# EDGAR Filing Document

**Accession Number:** 0002088036
**File Stem:** 0001445546-25-007799
**Filing Date:** 2025-11
**Character Count:** 443622
**Document Hash:** 5b80c16bb88c7c897fe64ef6e555559c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001445546-25-007799.hdr.sgml**: 20251124

**ACCESSION NUMBER**: 0001445546-25-007799

**CONFORMED SUBMISSION TYPE**: N-8B-2

**PUBLIC DOCUMENT COUNT**: 9

**FILED AS OF DATE**: 20251124

**EFFECTIVENESS DATE**: 20251124

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FTP Series
- **CENTRAL INDEX KEY:** 0002088036

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

**FILING VALUES:**
- **FORM TYPE:** N-8B-2
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-24141
- **FILM NUMBER:** 251513458

**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

File No. 811-24141

**United States<br> Securities and Exchange Commission<br> Washington, D.C. 20549**

**<br>Form N-8B-2**

Registration Statement of Unit Investment Trust

Pursuant to Section 8(b) of the Investment Company Act of 1940

**FTP Series**

(Name of Unit Investment Trust and Similar Series of Trusts)

☒ Not The Issuer Of Periodic Payment Plan Certificates

☐ Issuer Of Periodic Payment Plan Certificates

_____________________

I. Organization and General Information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. (a) Furnish name of the trust and the Internal Revenue Service Employer Identification Number. (According to security designation or otherwise,
if the trust does not have or does not transact business under any other designation.)

FTP Series, a Delaware Statutory Trust (the *"Trust"*).

The FTP Series does not have an Internal Revenue Service Employer Identification Number.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Furnish title of each class or series of securities issued by the trust.

FTP 1 and subsequent series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Furnish name and principal business address and zip code and the Internal Revenue Service Employer Identification
Number of each depositor of the trust.

First Trust Portfolios L.P. (the *"Depositor"*)

120 East Liberty Drive<br> Wheaton, Illinois 60187;

Internal Revenue Service Employer Identification Number is: 36-3768815

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Furnish name and principal business address and zip code and the Internal Revenue Service Employer Identification
Number of each custodian or trustee of the trust indicating for which class or series of securities each custodian or trustee is acting.

The Bank of New York Mellon (the *"Trustee"*)

240 Greenwich Street

New York, New York 10286

Internal Revenue Service Employer Identification Number is: 13-2614959

is the trustee acting for the series described in the answer to Item 1(b) herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Furnish name and principal business address and zip code and the Internal Revenue Service Employer Identification
Number of each principal underwriter currently distributing securities of the trust.

The principal underwriter will be

First Trust Portfolios L.P.

120 East Liberty Drive<br> Wheaton, Illinois 60187;

Internal Revenue Service Employer Identification Number is: 36-3768815

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Furnish name of state or other sovereign power, the laws of which govern with respect to the organization
of the trust.

State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. (a) Furnish the dates of execution and termination of any indenture or agreement currently in effect under the terms of which the trust was
organized and issued or proposes to issue securities. (If individual indentures or agreements are entered into with security holders,
so state and furnish the date of the first such indenture or agreement.)

It is expected that a Series Trust Agreement for each Series of the Trust will be entered into immediately prior to the filing of an amendment of the Registration Statement on Form S-6 under the Securities Act of 1933, as amended (the *"Securities Act"*), for each Series, and the securities comprising the portfolio will be listed in the prospectus for a Series (the *"Prospectus"*), and said securities will not be selected until at or about the date of their deposit. The Master Trust Agreement provides that the Trust shall continue perpetually unless terminated pursuant to the terms of the Master Trust Agreement. In no event, however, shall a Series continue beyond the mandatory dissolution date as may be specified in the relevant Series Trust Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Furnish the dates of execution and termination of any indenture or agreement currently in effect pursuant
to which the proceeds of payments on securities issued or to be issued by the trust are held by the custodian or trustee. (If this indenture
or agreement is the same as set forth in Item 6(a), so state.)

None, except as set forth in Item 6(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Furnish in chronological order the following information with respect to each change of name of the trust
since January 1, 1930. If the name has never been changed, so state.

FTP Series has never changed its name.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. State the date on which the fiscal year of the trust ends.

December 31 unless otherwise specified in the Prospectus.

*Material Litigation*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Furnish a description of any pending legal proceedings, material with respect to the security holders
of the trust by reason of the nature of the claim or the amount thereof, to which the trust, the depositor, or the principal underwriter
is a party or of which the assets of the trust are the subject, including the substance of the claims involved in such proceeding and
the title of the proceeding. Furnish a similar statement with respect to any pending administrative proceeding commenced by a governmental
authority or any such proceeding or legal proceeding known to be contemplated by a governmental authority. Include any proceeding which,
although immaterial itself, is representative of, or one of, a group which in the aggregate is material.

None

II. General Description of the Trust and Securities of the Trust

*General Information Concerning the Securities of the Trust and the Rights of Holders*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Furnish a brief statement with respect to the following matters for each class or series of securities
issued by the trust:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Whether the securities are of the registered or bearer type.

Securities will generally be of the registered type.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Whether the securities are of the cumulative or distributive type.

Securities will be generally of the distributive type.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The rights of security holders with respect to withdrawal or redemption.

See answer to Item 10(d), below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The rights of security holders with respect to conversion, transfer, partial redemption, and similar matters.

Unitholders may redeem their units on any business day. Redemption shall be made, consistent with the policies included in the Trust Agreement and a Series' Prospectus, by the Trustee no later than the first day (or such other date as specified under Federal securities laws) following the day on which a tender for redemption is received (the *"Redemption Date"*) by payment of an amount of cash and/or portfolio securities equivalent to the redemption price (the *"Redemption Price"*) for such Series multiplied by the number of units being redeemed. The right of redemption for a Series may be suspended and payment postponed (1) for any period during which the New York Stock Exchange (*"NYSE"*) is closed, other than customary weekend and holiday closings, or during which (as determined by the Securities and Exchange Commission (*"SEC"*)) trading on the NYSE is restricted; (2) for any period during which the SEC determines that trading on the NYSE is restricted or during which an emergency exists as a result of which disposal by the Trustee of portfolio securities is not reasonably practicable or it is not reasonably practicable to fairly determine the value of the underlying securities in accordance with the Trust Agreement; or (3) for such other period as the SEC may by order permit.

There can be no assurance that a secondary market for the units of a Series will develop. After the initial offering, while not obligated to do so, the Depositor, and certain other broker-dealers, may, subject to change at any time, maintain a market for units of a Series and to continuously offer to purchase said units at prices determined by the Depositor.

If permitted by the Trust Agreement and the Prospectus of a Series, subject to the restrictions set forth in the Prospectus of a Series, unitholders or broker/dealers tendering units for redemption may request an in kind distribution (a *"Distribution In Kind"*) of Series assets equal to the redemption price per unit as determined as of the evaluation time next following the tender in lieu of a cash redemption; provided, however, that a Distribution In Kind request must meet the requirements described in the Prospectus of a Series. The Distribution In Kind option may be terminated, modified or discontinued at any time by the Depositor without notice. Any In-Kind Distribution will be reduced by customary transfer and registration charges.

Units are transferable by making a written request to the Trustee. Ownership of a unit in one Series shall not be exchangeable for a unit in any other Series of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If the trust is the issuer of periodic payment plan certificates, the substance of the provisions of any
indenture or agreement with respect to lapses or defaults by security holders in making principal payments, and with respect to reinstatement.

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The substance of the provisions of any indenture or agreement with respect to voting rights, together
with the names of any persons other than security holders given the right to exercise voting rights pertaining to the trust's securities
or the underlying securities and the relationship of such persons to the trust.

Subject to certain limited exceptions, in the event that the Trustee shall have been notified at any time of any action to be taken or proposed to be taken by at least a legally required number of holders of any securities deposited in a Series, the Trustee shall take such action or omit from taking any action, as appropriate, so as to cause the securities to be voted as closely as possible in the same manner and the same general proportion as are the Securities held by owners other than such Series. Unitholders shall not have the right to vote any voting securities, if any, contained in a Series' portfolio.

No unitholder shall have the right to control the operation and management of any Series in any manner, except to vote with respect to the amendment of the Trust Agreement or dissolution of any Series. Reference is made to the information provided in answer to Item 20(d) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Whether security holders must be given notice of any change in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the composition of the assets in the trust.

Yes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the terms and conditions of the securities issued by the trust.

Yes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the provisions of any indenture or agreement of the trust.

Yes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the identity of the depositor, trustee or custodian.

Yes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Whether the consent of security holders is required in order for action to be taken concerning any change
in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the composition of the assets in the trust.

No.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the terms and conditions of the securities issued by the trust.

Reference is made to the information provided in answer to Item 10(f) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the provisions of any indenture or agreement of the trust.

Reference is made to the information provided in answer to Item 20(d) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the identity of the depositor, trustee or custodian.

No.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any other principal feature of the securities issued by the trust or any other principal right, privilege
or obligation not covered by subdivisions (a) to (g) or by any other items in this form.

None.

*Information Concerning the Securities Underlying the Trust's Securities*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Describe briefly the kind or type of securities comprising the unit of specified securities in which security
holders have an interest. (If the unit consists of a single security issued by an investment company, name such investment company and
furnish a description of the type of securities comprising the portfolio of such investment company.)

If the trust owns or will own any securities of its regular brokers or dealers as defined in Rule 10b-1 under the Investment Company Act of 1940, as amended, or their parents, identify those brokers or dealers and state the value of the registrants' aggregate holdings of the securities of each subject issuer as of the close of the registrant's most recent fiscal year.

A Series may consist of derivative securities (such as warrants, options, swaps, forward contracts or other derivatives), common stocks, preferred stocks, shares of registered investment companies, interests in public or private funds or commodity pools, other equity securities, bonds, notes, other fixed income securities (including strips and zero-coupon bonds), other evidences of indebtedness, certificates of participation, mortgage-backed securities or other obligations issued or guaranteed by the United States of America or by any agency or instrumentality thereof (plus contract securities, replacement securities, and additional securities, if any, each as defined in the Trust Agreement) (collectively referred to herein as the *"Securities"*), and all undistributed income received or accrued thereon, any undistributed cash realized from the sale, redemption or other disposition of the Securities deposited in the Series.

The Series do not currently intend to own any securities of their regular brokers or dealers or their parents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. If the trust is the issuer of periodic payment plan certificates and if any underlying securities were
issued by another investment company, furnish the following information for each such company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Name of company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Name and principal business address of depositor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Name and principal business address of trustee or custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Name and principal business address of principal underwriter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The period during which the securities of such company have been the underlying securities.

Not applicable.

*Information Concerning Loads, Fees, Charges and Expenses*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. (a) Furnish the following information with respect to each load, fee, expense or charge to which (1) principal payments, (2) underlying
securities, (3) distributions, (4) cumulated or reinvested distributions or income, and (5) redeemed or liquidated assets
of the trust's securities are subject:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the nature of such load, fee, expense or charge;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the amount thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the name of the person to whom such amounts are paid and his relationship to the trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) the nature of the services performed by such person in consideration for such load, fee, expense or charge

Units of the Series are offered at the public offering price thereof. The public offering price per unit is equal to the net asset value per unit determined plus any applicable organization costs plus any accrued interest plus the applicable sales charge referred to in the Series' Prospectus. The sales load paid per unit will be remitted to the Depositor or an affiliate of the Depositor. The sales load is expected to vary from Series to Series depending upon circumstances including, but not limited to, the type of underlying assets included in a Series' portfolio and a Series' maturity. The initial offering period for a Series will last until such time as the total number of units created are sold or as otherwise determined by the Depositor.

Units will be sold through dealers who are members of the Financial Industry Regulatory Authority, Inc. (*"FINRA"*) and through others. Sales may be made to or through dealers at prices which represent discounts from the public offering price. Certain commercial banks may make units of a Series available to their customers on an agency basis. A portion of the sales charge paid by their customers is retained by or remitted to the banks.

The Depositor will receive gross sales charges equal to a percentage of the public offering price and will pay a portion of such sales charges to dealers and agents. In addition, the Depositor may realize a profit or a loss resulting from (i) the difference between the purchase prices of the Securities to the Depositor and the costs of such Securities to a Series, which may be based on the offering side evaluation of the Securities and (ii) any market making activities with respect to the units. The Depositor may also realize profits or losses with respect to Securities deposited in a Series which were acquired from underwriting syndicates of which the Depositor was a member. The Depositor may realize additional profits or losses during the initial offering period on unsold units as a result of changes in the daily evaluation of the Securities in a Series. The Depositor may also receive a customary broker's fee in connection with the deposit of any derivatives into the Trust. In no event will the broker's fee exceed regulatory maximums.

The Depositor also acts as the Trust's sponsor and, in such capacity, will receive a fee from the Trust for creating and developing the Trust, including determining the Trust's objectives, policies, composition and size, selecting service providers and information services and for providing other similar administrative and ministerial functions. The amount of this fee is set forth in a Series' Prospectus. This fee is deducted from a Series' assets as of the close of the initial offering period. No portion of this fee is applied to the payment of distribution expenses or as compensation for sales efforts.

For providing bookkeeping and administrative services to a Series of a character normally performed by the Trustee, the Portfolio Supervisor may receive a fee, as set forth in the Prospectus for a Series, payable monthly, based upon the number of units of such Series outstanding as of January 1 of each year except for a Series during the year or years in which an initial offering period occurs, in which case the fee for a month is based on the number of units outstanding at the end of such month (such annual fee to be pro rated for any calendar year in which the Portfolio Supervisor provides services during less than the whole of such year). In no event will such compensation, when combined with all compensation received from other unit investment trusts for which the Depositor provides evaluation services and the Portfolio Supervisor provides portfolio surveillance and bookkeeping and administrative services, exceed the aggregate cost of the Depositor and Portfolio Supervisor for providing such services in such year.

For services performed for monitoring the underlying securities of a Series, the Portfolio Supervisor may receive a fee, as set forth in the Prospectus for each Series, payable monthly, based upon the number of units of such Series outstanding as of January 1 of each year except for a Series during the year or years in which an initial offering period occurs, in which case the fee for a month is based on the number of units outstanding at the end of such month (such annual fee to be pro rated for any calendar year in which the Portfolio Supervisor provides services during less than the whole of such year). In no event will such compensation, when combined with all compensation received from other unit investment trusts for which the Depositor provides evaluation services and the Portfolio Supervisor provides portfolio surveillance and bookkeeping and administrative services, exceed the aggregate cost of the Depositor and Portfolio Supervisor for providing such services in such year.

For providing evaluation services to a Series, the Depositor shall receive a fee, as set forth in the Series' Prospectus, payable monthly and based on the total number of units of the Series outstanding as of January 1 of each year except for a Series during the year or years in which an initial offering period occurs, in which case the fee for a month is based on the number of units outstanding at the end of such month (such annual fee to be pro-rated for any calendar year in which the Depositor provides services during less than the whole year). In no event will such compensation, when combined with all compensation received from other unit investment trusts for which the Depositor provides evaluation services and the Portfolio Supervisor provides portfolio surveillance and bookkeeping and administrative services, exceed the aggregate cost of the Depositor and Portfolio Supervisor for providing such services in such year.

If provided for in a Series' Prospectus, for providing portfolio consulting services to a Series, a portfolio consultant shall receive a fee, as set forth in the Series' Prospectus, payable at the end of an initial offering period and based on the total number of units of the Series outstanding as of the end of the initial offering.

If provided for in a Series' Prospectus, for providing intellectual property usage rights to a Series, a third-party may receive a fee, as set forth in the Series' Prospectus, payable at the end of an initial offering period and based on the total number of units of the Series outstanding as of the end of the initial offering.

The Trustee receives for its services the fee set forth in a Series' Prospectus. The Trustee's fee is calculated and paid monthly and is based on the total number of units of the related Series outstanding as of January 1 for any annual period, the year or years in which an initial offering period occurs, in which case the fee for a month is based on the number of units outstanding at the end of such month (such annual fee to be pro-rated for any calendar year in which the Trustee provides services during less than the whole year). The Trustee benefits to the extent there are funds for future distributions, payment of expenses and redemptions in a Series' capital and income accounts since these accounts are non-interest bearing and any amounts earned thereon are retained by the Trustee.

The fees of each of the Trustee, Depositor and Portfolio Supervisor may be increased without approval of unitholders by amounts not exceeding the percentage increase in the Consumer Price Index entitled "All Services Less Rent of Shelter," published by the U.S. Department of Labor or any equivalent index substituted therefor.

Certain expenses incurred by the Depositor in establishing a Series may be paid by the Series to reimburse the Depositor if indicated in the Prospectus. They include, but are not limited to, the cost of the initial preparation and typesetting of the registration statement, prospectuses and other Series documents, the cost of the negotiation and preparation of the Trust Agreement, any agreements, the fees of securities regulators, commodities regulators and federal and state registration fees, the initial valuation and audit of the Series, the initial fees and expenses of any portfolio consultant, any licensing fees, the initial fees and expenses of the Trustee, and legal and other out-of-pocket expenses. Such expenses do not include the printing of preliminary prospectuses and prospectuses, expenses incurred in the preparation and printing of brochures and other advertising materials and any other selling expenses.

With respect to Series that enter into derivative transactions other than exchange-traded derivatives, the counterparty to any such transaction may receive a fee, the amount of which and timing of payment of which will be disclosed in the related Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For each installment payment type of periodic payment plan certificate of the trust, furnish the following
information with respect to sales load and other deductions from principal payments.

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) State the amount of total deductions as a percentage of the net amount invested for each type of security
issued by the trust. State each different sales charge available as a percentage of the public offering price and as a percentage of the
net amount invested. List any special purchase plans or methods established by rule or exemptive order that reflect scheduled variations
in, or elimination of, the sales load and identify each class of individuals or transactions to which such plans apply.

With respect to a Series, the total fees payable on purchase as well as on an annual basis, as a percentage of the public offering price, will be set forth in the related Prospectus. Some fees such as the creation and development fee and trust operating expenses are fixed amounts and will vary, as a percentage, depending on the net worth of the Series at the time of deduction. The Prospectus will disclose such amounts based on an assumed net worth of the Series.

A reduced sales charge resulting from quantity discounts may apply to purchases of units on any one day by the same purchaser from the same broker or dealer. The reduced sales charge may also be applicable to purchases by the spouse or child of a purchaser or by a trustee or other fiduciary purchasing for a single trust, estate or fiduciary account. The Depositor may permit officers, directors and employees and their family members (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) of the Depositor and its affiliates, and dealers and their affiliates to purchase units of a Series at a reduced sales charge. In addition, the Depositor may decrease or eliminate the sales charge to investors who purchase units through registered investment advisers, certified financial planners or registered broker-dealers who charge periodic fees in lieu of commissions or who charge for financial planning or for investment advisory or asset management services or provide these services as part of an investment account where a comprehensive "wrap fee" is imposed. A reduced sales charge may be offered to investors using the redemption or dissolution proceeds for another unit investment trust to purchase units of a Series. The amounts of such reductions, when determined, will appear in a Series' Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Explain fully the reasons for any difference in the price at which securities are offered generally to
the public, and the price at which securities are offered for any class of transactions to any class or group of individuals, including
officers, directors, or employees of the depositor, trustee, custodian or principal underwriters.

Reference is made to the information provided in answer to Item 13(c), above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Furnish a brief description of any loads, fees, expenses or charges not covered in Item 13(a) which
may be paid by security holders in connection with the trust or its securities.

Reference is made to the information provided in answer to Item 13(c) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) State whether the depositor, principal underwriter, custodian or trustee, or any affiliated person of
the foregoing may receive profits or other benefits not included in answer to Item 13(a) or 13(d) through the sale or purchase of
the trust's securities or interests in such securities, or underlying securities or interests in underlying securities, and describe
fully the nature and extent of such profits or benefits.

Reference is made to the information provided in answer to Item 13(a) for further information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) State the percentage that the aggregate annual charges and deductions for maintenance and other expenses
of the trust bear to the dividend and interest income from the trust property during the period covered by the financial statements filed
herewith.

Not applicable.

*Information Concerning the Operations of the Trust*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. Describe the procedure with respect to applications (if any) and the issuance and authentication of the
trust's securities, and state the substance of the provisions of any indenture or agreement pertaining thereto.

Simultaneously with the receipt of the initial deposit of Securities into a Series, the Trustee will record on its books the ownership, by the Depositor or such other person or persons as may be indicated by the Depositor, of the aggregate number of units specified in the Prospectus and will deliver, or on the order of the Depositor will deliver, in exchange for such Securities, documentation evidencing the ownership of the number of the units.

Reference is also made to the information provided in answer to Item 13(a) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. Describe the procedure with respect to the receipt of payments from purchasers of the trust's securities
and the handling of the proceeds thereof, and state the substance of the provisions of any indenture or agreement pertaining thereto.

Reference is made to the information provided in answer to Item 13(a) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. Describe the procedure with respect to the acquisition of underlying securities and the disposition thereof,
and state the substance of the provisions of any indenture or agreement pertaining thereto.

On the initial date of deposit, the Depositor will deliver to the Trustee Securities or contracts for the purchase thereof, an irrevocable letter or credit, or cash for deposit in a Series. In exchange for the Securities and cash so deposited, the Trustee will deliver to the Depositor documentation evidencing the ownership of that number of units set forth in the Series' Prospectus. The Depositor has a limited right of substitution for such Securities in the event of a failed contract. Additional units of a Series may be issued from time to time following the initial date of deposit by depositing in such Series additional Securities or contracts for the purchase thereof together with irrevocable letters of credit or cash, or cash with instructions to purchase additional Securities. If additional units are issued by a Series as a result of the deposit of additional Securities by the Depositor, the aggregate value of the Securities in the Series will be increased and the fractional undivided interest in the Series represented by each unit will be decreased. The Depositor may continue to make additional deposits of Securities into a Series following the initial date of deposit, provided that such additional deposits will be in amounts which will maintain, to the extent practicable, the existing percentage relationship among the Securities in such Series.

The Depositor may not alter the portfolios of the Series by the purchase, sale or substitution of Securities, except in the circumstances noted below. Thus, with the exception of redemption or maturity of Securities in accordance with their terms (and reinvestments made in connection with certain Series), the assets of the Series will remain unchanged under normal circumstances.

If necessary, in order to maintain the sound investment character of a Series, the Depositor may direct the Trustee to sell or liquidate Securities in a Series at such price and time and in such manner as shall be determined by the Depositor, provided that the Depositor has determined with the advice of the Portfolio Supervisor, if appropriate, that any one or more of the following conditions exist:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) that there has been a default on any of the Securities in the payment of dividends, after declared and
when due and payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) that any action or proceeding has been instituted at law or equity seeking to restrain or enjoin the payment
of dividends on any such Securities, or that there exists any legal question or impediment affecting such Securities or the payment of
dividends from the same;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) that there has occurred any breach of covenant or warranty in any document relating to the issuer of the
Securities which would adversely affect either immediately or contingently the payment of dividends from such Securities, or the general
credit standing of the issuer or otherwise impair the sound investment character of such Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) that there has been a default in the payment of principal of, or dividends, income or premium, if any,
on any other outstanding obligations of the issuer of such Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) that the price of any such Securities had declined to such an extent or other such credit factors exist
so that in the opinion of the Depositor, as evidenced in writing to the Trustee, the retention of such Securities would be detrimental
to the Series and to the interest of the unitholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) that all of the Securities in the Series' portfolio will be sold pursuant to dissolution of the
Series pursuant to the terms of the Trust Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) that such sale is required due to units tendered for redemption;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) that as a result of the ownership of the Security, the Series or its unitholders would be a direct or
indirect shareholder of a passive foreign investment company as defined in Section 1297(a) of the United States Internal Revenue Code
of 1986, as amended (the *"Internal Revenue Code"*); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) that such sale is necessary for the Series 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.

The proceeds from any such sales, exclusive of any portion which represents accrued interest, will be credited to the relevant Series' Capital Account for distribution to unitholders.

If a Series contains Securities that are subject to written options, to the extent that, prior to the expiration of such options, such Securities (a) are sold for the purpose of funding the Capital Account for redemption of units tendered for redemption or (b) are otherwise sold pursuant to the Trust Agreement the Trustee shall, as directed by the Depositor, purchase options of the same type, thereby offsetting the obligation under the written option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. (a) Describe the procedure with respect to withdrawal or redemption by security holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Furnish the names of any persons who may redeem or repurchase, or are required to redeem or repurchase,
the trust's securities or underlying securities from security holders, and the substance of the provisions of any indenture or agreement
pertaining thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Indicate whether repurchased or redeemed securities will be cancelled or may be resold.

A unitholder who does not dispose of units in the secondary market may cause units to be redeemed by the Trustee by tendering units to the Trustee (as described in response to Item 10(d) above.)

For all redemptions, that portion of the Redemption Price which represents interest or dividends shall be withdrawn from a Series' Income Account to the extent available. All other amounts paid on redemption shall be withdrawn from the Series' Capital Account. The Trustee is empowered to sell Securities for a Series in order to make funds available or the redemption of units of such Series. Reference is made to the statements in answer to Item 10(d) above for additional information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. (a) Describe the procedure with respect to the receipt, custody and disposition of the income and other distributable funds of the trust
and state the substance of the provisions of any indenture or agreement pertaining thereto.

Income received by each Series, including interest, dividends or other cash distributions on the Securities and any portion of the proceeds from a disposition of Securities which represents accrued interest, is credited by the Trustee to the Series' Income Account. All other receipts are credited by the Trustee to a Series' Capital Account. The Trustee normally has no cash for distribution to unitholders until it receives interest payments on the Securities comprising the Series. A unitholder's income distribution shall be equal to such unitholder's pro-rata share of the cash balance in the Series' Income Account (if any) computed as of the close of business on the Record Date (as defined in the Trust Agreement) immediately preceding such income distribution after deduction of (i) any fees and expenses then deductible and (ii) the Trustees' estimate of other expenses properly chargeable to the Series' Income Account or the Series' Capital Account. The Trustee will normally distribute on each income distribution date or shortly thereafter to unitholders of record of such Series on the preceding Record Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Describe the procedure, if any, with respect to the reinvestment of distributions to security holders
and state the substance of the provisions of any indenture or agreement pertaining thereto.

Unitholders of a Series may be offered the option to elect to have distributions of principal (including capital gains, if any) or income or both automatically reinvested in units of their Series as may be described in the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If any reserves or special funds are created out of income or principal, state with respect to each such
reserve or fund the purpose and ultimate disposition thereof, and describe the manner of handling the same.

With respect to each Series, when directed by the Depositor from time to time, the Trustee shall withdraw from the Series' Capital Account or the Series' Income Account such amounts as the Depositor, in its sole discretion, shall deem requisite to establish a reserve for any taxes or other governmental charges or other fees or expenses payable out of the Series. Amounts so withdrawn shall be credited to a separate reserve account maintained for a Series (the *"Series' Reserve Account"*) as described in the Trust Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Submit a schedule showing the periodic and special distributions which have been made to security holders
during the three years covered by the financial statements filed herewith. State for each such distribution the aggregate amount and amount
per share. If distributions from sources other than current income have been made, identify each such other source and indicate whether
such distribution represents the return of principal payments to security holders. If payments other than cash were made, describe the
nature thereof, the account charged and the basis of determining the amount of such charge.

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. Describe the procedure with respect to the keeping of records and accounts of the trust, the making of
reports and the furnishing of information to security holders, and the substance of the provision of any indenture or agreement pertaining
thereto.

On the Record Date for a distribution from the Income or Capital Accounts of a Series, the Trustee shall provide the Depository Trust Company with the dollar amount per unit distributed from each account. The accounts of each Series are required to be audited annually, at the Series' expense, by independent auditors designated by the Depositor, unless the Depositor determines that such an audit would not be in the best interest of the unitholders of such Series. The accountant's report will be furnished by the Trustee to any unitholder of such Series upon written request. Within a reasonable period of time after the end of each calendar year, the Trustee shall furnish to each person who at any time during the calendar year was the unitholder of the Series, a statement, covering the calendar year, setting forth for the applicable Series:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) as to the Series' Income Account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the amount of income received or accrued on the Securities (including amounts received as a portion of
the proceeds of any disposition of Securities);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the amounts paid from the Income Account for purchases of Securities and for redemptions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the deductions from the Income Account for payment into the Reserve Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the deductions for applicable taxes and fees and expenses of the Trustee, the Depositor, the Portfolio
Supervisor, counsel, auditors and any expenses paid by the Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the amounts reserved for contracts to purchase Securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the balance remaining after such distributions and deductions, expressed both as a total dollar amount
and as a dollar amount per 100 units outstanding on the last Business Day of such calendar year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) as to the Series' Capital Account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the date of principal payments and prepayments due to the sale, maturity, redemption, liquidation or disposition
of any of the Securities and the net proceeds received therefrom, separately stating amounts attributable to short-term capital gains,
excluding any portion thereof credited to the Income Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the deductions from the Capital Account, if any, for payment of applicable taxes and fees and expenses
of the Trustee, the Depositor, the Portfolio Supervisor, counsel, auditors and any expenses paid by the Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the amount paid for purchases of Securities and for redemptions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the deductions from the Capital Account for payments into the Reserve Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the amounts reserved for purchases of Securities or for purchases made; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the balance remaining after such distributions and deductions, expressed both as a total dollar amount
and as a dollar amount per 100 units outstanding on the last Business Day of such calendar year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) with respect to each Series, the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a list of Securities as of the last Business Day of such calendar year and a list which identifies all
Securities sold or other Securities acquired during such calendar year, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the number of units outstanding on the last Business Day of such calendar year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Unit Value (as defined in the Trust Agreement) based on the last Series evaluation made during such
calendar year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the amounts actually distributed or which are otherwise attributable to unitholders during such calendar
year from the Income and Capital Accounts, separately stated, expressed both as total dollar amounts and as dollar amounts per 100 units
outstanding on the Record Dates for such distributions and the status of such distributions for federal income tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. State the substance of the provisions of any indenture or agreement concerning the trust with respect
to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Amendments to such indenture or agreement.

The Trust Agreement may be amended by the Trustee and the Depositor or their respective successors without the consent of any of the unitholders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to cure any ambiguity or to correct or supplement any provision which may be defective or inconsistent
with any other provision; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to make such other provision regarding matters or questions arising hereunder as shall not materially
adversely affect the interests of the unitholders.

The Trust Agreement may not be amended, however, without the consent of all unitholders then outstanding, so as (1) to permit, except in accordance with the terms and conditions of the Trust Agreement, the acquisition of any securities other than those specified in Schedule A to a Series' Series Trust Agreement, or (2) to reduce the aforesaid percentage of units the holders of which are required to consent to certain of such amendments. The Trust Agreement may not be amended so as to reduce the interest in the Series represented by units without the consent of all affected unitholders.

No unitholder shall have the right to control the operation and management of any Series in any manner, except to vote with respect to the amendment of the Trust Agreement or dissolution of any Series. Nor shall any unitholders have the right to vote any voting securities, if any, contained in a Series' portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The extension or termination of such indenture or agreement.

Each Series shall dissolve upon the maturity, redemption, sale or other disposition as the case may be of the last security held in such Series unless sooner dissolved as described in the Trust Agreement, and may be dissolved at any time by the written consent of 100% of the unitholders of the respective Series; *provided* that in no event shall any Series continue beyond the Mandatory Dissolution Date (as defined in the Trust Agreement), except to wind up its affairs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The removal or resignation of the trustee or custodian, or the failure of the trustee or custodian to
perform its duties, obligations and functions.

Reference is made to the information provided in answer to Item 20(d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The appointment of a successor trustee and the procedure if a successor trustee is not appointed.

The Trustee may be removed by the Depositor upon 60 days prior written notice to the Trustee. The Trustee may resign upon 60 days prior written notice to the Depositor. No resignation or removal of the Trustee shall be effective except upon the appointment of a successor Trustee. If no successor has been appointed within 30 days after notice of resignation has been received by the Depositor, the Trustee may, at the expense of the Trust, petition a court to appoint a successor Trustee.

The Trustee shall be an entity organized and doing business under the laws of the United States or any state thereof, which is authorized under such laws to exercise corporate trust powers and having at all times aggregate capital, surplus and undivided profits of not less than $5,000,000.

Any successor trustee appointed shall execute, acknowledge and deliver to the Depositor and to the resigning or removed Trustee an instrument accepting such appointment, and such successor trustee without any further act, deed or conveyance shall become vested with all the rights, powers and duties and obligations of its predecessor with like effect as if originally named Trustee and shall be bound by all the terms and conditions of the Trust Agreement.

Any corporation or other entity into which any trustee maybe merged or with which it may be consolidated, or any corporation or other entity resulting from any merger or consolidation to which any trustee shall be a party, shall be the successor trustee under the Trust Agreement without the execution or filing of any paper, instrument or further act to be done on the part of the parties to the Trust Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The removal or resignation of the depositor, or the failure of the depositor to perform its duties, obligations
and functions.

Reference is made to the information provided in answer to Item 20(f).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The appointment of a successor depositor and the procedure if a successor depositor is not appointed.

The Depositor may resign by delivering to the Trustee an instrument of resignation. Any resignation shall become effective upon the acceptance of appointment by a successor Depositor, or, if no successor is appointed, the termination of the Series. The resigning Depositor shall not be liable for acts or omissions occurring subsequent to the effectiveness of its resignation. Any corporation or other entity into which the Depositor may be merged or with which it may be consolidated, or any corporation or other entity resulting from any merger or consolidation to which the Depositor shall be a party, shall be the successor under the Trust Agreement without the execution or filing of any paper, instrument or further act to be done on the part of the parties to the Trust Agreement.

If at any time the Depositor shall resign or shall fail to undertake or perform any of the duties which by the terms of the Trust Agreement are required by it to be undertaken or performed, or the Depositor shall become incapable of acting or shall be adjudged a bankrupt or insolvent, or a receiver of the Depositor or of its property shall be appointed, or any public officer shall take charge or control of the Depositor or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then in any such case, the Series Trustee may: (1) appoint a successor depositor who shall act under the Trust Agreement in all respects in place of the Depositor, which successor shall be satisfactory to the Trustee, and which may be compensated at rates deemed by the Trustee to be reasonable under the circumstances, by deduction ratably from the Income Account of the affected Series or, to the extent funds are not available in such Account, from the Capital Account of the affected Series, but no such deduction shall be made exceeding such reasonable amount as the SEC may prescribe in accordance with Section 26(a)(2)(C) of the Investment Company Act of 1940; or (2) terminate the Trust Agreement and dissolve the Series as provided therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. (a) State the substance of the provisions of any indenture or agreement with respect to loans to security holders

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Furnish a brief description of any procedure or arrangement by which loans are made available to security
holders by the depositor, principal underwriter, trustee or custodian, or any affiliated person of the foregoing.

The following items should be covered:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The name of each person who makes such agreements or arrangements with security holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the rate of interest payable on such loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The period for which loans may be made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Costs or charges for default in repayment at maturity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Other material provisions of the agreement or arrangement.

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If such loans are made, furnish the aggregate amount of loans outstanding at the end of the last fiscal
year, the amount of interest collected during the last fiscal year allocated to the depositor, principal underwriter, trustee or custodian
or affiliated person of the foregoing and the aggregate amount of loans in default at the end of the last fiscal year covered by financial
statements filed herewith.

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. State the substance of the provisions of any indenture or agreement with respect to limitations on the
liabilities of the depositor, trustee or custodian, or any other party to such indenture or agreement.

Except as otherwise expressly provided in the Trust Agreement, and to the fullest extent permitted by law, the Depositor shall not have any duty (including fiduciary duty) to the Trust, any Series, the Trustee, the Portfolio Supervisor, any unitholder or any other person; provided that this does not eliminate any implied contractual covenant of good faith and fair dealing. The Depositor shall not be liable to any person under any circumstances in connection with any of the transactions contemplated by the Trust Agreement, other than by reason of the Depositor's own bad faith, willful misfeasance or gross negligence in the performance of its duties or by reason of its reckless disregard of its obligations and duties under the Trust Agreement. To the fullest extent permitted by law, any implied duties or liabilities of the Depositor otherwise existing at law or in equity with respect to the Trust, any Series, the Trustee, the Portfolio Supervisor, any unitholder or any other person, are eliminated.

Except as otherwise expressly provided in the Trust Agreement, and to the fullest extent permitted by law, the Portfolio Supervisor shall not have any duty (including fiduciary duty) to the Trust, any Series, the Trustee, the Depositor, any unitholder or any other person; provided that this does not eliminate any implied contractual covenant of good faith and fair dealing. The Portfolio Supervisor shall not be liable to any person under any circumstances in connection with any of the transactions contemplated by the Trust Agreement, other than by reason of the Portfolio Supervisor's own bad faith, willful misfeasance or gross negligence in the performance of its duties or by reason of its reckless disregard of its obligations and duties under the Trust Agreement. To the fullest extent permitted by law, any implied duties or liabilities of the Portfolio Supervisor otherwise existing at law or in equity with respect to the Trust, any Series, the Trustee, the Depositor, any unitholder or any other person, are eliminated.

The Trustee agrees to perform its duties under the Trust Agreement in good faith but only upon the express terms of the Trust Agreement. To the fullest extent permitted by law, neither the Trustee nor any of its officers, directors, employees, agents or affiliates shall have any implied duties (including fiduciary duties) or liabilities otherwise existing at law or in equity with respect to the Trust, any Series or any unitholder, which implied duties and liabilities are eliminated. The Trustee shall not be personally liable to the Series, the Trust, the unitholders, any party to the Trust Agreement or any other person under any circumstances in connection with any of the transactions contemplated by the Trust Agreement, except that such limitation shall not relieve the Trustee of any personal liability it may have to a Series, the Trust, or the unitholders for the Trustee's own bad faith, willful misconduct or negligence in the performance of its express duties under the Trust Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. Describe any bonding arrangement for officers, directors, partners or employees of the depositor or principal
underwriter of the trust, including the amount of coverage and the type of bond.

No bonding arrangement exists for individual officers, directors or employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24. State the substance of any other material provisions of any indenture or agreement concerning the trust
or its securities and a description of any other material functions or duties of the depositor, trustee or custodian not stated in Item 10
or Items 14 to 23, inclusive.

The Depositor also provides evaluation services for the Series. Reference is made to information provided in answer to Item 13(a).

If, after the end of the initial offering period, (i) the value of any Series shall be less than the lower of $2,000,000 or 20% of the total value of Securities deposited in such Series during the initial offering period, or (ii) by reason of the Depositor's redemption of units of a Series not theretofore sold constituting more than 60% of the number of units initially authorized, the value of the Series is reduced to less than 40% of the aggregate principal amount of Securities deposited in such Series at the termination of the initial offering period, the Trustee may in its discretion, and shall when so directed by the Depositor, dissolve such Series in such manner as the Depositor shall direct.

III. Organization, Personnel and Affiliated Persons of Depositor

*Organization and Operations of Depositor*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25. State the form of organization of the depositor of the trust, the name of the state or other sovereign
power under the laws of which the depositor was organized and the date of organization.

First Trust Portfolios L.P. is an Illinois limited partnership formed in 1991.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26. (a) Furnish the following information with respect to all fees received by the depositor of the trusts in connection with the exercise of
any functions or duties concerning securities of the trust during the period covered by the financial statements filed herewith.

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Furnish the following information with respect to any fee or any participation in fees received by the
depositor from any underlying investment company or any affiliated person or investment advisor of such company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The nature of such fee or participation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The name of the person making payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The nature of the services rendered in consideration for such fee or participation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The aggregate amount received during the last fiscal year covered by the financial statements filed herewith.

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27. Describe the general character of the business engaged in by the depositor including a statement as to
any business other than that of depositor of the trust. If the depositor acts or has acted in any capacity with respect to any investment
company or companies other than the trust, state the name or names of such company or companies, their relationship, if any, to the trust,
and the nature of the depositor's activities therewith. If the depositor has ceased to act in such named capacities, state the date
of and circumstances surrounding such cessation.

The Depositor serves as the depositor for, and specializes in the underwriting, trading and wholesale distributions of, unit investment trusts under the "First Trust" brand name. The Depositor also serves as the distributor of various mutual fund shares and exchange-traded fund creation units in the First Trust fund family, including the First Trust Series Fund, First Trust Variable Insurance Trust, First Trust Exchange-Traded Fund, First Trust Exchange-Traded Fund II, First Trust Exchange-Traded Fund III, First Trust Exchange-Traded Fund IV, First Trust Exchange-Traded Fund V, First Trust Exchange-Traded Fund VI, First Trust Exchange-Traded Fund VII, First Trust Exchange-Traded Fund VIII, First Trust Exchange-Traded AlphaDEX® Fund and First Trust Exchange-Traded AlphaDEX® Fund II.

The Depositor is a registered broker-dealer and is a member of FINRA and a member of the Securities Investor Protection Corporation (*"SIPC"*).

*Officials and Affiliated Persons of Depositor*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28. (a) Furnish as at latest practicable date the following information with respect to the depositor of the trust, with respect to each officer,
director, or partner of the depositor, and with respect to each natural person directly or indirectly owning, controlling or holding
with power to vote 5% or more of the outstanding voting securities of the depositor.

The First Trust Portfolios L.P Form BD filed with the SEC makes available the requested information and is hereby incorporated by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Furnish a brief statement of the business experience during the last five years of each officer, director
or partner of the depositor.

The First Trust Portfolios L.P. Form BD filed with the SEC makes available the requested information and is hereby incorporated by reference.

*Series Owning Securities of Depositor*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29. Furnish as at latest practicable date the following information with respect to each company which directly
or indirectly owns, controls or holds with power to vote 5% or more of the outstanding voting securities of the depositor.

The First Trust Portfolios L.P. Form BD filed with the SEC makes available the requested information and is hereby incorporated by reference.

*Controlling Persons*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30. Furnish as at latest practicable date the following information with respect to any person, other than
those covered by Items 28, 29 and 42, who directly or indirectly controls the depositor.

Reference is made to the information provided in answer to Item 28(a) above.

*Compensation of Officers and Directors of Depositor*

*Compensation of Officers of Depositor*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31. Furnish the following information with respect to the remuneration for services paid by the depositor
during the last fiscal year covered by financial statements filed herewith:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) directly to each of the officers or partners of the depositor directly receiving the three highest amounts
of remuneration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) directly to all officers or partners of the depositor as a group exclusive of persons whose remuneration
is included under Item 31(a), stating separately the aggregate amount paid by the depositor itself and the aggregate amount paid
by all the subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) indirectly or through subsidiaries to each of the officers or partners of the depositor.

Not applicable.

*Compensation of Directors*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32. Furnish the following information with respect to the remuneration for services, exclusive of remuneration
reported under Item 31, paid by the depositor during the last fiscal year covered by financial statements filed herewith:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The aggregate direct remuneration to directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Indirectly or through subsidiaries to directors.

Not applicable.

*Compensation to Employees*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33. (a) Furnish the following information with respect to the aggregate amount of remuneration for services of all employees of the depositor
(exclusive of persons whose remuneration is reported in Items 31 and 32) who received remuneration in excess of $10,000 during the
last fiscal year covered by financial statements filed herewith from the depositor and any of its subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Furnish the following information with respect to the remuneration for services paid directly during the
last fiscal year covered by financial statements filed herewith to the following classes of persons (exclusive of those persons covered
by Item 33(a)): (1) Sales managers, branch managers, district managers and other persons supervising the sale of persons making
solicitations but not in supervisory capacity; (3) Administrative and clerical employees; and (4) Others (Specify). If a person
is employed in more than one capacity, classify according to predominant type of work.

Not applicable.

*Compensation to Other Persons*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34. Furnish the following information with respect to the aggregate amount of compensation for services paid
any person (exclusive of persons whose remuneration is reported in Items 31, 32 and 33), whose aggregate compensation in connection
with services rendered with respect to the trust in all capacities exceeded $10,000 during the last fiscal year covered by financial statements
filed herewith from the depositor and any of its subsidiaries.

Not applicable.

IV. Distribution and Redemption of Securities

*Distribution of Securities*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35. Furnish the names of the states in which sales of the trust's securities (A) are currently
being made, (B) are presently proposed to be made, and (C) have been discounted, indicating by appropriate letter the status
with respect to each state.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) None.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) The Depositor intends to qualify the units for sale in a number of states which may vary from Series to
Series. The names of such states have not been determined but will be as of the initial date of deposit of the initial Series but are
currently anticipated to include all fifty states.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) None.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36. If sales of the trust's securities have at any time since January 1, 1936, been suspended for
more than a month, describe briefly the reasons for such suspension.

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37. (a) Furnish the following information with respect to each instance where, subsequent to January 1,
1937, any federal or state governmental officer, agency, or regulatory body denied authority to distribute securities of the trust, excluding
a denial which was merely a procedural step prior to any determination by such officer, etc. and which denial was subsequently rescinded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Name of officer, agency or body.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Date of denial.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Brief statement of reason given for denial.

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Furnish the following information with regard to each instance where subsequent to January 1, 1937,
the authority to distribute securities of the trust has been revoked by any federal or state governmental officer, agency or regulatory
body.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Name of officer, agency or body.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Date of revocation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Brief statement of reason given for revocation.

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38. (a) Furnish a general description of the method of distribution of securities of the trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) State the substance of any current selling agreement between each principal underwriter and the trust
or the depositor, including a statement as to the inception and termination dates of the agreement, any renewal and termination provisions,
and any assignment provisions.

The Trust may enter into other underwriting agreements with other principal underwriters in the future. The Depositor will use its best efforts to solicit orders to purchase units of each Series and in connection therewith locate and negotiate dealer agreements with the dealers referenced in Item 38(c). The Depositor will receive and may re-allow all or any portion of the applicable sales charge referenced in Item 38(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) State the substance of any current agreements or arrangements of each principal underwriter with dealers,
agents, salesman, etc., with respect to commissions and overriding commissions, territories, franchises, qualifications and revocations.
If the trust is the issuer of periodic payment plan certificates, furnish schedules of commissions and the bases thereof. In lieu of a
statement concerning schedules of commissions, such schedules of commissions may be filed as Exhibit A(3)(C).

Units will be sold through dealers who are members of FINRA. Sales may be made to or through dealers at prices which represent discounts from the public offering price as set forth in the Prospectus for a Series. Certain commercial banks may make units of a Series available to their customers on an agency basis. A portion of the sales charge paid by their customers is retained by or remitted to the banks.

*Information Concerning Principal Underwriter*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39. (a) State the form of organization of each principal underwriter of securities of the trust, the name of the state or other sovereign power
under the laws of which each underwriter was organized and the date of organization.

Reference is made to the answer to Item 25.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) State whether any principal underwriter currently distributing securities of the trust is a member of
the National Association of Securities Dealers, Inc.

Reference is made to the answer to Item 27.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40. (a) Furnish the following information with respect to all fees received by each principal underwriter of the trust from the sale of securities
of the trust and any other functions in connection therewith exercised by such underwriter in such capacity or otherwise during the period
covered by the financial statements filed herewith.

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Furnish the following information with respect to any fee or any participation in fees received by each
principal underwriter from any underlying investment company or any affiliated person or investment advisor of such company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The nature of such fee or participation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The name of the person making payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The nature of the services rendered in consideration for such fee or participation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The aggregate amount received during the last fiscal year covered by the financial statements filed herewith.

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41. (a) Describe the general character of the business engaged in by each principal underwriter, including a statement as to any business other
than the distribution of securities of the trust. If a principal underwriter acts or has acted in any capacity with respect to any investment
company or companies other than the trust, state the name or names of such company or companies, their relationship, if any, to the trust
and the nature of such activities. If a principal underwriter has ceased to act in such named capacity, state the date of and the circumstances
surrounding such cessation.

Reference is made to the information provided in answer to Item 27.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Furnish as at latest practicable date the address of each branch office of each principal underwriter
currently selling securities of the trust and furnish the name and residence address of the person in charge of such office.

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Furnish the number of individual salesmen of each principal underwriter through whom any of the securities
of the trust were distributed for the last fiscal year of the trust covered by the financial statements filed herewith and furnish the
aggregate amount of compensation received by such salesmen in such year.

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42. Furnish as at latest practicable date the following information with respect to each principal underwriter
currently distributing securities of the trust and with respect to each of the officers, directors or partners of such underwriter. [Chart
Omitted]

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43. Furnish, for the last fiscal year covered by the financial statements filed herewith, the amount of brokerage
commissions received by any principal underwriter who is a member of a national securities exchange and who is currently distributing
the securities of the trust or effecting transactions for the trust in the portfolio securities of the trust.

Not applicable.

*Offering Prices of Acquisition Valuation of Securities of the Trust*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44. (a) Furnish the following information with respect to the method of valuation used by the trust for the purpose of determining the offering
price to the public of securities issued by the trust or the evaluation of shares or interests in the underlying securities acquired
by the holder of a periodic payment plan certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The source of quotations used to determine the value of portfolio securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Whether opening, closing, bid, asked or any other price is used.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Whether price is as of the day of sale or as of any other time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) A brief description of the methods used by registrant for determining other assets and liabilities including
accrual for expenses and taxes (including taxes on unrealized appreciation).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Other items which registrant adds to the net asset value in computing offering price of its securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Whether adjustments are made for fractions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) before adding distributor's compensation (load) and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) after adding distributor's compensation (load).

The Depositor will determine the value of the assets of a Series (the *"Evaluation"*). The Evaluation of Securities shall be determined in the following manner:

During the initial offering period of a Series, the Evaluation for each Security shall be made in the following manner: if the Securities are listed on a national or foreign securities exchange or The Nasdaq Stock Market, such Evaluation shall generally be based on the closing sale price on the exchange or system which is the principal market therefor (*"Primary Exchange"*), which shall be deemed to be the New York Stock Exchange if the Securities are listed thereon (unless the Depositor deems such price inappropriate as the basis for evaluation). In the event a closing sale price on the Primary Exchange is not published, the Evaluation will be based on the last trade price on the Primary Exchange. If no trades occur on the Primary Exchange for a specific trade date, the Evaluation will be based on the closing sale price from, in the opinion of the Depositor, 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 Depositor will determine the Evaluation using the best information available to the Depositor, 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 Evaluation will be based on 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 Depositor deems appropriate. If the Securities are not so listed or, if so listed and the principal market therefor is other than on the Primary Exchange or any appropriate secondary exchange, the Evaluation shall generally be based on the current ask price on the over-the-counter market (unless the Depositor deems such price inappropriate as a basis for evaluation). If current ask prices are unavailable, the Evaluation 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 Evaluation of such Security shall be converted to U.S. dollars based on current exchange rates, unless the Security is in the form of an ADR or GDR, in which case the Evaluations shall be based upon the U.S. dollar prices in the market for ADR or GDR (unless the Depositor deems such prices inappropriate as a basis for evaluation). The Evaluation of options in a Series will generally be determined based on the last quoted sale price where readily available and appropriate. If no trades occur for a specific trade date or the Depositor determines that market quotations are unavailable or inappropriate (e.g., due to infrequent transactions or thin trading), the Depositor will determine the underlying value of the options based on their good faith determination of the fair value of the options at their discretion. To determine the fair value of the options, where available, the Depositor will start with values generated using model prices provided by an independent third party, which uses a proprietary algorithm using standard option valuation variables and calculations. Where such values are not available and to assess the reasonableness of the above valuations, the Depositor may generate their own model-based valuations of the options, including using the Black-Scholes model for option valuation, and use current market quotations and ask/bid prices for comparable listed options that are more actively traded. For the purposes of the foregoing, the Depositor may obtain current prices for the Securities from investment dealers or brokers (including the Depositor) that customarily deal in similar securities. If the Depositor deems a price determined as set forth above to be inappropriate as the basis for evaluation, the Depositor shall use such other information available to the Depositor which it deems appropriate as the basis for determining the Evaluation.

After the initial offering period of a Series, and both during and after the initial offering period of a Series for purposes of Evaluations in determining redemption value and unit value, Evaluation of the Securities shall be made in the manner described above, the relevant currency exchange rate expressed in U.S. dollars and, except in those cases in which the Securities are listed on a national or foreign securities exchange or The NASDAQ Stock Market and the closing sale prices are utilized, on the basis of the current bid prices of the Securities on the over-the-counter market (unless the Depositor deems such price inappropriate as a basis for evaluation).

Based on the prices of the Securities computed by the Depositor, the Trustee will determine the net asset value for a Series as of the close of business (i) on the last Business Day of the year, (ii) on the day on which any unit is tendered for redemption and (iii) on any other day desired by the Trustee or requested by the Depositor. Such evaluations will take into account and itemize separately (1) the moneys on hand in the Series (other than moneys declared held in trust to cover contracts to purchase Securities and cash deposited into the Reserve Account) or moneys in the process of being collected from matured interest coupons or securities matured or called for redemption prior to maturity, (2) the value of each issue of the Securities in the Series as last determined by the Depositor as described above, and (3) all other income from the Securities (including dividends receivable on the Securities trading ex-dividend as of the date of such valuation) as of the evaluation time on the date of such evaluation together with all other assets of such Series. For each such evaluation there will be deducted from the sum of the above (i) amounts representing any applicable taxes or governmental charges payable out of the Series and for which no deductions have previously been made for the purpose of addition to the Reserve Account of such Series, (ii) amounts representing accrued expenses of the Series including but not limited to unpaid fees and expenses of the Trustee, the Depositor, the Portfolio Supervisor and counsel, in each case as reported by the Trustee to the Depositor on or prior to the date of evaluation, (iii) amounts representing unpaid organization costs, (iv) if the Prospectus for a Series provides that the creation and development fee, if any, accrues on a daily basis, amounts representing unpaid accrued creation and development fees, (v) if the Prospectus for a Series provides that the deferred sales charge, if any, accrues on a daily basis, amounts representing unpaid accrued deferred sales charge, and (vi) moneys held for distribution to unitholders of record of such Series as of a date prior to the evaluation then being made. Adjustments for fractions will generally be made before adding the distributor's compensation.

Reference is made to the information stated in answer to Item 10(d) above, as well as to the answer to Item 13(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Furnish a specimen schedule showing the components of the offering price of the trust's securities
as at the latest practicable date.

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If there is any variation in the offering price of the trust's securities to any person or classes
of persons other than underwriters, state the nature and amount of such variation and indicate the person or classes of persons to whom
such offering is made.

Reference is made to the statements in answer to Item 13(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45. Furnish the following information with respect to any suspension of the redemption rights of the securities
issued by the trust during the three fiscal years covered by the financial statements filed herewith:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) By whose action redemption rights were suspended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The number of days' notice given to security holders prior to suspension of redemption rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Reason for suspension.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Period during which suspension was in effect.

Not applicable.

*Redemption Valuation of Securities of the Trust*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46. (a) Furnish the following information with respect to the method of determining the redemption or withdrawal valuation of securities issued
by the trust:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The source of quotations used to determine the value of portfolio securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Whether opening, closing, bid, asked or any other price is used.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Whether price is as of the date of sale or as of any other time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) A brief description of the methods used by registrant for determining other assets and liabilities including
accruals for expenses and taxes (including taxes on unrealized appreciation).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Other items which registrant deducts from the net asset value in computing redemption value of its securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Whether adjustments are made for fractions.

The redemption value for units of each Series is computed by the Depositor as of the evaluation time set forth in the Prospectus next occurring after the tender of units for redemption and on any other business day desired by:

(a) adding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) cash in the Income and Capital Accounts of the Series not designated to purchase Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the aggregate underlying value of the Securities held in the Series; as described in the response to Item 44(a);
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) all other income from the Securities (including dividends receivable on the Securities trading ex-dividend
as of the date of such valuation) as of the date of computation; and

(b) deducting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) any applicable taxes or governmental charges that need to be paid out of the Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) any amounts owed to the Trustee for its advances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) estimated accrued expenses of the Series, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) cash held for distribution to unitholders of record of the Series as of the business day before the evaluation
being made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) liquidation costs for foreign Securities, if any; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) other liabilities incurred by the Series; and

(c) finally dividing the results of such computation by the number of units of the Series outstanding as of
the date thereof.

Under regulations issued by the Internal Revenue Service, the Trustee is required to withhold a certain percentage of the principal amount of a unit redemption if the Trustee has not been furnished the redeeming unitholder's tax identification number in the manner required by such regulations. Any amount so withheld is transmitted to the Internal Revenue Service and may be recovered by the unitholder only when filing a tax return.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Furnish a specimen schedule showing the components of the redemption price to the holders of the Series'
securities as at the latest practicable date.

Not applicable.

*Purchase and Sale of Interests in Underlying Securities from and to Security Holders*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47. Furnish a statement as to the procedure with respect to the maintenance of a position in the underlying
securities or interests in the underlying securities, the extent and nature thereof and the person who maintains such a position. Include
a description of the procedure with respect to the purchase of underlying securities or interests in the underlying securities from security
holders who exercise redemption or withdrawal rights and the sale of such underlying securities and interests in the underlying securities
to other security holders. State whether the method of valuation of such underlying securities or interests in underlying securities differs
from that set forth in Items 44 and 46. If any item of expenditure included in the determination of the evaluation is not or may
not be actually incurred or expended, explain the nature of such item and who may benefit from the transaction.

Reference is made to information provided in answer to Items 10(d), 16, 44 and 46.

V. Information Concerning the Trustee or Custodian

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48. Furnish the following information as to each trustee or custodian of the trust:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Name and principal business address:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Form of organization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) State or other sovereign power under the laws of which the trustee or custodian was organized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Name of governmental supervising or examining authority.

The Trustee is The Bank of New York Mellon, a banking corporation organized under the laws of the state of New York with its principal executive office located at One Wall Street, New York, New York 10286 and its unit investment trust division office at 240 Greenwich Street, 22W Floor, New York, New York 10286. The Trustee is subject to supervision by the Superintendent of the New York State Department of Financial Services, the Federal Deposit Insurance Corporation and the Board of Governors of the Federal Reserve System.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49. State the basis for payment of fees or expenses of the trustee or custodian for services rendered with
respect to the trust and its securities, and the aggregate amount thereof for the last fiscal year. Indicate the person paying such fees
or expenses. If any fees or expenses are prepaid, state the unearned amount.

Reference is made to the information provided in answer to Item 13(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50. State whether the trustee or custodian or any other person has or may create a lien on the assets of the
trust and, if so, give full particulars, outlining the substance of the provisions of any indenture or agreement with respect thereto.

The fees and expenses owing to the Trustee are secured by a lien on the Series. These are charges relating solely to a particular Series and shall be charged only to that Series.

Reference is also made to the information provided in answer to Item 13(a).

VI. Information Concerning Insurance of Holders of Securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51. Furnish the following information with respect to insurance of holders of securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The name and address of the insurance company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The types of policies and whether individual or group policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The types of risks insured and excluded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The coverage of the policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The beneficiaries of such policies and the uses to which the proceeds of the policies must be put.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The terms and manner of cancellation and of reinstatement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The method of determining the amount of premium to be paid by holders of securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The amount of aggregate premiums paid to the insurance company during the last fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Whether any person other than the insurance company receives any part of such premiums, the name of each
such person and the amounts involved, and the nature of the services rendered therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The substance of any other material provisions of any indenture or agreement of the trust relating to
insurance.

Not applicable.

VII. Policy of Registrant

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52. (a) Furnish the substance of the provisions of any indenture or agreement with respect to the conditions upon which and the method of selection
by which particular portfolio securities must or may be eliminated from assets of the trust or must or may be replaced by other portfolio
securities. If an investment advisor or other person is to be employed in connection with such selection, elimination or substitution,
state the name of such person, the nature of any affiliation to the depositor, trustee or custodian and any principal underwriter, and
the amount of remuneration to be received for such services. If any particular person is not designated in the indenture or agreement,
describe briefly the method of selection of such person.

Reference is made to the information provided in answer to Items 6(a) and 16 above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Furnish the following information with respect to each transaction involving the elimination of any underlying
security during the period covered by the financial statements filed herewith:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Title of security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Date of elimination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Reasons for elimination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The use of the proceeds from the sale of the eliminated security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Title of security substituted, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Whether depositor, principal underwriter, trustee or custodian or any affiliated person of forgoing were
involved in the transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Compensation or remuneration received by each such person directly or indirectly as a result of the transaction.

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Describe the policy of the trust with respect to the substitution and elimination of the underlying securities
of the trust with respect to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the grounds for elimination and substitution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the type of securities which may be substituted for any underlying security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) whether the acquisition of such substituted security or securities would constitute the concentration
of investment in a particular industry or group of industries or would conform to a policy of concentration of investment in a particular
industry or group of industries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) whether such substituted securities may be the securities of another investment company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) the substance of the provisions of any indenture or agreement which authorize or restrict the policy of
the registrant in this regard.

Reference is made to the information provided in answer to Item 16.

Additionally, in the event that any contract to purchase any security is not consummated in accordance with its terms (a *"Failed Contract Obligation"*), the Depositor may instruct the Trustee in writing to (i) purchase a replacement security as defined in the Trust Agreement which has been selected by the Depositor (the *"Replacement Security"*) or (ii) refrain from purchasing a Replacement Security and distribute the monies held for purchasing such a Replacement Security pursuant to the terms of the Trust Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Furnish a description of any policy (exclusive of policies covered by paragraphs (a) and (b) herein)
of the trust which is deemed a matter of fundamental policy and which is elected to be treated as such.

None.

*Regulated Investment Series*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53. (a) State the taxable status of the trust.

Each Series will either be structured as a grantor trust or regulated investment company as defined in Section 851 of the Internal Revenue Code for federal tax purposes (a *"RIC"*) for federal tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) State whether the trust qualified for the last taxable year as a regulated investment company as defined
in Section 851 of the Internal Revenue Code, and state its present intention with respect to such qualifications during the current
taxable year.

The Trust was not in existence during the last taxable year; however certain Series of the Trust may elect to qualify as RICs.

VIII. Financial and Statistical Information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54. If the Series is not the issuer of periodic payment plan certificates furnish the following information
with respect to each class or series of its securities:

Not applicable since information relates to registrant's past 10 fiscal years.

(Items 55, 56, 57 and 58 inapplicable since they relate only to periodic payment plan certificates.)

**Financial Statements**

*Financial Statements of the Trust*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Consent of Certified Public Accountants.

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Statement of Financial Condition of the Trust.

Not applicable.

*Financial Statements of the Depositor*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Balance Sheet

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Profit and Loss Statement

[Reference is made to the financial statements included in Form X-17A-5 for First Trust Portfolios L.P. (CIK 0000875626) as filed on February 24, 2025.](https://www.sec.gov/Archives/edgar/data/875626/000144554625001548/public.pdf)

**Exhibits**

[*Exhibit A(1)(a)*<br>Master Trust Agreement](exhibit_a1a.htm)

[*Exhibit A(1)(b)*<br>Form of Series Trust Agreement](exhibit_a1b.htm)

[*Exhibit A(1)(c)*<br>Form of Standard Terms and Conditions of Trust](exhibit_a1c.htm)

[*Exhibit A(1)(d)*<br>Certificate of Trust](exhibit_a1d.htm)

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

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

[*Exhibit A(6)(c)*<br>Articles of Incorporation of Nike Securities Corporation, predecessor to The Charger Corporation, the general partner 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)](https://www.sec.gov/Archives/edgar/data/1765637/000144554619002061/ex-99_14.htm)

[*Exhibit A(6)(d)*<br>By-Laws of The Charger Corporation, the general partner of First Trust Portfolios L.P. (incorporated by reference to Amendment No. 2 to Form S-6 \[File No. 333-169625\] filed on behalf of FT 2669](https://www.sec.gov/Archives/edgar/data/1501210/000144554610004041/ex-99_1.txt)

[*Exhibit A(11)*<br>Form of Code of Ethics of Trust and Depositor](exhibit_a11.htm)

**Signatures**

Pursuant to the requirements of the Investment Company Act of 1940, First Trust Portfolios L.P., the Depositor of the registrant, has caused this registration statement to be duly signed on behalf of the registrant in the City of Wheaton and State of Illinois on the 24th day of November, 2025.

FTP Series

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

---

| | |
|:---|:---|
| By: | <u>/s/ Andy Roggensack</u> |

---

Name: Andy Roggensack

Title: President

Attest:

By: <u>/s/ W. Scott Jardine</u> 

Name: W. Scott Jardine

Title: Secretary

## Ex-99.A1

Master Trust Agreement

for

**FTP Series**

Effective: November 18, 2025

Between

First Trust Portfolios L.P.<br> Depositor

The Bank of New York Mellon<br> Trustee

First Trust Advisors L.P.<br> Portfolio Supervisor

This Master Trust Agreement, dated as of November 18, 2025, is entered into 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. The Trust formed by this Trust Agreement shall be governed by the terms of this Trust Agreement; the Trust may from time to time create Series; and each Series created within the Trust shall be governed by the related Series Trust Agreement by and among the parties named therein and this Trust Agreement.

NOW, THEREFORE, the parties hereto hereby agree:

**ARTICLE I**

**DEFINITIONS AND CONSTRUCTION**

Section 1.01 Definitions. The following terms when used in this Trust Agreement have the following meanings unless the context clearly indicates otherwise. Terms used in this Trust Agreement and not defined in this Article I have the meanings assigned to such terms in the related Series Trust Agreement and Standard Terms and Conditions (as defined below).

"<u>Delaware Statutory Trust Act</u>" means the Delaware Statutory Trust Act (12 Del. C. Section 380 (et seq.)), as amended from time to time.

"<u>Series</u>" means each separate series of beneficial interests in a segregated pool of assets of the Trust with the characteristics assigned thereto in the Delaware Statutory Trust Act; each Series will be as described in and be composed of the assets and rights described in the Series Trust Agreement bearing the applicable series designation.

"<u>Series Trust Agreement</u>" means, with respect to each Series created pursuant to Article IV of this Trust Agreement, the Series Trust Agreement entered into in connection with the creation of such Series together with the Standard Terms and Conditions incorporated therein, including any schedules, exhibits, annexes or other attachments thereto, as amended from time to time, and which supplements the provisions of the Trust Agreement for purposes of such Series.

"<u>Series Trustee</u>" means, with respect to any Series, the trustee named in the related Series Trust Agreement, or any successor trustee appointed as provided in such Series Trust Agreement.

"<u>Standard Terms and Conditions</u>" means the Standard Terms and Conditions of Trust with respect to each Series, in the form incorporated by each Series Trust Agreement as such terms and provisions are amended or supplemented by the related Series Trust Agreement.

"<u>Trust Agreement</u>" means this Master Trust Agreement as amended, amended and restated, supplemented or otherwise modified from time to time.

"<u>Trustee</u>" means The Bank of New York Mellon, appointed as trustee pursuant to the terms of this Trust Agreement, and any successors thereto or assigns thereof in such capacity.

"<u>Unit</u>" means each unit of fractional undivided interest in and ownership of a Series as specified in the applicable Series Trust Agreement.

Section 1.02 <u>Rules of Construction</u>. Unless the context or use indicates another or different meaning or intent, the following rules apply to the construction of this Trust Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) Words importing the singular number include the plural number and vice versa.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) The captions and headings herein are solely for convenience of reference and do not constitute a part of this Trust Agreement and shall not affect its meaning, construction or effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) The words "hereof," "herein," "hereto" and other words of similar import in the Trust Agreement mean "in" and "under" this Trust Agreement and the exhibits hereto but do not, unless expressly stated, include any Series Trust Agreement nor the Standard Terms and Conditions as incorporated therein.

**ARTICLE II**

**CREATION OF TRUST**

Section 2.01 <u>Creation; Purpose</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) The name of the Trust is "FTP Series". The Trust will be located and administered in the State of Delaware or the State of New York. The Trustee shall take the actions on behalf of the Trust specified in this Trust Agreement. Each Series Trustee and the Depositor shall administer and manage the assets of the Series and shall make and execute contracts and other instruments on behalf of the Trust with respect to such Series as provided in the Series Trust Agreement and the Standard Terms and Conditions. It is the intention of the parties hereto that the Trust constitute a statutory trust under the Delaware Statutory Trust Act. The Trustee shall file with the Secretary of State of the State of Delaware (the "Secretary of State") the Certificate of Trust of the Trust in the form attached hereto as <u>Exhibit A</u> (the "<u>Certificate of Trust</u>")and any other certificate which the Depositor determines to be required under the Delaware Statutory Trust Act to be filed with the Secretary of State. This Trust Agreement together with each Series Trust Agreement and the Standard Terms and Conditions will constitute the governing instrument of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) All bank accounts (for the avoidance of doubt, this provision refers only to bank accounts and not other custodial, clearing or other similar accounts) maintained by a Series Trustee on behalf of a Series shall be located in the State of Delaware or the State of New York. The Trust shall not have any employees; *provided, however,* that nothing herein shall restrict or prohibit the Trustee from having employees within or without the State of Delaware or the State of New York. Payments shall be received by the Trust only in the State of Delaware or the State of New York, and payments shall be made by the Trust only from the State of Delaware or the State of New York. The only office of the Trust shall be the corporate trust office of the Trustee in the State of Delaware or the State of New York, and the principal place of business of the Trust shall be the corporate trust office of the Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) The purpose of the Trust is to operate as a registered investment company under the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d) To the fullest extent permitted by law, the Trust shall be solely responsible for all actions taken by each of the Series Trustee, Depositor and Portfolio Supervisor on behalf of a Series, and none of the Series Trustee, Depositor or Portfolio Supervisor, when acting in such capacity shall be personally liable for the contracts, obligations, undertaking, actions, debts, liabilities or expenses of the Trust.

Section 2.02 <u>Series</u>. The Trust shall be composed of separate series of beneficial interests, each constituting a Series in a segregated pool of assets of the Trust pursuant to Section 3806(b)(2) of the Delaware Statutory Trust Act, and each Series shall be a separate series of the Trust within the meaning of Sections 3804(a) and 3806(b)(2) of the Delaware Statutory Trust Act. Accordingly, separate and distinct records shall be maintained by the Trust for each Series, and the assets of the Trust associated with each Series shall be held in such separate and distinct records (directly or indirectly through a nominee or otherwise) and accounted for by the Trust in such separate and distinct records separately from the assets of the Trust or any other Series or in any other manner permitted by Section 3804(a) of the Delaware Statutory Trust Act.

The debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to a particular Series shall be enforceable against the assets of such Series only, and not against the assets of the Trust generally or the assets of any other Series. Further, none of the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to the Trust generally or any other Series shall be enforceable against the assets of such Series. Notice of this limitation on interseries liabilities shall be set forth in the Certificate of Trust to be filed in the Office of the Secretary of State of the State of Delaware, and, upon the giving of such notice in the Certificate of Trust, the statutory provisions of Section 3804(a) of the Delaware Statutory Trust Act relating to limitations on interseries liabilities (and the statutory effect under Section 3804(a) of setting forth such notice in the Certificate of Trust) will become applicable to the Trust and each Series.

Section 2.03 <u>Execution of Documents</u>. Each Depositor and Series Trustee named as Depositor and Series Trustee in the Series Trust Agreement and each other Person authorized by the Series Trust Agreement and Standard Terms and Conditions is hereby authorized to execute and deliver documents related to the Series, and documents so executed and delivered by a Depositor, Series Trustee or other authorized Person shall be valid obligations of the Trust and assigned to the related Series.

**ARTICLE III**

**TRUSTEE**

Section 3.01 <u>Appointment</u>. The Bank of New York Mellon is hereby appointed by the Depositor to serve as the trustee of the Trust. It is understood and agreed by the parties hereto that the Trustee shall have none of the duties or liabilities of the Series Trustees, Depositor, Portfolio Supervisor or any other Person.

Section 3.02 <u>Duties</u>. The duties of the Trustee are limited to the execution of the Certificate of Trust and any other certificates which it or the Depositor determines to be required to be filed with the Delaware Secretary of State which the Trustee is required to execute under Section 3811 of the Delaware Statutory Trust Act in the form approved by the Depositor. To the extent that, at law or in equity, the Trustee has duties (including fiduciary duties) and liabilities relating thereto to the Trust or the Unit holders, it is hereby understood and agreed by the other parties hereto that such duties and liabilities are replaced by the duties and liabilities of the Trustee expressly set forth in this Trust Agreement. The Trustee will have no liability for the acts or omissions of any Series Trustee, Depositor, Portfolio Supervisor or any other Person.

Section 3.03 <u>Removal and Resignation</u>. The Trustee may be removed by the Depositor upon 60 days prior written notice to the Trustee. The Trustee may resign upon 60 days prior written notice to the Depositor. No resignation or removal of the Trustee shall be effective except upon the appointment of a successor Trustee. If no successor has been appointed within such 60-day period, the Trustee or the Depositor may, at the expense of the Trust, petition a court to appoint a successor Trustee.

Section 3.04 <u>Successor</u>. Any Person into which the Trustee may be merged or with which it may be consolidated, or any Person resulting from any merger or consolidation to which the Trustee is a party, or any Person which succeeds to all or substantially all of the corporate trust business of the Trustee, will be the successor Trustee under this Trust Agreement without the execution, delivery or filing of any paper or instrument or further act to be done on the part of the parties hereto, except as may be required by applicable law.

Section 3.05 <u>Rights and Protections</u>. The Trustee is entitled to all of the same rights, protections, indemnities and immunities under this Trust Agreement and with respect to the Trust as the Series Trustees. No amendment or waiver of any provision of this Trust Agreement which adversely affects the Trustee will be effective against it without its prior written consent.

**ARTICLE IV**

**CREATION OF SERIES**

Section 4.01 <u>Creation of Series</u>. The parties hereto may from time to time enter into Series Trust Agreements, containing such terms, including, without limitation, the terms of any incorporated Standard Terms and Conditions, as the parties deem appropriate and as are acceptable to the Series Trustee, and thereby create Series, and the Depositor may sell, transfer, assign and otherwise convey Securities to the Trust, or cause another Person to sell, transfer, assign and otherwise convey Securities to the Trust, to be assigned to such Series. The Series Trustee for each new Series will be set forth in the Series Trust Agreement.

Section 4.02 <u>Segregation of Assets</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) The assets of each Series shall be a segregated pool of assets of the Trust pursuant to Section 3806(b)(2) of the Delaware Statutory Trust Act and the related Units shall be separate series of the Trust within the meaning of Sections 3804(a) and 3806(b)(2) of the Delaware Statutory Trust Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) Each Series Trust Agreement (or the Standard Terms and Conditions incorporated thereby) shall contain a provision substantially similar to the following:

The debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to the Series described in this Series Trust Agreement shall be enforceable against the assets of this Series only, and not against the assets of the Trust generally or the assets of any other Series. Further, none of the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to the Trust generally or any other Series shall be enforceable against the assets of this Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) Each contract and agreement entered into by the Trust shall state the Series to which such contract or agreement relates and shall contain an express provision to the effect that all liabilities and obligations under such contract or agreement shall be enforceable against the assets of such Series only and not against the assets of the Trust generally or the assets of any other Series; *provided, however,* the failure to include such provision shall not be deemed to effect the limitation of liability of a Series as described in this Trust Agreement.

**ARTICLE V**

**MISCELLANEOUS**

Section 5.01 <u>Governing Law</u>. The validity and construction of this Trust Agreement and all amendments hereto, and each Series Trust Agreement and incorporated Standard Terms and Conditions, shall be governed by the laws of the State of Delaware, and the rights of all parties hereto and the effect of every provision hereof shall be subject to and construed according to the laws of the State of Delaware without regard to the conflicts of law provisions thereof; *provided, however,* that the parties hereto and the Unit holders intend that the provisions hereof, and of each Series Trust Agreement and incorporated Standard Terms and Conditions, shall control over any contrary or limiting statutory or common law of the State of Delaware (other than the Delaware Statutory Trust Act) and that, to the maximum extent permitted by applicable law, there shall not be applicable to the Trust, the Depositor, the Portfolio Supervisor, the Trustee, any Series Trustee, the Unit holders or this Trust Agreement or any Series Trust Agreement and incorporated Standard Terms and Conditions any provision of the laws (statutory or common) of the State of Delaware (other than the Delaware Statutory Trust Act) pertaining to trusts which relate to or regulate in a manner inconsistent with the terms hereof, including, but not limited to: (a) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (b) affirmative requirements to post bonds for trustees, officers, agents, or employees of a trust, (c) the necessity for obtaining court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (d) fees or other sums payable to trustees, officers, agents or employees of a trust, (e) the allocation of receipts and expenditures to income or principal, (f) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets, (g) the existence of rights or interests (beneficial or otherwise) in trust assets, (h) the ability of beneficial owners or other Persons to terminate or dissolve a trust, or (i) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers of trustees or beneficial owners that are inconsistent with the limitations on liability or authorities and powers of the Trustee, any Series Trustee, the Depositor, the Portfolio Supervisor or the Unit holders set forth or referenced in this Trust Agreement or any Series Trust Agreement and incorporated Standard Terms and Conditions. Sections 3540, 3542 and 3561 of Title 12 of the Delaware Code shall not apply to the Trust or any Series.

Section 5.02 <u>Further Assurances</u>. The Depositor agrees to do and perform, from time to time, any and all acts and to execute any and all further instruments required or reasonably requested by a Series Trustee or the Trustee more fully to effect the purposes of this Trust Agreement, the transfer of the Securities to the Trust and the assignment of the assets to the respective Series.

Section 5.03 <u>Duration</u>. The Trust shall continue perpetually unless terminated pursuant to Section 5.04 hereof or pursuant to any applicable provision of the Delaware Statutory Trust Act.

Section 5.04 <u>Termination; Dissolution; Sale of Assets</u>. The Trust shall dissolve and wind up its affairs in accordance with Section 3808 of the Delaware Statutory Trust Act at the election of the Depositor on the date upon which the last Series has terminated and all amounts finally due and owing to the Unit holders are to be paid pursuant to the Series Trust Agreements. Upon the completion of winding up of the Trust, including the payment or the making reasonable provision for payment of all obligations of the Trust in accordance with Section 3808 of the Delaware Statutory Trust Act, the Trustee, at the direction and expense of the Depositor, shall file a certificate of cancellation with the Delaware Secretary of State in accordance with Section 3810 of the Delaware Statutory Trust Act, at which time the Trust and this Trust Agreement shall terminate.

Section 5.05 <u>Amendments to Trust Agreement</u>. This Trust Agreement, including the exhibits hereto, may be amended from time to time as provided in this Section 5.05.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) This Trust Agreement may be amended at any time and from time to time by agreement among the parties hereto to cure any formal defect, omission, inconsistency or ambiguity or for any other purpose and in any other respect which they may deem necessary or desirable, without the consent of the Unit holders of the Series to which the amendment applies, if the Depositor determines that such amendment will not alter or change the powers, preferences or special rights of any Units issued with respect to such Series so as to materially affect them adversely.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) No amendment pursuant to this Section 5.05 shall take effect unless the Trust and each Series Trustee have received an opinion of counsel to the effect that any such amendment complies with this Section 5.05.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) Each Series Trust Agreement shall be amended as set forth in such Series Trust Agreement. To the extent a Series Trust Agreement is amended, any such amendments shall apply to the related Series and shall not constitute an amendment to this Trust Agreement or any exhibit hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d) Each Standard Terms and Conditions shall be amended as set forth in such Standard Terms and Conditions. To the extent a Standard Terms and Conditions is amended, any such amendments shall apply to the related Series and shall not constitute an amendment to this Trust Agreement or any exhibit hereto.

Section 5.06 <u>Joinder of Series Trustees</u>. By its execution of a Series Trust Agreement, each Series Trustee named in such Series Trust Agreement (and any successor thereto) shall, without any further action by such Series Trustee or any other Person, be deemed to be a party to this Trust Agreement with all of the rights and obligations applicable to a Series Trustee hereunder. Upon the termination of a Series Trust Agreement, the Series Trustee named in such Series Trust Agreement (or any successors thereto) shall, without any further action by such Series Trustee or any other Person, no longer be deemed to be a party to this Trust Agreement as applicable to the terminated Series Trust Agreement (or the Series created thereunder).

Section 5.07 <u>Notices</u>. Any notice or other instrument in writing which is authorized or required by this Trust Agreement to be given shall be sufficiently given if sent by "Electronic Means" (meaning telecopy, e-mail or other electronic means of communication including "electronic transmission" as defined in the Delaware Statutory Trust Act, with the means of transmission and address or addresses to be as specified by the Person to whom the notice is given) or addressed to and received by the addressee at its office specified below if the Persons listed below serve in the respective capacities listed below, or at such other place as the addressee may from time to time designate to the parties hereto in writing, or, if a Person listed below does not serve in the capacity listed below, then at the address provided in the Series Trust Agreement or otherwise provided in writing by such Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If to the Series Trustee for a Series, at the address set forth in the related Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If to the Depositor:

First Trust Portfolios L.P.

120 East Liberty Drive<br> Suite 400<br> Wheaton, Illinois 60187,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) If to the Portfolio Supervisor:

First Trust Advisors L.P.

120 East Liberty Drive<br> Suite 400<br> Wheaton, Illinois 60187,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) If to the Trustee:

The Bank of New York Mellon

240 Greenwich Street

New York, New York 10286

Attn: Unit Investment Trust Division

Section 5.08 <u>Counterparts</u>. This Trust Agreement may be executed in several counterparts each of which shall be regarded as the original and all of which shall constitute one and the same agreement.

[**SIGNATURE PAGE FOLLOWS**]

IN WITNESS WHEREOF, the parties hereto have caused this Master Trust Agreement to be executed by their respective duly authorized officers as of the date first above written.

First Trust Portfolios L.P., Depositor

---

| | | |
|:---|:---|:---|
| By: | /s/ Ronda L. Saeli-Chiappe | /s/ Ronda L. Saeli-Chiappe |
|  | Name: | Ronda L. Saeli-Chiappe |
|  | Title: | Senior Vice President |

---

The Bank of New York Mellon, Trustee

---

| | | |
|:---|:---|:---|
| By: | /s/ Rosalia A. Koopman | /s/ Rosalia A. Koopman |
|  | Name: | Rosalia A. Koopman |
|  | Title: | Senior Director |

---

First Trust Advisors L.P., Portfolio Supervisor

---

| | | |
|:---|:---|:---|
| By: | /s/ Ronda L. Saeli-Chiappe | /s/ Ronda L. Saeli-Chiappe |
|  | Name: | Ronda L. Saeli-Chiappe |
|  | Title: | Senior Vice President |

---

<u>Exhibit A</u>

To Master Trust

Agreement

<u>Form of Certificate of Trust</u>

**CERTIFICATE OF TRUST<br> OF<br> FTP Series**

This Certificate of Trust of FTP Series (the "Trust") is being duly executed and filed on behalf of the Trust by the undersigned, as trustee, to form a statutory trust under the Delaware Statutory Trust Act (12 Del. C. Section 3801 et seq.) (the "Act").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Name</u>. The name of the statutory trust formed hereby is FTP Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Registered Office; Registered Agent</u>. The address of the Trust's registered office in the State of Delaware is 251 Little Falls Drive, Wilmington, DE 19808. The name of the Trust's registered agent at such address is Corporation Service Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Investment Company</u>. The Trust will be a registered investment company under the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Series</u>. Pursuant to Section 3806(b)(2) of the Act, the Trust shall issue one or more series of beneficial interests (each a "Series") having the rights and preferences set forth in the governing instrument of the Trust, as the same may be amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Notice of Limitation of Liabilities of each Series</u>. Pursuant to Section 3804(a) of the Act, there shall be a limitation on liabilities of each Series such that (a) the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to a particular Series shall be enforceable against the assets of such Series only, and not against the assets of the Trust generally or the assets of any other Series thereof and (b) none of the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to the Trust generally or any other Series thereof shall be enforceable against the assets of such Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Effective Date</u>. This Certificate of Trust shall be effective upon filing.

---

| | | |
|:---|:---|:---|
|  | THE BANK OF NEW YORK MELLON,<br> not individually but solely as Trustee | THE BANK OF NEW YORK MELLON,<br> not individually but solely as Trustee |
| By: | /s/ Rosalia A. Koopman | /s/ Rosalia A. Koopman |
|  | Name: | Rosalia A. Koopman |
|  | Title: | Senior Director |

---

## Ex-99.A1

FTP 1

SERIES TRUST AGREEMENT

Dated: [_____________], 2025

The Series Trust Agreement among First Trust Portfolios L.P., as Depositor, The Bank of New York Mellon, as Series 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 FTP 1 and certain subsequent Series, Effective: [_________], 2025" (herein called the "Standard Terms and Conditions"), 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.

WITNESSETH THAT:

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

PART I

STANDARD TERMS AND CONDITIONS

Subject to the provisions of Part II and Part III hereof, all the provisions contained in the Standard Terms and Conditions 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 Series Trust Agreement shall be acceptable and binding, and this Series 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

[VEST 2-Year S&P 500 DEEP BUFFERED 100 PORTFOLIO]

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 Series pursuant to Section 2.01 of the Standard Terms and Conditions 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 Series Trustee on the Initial Date of Deposit in exchange for the Securities pursuant to Section 2.03 of the Standard Terms and Conditions and the initial fractional undivided interest in and ownership of the Series 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 Series is being delivered by the Series Trustee to the Depositor pursuant to Section 2.03 of the Standard Terms and Conditions.

&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 "Distributions." The Series Trustee shall pay the amounts specified in Part I of Section 3.05 of the Standard Terms and Conditions 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 Standard Terms and Conditions (such fees to be computed on the largest number of Units outstanding during the period for which the compensation is paid) shall be paid as provided in the following sentence. Fees payable pursuant to Section 4.03 of the Standard Terms and Conditions shall be paid on, or shortly after, the last Business Day of each calendar month, and fees paid to the Series 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 Dissolution Date for the Series 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 and First Trust Portfolios L.P.'s compensation as referred to in Section 4.03 of the Standard Terms and Conditions shall be an annual aggregate fee in the amount of $.0080 per Unit. The Series 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 Series Trustee upon request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. The Series Trustee's compensation rate pursuant to Section 6.04 of the Standard Terms and Conditions shall be an annual fee in the amount of $.0096 per Unit. However, in no event shall the Series Trustee receive compensation in any one year from any Series 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 Series is [___________], 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 Series 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 is set forth in the Prospectus. No in-kind distribution requests submitted during the 10 Business Days prior to the Series' Mandatory Dissolution 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L. Pershing LLC will act as clearing broker with respect to transactions involving options and other instruments owned by the Series cleared through the Options Clearing Corporation and in such capacity will maintain custody of such options and instruments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M. For this Series, the Depositor will deliver the sum of $10,000 to the aforementioned clearing broker which the clearing broker will credit to the account maintained by the clearing broker for the Series. The Series Trustee will record such sum, and any income earned thereon, as an asset of the Reserve Account. The sum may be applied by the clearing broker to satisfy the liabilities due the clearing broker in respect of the Series or its assets. To the extent the sum is so applied, it will be restored by liquidation of Series assets at the Depositor's direction. The Series Trustee shall not treat any part of the sum as asset of the Series (including, without limitation, for purposes of the calculation of the Series Fund Evaluation pursuant to Section 5.01), unless and until the sum is applied to Series liabilities without reimbursement from other Series assets and in such event the Series Trustee shall treat only the unreimbursed amount as an asset of the Series Fund. Upon dissolution of the Series the sum, or such part of it which then remains, shall be returned to the Depositor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N. For this Series, the Depositor will deposit cash with the Series Trustee in connection with the initial deposit of Securities in the amount specified in the Statement of Net Assets in the Prospectus, and will replicate such cash deposit in connection with any deposit of Additional Securities pursuant to Section 2.01(b)(5). Such cash shall be credited to the Capital Account of the Series and shall be applied to payment of Series expenses, including the Series' annual operating expenses pursuant to Section 3.05(I) of the Standard Terms and Conditions. Notwithstanding any contrary provision of Section 3.05(II) of the Standard Terms and Conditions, such cash shall not be included in the balance of the Capital Account to be distributed to Unit holders.

PART III

[Reserved]

IN WITNESS WHEREOF, First Trust Portfolios L.P., The Bank of New York Mellon and First Trust Advisors L.P. have each caused this Series 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 __________________________________<br>

THE BANK OF NEW YORK MELLON, Series Trustee

By __________________________________

SCHEDULE A TO SERIES TRUST AGREEMENT

Securities Initially Deposited

FTP 1

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

## Ex-99.A1

Standard Terms and Conditions of Trust

for

FTP 1

and certain subsequent Series

Effective:

______________], 2025

Between

First Trust Portfolios L.P.<br> Depositor

The Bank of New York Mellon<br> Series Trustee

First Trust Advisors L.P.<br> Portfolio Supervisor

**Table of Contents**

Section Heading Page

---

| | |
|:---|:---|
| Article I Definitions | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.01 Definitions | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.02 Master Trust, Trust Series, Authority to Act on behalf of each Series | 5 |
| Article II Deposit of Securities; Acceptance of Trust; Issuance of Units; Letter of Credit; Separate series | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.01 Deposit of Securities | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.02 Acceptance of Trust | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.03 Issuance of Units; Units Solely in Uncertificated Form; When Units Are Deemed Outstanding | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.04 Letter of Credit | 11 |
| Article III Administration of Fund | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.01 Initial Cost | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.02 Income Account | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.03 Capital Account | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.04 Reserve Account | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.05 Deductions and Distributions | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.06 Distribution Rates, Annual Statement | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.07 Sale of Securities | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.08 Counsel | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.09 Notice and Sale by Series Trustee | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.10 Role and Liability of Depositor; Successor Depositor | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.11 Voting; Notice to Depositor | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.12 Replacement Securities | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.13 Deferred Sales Charge | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.14 Creation and Development Fee | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.15 Selection of Brokers or Dealers in Connection with the Acquisition and Disposition of Securities; Foreign Currency Exchange | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.16 Portfolio Supervision | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.17 Tax Matters | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.18 Authority to Purchase or Sell Securities for the Account of the Series | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.19. No Recourse | 33 |
| Article IV Evaluation of Securities; Compensation For Evaluation; Succession | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.01 Evaluation of Securities | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.02 Information for Unit Holders | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.03 Compensation for Services Provided | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.04 Liability of the Depositor for Evaluations | 36 |

---

-i-

---

| | |
|:---|:---|
| Article V Evaluation, Redemption, Purchase, Transfer, Interchange Or Replacement of Units | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.01 Series Fund Evaluation | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.02 Redemptions by Series Trustee; Purchases by Depositor | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.03 Transfer of Units | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.04 Rollover of Units | 42 |
| Article VI Series Trustee | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.01 General Definition of Series Trustee's Liabilities, Rights and Duties | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.02 Books, Records and Reports | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.03 Standard Terms and Conditions and List of Securities on File | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.04 Compensation, Reimbursement and Indemnification of the Trustee | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.05 Removal and Resignation of Series Trustee; Successor | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.06 Qualifications of Series Trustee | 54 |
| Article VII Rights of Unit Holders | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.01 Beneficiaries of Series | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.02 Rights, Terms and Conditions | 55 |
| Article VIII Additional Covenants; Miscellaneous Provisions | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.01 Amendments | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.02 Dissolution | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.03 Construction | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.04 Registration of Units | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.05 Written Notice | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.06 Severability | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.07 Dissolution of Depositor Not to Terminate | 62 |

---

-ii-

**Standard Terms and Conditions of Trust**

**for**

**FTP 1**

**and Subsequent Series**

**Effective: [____________], 2025**

These Standard Terms and Conditions of Trust effective [__], 2025 are executed between First Trust Portfolios L.P., as Depositor, The Bank of New York Mellon, as Series Trustee, and First Trust Advisors L.P., as Portfolio Supervisor.

**Witnesseth Tha**t:**

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

**Introduction**

These Standard Terms and Conditions of Trust, effective [____], shall be applicable to FTP 1 and all subsequent Series established after the date of effectiveness hereof, as provided in this paragraph. For FTP 1 and each Series established after the date of effectiveness hereof to which these Standard Terms and Conditions of Trust, effective [_____], are to be applicable, the Depositor, the Series Trustee and the Portfolio Supervisor shall execute a Series Trust Agreement, incorporating by reference these Standard Terms and Conditions of Trust, effective [_____], and designating any exclusion from or exception to such incorporation by reference for the purposes of that Series or variation of the terms hereof for the purposes of that Series and specifying for that Series (i) the Securities deposited in trust, (ii) the number of Units delivered by the Series Trustee on the Initial Date of Deposit in exchange for the Securities pursuant to Section 2.03, (iii) the fractional undivided beneficial interest represented by each Unit, (iv) the Record Dates, (v) the Distribution Dates, (vi) the Mandatory Dissolution Date, (vii) the Depositor's and Portfolio Supervisor's compensation, if any, (viii) the Series Trustee's compensation, (ix) the Initial Date of Deposit, (x) the minimum amount of Securities to be sold by the Series Trustee pursuant to Section 5.02 for the purposes of redemption of Units, (xi) 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, (xii) unless the Series Trust Agreement provides that no Unit holder will be eligible for an in-kind distribution of Securities pursuant to Section 8.02, the minimum number of Units a Unit holder must own in order to be eligible for such in-kind distribution and (xiii) when applicable, that Section 5.04 shall apply to the Series.

Now, Therefore, in consideration of the premises and of the mutual agreements herein contained, the Depositor, the Series Trustee and the Portfolio Supervisor agree as follows:

**Article I**

**Definitions**

 *Section 1.01. Definitions*. Terms used in these Standard Terms and Conditions and not defined in this Article I have the meaning assigned to such terms in the Master Trust Agreement (defined below), otherwise whenever used in these Standard Terms and Conditions, the following words and phrases, unless the context clearly indicates otherwise, shall have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) *"Additional Securities"* shall mean Securities deposited or purchased pursuant to Section 2.01(b) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) *"Business Day"* shall mean any day on which the New York Stock Exchange is open*.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3) *"Contract Obligations"* shall mean contracts to purchase Securities (including Additional Securities) which are to be acquired by the Series, which contracts which have been assigned to the Series Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4) *"Depositor"* shall mean First Trust Portfolios L.P. and its successors in interest, or any successor depositor appointed as hereinafter provided. First Trust Portfolios L.P., in its capacity as Depositor is also referred to as "sponsor" herein, in the Prospectus and may be so identified in other documents related to a Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5) *"Distribution Date"* shall have the meaning assigned to it in the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6) *"Evaluation Time"* shall have the meaning assigned to it in the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7) Reserved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8) Reserved*.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9) Reserved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10) Reserved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11) *"Initial Date of Deposit"* shall have the meaning assigned to it in the Series Trust Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12) *"Internal Revenue Code"* means the Internal Revenue Code of 1986, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13) *"Mandatory Dissolution Date"* shall be the date so specified in the Series Trust Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14) *"Master Trust Agreement"* shall mean that certain Master Trust Agreement, dated [______] by and among First Trust Portfolios L.P., as Depositor, First Trust Advisors L.P., as Portfolio Supervisor, and The Bank of New York Mellon, as Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15) *"Master Trust"* shall mean FTP Series, a Delaware statutory trust organized in series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16) *"Notice of Deposit of Additional Securities"* shall mean an amendment or supplement to these Standard Terms and Conditions pursuant to Section 2.01(b) for the purpose of depositing Additional Securities in the Series Fund and issuing additional Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17) *"Organization Expense Period"* shall have the meaning assigned to it in Section 3.01 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (18) *"Percentage Ratio"* shall mean, for each Series which issues additional Units pursuant to Section 2.03 hereof, the percentage relationship existing on the Initial Date of Deposit between each Security per Unit and all Securities attributable to each Unit. The Percentage Ratio with respect to each Security in a Series is that percentage derived by dividing the number of shares of such Security included in the initial deposit made pursuant to Section 2.01(a) by the total number of shares of all Securities included in such deposit. The Percentage Ratio shall be adjusted to the extent necessary, and may be rounded, to reflect the sale, redemption or liquidation of any of the Securities or the occurrence of a stock dividend, a stock split, merger or a similar event which affects the capital structure of the issuer of the Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19) "*Person*" shall mean an individual, association, unincorporated organization, corporation, partnership, limited liability company, joint venture, trust or a government or an agency or a political subdivision thereof, or any other entity or organization, whether or not a legal entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20) "*Portfolio Supervisor"* shall mean First Trust Advisors L.P. and its successors in interest, or any successor portfolio supervisor appointed as hereinafter provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21) *"Prospectus"* shall mean the prospectus relating to each Series filed with the Securities and Exchange Commission pursuant to Rule 497(b) under the Securities Act of 1933, as amended, and dated the date of the Series Trust Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (22) *"Record Date"* shall have the meaning assigned to it in the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (23) *"Replacement Security"* shall have the meaning assigned to it in Section 3.12 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24) *"Restricted Securities"* shall mean those Securities that cannot be sold publicly by the Series Trustee without registration under the Securities Act of 1933, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25) The term *"Rollover Unit holder"* shall be defined as set forth in Section 5.04, herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (26) *"Securities"* shall mean equity securities of corporations or other entities, debt securities of corporations or other entities, preferred stocks, trust preferred securities, U.S. Treasury securities and/or options deposited in the Series Fund as specified in the Series Trust Agreement thereof, which Securities are listed in Schedule A to the Series Trust Agreement or are Additional Securities deposited in the Series Fund pursuant to Section 2.01(b) hereof, and Replacement Securities acquired pursuant to Section 3.12 hereof, as may from time to time be construed to be held as part of the Series Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (28) "*Series Trust Agreement*" shall mean the Series Trust Agreement for a Series into which these Standard Terms and Conditions are incorporated, including any schedules, exhibits, annexes or other attachments thereto, as amended from time to time, and which supplements the provisions of the Master Trust Agreement for purposes of such Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *(30) "Standard Terms and Conditions"* shall mean these Standard Terms and Conditions of Trust as originally executed or, if amended as hereinafter provided, as so amended, together with any amendments made by the Series Trust Agreement creating a particular Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (31) *"Series Trustee"* shall mean The Bank of New York Mellon, or any successor trustee appointed as hereinafter provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (32) *"Unit"* shall mean each Unit of fractional undivided beneficial interest in and ownership of the Series which shall be initially equal to the fraction specified in the Series Trust Agreement, the denominator of which fraction shall be (1) increased by the number of any additional Units issued pursuant to Section 2.03 hereof and (2) decreased by the number of any Units redeemed as provided in Section 5.02 hereof. Whenever reference is made herein to the "interest" of a Unit holder in the Series or in the Income and Capital Accounts, it shall mean such fractional undivided beneficial interest represented by the number of Units held of record by such Unit holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (33) *"Unit holder"* shall mean the registered holder of any Unit, as recorded on the registration books of the Series Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (34) If the Series Trust Agreement for a Series contemplates the rollover of Units as set forth in Section 5.04 herein, the term *"Rollover Notification Date"* shall be defined as set forth in the Prospectus under "Summary of Essential Information."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (35) If the Series Trust Agreement for a Series contemplates the rollover of Units as set forth in Section 5.04 herein, the term "Rollover Distribution" shall be defined as set forth in Section 5.04, herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (36) If the Series Trust Agreement for a Series contemplates the rollover of Units as set forth in Section 5.04 herein, the term *"Distribution Agent"* shall refer to the Series Trustee acting in its capacity as distribution agent pursuant to Section 5.04 herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (37) If the Series Trust Agreement for a Series contemplates the rollover of Units as set forth in Section 5.04 herein, the term "Special Redemption and Liquidation Period" 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; (40) Words importing singular number shall include the plural number in each case and vice versa, and words importing persons shall include corporations and associations, as well as natural persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (41) The words "herein," "hereby," "herewith," "hereof," "hereinafter," "hereunder," "hereinabove," "hereafter," "heretofore" and similar words or phrases of reference and association shall refer to these Standard Terms and Conditions in their entirety.

*Section 1.02 Master Trust, Trust Series, Authority to Act on behalf of each Series.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The parties to these Standard Terms and Conditions, have entered into a Master Trust Agreement establishing the Master Trust under the laws of the State of Delaware and The Bank of New York Mellon, as trustee under the Master Trust Agreement, has executed a Certificate of Trust with respect thereto which has been filed in the office of the Delaware Secretary of State pursuant to Sections 3811 and 3812 of the Delaware Statutory Trust Act. The Master Trust Agreement provides that separate series of the Master Trust shall be created pursuant to Section 3804(a) and 3806(b)(2) of the Delaware Statutory Trust Act and authorizes the parties hereto to enter into a Series Trust Agreement with respect to each such Series which, as set forth above, shall incorporate these Standard Terms and Conditions, and to take the actions, including actions taken pursuant to the directions, set forth herein on behalf of the Master Trust for the account of the respective Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to a particular Series shall be enforceable against the assets of such Series only, and not against the assets of the Master Trust generally or the assets of any other Series. Further, none of the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to the Master Trust generally or any other Series shall be enforceable against the assets of such Series. Notwithstanding the foregoing, the Series Trustee shall allocate expenses affecting more than one Series among such Series in such reasonable manner as it determines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any reference in these Standard Terms and Conditions to the Series Trustee, Depositor or Portfolio Supervisor taking an action on behalf of a Series, including, without limitation, purchasing or selling Securities or entering into contracts or other agreements, shall be interpreted consistently with Section 3804 of the Delaware Statutory Trust Act as the Master Trust taking such action, purchasing Securities or entering into contracts or other agreements on behalf of the Series.

**Article II**

**Deposit of Securities; Acceptance of Trust;<br> Issuance of Units; Letter of Credit; Separate series**

 *Section 2.01. Deposit of Securities*. (a) The Depositor, on the date of the Series Trust Agreement, has deposited with the Series Trustee, for the account of the Series, (i) the Securities listed in Schedule A to the Series Trust Agreement or (ii) Contract Obligations relating to such Securities accompanied by cash and/or letter(s) of credit as specified in paragraph (c) of this Section 2.01, IN TRUST, to be held, managed and applied by the Series Trustee as herein provided. The Depositor shall deliver the Securities listed on said Schedule A which were not actually delivered concurrently with the execution and delivery of the Series Trust Agreement and which were represented by Contract Obligations to the Series Trustee within ten calendar days after said execution and delivery (the *"Delivery Period"*). If a contract to buy such Securities between the Depositor and seller is terminated by the seller thereof for any reason beyond the control of the Depositor or if for any other reason the Securities are not delivered to the Series by the end of the Delivery Period, the Series Trustee shall immediately draw on the letter of credit, if any, in its entirety, apply the monies in accordance with Section 2.01(d), and the Depositor shall forthwith take the remedial action specified in Section 3.12. If the Depositor does not take the action specified in Section 3.12 within ten calendar days of the end of the Delivery Period, the Series Trustee shall forthwith distribute pursuant to Section 2.01(d) and Section 3.05(II)(e) the monies held for purchase of Replacement Securities pursuant to Section 3.12.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) Additional Securities (or Contract Obligations therefor) may, at the Depositor's discretion, be deposited or purchased in round lots. If the amount of the deposit is insufficient to acquire round lots of each issue of Additional Securities to be acquired, the Additional Securities shall be deposited or purchased in the order of the Security in the Series most under-represented immediately before the deposit with respect to the Percentage Ratio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3) If at the time of a deposit of Additional Securities, Securities of an issue deposited on the Initial Date of Deposit (or of an issue of Replacement Securities acquired to replace an issue deposited on the Initial Date of Deposit) are unavailable, cannot be purchased at reasonable prices or their purchase is prohibited or restricted by applicable law, regulation or policies, the Depositor may (i) deposit, or purchase for the account of the Series, in lieu thereof, another issue of Securities or Replacement Securities or (ii) deposit cash or a letter of credit in an amount equal to the valuation of the issue of Securities or Replacement Securities whose acquisition is not feasible, which Securities or Replacement Securities the Depositor shall acquire for the account of the Series when they become available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4) Any contrary authorization in the preceding subparagraphs (1) through (3) notwithstanding, deposits of Additional Securities in any Series which is a widely held fixed investment trust as defined in Treas. Reg. Section 1.671-5(b)(22) made after the 90-day period immediately following the Initial Date of Deposit (except for deposits made to replace Failed Contract Obligations if such deposits occur within 20 days from the date of a failure occurring within such initial 90-day period) shall maintain, to the nearest whole share, the Percentage Ratio existing immediately prior to such deposit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) In connection with the deposits described in Section 2.01(a) and (b), the Depositor has, in the case of Section 2.01(a) deposits, and, prior to the Series Trustee accepting a Section 2.01(b) deposit (other than a deposit described in Section 2.01(f) in which case cash and/or letters of credit will be delivered on the settlement date), will, deposit cash and/or letter(s) of credit (meeting the conditions set forth in Section 2.04) in an amount sufficient to settle the Contract Obligations (the *"Purchase Amount"*) relating to Securities which are not actually delivered to the Series Trustee at the time of such deposit, and if the Depositor does not settle such Contract Obligations according to their terms, the Series Trustee may apply any such cash or cash drawn on any such letter of credit to settle such Contract Obligations. The Series Trustee may allow the Depositor to substitute for any letter(s) of credit deposited with the Series Trustee in connection with the deposits described in Section 2.01(a) and (b) cash in an amount sufficient to satisfy the obligations to which the letter(s) of credit relates. The Series Trustee shall consent to the reduction in the amount which may be drawn under any letter(s) of credit by the amount of cash so received. The Series Trustee may deposit such cash or cash drawn on the letter of credit in a non-interest-bearing account for the Series. If any Contract Obligation requires settlement in a foreign currency, in connection with the deposit of such Contract Obligation the Depositor will deposit with the Series Trustee either (i) an amount of such currency sufficient to settle the contract or (ii) a foreign exchange contract, or an instruction (which may be a standing instruction) to the Series Trustee to enter into a foreign exchange contract, in such amount which settles concurrently with the settlement of the Contract Obligation and cash or a letter of credit in U.S. dollars sufficient to perform such foreign exchange contact.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d) In the event that the purchase of Contract Obligations pursuant to any contract shall not be consummated in accordance with said contract or if the Securities represented by Contract Obligations are not delivered to the Series in accordance with Section 2.01(a) or 2.01(b) and the monies, or, if applicable, the monies drawn on the letter of credit, deposited by the Depositor are not utilized for Section 3.12 purchases of New Securities, such funds, to the extent of the purchase price of Failed Contract Obligations for which no Replacement Security was acquired pursuant to Section 3.12, plus all amounts described in the next succeeding two sentences, shall be credited to the Capital Account and distributed pursuant to Section 3.05 to Unit holders of record as of the Record Date next following the failure of consummation of such purchase. The Depositor shall cause to be refunded to each Unit holder his or her pro rata portion of the sales charge levied on the sale of Units to such Unit holder attributable to such Failed Contract Obligation. The Depositor shall also pay to the Series Trustee, for distribution to the Unit holders, interest on the amount of the purchase price to the Series of the Failed Contract Obligation, at the rate of 5% per annum to the date the Depositor notifies the Series Trustee that no Replacement Security will be purchased or, in the absence of such notification, to the expiration date for purchase of a Replacement Security specified in Section 3.12. Any amounts remaining from monies drawn on the letter of credit which are not used to purchase New Securities or are not used to provide refunds to Unit holders shall be paid to the Depositor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e) The Series Trustee is hereby irrevocably authorized to effect registration or transfer of the Securities in fully registered form to the name of the Series Trustee or to the name of its nominee or to hold the Securities in a clearing agency registered with the Securities and Exchange Commission, in a book entry system operated by the Federal Reserve Board, with an Eligible Foreign Custodian or in an Eligible Securities Depository.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (f) Subject to the requirements set forth in this Section 2.01(f) and unless the Prospectus otherwise requires, the Depositor may, on any Business Day (the *"Trade Date"*), subscribe for additional Units as follows, *provided* that the Depositor shall concurrently with such subscription enter into contracts for the sale of such Units (*"Unit Sale Contracts"*) with the purchaser's obligations under the Unit Sale Contracts guaranteed by the National Securities Clearing Corporation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) As soon as practicable after the Evaluation Time on the Trade Date, the Depositor shall provide notice (the *"Subscription Notice"*) to the Series Trustee, by telephone or by written communication, of the Depositor's intention to subscribe for additional Units, orders for which the Depositor received prior to the Evaluation Time on the Trade Date. The Subscription Notice shall identify the Additional Securities to be acquired (which will be a replication of the then existing portfolio, as specified in the provisions of Section 2.01(b)) and shall either (a) specify the Additional Securities to be deposited by the Depositor on the settlement date for such subscription or (b) specify the Additional Securities which the Depositor will cause to be purchased for the account of the Series, in accordance with the provisions of subparagraph (1) of Section 2.01(b) with an aggregate value as specified in the Subscription Notice. The Depositor hereby assigns to the Series Trustee, for the account of the Series, as security for the Depositor's obligations under paragraph (iii) of this Section 2.01(f) all of the Depositor's right, title and interest in and to the Unit Sale Contracts and appoints the Series Trustee its attorney-in-fact with full authority to deliver Units to the counterparties on behalf of the Depositor against payment and to enforce all of the Depositor's rights thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) Promptly following the Evaluation Time on the Trade Date, the Depositor shall, by a Notice of Deposit of Additional Securities, verify with the Series Trustee the number of additional Units to be created and, for the account of the Series, enter into contracts for the purchase of the Additional Securities specified in the Subscription Notice as being Additional Securities which the Depositor would cause to be purchased for the account of the Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii) Not later than the time on the settlement date for such subscription when the Series Trustee is to deliver or assign the additional Units specified in the Subscription Notice, the Depositor shall deposit with the Series Trustee, for the account of the Series, (a) any Additional Securities specified in the Subscription Notice (or contracts to purchase such Additional Securities together with cash or a letter of credit in the amount necessary to settle such contracts) or (b) cash or a letter of credit in an amount equal to the aggregate value of the Additional Securities specified in the Subscription Notice to be acquired by the Depositor for the account of the Series, and adding or subtracting the difference between such aggregate value and the product of (x) the Unit Value computed pursuant to Section 5.01 for the Business Day preceding the Trade Date times (y) the verified number of additional Units specified in the Subscription Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iv) On the settlement date for such subscription, the Series Trustee shall, for the account of the Series, in exchange for the Securities and cash, cash or letter of credit described above, deliver to, or assign in the name of or on the order of, the Depositor, the verified number of additional Units specified in the Subscription Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (v) In the event the Depositor fails to take such action required by paragraph (iii) above, the Series Trustee shall, to the extent of funds then held in the Capital Account of the Series and the proceeds of the Unit Sale Contracts received by the Series Trustee, on the settlement date for such subscription, settle the securities transactions specified in the Subscription Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (vi) The Series Trustee shall have no responsibility for any loss or depreciation resulting from the failure of the Depositor to take the actions required by paragraph (iii) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (g) The Series Trustee shall have no responsibility for the acquisition of Additional Securities (including, without limitation, the selection of broker or the amount of any brokerage commission) other than to arrange for the settlement of purchases when acquired by the Depositor for the account of the Series from funds delivered by the Depositor or drawn on a letter of credit, as hereinafter provided, and, as applicable, to confirm that the Additional Securities received conform to Contract Obligations deposited by the Depositor or to the list of Additional Securities to be acquired for the account of the Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (h) If the Prospectus for a Series provides that such Series will sell or write options, the Depositor or the Series Trustee, as directed by the Depositor, shall, in connection with deposits into such Series, sell or write options for the account of the Series and apply the proceeds to the purchase of Securities acquired in connection with such deposits. The Depositor and the Series Trustee, as directed by the Depositor, are authorized to pledge or otherwise encumber Series Securities or other Series assets and to enter into margin and other agreements as may be required in connection with the sale or writing of options pursuant to the preceding sentence or otherwise in connection with the administration of the Series. Without limiting the provisions of Section 8.02, neither the Series Trustee nor the Depositor shall be liable for any liability arising from any pledge or encumbrance of Series Securities or other assets of the Series Fund, any option or any related margin or other agreement, and such liabilities shall be enforceable only against the Series and the assets of the Series Fund. Neither the Series Trustee nor the Depositor shall be liable to any Person for any loss or depreciation arising from such options, margin or other agreements.

 *Section 2.02. Acceptance of Trust*. The Series Trustee hereby declares it holds and will hold each Series as Series Trustee in trust upon the trusts herein created for the use and benefit of the Unit holders, subject to the terms and conditions of these Standard Terms and Conditions, the Master Trust Agreement and the applicable Series Trust Agreements.

 *Section 2.03. Issuance of Units; Units Solely in Uncertificated Form; When Units Are Deemed Outstanding*. (a) The Series Trustee hereby acknowledges receipt of the deposit of the Securities listed in Schedule A to the Series Trust Agreement and referred to in Section 2.01 hereof, and is hereby directed, for the account of the Series, simultaneously with the receipt of said deposit, (i) to record on its books the ownership, by the Depositor or such other Person or Persons as may be indicated by the Depositor, of the aggregate number of Units specified in the Series Trust Agreement and, (ii) to deliver, in exchange for such Securities, documentation confirming the ownership of the number of Units specified. The number of Units may be increased through a split of the Units or decreased through a reverse split thereof, as directed in writing by the Depositor, at any time when the Depositor is the only beneficial holder of Units, which revised number of Units shall be recorded by the Series Trustee on its books. The Series Trustee shall be entitled to rely on the Depositor's direction as certification that no Person other than the Depositor has a beneficial interest in the Units and the Series Trustee shall have no liability to the Unit holders, the Series, the Master Trust, the Depositor or any other Person for action taken pursuant to such direction. The Series Trustee is further hereby directed, on the settlement of a subscription for Units made pursuant to Section 2.01(f) or otherwise on the date of any Notice of Deposit of Additional Securities from the Depositor to the Series Trustee, to acknowledge that the Additional Securities identified therein have been deposited with it, for the account of the Series, by recording the ownership, by the Depositor or such other Person or Persons as may be indicated by the Depositor, of the aggregate number of Units to be issued in respect of such Additional Securities so deposited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) Units of a Series shall be held solely in uncertificated form evidenced by appropriate notation in the registration books of the Series Trustee, and no Unit holder shall be entitled to the issuance of a certificate evidencing the Units owned by such Unit holder. The only permitted registered holders of Units of a Series shall be the Depository Trust Company (or its nominee, Cede & Co.). Consequently, individuals must hold their Units through an entity which is a participant in Depository Trust Company. Notwithstanding the foregoing, the Series Trustee is authorized to, and shall when requested by Depository Trust Company, issue to Depository Trust Company (or its nominee, Cede & Co.), a balance certificate evidencing all Units of a Series held by Depository Trust Company from time to time, in such form as Depository Trust Company shall specify.

 *Section 2.04. Letter of Credit*. The Series Trustee shall not accept any letter of credit as an asset of a Series unless the terms thereof unconditionally allow the Series Trustee to draw on the full amount available under the letter of credit whenever permitted under Section 2.01 hereof and the stated expiration date of the letter of credit is at least thirty days from the later of the date of deposit of the related Contract Obligations and the date on which Securities or Additional Securities are to be acquired pursuant to Sections 2.01(a), 2.01(b) or 2.01(f). On the date of delivery to the Series Trustee of Securities or Additional Securities whose purchase is secured by a letter of credit, the Series Trustee is authorized to downpost the amount available under the letter of credit by an amount equal to the purchase price of the Contract Obligations of such Securities or Additional Securities.

**Article III**

**Administration of Fund**

 *Section 3.01. Initial Cost*. Subject to reimbursement as hereinafter provided, the cost of organizing the Series and the sale of the Units shall be borne by the Depositor, individually, *provided, however,* that the liability on the part of the Depositor under this section shall not include any fees or other expenses incurred in connection with the administration of the Series subsequent to the deposit referred to in Section 2.01. At the conclusion of the period of time during which a Series' organization expenses will be included in the Public Offering Price of Units (the *"Organization Expense Period"*), as set forth in the Prospectus for a Series (as certified by the Depositor to the Series Trustee), the Series Trustee shall withdraw from the Account or Accounts specified in the Prospectus or, if no Account is therein specified, from the Capital Account, and pay to the Depositor the Depositor's reimbursable expenses of organizing the Series in an amount certified to the Series Trustee by the Depositor. In no event shall the amount paid by the Series Trustee to the Depositor for the Depositor's reimbursable expenses of organizing the Series exceed the estimated per Unit amount of organization costs set forth in the Prospectus for the Trust multiplied by the number of Units of the Series outstanding at the conclusion of the Organization Expense Period; nor shall the Depositor be entitled to or request reimbursement for expenses of organizing the Series incurred after the conclusion of the Organization Expense Period. If the cash balance of the Capital Account is insufficient to make such withdrawal, the Series Trustee shall, as directed by the Depositor, sell Securities identified by the Depositor, or distribute to the Depositor Securities having a value, as determined under Section 4.01 as of the date of distribution, sufficient for such reimbursement. The Depositor shall instruct the Series Trustee, for the purpose of reimbursing the Depositor pursuant to this Section, to sell Securities in quantities that maintain, to the extent practicable, the Percentage Ratio. The reimbursement provided for in this Section shall be for the account of the Unit holders of record at the conclusion of the Organization Expense Period and shall not be reflected in the Series Fund Evaluation computed pursuant to Section 5.01 or the computation of Unit Value prior thereto. Subject to the further provisions of this Section, any assets deposited with the Series Trustee in respect of the expenses reimbursable under this Section 3.01 shall be held and administered as assets of the Series for all purposes hereunder. The Depositor shall deliver to the Series Trustee any cash identified in the Statement of Net Assets of the Series included in the Prospectus not later than the expiration of the Delivery Period and the Depositor's obligation to make such delivery shall be secured by the letter of credit deposited pursuant to Section 2.01. Any cash which the Depositor has identified as to be used for reimbursement of expenses pursuant to this Section 3.01 shall be held by the Series Trustee for the account of the Series, without interest, and reserved for such purpose and, accordingly, prior to the conclusion of the Organization Expense Period, shall not be subject to distribution, or, unless the Depositor otherwise directs, used for payment of redemptions in excess of the per Unit amount of such cash allocable to the Units tendered for redemption. As used herein, the Depositor's reimbursable expenses of organizing the Series shall include the cost of the initial preparation and typesetting of the registration statement, prospectuses (including preliminary prospectuses), these Standard Terms and Conditions, and other documents relating to the Series, SEC and state blue sky registration fees, the cost of the initial valuation of the portfolio and audit of the Series, the costs of a portfolio consultant and licensing fees required for the establishment of the Series under license agreements which provide for full payment of the licensing fees not later than the conclusion of the Organization Expense Period, if any, the initial fees and expenses of the Series Trustee, and legal and other out-of-pocket expenses related thereto, but not including the expenses incurred in the printing of preliminary prospectuses and prospectuses, expenses incurred in the preparation and printing of brochures and other advertising materials and any other selling expenses. 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 Series actually incurred by the Depositor are less than the amount certified, the Depositor shall cause the excess to be restored to the Series and the Series Trustee shall credit any such amount to the Account or Accounts from which the expense reimbursement had been withdrawn.

 *Section 3.02. Income Account*. The Series Trustee shall collect the dividends and other cash distributions on the Securities in each Series Fund which would be treated as dividend (other than capital gain dividends) or interest income under the Internal Revenue Code as such become payable (including all monies which would be so treated representing penalties for the failure to make timely payments on the Securities, or as liquidated damages for default or breach of any condition or term of the Securities or of the underlying instrument relating to any Securities and other income attributable to a Failed Contract Obligation for which no Replacement Security has been obtained pursuant to Section 3.12 hereof) and credit such income to a separate account for each Series to be known as the *"Income Account."*

With respect to any Series which is a widely held fixed investment trust as defined in Treas. Reg. Section 1.671-5(b)(22), any non-cash distributions received by a Series shall be sold to the extent they would be treated as dividend or interest income under the Internal Revenue Code and the proceeds shall be credited to the Income Account. Except as provided in the preceding sentence, non-cash distributions received by a Series (other than a non-taxable distribution of the shares of the distributing corporation which shall be retained by a Series) shall be dealt with in the manner described in Section 3.11 hereof, and shall be retained or disposed of by such Series according to those provisions and the proceeds thereof shall be credited to the Capital Account. Neither the Series Trustee nor the Depositor shall be liable or responsible in any way for depreciation or loss incurred by reason of any such sale.

All other distributions received by a Series shall be credited to the Capital Account.

 *Section 3.03. Capital Account*. All monies received by the Series Trustee in respect of the Securities, other than amounts credited to the Income Account pursuant to Section 3.02, shall be credited to a separate account to be known as the "Capital Account" (except for monies deposited by the Depositor or received pursuant to draws on the letter of credit for purchase of Securities or Contract Obligations pursuant to Section 2.01, which shall be separately held in trust by the Series Trustee for such purpose and shall not be credited to the Capital Account except as provided in Section 2.01(d)).

 *Section 3.04. Reserve Account*. When directed by the Depositor from time to time, the Series Trustee shall withdraw from the cash on deposit in the Income Account or the Capital Account of the Series such amounts as the Depositor, in its sole discretion, shall deem requisite to establish a reserve for applicable taxes or other governmental charges that may be payable out of the Series or in connection with the dissolution of the Series pursuant to Section 8.02. Such amounts so withdrawn shall be credited to a separate account for each Trust which shall be known as the *"Reserve Account."* The Series Trustee shall not distribute to the Unit holders any of the amounts in the Reserve Account; *provided, however,* that if the Depositor shall, in its sole discretion, determine that such amounts are no longer necessary for the payment of any applicable taxes or other governmental charges, then, as directed by the Depositor, the Series Trustee shall promptly deposit such amounts in the account from which withdrawn, or if the Series shall have dissolved or shall be in the process of dissolving, the Series Trustee shall distribute same in accordance with Section 8.02(d) to each Unit holder such holder's interest in the Reserve Account.

 *Section 3.05. Deductions and Distributions*. (I) On or immediately after each Record Date, the Depositor shall determine the adequacy of the funds then credited to the Reserve Account and direct the Series Trustee to make any further credits thereto as may appear appropriate in accordance with Section 3.04. On or immediately after such Record Date, or at such other time specified in the Series Trust Agreement, the Series Trustee shall then with respect to the Series:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) deduct from the Income Account or, to the extent funds are not available in such Account, from the Capital Account and pay to itself individually the amounts that it is at the time entitled to receive pursuant to Section 6.04;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) deduct from the Income Account or, to the extent funds are not available in such Account, from the Capital Account and pay to the Portfolio Supervisor and the Depositor the amounts that they are entitled to receive, pursuant to Sections 3.16 and 4.03, respectively; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) deduct from the Income Account or, to the extent funds are not available in such Account, from the Capital Account and pay to counsel, as hereinafter provided for, an amount equal to unpaid fees and expenses, if any, of such counsel pursuant to Section 3.08, as certified to by the Depositor.

(II)(a) If the Prospectus for a Series so provides, the Series Trustee, as of the *"First Settlement Date,"* as set forth in the section entitled "Summary of Essential Information" in the Prospectus, shall pay to the Depositor, as sole Unit holder of record, the amount of interest accrued to such date on the Securities referenced in the Prospectus which are deposited in the Series, net of a proportionate amount of Series expenses attributable to the period between the date of the Series Trust Agreement and the First Settlement Date. To the extent the funds then held in the Income Account are insufficient to make such distribution, the Series Trustee shall advance funds to the Series and shall be entitled to reimbursement, without interest, for such advancements from income received by the Series before any further distributions shall be made from the Income Account to Unit holders of the Series. Subsequent distributions shall be made as hereinafter provided.

On each Distribution Date, the Series Trustee shall distribute to each Unit holder of record at the close of business on the Record Date immediately preceding such Distribution Date an amount per Unit equal to such Unit holder's Income Distribution (as defined below in paragraph (b) of this Subsection 3.05(II)), plus such Unit holder's pro rata share of the balance of the Capital Account (computed as provided below in paragraph (c) of this Subsection 3.05(II)), *provided, however,* that if on such Record Date the Capital Account does not contain any proceeds from matured Securities, the Series Trustee shall not be required to make a distribution from the Capital Account unless the amount available for distribution shall equal or exceed $1.00 per 100 Units, except that, notwithstanding any provisions of these Standard Terms and Conditions to the contrary, (i) with respect to any Series which is a widely held fixed investment trust as defined in Treas. Reg. Section 1.671-5(b)(22), the Series Trustee shall on any Distribution Date distribute the cash available for distribution in the Income and Capital Accounts within the meaning of Treas. Reg. Section 1.671-5(b)(5) if the aggregate amount of such cash available for distribution is equal to or greater than .1% of the net asset value of such Series on the related Record Date and (ii) with respect to any Series which has elected to qualify as a "regulated investment company," the Series Trustee shall make such distributions from the Income and Capital Accounts as may be necessary, as determined by the Series' independent registered public accounting firm (the *"Series Tax Accountants"*), in order to avoid the imposition of any income or excise taxes on undistributed income in the Series to the extent provided below. With respect to any Series which is a widely held fixed investment trust as defined in Treas. Reg. Section 1.671-5(b)(22), this provision is intended to comply with Treas. Reg. Section 1.671-5(c)(2)(v)(C) and shall be interpreted consistent therewith and with any successor regulations. With respect to any Series which has elected to qualify as a "regulated investment company," the Series Trustee shall make distributions to avoid the imposition of any income or excise taxes on undistributed income in the Series only if the Series' Series Tax Accountants advises the Series Trustee that such distributions are necessary and identifies the amount of the distribution(s), and the Series Trustee's sole obligation related to avoiding the imposition of any such taxes shall be to comply with the relevant advice of the Series' Series Tax Accountants. Notwithstanding the foregoing provisions of this paragraph, the Depositor is authorized to direct the Series Trustee not to make a distribution otherwise required to avoid the imposition of excise taxes on undistributed income and to cause the Series to incur the resulting tax liability if the Depositor determines such action to be in the best interest of the Unit holders. The Series Trustee shall have no liability for actions taken pursuant to such direction. The Depositor shall have no liability for any such determination made in good faith. Notwithstanding anything to the contrary in this Section 3.05, except to the extent the Series Trustee is instructed to make distributions to avoid the imposition or income or excise taxes, the Series Trustee will not be required to make a distribution from the Income Account of a Series 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 Series unless the amount available for distribution from such account shall equal or exceed $1.00 per 100 Units.

Each Series shall provide the following distribution elections: (1) distributions of cash to be made by payment to the Depository Trust Company, as the sole registered Unit holder of the Series, for further distribution to the beneficial owners of Units in accordance with the customary procedures of the Depository Trust Company (the *"Cash Distribution"*); or (2) if provided for in the Prospectus for a Series, the following reinvestment option (the *"Reinvestment Option"*):

The Series Trustee will, for any Unit holder who provides the Series Trustee written instruction, properly executed and in a form satisfactory to the Series Trustee, received by the Series Trustee no later than its close of business ten Business Days prior to a Record Date, (the *"Reinvestment Notice Date"*), reinvest such Unit holder's distribution from the Income and Capital Accounts in Units of the Series, purchased from the Depositor, to the extent the Depositor shall make Units available for such purchase, at the Depositor's offering price as of the second Business Day prior to the following Distribution Date, and at such reduced sales charge as may be described in the Prospectus for the Series. If, for any reason, the Depositor does not have Units of the Series available for purchase, the Series Trustee shall distribute such Unit holder's distribution from the Income and Capital Accounts in the manner provided for the Cash Distribution. The Series Trustee shall be entitled to rely on a written instruction received as of the Reinvestment Notice Date and shall not be affected by any subsequent notice to the contrary. The Series Trustee shall have no responsibility for any loss or depreciation resulting from any reinvestment made in accordance with this paragraph, or for any failure to make such reinvestment in the event the Depositor does not make Units available for purchase.

Any Unit holder who does not effectively elect the Reinvestment Option shall receive a Cash Distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) (1) Unless the Prospectus for the Series provides that the Series will make distributions from the Income Account calculated on the basis of one-twelfth of the annual income of the Series, for purposes of this Subsection 3.05(II), the Unit holder's Income Distribution shall be equal to such Unit holder's pro rata share of the cash balance in the Income Account computed as of the close of business on the Record Date immediately preceding such Income Distribution after deduction of (i) the fees and expenses then deductible pursuant to Section 3.05(I) and (ii) the Series Trustee's estimate of other expenses properly chargeable to the Income Account pursuant to these Standard Terms and Conditions which have accrued, as of such Record Date, or are otherwise properly attributable to the period to which such Income Distribution relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) If the Prospectus for the Series provides that the Series will make distributions from the Income Account calculated on the basis of one-twelfth of the annual income of the Series, the Unit holder's Income Distribution shall be equal to such Unit holder's pro rata share of the cash balance of the Income Account calculated as of the prior Record Date, on the basis of one-twelfth of the annual income of the Series for the ensuing twelve months estimated by reference to the distributions made on the Securities during the preceding calendar quarter (as adjusted for any information with respect to future distributions provided to the Series Trustee by the Portfolio Supervisor or otherwise actually received by the personnel of the Series Trustee charged with the administration of the Series prior to such Record Date) after deduction of (i) the fees and expenses then deductible pursuant to Section 3.05(I) and (ii) the Series Trustee's estimate of other expenses properly chargeable to the Income Account pursuant to these Standard Terms and Conditions which have accrued, as of such Record Date, or are otherwise properly attributable to the period to which such Income Distribution relates. The Series Trustee shall advance out of its own funds and deposit in and credit to the Income Account on each Distribution Date, to the extent that there is not sufficient cash in the Income Account, the additional amount, if any, anticipated by the Series Trustee to be necessary to make the Income Distribution as specified in the preceding sentence; the Series Trustee shall be entitled to be reimbursed from the Income Account without interest when funds are available therein from income on any of the Securities, including upon the sale of Securities to meet redemptions, for any and all amounts advanced by it pursuant to this paragraph. The Series Trustee shall be deemed to be the beneficial owner of the income of the Series to the extent such income is required to reimburse the Series Trustee for amounts advanced by it pursuant to this paragraph; amounts payable to the Series Trustee in respect of such advances shall be secured by a lien on the Series Fund prior to the interests of Unit holders and all other Persons. In the event any issuer of Securities fails to make an anticipated distribution, or there is a disposition of Securities or other event that reduces the net income which will be received from that estimated by the Series Trustee, the Series Trustee shall, on the Record Date or Record Dates next following the Series Trustee's determination that such event has occurred, reduce the amount of the next following distribution or distributions by such amount as will enable the Series Trustee to recover any advances to the Series referable to the anticipated receipt of such unrealized income. As determined by the Series' Series Tax Accountants, with respect to Series which have elected to qualify as "regulated investment companies," the Series Trustee shall adjust the December distribution from the Interest and Capital Accounts as may be necessary so that Series distributions during the calendar year equal an amount necessary to avoid paying any regulated investment company excise tax for such year. The Series Trustee is authorized to reduce the following January distribution by the amount of any such increase. The Series Trustee shall have no obligation to adjust the December and January distributions pursuant to the preceding two sentences unless the Series' Series Tax Accountants advises the Series Trustee that such adjustments are necessary, and the Series Trustee's sole obligation related to such adjustments shall be to comply with the relevant advice of the Series' Series Tax Accountants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) On each Distribution Date, the pro-rata share of the Capital Account of each Unit holder of record at the close of business on the Record Date immediately preceding such Distribution Date for purposes of Section 3.05(II)(a) shall be an amount per Unit equal to such Unit holder's pro rata share of the balance of the Capital Account after deduction of any amounts provided in Subsection 3.05(I) (except for monies on deposit therein required to purchase Contract Obligations and, with respect to any Series which is a widely held fixed investment trust as defined in Treas. Reg. Section 1.671-5(b)(22), monies constituting proceeds of pro-rata sales of Series assets to effect redemptions, which proceeds shall be retained for payment of redemptions) computed as of the close of business on such Record Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d) The pro-rata amounts to be distributed to each Unit holder pursuant to the other provisions of this Section 3.05(II) shall be that pro rata share of the balance of the Income and Capital Accounts, computed as set forth herein, as shall be represented by the Units registered in the name of such Unit holder. In the computation of each such pro rata share, fractions of less than one cent shall be omitted. After any such distribution provided for above, any cash balance remaining in the Income Account or the Capital Account shall be held in the same manner as other amounts subsequently deposited in each of such accounts, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e) Principal and other income attributable to Contract Obligations which the Depositor shall have declared by written notice to the Series Trustee to be Failed Contract Obligations for which Replacement Securities are not to be substituted pursuant to Section 3.12 hereof shall be distributed to Unit holders of record as of the close of business on the Record Date next following the failure of consummation of such purchase and shall be distributed not more than 120 days after the receipt of such notice by the Series Trustee or at such earlier time in such manner as the Series Trustee in its sole discretion deems to be in the best interest of Unit holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (f) For the purpose of distributions as herein provided, the Unit holders of record on the registration books of the Series Trustee at the close of business on each Record Date shall be conclusively entitled to such distribution, and no liability shall attach to the Series Trustee by reason of payment to any Unit holder of record. Nothing herein shall be construed to prevent the payment of amounts from the Income Account and the Capital Account to individual Unit holders by means of one check, draft, wire or other payment means *provided* that the Series Trustee has disseminated the relevant distribution rates as provided in Section 3.06 hereof.

 *Section 3.06. Distribution Rates, Annual Statement*. On the Record Date for a distribution from the Income or Capital Accounts of a Series, the Series Trustee shall provide the Depository Trust Company with the dollar amount per Unit distributed from each account. Within a reasonable period of time after the last Business Day of each calendar year, the Series Trustee shall prepare a statement setting forth, with respect to such calendar year and with respect to each Series in existence during any part of such calendar year, the information specified below. The Depositor will make the statement available at the Depositor's website (www.ftportfolios.com) in the UIT Tax Center, where it will be retrievable by CUSIP; in addition, the Depositor will mail a copy of the statement to any Unit holder requesting the same in the manner specified in the Series Prospectus.

The annual statement shall set forth:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (A) as to the Income Account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) the amount of income received or accrued on the Securities (including amounts received as a portion of the proceeds of any disposition of Securities);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) the amounts paid from the Income Account for purchases of Securities pursuant to Section 3.12 and for redemptions pursuant to Section 5.02;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3) the deductions from the Income Account for payment into the Reserve Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4) the deductions for applicable taxes and fees and expenses of the Series Trustee, the Depositor, the Portfolio Supervisor, counsel, auditors and any expenses paid by the Series pursuant to Section 3.05;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5) the amounts reserved for purchases of Contract Obligations or for purchases made pursuant to Section 3.12; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6) the balance remaining after such distributions and deductions, expressed both as a total dollar amount and as a dollar amount per 100 Units outstanding on the last Business Day of such calendar year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (B) as to the Capital Account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) the date of principal payments and prepayments due to the sale, maturity, redemption, liquidation or disposition of any of the Securities and the net proceeds received therefrom, separately stating amounts attributable to short-term capital gains, excluding any portion thereof credited to the Income Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) the deductions from the Capital Account, if any, for payment of applicable taxes and fees and expenses of the Series Trustee, the Depositor, the Portfolio Supervisor, counsel, auditors and any expenses paid by the Series under Section 3.05;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3) the amount paid for purchases of Securities pursuant to Section 3.12 and for redemptions pursuant to Section 5.02;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4) the deductions from the Capital Account for payments into the Reserve Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5) the amounts reserved for purchases of Contract Obligations or for purchases made pursuant to Section 3.12; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6) the balance remaining after such distributions and deductions, expressed both as a total dollar amount and as a dollar amount per 100 Units outstanding on the last Business Day of such calendar year; and

(C) the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) a list of Securities as of the last Business Day of such calendar year and a list which identifies all Securities sold or other Securities acquired during such calendar year, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) the number of Units outstanding on the last Business Day of such calendar year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3) the Unit Value as defined in Section 5.01 based on the last Series Fund Evaluation pursuant to Section 5.01 made during such calendar year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4) the amounts actually distributed or which are otherwise attributable to Unit holders during such calendar year from the Income and Capital Accounts, separately stated, expressed both as total dollar amounts and as dollar amounts per 100 Units outstanding on the Record Dates for such distributions and the status of such distributions for federal income tax purposes as determined by the Series Tax Accountants engaged for the Series.

With respect to any Series which has elected to be taxed as a regulated investment company, amounts distributable from the Income Account upon dissolution of the Series pursuant to Section 8.02 shall be treated as transferred to the Capital Account and included in the dollar amount reported as distributed from the Capital Account for all purposes of this Section 3.06.

 *Section 3.07. Sale of Securities*. If necessary, in order to maintain the sound investment character of a Series, the Depositor shall direct the Series Trustee to sell or liquidate Securities in such Series at such price and time and in such manner as shall be determined by the Depositor, *provided* that the Depositor has determined with the advice of the Portfolio Supervisor, if appropriate, that any one or more of the following conditions exist:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) that there has been a default on any of the Securities in the payment of dividends, after declared and when due and payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) that any action or proceeding has been instituted at law or equity seeking to restrain or enjoin the payment of dividends on any such Securities, or that there exists any legal question or impediment affecting such Securities or the payment of dividends from the same;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) that there has occurred any breach of covenant or warranty in any document relating to the issuer of the Securities which would adversely affect either immediately or contingently the payment of dividends from such Securities, or the general credit standing of the issuer or otherwise impair the sound investment character of such Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d) that there has been a default in the payment of principal of, or dividends, income or premium, if any, on any other outstanding obligations of the issuer of such Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e) that the price of any such Securities had declined to such an extent or other such credit factors exist so that in the opinion of the Depositor, as evidenced in writing to the Series Trustee, the retention of such Securities would be detrimental to the Series Fund and to the interest of the Unit holders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (f) that all of the Securities in the Series' portfolio will be sold pursuant to dissolution of the Series pursuant to Section 8.02 hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (g) that such sale is required due to Units tendered for redemption;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) that there has been a public tender offer made for a Security or a merger or acquisition is announced affecting a Security, and that in the opinion of the Depositor the sale or tender of the Security is in the best interest of the Unit holders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (j) that as a result of the ownership of the Security, the Series or its Unit holders would be a direct or indirect shareholder of a passive foreign investment company as defined in Section 1297(a) of the Internal Revenue Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (k) that such sale is necessary for the Series 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.

Upon receipt of such direction from the Depositor, upon which the Series Trustee shall rely, the Series Trustee shall proceed to sell or liquidate the specified Securities in accordance with such direction, and upon the receipt of the proceeds of any such sale or liquidation, after deducting therefrom any fees and expenses of the Series Trustee, brokerage charges, taxes or other governmental charges connected with such sale or liquidation, shall deposit such net proceeds in the Capital Account.

If a Series contains Securities that are subject to written options, to the extent that, prior to the expiration of such options, such Securities (a) are sold for the purpose of funding the Capital Account for redemption of Units tendered for redemption or (b) are otherwise sold pursuant to these Standard Terms and Conditions the Series Trustee shall, as directed by the Depositor, purchase options of the same type, thereby offsetting the obligation under the written option.

The Series Trustee shall not be liable or responsible in any way for depreciation or loss incurred by reason of any sale, or purchase of an option, made pursuant to any such direction or by reason of the failure of the Depositor to give any such direction, and in the absence of such direction the Series Trustee shall have no duty to sell or liquidate any Securities, or purchase any option, under this Section 3.07 except to the extent otherwise required by Section 3.09 of these Standard Terms and Conditions.

 *Section 3.08. Counsel*. The Depositor may employ, from time to time, as it deems necessary or desirable, for the account of a Series a firm of attorneys for any legal services which may be required in connection with the Securities, including any advice as to whether any Securities constitute Restricted Securities and any legal matters relating to the possible disposition or acquisition of any Securities pursuant to any provisions hereof or for any other reasons deemed advisable by the Depositor or the Series Trustee, in their discretion. The fees and expenses of such counsel may, at the discretion of the Depositor, be paid by the Series Trustee from the Income Account and Capital Account as provided for in Section 3.05(I)(c) hereof.

 *Section 3.09. Notice and Sale by Series Trustee*. If at any time the principal stated value or par value of or income from any of the Securities of a Series shall be in default and not paid or provision for payment thereof shall not have been duly made, the Series Trustee shall notify the Depositor thereof. If within thirty days after such notification the Depositor has not given any instruction to sell or hold or has not taken any other action in connection with such Securities, the Series Trustee shall sell such Securities forthwith, and neither the Depositor nor the Series Trustee shall be liable or responsible in any way for depreciation or loss incurred by reason of such sale.

 *Section 3.10. Role and Liability of Depositor; Successor Depositor*. (a) The Depositor shall have the authority to contract on behalf of and in the name of the Master Trust for the account of a Series, and the Depositor may direct the Series Trustee to contract on behalf of and in the name of the Master Trust for the account of a Series. The Series shall be solely liable for the performance of any such contract and neither the Depositor nor the Series Trustee shall have any personal liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) Except as otherwise expressly provided herein, and to the fullest extent permitted by law, the Depositor shall not have any duty (including fiduciary duty) to the Master Trust, any Series, the Series Trustee, the Portfolio Supervisor, any Unit holder or any other Person; provided that this Section 3.10 does not eliminate any implied contractual covenant of good faith and fair dealing. The Depositor shall not be liable to any Person under any circumstances in connection with any of the transactions contemplated by these Standard Terms and Conditions, other than by reason of the Depositor's own bad faith, willful misfeasance or gross negligence in the performance of its duties or by reason of its reckless disregard of its obligations and duties under these Standard Terms and Conditions. To the fullest extent permitted by law, any implied duties or liabilities of the Depositor otherwise existing at law or in equity with respect to the Master Trust, any Series, the Series Trustee, the Portfolio Supervisor, any Unit holder or any other Person, are hereby eliminated. Neither the power to give direction to a Series Trustee or any Person nor the exercise thereof by any Person (including a Unit holder) shall cause the Depositor to have duties (including fiduciary duties) or liabilities relating thereto to the Master Trust, any Series, the Series Trustee, any Unit holder or any other Person. The Depositor may rely in good faith on any paper, order, notice, list, affidavit, receipt, opinion, endorsement, assignment, draft or any other document of any kind prima facie properly executed and submitted to it by the Series Trustee, counsel or any other Persons pursuant to these Standard Terms and Conditions and in furtherance of its duties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) The Depositor shall not be under any obligation or appear in, prosecute or defend any legal action, proceeding, including a proceeding before any agency, mediator, arbitrator or similar forum, which in the Depositor's opinion may involve it in any expense or liability; *provided, however,* that the Depositor may in its discretion undertake any such action which it may deem necessary or desirable in respect of these Standard Terms and Conditions and the rights and duties of the parties hereto and the interests of the Unit holders hereunder and, in such event, the legal expenses and costs of any such action and any liability resulting therefrom shall be expenses, costs and liabilities of the Series concerned and shall be paid directly by the Series Trustee out of the Income and Capital Account of such Series. The Depositor shall in no event be deemed to have assumed or incurred any liability, duty or obligation to the Master Trust, any Series, the Series Trustee, the Portfolio Supervisor, any Unit holder or any other Person, other than as expressly provided for herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d) In no event shall the Depositor be liable for any taxes or other governmental charges imposed upon or in respect of the Securities or upon the income or interest thereon or upon it as Depositor hereunder or upon or in respect of any Series which it may be required to pay under any present or future law of the United States of America or of any other taxing authority having jurisdiction in the premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e) (i) The Depositor may resign by delivering to the Series Trustee an instrument of resignation and, upon such delivery, the Series Trustee shall proceed as provided in Section 6.01(f). Any resignation shall become effective upon the acceptance of appointment by a successor Depositor, or, if no successor is appointed, the termination of the Series. The resigning Depositor shall not be liable for acts or omissions occurring subsequent to the effectiveness of its resignation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any entity into which the Depositor may be merged or with which it may be consolidated, or any entity resulting from any merger or consolidation to which the Depositor shall be a party, shall be the successor under these Standard Terms and Conditions without the execution or filing of any paper, instrument or further act to be done on the part of the parties hereto, notwithstanding anything to the contrary contained herein or in any agreement relating to such merger or consolidation by which the Depositor may seek to retain certain powers, rights and privileges for any period of time following such merger or consolidation. Any Depositor may transfer all or substantially all of its assets to a corporation or other entity which carries on the business of such Depositor, if at the time of such transfer such successor duly assumes all the obligations of such Depositor under these Standard Terms and Conditions without the execution or filing of any paper, instrument or further act to be done on the part of the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) To the fullest extent permitted by law and notwithstanding anything in these Standard Terms and Conditions to the contrary, the Depositor shall not be personally liable for special, consequential or punitive damages, however styled, including, without limitation, lost profits of any Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Depositor shall not be liable or responsible for delays or failures in the performance of its obligations hereunder arising out of or caused, directly or indirectly, by circumstances beyond its control (such acts include but are not limited to acts of God, strikes, lockouts, riots, acts of war and interruptions, losses or malfunctions of utilities, computer (hardware or software) or communications services, acts of terrorism or pandemic).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Except for those actions that the Depositor is expressly required to take hereunder, the Depositor shall not have any obligation or liability to take any action or to refrain from taking any action hereunder or under any contract to which the Master Trust or any Series is a party regardless of the consequences of the failure to take such action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Depositor shall not have any obligation or duty to supervise or monitor the performance of the Series Trustee, Portfolio Supervisor or any other Person and shall have no liability for the failure of the Series Trustee, Portfolio Supervisor or any other Person to perform its obligations or duties hereunder or under any contract to which the Master Trust or any Series is a party or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Depositor shall have no obligation or duty to monitor the obligations and duties of the Master Trust or any Series under any contract to which either is a party or to ensure their compliance with the terms thereof.

 *Section 3.11. Voting; Notice to Depositor*. Subject to the following two paragraphs, in the event that the Series Trustee shall have been notified at any time of any action to be taken or proposed to be taken by at least a legally required number of holders of any Securities deposited in a Series, the Series Trustee shall take such action or omit from taking any action, as appropriate, so as to cause the Securities to be voted as closely as possible in the same manner and the same general proportion as are the Securities held by owners other than such Series. The Series Trustee may employ for the account of a Series an agent to cause the Securities to be voted as provided in the preceding sentence and the cost of such agent shall be an expense of the Series.

With respect to any Series which is a widely held fixed investment trust as defined in Treas. Reg. Section 1.671-5(b)(22), in the event that an offer by the issuer of any of the Securities or any other party shall be made to issue new securities, or to exchange securities, for Series Securities, the Series Trustee shall reject such offer. However, should any issuance, exchange or substitution be effected notwithstanding such rejection or without an initial offer, any securities, cash and/or property received shall be deposited hereunder and shall be promptly sold, if securities or property, by the Series Trustee pursuant to the Depositor's direction, unless the Depositor advises the Series Trustee to keep such securities or property. With respect to any Series which intends to qualify as a regulated investment company, as set forth in the Prospectus for such Series, in the event that an offer by the issuer of any of the Securities or any other party shall be made to issue new securities, or to exchange securities, for Series Securities, the Series Trustee will, at the direction of the Depositor, vote for or against any offer for new or exchanged securities or property in exchange for a Series Security. Should any issuance, exchange or substitution be effected, any securities, cash and/or property received shall be deposited hereunder and shall be promptly sold, if securities or property, by the Series Trustee pursuant to the Depositor's direction, unless the Depositor advises the Series Trustee to keep such securities or property. The Depositor may rely on the Portfolio Supervisor in so advising and directing the Series Trustee. The cash received in such exchange and cash proceeds of any such sales shall be distributed to Unit holders on the next distribution date in the manner set forth in Section 3.05 regarding distributions from the Capital Account.

Subject to the preceding paragraph, with respect to any Series that holds shares of a closed-end fund, exchange traded fund or other investment fund (a *"Deposited Fund"*), the Series Trustee will provide the Depositor access to the information provided to the Series 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 Series 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 Series receiving new or exchange securities, as certified to the Series Trustee by the Depositor upon which the Series Trustee shall conclusively rely, the Depositor will direct the Series 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. Unless prohibited by law or statute, the Series Trustee will vote or respond as directed by the Depositor. In providing such direction, the Depositor will take into account any applicable agreement and all restrictions or limitations imposed by applicable law or statute and will cause the shares to be voted, or other response made, in the best interests of the Unit holders. The Depositor is authorized to enter into an agreement on behalf of the Series with a Deposited Fund with respect to the manner in which the shares of such fund will be voted or otherwise regarding a Series' investment in such Deposited Fund.

The Series shall be solely responsible for the consequences of any vote or other action taken pursuant to this Section. None of the Depositor, the Portfolio Supervisor or the Series Trustee shall be liable to the Series, the Unit holders, the Master Trust or any other Person for any loss or liability resulting from any vote, response, action or failure to take action pursuant to this Section, or for depreciation or loss incurred by reason of any sale made pursuant to this Section 3.11 or, as to the Series Trustee, by reason of any action taken pursuant to direction given to the Series Trustee.

Whenever new securities or property is received and retained by a Series pursuant to this Section 3.11, the Series Trustee shall provide to all Unit holders of such Series notices of such acquisition in the Series Trustee's annual report unless prior notice is directed by the Depositor.

 *Section 3.12. Replacement Securities*. In the event that any contract to purchase any Contract Obligation is not consummated in accordance with its terms (a *"Failed Contract Obligation"*), the Depositor may instruct the Series Trustee in writing to (i) purchase a replacement security as defined herein which has been selected by the Depositor (the *"Replacement Security"*) or (ii) refrain from purchasing a Replacement Security and distribute the monies held for purchasing such a Replacement Security pursuant to Section 2.01. Purchases of Replacement Securities (the *"New Securities"*) will be made subject to the conditions set forth below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) With respect to any Series which is a widely held fixed investment trust as defined in Treas. Reg. Section 1.671-5(b)(22), the New Securities shall be of an issue of Securities originally selected for deposit in that Series of the Series, and with respect to any Series which intends to qualify as a regulated investment company, as set forth in the Prospectus for such Series, the New Securities shall be Securities of an issue of Securities originally selected for deposit in that Series or securities which the Depositor determines to be similar in character to the Securities originally selected for deposit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) The purchase of the New Securities shall not adversely affect the federal income tax status of the Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) The purchase price of the New Securities shall not exceed the total amount of cash deposited, or the amount drawn with respect to the Failed Contract Obligation pursuant to Section 2.01(a) under the letter of credit deposited, by the Depositor at the time of the deposit of the Failed Contract Obligation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d) The written instructions of the Depositor shall (i) identify the New Securities to be purchased and (ii) state that the contract to purchase, if any, to be entered into by the Series Trustee is satisfactory in form and substance; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e) The New Securities shall be purchased within thirty days after the deposit of the Failed Contract Obligation.

Upon satisfaction of the foregoing conditions with respect to any New Securities, which shall be certified by the Depositor in the written instruction to the Series Trustee identifying the New Securities, the Series Trustee shall enter into the contract to purchase such New Securities and take all steps reasonably necessary to complete the purchase thereof. Whenever a New Security is acquired by the Series Trustee pursuant to the provisions of this Section, the Series Trustee will, as agent for the Depositor, not later than five days after such acquisition, deliver or mail to each Unit holder a notice of such acquisition, including an identification of the Securities eliminated and the Securities acquired and shall include such information in the Annual Statement specified in Section 3.06. Amounts in respect of the purchase price thereof on account of principal shall be paid out of and charged against the cash deposited, or the amounts drawn with respect to the Failed Contract Obligation pursuant to Section 2.01(a) under the letter of credit deposited, by the Depositor at the time of the deposit of the Failed Contract Obligation. In the event the Series Trustee shall not consummate any purchase of New Securities pursuant to this Section 3.12, funds held for such purchase shall be distributed in accordance with Section 2.01(d) and Section 3.05(II)(e). Any excess of the purchase price of a Failed Contract Obligation over the purchase price of its corresponding Replacement Security shall be refunded by the Series Trustee to the Depositor. The Series Trustee shall not be liable or responsible in any way for depreciation or loss incurred by reason of any purchase made pursuant to any instruction given the Series Trustee, or any failure to make any purchase authorized by, this Section 3.12. The Depositor shall not be liable to the Master Trust, any Series, the Series Trustee, the Portfolio Supervisor, any Unit holder or any other Person for any failure to instruct the Series Trustee to purchase any New Securities, nor shall the Series Trustee or Depositor be liable for errors of judgment in respect to this Section 3.12; *provided, however,* that this provision shall not protect the Depositor or the Series Trustee against any liability to which it would otherwise be subject by reason of willful misfeasance, bad faith or gross negligence in the performance of its duties, or reckless disregard of its obligations and duties hereunder.

 *Section 3.13. Deferred Sales Charge*. If the Prospectus related to the Series specifies a deferred sales charge, the Series Trustee shall, on the dates specified in and as permitted by such Prospectus (the *"Deferred Sales Charge Payment Dates"*), withdraw from the Capital Account, an amount per Unit specified in such Prospectus and credit such amount to a special non-Series account designated by the Depositor out of which the deferred sales charge will be distributed to or on the order of the Depositor on such Deferred Sales Charge Payment Dates (the *"Deferred Sales Charge Account"*). If the balance in the Capital Account is insufficient to make such withdrawal, the Series Trustee shall, as directed by the Depositor, advance funds in an amount required to fund the proposed withdrawal and be entitled to reimbursement of such advance upon the deposit of additional monies in the Capital Account, and/or sell Securities and credit the proceeds thereof to the Deferred Sales Charge Account, *provided, however,* that the aggregate amount advanced by the Series Trustee at any time for payment of the deferred sales charge shall not exceed $15,000. Such direction shall, if the Series Trustee is directed to sell a Security, identify the Security to be sold and include instructions as to the execution of such sale. In the absence of such direction by the Depositor, the Series Trustee shall sell Securities sufficient to pay the deferred sales charge (and any unreimbursed advance then outstanding) in full, and shall select Securities to be sold in such manner as will maintain (to the extent practicable) the relative proportion of number of shares, options or par amount of each Security then held. The proceeds of such sales, less any amounts paid to the Series Trustee in reimbursement of its advances, shall be credited to the Deferred Sales Charge Account. If a Unit holder redeems Units prior to full payment of the deferred sales charge, the Series Trustee shall, if so provided in the related Prospectus and, except for situations in which the Series Fund Evaluation determined as provided in Section 5.01 hereof has been reduced by the amount of any unpaid accrued deferred sales charge, on the Redemption Date, withhold from the Redemption Price payable to such Unit holder an amount equal to the unpaid portion of the deferred sales charge and distribute such amount to the Deferred Sales Charge Account. If the Series is dissolved for reasons other than those set forth in Section 6.01(g), the Series Trustee shall, if so provided in the related Prospectus, on the dissolution of the Series, withhold from the proceeds payable to Unit holders an amount equal to the unpaid portion of the deferred sales charge and distribute such amount to the Deferred Sales Charge Account. If the Series is dissolved pursuant to Section 6.01(g), the Series Trustee shall not withhold from the proceeds payable to Unit holders any amounts of unpaid deferred sales charges. If pursuant to Section 5.02 hereof, the Depositor shall purchase a Unit tendered for redemption prior to the payment in full of the deferred sales charge due on the tendered Unit, the Depositor shall pay to the Unit holder the amount specified under Section 5.02, which amount, except for situations in which the Series Fund Evaluation determined as provided in Section 5.01 hereof has been reduced by the amount of any unpaid accrued deferred sales charge, shall be reduced by the unpaid portion of the deferred sales charge. All advances made by the Series Trustee pursuant to this Section shall be secured by a lien on the Series prior to the interest of the Unit holders and all other Persons. If the related Prospectus provides that the deferred sales charge shall accrue on a daily basis, the "unpaid portion of the deferred sales charge" as used in this paragraph shall mean the accrued and unpaid deferred sales charge as of the date of redemption or dissolution, as appropriate. The Depositor represents that the price paid by any Unit holder for Units acquired through reinvestment of Series distributions will be reduced by the aggregate amount of unpaid deferred sales charge at the time of the purchase to offset any subsequent collection by the Depositor of deferred sales charge in respect of the Units so acquired. To the extent permitted by applicable law and regulatory authorization, unpaid portions of the deferred sales charge shall be secured by a lien on the Series in favor of the Depositor, *provided* that such lien shall be subordinate to any lien in favor of the Series Trustee granted by these Standard Terms and Conditions. To the extent of the Depositor's lien, the Series Trustee shall hold the assets of the Series for the benefit of the Depositor, *provided* that the Series Trustee is authorized to make dispositions, distributions and payments for expenses in the ordinary course of the administration of the Series without regard to such lien.

 *Section 3.14. Creation and Development Fee.* If the Prospectus related to the Series specifies a creation and development fee, the Series Trustee shall, at the conclusion of the initial offering period for a Series, as certified by the Depositor to the Series Trustee, withdraw from the Capital Account, an amount equal to the entire creation and development fee and credit such amount to a special non-Series account designated by the Depositor out of which the creation and development fee will be distributed to the Depositor (the *"Creation and Development Account"*). The payment provided for in this section shall be for the account of Unit holders of record at the conclusion of the initial offering period and shall have no effect on the net asset value of Series Units prior to such date. If the balance in the Capital Account is insufficient to make such withdrawal, the Series Trustee shall, as directed by the Depositor, advance funds in an amount required to fund the proposed withdrawal and be entitled to reimbursement of such advance upon the deposit of additional monies in the Capital Account, and/or the Depositor shall direct that the Series sell Securities and the Series Trustee shall credit the proceeds thereof to the Creation and Development Account, *provided, however,* that the aggregate amount advanced by the Series Trustee at any time for payment of the creation and development fee shall not exceed $15,000. Such direction shall, if the Series is directed to sell a Security, identify the Security to be sold and include instructions as to the execution of such sale. In the absence of a direction by the Depositor to the Series Trustee to advance funds, the Series shall sell Securities sufficient to pay the creation and development fee (and any unreimbursed advance then outstanding) in full, the Series shall sell Securities in such manner as will maintain (to the extent practicable) the relative proportion of number of shares. options or par amount of each Security then held. The proceeds of such sales, less any amounts paid to the Series Trustee in reimbursement of its advances, shall be credited to the Creation and Development Account. If the Series is dissolved pursuant to Section 6.01(g), the Depositor agrees to reimburse Unit holders for any amounts of the Creation and Development Fee collected by the Depositor to which it is not entitled. All advances made by the Series Trustee pursuant to this Section shall be secured by a lien on the Series prior to the interest of Unit holders and all other Persons. The Depositor agrees to reimburse the Series and any Unit holder any amount of Creation and Development Fee it receives which exceeds the amount which the Depositor may receive under applicable laws, regulations and rules. Notwithstanding the foregoing provisions of this Section, if the Prospectus provides that the Creation and Development Fee shall be accrued on a daily basis, (i) such fee shall accrue on a daily basis over the term set forth in the Prospectus, and (ii) the accrual shall be charged to the Series and paid to the Depositor on a monthly basis on each Distribution Date. The provisions in this Section relating to sales of Securities, advances, and the Depositor's reimbursement obligation shall apply to the payments made pursuant to the preceding sentence.

 *Section 3.15. Selection of Brokers or Dealers in Connection with the Acquisition and Disposition of Securities; Foreign Currency Exchange*. (a) In acquiring or disposing of Securities, including without limitation Additional Securities and New Securities, the Portfolio Supervisor (or the Depositor or Series Trustee if the Depositor or Series Trustee is acquiring or disposing of Securities for the account of the Series as provided in Section 3.18) shall direct transactions to such brokers or dealers as the Portfolio Supervisor selects. If the Portfolio Supervisor fails so to direct, the Depositor shall select such brokers or dealers. If neither the Portfolio Supervisor nor the Depositor is directing the transaction for the Series, the Series Trustee shall select such brokers or dealers from whom the Series Trustee expects to obtain the most favorable execution of orders. The Depositor or an affiliate of the Depositor or of the Series Trustee may act as broker. If the Depositor or an affiliate acts as broker, it shall be entitled to compensation in accordance with applicable law and regulations. Any affiliate of the Series Trustee acting as broker shall receive such compensation as may be agreed upon with the Depositor (or, if selected by the Series Trustee, at market commission rates, concessions or markups), without reduction of the compensation payable to the Series Trustee for its services as such. With the prior consent of the Series Trustee, such of the Portfolio Supervisor or Depositor which is directing the transaction, is authorized to engage a broker qualified to act as a custodian for Series assets pursuant to Rule 17f-4 under the Investment Company Act of 1940, as amended, to maintain custody of, and act as clearing broker with respect to transactions involving, options and other instruments cleared through the Options Clearing Corporation of which the Series Trustee is unable to maintain custody. The clearing broker shall be identified in the Series Trust Agreement. The Portfolio Supervisor or Depositor, as appropriate, shall cause the broker executing the option transactions to provide a certificate confirming the qualification of the clearing broker to act as custodian of Series assets under Rule 17f-4 of the Investment Company Act of 1940, as amended, and to provide the Series Trustee, on an annual basis, information which shall permit the Depositor and the Series Trustee to conduct an analysis of the custody risks associated with maintaining assets with the clearing broker. The Depositor shall take such action, or shall instruct the Portfolio Supervisor to take such action, as the Depositor deems appropriate in the event the Depositor and the Series Trustee determine that custody of Series Securities shall no longer be maintained by a clearing broker.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) When selling Securities which customarily trade in a foreign currency for the account of the Series, the Depositor shall, for the account of the Series, either enter into sale transactions which settle in U.S. dollars or, concurrently with the contract of the sale for the Security, enter into a foreign exchange contract for the conversion of the foreign currency received on the sale to U.S. dollars (the foreign exchange contract to have a settlement date coincident with the relevant contract of sale for the Security) such that the sale proceeds are delivered to the Series Trustee in U.S. dollars. Unless the Depositor shall otherwise direct, whenever funds are received by the Series Trustee in foreign currency, upon the receipt thereof, the Series Trustee shall enter into a foreign exchange contract for the conversion of such funds to U.S. dollars pursuant to the instruction of the Depositor. The Series Trustee shall have no liability for any loss or depreciation resulting from any foreign exchange transaction made by the Depositor or pursuant to the Depositor's instruction in connection with these Standard Terms and Conditions. Any foreign exchange transaction effected by the Series Trustee in connection with these Standard Terms and Conditions may be entered into with the Series Trustee or an affiliate of the Series Trustee acting as principal or otherwise through customary banking channels, upon such terms, and for such compensation, as the Depositor and the Series Trustee or its affiliate may agree upon. Any compensation paid to the Series Trustee or its affiliate for such services shall not reduce the compensation payable to the Series Trustee for its services as such. The Depositor may issue a standing instruction with respect to foreign exchange transactions; however, the foreign exchange counterparty, which may be an affiliate of the Series Trustee, or its affiliate, will establish terms of trading in connection with any standing instruction facility. The Series shall bear all risks of investing in Securities or holding cash denominated in a foreign currency.

 *Section 3.16. Portfolio Supervision*. (a) The Portfolio Supervisor shall perform such portfolio and other advisory services for the Series as specified herein or as from time to time requested by the Depositor, and shall provide such bookkeeping and other administrative services to the Series of a character described in Section 26(a)(2)(C) of the Investment Company Act of 1940, and to the extent that such services are in addition to, and do not duplicate, the services to be provided hereunder by the Series Trustee, as the Depositor shall specify. As compensation for providing such services, the Portfolio Supervisor shall receive, in arrears, against a statement or statements therefor submitted to the Series Trustee monthly or annually an aggregate annual fee in the per Unit amount, if any, set forth in Part II of the Series Trust Agreement for the Series. During the initial offering period, as determined in Section 4.01 of these Standard Terms and Conditions, such fee shall be calculated based on the largest number of Units outstanding during the period for which the compensation is paid. Thereafter, and for the remainder of the calendar year during which the initial offering period ends, such fee shall be calculated based on the number of Units at the opening of business on the first Business Day after the end of the initial offering period. In each instance, such annual fee shall be prorated for any calendar year in which the Portfolio Supervisor provides services described herein during less than the whole of such year. For Series no longer in the initial offering period as of the beginning of a calendar year, such fee shall be calculated based on the number of Units outstanding at the opening of business on the first Business Day of such calendar year. Such fee may exceed the actual cost of providing such services for the Series, but at no time will the total amount received by the Portfolio Supervisor for rendering the services described in this Section 3.16 and the Depositor for rendering the services described in Section 4.03 to unit investment trusts of which the Depositor is the sponsor in any calendar year exceed the aggregate cost to the Depositor and Portfolio Supervisor of supplying such services in such year. Such fee may, from time to time, be adjusted *provided* that the total adjustment upward does not, at the time of such adjustment, exceed the percentage of the total increase after the date hereof in consumer prices for services as measured by the United States Department of Labor Consumer Price Index entitled "All Services Less Rent of Shelter" or similar index, if such index should no longer be published. The consent or concurrence of any Unit holder hereunder shall not be required for any such adjustment or increase. Such compensation shall be paid by the Series Trustee, upon receipt of an invoice therefor from the Portfolio Supervisor, which shall constitute the representation by the Portfolio Supervisor that the portfolio supervisory services and the bookkeeping and administrative services for which compensation is claimed are properly compensable hereunder and that the aggregate cost incurred by the Depositor of providing evaluation services as described in Section 4.03 and the Portfolio Supervisor of providing portfolio supervisory and bookkeeping and administrative services hereunder was not less than the compensation claimed, upon which representation the Series Trustee may conclusively rely. Such compensation shall be charged against the Income and/or Capital Accounts in accordance with Section 3.05. If the cash balance in the Income and Capital Accounts shall be insufficient to provide for amounts payable pursuant to this Section 3.16 and Section 4.03, the Series Trustee shall have the power to sell for the account of the Series (i) Securities from the current list of Securities designated to be sold pursuant to Section 5.02 hereof, or (ii) if no such Securities have been so designated, such Securities as the Series Trustee may select in its discretion, and to apply the proceeds of any such sale in payment of the amounts payable pursuant to this Section 3.16 and Section 4.03. Any moneys payable to the Portfolio Supervisor pursuant to this Section 3.16 shall be secured by a lien on the Series Fund prior to the interest of Unit holders, but no such lien shall be prior to any lien in favor of the Series Trustee under these Standard Terms and Conditions. The Portfolio Supervisor may employ one or more sub-Portfolio Supervisors to assist in performing the services set forth in this Section 3.16. The Portfolio Supervisor shall not be answerable for the default of any such sub-Portfolio Supervisors if such sub-Portfolio Supervisors shall have been selected with reasonable care, *provided, however,* that the Portfolio Supervisor will indemnify and hold the Series harmless from and against any loss occurring as a result of a sub-Portfolio Supervisor's willful misfeasance, reckless disregard, bad faith, or gross negligence in performing any of the services set forth in this Section 3.16. The costs of such sub-Portfolio Supervisors shall be paid by the Portfolio Supervisor out of the fees received by the Portfolio Supervisor in accordance with this Section 3.16.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) The Portfolio Supervisor and any successor appointed as hereafter provided, in its capacity as Portfolio Supervisor and/or provider of bookkeeping and administrative services, as described herein, may resign and be discharged hereunder by executing an instrument of resignation in writing and filing the same with the Depositor and the Series Trustee, not less than sixty days before the date specified in such instrument when, subject to Section 3.16(f), such resignation is to take effect. Upon receiving such notice of resignation, the Depositor and the Series Trustee shall use their best efforts to appoint a successor to act in the capacity as to which the resignation applies, such successor to have qualifications and to be compensated at a rate of compensation satisfactory to the Depositor and the Series Trustee. Such appointment shall be made by written instrument executed by the Depositor and the Series Trustee, in duplicate, one copy of which shall be delivered to the resigning party and one copy to the successor. The Depositor and the Series Trustee may remove the Portfolio Supervisor and/or party performing bookkeeping and administrative services at any time upon thirty days' written notice and appoint a successor to act in the capacity to which the removal applies, such successor to have qualifications and to be compensated at a rate of compensation satisfactory to the Depositor and the Series Trustee, *provided, however,* that so long as First Trust Portfolios L.P. is acting as Depositor, the Series Trustee shall have no power to remove the Portfolio Supervisor or any affiliate of the Depositor who may be acting in any such capacity or capacities. Such appointment shall be made by written instrument executed by the Depositor and the Series Trustee, in duplicate, one copy of which shall be delivered to the party removed and one copy to its successor. Notice of such resignation or removal and appointment of a successor shall be mailed by the Series Trustee to each Unit holder then of record or, with respect to Units registered in the name of the Depository Trust Company (or its nominee, Cede & Co.), delivered to the Depository Trust Company in accordance with its customary procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) Any successor portfolio supervisor and/or provider of bookkeeping and administrative services described in Section 3.16, as appropriate, appointed hereunder, shall execute, acknowledge and deliver to the Depositor and the Series Trustee an instrument accepting such appointment hereunder, and such successor without any further act, deed or conveyance shall become vested with all the rights, powers, duties and obligations of its predecessor hereunder with like effect as if originally named herein and shall be bound by all the terms and conditions of these Standard Terms and Conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d) In case at any time the Portfolio Supervisor and/or provider of bookkeeping and administrative services described in Section 3.16 shall resign and no successor shall have been appointed and have accepted appointment within thirty days after notice of resignation has been received by the Depositor and the Series Trustee, the resigning party may forthwith apply to a court of competent jurisdiction for the appointment of a successor. Such court may thereupon after such notice, if any, as it may deem proper and prescribe, appoint a successor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e) Any entity into which the Portfolio Supervisor and/or provider of bookkeeping and administrative services described in Section 3.16 hereunder may be merged or with which it may be consolidated, or any entity resulting from any merger or consolidation to which the Portfolio Supervisor and/or provider of bookkeeping and administrative services described in Section 3.16 hereunder shall be a party, shall be the successor under these Standard Terms and Conditions without the execution or filing of any paper, instrument or further act to be done on the part of the parties hereto, notwithstanding anything to the contrary contained herein or in any agreement relating to such merger or consolidation by which the Portfolio Supervisor and/or provider of bookkeeping and administrative services described in Section 3.16 may seek to retain certain powers, rights and privileges for any period of time following such merger or consolidation. Any Portfolio Supervisor and/or provider of bookkeeping and administrative services described in Section 3.16 hereunder may transfer all or substantially all of its assets to a corporation or other entity which carries on the business of such Portfolio Supervisor and/or provider of bookkeeping and administrative services, if at the time of such transfer such successor duly assumes all the obligations of such Portfolio Supervisor and/or provider of bookkeeping and administrative services under these Standard Terms and Conditions without the execution or filing of any paper, instrument or further act to be done on the part of the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (f) Any resignation or removal of the Portfolio Supervisor and/or provider of bookkeeping and administrative services described in Section 3.16 shall become effective upon acceptance of appointment by the successor as provided in Section 3.16(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (g) Except as otherwise expressly provided herein, and to the fullest extent permitted by law, the Portfolio Supervisor shall not have any duty (including fiduciary duty) to the Master Trust, any Series, the Series Trustee, the Depositor, any Unit holder or any other Person; provided that this Section 3.16(g) does not eliminate any implied contractual covenant of good faith and fair dealing. The Portfolio Supervisor shall not be liable to any Person under any circumstances in connection with any of the transactions contemplated by these Standard Terms and Conditions, other than by reason of the Portfolio Supervisor's own bad faith, willful misfeasance or gross negligence in the performance of its duties or by reason of its reckless disregard of its obligations and duties under these Standard Terms and Conditions. To the fullest extent permitted by law, any implied duties or liabilities of the Portfolio Supervisor otherwise existing at law or in equity with respect to the Master Trust, any Series, the Series Trustee, the Depositor, any Unit holder or any other Person, are hereby eliminated. Neither the power to give direction to a Series Trustee or any Person nor the exercise thereof by any Person (including a Unit holder) shall cause the Portfolio Supervisor to have duties (including fiduciary duties) or liabilities relating thereto to the Master Trust, any Series, the Series Trustee, any Unit holder or any other Person. The Portfolio Supervisor may rely in good faith on any paper, order, notice, list, affidavit, receipt, opinion, endorsement, assignment, draft or any other document of any kind prima facie properly executed and submitted to it by the Series Trustee, counsel or any other Persons pursuant to these Standard Terms and Conditions and in furtherance of its duties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (h) The Portfolio Supervisor shall not be under any obligation to appear in, prosecute or defend any legal action, proceeding, including a proceeding before any agency, mediator, arbitrator or similar forum, which in the Portfolio Supervisor's opinion may involve it in any expense or liability; *provided, however,* that the Portfolio Supervisor may in its discretion undertake any such action which it may deem necessary or desirable in respect of these Standard Terms and Conditions and the rights and duties of the parties hereto and the interests of the Unit holders hereunder and, in such event, the legal expenses and costs of any such action and any liability resulting therefrom shall be expenses, costs and liabilities of the Series concerned and shall be paid directly by the Series Trustee out of the Income and Capital Account of such Series. The Portfolio Supervisor shall in no event be deemed to have assumed or incurred any liability, duty or obligation to the Master Trust, any Series, the Series Trustee, the Depositor, any Unit holder or any other Person, other than as expressly provided for herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) In no event shall the Portfolio Supervisor be liable for any taxes or other governmental charges imposed upon or in respect of the Securities or upon the income or interest thereon or upon it as Portfolio Supervisor hereunder or upon or in respect of any Series which it may be required to pay under any present or future law of the United States of America or of any other taxing authority having jurisdiction in the premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (j) To the fullest extent permitted by law and notwithstanding anything in these Standard Terms and Conditions to the contrary, the Portfolio Supervisor shall not be personally liable for special, consequential or punitive damages, however styled, including, without limitation, lost profits of any Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (k) The Portfolio Supervisor shall not be liable or responsible for delays or failures in the performance of its obligations hereunder arising out of or caused, directly or indirectly, by circumstances beyond its control (such acts include but are not limited to acts of God, strikes, lockouts, riots, acts of war and interruptions, losses or malfunctions of utilities, computer (hardware or software) or communications services, acts of terrorism or pandemic).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (l) Except for those actions that the Portfolio Supervisor is expressly required to take hereunder, the Portfolio Supervisor shall not have any obligation or liability to take any action or to refrain from taking any action hereunder or under any contract to which the Master Trust or any Series is a party regardless of the consequences of the failure to take such action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The Portfolio Supervisor shall not have any obligation or duty to supervise or monitor the performance of the Depositor, the Series Trustee or any other Person and shall have no liability for the failure of the Depositor or Series Trustee to perform its obligations or duties hereunder or under any contract to which the Master Trust or any Series is a party or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) The Portfolio Supervisor shall have no obligation or duty to monitor the obligations and duties of the Master Trust or any Series under any contract to which either is a party or to ensure their compliance with the terms thereof.

 *Section 3.17. Tax Matters* .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *General*. (i) The Depositor shall engage Series Tax Accountants for each Series which shall advise the Depositor with respect to tax matters relating to the Series; prepare any tax returns required to be filed for a Series; as applicable, determine what distributions should be made to avoid or reduce excise or other taxes; supervise the tax reporting for the Series; and otherwise provide such tax advice as may be requested by the Depositor or the Series Trustee. Neither the Depositor nor the Series Trustee will have any liability to the Series, the Unit holders or any other Person for actions taken on the advice of the Series Tax Accountants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) As advised by the Series Tax Accountants, the Depositor shall determine and make, or direct the Series Trustee to make pursuant to the Depositor's determination, all tax elections to be made for a Series, including any election to qualify and be treated as a "regulated investment company" as defined in the Internal Revenue Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Depositor shall supervise the preparation of tax returns required to be filed for each Series. The Series Trustee will provide the Series Tax Accountants such financial information needed for tax returns as the Series Trustee maintains in the course of the ordinary administration of the Series or as may otherwise be reasonably requested by the Series Tax Accountants. The Depositor is authorized to sign any tax return to be filed for a Series and to conduct all proceedings relating to any tax return or other matter arising in connection with the taxation of any Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Depositor and the Series Tax Accountants shall administer the tax reporting for the Series and the Series Trustee shall disseminate the tax reporting information through the Depository Trust Company in accordance with its customary procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Tax Reporting for Series Grantor Trusts*. With respect to any Series which is a widely held fixed investment trust as defined in Treas. Reg. Section 1.671-5(b)(22), the Depositor and the Series Trustee agree that the Series meets the requirements of Treas. Reg. Section 1.671-5(f)(1)(i), and the Series Trustee is authorized:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) to report in accordance with any of the safe harbor methods described in Treas. Reg. Section 1.671-5(f);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) to report sales proceeds, whenever permitted, as provided in Treas. Reg. Section 1.671-5(f)(1)(iv)(B);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii) to report proceeds of sales and dispositions described in Treas. Reg. Section 1.671-5(c)(2)(iv)(D)(4)(ii) as provided in Treas. Reg. Section 1.6715(c)(2)(iv)(D)(4)(i); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iv) to use the measuring date, as defined in Treas. Reg. Section 1.671-5(c)(2)(iv)(D)(1), in lieu of the start-up date, wherever permitted.

For purposes of Treas. Reg. Section 1.671-5(f)(1)(iv)(A)(2), the date of the last deposit under Section 2.01(b) prior to the expiration of the initial offering period, as certified to the Series Trustee by the Depositor, shall be considered the 'start-up date' of the Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) *Claims for Exemption from, or Refund of, Withheld Foreign Taxes*. Solely with respect to any Series with respect to which the Series Tax Accountants have advised that a refund or exemption with respect to withheld foreign (non-United States) taxes may be claimed on the basis of the domicile of the Series being determined by the law governing these Standard Terms and Conditions or the place of business of the Series Trustee, the Series Trustee shall, to the extent that the Series Trustee may reasonably obtain the information required to be submitted within an appropriate time, file claims for exemptions or refunds with respect to such taxes. The Series Trustee shall not, and shall have no duty to, file claims for exemptions or refunds with respect to other foreign taxes, including, for avoidance of doubt, any claim based on the domicile of the registered or beneficial owner of Series Units. The Bank of New York Mellon, or an affiliate, may be engaged by the Series Trustee to provide services in connection with a filing for refund or exemption and may receive compensation for such services without reduction of the compensation payable to the Series Trustee for its services as such.

 *Section 3.18. Authority to Purchase or Sell Securities for the Account of the Series* . Whenever in these Standard Terms and Conditions it is provided that the Series Trustee or the Depositor shall purchase or sell Securities, the Portfolio Supervisor is authorized to, and shall, cause the Securities to be purchased or sold, for the account of the Series. Should the Portfolio Supervisor fail to cause such purchase or sale, the Depositor shall make the purchase or sale, and the Series Trustee shall purchase or sell Securities only in the event that the Series Trustee would otherwise be directed to make the purchase or sale pursuant to the provisions of these Standard Terms and Conditions and both the Portfolio Supervisor and the Depositor have failed to make or cause such purchase or sale. Neither the Series Trustee nor the Depositor shall have any responsibility or liability for any purchase or sale of Securities caused by the Portfolio Supervisor and the Series Trustee shall have no responsibility or liability for any purchase or sale of Securities made by the Depositor or for any failure of the Portfolio Supervisor or Depositor to make, or cause, any purchase or sale required by this Section or otherwise by these Standard Terms and Conditions.

 *Section 3.19. No Recourse*. None of the Series Trustee, Depositor or Portfolio Supervisor, or their respective officers, directors, trustees, shareholders, agents, partners or employees, shall be liable for any losses, judgments, liabilities, expenses (including reasonable legal fees and expenses) and amounts paid in settlement of any claims and demands whatsoever sustained by it from the administration of the Master Trust, any Series or their respective assets; for all such liabilities, recourse shall be limited solely to the assets of the Master Trust or the applicable Series.

**Article IV**

**Evaluation of Securities; Compensation For Evaluation; Succession**

 *Section 4.01. Evaluation of Securities*. (a) The Depositor shall determine separately, and shall promptly furnish to the Series Trustee upon request, the value of each issue of Securities (including Contract Obligations) (the *"Evaluation"*) as of the Evaluation Time (i) on each Business Day during the period in which the Units are being offered for sale to the public and (ii) on any other day on which a Series Fund Evaluation is to be made pursuant to Section 5.01 or which is requested by the Series Trustee. As part of the Series Evaluation, on the Initial Date of Deposit the Depositor shall determine separately and promptly furnish to the Series Trustee the Evaluation of each issue of Securities initially deposited in the Series. The Depositor's determination of the offering prices of the Securities on the Initial Date of Deposit shall be included in Schedule A attached to the Series Trust Agreement. For each Evaluation, the Depositor shall also confirm and furnish to the Series Trustee, on the basis of the information furnished to the Depositor by the Series Trustee as to the value of all assets of the Series Fund other than Securities, the calculation of the Series Fund Evaluation to be computed pursuant to Section 5.01.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) During the initial offering period, namely, from the date of effectiveness of the Registration Statement under the Securities Act of 1933 relating to the Units to and including the day which is designated in writing by the Depositor to the Series Trustee as the conclusion of such period, the Evaluation shall be made in the following manner: if the Securities are listed on a national or foreign securities exchange or The Nasdaq Stock Market, such Evaluation shall generally be based on the closing sale price on the exchange or system which is the principal market therefor (*"Primary Exchange"*), which shall be deemed to be the New York Stock Exchange if the Securities are listed thereon (unless the Depositor deems such price inappropriate as the basis for evaluation). In the event a closing sale price on the Primary Exchange is not published, the Evaluation will be based on the last trade price on the Primary Exchange. If no trades occur on the Primary Exchange for a specific trade date, the Evaluation will be based on the closing sale price from, in the opinion of the Depositor, 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 Depositor will determine the Evaluation using the best information available to the Depositor, 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 Evaluation will be based on 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 Depositor deems appropriate. Except as provided in the following sentence, as used herein, the closing sale price is deemed to mean the most recent closing sale price on the relevant securities exchange immediately prior to the Evaluation Time. For purposes of valuing Securities traded on The Nasdaq Stock Market, closing sale price shall mean the Nasdaq Official Closing Price (*"NOCP"*) as determined by Nasdaq. If the Securities are not so listed or, if so listed and the principal market therefor is other than on the Primary Exchange or any appropriate secondary exchange, the Evaluation shall generally be based on the current ask price on the over-the-counter market (unless the Depositor deems such price inappropriate as a basis for evaluation). If current ask prices are unavailable, the Evaluation 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 Evaluation of such Security shall be converted to U.S. dollars based on current exchange rates, unless the Security is in the form of an ADR or GDR, in which case the Evaluations shall be based upon the U.S. dollar prices in the market for ADR or GDR (unless the Depositor deems such prices inappropriate as a basis for evaluation). The Evaluation of options in a Series will generally be determined based on the last quoted sale price where readily available and appropriate. If no trades occur for a specific trade date or the Depositor determines that market quotations are unavailable or inappropriate (e.g., due to infrequent transactions or thin trading), the Depositor will determine the underlying value of the options based on their good faith determination of the fair value of the options at their discretion. To determine the fair value of the options, where available, the Depositor will start with values generated using model prices provided by an independent third party, which uses a proprietary algorithm using standard option valuation variables and calculations. Where such values are not available and to assess the reasonableness of the above valuations, the Depositor may generate their own model-based valuations of the options, including using the Black-Scholes model for option valuation, and use current market quotations and ask/bid prices for comparable listed options that are more actively traded. For the purposes of the foregoing, the Depositor may obtain current prices for the Securities from investment dealers or brokers (including the Depositor) that customarily deal in similar securities. If the Depositor deems a price determined as set forth above to be inappropriate as the basis for evaluation, the Depositor shall use such other information available to the Depositor which it deems appropriate as the basis for determining the Evaluation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) After the initial offering period and both during and after the initial offering period, for purposes of the Series Fund Evaluations required by Section 5.01 in determining Redemption Value and Unit Value, Evaluation of the Securities shall be made in the manner described in Section 4.01(b), the relevant currency exchange rate expressed in U.S. dollars and, except in those cases in which the Securities are listed on a national or foreign securities exchange or The NASDAQ Stock Market and the closing sale prices are utilized, on the basis of the current bid prices of the Securities on the over-the-counter market (unless the Depositor deems such price inappropriate as a basis for evaluation). The Evaluation of options in a Series will generally be determined based on the last quoted sale price where readily available and appropriate. If no trades occur for a specific trade date or the Depositor determines that market quotations are unavailable or inappropriate (e.g., due to infrequent transactions or thin trading), the Depositor will determine the underlying value of the options based on its good faith determination of the fair value of the options at their discretion. To determine the fair value of the options, where available, the Depositor will start with values generated using model prices provided by an independent third party, which uses a proprietary algorithm using standard option valuation variables and calculations. Where such values are not available and to assess the reasonableness of the above valuations, the Depositor may generate its own model-based valuations of the options, including using the Black-Scholes model for option valuation, and use current market quotations and ask/bid prices for comparable listed options that are more actively traded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d) The Depositor will maintain and preserve the records of its determinations and activities in connection with the evaluation of Series Securities as required by applicable statutes and regulations. Such records shall constitute records of the Series and shall be made available by the Depositor.

 *Section 4.02. Information for Unit Holders*. For the purpose of permitting Unit holders to satisfy any reporting requirements of applicable federal or state tax law, the Depositor shall make available to the Series Trustee and the Series Trustee shall transmit to any Unit holder upon request any determinations made by the Depositor pursuant to Section 4.01.

 *Section 4.03. Compensation for Services Provided*. (a) The Depositor, as compensation for providing evaluation services, shall receive, in arrears, against a statement or statements therefor submitted to the Series Trustee monthly or annually an aggregate annual fee in the per Unit amount, if any, set forth in Part II of the Series Trust Agreement for the Series. During the initial offering period, as determined in Section 4.01 of these Standard Terms and Conditions, such fee shall be calculated based on the largest number of Units outstanding during the period for which the compensation is paid. Thereafter, and for the remainder of the calendar year during which the initial offering period ends, such fee shall be calculated based on the number of Units at the opening of business on the first Business Day after the end of the initial offering period. In each instance, such annual fee shall be prorated for any calendar year in which the Depositor provides services described herein during less than the whole of such year. For Series no longer in the initial offering period as of the beginning of a calendar year, such fee shall be calculated based on the number of Units outstanding at the opening of business on the first Business Day of such calendar year. The fee received by the Depositor for providing evaluation services may exceed its actual cost of providing such services for the Series, but at no time will the total amount received by the Depositor for providing evaluation services and the Portfolio Supervisor for providing services described in Section 3.16 to unit investment trusts of which the Depositor is the sponsor in any calendar year exceed the aggregate cost of the Depositor and Portfolio Supervisor of supplying such services in such year. Such fee may, from time to time, be adjusted *provided* that the total adjustment upward does not, at the time of such adjustment, exceed the percentage of the total increase after the date hereof in consumer prices for services as measured by the United States Department of Labor Consumer Price Index entitled "All Services Less Rent of Shelter" or similar index, if such index should no longer be published. The consent or concurrence of any Unit holder hereunder shall not be required for any such adjustment or increase. Such compensation shall be paid by the Series Trustee, upon receipt of an invoice therefor from the Depositor, which shall constitute the representation by the Depositor that the evaluation services for which compensation is claimed are properly compensable hereunder and that the aggregate cost incurred by the Depositor of providing evaluation services as described in Section 4.03 and the Portfolio Supervisor of providing portfolio supervisory and bookkeeping and administrative services as described in Section 3.16 was not less than the compensation claimed, upon which representation the Series Trustee may conclusively rely. Such compensation shall be charged against the Income and/or Capital Accounts in accordance with Section 3.05. If the cash balance in the Income and Capital Accounts shall be insufficient to provide for amounts payable pursuant to Section 3.16 and Section 4.03, the Series Trustee shall sell (i) Securities from the current list of Securities designated to be sold pursuant to Section 5.02 hereof, or (ii) if no such Securities have been so designated, such Securities as the Series Trustee may select in its own discretion, and to apply the proceeds of any such sale in payment of the amounts payable pursuant to Section 3.16 and this Section 4.03. Any moneys payable to the Depositor pursuant to this Section 4.03 shall be secured by a lien on the Series Fund prior to the interest of Unit holders, but no such lien shall be prior to any lien in favor of the Series Trustee under these Standard Terms and Conditions. The Depositor may employ one or more entities to assist in performing the evaluation services set forth in this Article IV. The Depositor shall not be answerable for the default of any such entities if such entities shall have been selected with reasonable care and are properly reviewed and supervised, *provided, however,* that the Depositor will indemnify and hold the Series harmless from and against any loss occurring as a result of an entity's willful misfeasance, reckless disregard, bad faith, or gross negligence in performing evaluation services set forth in this Article IV. The cost of such entities shall be paid by the Depositor out of the fees received by the Depositor in accordance with this Section 4.03.

 *Section 4.04. Liability of the Depositor for Evaluations*. The Series Trustee and the Unit holders may rely on any Evaluation furnished by the Depositor and shall have no responsibility for the accuracy thereof. The determinations made by the Depositor hereunder shall be made in good faith upon the basis of the best information available to it. The Depositor shall be under no liability to the Series Trustee or the Unit holders for errors in judgment; *provided, however,* that this provision shall not protect the Depositor against any liability to which it would otherwise be subject by reason of willful misfeasance, bad faith or gross negligence in the performance of its duties, or reckless disregard of its obligations and duties hereunder.

**Article V**

**Evaluation, Redemption, Purchase, Transfer, Interchange or<br> Replacement of Units**

 *Section 5.01. Series Fund Evaluation*. As of the Evaluation Time (i) on the last Business Day of each year, (ii) on the day on which any Unit is tendered for redemption and (iii) on any other day desired by the Series Trustee or requested by the Depositor, the Series Trustee shall: add (1) all monies on deposit in the Series (excluding (a) cash, cash equivalents or letters of credit deposited pursuant to Section 2.01 hereof for the purchase of Securities or Contract Obligations, unless such cash or letters of credit have been deposited in the Income and Capital Accounts because of failure to apply such monies to the purchase of Securities or Contract Obligations pursuant to the provisions of Sections 2.01, 3.02 and 3.03 hereof and excluding (b) monies credited to the Reserve Account pursuant to Section 3.04 hereof); plus (2) the aggregate Evaluation of all Securities (including Contract Obligations) on deposit in the Series as is determined by the Depositor (such Evaluation to be made on the basis of the aggregate underlying value of the Securities as determined in Section 4.01(b) for the purpose of computing redemption value of Units as set forth in Section 5.02 hereof); plus (3) all other income from the Securities (including dividends receivable on the Securities trading ex-dividend as of the date of such valuation) as of the close of business on the date of such Evaluation together with all other assets of the Series. For each such Series Fund Evaluation there shall be deducted from the sum of the above: (i) amounts representing any applicable taxes or governmental charges payable out of the respective Series and for which no deductions shall have previously been made for the purpose of addition to the Reserve Account; (ii) amounts representing estimated accrued expenses of such Series including but not limited to unpaid fees and expenses of the Series Trustee, the Portfolio Supervisor, the Depositor and its counsel, in each case as reported by the Series Trustee to the Depositor on or prior to the date of Evaluation, and organization expenses if accrued on a daily basis; (iii) unless, organization expenses are specified to accrue daily, commencing with the first Business Day following the expiration of the Organization Expense Period, amounts representing unpaid accrued organization costs; (iv) if the Prospectus for a Series provides that the creation and development fee, if any, accrues on a daily basis, amounts representing unpaid accrued creation and development fees; (v) if the Prospectus for a Series provides that the deferred sales charge shall accrue on a daily basis, amounts representing unpaid accrued deferred sales charge; and (vi) any monies identified by the Series Trustee, as of the date of the Evaluation, as held for distribution to Unit holders of record as of a Record Date or for payment of the Redemption Value of Units tendered prior to such date. The resulting figure is herein called a "*Series Fund Evaluation*." Amounts receivable by the Series in a foreign currency shall be reported to the Depositor who shall convert the same to U.S. dollars based on current exchange rates, in the same manner as provided in Section 4.01(b) or 4.01(c), as applicable, for the conversion of the valuation of foreign Securities, and the Depositor shall report such conversion with each Evaluation made pursuant to Section 4.01.

For each day on which the Series Trustee shall make a Series Fund Evaluation it shall also determine the "Unit Value" for such day, which shall equal such Series Fund Evaluation divided by the number of Units outstanding on such day.

The Depositor is authorized to obtain from The NASDAQ Stock Market, Inc. (*"NASDAQ"*) Mutual Fund Quotation Service (*"MFQS"*) a unit investment trust ticker symbol for a Series and to contract with NASDAQ for the dissemination of the Series Fund Evaluation computed by the Series Trustee pursuant to Section 5.01 of these Standard Terms and Conditions through the MFQS, *provided, however,* that no such contract shall affect the Series Trustee's duties or liabilities without its prior consent. When and as directed by the Depositor, the Series Trustee shall cause the Series Fund Evaluation to be communicated to MFQS for such purpose. The Depositor and Series Trustee shall be reimbursed from the respective Series for any cost or expense incurred in connection with the obtaining of the ticker symbol and the communication to MFQS and its dissemination of the Series Fund Evaluation. Neither the Depositor nor the Series Trustee shall be liable for any error, omission or other action of NASDAQ in connection with the dissemination of the Series Fund Evaluation, and the Depositor and the Series Trustee shall be indemnified by the respective Series and held harmless against any loss, liability, claim or expense resulting from any error, omission or other action of NASDAQ. In no event shall the Series, the Depositor or the Series Trustee be liable to any Person for special, indirect, or consequential damages of any kind whatsoever resulting from or in connection with the dissemination of the Series Fund Evaluation through MFQS whether or not the Depositor or the Series Trustee has been advised as to the possibility of such damages and regardless of the form of action in which any such claim for damages may be made.

 *Section 5.02. Redemptions by* Series *Trustee; Purchases by Depositor*. Any Unit tendered by means of an appropriate request for redemption in a form approved by the Series Trustee shall be paid by the Series Trustee on the first Business Day following the day on which tender for redemption is made in proper form, or such other date as specified under Federal securities laws (being herein called the *"Settlement Date"*). Subject to the next succeeding paragraph and subject to payment by such Unit holder of any tax or other governmental charges which may be imposed thereon, such redemption is to be made by payment of cash equivalent to the Unit Value determined on the basis of a Series Fund Evaluation made in accordance with Section 5.01 determined by the Series Trustee on the date of tender, multiplied by the number of Units tendered for redemption (herein called the *"Redemption Value"*). Units received for redemption by the Series Trustee on any Business Day after the Evaluation Time or on any day that is not a Business Day will be held by the Series Trustee until the next Business Day and will be deemed to have been tendered on such Business Day for redemption at the Redemption Value computed on that Business Day.

The portion of the Redemption Value which represents income shall be withdrawn from the Income Account to the extent available. The balance paid on any Redemption Value, including income not paid from the Income Account, if any, shall be withdrawn from the Capital Account to the extent that funds are available for such purpose. In the event that either: (i) funds are withdrawn from the Capital Account and are applied to the payment of income upon any redemption of Units; or (ii) Securities are sold for the payment of the Redemption Value and any portion of the proceeds of such sale is applied to the payment of income upon such redemption, then, in either such event, the Capital Account shall be reimbursed therefor at such time as sufficient funds may be next available in the Income Account for such purpose. Subject to the following provisions of this Section 5.02, if such available funds shall be insufficient, the Series shall sell such Securities as have been designated on the current list for such purpose by the Portfolio Supervisor as provided below in order to fund the Capital Account for purposes of such redemption, subject to any limitations as to the minimum amount of Securities to be sold specified in the Series Trust Agreement.

Subject to the restrictions set forth in the Series Trust Agreement and Prospectus of a Series, Unit holders of a Series that holds equity securities who redeem that minimum number of Units of a Series set forth in Part II of the Series Trust Agreement may request a distribution in-kind of (i) such Unit holder's pro rata portion of each of the Securities listed on a U.S. securities exchange (*"U.S. listed securities"*) in such Series, in whole shares, and (ii) cash equal to such Unit holder's pro rata portion of the Income and Capital Accounts as follows: (x) a pro rata portion of the net proceeds of sale of the non-U.S. listed Securities and Securities representing any fractional shares included in such Unit holder's pro rata share of the Securities and (y) such other cash as may properly be included in such Unit holder's pro rata share of the sum of the cash balances of the Income and Capital Accounts in an amount equal to the Unit Value determined on the basis of a Series Fund Evaluation made in accordance with Section 5.01 determined by the Series Trustee on the date of tender less amounts determined in clauses (i) and (ii)(x) of this Section. Subject to Section 5.04 with respect to Rollover Unit holders, to the extent possible, distributions of Securities pursuant to an in-kind redemption of Units shall be made by the Series Trustee through the distribution of each of the Securities in book-entry form to the account of the Unit holder's bank or broker-dealer at the Depository Trust Company. Any distribution in-kind will be reduced by customary transfer and registration charges.

For a Series that holds options for which In-Kind Distribution is specified to be available in the Prospectus of the Series, and subject to the restrictions set forth below and in the Prospectus of the Series, a Unit holder of such Trust who redeems that minimum number of Units of the Series set forth in Part II of the Series Trust Agreement for such Series may request a distribution in-kind (an *"In-Kind Distribution"*) of (i) the pro-rata number of options then constituting the Series portfolio represented by the tendered Units and (ii) cash equal to the difference between the Unit Value of the tendered Units determined on the basis of a Series Trust Evaluation made in accordance with Section 5.01 and the value of the options distributed in-kind as of the date of tender. The options and cash constituting the In-Kind Distribution shall be determined by the Depositor. Subject to the last paragraph of Section 5.02, to the extent the cash balances of the Income and Capital Accounts are insufficient for the cash component of the In-Kind Distribution, the Depositor shall sell Securities and sell or terminate options as shall be required to provide the necessary cash.

An In-Kind Distribution from a Series that holds options is subject to the following restrictions and any additional restrictions stated in the Prospectus of the Series: (1) the tender for redemption must be only in an aggregate amount of Units which the Depositor determines will permit a non-fractional, pro-rata distribution of all options that make up the Series' portfolio; (2) the Depository Trust Company participant or indirect participant acting for the beneficial owner of the Units to be tendered must submit to the Depositor documentation requesting the In-Kind Distribution that is in form and substance satisfactory to the Depositor and the Series Trustee; (3) the tender for redemption must be made at least ten Business Days prior to the Mandatory Dissolution Date; and (4) documentation submitted to the Depositor must specify an account that is eligible to receive the options includible in such In-Kind Distribution.

The entity submitting the In-Kind Distribution request shall provide the Depositor with the following information prior to submitting the In-Kind Distribution request: (i) the Depository Trust Company account from which the tendered Units shall be delivered to the Series Trustee and to which the Series Trustee shall deliver the cash component of the In-Kind Distribution, (ii) the delivery instructions for the account to which the Series Trustee shall deliver the options included in the In-Kind Distribution, (iii) the number of Units to be tendered, (iv) the date by which the tendered Units will be delivered to the Series Trustee, and such other information as the Depositor and the Series Trustee determine. The above information shall be submitted to the Depositor for review. The Depositor shall notify the Person submitting the information of the Depositor's approval or rejection and shall transmit such information to the Series Trustee together with the Depositor's identification of the options and cash constituting the In-Kind Distribution to be delivered in connection therewith. The Depositor's approval shall constitute its certification that requirements of the following paragraph with respect to an In-Kind Distribution to an Affiliated Redeeming Unit holder will or have been met. Such transmittal shall constitute the direction of the Depositor to the Series Trustee to make the distributions specified therein; the Series Trustee shall rely conclusively upon, and shall have no liability to any Person for acting in compliance with, such direction.

Notwithstanding the preceding paragraphs of this Section, if a Unit holder electing an In-Kind Distribution from a Series that holds options is an Affiliated Redeeming Unit holder, such In-Kind Distribution shall be permitted subject to the following additional conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) The In-Kind Distribution shall be consistent with the redemption policies and undertakings, as set forth in the Prospectus for the Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) Neither the Affiliated Redeeming Unit holder, nor any other party with the ability and the pecuniary incentive to influence the In-Kind Distribution, may select, or influence the selection of, the distributed assets of the Series, *provided, however,* that a pro rata distribution of Series assets, with a pro rata purchase or termination of written options, shall not constitute a selection of Series assets for purpose of this clause;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii) The In-Kind Distribution may not favor the Affiliated Redeeming Unit holder to the detriment of any other Unit holder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iv) The Depositor shall monitor each In-Kind Distribution for compliance with all provisions of this Section;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (v) The Depositor shall maintain and preserve, on behalf of the Series, for a period of not less than six (6) years from the end of the fiscal year in which the In-Kind Distribution occurs, the first two (2) years in an easily accessible place, records for each In-Kind Distribution setting forth the identity of the Affiliated Redeeming Unit holder, a description of the composition of the portfolio of the Series (including each asset's value) immediately prior to the In-Kind Distribution, a description of each asset distributed in-kind, the terms of the In-Kind Distribution, the information or materials upon which the asset valuations were made, and a description of the composition of the portfolio of the Series (including each asset's value) one month after the In-Kind Distribution; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (vi) The term *"Affiliated Redeeming Unit holder"* shall mean the Depositor or an affiliated Person of the Series as certified by such Person in the approved form delivered pursuant to the preceding paragraph of this Section, upon which certification the Series Trustee is authorized conclusively to rely. The term "affiliated Person" as used in the preceding sentence shall have the meaning assigned to such term in the 1940 Act.

The In-Kind Distribution option for a Series that holds options may be terminated, modified or discontinued at any time by the Depositor without notice to the Unit holders, and the Depositor reserves the right, in its sole discretion, to reject any request for an In-Kind Distribution.

The Series Trustee shall take only such actions with respect to In-Kind Distributions as the Depositor shall direct pursuant to the foregoing provisions of this Section and shall have no responsibility for, or liability in respect of, any action taken pursuant to such direction or the failure to take any action in the absence of such direction.

The Series Trustee may in its discretion, and shall when so directed by the Depositor in writing, suspend the right of redemption for Units of a Series or postpone the date of payment of the Redemption Value for more than one Business Day following the day on which tender for redemption is made (or such other day as specified under Federal securities laws) (i) for any period during which the New York Stock Exchange is closed other than customary weekend and holiday closings or during which trading on the New York Stock Exchange is restricted; (ii) for any period during which an emergency exists as a result of which disposal by such Series of the Securities is not reasonably practicable or it is not reasonably practicable fairly to determine in accordance herewith the value of the Securities; or (iii) for such other period as the Securities and Exchange Commission may by order permit, and shall not be liable to any Person or in any way for any loss or damage which may result from any such suspension or postponement.

Not later than the Evaluation Time on the day of tender of any Units for redemption by a Unit holder other than the Depositor, the Series Trustee shall notify the Depositor of such tender. The Depositor shall have the right to purchase such Unit(s) by notifying the Series Trustee of its election to make such purchase as soon as practicable thereafter but in no event subsequent to the Evaluation Time on the day on which such Unit(s) were tendered for redemption, *provided* that the Depositor shall not have the right to purchase Units for which the redeeming Unit holder is entitled to receive, and has duly elected to receive, a distribution in-kind. Such purchase shall be made by payment by the Depositor to the Unit holder on the Settlement Date of an amount not less than the Redemption Value which would otherwise be payable by the Series Trustee to such Unit holder. So long as the Depositor maintains a bid in the secondary market, the Depositor may repurchase the Units tendered to the Series Trustee for redemption but shall be under no obligation to maintain any bids and may, at any time while so maintaining such bids, cease to do so immediately at any time or from time to time without notice.

Any Unit or Units so purchased by the Depositor may at the option of the Depositor be tendered to the Series Trustee for redemption at the Unit Investment Trust office of the Series Trustee in the manner provided in the first paragraph of this Section 5.02.

Notwithstanding the foregoing provisions of this Section 5.02, but subject to the further provisions of this paragraph, the Series Trustee is hereby irrevocably authorized in its discretion, in the event that the Depositor does not purchase any Units tendered to the Series Trustee for redemption, or in the event that a Unit is being tendered by the Depositor for redemption, in lieu of redeeming Units, to sell Units in the over-the-counter market through any broker-dealer of its choice for the account of the tendering Unit holder at prices which will return to the Unit holder an amount in cash, net after deducting brokerage commissions, transfer taxes and other charges, equal to or in excess of the Redemption Value which such Unit holder would otherwise be entitled to receive on redemption pursuant to this Section 5.02. The Series Trustee shall not sell pursuant to the preceding sentence any Units for which the redeeming Unit holder is entitled to receive, and has duly elected to receive, a distribution in-kind. The Series Trustee shall pay to the Unit holder the net proceeds of any such sale on the day on which such Unit holder would otherwise be entitled to receive payment of the Redemption Value hereunder.

With respect to Series which have elected to qualify as regulated investment companies, the Portfolio Supervisor shall maintain with the Series Trustee a current list of Securities designated to be sold for the purpose of funding the Capital Account for redemption of Units tendered for redemption and, to the extent necessary, for payment of expenses under these Standard Terms and Conditions. In connection therewith, the Depositor may specify in the Series Trust Agreement the minimum principal amounts of any Securities to be sold at any one time. If the Portfolio Supervisor shall for any reason fail to maintain such a list, the Depositor shall provide the list or, if neither the Portfolio Supervisor or Depositor provides a list, the Series Trustee may in its sole discretion designate a current list of Securities for such purposes. The net proceeds of any sale of Securities from such list representing income shall be credited to the Income Account and then disbursed therefrom for payment of expenses and payments to Unit holders required to be paid under these Standard Terms and Conditions. Any balance remaining after such disbursements shall remain credited to the Capital Account.

With respect to any Series which is a widely held fixed investment trust as defined in Treas. Reg. Section 1.671-5(b)(22), for the purpose of funding the Capital Account for payment of the Redemption Value with respect to each tender of a Unit or Units for redemption, the Depositor may direct the Series Trustee to sell and, in the absence of contrary direction from the Depositor, the Series Trustee may sell, the pro rata amount of each Security allocable to the tendered Units as soon as reasonably practicable following such tender. In determining such pro rata amount, the Series Trustee may apply the calendar month aggregation method provided in Treas. Reg. Section 1.671-5(c)(2)(iv)(G)(3)(i). If the proceeds of such pro rata sales are insufficient, the Series Trustee may (i) sell additional Securities as directed by the Depositor or, in the absence of direction, sell Securities in amounts which are reasonably pro rata as determined by the Series Trustee or (ii) advance funds required to pay the Redemption Value, *provided* that the Series Trustee shall have no obligation to advance funds if the unreimbursed amount advanced to the Series for this purpose then equals at least $15,000. When directed by the Depositor or determined by the Series Trustee, but in all events as promptly as reasonably practicable whenever the unreimbursed amount advanced by the Series Trustee equals or exceeds $15,000, the Series Trustee shall sell additional Securities in the manner provided in clause (i) of the preceding sentence and shall reimburse itself the amount of the advance, *provided* that the Series Trustee's right to reimbursement shall not be affected by any delay in sale or reimbursement. The Series Trustee's right to reimbursement shall be secured by a lien on the Series Fund prior to the interest of the Unit holders. The net proceeds of any sale of Securities representing income shall be credited to the Income Account and then disbursed therefrom for payment of expenses and payments to Unit holders as otherwise provided in these Standard Terms and Conditions. The balance of such net proceeds shall be credited to the Capital Account. The Depositor and the Series Trustee shall use their reasonable efforts to conduct pro rata sales of Securities qualifying for exception from tax reporting as described in Treas. Reg. Section 1.671-5(c)(2)(iv)(G) and, during the final calendar year of the Series, qualifying for the exception from tax reporting described in Treas. Reg. Section 1.671-5(c)(2)(iv)(F). Notwithstanding the foregoing, neither the Series Trustee nor the Depositor shall be liable to any Person in the event sales proceeds for any calendar year exceed the general de minimis test of Treas. Reg. Section 1.671-5(c)(2)(iv)(D)(1) (whether or not due to a failure to sell Securities pro rata) or otherwise require reporting under Treas. Reg. Section 1.671-5.

None of the Series Trustee, Portfolio Supervisor or Depositor shall be liable or responsible in any way for depreciation or loss incurred by reason of any sale of Securities made pursuant to this Section 5.02.

 *Section 5.03. Transfer of Units*. Subject to Section 2.03(b), the registered holder of any Unit may transfer such Unit by the presentation of transfer instructions to the Series Trustee at the Unit Investment Trust office of the Series Trustee accompanied by such documents as the Series Trustee deems necessary to evidence the authority of the Person making such transfer and executed by the registered holder or his authorized attorney, whereupon the Series Trustee shall make proper notification of such transfer on the registration books of the Series Trustee. Ownership of a Unit in one Series shall not be exchangeable for a Unit in any other Series of the Master Trust.

A sum sufficient to pay any tax or other governmental charge that may be imposed in connection with any such transfer shall be paid by the Unit holder to the Series Trustee.

With respect to Units registered in the name of the Depository Trust Company (or its nominee, Cede & Co.), (a) the Series Trustee and the Depositor may treat the Depository Trust Company as the absolute owner of such Units for all purposes whatsoever, including, without limitation, the payment of distributions and the giving of reports and notices of redemption, tender and other matters with respect to such Units and (b) the Series Trustee shall have no responsibility or obligation with respect to (i) the accuracy of the records of beneficial ownership of such Units maintained by the Depository Trust Company (or any participant in the Depository Trust Company), (ii) the delivery to any beneficial owner of such Units (other than the Depository Trust Company) of any report or any notice of redemption, tender or any other matter related to such Units, (iii) the payment or distribution to any beneficial owner of such Units (other than the Depository Trust Company) of any amount payable or other property distributable with respect to such Units, (iv) the failure of the Depository Trust Company (or any participant in the Depository Trust Company) to effect any transfer of Units or (v) any other act or omission of the Depository Trust Company (or any participant in the Depository Trust Company).

 *Section 5.04. Rollover of Units*. The provisions of this Section 5.04 shall be applicable to a Series if expressly specified in the Series Trust Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) If the Depositor shall offer a subsequent Series (the *"New Series"*), the Series Trustee shall, at the Depositor's sole cost and expense, include in the notice sent to Unit holders specified in Section 8.02 a form of election whereby Unit holders, whose redemption distribution would be in an amount sufficient to purchase at least one Unit of the New Series, may elect to have their Unit(s) redeemed in-kind in the manner provided in Section 5.02, the Securities included in the redemption distribution sold, and the cash proceeds applied by the Series Trustee as agent of such electing Unit holders (in such capacity, the *"Distribution Agent"*) to purchase Units of a New Series, all as hereinafter provided. The Series Trustee shall honor properly completed election forms returned to the Series Trustee, accompanied by a properly completed redemption request, by its close of business on the notification date set forth in the notice sent to Unit holders (the *"Rollover Notification Date"*). The notice and form of election to be sent to Unit holders in respect of any redemption and purchase of Units of a New Series as provided in this Section shall be in such form and shall be sent at such time or times as the Depositor shall direct the Series Trustee in writing and the Series Trustee shall have no responsibility therefor. The Distribution Agent acts solely as disbursing agent in connection with purchases of Units pursuant to this Section and nothing herein shall be deemed to constitute the Distribution Agent a broker in such transactions.

All Units so tendered by a Unit holder (a *"Rollover Unit holder"*) shall be redeemed and cancelled during the Special Redemption and Liquidation Period on such date or dates specified by Depositor. Subject to payment by such Rollover Unit holder of any tax or other governmental charges which may be imposed thereon, such redemption is to be made in-kind pursuant to Section 5.02 by distribution of cash and/or Securities to the Distribution Agent on the redemption date equal to the net asset value (determined on the basis of the Series Fund Evaluation as of the redemption date in accordance with Section 4.01) multiplied by the number of Units being redeemed (herein called the *"Rollover Distribution"*). Any Securities that are made part of the Rollover Distribution shall be valued for purposes of the redemption distribution as of the redemption date.

All Securities included in a Unit holder's Rollover Distribution shall be sold by the Distribution Agent during the Special Redemption and Liquidation Period specified in the Prospectus pursuant to the Depositor's direction, and the Distribution Agent shall, unless directed otherwise by the Depositor, employ the Depositor as broker in connection with such sales. For such brokerage services, the Depositor shall be entitled to compensation at its customary rates, *provided, however,* that its compensation shall not exceed the amount authorized by applicable securities laws and regulations. The Depositor shall direct that sales be made in accordance with the guidelines set forth in the Prospectus under the heading "Special Redemption, Liquidation and Investment in a New Series." Should the Depositor fail to provide direction, the Distribution Agent shall sell the Securities in the manner provided in the Prospectus. The Distribution Agent shall have no responsibility for any loss or depreciation incurred by reason of any sale made pursuant to this Section.

Upon completion of all sales of Securities included in the Rollover Unit holder's Rollover Distribution, the Distribution Agent shall, as agent for such Rollover Unit holder, enter into a contract with the Depositor to purchase from the Depositor Units of a New Series (if any), at the Depositor's public offering price for such Units on such day, and at such reduced sales charge as shall be described in the Prospectus for such Series. Such contract shall provide for purchase of the maximum number of Units of a New Series whose purchase price is equal to or less than the cash proceeds held by the Distribution Agent for the Unit holder on such day (including therein the proceeds anticipated to be received in respect of Securities traded on such day net of all brokerage fees, governmental charges and any other expenses incurred in connection with such sale), to the extent Units are available for purchase from the Depositor. In the event a sale of Securities included in the Rollover Unit holder's redemption distribution shall not be consummated in accordance with its terms, the Distribution Agent shall apply the cash proceeds held for such Unit holder as of the settlement date for the purchase of Units of a New Series to purchase the maximum number of Units which such cash balance will permit, and the Depositor agrees that the settlement date for Units whose purchase was not consummated as a result of insufficient funds will be extended until cash proceeds from the Rollover Distribution are available in a sufficient amount to settle such purchase. If the Unit holder's Rollover Distribution will produce insufficient cash proceeds to purchase all of the Units of a New Series contracted for, the Depositor agrees that the contract shall be rescinded with respect to the Units as to which there was a cash shortfall without any liability to the Rollover Unit holder or the Distribution Agent. Any cash balance remaining after such purchase shall be distributed within a reasonable time to the Rollover Unit holder by distribution to the Depository Trust Company for further distribution to the Rollover Unit Holder in accordance with the customary procedures of the Depository Trust Company. Any cash held by the Distribution Agent shall be held in a non-interest-bearing account which will be of benefit to the Distribution Agent in accordance with normal banking procedures. Neither the Series Trustee nor the Distribution Agent shall have any responsibility or liability for loss or depreciation resulting from any reinvestment made in accordance with this paragraph, or for any failure to make such reinvestment in the event the Depositor does not make Units available for purchase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) Notwithstanding the foregoing, the Depositor may, in its discretion at any time, decide not to offer any New Series in the future, and if so, this Section 5.04 concerning the Rollover of Units shall be inoperative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) The Distribution Agent shall receive no fees for performing its duties hereunder. The Distribution Agent shall, however, be indemnified and entitled to receive reimbursement from the Series and the New Series for any and all liabilities, expenses and disbursements to the same extent as the Series Trustee is indemnified and permitted reimbursement hereunder.

**Article VI**

**Series Trustee**

 *Section 6.01. General Definition of Series Trustee's Liabilities, Rights and Duties*. The Series Trustee agrees to perform its duties under these Standard Terms and Conditions in good faith but only upon the express terms of these Standard Terms and Conditions. To the fullest extent permitted by law, neither the Series Trustee nor any of its officers, directors, employees, agents or affiliates shall have any implied duties (including fiduciary duties) or liabilities otherwise existing at law or in equity with respect to the Master Trust, any Series or any Unit holder, which implied duties and liabilities are hereby eliminated. Every provision of these Standard Terms and Conditions relating to the conduct or affecting the liability of or affording protection to the Series Trustee shall be subject to the provisions of this Article. To the extent the Series Trustee shall take any action that the Series Trustee may deem necessary in accordance with the provisions of these Standard Terms and Conditions, or to the extent the Series Trustee shall take any action at the direction of the Depositor that the Depositor may deem necessary to protect each Series and the rights and interests of the Unit holders thereof pursuant to the terms of these Standard Terms and Conditions, the expenses and costs of such actions, undertakings or proceedings shall be reimbursable to the Series Trustee from the Income and Capital Accounts of such Series and the payment of such costs and expenses shall be secured by a lien on the assets of the Series Fund prior to the interest of Unit holders and any other Person having or asserting a claim on such assets. The Series Trustee shall not be personally liable to the Series, the Master Trust, the Unit holders, any party to theses Standard Terms and Conditions or any other Person under any circumstances in connection with any of the transactions contemplated by these Standard Terms and Conditions, except that such limitation shall not relieve the Series Trustee of any personal liability it may have to the Series, the Master Trust, or the Unit holders for the Series Trustee's own bad faith, willful misconduct or negligence in the performance of its express duties under these Standard Terms and Conditions.

In addition to and notwithstanding the other duties, rights, privileges and liabilities of the Series Trustee as otherwise set forth, the liabilities of the Series Trustee are further defined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) All moneys deposited with or received by the Series Trustee hereunder related to a Series shall be held by it without interest in trust within the meaning of the Investment Company Act of 1940, as part of the Series Fund or the Reserve Account of such Series until required to be disbursed in accordance with the provisions of these Standard Terms and Conditions, and such moneys will be segregated by separate recordation on the trust ledger of the Series Trustee so long as such practice preserves a valid preference under applicable law, or if such preference is not so preserved the Series Trustee shall handle such moneys in such other manner as shall constitute the segregation and holding thereof in trust within the meaning of the Investment Company Act of 1940.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) The Series Trustee shall be under no liability for any action taken in good faith on any appraisal, paper, order, list, demand, request, consent, affidavit, notice, opinion, direction, evaluation, endorsement, assignment, resolution, draft or other document, whether or not of the same kind, prima facie properly executed, or for the disposition of moneys, Securities, or Units, pursuant to these Standard Terms and Conditions, or in respect of any evaluation which it is required to make or is required or permitted to have made by others under these Standard Terms and Conditions or otherwise, except by reason of its own negligence, lack of good faith or willful misconduct, *provided* that the Series Trustee shall not in any event be liable or responsible for any evaluation made by the Depositor. The Series Trustee may construe any of the provisions of these Standard Terms and Conditions, insofar as the same may appear to be ambiguous or inconsistent with any other provisions hereof, and any construction of any such provisions hereof by the Series Trustee in good faith shall be binding upon the parties hereto and the Unit holders. The Series Trustee shall in no event be deemed to have assumed or incurred any liability, duty or obligation to any Unit holder, the Depositor, the Portfolio Supervisor or any other Person, other than as expressly provided for herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) The Series Trustee shall not be responsible for or in respect of the recitals herein, the validity or sufficiency of these Standard Terms and Conditions or for the due execution hereof by the Depositor or the Portfolio Supervisor, for the form, character, genuineness, sufficiency, value or validity of any of the Securities (except that the Series Trustee shall be responsible for the exercise of due care in determining the genuineness of Securities delivered to it pursuant to contracts for the purchase of such Securities), for or in respect of the validity or sufficiency of the Units, or for tax elections (including the qualification of any Series to make the same), the tax characterization of any asset of a Series Fund or any tax position or other action taken relating to the taxation of a Series or its Unit holders, and the Series Trustee shall in no event assume or incur any liability, duty or obligation to any Unit holder, the Depositor, the Portfolio Supervisor or any other Person, other than as expressly provided for herein. The Series Trustee shall not be responsible for or in respect of the validity of any signature by or on behalf of the Depositor or the Portfolio Supervisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d) The Series Trustee shall be under no obligation to appear in, prosecute or defend any action, proceeding, including a proceeding before any agency, mediator, arbitrator or similar forum, which in its opinion may involve it in expense or liability, unless as often as required by the Series Trustee it shall be furnished with reasonable security and indemnity against such expense or liability, and any pecuniary cost of the Series Trustee from such actions shall be deductible from and a charge against the Income and Capital Accounts of the affected Series. Subject to the preceding sentence, the Series Trustee shall take such action as the Depositor may direct, or, if no Depositor is acting, as the Series Trustee may deem necessary, to protect the Series and the rights and interests of the Unit holders pursuant to the terms of these Standard Terms and Conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e) (1) Subject to the provisions of subparagraph (2) of this paragraph, the Series Trustee may employ, for the account of any Series, agents, sub-custodians, attorneys, accountants and auditors selected by the Depositor or by the Series Trustee, and the Series Trustee shall not be answerable for the default or misconduct of any such agents, sub-custodians, attorneys, accountants or auditors if selected by the Depositor or selected by the Series Trustee with reasonable care. The Series Trustee shall be fully protected in respect of any action under these Standard Terms and Conditions taken or suffered in good faith by the Series Trustee in accordance with the opinion of counsel, which may be counsel to the Depositor acceptable to the Series Trustee, or by accountants or other skilled Persons, *provided, however,* that this disclaimer of liability shall not excuse the Series Trustee from the responsibilities specified in subparagraph (2) below. The fees and expenses charged by such agents, sub-custodians, attorneys, accountants or auditors shall constitute an expense of the Series reimbursable from the Income and Capital Accounts of the Series as set forth in Section 6.04 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) To the extent permitted under the Investment Company Act of 1940 as evidenced by an opinion of counsel to the Depositor satisfactory to the Series Trustee or "no-action" letters or exemptive orders issued by the Securities and Exchange Commission or its staff, the Series Trustee may place and maintain in the care of an Eligible Foreign Custodian (which is employed by the Series Trustee as a sub-custodian as contemplated by subparagraph (1) of this paragraph (e) and which may be an affiliate or subsidiary of the Series Trustee or any other entity in which the Series Trustee may have an ownership interest) or an Eligible Securities Depository as defined in Rule 17f-7 under the Investment Company Act of 1940 (17 C.F.R. Section 270.17f-7) the Series' investments (including foreign currencies) for which the primary market is outside the United States, and such cash and cash equivalents in amounts reasonably necessary to effect the Series' transactions in such investments, *provided* that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (A) The Series Trustee shall indemnify the Series and hold the Series harmless from and against loss of assets of a Series Fund resulting from the failure of an Eligible Foreign Custodian to perform in accordance with the applicable foreign custody contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (B) The Series Trustee shall exercise reasonable care, prudence and diligence such as a Person having responsibility for the safekeeping of assets of a Series Fund would exercise, and shall be liable to the Series for any loss occurring as a result of its failure to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (C) The Series Trustee shall perform all duties assigned to the Foreign Custody Manager by Rule 17f-5 under the Investment Company Act of 1940 (17 C.F.R. Section 270.17f-5), as now in effect or as such rule may be amended in the future (*"Rule 17f-5"* — capitalized terms used in this Section 6.01(e)(2) and not otherwise defined in these Standard Terms and Conditions have the meaning ascribed thereto in such Rule). The Series Trustee shall not delegate such duties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (D) The Series Trustee shall (i) provide the Depositor with an analysis of the custody risks associated with maintaining assets with an Eligible Securities Depository; (ii) monitor the custody risks associated with maintaining assets with the Eligible Securities Depository on a continuing basis and promptly notify the Depositor of any material change in such risks; and (iii) exercise reasonable care, prudence and diligence in performing the foregoing duties. The Depositor shall instruct the Series Trustee to take such action as the Depositor deems appropriate in response to a notification by the Series Trustee provided pursuant to (ii) in the preceding sentence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (E) The Depositor shall cause the Series' Prospectus to contain such disclosure regarding foreign securities and foreign custody as is required for management investment companies by Forms N-1A and N-2. Such Prospectus shall also contain disclosure concerning the Depositor's responsibilities described in (D) above. The Depositor shall be solely responsible for such disclosure and the Series Trustee may conclusively rely upon its adequacy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (F) The Series Trustee shall maintain and keep current written records regarding the basis for the choice or continued use of a particular Eligible Foreign Custodian pursuant to this subparagraph for a period of not less than six years from the end of the fiscal year in which the Series was dissolved, the first two years in an easily accessible place. Such records shall be available for inspection by Unit holders and the Securities and Exchange Commission at the Series Trustee's Unit Investment Trust office during its usual business hours.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (f) If at any time the Depositor shall resign or shall fail to undertake or perform any of the duties which by the terms of these Standard Terms and Conditions are required by it to be undertaken or performed, or such Depositor shall become incapable of acting or shall be adjudged a bankrupt or insolvent, or a receiver of such Depositor or of its property shall be appointed, or any public officer shall take charge or control of such Depositor or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then in any such case, the Series Trustee may, in its sole discretion: (1) appoint a successor depositor who shall act hereunder in all respects in place of such Depositor, which successor shall be satisfactory to the Series Trustee, and which may be compensated at rates deemed by the Series Trustee to be reasonable under the circumstances, by deduction ratably from the Income Account of the affected Series or, to the extent funds are not available in such Account, from the Capital Account of the affected Series, but no such deduction shall be made exceeding such reasonable amount as the Securities and Exchange Commission may prescribe in accordance with Section 26(a)(2)(C) of the Investment Company Act of 1940, or (2) dissolve the Series in the manner provided in Section 8.02 and terminate the Series created hereby in the manner provided in Section 8.02. Promptly following the appointment of a successor depositor, the Series Trustee shall provide notice to the Depository Trust Company of such resignation or failure of the Depositor to act and of such appointment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (g) If, after the end of the initial offering period, (i) the value of any Series as shown by a Series Fund Evaluation by the Series Trustee pursuant to Section 5.01 hereof shall be less than the lower of $2,000,000 or 20% of the total value of Securities deposited in such Series during the initial offering period, or (ii) by reason of the Depositor's redemption of Units of a Series not theretofore sold constituting more than 60% of the number of Units initially authorized, the Series Fund Evaluation of the Series is reduced to less than 40% of the aggregate principal amount of Securities (and for this purpose, principal amount shall mean the Evaluation of the Securities) deposited in such Series at the termination of the initial offering period, the Series Trustee may in its discretion, and shall when so directed by the Depositor, dissolve such Series and terminate such Series in such manner as the Depositor shall direct, consistent with Section 8.02 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (h) In no event shall the Series Trustee be liable for any taxes or other governmental charges imposed upon or in respect of the Securities or upon their income or proceeds or upon it as Series Trustee hereunder or upon or in respect of any Series which it may be required to pay under any present or future law of the United States of America or of any other taxing authority having jurisdiction in the premises. For all such taxes and charges and for any expenses, including counsel fees, which the Series Trustee may sustain or incur with respect to such taxes or charges, the Series Trustee shall be reimbursed and indemnified out of the Income and Capital Accounts of the affected Series, and the payment of such amounts so paid by the Series Trustee shall be secured by a lien on the Series Fund prior to the interest of the Unit holders of such Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) No payment to a Depositor or to any principal underwriter (as defined in the Investment Company Act of 1940) for any Series or to any affiliated Person (as so defined) or agent of a Depositor or such underwriter shall be allowed as an expense except (a) for payment of such reasonable amounts as the Securities and Exchange Commission may prescribe as compensation for performing bookkeeping and other administrative services of a character normally performed by the Series Trustee, and (b) such other amounts permitted under the Investment Company Act of 1940.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (j) The Series Trustee, except by reason of its own negligence or willful misconduct, shall not be liable for any action taken or suffered to be taken by it in good faith and believed by it to be authorized or within the discretion, rights or powers conferred upon it by these Standard Terms and Conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (k) The Series Trustee in its individual or any other capacity may become an owner or pledgee of, or be an underwriter or dealer in respect of, securities or obligations issued by the same issuer (or an affiliate of such issuer) of any Securities at any time held as part of the Series and may deal in any manner with the same or with the issuer (or an affiliate of the issuer) with the rights and powers as if it were not the Series Trustee hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (l) The Series may include: (I) a letter or letters of credit meeting the requirements of Section 2.04 for the purchase of Securities or Contract Obligations issued by the Series Trustee in its individual capacity for the account of the Depositor; or (II) Securities issued by the Series Trustee, its parent, or an affiliate or by an entity for which the Series 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 Series 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 Series Trustee from acting hereunder, and the Series Trustee may otherwise deal with the Depositor and the Series with the same rights and powers as if it were not the Series Trustee hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (m) The Series Trustee is authorized to appoint as co-trustee of any Series a trust company affiliated with the Series Trustee to perform the functions of custodian and receiving and paying agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (n) Pursuant to Section 3.15, the Series Trustee may act, and may engage any corporation, partnership or other entity affiliated with The Bank of New York Mellon (an *"Affiliated Entity"*) to act, as broker or dealer to execute transactions, including foreign exchange transactions or the purchase or sale of any securities currently distributed, underwritten or issued by any Affiliated Entity, and receive, or pay to the Affiliated Entity, as applicable, compensation for such services at standard commission rates, markups or concessions, without reduction of the compensation payable to the Series Trustee for its services as such.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (o) To the fullest extent permitted by law and notwithstanding anything in these Standard Terms and Conditions to the contrary, the Series Trustee shall not be personally liable for (x) special, consequential or punitive damages, however styled, including, without limitation, lost profits or (y), subject to paragraph (e)(2) of this Section 6.01, the acts or omissions of any nominee, correspondent, clearing agency or securities depository through which it holds the Master Trust's or a Series' Securities or assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (p) The Series Trustee shall not be liable or responsible for delays or failures in the performance of its obligations hereunder arising out of or caused, directly or indirectly, by circumstances beyond its control (such acts include but are not limited to acts of God, strikes, lockouts, riots, acts of war and interruptions, losses or malfunctions of utilities, computer (hardware or software) or communications services, acts of terrorism or pandemic); it being understood that the Series Trustee shall use commercially reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as reasonably practicable under the circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (q) Except for those actions that the Series Trustee is required to take hereunder without written direction, the Series Trustee shall not have any obligation or liability to take any action or to refrain from taking any action hereunder or under any contract to which the Master Trust or any Series is a party that requires written direction in the absence of such written direction as provided hereunder regardless of the consequences of the failure to take, or refraining from taking, such action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (r) Each of the parties hereto hereby agrees and, as evidenced by its acceptance of any benefits hereunder, each Unit holder agrees, that the Series Trustee (x) in any capacity has not provided, and will not provide in the future, any advice, counsel or opinion regarding the tax, financial, investment or securities law implications and consequences of the formation, funding and ongoing administration of the Master Trust or any Series, (y) has not made, and will not make, any investigation as to the accuracy of any representations, warranties or other obligations of the Master Trust or any Series under any contract to which the Master Trust or the Series is a party and shall have no liability in connection therewith and (z) has not prepared or verified, and shall not be responsible or liable for, any information, disclosure or other statement in any disclosure or offering document or in any other document issued or delivered in connection with the sale or transfer of the Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (s) The Series Trustee shall not have any obligation or duty to supervise or monitor the performance of the Depositor, the Portfolio Supervisor or any other Person and shall have no liability for the failure of the Depositor or the Portfolio Supervisor to perform its obligations or duties hereunder or under any contract to which the Master Trust or any Series is a party or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (t) The Series Trustee shall have no obligation or duty to monitor the obligations and duties of the Master Trust or any Series under any contract to which either is a party or to ensure their compliance with the terms thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (u) The Series Trustee shall take such action or refrain from taking such action under these Standard Terms and Conditions as it may be directed in writing by the Depositor from time to time; provided, however, that the Series Trustee shall not be required to take or refrain taking any such action if it shall have determined, or shall have been advised by counsel, that such performance or failure to perform may involve the Series Trustee in personal liability or is contrary to the terms hereof or of any document contemplated hereby to which the Master Trust or a Series is a party, or is contrary to law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (v) If at any time the Series Trustee determines that it requires or desires guidance regarding the application of any provision of these Standard Terms and Conditions or any other document, then the Series Trustee may deliver a notice to the Depositor requesting such written instructions as to the course of actions desired by the Depositor, and the Series Trustee shall be fully protected in respect of any action taken pursuant to such instruction. If the Series Trustee does not receive such instructions within five (5) Business Days after it has delivered to the Depositor such notice requesting instructions, or such shorter period of time as may be set forth in such notice, it shall refrain from taking any action with respect to the matters described in such notice without regard to the consequences and shall have no liability for any failure to act. Each instruction delivered by the Depositor to the Series Trustee shall certify to the Series Trustee that any actions to be taken pursuant to such instructions comply with the terms of these Standard Terms and Conditions and the Series Trustee may rely on such certification and instruction without inquiry except to the extent it has actual knowledge to the contrary.

 *Section 6.02. Books, Records and Reports*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) *General*. The Series Trustee shall keep proper books of record and account of all the transactions of each Series under these Standard Terms and Conditions at its Unit Investment Trust office, including a record of the Units issued by each Series, and such books and records of each Series shall be open to inspection by any Unit holder of such Series at all reasonable times during the usual business hours. The Series Trustee shall make such annual or other reports, including, subject to the provisions of Section 3.17 hereof, tax filings and reportings, as may from time to time be required under any applicable state or federal statute or rule or regulations thereunder. Pursuant to Section 6.01(e)(1) and subject to Section 3.17, the Series Trustee is authorized to employ accountants and other agents as it deems necessary for the preparation of such reports and the expense of such accountants and agents shall be reimbursable to the Series Trustee in accordance with Section 6.04.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) *Audit of* Series *Accounts*. Unless the Depositor determines that such an audit is not required, the accounts of the Series shall be audited not less than annually by independent public accountants designated from time to time by the Depositor and the Series Trustee and the reports of such accountants shall be furnished upon request to Unit holders. So long as the Depositor is making a secondary market for Units, the Depositor shall bear the cost of such annual audits to the extent such cost exceeds that amount set forth in the Prospectus for a Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) *Costs of Updating of Registration Statement*. If provided for in the Prospectus for a Series, the Series Trustee shall pay, or reimburse to the Depositor, the expenses related to the updating of the Series' registration statement, to the extent of legal fees, typesetting fees, electronic filing expenses and regulatory filing fees. Such expenses shall be paid by the Series Trustee from the Income Account, or to the extent funds are not available in such Account, from the Capital Account, against an invoice or invoices therefor presented to the Series Trustee by the Depositor. By presenting such invoice or invoices, the Depositor shall be deemed to certify, upon which certification the Series Trustee is authorized conclusively to rely, that the amounts claimed therein are properly payable pursuant to this paragraph. The Depositor shall provide the Series Trustee, from time to time as requested, an estimate of the amount of such expenses, which the Series Trustee shall use for the purpose of estimating the accrual of Series expenses. The amount paid by the Series pursuant to this paragraph in each year shall be separately identified in the annual statement provided to Unit holders. The Depositor shall cause the Prospectus for the Series to contain such disclosure as shall be necessary to permit payment by the Series of the expenses contemplated by this paragraph under applicable laws and regulations. The provisions of this paragraph shall not limit the authority of the Series Trustee to pay, or reimburse to the Depositor or others, such other or additional expenses as may be determined to be payable from the Series as provided in this Section 6.02.

*Section 6.03. Standard Terms and Conditions and List of Securities on File*. The Series Trustee shall keep a certified copy or duplicate original of these Standard Terms and Conditions on file at its Unit Investment Trust office available for inspection at all reasonable times during the usual business hours by any Unit holder, together with a current list of the Securities in each Series.

 *Section 6.04. Compensation, Reimbursement and Indemnification of the Trustee*. The Series Trustee shall receive at the times set forth in Section 3.05, as compensation for performing ordinary, normal and recurring services under these Standard Terms and Conditions, an amount calculated at the annual compensation rate stated in the Series Trust Agreement. During the initial offering period, as determined in Section 4.01 of these Standard Terms and Conditions, such fee shall be calculated based on the largest number of Units outstanding during the period for which the compensation is paid. Thereafter, and for the remainder of the calendar year, such fee shall be calculated based on the number of Units at the opening of business on the first Business Day after the end of the initial offering period. In each instance, such annual fee shall be prorated for any calendar year in which the Series Trustee provides services described herein during less than the whole of such year. For Series no longer in the initial offering period as of the beginning of a calendar year, such fee shall be calculated based on the number of Units outstanding at the opening of business on the first Business Day of such calendar year. The Series Trustee may from time to time adjust its compensation as set forth above, *provided* that total adjustment upward does not, at the time of such adjustment, exceed the percentage of the total increase, after the date hereof, in consumer prices for services as measured by the United States Department of Labor Consumer Price Index entitled "All Services Less Rent of Shelter" or similar index, if such index should no longer be published. The consent or concurrence of any Unit holder hereunder shall not be required for any such adjustment or increase. Such compensation shall be charged by the Series Trustee against the Income and Capital Accounts of each Series at the times set forth in Section 3.05(I) or otherwise specified herein. For avoidance of doubt, the ordinary, normal and recurring services performed by the Series Trustee and compensated pursuant to this paragraph do not include services as broker or dealer in connection with the execution of the purchase and sale of securities, services in connection with foreign exchange transactions or services as local custodian with respect to assets held in custody outside the United States. In the event the Series Trustee or any affiliate of the Series Trustee performs services which are in addition to the Series Trustee's ordinary, normal and recurring services (including, without limitation, the services specified in the preceding sentence), the Series Trustee or such affiliate may receive compensation for such services as agreed upon with the Depositor (if engaged by the Depositor) or otherwise at standard rates, commissions, markups or concessions, without reduction of the compensation the Series Trustee is entitled to pursuant to this paragraph.

The Series Trustee shall charge the Income and Capital Accounts for any and all expenses and disbursements incurred for the account of a Series hereunder, including, but not limited to, legal, tax accounting and reporting and auditing expenses, including, but not limited to, the fees and expenses of attorneys, accountants and other advisors engaged by the Depositor or the Series Trustee, license fees, if any, expenses incurred in connection with communications to Unit holders, and for any extraordinary services performed hereunder, which extraordinary services shall include but not be limited to all costs and expenses incurred by the Series Trustee in making any annual or other reports or other documents referred to in Section 6.02; *provided, however,* that the amount of any such charge which has not been finally determined as of any Record Date may be estimated and any necessary adjustments shall be made, *provided, further,* that if the balances in the Income and Capital Accounts shall be insufficient to provide for amounts payable pursuant to this Section 6.04, the Series Trustee shall sell Securities in the manner provided in Section 5.02. The Series Trustee shall not be liable or responsible in any way for depreciation or loss incurred by reason of any such sale. Notwithstanding the previous provisions, to the extent the cash balance of the Income and Capital Accounts are insufficient for the payment of Series expenses and disbursements when due, when directed by the Depositor, the Series Trustee shall advance out of its own funds and deposit in and credit to the Income or Capital Account, as appropriate, the amount or amounts required for the payment thereof; *provided, however,* that the Series Trustee shall not be required to advance more than $15,000 for such purpose. The Series Trustee shall be entitled to be reimbursed without interest from the Income Account or Capital Accounts when funds are next available therein, but not later than upon the receipt of proceeds from the sale or exercise of options or other securities held as Series assets. The Series Trustee shall be deemed to be the beneficial owner of the assets of the Series Fund to the extent of any such advances pursuant to this paragraph; amounts payable to the Series Trustee in respect of such advances shall be secured by a lien on the Series Fund prior to the interests of Unit holders or any other Person.

The Series Trustee shall be indemnified ratably by the affected Series and held harmless against any loss or liability accruing to it without negligence, bad faith or willful misconduct on its part, arising out of or in connection with the acceptance or administration of this Series, including the costs and expenses (including counsel fees) of defending itself against any claim of liability in the premises, and including any loss, liability or expense incurred in acting pursuant to written directions to the Series Trustee given by the Depositor from time to time in accordance with the provisions of these Standard Terms and Conditions or in undertaking actions from time to time which the Series Trustee deems necessary in its discretion to protect the Series and the rights and interests of the Unit holders pursuant to the terms of these Standard Terms and Conditions. The Series Trustee's right to indemnification shall survive its resignation or removal pursuant to Section 6.05.

The Series Trustee and its affiliates may perform services in any capacity for any exchange traded fund, investment company, investment trust or other entity whose shares are held as an asset of the Series, and the Series Trustee shall be entitled to receive the compensation due to it under these Standard Terms and Conditions, without reduction, notwithstanding that the Series Trustee or its affiliate is receiving compensation for services to such exchange traded fund, investment company, investment trust or other entity.

All monies payable to the Series Trustee under this Section 6.04 shall be secured by a lien on the Series Fund prior to the interest of Unit holders or any other Person.

 *Section 6.05. Removal and Resignation of Series Trustee; Successor*. The following provisions shall provide for the removal and resignation of the Series Trustee and the appointment of any successor trustee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) Any successor trustee appointed hereunder shall execute, acknowledge and deliver to the Depositor and to the resigning or removed Series Trustee an instrument accepting such appointment hereunder, and such successor trustee without any further act, deed or conveyance shall become vested with all the rights, powers and duties and obligations of its predecessor hereunder with like effect as if originally named Series Trustee herein and shall be bound by all the terms and conditions of these Standard Terms and Conditions. Upon the request of such successor trustee, the Depositor and the resigning or removed Series Trustee shall, upon payment of any amounts due the resigning or removed Series Trustee, or provision therefor to the satisfaction of such resigning or removed Series Trustee, execute and deliver an instrument acknowledged by it transferring to such successor trustee all the rights and powers of the resigning or removed Series Trustee; and the resigning or removed Series Trustee shall transfer, deliver and pay over to the successor trustee all Securities and moneys at the time held by it hereunder, together with all necessary instruments of transfer and assignment or other documents properly executed necessary to effect such transfer and such of the records or copies thereof maintained by the resigning or removed Series Trustee in the administration hereof as may be requested by the successor trustee, and shall thereupon be discharged from all duties and responsibilities under these Standard Terms and Conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) In case at any time the Series Trustee shall resign and no successor trustee shall have been appointed and have accepted appointment within thirty days after notice of resignation has been received by the Depositor, the resigning Series Trustee may forthwith apply to a court of competent jurisdiction for the appointment of a successor trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a successor trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d) Any corporation or other entity into which any trustee hereunder maybe merged or with which it may be consolidated, or any corporation or other entity resulting from any merger or consolidation to which any trustee hereunder shall be a party, shall be the successor trustee under these Standard Terms and Conditions without the execution or filing of any paper, instrument or further act to be done on the part of the parties hereto, anything herein, or in any agreement relating to such merger or consolidation, by which any such trustee may seek to retain certain powers, rights and privileges theretofore obtaining for any period of time following such merger or consolidation, to the contrary notwithstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e) Any resignation or removal of the Series Trustee and appointment of a successor trustee pursuant to this Section shall become effective upon acceptance of appointment by the successor trustee as provided in subsection (b) hereof. The Series Trustee's and each successor Series Trustee's right to indemnification shall survive its resignation or removal.

 *Section 6.06. Qualifications of Series Trustee*. The Series Trustee shall be an entity organized and doing business under the laws of the United States or any state thereof, which is authorized under such laws to exercise corporate trust powers and having at all times aggregate capital, surplus and undivided profits of not less than $5,000,000.

**Article VII**

**Rights of Unit Holders**

 *Section 7.01. Beneficiaries of Series*. By the purchase and acceptance or other lawful delivery and acceptance of any Unit, the Unit holder shall be deemed to be a beneficial owner within the meaning of the Delaware Statutory Trust Act. All Units of a Series when issued and paid for in accordance with the Series Trust Agreement shall be validly issued, fully paid and non-assessable, and the Unit holders are entitled to the limitation of liability set forth in Section 3803(a) of the Delaware Statutory Trust Act.

 *Section 7.02. Rights, Terms and Conditions*. In addition to the other rights and powers set forth in the other provisions and conditions of these Standard Terms and Conditions, the Unit holders shall have the following rights and powers and shall be subject to the following terms and conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) A Unit holder may at any time prior to the Series Trustee's close of business as of the date on which the Series is dissolved tender his or her Units to the Series Trustee for redemption, subject to and in accordance with Section 5.02;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) The death or incapacity of any Unit holder shall not operate to terminate these Standard Terms and Conditions or a related Series, nor entitle his legal representatives or heirs to claim an accounting or to take any action or proceeding in any court of competent jurisdiction for a partition or winding up of the Series, nor otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. Each Unit holder expressly waives any right he may have under any rule of law, of the provisions of any statute, or otherwise, to require the Series Trustee at any time to account, in any manner other than as expressly provided in these Standard Terms and Conditions, in respect of the Securities or moneys from time to time received, held and applied by the Series Trustee hereunder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) No Unit holder shall have any right to vote or in any manner otherwise control the operation and management of the Series Fund, a related Series, or the obligations and management of the Series Fund, or the obligations of the parties hereto, nor shall anything herein set forth be construed so as to constitute the Unit holders from time to time as partners or members of an association.

**Article VIII**

**Additional Covenants; Miscellaneous Provisions**

 *Section 8.01. Amendments*. These Standard Terms and Conditions may be amended from time to time by the Depositor and the Series Trustee, or their respective successors, without the consent of any of the Unit holders: (a) to cure any ambiguity or to correct or supplement any provision contained herein which may be defective or inconsistent with any other provision contained herein; or (b) to make such other provision regarding matters or questions arising hereunder as shall not materially adversely affect the interests of the Unit holders; *provided, however,* that in no event may any amendment be made which would adversely affect the characterization of any Series as a grantor trust for federal income tax purposes with respect to any Series which is a widely held fixed investment trust as defined in Treas. Reg. Section 1.671-5(b)(22). These Standard Terms and Conditions may not be amended, however, without the consent of all Unit holders then outstanding, so as (1) to permit, except in accordance with the terms and conditions hereof, the acquisition hereunder of any Securities other than those specified in Schedule A to the Series Trust Agreement, or (2) to reduce the aforesaid percentage of Units the holders of which are required to consent to such amendment. Further, these Standard Terms and Conditions may not be amended so as to reduce the interest in the Series represented by Units without the consent of all affected Unit holders.

It shall not be necessary for the consent of Unit holders under this Section 8.01 to approve the particular form of any proposed amendment, but it shall be sufficient if such consent shall approve the substance thereof. The manner of obtaining such consents and of evidencing the authorization of the execution thereby by Unit holders shall be subject to such reasonable regulations as the Series Trustee may prescribe.

Unless the Depositor otherwise directs, notice of any such amendment shall be included in the annual statement provided pursuant to Section 3.06.

 *Section 8.02. Dissolution*. Each Series shall dissolve upon the maturity, redemption, sale or other disposition as the case may be of the last Security held in such Series hereunder unless sooner dissolved as hereinbefore specified, and may be dissolved at any time by the written consent of 100% of the Unit holders of the respective Trust; *provided* that in no event shall any Series continue beyond the Mandatory Dissolution Date, except to wind up its affairs. Upon the date of dissolution, the registration books of the Series Trustee shall be closed. Upon dissolution, the Series shall be wound-up by the Series Trustee at the written direction of the Depositor in accordance with Sections 3808(f) and 3808(g) of the Delaware Statutory Trust Act and, to the extent not inconsistent with such Section, these Standard Terms and Conditions. Upon such winding up of the Series, the Series shall terminate.

In the event of any dissolution of the Series prior to the Mandatory Dissolution Date, the Series Trustee shall proceed to liquidate the Securities then held and make the payments and distributions provided for hereinafter in this Section 8.02, except that in such event, the distribution to each Unit holder shall be made in cash and shall be such Unit holder's pro rata interest in the balance of the Income and Capital accounts after the deductions herein provided. .

In the event that the Series shall dissolve on the Mandatory Dissolution Date, the Series Trustee shall, at least thirty days prior to the Mandatory Dissolution Date, send a written notice to the Depository Trust Company (a *"Mandatory Dissolution Notice"*). If such Trust is a regulated investment company, and such Unit holder owns at least the minimum number of Units of such Series set forth in Part II of the Series Trust Agreement (unless the Series Trust Agreement provides that no Unit holder shall be eligible for an in-kind distribution), the Mandatory Dissolution Notice shall further indicate that such Unit holder may elect to receive an in-kind distribution of such Unit holder's pro rata share of the Securities, to the extent of whole shares. If requested by the Depositor, the Series Trustee shall further indicate in the Mandatory Dissolution Notice that such Unit holder may elect (such election, a *"New Investment Election"*) to apply the cash distribution that such Unit holder would otherwise receive upon the dissolution and liquidation such Series under this Section 8.02 to purchase units of another unit investment trust then offered by the Depositor for which the Series Trustee acts as trustee (a *"New Unit Investment Trust"*) on the terms and conditions specified in the Mandatory Dissolution Notice. The Depositor shall determine and provide to the Series Trustee the terms and conditions of the New Investment Election and shall be solely responsible for those terms and conditions. The Series Trustee will honor duly executed requests for in-kind distributions and New Investment Elections received by the close of business ten Business Days prior to the Mandatory Dissolution Date. Unit holders who do not effectively request an in-kind distribution or effectively make a New Investment Election shall receive their distribution upon dissolution in cash. In applying the cash distribution otherwise payable to a Unit holder pursuant to such Unit holder's New Investment Election, the Series Trustee is acting solely as a disbursing agent for such Unit holder in connection with such Unit holder's purchase of units of a New Unit Investment Trust from the Depositor, and the Series Trustee is not acting as, and shall not be deemed to be acting as, a broker in connection with such transactions. The Series Trustee shall have no responsibility for any loss or depreciation resulting from any New Investment Election made in accordance with this paragraph, or for any failure by the Depositor to (i) request that the Series Trustee make the New Investment Election available or (ii) offer units of a New Unit Investment Trust for purchase under the New Investment Election. Each Unit holder making a request for in-kind distribution or making a New Investment Election shall indemnify the Series Trustee and the Depositor for, and hold them harmless against, any and all losses, claims, damages, liabilities, expenses (including reasonable attorneys' fees and costs), judgments, fines, settlements, demands, actions, or suits related to or arising from any act or omission of the Series Trustee or Depositor taken pursuant to this Section 8.02 related to such Unit holder's in-kind distribution or New Investment Election. The provisions of the preceding sentence shall survive the termination of the Series.

Commencing no earlier than the Business Day following that date on which Unit holders must submit to the Series Trustee notice of their request to receive an in-kind distribution of Securities at dissolution, the Series Trustee will liquidate the Securities not segregated for in-kind distributions during such period and in such daily amounts as the Depositor shall direct. The Depositor shall direct the liquidation of the Securities in such manner as to effectuate orderly sales and a minimal market impact. In the event the Depositor does not so direct, the Securities shall be sold within a reasonable period and in such manner as the Series Trustee, in its sole discretion, shall determine. The Series Trustee shall not be liable for or responsible in any way for depreciation or loss incurred by reason of any sale or sales made in accordance with the Depositor's direction or, in the absence of such direction, in the exercise of the discretion granted by this Section 8.02. The Series Trustee shall deduct from the proceeds of these sales and pay any tax or governmental charges and any brokerage commissions in connection with such sales. Amounts received by the Series Trustee representing the proceeds from the sales of Securities shall be credited to the Capital Account.

On the first Business Day following receipt of all proceeds of sale of the Securities, the Series Trustee shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) deduct from the Income Account of such Series or, to the extent that funds are not available in such Account of such Series, from the Capital Account of such Series, and pay to itself individually an amount equal to the sum of (i) its accrued compensation for its ordinary recurring services, (ii) any compensation due it for its extraordinary services in connection with such Series, and (iii) any costs, expenses or indemnities in connection with such Series as provided herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) deduct from the Income Account of such Series or, to the extent that funds are not available in such Account, from the Capital Account of such Series, and pay accrued and unpaid fees of the Portfolio Supervisor, the Depositor and counsel in connection with such Series, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) deduct from the Income Account of such Series or the Capital Account of such Series any amounts which the Depositor shall determine to be required to be deposited in the Reserve Account to provide for payment of any applicable taxes or other governmental charges and any other amounts which may be required to meet expenses incurred under these Standard Terms and Conditions in connection with such Series and, if a Series contains options, what amount, if any, shall be added to the Reserve Account to be applied to the settlement of, or any other liability arising from, the options;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d) make final distributions from the Series, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) to each Unit holder requesting an in-kind distribution (y) such Unit holder's pro rata portion of each of the Securities segregated for distribution in-kind, in whole shares, and (z) cash equal to such Unit holder's pro rata portion of the Income and Capital Accounts as follows: (1) a pro rata portion of the net proceeds of sale of the Securities representing any fractional shares included in such Unit holder's pro rata share of the Securities and (2) such other cash as may properly be included in such Unit holder's pro rata share of the sum of the cash balances of the Income and Capital Accounts less deduction of the fees and expenses and other amounts specified in this Section 8.02 and less deduction of the Series Trustee's cost of registration and delivery of such Unit holder's Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) to each Unit holder receiving a distribution in cash, such holder's pro rata share of the cash balances of the Income and Capital Accounts, *provided,* that if such holder made an effective New Investment Election, the Series Trustee shall, as disbursing agent for such holder, apply such distribution in accordance with the terms and conditions of such New Investment Election;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii) at such time as the Depositor shall determine and on the conditions set forth in Section 3.04 hereof, to all Unit holders, their pro rata share of the balance of the Reserve Account.

To the extent possible, in-kind distributions of Securities shall be made by the Series Trustee through the distribution of each of the Securities in book-entry form to the account of the Unit holder's bank or broker-dealer at the Depository Trust Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e) together with such distribution to each Unit holder as provided for in (d), provide the Depository Trust Company the dollar amount per Unit distributed from each Account in substantially the manner provided for in Section 3.06 hereof.

To the fullest extent permitted by law, the Series Trustee shall be under no liability with respect to moneys held by it in the Income, Reserve and Capital Accounts of a Series upon dissolution except to hold the same in trust within the meaning of the Investment Company Act of 1940, until disposed of in accordance with the terms of these Standard Terms and Conditions. All such moneys shall be held by Series Trustee for the account of the Series without interest.

Funds held or received by the Series subsequent to the dissolution distribution described above (including, but not limited to, residual funds remaining after payment of expenses estimated in the calculation of such dissolution distribution and amounts received by the Series subsequent to dissolution) shall be distributed to Unit holders within a reasonable time following the final determination of such expenses or receipt of the funds, as applicable, less reimbursement to the Series Trustee of the cost of such distribution, *provided, however,* that if, because of the smallness of the amount or otherwise, the Series Trustee determines that the funds cannot effectively be distributed, the funds shall be escheated by the Series Trustee in accordance with applicable law. The Series Trustee shall not be liable to any Unit holder or other Person for any such determination made in good faith.

To the fullest extent permitted by law, none of the Series Trustee, the Depositor or the Portfolio Supervisor shall have any liability to any Unit holder or any other Person for the failure to reserve funds for claims which were not reasonably foreseeable based on the facts known to the Depositor at the time a Series dissolves and terminates. None of the Series Trustee, the Depositor or the Portfolio Supervisor, or their respective officers, directors, trustees, shareholders, agents, partners or employees, shall be liable to any Person for liabilities arising from the administration of a Series or from its assets; for all such liabilities, Persons transacting with the Series Trustee, the Depositor or the Portfolio Supervisor, acting in their representative capacity for the account of the Series, shall have recourse solely to the assets of the Series Fund then in the custody of the Series Trustee or other custodian of Series assets.

 *Section 8.03. Construction*. The validity and construction of these Standard Terms and Conditions and all amendments hereto shall be governed by the laws of the State of Delaware, and the rights of all parties hereto and the effect of every provision hereof shall be subject to and construed according to the laws of the State of Delaware without regard to the conflicts of law provisions thereof; *provided, however,* that the parties hereto and the Unit holders intend that the provisions hereof shall control over any contrary or limiting statutory or common law of the State of Delaware (other than the Delaware Statutory Trust Act) and that, to the maximum extent permitted by applicable law, there shall not be applicable to the Master Trust, the Depositor, the Series Trustee, the Unit holders or these Standard Terms and Conditions any provision of the laws (statutory or common) of the State of Delaware (other than the Delaware Statutory Trust Act) pertaining to trusts which relate to or regulate in a manner inconsistent with the terms hereof: (a) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (b) affirmative requirements to post bonds for trustees, officers, agents, or employees of a trust, (c) the necessity for obtaining court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (d) fees or other sums payable to trustees, officers, agents or employees of a trust, (e) the allocation of receipts and expenditures to income or principal, (f) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets, (g) the existence of rights or interests (beneficial or otherwise) in trust assets, (h) the ability of beneficial owners or other Persons to terminate or dissolve a trust, or (i) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers of trustees or beneficial owners that are inconsistent with the limitations on liability or authorities and powers of the Series Trustee or the Unit holders set forth or referenced in these Standard Terms and Conditions. Sections 3540, 3542 and 3561 of Title 12 of the Delaware Code shall not apply to these Standard Terms and Conditions.

The United States District Court for the Southern District of New York will have non-exclusive jurisdiction over any lawsuit or other judicial proceeding relating to or arising from these standard terms and conditions and each of the parties agree that this court will have proper venue for any such lawsuit or judicial proceeding, and the parties waive any objection to venue or their convenience as a forum. The parties agree to submit to the jurisdiction of any of the courts specified and to accept service of process to vest personal jurisdiction over them in this court. The parties further hereby knowingly, voluntarily and intentionally waive, to the fullest extent permitted by applicable law, any right to a trial by jury with respect to any such lawsuit or judicial proceeding arising or relating to this agreement or the transactions contemplated hereby.

 *Section 8.04. Registration of Units*. The Depositor agrees and undertakes on its own part to register the Units with the Securities and Exchange Commission or other applicable governmental agency, federal or state, pursuant to applicable federal or state statutes, if such registration shall be required, and to do all things that may be necessary or required to comply with this provision during the term of each Series created hereunder, and the Series Trustee shall incur no liability or be under any obligation or expenses in connection therewith.

 *Section 8.05. Written Notice*. Any notice, demand, direction or instruction to be given to the Depositor hereunder shall be in writing and shall be duly given if mailed or delivered to the Depositor, 120 East Liberty Drive, Suite 400, Wheaton, Illinois 60187, or at such other address as shall be specified by the Depositor to the other parties hereto in writing.

Any notice, demand, direction or instruction to be given to the Series Trustee shall be in writing and shall be duly given if delivered to the Unit Investment Trust Offices of the Series Trustee, 240 Greenwich Street, New York, New York 10286, or to such other address as shall be specified by the Series Trustee to the other parties hereto in writing.

Any notice, demand, direction or instruction to be given to the Portfolio Supervisor shall be in writing and shall be duly given if mailed or delivered to the Portfolio Supervisor at 120 East Liberty Drive, Suite 400, Wheaton, Illinois 60187, or at such other address as shall be specified by the Portfolio Supervisor to the other parties hereto in writing.

Notwithstanding the preceding, any notice or other instrument in writing which is authorized or required by these Standard Terms and Conditions to be given shall be sufficiently given to the Depositor, Series Trustee or Portfolio Supervisor (but not to the Unit holders) if sent by "Electronic Means" (meaning telecopy, e-mail or other electronic means of communication including "electronic transmission" as defined in the Delaware Statutory Trust Act, with the means of transmission and address or addresses to be as specified by the recipient), inasmuch as such sufficiency is previously agreed to by the Depositor, Series Trustee or Portfolio Supervisor.

Any notice to be given to the Unit holders shall be duly given if mailed by first class mail with postage prepaid to the Unit holder at the address of such holder appearing on the registration books of the Series Trustee or, if the Unit holder is Depository Trust Company (or its nominee, Cede & Co.), delivered to Depository Trust Company in accordance with its customary procedures.

 *Section 8.06. Severability*. If any one or more of the covenants, agreements, provisions or terms of these Standard Terms and Conditions shall be held contrary to any express provision of law or contrary to policy of express law, though not expressly prohibited, or against public policy, or shall for any reason whatsoever be held invalid, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of these Standard Terms and Conditions and shall in no way affect the validity or enforceability of the other provisions of these Standard Terms and Conditions or the rights of the Unit holders.

 *Section 8.07. Dissolution of Depositor Not to Terminate*. The dissolution of the Depositor for any cause whatsoever shall not operate to terminate these Standard Terms and Conditions or any Series insofar as the duties and obligations of the Series Trustee are concerned.

In Witness Whereof, First Trust Portfolios L.P., The Bank of New York Mellon and First Trust Advisors L.P. have each caused these Standard Terms and Conditions of Trust 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.

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|:---|
| First Trust Portfolios L.P., Depositor |
| By: |
| &nbsp;&nbsp;&nbsp;&nbsp;Name:<u> </u> |
| &nbsp;&nbsp;&nbsp;&nbsp;Title: |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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|:---|
| The Bank of New York Mellon, Series Trustee |
| By:<u> </u> |
| &nbsp;&nbsp;&nbsp;&nbsp;Name: |
| &nbsp;&nbsp;&nbsp;&nbsp;Title: |

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| |
|:---|
| First Trust Advisors L.P., Portfolio Supervisor |
| By:<u> </u> |
| &nbsp;&nbsp;&nbsp;&nbsp;Name:<u> </u> |
| &nbsp;&nbsp;&nbsp;&nbsp;Title: |

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[Signature Page to Standard Terms and Conditions of Trust]

## Ex-99.A1

<u>Delaware</u>

The First State

***I, CHARUNI PATIBANDA-SANCHEZ, SECRETARY OF STATE OF THE STATE OF DELAWARE, DO HEREBY CERTIFY THE ATTACHED IS A TRUE AND CORRECT COPY OF THE CERTIFICATE OF STATUTORY TRUST REGISTRATION OF "FTP SERIES", FILED IN THIS OFFICE ON THE TWENTY-FIRST DAY OF NOVEMBER, A.D. 2025, AT 3:37 O`CLOCK P.M.***

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| | | |
|:---|:---|:---|
| 10412975 8100<br>SR# 20254645736 | ![](image_001.jpg) | ![](image_001.gif) |
| 10412975 8100<br>SR# 20254645736 | ![](image_001.jpg) |  |
| You may verify this certificate online at corp.delaware.gov/authver.shtml | You may verify this certificate online at corp.delaware.gov/authver.shtml | Authentication: 205404715<br> Date: 11-24-25 |

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State of Delaware<br> Secretary of State<br> Division of Corporations<br> Delivered 03:37PM11121/2025<br> FILED 03:37 PM11/21/2025<br> SR 20254645736 - File Number 10412975

CERTIFICATE OF TRUST<br> OF<br> FTP Series

This Certificate of Trust of FTP Series (the "Trust") is being duly executed and filed on behalf of the Trust by the undersigned, as trustee, to form a statutory trust under the Delaware Statutory Trust Act (12 Del. C. Section 3801 et seq.) (the "Act").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Name</u>. The name of the statutory trust formed hereby is FTP Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Registered Office; Registered Agent</u>. The address of the Trust's registered office in the State of Delaware is 251 Little Falls Drive, Wilmington, DE 19808. The name of the Trust's registered agent at such address is Corporation Service Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Investment Company</u>. The Trust will be a registered investment company under the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Series</u>. Pursuant to Section 3806(b)(2) of the Act, the Trust shall issue one or more series of beneficial interests (each a "Series") having the rights and preferences set forth in the governing instrument of the Trust, as the same may be amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Notice of Limitation of Liabilities of each Series</u>. Pursuant to Section 3804(a) of the Act, there shall be a limitation on liabilities of each Series such that (a) the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to a particular Series shall be enforceable against the assets of such Series only, and not against the assets of the Trust generally or the assets of any other Series thereof and (b) none of the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to the Trust generally or any other Series thereof shall be enforceable against the assets of such Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Effective Date</u>. This Certificate of Trust shall be effective upon filing.

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| | | |
|:---|:---|:---|
|  | THE BANK OF NEW YORK MELLON,<br> not individually but solely as Trustee | THE BANK OF NEW YORK MELLON,<br> not individually but solely as Trustee |
| By: | /s/ Rosalia A. Koopman | /s/ Rosalia A. Koopman |
|  | Name: | Rosalia A. Koopman |
|  | Title: | Senior Director |

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## Ex-99.A11

**FIRST TRUST ADVISORS L.P.<br> FIRST TRUST PORTFOLIOS L.P.<br> CODE OF ETHICS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **STATEMENT OF GENERAL PRINCIPLES** 

This Code of Ethics is being adopted by First Trust Advisors L.P. (*"FTA"*) and First Trust Portfolios L.P. (*"FTP*" and, together with FTA, the *"Companies"*), The FT Series (formerly known as The First Trust Special Situations Trust), The First Trust Combined Series, The First Trust of Insured Municipal Bonds, The First Trust GNMA, the FTP Series and The First Trust of Insured Municipal Bonds - Multi-State in recognition of the fact that (i) FTA owes a fiduciary duty of loyalty at all times to Clients, including investment companies for which FTA provides investment advisory services, to act in the best interests of Clients and always place the Clients' interest first and foremost and (ii) FTP owes a duty at all times to place the interests of Clients first including investment companies for which FTP acts as sponsor or distributor and the Unit holders or shareholders thereof. In recognition of such duties it is each Company's policy that the personal securities transactions and other activities of each Company's personnel be conducted consistent with this Code of Ethics and in such a manner as to avoid any actual or potential conflict of interest or any abuse of an individual's position of trust and responsibility that could occur through such activities including, taking an investment opportunity from the Client for an employee's own portfolio, insider trading or front-running Clients or investment company securities trades. It is also each Company's policy that such Company personnel should not take inappropriate advantage of their position with respect to Clients and that such personnel should avoid any situation that might compromise, or call into question, their exercise of fully independent judgment in the interest of Clients. This Code of Ethics does not attempt to identify all possible conflicts of interest, and literal compliance with each of its specific provisions will not shield Supervised Persons from liability for personal trading or other conduct that violates a fiduciary duty to advisory clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. DEFINITIONS

For Purposes of this Code of Ethics:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. *"Access Person"* shall mean, with respect to FTP, any partner, officer, or employee of FTP who in the ordinary course of business makes, participates in or obtains information regarding the purchase or sale of securities for a Client's portfolio or whose functions or duties as part of the ordinary course of business relate to the making of any recommendation regarding the purchase or sale of securities for a Client and, with respect to FTA, any officer, employee or partner of FTA and any Supervised Person who (1) has access to nonpublic information regarding any Clients' purchase or sale of securities, or nonpublic information regarding the portfolio holdings of any Reportable Fund; or (2) is involved in making securities recommendations to Clients, or who has access to such recommendations that are nonpublic; or (3) in connection with his or her regular functions or duties makes, participates in, or obtains information regarding, the purchase or sale of securities by a Client or whose functions relate to the making of any such recommendations with respect to such purchase or sales. An Access Person includes, but is not limited to, all personnel in each Company's Research, New Products, Equity Trading, Unit Investment Trust Trading, Portfolio and Product Management, Institutional Separate Accounts, Evaluations, Marketing, Trust Administration, Accounting, Fund Accounting, Tax, Compliance, Legal, Corporate Publishing, Economic and Market Analysis, Information Systems and Investment Advisory Departments and any and all supervisors thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. *"Client"* shall mean (i) with respect to FTA, any client of FTA, including separate managed accounts and any Reportable Fund, and (ii) with respect to FTP, any open-end management investment company for which FTP acts as distributor and any Trust for which FTP acts as sponsor or principal underwriter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. *"Company"* shall mean First Trust Advisors L.P. or First Trust Portfolios L.P., as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. *"ETFs"* shall mean exchange-traded funds, including both exchange-traded funds that are open-end investment companies or unit investment trusts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. *"Investment Person*" shall mean any Access Person of a Company who in connection with his or her regular functions or duties makes, participates in or executes decisions regarding the purchase or sale of securities for a Client's portfolio and includes, but is not limited to, all personnel in a Company's Research, New Products, Equity Trading, UIT Trading, Institutional Trading, Portfolio and Product Management, Trust Administration, Evaluations, Capital Markets, Advisor Direct, Leveraged Finance, Rotational Training and Investment Advisory Departments and any and all supervisors thereof. Each person designated as an Investment Person is therefore also designated as an Access Person for purposes of this Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. *"Reportable Fund*" shall have the same meaning as it does in Rule 204A-1 and generally means (1) any fund for which FTA serves as an investment adviser (including sub- adviser), including closed-end funds and open-end funds, (2) any fund whose investment adviser or principal underwriter controls FTA, is controlled by FTA, or is under common control with FTA, or (3) any Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. *"Shareholder"* shall mean the holder of any share of any management investment company for which FTP acts as distributor or principal underwriter or for which FTA acts as investment adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. *"Supervised Person"* shall include any of a Company's officers, partners, employees or any other person who is subject to the supervision and control of the Company, as well as any other person designated by such Company's Chief Compliance Officer. All Access Persons and Investment Persons are also considered Supervised Persons. "Supervised Person Level 1" shall include any Supervised Person in the Cashiering, Event Planning, Fulfillment or Human Resources Departments and any and all supervisors thereof. "Supervised Person Level 2" shall include any Supervised Person in the Wholesaling or Client Services Departments, as well as Key Accounts, FTP ETFs, 401(K) Sales, IS-Sales, Sales Operations, Separate Accounts, Structured Products and any and all supervisors thereof.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. *"Trust"* shall mean any unit investment trust sponsored by FTP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. *"Unit holder"* shall mean the holder of any unit of any Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. STANDARDS OF BUSINESS CONDUCT

Each Company and all of its Supervised Persons shall at all times comply and adhere to the following standards of business conduct which reflect such Company's and all Supervised Persons' obligations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Federal Securities Laws</u>. Each Company and all Supervised Persons must at all times comply with applicable federal securities laws, including the Securities Act of 1933, the Securities Exchange Act of 1934, the Sarbanes-Oxley Act of 2002, the Investment Company Act of 1940, the Investment Advisers Act of 1940, Title V of the Gramm-Leach Bliley Act, any rules adopted by the Securities and Exchange Commission under any of these statutes, the Bank Secrecy Act as it applies to funds and investment advisers, and any applicable rules adopted thereunder by the Commission or the Department of the Treasury. In connection with this standard of business conduct, Supervised Persons shall not, in connection with the purchase or sale, directly or indirectly, of a security held or to be acquired by a Client:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Defraud such Client in any manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Mislead such Client, including by making any untrue statement of a material fact or making a statement that omits material facts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Engage in any act, practice or course of conduct which operates or would operate as a fraud or deceit upon such Client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Engage in any manipulative practice with respect to such Client; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Engage in any manipulative practice with respect to securities, including price manipulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Conflicts of Interest</u>. As a fiduciary, FTA has an affirmative duty of care, loyalty and honesty and good faith to act in the best interests of Clients. Supervised Persons can fulfill this duty by trying to avoid conflicts of interest and by fully disclosing all material facts with respect to any conflicts that may arise. Specific types of undisclosed conflicts of interest that are prohibited include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Conflicts among different Client accounts or favoring one account over another; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Competition with trading in Client accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Insider Trading</u>. In accordance with each Company's Insider Trading Policy, all Supervised Persons are prohibited from trading, either for their own accounts or on behalf of others, while in possession of material, non-public information as well as communicating material non-public information to others. Refer to Section 11 of FTA's Compliance Manual and Part III of FTP's Compliance Manual.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. <u>Personal Securities Transactions</u>. All Supervised Persons shall comply with the policies and procedures included in this Code of Ethics with respect to personal securities transactions.

IV. PROHIBITED PRACTICES

In furtherance of the policies set forth in Section I above, the following practices shall be prohibited:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. No Supervised Person shall purchase any security during the initial public offering of such security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. No Supervised Person shall purchase any security in a private placement transaction unless the purchase has been approved **in writing and in advance** by the Compliance Department. In considering whether to approve any such transaction, the Compliance Department shall take into account, among other factors, whether the investment opportunity should be reserved for Clients, including any Unit holders, Shareholders, Reportable Funds or proposed Trusts and whether the opportunity is being offered to an individual by virtue of his or her position. Any Supervised Person who has been authorized to acquire securities in a private placement shall disclose that investment to the Compliance Department before he or she takes part in a subsequent consideration of any Client's investment in that issuer, and the decision to include securities of such issuer in a Client shall be subject to independent review by the Compliance Department of the Companies. The Compliance Department shall maintain a written record of any approvals granted hereunder including the reasons supporting such approvals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. No Access Person shall purchase or sell any security prior to the initial public offering period of a Trust which it is proposed may contain that security in its portfolio. No Access Person shall purchase or sell any security on the same day that security is bought or sold on behalf of a Client. With respect only to non-discretionary services provided by FTA to an investment adviser or program sponsor, no Access Person shall purchase or sell any security on (i) the day of the initial delivery by FTA of a model portfolio investment recommendation to an investment adviser or program sponsor or (ii) any day changes are made with respect to a model portfolio investment recommendation (i.e., recommendation to buy a security for the model or sell a security from the model).

No Investment Person shall purchase or sell a security within seven days before or after that security is bought or sold on behalf of a Client. With respect only to non-discretionary services provided by FTA to an investment adviser or program sponsor, no Investment Person shall purchase or sell a security within seven days before or after (i) the day of the initial delivery by FTA of a model portfolio investment recommendation to an investment adviser or program sponsor or (ii) the day changes are made with respect to a model portfolio investment recommendation (i.e., recommendation to buy a security for the model or sell a security from the model). Any profits realized on transactions prohibited by this Section shall be disgorged.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. No Investment Person shall profit from the purchase and sale, or sale and purchase, of the same (or equivalent) securities within 30 calendar days. Any profits realized on transactions prohibited by this Section shall be disgorged.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. No Investment Person shall serve on the Board of Directors of a publicly traded company absent prior authorization of the Compliance Department upon a determination that board service would be consistent with the interests of Clients (including investors with respect to investment companies) and the establishment of appropriate "information barrier" procedures by the Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Any provision of this Code of Ethics prohibiting any transaction by a Supervised Person, Access Person or Investment Person shall prohibit any transaction in which such person has, obtains or disposes of any beneficial ownership interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. Except with respect to private placement transactions set forth in Section IV.B. above, no Supervised Person shall purchase or sell any security of an issuer with a market capitalization of less than $2 billion unless the security is a Reportable Fund or an ETF. Any profits realized on transactions prohibited by this Section shall be disgorged.

&nbsp;&nbsp;&nbsp;&nbsp;V. COMPLIANCE PROCEDURES AND REPORTING REQUIREMENTS

In order to effectuate and monitor the foregoing policies and prohibitions, all Supervised Persons shall be required to comply with the following procedures and requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The securities trading personnel of the Companies shall provide the Compliance Department with (i) a daily summary of all executed orders entered by, on behalf of, or with respect to Clients and FTP's unit investment trust accumulation account or accounts and (ii) a daily summary of all model portfolio investment recommendations (including changes to any such portfolio investment recommendations) provided to investment advisers or program sponsors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Each Supervised Person shall direct any brokers, dealers or banks at which he or she maintains securities accounts to provide on a timely basis (within 30 days of each month end or calendar quarter, as applicable) duplicate copies of confirmations of all personal securities transactions and periodic statements for all securities accounts to the Compliance Department. The Compliance Department shall date-stamp all duplicate copies of personal securities transactions and account statements upon receipt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Upon commencement of employment with a Company, each Supervised Person shall disclose all personal securities holdings to the Compliance Department within 10 days after such person becomes a Supervised Person by submitting the form attached to this Code of Ethics as Exhibit A, and the information provided must be current as of a date no more than 45 days prior to the date such person becomes a Supervised Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Each Supervised Person shall disclose all personal securities holdings to the Compliance Department within 30 days of the end of each calendar year by submitting the form attached to this Code of Ethics as Exhibit A, and the information provided must be current as of a date no more than 45 days prior to the date of the report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Any provision of this Code of Ethics requiring a Supervised Person to report securities transactions or securities positions to a Company shall require the reporting of any transaction or position in which such person has, acquires or disposes of any beneficial ownership interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. The Chief Compliance Officer or his or her designee shall review all reports submitted by Supervised Persons to ensure that all reporting requirements are complied with.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VI. PRE-CLEARANCE REQUIREMENTS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Subject to Section VIII.C. below, a Supervised Person may not purchase or sell, directly or indirectly, any security in which the Supervised Person has (or after such transaction would have) any beneficial ownership interest unless the Supervised Person obtains prior approval for the transaction from the Compliance Department. **Pre-clearance requests must be made on the date of the contemplated transaction, through the use of the pre-trade authorization function contained within a Company's automated pre-clearance system.** Pre-clearance requests will be reviewed to determine whether the proposed transaction complies with this Code of Ethics, whether the security is restricted for Company employees and whether the proposed transaction raises any potential conflicts of interest or other issues. The Compliance Department will communicate to the requesting Supervised Person its approval or denial of the proposed transaction via the automated pre-clearance system application or via e- mail. **Any approval will remain in effect only until the end of the trading day on which the approval was granted. Supervised Persons must wait for approval before placing the order with their broker.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Compliance Department will maintain an electronic log of all pre-clearance requests and will record the approval or denial of each request contained in the log.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII. APPROVED BROKER LIST

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. With respect to all personal securities transactions, each Supervised Person shall maintain an account only with a broker, dealer or bank that is on the Companies' approved broker list attached as Exhibit C hereto (the "Approved Broker List"). The Approved Broker List shall be maintained by the Compliance Department and may be amended at any time at the discretion of the Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VIII. EXEMPTIONS

**Any person identified as a "Supervised Person Level 1" is exempt from the market capitalization and blackout restrictions contained in this Code.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The following shall be exempted from the Prohibited Practices of Section IV.C., IV.D. and IV.G. and the Compliance Procedures and Reporting Requirements set forth in Section V; provided, however, that transactions included in Section VIII.A.5 must be included in the initial and annual holdings reports submitted pursuant to Section V.C. and V.D; and provided further that the names of any and all brokers, dealers or banks with which a Supervised Person maintains accounts in which **any securities are held** for the Supervised Person's direct or indirect benefit must be disclosed in the initial and annual holdings reports submitted pursuant to Section V.C. and V.D.:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Direct obligations of the Government of the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Shares issued by money market funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Shares issued by open-end investment companies other than Reportable Funds and ETFs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Transactions effected pursuant to an automatic investment plan, including dividend reinvestment plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The following shall be exempted from the Prohibited Practices of Section IV.C., IV.D. and IV.G., but not from the Compliance Procedures and Reporting Requirements set forth in Section V above:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The purchase or sale of shares of issuers whose shares are traded on a national or foreign securities exchange and which have a market capitalization of at least $2 billion at the time of the transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. With respect to the purchase or sale of shares of issuers who have a market capitalization of less than $2 billion, the purchase or sale of shares in a single round-lot transaction of 100 shares, or odd-lot transactions of less than 100 shares, when the aggregate number of shares of such securities purchased or sold on a given day does not exceed 100 shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Purchases or sales of a security on behalf of a Supervised Person within a discretionary account when **all** investment decisions are made by a person or entity who is **unrelated** to the Supervised Person and such discretionary account has been **approved in advance** by the Companies' Compliance Department. A copy of the executed investment management agreement must also be provided to the Companies' Compliance Department. If such discretionary account is not approved by the Companies' Compliance Department the Supervised Person is prohibited from maintaining the discretionary account regardless of whether the Supervised Person is seeking exemption from the Prohibited Practices of Section IV.C. and IV.D.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Purchases or sales of shares of ETFs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Unit investment trusts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The following shall be exempted from the Pre-Clearance Requirements of Section VI:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Direct obligations of the Government of the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Shares issued by money market funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Shares issued by open-end investment companies other than Reportable Funds and ETFs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Unit investment trusts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Transactions effected pursuant to an automatic investment plan, including dividend reinvestment plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Purchases or sales of a security on behalf of a Supervised Person within a discretionary account when **all** investment decisions are made by a person or entity who is **unrelated** to the Supervised Person and such discretionary account has been approved in advance by the Companies' Compliance Department. A copy of the executed investment management agreement must also be provided to the Companies' Compliance Department. If such discretionary account is not approved by the Companies' Compliance Department the Supervised Person is prohibited from maintaining the discretionary account regardless of whether the Supervised Person is seeking exemption from the Pre-Clearance Requirements of Section VI.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. The following accounts shall be exempted from the Approved Broker List Requirements of Section VII:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Discretionary accounts where **all** investment decisions are made by a person or entity who is **unrelated** to the Supervised Person and such discretionary account has been approved in advance by the Companies' Compliance Department. A copy of the executed investment management agreement must also be provided to the Companies' Compliance Department. If such discretionary account is not approved by the Companies' Compliance Department the Supervised Person is prohibited from maintaining the discretionary account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Brokerage accounts where the only securities contained in such account are (i) direct obligations of the Government of the United States, (ii) bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements, (iii) shares issued by money market funds, and/or (iv) shares issued by open-end investment companies but not Reportable Funds and ETFs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Brokerage accounts required by law or company policy to be maintained at a broker, dealer or bank not contained on the Approved Broker List; provided, however, all discretionary accounts must comply with the provisions contained in Section VIII.D.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IX. REPORTING OF VIOLATIONS AND ANNUAL CERTIFICATION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. All Supervised Persons must report any violations of this Code of Ethics promptly to the Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Each Company shall provide each Supervised Person with a copy of this Code of Ethics and any amendments and require each Supervised Person to provide the Company with a written acknowledgement of their receipt of the Code of Ethics and any amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Within 30 days following the end of each calendar year, each Supervised Person shall certify to each Company that he or she has received, read and understands this Code of Ethics and any amendments thereto and recognizes that he or she is subject to it and that he or she has complied with the requirements of this Code of Ethics by submitting the form attached hereto as Exhibit B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X. SANCTIONS

Upon discovery of a violation of this Code of Ethics, including either violations of the enumerated provisions, the general principles or the standards of business conduct described herein, the Company may impose such sanctions as it deems appropriate, including, *inter alia*, a fine, letter of censure, suspension or termination of the employment of the violator. In addition, any profits realized on transactions prohibited by this Code of Ethics shall be disgorged.

Amended as of July 1, 2013

Amended as of October 3, 2025.

ACKNOWLEDGEMENT OF RECEIPT

I,<u> </u>, hereby acknowledge that I have received, read and understand the Code of Ethics of First Trust Advisors L.P. and First Trust Portfolios L.P. dated as of July 1, 2013.

    <br> Employee Signature Date

**EXHIBIT A**

**FIRST TRUST ADVISORS L.P. FIRST TRUST PORTFOLIOS L.P.** **SUPERVISED PERSON SECURITIES HOLDINGS REPORT**

Name of Supervised Person:

<u> </u>

Date:<u> </u>

☐ I hereby certify that as of ________________ , I had a beneficial ownership interest in no securities other than those set forth below.

---

| | | | | |
|:---|:---|:---|:---|:---|
| <u>Issuer</u> | <u>Ticker/CUSIP</u> | <u>Type of Security</u> | <u># of Shares/Principal Amount</u> | <u>Market Value</u> |

---

**OR**

☐ I hereby certify that as of<u> </u>, I had a beneficial ownership interest in no securities other than those set forth on the attached brokerage account statements.

**OR**

☐ I hereby certify that as of<u> </u>, I had a beneficial interest in no securities.

As of<u> </u>, I maintained accounts where securities are held for my direct or indirect benefit at the following brokers, dealers or banks:

I hereby authorize FIRST TRUST ADVISORS L.P. and FIRST TRUST PORTFOLIOS L.P. to disclose personal and/or account information to third parties in connection with any monitoring requirements pursuant to Rule 17j-1 of the Investment Company Act of 1940, Rule 206(4)-7 under the Investment Advisers Act of 1940, NASD Rule 3050, NYSE Rule 407 and/or the FIRST TRUST ADVISORS L.P. and FIRST TRUST PORTFOLIOS L.P. Code of Ethics.

__________________________________

Signature

**EXHIBIT B**

**FIRST TRUST ADVISORS L.P. FIRST TRUST PORTFOLIOS L.P. SUPERVISED PERSON**

**CODE OF ETHICS CERTIFICATION**

I,<u> </u>, hereby certify that I have received, read, and understand the FIRST TRUST ADVISORS L.P. AND FIRST TRUST PORTFOLIOS L.P. Code of Ethics dated July 1, 2013. I recognize that I am subject to this Code of Ethics. Furthermore, I certify that (i) I have complied during the preceding year with the provisions of the Code of Ethics in effect during such time period, (ii) I have disclosed or reported all personal securities transactions required to be disclosed or reported pursuant to the requirements of the Code of Ethics in effect during such time period, (iii) I will comply with the provisions of the Code of Ethics dated July 1, 2013, as may be amended from time to time, during the next twelve months and (iv) I will disclose or report all personal securities transactions required to be disclosed or reported pursuant to the requirements of the Code of Ethics dated July 1, 2013, as may be amended from time to time, during the next twelve months. Additionally, I hereby authorize FIRST TRUST ADVISORS L.P. and FIRST TRUST PORTFOLIOS L.P. to disclose personal and/or account information to third parties in connection with any monitoring requirements pursuant to Rule 17j-1 of the Investment Company Act of 1940, Rule 206(4)-7 under the Investment Advisers Act of 1940, NASD Rule 3050, NYSE Rule 407 and/or the FIRST TRUST ADVISORS L.P. and FIRST TRUST PORTFOLIOS L.P. Code of Ethics.

    <br> Signature Date

**EXHIBIT C**

**FIRST TRUST ADVISORS L.P.<br> FIRST TRUST PORTFOLIOS L.P.<br> APPROVED BROKER LIST**

**TO BE MAINTAINED BY THE COMPLIANCE DEPARTMENT**