2023       -1.93%              7.47%            25.94%         29.98%           18.78%           13.36%
2024       14.45%              3.13%            16.28%         10.85%           -1.51%           25.81%
2025       -2.49%             -2.43%            -0.56%         -4.98%            1.36%            3.71%
(thru 6/30)

Page 52

                  COMPARISON OF HYPOTHETICAL TOTAL RETURN(2)

(Strategy figures reflect the deduction of sales charges and expenses but not
                       brokerage commissions or taxes.)
                  Hypothetical Strategy Total Returns(1)(3)

           Target Global
              Dividend         Target           Target      Value Line(R)
              Leaders          Growth            VIP         Target 25
Year          Strategy        Strategy         Strategy       Strategy
____       ______________     ________         ________     ____________
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985                                                         33.33%
1986                                                         20.23%
1987                                                         16.94%
1988                                                         -9.38%
1989                                                         48.19%
1990                                             0.12%        3.15%
1991                                            57.07%       83.78%
1992                                             4.10%       -2.62%
1993                                            22.05%       25.06%
1994                                             2.05%       12.18%
1995                           30.86%           42.88%       52.19%
1996                           24.90%           38.65%       54.23%
1997                           41.04%           25.79%       33.91%
1998         2.71%             37.08%           51.22%       91.03%
1999        12.52%             33.71%           48.77%      111.27%
2000         4.75%              8.32%           -4.53%      -10.38%
2001         7.04%             -4.26%          -11.31%       -0.09%
2002        -7.50%            -10.84%          -21.33%      -23.89%
2003        48.22%             33.93%           34.72%       39.33%
2004        24.63%             16.66%           13.03%       21.81%
2005        11.73%             17.04%            6.74%       19.73%
2006        29.61%             16.77%           11.84%        0.70%
2007        22.23%             19.88%            9.23%       23.58%
2008       -30.09%            -52.55%          -45.92%      -51.41%
2009        53.44%             18.13%           11.99%        3.15%
2010        20.25%             17.08%           18.26%       28.61%
2011         0.40%            -12.57%           -2.07%      -29.26%
2012        12.81%              5.73%           12.22%       14.22%
2013        25.30%             37.07%           36.12%       34.00%
2014         3.18%              6.24%            6.11%        9.98%
2015       -12.33%              8.18%           -4.47%       -9.42%
2016        14.96%             -1.93%            8.22%        5.34%
2017         7.44%             35.22%           19.89%        7.53%
2018       -13.13%            -18.07%           -7.58%       -3.99%
2019        14.53%             33.21%           18.84%        8.68%
2020        -3.40%             22.66%           11.61%       37.34%
2021        21.73%              9.84%           29.49%       41.57%
2022        -5.72%            -21.17%          -16.82%      -34.28%
2023        17.57%             21.44%           12.12%        8.50%
2024        -1.90%             41.17%           26.46%       58.66%
2025         0.17%             13.14%            8.28%       11.29%
(thru 6/30)

Page 53

              COMPARISON OF HYPOTHETICAL TOTAL RETURN(2)

                        Index Total Returns(3)

        Dow Jones
       U.S. Select                             Russell      MSCI All
        Dividend    S&P 500(R)   S&P 1000(R)   3000(R)    Country World
Year    Index(sm)     Index         Index       Index        Index
____   ___________  __________   ___________   _______    _____________
1972                 19.00%
1973                -14.69%
1974                -26.47%
1975                 37.23%
1976                 23.93%
1977                 -7.16%
1978                  6.57%
1979                 18.61%
1980                 32.50%
1981                 -4.92%
1982                 21.55%
1983                 22.56%
1984                  6.27%
1985                 31.72%
1986                 18.67%
1987                  5.25%
1988                 16.56%
1989                 31.62%
1990                 -3.19%
1991                 30.33%
1992     22.65%       7.61%
1993     14.59%      10.04%
1994     -0.19%       1.30%
1995     42.80%      37.50%       30.69%        36.57%
1996     25.08%      22.89%       19.85%        21.63%
1997     37.83%      33.31%       30.26%        31.67%
1998      4.33%      28.55%       13.20%        24.11%     21.97%
1999     -4.08%      21.03%       14.11%        20.96%     26.82%
2000     24.86%      -9.10%       15.86%        -7.30%    -13.94%
2001     13.09%     -11.88%        1.45%       -11.43%    -15.91%
2002     -3.94%     -22.09%      -14.54%       -21.53%    -18.98%
2003     30.16%      28.65%       36.61%        31.02%     34.63%
2004     18.14%      10.87%       18.39%        11.93%     15.75%
2005      3.79%       4.90%       10.93%         6.10%     11.37%
2006     19.54%      15.76%       11.89%        15.67%     21.53%
2007     -5.16%       5.56%        5.18%         5.16%     12.18%
2008    -30.97%     -36.99%      -34.67%       -37.32%    -41.85%
2009     11.13%      26.46%       33.48%        28.29%     35.41%
2010     18.32%      15.08%       26.55%        16.93%     13.21%
2011     12.42%       2.08%       -0.92%         1.00%     -6.86%
2012     10.84%      15.98%       17.40%        16.41%     16.80%
2013     29.06%      32.36%       35.87%        33.55%     23.44%
2014     15.36%      13.65%        8.54%        12.53%      4.71%
2015     -1.64%       1.38%       -2.11%         0.48%     -1.84%
2016     21.98%      11.93%       22.49%        12.70%      8.48%
2017     15.44%      21.80%       15.33%        21.10%     24.62%
2018     -5.94%      -4.39%      -10.30%        -5.24%     -8.93%
2019     23.11%      31.45%       25.14%        30.99%     27.30%
2020     -4.56%      18.39%       12.98%        20.88%     16.82%
2021     32.25%      28.67%       25.35%        25.63%     19.04%
2022      2.31%     -18.12%      -13.98%       -19.21%    -17.96%
2023      1.53%      26.24%       16.35%        25.91%     22.81%
2024     16.62%      24.98%       12.34%        23.78%     18.02%
2025      3.15%       6.19%       -1.29%         5.74%     10.33%
(thru 6/30)

______________________

See "Notes to Comparison of Hypothetical Total Return" on page 55.

Page 54

               NOTES TO COMPARISON OF HYPOTHETICAL TOTAL RETURN

(1) The Strategy stocks for each Strategy for a given year consist of the
common stocks selected by applying the respective Strategy as of the beginning
of the period (and not the date the Trusts actually sell Units).

(2) Hypothetical Total Return represents the sum of the change in market value
of each group of stocks between the first and last trading day of a period
plus the total dividends paid on each group of stocks during such period
divided by the opening market value of each group of stocks as of the first
trading day of a period. Hypothetical Total Return figures assume that all
dividends are reinvested in the same manner as the corresponding Trust
(monthly or semi-annually) for the hypothetical Strategy returns and monthly
in the case of Index returns (except for the S&P 1000(R) Index, which assumes
daily reinvestment of dividends) and all returns are stated in terms of U.S.
dollars. Hypothetical Strategy figures reflect the deduction of sales charges
and expenses as listed in the "Fee Table," but have not been reduced by
estimated brokerage commissions paid by Trusts in acquiring Securities or any
taxes incurred by investors. If a security which is selected by a Strategy is
merged out of existence, delisted or suffers a similar fate during the period
in which such hypothetical Strategy performance is being measured, such
security will not be replaced by another security during that period and the
return of such security will not be annualized in the calculation of the
hypothetical returns. Based on the year-by-year hypothetical returns contained
in the above tables, over the full years as listed above, with the exception
of The Dow(R) Target Dividend Strategy, the S&P Target SMid 60 Strategy and
the Target Diversified Dividend Strategy, each hypothetical Strategy would
have hypothetically achieved a greater average annual total return than that
of its corresponding index, as shown in the table below.

Simulated returns are hypothetical, meaning that they do not represent
actual trading, and, thus, may not reflect material economic and market
factors, such as liquidity constraints, that may have had an impact on actual
decision making. The hypothetical performance is the retroactive application
of the Strategy designed with the full benefit of hindsight.

(3) Source of Index Total Returns: Bloomberg L.P.
Source of Hypothetical Strategy Total Returns: CapIQ and Compustat, as
confirmed by Bloomberg L.P. and FactSet.

                                HYPOTHETICAL COMPARISON OF AVERAGE ANNUAL RETURN FOR PERIODS ENDING DECEMBER 31, 2024
             Hypothetical Strategy Average Annual Return                                         Index Average Annual Return
                                                             Since                                                                          Since
Strategy                            1 Year  5 Year  10 Year  Inception   Corresponding Index                       1 Year  5 Year  10 Year  Inception
________                            ______  ______  _______  _________   ___________________                       ______  ______  _______  _________
The Dow(R) Target Dividend          14.45%   3.33%   3.42%    9.33%      Dow Jones U.S. Select Dividend Index(sm)  16.62%   8.86%   9.38%   11.38%
                                                                         S&P 500(R) Index (12/31/91 - 12/31/24)    24.98%  14.50%  13.08%   10.48%
S&P Dividend Aristocrats Target 25   3.13%   5.64%   7.05%    8.68%      S&P 500(R) Index (12/31/99 - 12/31/24)    24.98%  14.50%  13.08%    7.69%
S&P Target 24                       16.28%  15.00%  12.63%   11.84%      S&P 500(R) Index (12/31/85 - 12/31/24)    24.98%  14.50%  13.08%   11.29%
S&P Target SMid 60                  10.85%   7.48%   2.93%    9.86%      S&P 1000(R) Index                         12.34%   9.75%   9.47%   11.49%
Target Diversified Dividend         -1.51%   5.87%   4.64%   10.12%      Russell 3000(R) Index                     23.78%  13.84%  12.52%   10.79%
Target Focus Four                   25.81%  10.23%   5.64%   10.32%      S&P 500(R) Index (12/31/95 - 12/31/24)    24.98%  14.50%  13.08%   10.09%
Target Global Dividend Leaders      -1.90%   5.04%   3.25%    8.98%      MSCI All Country World Index              18.02%  10.58%   9.79%    7.38%
Target Growth                       41.17%  12.73%  11.04%   11.35%      S&P 500(R) Index (12/31/94 - 12/31/24)    24.98%  14.50%  13.08%   10.91%
Target VIP                          26.46%  11.26%   8.78%   11.11%      S&P 500(R) Index (12/31/89 - 12/31/24)    24.98%  14.50%  13.08%   10.58%
Value Line(R) Target 25             58.66%  17.08%   8.95%   14.89%      S&P 500(R) Index (12/31/84 - 12/31/24)    24.98%  14.50%  13.08%   11.76%

              PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Page 55

                       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, changes in the relevant currency
exchange rates, changes in the applicable commissions, stamp taxes, custodial
fees and other costs associated with foreign trading, and changes in the value
of the Income and/or Capital Accounts.

Although you are not required to pay for your Units until one business day
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, licensing fees required for the establishment of certain of the Trusts
under licensing agreements which provide for full payment of the licensing
fees not later than the conclusion of the organization expense period, 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 the Trusts). 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
exceeds $10.00 per Unit 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 October 20, 2025 through

Page 56

December 19, 2025. 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.
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 Nasdaq, Inc., 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

Page 57

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 Nasdaq, Inc., closing sale price shall mean
the Nasdaq(R) Official Closing Price as determined by Nasdaq, Inc. 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
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.

Page 58

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

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

Page 59

                    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 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.

First Trust Advisors L.P., an affiliate of ours, acts as Portfolio Supervisor
and will be compensated for providing portfolio supervisory services as well
as bookkeeping and other administrative services to the Trusts. 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. Each 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;

- 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;

Page 60

- 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
Accounts, the Trustee has the power to sell Securities to make cash available
to pay these charges which may result in capital gains or losses to you. See
"Tax Status."

                         Tax Status

Federal Tax Matters.

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

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

Grantor Trusts.
---------------

The following discussion pertains to The Dow(R) Target Dividend Portfolio, S&P
Target 24 Portfolio and Value Line(R) Target 25 Portfolio, which are
considered grantor trusts under federal tax laws.

Trust Status.

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

The Trusts intend to qualify as grantor trusts under the federal tax laws. If
a Trust qualifies as a grantor trust, such Trust will not be taxed as a
corporation for federal income tax purposes and will not pay federal income
taxes. For federal income tax purposes, in grantor trusts you are deemed to
own a pro rata portion of the underlying assets of a Trust directly, and as
such you will be considered to have received a pro rata share of income. All
taxability issues are taken into account at the Unit holder level.

Income from the Trusts.

Income realized by a Trust passes through and is treated as income of the Unit
holders. Income is reported without any deduction for expenses. Expenses are
separately reported. Generally, the income paid to Unit holders is net the
expenses of a Trust, but the income reportable by Unit holders is gross the
expenses of such Trust.

You may be required to recognize income for federal income tax purposes in one
year even if you do not receive a corresponding distribution from a Trust, or
do not receive the corresponding distribution from such Trust until a later
year. This is true even if you elect to have your distributions reinvested
into additional Units. In addition, the income that you must take into account
for federal income tax purposes is not reduced by amounts used to pay sales
charges or Trust expenses.

Some income from a Trust's assets may have been received 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. Income from a
Trust's assets (including capital gain income) may also be subject to a
"Medicare tax" if your adjusted gross income exceeds certain threshold amounts.

Certain Stock Dividends.

Ordinary income dividends paid on certain stock held by a Trust are generally
taxed at the same rates that apply to long-term capital gains, provided
certain holding period requirements are satisfied and provided the dividends
are attributable to qualifying dividend income ("QDI") received by the Trust
itself. Ordinary income 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 on qualifying dividends received by a Trust from certain corporations.

Page 61

Sale of Units.

If you sell your Units (whether to a third party or to your 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 Trust's
assets from the amount you receive from the sale. You can generally determine
your original tax basis in each Trust's asset by apportioning the cost of your
Units, including sales charges, among the Trust assets ratably according to
their values on the date you acquire your Units. In certain circumstances,
however, you may have to use information provided by the Trustee to adjust
your tax basis after you acquire your Units (for example, in the case of
certain corporate events affecting an issuer, such as stock splits or mergers,
or in the case of certain dividends that exceed a corporation's accumulated
earnings and profits).

The tax statement you receive may contain information to allow you to
calculate and adjust your basis in a Trust's assets and determine whether any
gain or loss recognized by you should be considered long-term capital gain,
short-term capital gain or return of capital. 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.

Under the wash sale rules, all or a portion of any loss you may recognize on a
disposition of your Units or on a disposition of assets by a Trust may be
disallowed if you purchase stocks or other assets that are the same as or
substantially identical to any of the assets held directly or indirectly
through such Trust within 30 days of the disposition.

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.

Generally, for federal income tax purposes, you must take into account your
full pro rata share of your Trust's income, even if some of that income is
used to pay Trust expenses. 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
purchases shares in PFICs, you may be subject to U.S. federal income tax on a
portion of certain distributions from the PFICs or on gains from the
disposition of such PFIC shares at tax rates that were applicable in prior
years and any gain may be recharacterized as ordinary income that is not
eligible for the lower net capital gains tax rate. Additional charges in the
form of interest may also be imposed on you. Certain elections may be
available with respect to PFICs that would limit these consequences. However,
these elections would require you to include certain income of the PFICs in
your taxable income even if not distributed to a Trust or to you, or require
you to annually recognize as ordinary income any increase in the value of the
shares of the PFICs, thus requiring you to recognize income for federal income
tax purposes in excess of your actual distributions from PFICs and proceeds
from dispositions of PFIC stock during a particular year. Dividends paid by
PFICs are not treated as QDI to shareholders of the PFICs.

Non-U.S. Financial Accounts.

A Trust may directly or indirectly hold financial accounts outside of the
United States. You may have certain reporting obligations to the United States
Treasury Department under its rules relating to the reporting of foreign bank
and financial accounts (commonly known as "FBAR"). You should consult with
your tax advisor as to any reporting obligations that you may have as a result
of your investment in a Trust.

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 and some excluded income may be taken into consideration for
alternative minimum tax purposes.

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.

Page 62

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 such
Trust paid to other countries. You may be able to deduct or receive a tax
credit for your share of these taxes. A 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 a Trust's assets when you redeem your
Units at any time prior to 30 business days before the Trust's Mandatory
Termination Date. However, this ability to request an In-Kind Distribution
will terminate at any time that the number of outstanding Units has been
reduced to 10% or less of the highest number of Units issued by a Trust. You
will not recognize gain or loss if you only receive whole Trust assets in
exchange for the identical amount of your pro rata portion of the same Trust
assets held by your Trust. However, if you also receive cash in exchange for a
Trust asset or a fractional portion of a Trust asset, you will generally
recognize gain or loss based on the difference between the amount of cash you
receive and your tax basis in such Trust asset or fractional portion.

Rollovers.

If you elect to have your proceeds from a Trust rolled over into a future
series of such Trust, the exchange would generally be considered a sale for
federal income tax purposes. Under the wash sale rules, if the series into
which you roll your proceeds holds the same or substantially identical assets,
any loss you recognize on the rollover will be disallowed.

State and Local Taxes.

Based on the advice of Carter Ledyard & Milburn, LLP, special counsel to the
Trusts for New York tax matters, under the existing income tax laws of the
State and City of New York, assuming that the Trusts are not treated as
corporations for federal income tax purposes, the Trusts will not be taxed as
corporations for New York State and New York City tax purposes, and the income
of the Trusts will be treated as the income of the Unit holders in the same
manner as for federal income tax purposes.

Regulated Investment Company Trusts.
------------------------------------

The following discussion pertains to the S&P Dividend Aristocrats Target 25
Portfolio, the S&P Target SMid 60 Portfolio, Target Diversified Dividend
Portfolio, Target Focus Four Portfolio, Target Global Dividend Leaders
Portfolio, Target Growth Portfolio and Target VIP Portfolio, each of which
intends to qualify as a "regulated investment company," commonly called a
"RIC," under federal tax laws.

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 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. 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 a Trust may qualify as long-term capital gains, which,
if you are an individual, is generally taxed at a lower rate than your

Page 63

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 a Trust that you must take into account
for federal income tax purposes are not reduced by the amount used to pay a
deferred sales charge, if any. Distributions from a Trust, including capital
gains, may also be subject to a "Medicare tax" if your adjusted gross income
exceeds certain threshold amounts.

Certain Stock Dividends.

Ordinary income dividends received by an individual Unit holder from RICs 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 certain Trusts hold REIT shares, some dividends may be designated by
the REIT as capital gain dividends and, therefore, distributions from such
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 a Trust from REIT shares may be designated by a Trust as eligible
for a deduction for qualified business income.

Sale of Units.

If you sell your Units (whether to a third party or to 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. 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. A Trust may be able to make an election that could
limit the tax imposed on such Trust. In this case, a Trust would recognize as
ordinary income any increase in the value of such PFIC shares, and as ordinary

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loss any decrease in such value to the extent it did not exceed prior
increases included in income.

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

Non-U.S. Investors.

If you are a non-U.S. investor, distributions from 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 and short-
term capital gains dividends may not be subject to U.S. withholding taxes. In
addition, some non-U.S. investors may be eligible for a reduction or
elimination of U.S. withholding taxes under a treaty. However, the
qualification for those exclusions may not be known at the time of the
distribution and some excluded income may be taken into consideration for
alternative minimum tax purposes.

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 such
Trust paid to other countries. You may be able to deduct or receive a tax
credit for your share of these taxes. A 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 a Trust's 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 the 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.

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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 be eligible to receive distributions, if any, 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.

For Trusts that are structured as grantor trusts, the Trustee will distribute
money from the Income and Capital Accounts on the twenty-fifth day of each
month to Unit holders of record on the tenth day of such month. However, the
Trustee will not distribute money if the aggregate amount in the Income and
Capital Accounts, exclusive of sale proceeds, equals less than 0.1% of the net
asset value of a Trust. Undistributed money in the Income and Capital Accounts
will be distributed in the next month in which the aggregate amount available
for distribution, exclusive of sale proceeds, exceeds 0.1% of the net asset
value of a Trust. The Trustee will distribute sale proceeds in the Capital
Account, net of amounts designated to meet redemptions, pay the deferred sales
charge and creation and development fee, and pay expenses, on the twenty-fifth
day of each month to Unit holders of record on the tenth day of such month
provided the amount equals at least $1.00 per 100 Units.

For Trusts that intend to qualify as RICs and that make monthly distributions,
the Trustee will make distributions from the Income Account on or near the
Income Account Distribution Dates to Unit holders of record on the preceding
Income Account Distribution Record Date provided the amount equals at least
$1.00 per 100 Units. 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
the Trust and will distribute funds as part of the final liquidation
distribution.

For Trusts that intend to qualify as RICs and that make semi-annual
distributions, the Trustee will distribute money from the Income Account, as
determined at the semi-annual Income Account Distribution Record Date, semi-
annually on the twenty-fifth day of June and December to Unit holders of
record on the tenth day of such months provided the amount equals at least
$1.00 per 100 Units. The Trustee will distribute money in the Capital Account
monthly on the twenty-fifth day of each month to Unit holders of record on the
tenth day of such month if the amount available for distribution from that
account 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 the Trust
and will distribute funds as part of the final liquidation distribution.

No Income Account distribution will be paid if accrued expenses of a Trust
exceed amounts in the Income Account on the Income Account Distribution
Distribution Dates. Distribution amounts will vary with changes in a Trust's
fees and expenses, in dividends received and with the sale of Securities.

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.

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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 that Trust.

Distribution Reinvestment Option. You may elect to have each distribution of
income and/or capital reinvested into additional Units of a 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.PLEASE NOTE THAT EVEN
IF YOU REINVEST DISTRIBUTIONS, THEY ARE STILL CONSIDERED DISTRIBUTIONS FOR
INCOME TAX PURPOSES.

                    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. One business day 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 2,500 Units of The Dow(R) Target Dividend
Portfolio, S&P Dividend Aristocrats Target 25 Portfolio, S&P Target 24
Portfolio, S&P Target SMid 60 Portfolio, Target Diversified Dividend Portfolio,
Target Global Dividend Leaders Portfolio, Target Growth Portfolio or Value
Line(R) Target 25 Portfolio; or 5,000 Units of the Target Focus Four Portfolio
or Target VIP Portfolio 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 30 business days (10 business
days in the case of the S&P Dividend Aristocrats Target 25 Portfolio, S&P Target
SMid 60 Portfolio, Target Diversified Dividend Portfolio, Target Focus Four
Portfolio, Target Global Dividend Leaders Portfolio, Target Growth Portfolio or
Target VIP Portfolio) 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. This option is generally eligible only for
stocks traded and held in the United States, thus excluding most foreign
Securities. 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 the eligible Securities that

Page 67

make up the portfolio, and cash from the Capital Account equal to the
non-eligible Securities and fractional shares to which you are entitled.

If you elect to receive an In-Kind Distribution of Securities from the S&P
Dividend Aristocrats Target 25 Portfolio, S&P Target SMid 60 Portfolio, Target
Diversified Dividend Portfolio, Target Focus Four Portfolio, Target Global
Dividend Leaders Portfolio, Target Growth Portfolio or Target VIP Portfolio,
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."

                  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.

Page 68

              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 a 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 a 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 in the limited instance in which a Trust acquires Replacement
Securities, as described in "The FT Series," a Trust structured as a grantor
trust may not, and a Trust structured as a "regulated investment company"
generally will not, acquire any securities or other property other than the
Securities. With respect to Trusts structured as grantor trusts, the Trustee,
on behalf of such Trusts, will reject any offer for new or exchanged
securities or property in exchange for a Security, such as those acquired in a
merger or other transaction. With respect to Trusts structured as "regulated
investment companies," the Trustee, on behalf of such Trusts 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 nevertheless 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 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 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).

Page 69

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 may begin to sell Securities in
connection with the termination of a Trust as early as nine business days
prior to, but will sell Securities 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 as well as 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 $670 billion in First Trust
unit investment trusts. Our employees include a team of professionals with
many years of experience in the unit investment trust industry.

We are a member of FINRA and SIPC. Our principal offices are at 120 East
Liberty Drive, Wheaton, Illinois 60187; telephone number 800-621-1675. As of
December 31, 2024, the total partners' capital of First Trust Portfolios L.P.
was $114,069,433.

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.

Page 70

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, as well as special New York tax counsel for the
Trusts identified as Grantor Trusts.

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.

Nasdaq, Inc.

The Target VIP Portfolio is not sponsored, endorsed, sold or promoted by
Nasdaq, Inc. (including its affiliates) ("Nasdaq," with its affiliates, is
referred to as the "Corporations"). The Corporations have not passed on the
legality or suitability of, or the accuracy or adequacy of descriptions and
disclosures relating to the Target VIP Portfolio. The Corporations make no
representation or warranty, express or implied, to the owners of Units of the
Target VIP Portfolio or any member of the public regarding the advisability of
investing in securities generally or in the Target VIP Portfolio particularly,
or the ability of the Nasdaq-100 Index(R) to track general stock market
performance. The Corporations' only relationship to the Sponsor ("Licensee")
is in the licensing of the Nasdaq 100(R), Nasdaq-100 Index(R) and Nasdaq(R)
trademarks or service marks, and certain trade names of the Corporations and
the use of the Nasdaq-100 Index(R) which is determined, composed and
calculated by Nasdaq without regard to Licensee or the Target VIP Portfolio.
Nasdaq has no obligation to take the needs of the Licensee, the owners of
Units of the Target VIP Portfolio into consideration in determining, composing
or calculating the Nasdaq-100 Index(R). The Corporations are not responsible
for and have not participated in the determination of the timing of, prices at
or quantities of the Target VIP Portfolio to be issued or in the determination
or calculation of the equation by which the Target VIP Portfolio is to be
converted into cash. The Corporations have no liability in connection with the
administration, marketing or trading of the Target VIP Portfolio.

THE CORPORATIONS DO NOT GUARANTEE THE ACCURACY AND/OR UNINTERRUPTED
CALCULATION OF THE NASDAQ-100 INDEX(R) OR ANY DATA INCLUDED THEREIN. THE
CORPORATIONS MAKE NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE
OBTAINED BY THE LICENSEE, OWNERS OF THE TARGET VIP PORTFOLIO OR ANY OTHER
PERSON OR ENTITY FROM THE USE OF THE NASDAQ-100 INDEX(R) OR ANY DATA INCLUDED
THEREIN. THE CORPORATIONS MAKE NO EXPRESS OR IMPLIED WARRANTIES AND EXPRESSLY

Page 71

DISCLAIM ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE
OR USE WITH RESPECT TO THE NASDAQ-100 INDEX(R) OR ANY DATA INCLUDED THEREIN.
WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL THE CORPORATIONS HAVE
ANY LIABILITY FOR ANY LOST PROFITS OR SPECIAL, INCIDENTAL, PUNITIVE, INDIRECT
OR CONSEQUENTIAL DAMAGES, EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

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Page 75

                                 FIRST TRUST(R)

                    Dow(R) Target Dvd. 3Q '25 - Term 10/9/26
              S&P Dvd. Aristocrats Target 25 3Q '25 - Term 10/9/26
                      S&P Target 24 3Q '25 - Term 10/9/26
                    S&P Target SMid 60 3Q '25 - Term 10/9/26
                    Target Divsd. Dvd. 3Q '25 - Term 10/9/26
                      Target Focus 4 3Q '25 - Term 10/9/26
                Target Global Dvd. Leaders 3Q '25 - Term 10/9/26
                      Target Growth 3Q '25 - Term 10/9/26
                        Target VIP 3Q '25 - Term 10/9/26
                 Value Line(R) Target 25 3Q '25 - Term 10/9/26
                                    FT 12330

                                    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

                            ________________________

 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.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. 333-287020) 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

                                  July 9, 2025

               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
12330 not found in the prospectus for the Trusts. This Information Supplement
is not a prospectus and does not include all of the information you should
consider before investing in the Trusts. 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 July 9, 2025. Capitalized terms have been
defined in the prospectus.

                               Table of Contents

Dow Jones & Company, Inc.                                       1
Nasdaq, Inc.                                                    2
Value Line Publishing LLC                                       2
New York Stock Exchange                                         3
Risk Factors
   Securities                                                   3
   Dividends                                                    3
   REITs                                                        3
   Foreign Issuers                                              5
   Emerging and Developing Markets                              6
   Exchange Rates                                               6
   Small and/or Mid Capitalization Companies                   10
Concentration
   Concentration Risk                                          10
   Financials                                                  10
   Health Care                                                 11
   Industrials                                                 12
   Information Technology                                      12

Dow Jones & Company, Inc.

The Dow Jones Industrial Average, Dow Jones U.S. Select Dividend Index(sm),
S&P 500(R) Index, S&P 500(R) Dividend Aristocrats(R) Index, S&P MidCap 400(R)
Index and S&P SmallCap 600(R) Index (collectively, the "Licensed Indexes") are
products of S&P Dow Jones Indices LLC ("SPDJI"), and have been licensed for
use by First Trust Portfolios L.P. Standard & Poor's(R), S&P(R), S&P 500(R),
S&P(R) Dividend Aristocrats(R), S&P MidCap 400(R) and S&P SmallCap 600(R) are
registered trademarks of Standard & Poor's Financial Services LLC ("S&P");
DJIA(R), The Dow(R), Dow Jones(R), Dow Jones Industrial Average and Dow Jones
U.S. Select Dividend Index(sm) are trademarks of Dow Jones Trademark Holdings
LLC ("Dow Jones"); and these trademarks have been licensed for use by SPDJI
and sublicensed for certain purposes by First Trust Portfolios L.P. The
Trusts, in particular The Dow(R) Target Dividend Portfolio, S&P Dividend
Aristocrats Target 25 Portfolio, S&P Target 24 Portfolio, S&P Target SMid 60
Portfolio, Target Focus Four Portfolio and the Target VIP Portfolio
(collectively, the "Trusts") are not sponsored, endorsed, sold or promoted by
SPDJI, Dow Jones, S&P, any of their respective affiliates (collectively, "S&P
Dow Jones Indices"). S&P Dow Jones Indices makes no representation or
warranty, express or implied, to the owners of the Trusts or any member of the
public regarding the advisability of investing in securities generally or in
the Trusts particularly or the ability of the Licensed Indexes to track
general market performance. S&P Dow Jones Indices' only relationship to First
Trust Advisors L.P. with respect to the Licensed Indexes is the licensing of
such indexes and certain trademarks, service marks and/or trade names of S&P
Dow Jones Indices or its licensors. The Licensed Indexes are determined,
composed and calculated by S&P Dow Jones Indices without regard to First Trust
Advisors L.P. or the Trusts. S&P Dow Jones Indices have no obligation to take
the needs of First Trust Advisors L.P. or the owners of the Trusts into
consideration in determining, composing or calculating the Licensed Indexes.
S&P Dow Jones Indices is not responsible for and has not participated in the
determination of the prices, and amount of the Trusts or the timing of the
issuance or sale of the Trusts or in the determination or calculation of the
equation by which the Trusts are to be converted into cash, surrendered or
redeemed, as the case may be. S&P Dow Jones Indices has no obligation or
liability in connection with the administration, marketing or trading of the
Trusts. There is no assurance that investment products based on the Licensed

Page 1

Indexes will accurately track index performance or provide positive investment
returns. S&P Dow Jones Indices LLC is not an investment advisor. Inclusion of
a security within an index is not a recommendation by S&P Dow Jones Indices to
buy, sell, or hold such security, nor is it considered to be investment
advice. Notwithstanding the foregoing, CME Group Inc. and its affiliates, a
shareholder of S&P Dow Jones Indices LLC, may independently issue and/or
sponsor financial products unrelated to Trusts, but which may be similar to
and competitive with the Trusts. In addition, CME Group Inc. and its
affiliates may trade financial products which are linked to the performance of
the Dow Jones Industrial Average and the S&P 500(R) Index.

S&P DOW JONES INDICES DOES NOT GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS
AND/OR THE COMPLETENESS OF THE LICENSED INDEXES OR ANY DATA RELATED THERETO OR
ANY COMMUNICATION, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION
(INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S&P DOW JONES
INDICES SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS,
OMISSIONS, OR DELAYS THEREIN. S&P DOW JONES INDICES MAKES NO EXPRESS OR
IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY
OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY
FIRST TRUST ADVISORS L.P., OWNERS OF THE TRUSTS, OR ANY OTHER PERSON OR ENTITY
FROM THE USE OF THE LICENSED INDEXES OR WITH RESPECT TO ANY DATA RELATED
THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL
S&P DOW JONES INDICES BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL,
PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF
PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED
OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT
LIABILITY, OR OTHERWISE. THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY
AGREEMENTS OR ARRANGEMENTS BETWEEN S&P DOW JONES INDICES AND FIRST TRUST
ADVISORS L.P., OTHER THAN THE LICENSORS OF S&P DOW JONES INDICES.

Nasdaq, Inc.

The "Nasdaq 100(R)," "Nasdaq-100 Index(R)," and "Nasdaq(R)" are trade or
service marks of Nasdaq, Inc. (which with its affiliates is the
"Corporations") and are licensed for use by us. The Target VIP Portfolio has
not been passed on by the Corporations as to its legality or suitability. The
Target VIP Portfolio is not issued, endorsed, sold, or promoted by the
Corporations. The Corporations make no warranties and bear no liability with
respect to the Target VIP Portfolio.

Value Line Publishing LLC

Value Line Publishing LLC's ("VLP") only relationship to First Trust
Portfolios L.P. and/or First Trust Advisors L.P. is VLP's licensing to First
Trust Portfolios L.P. and/or First Trust Advisors L.P. of certain VLP
trademarks and trade names and the Value Line(R) Timeliness(TM) Ranking System
(the "System"), which is composed by VLP without regard to First Trust
Portfolios L.P. or First Trust Advisors L.P., this product or any investor.
VLP has no obligation to take the needs of First Trust Portfolios L.P. and/or
First Trust Advisors L.P. or any investor in the product into consideration in
composing the System. The product results may differ from the hypothetical or
published results of the Value Line Timeliness Ranking System. VLP is not
responsible for and has not participated in the determination of the prices
and composition of the product or the timing of the issuance for sale of the
product or in the calculation of the equations by which the product is to be
converted into cash.

VLP MAKES NO WARRANTY CONCERNING THE SYSTEM, EXPRESS OR IMPLIED, INCLUDING BUT
NOT LIMITED TO, ANY IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A
PARTICULAR PURPOSE OR ANY PERSON'S INVESTMENT PORTFOLIO, OR ANY IMPLIED
WARRANTIES ARISING FROM USAGE OF TRADE, COURSE OF DEALING OR COURSE OF
PERFORMANCE, AND VLP MAKES NO WARRANTY AS TO THE POTENTIAL PROFITS OR ANY
OTHER BENEFITS THAT MAY BE ACHIEVED BY USING THE SYSTEM OR ANY INFORMATION OR
MATERIALS GENERATED THEREFROM. VLP DOES NOT WARRANT THAT THE SYSTEM WILL MEET
ANY REQUIREMENTS OR THAT IT WILL BE ACCURATE OR ERROR-FREE. VLP ALSO DOES NOT
GUARANTEE ANY USES, INFORMATION, DATA OR OTHER RESULTS GENERATED FROM THE
SYSTEM OR THE PRODUCT. VLP HAS NO OBLIGATION OR LIABILITY (I) IN CONNECTION
WITH THE ADMINISTRATION, MARKETING OR TRADING OF THE PRODUCT; OR (II) FOR ANY
LOSS, DAMAGE, COST OR EXPENSE SUFFERED OR INCURRED BY ANY INVESTOR OR OTHER

Page 2

PERSON OR ENTITY IN CONNECTION WITH THIS PRODUCT, AND IN NO EVENT SHALL VLP BE
LIABLE FOR ANY LOST PROFITS OR OTHER CONSEQUENTIAL, SPECIAL, PUNITIVE,
INCIDENTAL, INDIRECT OR EXEMPLARY DAMAGES IN CONNECTION WITH THE PRODUCT.

New York Stock Exchange

"NYSE(R)" is a registered service/trademark of ICE Data Indices, LLC or its
affiliates and has been licensed, along with, "NYSE International 100
Index(SM)" ("Index") for use by First Trust Portfolios, L.P. ICE Data Indices,
LLC has no relationship to First Trust Portfolios L.P. other than the
licensing of the "NYSE International 100 Index(SM)" and the trademark and
service mark referenced above for use in connection with the NYSE(R)
International Target 25 Strategy.

ICE Data Indices, LLC does not: sponsor, endorse, sell or promote the NYSE(R)
International Target 25 Strategy; recommend that any person invest in the NYSE(R)
International Target 25 Strategy or any other securities; have any
responsibility or liability for or make any decision about the timing, amount or
pricing of the NYSE(R) International Target 25 Strategy; have any responsibility
or liability for the administration, management or marketing of the NYSE(R)
International Target 25 Strategy; consider the needs of the NYSE(R)
International Target 25 Strategy or the owners of the NYSE(R) International
Target 25 Strategy in determining, composing or calculating the NYSE
International 100 Index(SM) or have any obligation to do so.

ICE Data Indices, LLC will not have any liability in connection with the NYSE(R)
International Target 25 Strategy. Specifically, ICE Data Indices, LLC does not
make any warranty, express or implied, and ICE Data Indices, LLC disclaims any
warranty about: the results to be obtained by the NYSE(R) International Target
25 Strategy, the owners of the NYSE(R) International Target 25 Strategy, or any
other relevant person in connection with the use of the Index and the data
included in the Index; the accuracy or completeness of the Index and its data;
the merchantability or fitness for a particular purpose or use of the Index and
its data. ICE Data Indices, LLC will have no liability for any errors, omissions
or interruptions in the Index or its data. Under no circumstances will ICE Data
Indices, LLC be liable for any lost profits or indirect, punitive, special or
consequential damages or losses, even if ICE Data Indices, LLC knows that they
might occur. The licensing agreement between First Trust Portfolios L.P. and ICE
Data Indices, LLC is solely for their benefit and not for the benefit of the
owners of the NYSE(R) International Target 25 Strategy or any other third
parties.

Risk Factors

Securities. An investment in Units should be made with an understanding of the
risks which an investment in common stocks entails, including the risk that
the financial condition of the issuers of the Securities or the general
condition of the relevant stock market may worsen, and the value of the
Securities 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.

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

REITs. An investment in individual Trusts which invest in REITs should be made
with an understanding of risks inherent in an investment in U.S.-based REITs
specifically and real estate generally (in addition to securities market

Page 3

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

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

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

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

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

Page 4

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

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

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

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

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

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.

Page 5

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

Emerging and Developing Markets. The following section applies to individual
Trusts which contain Securities issued by, or invest in securities issued by,
emerging and/or developing market companies. 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.

Exchange Rates. The following section applies to individual Trusts which
contain Securities that principally trade in foreign currencies. Securities
that principally trade in foreign currencies involve investment risks that are
substantially different from an investment in a fund which invests in
securities that are principally traded in United States dollars. The United
States dollar value of the portfolio (and hence of the Units) and of the
distributions from the portfolio will vary with fluctuations in the United
States dollar foreign exchange rates for the relevant currencies. Most foreign
currencies have fluctuated widely in value against the United States dollar

Page 6

for many reasons, including supply and demand of the respective currency, the
rate of inflation in the respective economies compared to the United States,
the impact of interest rate differentials between different currencies on the
movement of foreign currency rates, the balance of imports and exports goods
and services, the soundness of the world economy and the strength of the
respective economy as compared to the economies of the United States and other
countries.

The post-World War II international monetary system was, until 1973, dominated
by the Bretton Woods Treaty which established a system of fixed exchange rates
and the convertibility of the United States dollar into gold through foreign
central banks. Starting in 1971, growing volatility in the foreign exchange
markets caused the United States to abandon gold convertibility and to effect
a small devaluation of the United States dollar. In 1973, the system of fixed
exchange rates between a number of the most important industrial countries of
the world, among them the United States and most Western European countries,
was completely abandoned. Subsequently, major industrialized countries have
adopted "floating" exchange rates, under which daily currency valuations
depend on supply and demand in a freely fluctuating international market. Many
smaller or developing countries have continued to "peg" their currencies to
the United States dollar although there has been some interest in recent years
in "pegging" currencies to "baskets" of other currencies or to a Special
Drawing Right administered by the International Monetary Fund. In Europe, the
euro has been developed. Currencies are generally traded by leading
international commercial banks and institutional investors (including
corporate treasurers, money managers, pension funds and insurance companies).
From time to time, central banks in a number of countries also are major
buyers and sellers of foreign currencies, mostly for the purpose of preventing
or reducing substantial exchange rate fluctuations.

Exchange rate fluctuations are partly dependent on a number of economic
factors including economic conditions within countries, the impact of actual
and proposed government policies on the value of currencies, interest rate
differentials between the currencies and the balance of imports and exports of
goods and services and transfers of income and capital from one country to
another. These economic factors are influenced primarily by a particular
country's monetary and fiscal policies (although the perceived political
situation in a particular country may have an influence as well-particularly
with respect to transfers of capital). Investor psychology may also be an
important determinant of currency fluctuations in the short run. Moreover,
institutional investors trying to anticipate the future relative strength or
weakness of a particular currency may sometimes exercise considerable
speculative influence on currency exchange rates by purchasing or selling
large amounts of the same currency or currencies. However, over the long term,
the currency of a country with a low rate of inflation and a favorable balance
of trade should increase in value relative to the currency of a country with a
high rate of inflation and deficits in the balance of trade.

The following tables set forth, for the periods indicated, the range of
fluctuation concerning the equivalent U.S. dollar rates of exchange and end-of-
month equivalent U.S. dollar rates of exchange for the United Kingdom pound
sterling and the euro:

Page 7

                            Foreign Exchange Rates
                 Range of Fluctuations in Foreign Currencies

              United Kingdom
Annual        Pound Sterling/        Euro/
Period        U.S. Dollar            U.S. Dollar
______        _______________        ___________
1983          0.616-0.707
1984          0.670-0.864
1985          0.672-0.951
1986          0.643-0.726
1987          0.530-0.680
1988          0.525-0.601
1989          0.548-0.661
1990          0.504-0.627
1991          0.499-0.624
1992          0.498-0.667
1993          0.630-0.705
1994          0.610-0.684
1995          0.610-0.653
1996          0.583-0.670
1997          0.584-0.633
1998          0.584-0.620
1999          0.597-0.646             0.845-0.999
2000          0.605-0.715             0.967-1.209
2001          0.665-0.728             1.045-1.196
2002          0.621-0.710             0.953-1.164
2003          0.560-0.643             0.794-0.965
2004          0.514-0.570             0.733-0.846
2005          0.518-0.583             0.743-0.857
2006          0.505-0.581             0.749-0.846
2007          0.474-0.521             0.672-0.776
2008          0.492-0.695             0.625-0.803
2009          0.598-0.727             0.661-0.798
2010          0.611-0.698             0.689-0.839
2011          0.599-0.652             0.674-0.775
2012          0.614-0.653             0.743-0.829
2013          0.604-0.673             0.725-0.782
2014          0.583-0.644             0.718-0.827
2015          0.630-0.683             0.826-0.953
2016          0.672-0.825             0.867-0.963
2017          0.736-0.830             0.831-0.961
2018          0.697-0.801             0.799-0.891
2019          0.750-0.831             0.866-0.918
2020          0.732-0.871             0.813-0.936
2021          0.704-0.757             0.811-0.893
2022          0.730-0.936             0.873-1.042
2023          0.761-0.845             0.890-0.955
2024          0.745-0.810             0.893-0.966

Source: Bloomberg L.P.

Page 8

          End of Month Exchange Rates for Foreign Currencies

                        United Kingdom
                        Pound Sterling/         Euro/
Monthly Period          U.S. Dollar             U.S. Dollar
______________          ______________          ___________
2021:
 January                    .730                    .824
 February                   .718                    .828
 March                      .726                    .853
 April                      .723                    .832
 May                        .704                    .818
 June                       .723                    .843
 July                       .719                    .842
 August                     .727                    .847
 September                  .742                    .864
 October                    .731                    .865
 November                   .752                    .882
 December                   .739                    .880
2022:
 January                    .744                    .890
 February                   .745                    .891
 March                      .761                    .904
 April                      .795                    .948
 May                        .794                    .932
 June                       .821                    .954
 July                       .822                    .978
 August                     .860                    .995
 September                  .895                   1.020
 October                    .872                   1.012
 November                   .829                    .961
 December                   .828                    .934
2023:
 January                    .812                    .921
 February                   .832                    .946
 March                      .811                    .923
 April                      .796                    .908
 May                        .804                    .936
 June                       .787                    .917
 July                       .779                    .909
 August                     .789                    .922
 September                  .820                    .946
 October                    .823                    .946
 November                   .792                    .918
 December                   .785                    .906
2024:
 January                    .788                    .924
 February                   .792                    .925
 March                      .792                    .927
 April                      .801                    .938
 May                        .785                    .922
 June                       .791                    .933
 July                       .778                    .924
 August                     .762                    .905
 September                  .748                    .898
 October                    .775                    .919
 November                   .785                    .945
 December                   .799                    .966
2025:
 January                    .807                    .965
 February                   .795                    .964
 March                      .774                    .925
 April                      .750                    .883
 May                        .743                    .881
 June                       .728                    .848

Page 9

The Sponsor will estimate current exchange rates for the relevant currencies
based on activity in the various currency exchange markets. However, since
these markets are volatile and are constantly changing, depending on the
activity at any particular time of the large international commercial banks,
various central banks, large multi-national corporations, speculators and
other buyers and sellers of foreign currencies, and since actual foreign
currency transactions may not be instantly reported, the exchange rates
estimated by the Sponsor may not be indicative of the amount in United States
dollars the Trusts would receive had the Trustee sold any particular currency
in the market. The foreign exchange transactions of the Trusts will be
conducted by the Trustee with foreign exchange dealers acting as principals on
a spot (i.e., cash) buying basis. Although foreign exchange dealers trade on a
net basis, they do realize a profit based upon the difference between the
price at which they are willing to buy a particular currency (bid price) and
the price at which they are willing to sell the currency (offer price).

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

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

Concentration

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

The Dow(R) Target Dividend Portfolio, the S&P Target SMid 60 Portfolio and the
Target Focus Four Portfolio are concentrated in stocks of companies within the
financials sector. The S&P Dividend Aristocrats Target 25 Portfolio is
concentrated in stocks of companies within the industrials sector. The S&P
Target 24 Portfolio is concentrated within the information technology sector.
The Value Line(R) Target 25 Portfolio is concentrated in stocks within the
health care sector.

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

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

In addition, general economic conditions are important to the operations of
these companies, and financial difficulties of borrowers may have an adverse
effect on the profitability of financial companies. Deteriorating economic
fundamentals may increase the risk of default or insolvency of particular
financial institutions, negatively impact market value, cause credit spreads
to widen, and reduce bank balance sheets. Financial companies can be highly

Page 10

dependent upon access to capital markets, and any impediments to such access,
such as adverse overall economic conditions or a negative perception in the
capital markets of a financial company's financial condition or prospects,
could adversely affect its business. For example, any failure of a bank can
result in disruption to the broader banking industry or markets generally,
which may also heighten market volatility and reduce liquidity. Deterioration
of credit markets can have an adverse impact on a broad range of financial
markets, causing certain financial companies to incur large losses. In these
conditions, companies in the financials sector may experience significant
declines in the valuation of their assets, take actions to raise capital and
even cease operations. Some financial companies may also be required to accept
or borrow significant amounts of capital from government sources and may face
future government-imposed restrictions on their businesses or increased
government intervention. However, there is no guarantee that governments will
provide any such relief in the future and no certainty that such relief will
mitigate the effects of any failure of a financial institution on the economy
or otherwise strengthen public confidence in financial institutions. These
actions may cause the securities of many companies in the financials sector to
decline in value.

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

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

Health Care. Health care companies include those involved in health
care/managed care, hospital management/health services, the creation and
development of drugs and biotechnology, and the development of advanced
medical devices, instruments and other supplies, all of which have unique
potential risks. These companies are subject to governmental regulation of
their products and services, a factor which could have a significant and
unfavorable effect on the price and availability of such products or services.
Furthermore, such companies face the risk of increasing competition from new
products or services, generic drug sales, the termination of patent protection
for drug or medical supply products and the risk that technological advances
will render their products obsolete. The research and development costs of
bringing a drug to market are substantial, and include lengthy governmental
review processes with no guarantee that the product will ever come to market.
Many of these companies may have operating losses and may not offer certain
products for several years. Such companies may also have persistent losses
during a new product's transition from development to production, and revenue
patterns may be erratic. On a worldwide basis, such companies are involved in
the development and distributions of drugs, vaccines, medical products and
medical services.

As the number of older people in the United States increases, the health care
system is increasingly burdened by the costs related to chronic illnesses,
injuries, disabilities, nursing home care and home health care. These costs
may be exaggerated for health care facility operators who may already be
burdened by events and conditions including fluctuating demand for services,
the ability of the facility to provide the services required, physicians'
confidence in the facility, management capabilities, competition with other
hospitals, efforts by insurers and governmental agencies to limit rates,

Page 11

legislation establishing state rate-setting agencies, expenses, government
regulation, the cost and possible unavailability of malpractice insurance and
the termination or restriction of governmental financial assistance, including
that associated with Medicare, Medicaid and other similar third party
programs. The challenges presented by an increase in the elderly population
may require an increase in spending to improve and expand the health care
infrastructure as well as overall reform to the entire health care system.

Legislative proposals concerning health care are proposed in Congress from
time to time. These proposals span a wide range of topics, including cost and
price controls (which may include a freeze on the prices of prescription
drugs), national health insurance, incentives for competition in the provision
of health care services, tax incentives and penalties related to health care
insurance premiums and promotion of pre-paid health care plans. The long-term
effects of any such proposals on the health care sector remain uncertain and
cannot be predicted.

Industrials. The profitability of industrial companies will be affected by
various factors including the general state of the economy, intense
competition, domestic and international politics, excess capacity and spending
trends. The Internet may also influence the industrial market. Customers'
desire for better pricing and convenience, as well as manufacturers' desire to
boost profitability by finding new avenues of sales growth and productivity
gains, may drive many industrial manufacturers to invest heavily in Internet
hardware and software. Because the Internet allows manufacturers to take
orders directly from customers, thus eliminating the middlemen from both
supply chains and distributors, industrial makers may no longer need
traditional third-party outfits to distribute their products. In addition, the
Internet may also allow industrial manufacturers to cut inventory levels, by
enabling customers to tailor their orders to their specific needs.

Industrial companies may also be affected by factors more specific to their
individual industries. Industrial machinery manufacturers may be subject to
declines in consumer demand and the need for modernization. Agricultural
equipment businesses may be influenced by fluctuations in farm income, farm
commodity prices, government subsidies and weather conditions. The number of
housing starts, levels of public and non-residential construction including
weakening demand for new office and retail space, and overall construction
spending may adversely affect construction equipment manufacturers, while
overproduction, consolidation and weakening global economies may lead to
deteriorating sales for truck makers.

Information Technology. Technology companies generally include companies
involved in the development, design, manufacture and sale of computers and
peripherals, software and services, data networking/communications equipment,
Internet access/information providers, semiconductors and semiconductor
equipment and other related products, systems and services. The market for
these products, especially those specifically related to the Internet, is
characterized by rapidly changing technology, rapid product obsolescence,
cyclical market patterns, evolving industry standards and frequent new product
introductions. The success of the issuers of the Securities depends in
substantial part on the timely and successful introduction of new products. An
unexpected change in one or more of the technologies affecting an issuer's
products or in the market for products based on a particular technology could
have a material adverse effect on an issuer's operating results. Furthermore,
there can be no assurance that the issuers of the Securities will be able to
respond in a timely manner to compete in the rapidly developing marketplace.

Based on trading history of common stock, factors such as announcements of new
products or development of new technologies and general conditions of the
industry have caused and are likely to cause the market price of high-
technology common stocks to fluctuate substantially. In addition, technology
company stocks have experienced extreme price and volume fluctuations that
often have been unrelated to the operating performance of such companies. This
market volatility may adversely affect the market price of the Securities and
therefore the ability of a Unit holder to redeem Units at a price equal to or
greater than the original price paid for such Units.

Some key components of certain products of technology issuers are currently
available only from single sources. There can be no assurance that in the
future suppliers will be able to meet the demand for components in a timely
and cost effective manner. Accordingly, an issuer's operating results and
customer relationships could be adversely affected by either an increase in
price for, or an interruption or reduction in supply of, any key components.
Additionally, many technology issuers are characterized by a highly
concentrated customer base consisting of a limited number of large customers
who may require product vendors to comply with rigorous industry standards.
Any failure to comply with such standards may result in a significant loss or
reduction of sales. Because many products and technologies of technology
companies are incorporated into other related products, such companies are
often highly dependent on the performance of the personal computer,
electronics and telecommunications industries. There can be no assurance that
these customers will place additional orders, or that an issuer of Securities
will obtain orders of similar magnitude as past orders from other customers.
Similarly, the success of certain technology companies is tied to a relatively

Page 12

small concentration of products or technologies. Accordingly, a decline in
demand of such products, technologies or from such customers could have a
material adverse impact on issuers of the Securities.

Many technology companies rely on a combination of patents, copyrights,
trademarks and trade secret laws to establish and protect their proprietary
rights in their products and technologies. There can be no assurance that the
steps taken by the issuers of the Securities to protect their proprietary
rights will be adequate to prevent misappropriation of their technology or
that competitors will not independently develop technologies that are
substantially equivalent or superior to such issuers' technology. In addition,
due to the increasing public use of the Internet, it is possible that other
laws and regulations may be adopted to address issues such as privacy,
pricing, characteristics, and quality of Internet products and services. The
adoption of any such laws could have a material adverse impact on the
Securities in the Trust.

Like many areas of technology, the semiconductor business environment is
highly competitive, notoriously cyclical and subject to rapid and often
unanticipated change. Recent industry downturns have resulted, in part, from
weak pricing, persistent overcapacity, slowdown in Asian demand and a shift in
retail personal computer sales toward the low end, or "sub-$1,000" segment.
Industry growth is dependent upon several factors, including: the rate of
global economic expansion; demand for products such as personal computers and
networking and communications equipment; excess productive capacity and the
resultant effect on pricing; and the rate of growth in the market for low-
priced personal computers.

The social media industry is also highly competitive and subject to the risks
involved with information technology companies, namely, short product life
cycles, evolving industry standards, loss of patent protections, rapidly
changing technologies and frequent new product introductions.  Additional
risks generally applicable to social media companies include, without
limitation: disruption of services due to internal or external technical
issues; security breaches of private, proprietary and confidential
information; and evolving laws and regulations, foreign or domestic, that
could negatively affect operations. Furthermore, the sustainability of the
business models employed by social media companies remain largely unproven.

Page 13

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

</PRE>
```

Undertaking

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

CONTENTS OF REGISTRATION STATEMENT

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

The Registrant, FT 12330, hereby identifies The First Trust Special Situations Trust, Series 4; The First Trust Special Situations Trust, Series 18; The First Trust Special Situations Trust, Series 69; The First Trust Special Situations Trust, Series 108; The First Trust Special Situations Trust, Series 119; The First Trust Special Situations Trust, Series 190; FT 286; The First Trust Combined Series 272; FT 412; FT 438; FT 556; FT 754; FT 1102; FT 1179; FT 2935; FT 3320; FT 3367; FT 3370; FT 3397; FT 3398; FT 3400; FT 3451; FT 3480; FT 3529; FT 3530; FT 3568; FT 3569; FT 3570; FT 3572; FT 3615; FT 3647; FT 3650; FT 3689; FT 3690; FT 3729; FT 3780; FT 3940; FT 4020; FT 4037; FT 4143; FT 4260; FT 4746; FT 4789; FT 5039; FT 5415; FT 7033; FT 7256; FT 7935; FT 8495; FT 8669; FT 8713; FT 8740; FT 8746; FT 8758; FT 8817; FT 8955; FT 8956; FT 8965; FT 8976; FT 8978; FT 8993; FT 8994; FT 8997; FT 9039; FT 9040; FT 9042; FT 9058; FT 9068; FT 9203; FT 9204; FT 9303; FT 9305; FT 9326; FT 9327; FT 9372; FT 9401; FT 9402; FT 9403; FT 9474; FT 9513; FT 9514; FT 9611; FT 9630; FT 9709; FT 9872; FT 9908; FT 9911; FT 9923; FT 9937; FT 9950; FT 9961; FT 9977; FT 9978; FT 10051; FT 10057; FT 10105; FT 10109; FT 10121; FT 10272; FT 10295; FT 10323; FT 10412; FT 10447; FT 10455; FT 10475; FT 10528; FT 10583; FT 10689; FT 10694; FT 10756; FT 10865; FT 10895; FT 10976; FT 11035; FT 11095; FT 11096; FT 11097; FT 11155; FT 11156; FT 11223; FT 11224; FT 11285; FT 11462; FT 11475; FT 11642; FT 11756; FT 11909; FT 12152; FT 12153 and FT 12155 for purposes of the representations required by Rule 487 and represents the following:

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

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

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

Pursuant to the requirements of the Securities Act of 1933, the Registrant, FT 12330, 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 July 9, 2025.

FT 12330

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

---

| | |
|:---|:---|
| By: | <u>/s/ Ronda L. Saeli-Chiappe</u><br> 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/ Ronda L. Saeli-Chiappe</u>) Attorney-in-Fact\*\*) July 9, 2025)) |
| &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/2054708/000144554625002371/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 12161 (File No. 333-285589) 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 Exhibits 3.1, 3.2 and 3.3 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](ex-99_a1.htm) for FT 12330, effective July 9, 2025 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](https://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](https://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](https://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](https://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) , 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) and Amendment No. 1 to Form S-6 [ File
No. 333-274281 ] filed on behalf of [FT 11028](https://www.sec.gov/Archives/edgar/data/1984419/000144554623005816/ex-99_17.htm)).

2.2 [Code of Ethics](https://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 as to legality of securities being registered](ex-99_2a.htm) .

3.2 [Opinion of counsel as to Federal income tax status of securities being registered](ex-99_c4a.htm) .

3.3 [Opinion of counsel as to New York (state and city) tax status of securities being registered](ex-99_c4b.htm) .

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

6.1 [List of Principal Officers](https://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/2054708/000144554625002371/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. 333-285589] filed on behalf of FT 12161).

S-6 
```
<PRE>

</PRE>
```

## Ex-99

MEMORANDUM

FT 12330

<u>File No. 333-287020</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 July 9, 2025 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 Trust has been completed. |
| &nbsp;&nbsp;<u>Summary of Essential Information</u> | &nbsp;&nbsp;The Summary of Essential Information has been completed. |
| &nbsp;&nbsp;<u>Fee Table</u> | &nbsp;&nbsp;The Fee Table has been completed. |
| &nbsp;&nbsp;<u>Report of Independent Registered Public Accounting Firm</u> | &nbsp;&nbsp;The Report of Independent Registered Public Accounting Firm has been completed. |
| &nbsp;&nbsp;<u>Statements of Net Assets</u> | &nbsp;&nbsp;The Statements of Net Assets have been completed. |
| &nbsp;&nbsp;<u>Schedule of Investments</u> | &nbsp;&nbsp;The Schedules of Investments have been completed. |
| &nbsp;&nbsp;<u>Back Cover</u> | &nbsp;&nbsp;The date of the Prospectus and file number has been completed. |

---

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

July 9, 2025

## Exhibit 99.1

FT 12330

TRUST AGREEMENT

Dated: July 9, 2025

The Trust Agreement 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, 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

DOW(R) TARGET DVD. 3Q '25 - Term 10/9/26

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 $.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 $.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 July 9, 2025.

&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 2,500 Units of the Trust. However, the ability to request an in-kind distribution of Securities pursuant to Section 5.02 will terminate at any time that the number of outstanding Units has been reduced to 10% or less of the highest number of Units issued by the Trust. No in-kind distribution requests submitted during the 30 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

S&P DVD. ARISTOCRATS TARGET 25 3Q '25 – Term 10/9/26

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 $.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 $.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 July 9, 2025.

&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 2,500 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

S&P TARGET 24 3Q '25 - Term 10/9/26

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 $.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 $.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 July 9, 2025.

&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 2,500 Units of the Trust. However, the ability to request an in-kind distribution of Securities pursuant to Section 5.02 will terminate at any time that the number of outstanding Units has been reduced to 10% or less of the highest number of Units issued by the Trust. No in-kind distribution requests submitted during the 30 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

S&P TARGET SMID 60 3Q '25 – Term 10/9/26

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 $.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 $.0096 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 July 9, 2025.

&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 2,500 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

TARGET DIVSD. DVD. 3Q '25 - Term 10/9/26

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 $.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 $.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 July 9, 2025.

&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 2,500 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

TARGET FOCUS 4 3Q '25 - Term 10/9/26

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 $.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 $.0096 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 July 9, 2025.

&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

TARGET GLOBAL DVD. LEADERS 3Q '25 - Term 10/9/26

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 $.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 $.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 July 9, 2025.

&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 2,500 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

TARGET GROWTH 3Q '25 - Term 10/9/26

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 $.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 $.0096 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 July 9, 2025.

&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 2,500 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

TARGET VIP 3Q '25 - Term 10/9/26

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 $.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 $.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 July 9, 2025.

&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

VALUE LINE(R) TARGET 25 3Q '25 - Term 10/9/26

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 $.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 $.0096 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 July 9, 2025.

&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 2,500 Units of the Trust. However, the ability to request an in-kind distribution of Securities pursuant to Section 5.02 will terminate at any time that the number of outstanding Units has been reduced to 10% or less of the highest number of Units issued by the Trust. No in-kind distribution requests submitted during the 30 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 following language shall be added at the end of Section 3.01:

"The Depositor's certification as to the amount of its reimbursable expenses shall be made in good faith on the basis of information available to it at the time. If the reimbursable expenses of organizing the Trust actually incurred by the Depositor are less than the amount certified, the Depositor shall cause the excess to be restored to the Trust and the Trustee shall credit any such amount to the Account or Accounts from which the expense reimbursement had been withdrawn."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.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;D.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."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Section 6.01(l)(II) through the end of such paragraph shall be replaced with the following:

"(II) Securities issued by the Trustee, its parent, or an affiliate or by an entity for which the Trustee, in its individual capacity, or its parent, or an affiliate acts as trustee or other service provider, or (in the case of an Option or other similar Security) references a security for which the Trustee, in its individual capacity, or its parent, or an affiliate acts as trustee or other service provider, and any such relationship shall not constitute a conflict of interest for any purpose hereunder or prevent the Trustee from acting hereunder, and the Trustee may otherwise deal with the Depositor and the Trust with the same rights and powers as if it were not the Trustee hereunder."

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/ Ronda L. Saeli-Chiappe<br> 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

Vice President

SCHEDULE A TO TRUST AGREEMENT

Securities Initially Deposited

FT 12330

(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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July 9, 2025

First Trust Portfolios L.P.

120 East Liberty Drive

Suite 400

Wheaton, Illinois 60187

Re: FT 12330

Ladies and Gentlemen:

We have served as counsel for First Trust Portfolios L.P., as Sponsor and Depositor of FT 12330 in connection with the preparation, execution and delivery of a Trust Agreement dated July 9, 2025 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. 333-287020) 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/arr

## 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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July 9, 2025

First Trust Portfolios L.P.

120 East Liberty Drive

Suite 400

Wheaton, Illinois 60187

The Bank of New York Mellon

Unit Investment Trust Office

240 Greenwich Street, 8 East<br> New York, New York 10286

Re: FT 12330

Ladies and Gentlemen:

We have acted as counsel for First Trust Portfolios L.P., depositor of FT 12330 (the "Series"), in connection with the issuance of units of fractional undivided interest in the Series (the "Units"), under a Trust Agreement dated July 9, 2025 (the "Indenture") among First Trust Portfolios L.P., as depositor (the "Depositor"), First Trust Advisors L.P., as portfolio supervisor and The Bank of New York Mellon, as trustee (the "Trustee"). The Series is comprised of the following unit investment trusts: Dow(R) Target Dvd. 3Q '25 - Term 10/9/26; S&P Dvd. Aristocrats Target 25 3Q '25 - Term 10/9/26; S&P Target 24 3Q '25 - Term 10/9/26; S&P Target SMid 60 3Q '25 - Term 10/9/26; Target Divsd. Dvd. 3Q '25 - Term 10/9/26; Target Focus 4 3Q '25 - Term 10/9/26; Target Global Dvd. Leaders 3Q '25 - Term 10/9/26; Target Growth 3Q '25 - Term 10/9/26; Target VIP 3Q '25 - Term 10/9/26; and Value Line(R) Target 25 3Q '25 - Term 10/9/26 (each a "Trust" and collectively the "Trusts"). Three of the Trusts, the Dow(R) Target Dvd. 3Q '25 - Term 10/9/26; S&P Target 24 3Q '25 - Term 10/9/26 and Value Line(R) Target 25 3Q '25 - Term 10/9/26 (each a "Grantor Trust" and collectively, the "Grantor Trusts"), are intended to be classified as grantor trusts for Federal income tax purposes.

In this connection, we have examined the registration statement and the prospectus for the Series (the "Prospectus"), the Indenture, and such other instruments and documents, as we have deemed pertinent. For purposes of this opinion, we are assuming that the Grantor Trusts will at all times be operated in accordance with the Indenture and the Prospectus and that the parties to the Indenture will at all times fully comply with the terms of the Indenture. Failure to operate the Grantor Trusts at all times in accordance with the Indenture and the Prospectus or failure to comply fully at all times with the terms of the Indenture could result in Federal income tax treatment different from that described below.

You have informed us, and we are assuming that the assets of each Grantor Trust will consist of a portfolio as set forth in the Prospectus. All of the assets of a Grantor Trust constitute the "Trust's Assets." You have not requested us to examine, and accordingly we have not examined, any of the Grantor Trust's Assets and express no opinion as to the Federal or state income tax treatment thereof.

Based upon the foregoing and on the facts outlined in this opinion, and upon an investigation of such matters of law as we consider to be applicable:

(i) We are of the opinion that, under existing United States Federal income tax law, the Grantor Trusts are not associations taxable as corporations for Federal income tax purposes but will be classified as grantor trusts and will be governed by the provisions of subchapter J (relating to trusts) of chapter 1, of the Internal Revenue Code of 1986 (the "Code").

(ii) Section 671 of the Code provides that, where a trust grantor is treated as the owner of any portion of a trust, there shall then be included in computing the taxable income and credits of the grantor those items of income, deductions and credits against tax of the trust which are attributable to that portion of the trust to the extent that such items would be taken into account under the Code in computing taxable income or credits against the tax of an individual. Each Unit holder is treated as the owner of a pro rata portion of their Grantor Trust under Section 676 of the Code. Therefore, a Unit holder will be considered as owning a pro rata share of each of the Grantor Trust Assets in the proportion that the number of Units held by him or her bears to the total number of Units outstanding. We are of the opinion that, under existing United States Federal income tax law, (a) under subpart E, subchapter J of chapter 1 of the Code, income of the Grantor Trust will be treated as income of each Unit holder in the proportion described above, and an item of Grantor Trust income will have the same character in the hands of a Unit holder as it would have if the Unit holder directly owned a pro rata portion of the Grantor Trusts' Assets and (b) each Unit holder will be considered to have received his or her pro rata share of income derived from each Grantor Trust Asset when such income would be considered to be received by the Unit holder if the Unit holder directly owned a pro rata portion of the Grantor Trust's Assets.

(iii) Although the discussion in the Prospectus under the heading "Tax Status–Grantor Trusts" does not purport to discuss all possible United States Federal income tax consequences of the purchase, ownership and disposition of Units, in our opinion, under existing United States Federal income tax law, such discussion, taken as a whole, is an accurate summary in all material respects, to the extent that the discussion constitutes statements of law or legal conclusions with respect to United States Federal income tax matters. In this regard, please note that (a) we have not examined any of the Grantor Trust's Assets and we are therefore unable to express an opinion, and we express no opinion as to the Federal income tax treatment thereof and (b) the discussion under "Tax Status–Grantor Trusts" depends in part on the facts peculiar to individual Unit holders of which we have made no investigation and have no knowledge.

Our opinion is based on the Code, the regulations promulgated thereunder and other relevant authorities and law, all as in effect on the date hereof. Consequently, future changes in the Code, the regulations promulgated thereunder and other relevant authorities and law may cause the tax treatment of the transaction to be materially different from that described above. This opinion is given as of the date hereof, and we undertake no, and hereby disclaim any, obligation to advise you of any change in any matter set forth herein. Our opinion represents only our legal judgment, is not a guarantee of a result and, unlike a tax ruling, is binding neither on the Internal Revenue Service nor a court of law, and has no official status of any kind. The Internal Revenue Service or a court of law could disagree with the opinion expressed herein. Although we believe that, in a properly presented case, the opinion expressed herein would be found to be correct if challenged, there can be no assurance that this will be the case. In evaluating these Federal tax issues, we have not taken into account the possibility that a tax return will not be audited, that an issue will not be raised on audit, or that an issue will be resolved through settlement if raised.

This opinion, as qualified herein, covers only the opinions expressly contained herein, and we express no opinion with respect to any other considerations which may arise relating to the transaction, any other taxes or any other matters arising under United States Federal, state, local or foreign law.

The Committee on Legal Opinions of the American Bar Association promulgated the "Third-Party Legal Opinion Report, Including the Legal Opinion Accord," (the "ABA Guidelines") in 1991. Among other things the ABA Guidelines provide that attorneys should not provide legal opinions as to matters of fact or financial or economic forecasts (or similar predictions). In this regard, matters discussed expressly or implicitly within this letter which are determined to be matters of fact or financial or economic forecasts (or similar predictions) should be interpreted to be a confirmation of our understanding and a statement of our belief rather than a legal opinion, regardless of the language used.

Chapman and Cutler LLP does not and will not impose any limitation on the disclosure of tax treatment or tax structure of any transaction relating to this matter.

We hereby consent to the filing of this opinion as an exhibit to the registration statement (File No. 333-287020) 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.

Very truly yours,

/s/ CHAPMAN AND CUTLER LLP

EFF/arr

## Exhibit 99.3

CARTER LEDYARD & MILBURN LLP

28 Liberty Street

NEW YORK, NY 10005

217-732-3200

July 9, 2025

The Bank of New York Mellon,<br> as Trustee of FT 12330

240 Greenwich Street<br> New York, New York 10286

Attention: Ms. Rosalia A. Koopman<br> Managing Director

Re: FT 12330

Ladies and Gentlemen:

We are acting as special counsel with respect to New York tax matters for Dow(R) Target Dvd. 3Q '25 - Term 10/9/26 (The Dow(R) Target Dividend Portfolio, 3rd Quarter 2025 Series), S&P Target 24 3Q '25 - Term 10/9/26 (S&P Target 24 Portfolio, 3rd Quarter 2025 Series) and Value Line(R) Target 25 3Q '25 - Term 10/9/26 (Value Line(R) Target 25 Portfolio, 3rd Quarter 2025 Series), (each, a "Trust" and collectively the "Trusts"), each of which is a unit investment trust included in the series identified as FT 12330 (the "Series"), which will be established under a certain Standard Terms and Conditions of Trust dated September 7, 2022, and a related Trust Agreement dated as of today (collectively, the "Indenture") among First Trust Portfolios, L.P., as Depositor (the "Depositor"), First Trust Advisors L.P., as Portfolio Supervisor, and The Bank of New York Mellon as Trustee (the "Trustee"). Pursuant to the terms of the Indenture, units of fractional undivided interest in the Trusts (the "Units") will be issued in the aggregate number set forth in the Indenture.

We have examined and are familiar with originals or certified copies, or copies otherwise identified to our satisfaction, of such documents as we have deemed necessary or appropriate for the purpose of this opinion. In giving this opinion, we have relied upon the two opinions, each dated today and addressed to the Trustee, of Chapman and Cutler LLP, counsel for the Depositor, with respect to the factual assumptions and the matters of law set forth therein. We have assumed that the assets of the Trusts will consist exclusively of debt securities, equity securities in entities classified as corporations for federal income tax purposes, or a combination thereof.

Based upon the foregoing, we are of the opinion that each Trust will not constitute an association taxable as a corporation under the relevant tax laws of the State and City of New York, and accordingly will not be subject to the New York State franchise tax (New York State Consolidated Laws Chapter 60, Article 9-A) or the New York City general corporation tax (New York Administrative Code Title 11, Chapter 6, Subchapter 2).

We express no opinion regarding the tax status of the other unit investment trusts included in the Series.

We consent to the filing of this opinion as an exhibit to the Registration Statement (No. 333-287020) filed with the Securities and Exchange Commission with respect to the registration of the sale of the Units and to the references to our name in such Registration Statement and the prospectus included therein.

Very truly yours,

/s/ CARTER LEDYARD & MILBURN LLP

## Exhibit 99.4

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We consent to the use in this Registration Statement No. 333-287020 on Form S-6 of our report dated July 9, 2025, relating to the financial statements of FT 12330, comprising Dow(R) Target Dvd. 3Q '25 - Term 10/9/26 (The Dow(R) Target Dividend Portfolio, 3rd Quarter 2025 Series); S&P Dvd. Aristocrats Target 25 3Q '25 - Term 10/9/26 (S&P Dividend Aristocrats Target 25 Portfolio, 3rd Quarter 2025 Series); S&P Target 24 3Q '25 - Term 10/9/26 (S&P Target 24 Portfolio, 3rd Quarter 2025 Series); S&P Target SMid 60 3Q '25 - Term 10/9/26 (S&P Target SMid 60 Portfolio, 3rd Quarter 2025 Series); Target Divsd. Dvd. 3Q '25 - Term 10/9/26 (Target Diversified Dividend Portfolio, 3rd Quarter 2025 Series); Target Focus 4 3Q '25 - Term 10/9/26 (Target Focus Four Portfolio, 3rd Quarter 2025 Series); Target Global Dvd. Leaders 3Q '25 - Term 10/9/26 (Target Global Dividend Leaders Portfolio, 3rd Quarter 2025 Series); Target Growth 3Q '25 - Term 10/9/26 (Target Growth Portfolio, 3rd Quarter 2025 Series); Target VIP 3Q '25 - Term 10/9/26 (Target VIP Portfolio, 3rd Quarter 2025 Series); and Value Line(R) Target 25 3Q '25 - Term 10/9/26 (Value Line(R) Target 25 Portfolio, 3rd Quarter 2025 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

July 9, 2025