Registration No. 333-255602

1940 Act No. 811-05903

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Amendment No. 1 to Form S-6

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

A. Exact name of trust:

FT 9434

B. Name of depositor:

FIRST TRUST PORTFOLIOS L.P.

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

120 East Liberty Drive

Suite 400

Wheaton, Illinois 60187

D. Name and complete address of agents for service:

	Copy to:

JAMES A. BOWEN	ERIC F. FESS
c/o First Trust Portfolios L.P.	c/o Chapman and Cutler LLP
120 East Liberty Drive	111 West Monroe Street
Suite 400	Chicago, Illinois 60603
Wheaton, Illinois 60187

E. Title and Amount of Securities Being Registered:

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

F. Approximate date of proposed sale to public:

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

|X|

Check box if it is proposed that this filing will become effective on June 21, 2021 at 2:00 p.m. pursuant to Rule 487.

________________________________

International Capital Strength Portfolio, Series 51
SMid Capital Strength Portfolio, Series 51

FT 9434

FT 9434 is a series of a unit investment trust, the FT Series. FT 9434
consists of two separate portfolios listed above (each, a "Trust," and
collectively, the "Trusts"). Each Trust invests in a diversified portfolio of
common stocks ("Securities") issued by companies in the investment focus for
which each Trust is named. Each Trust seeks above-average capital appreciation.

THE SECURITIES AND EXCHANGE COMMISSION ("SEC") HAS NOT APPROVED OR DISAPPROVED
OF THESE SECURITIES OR PASSED UPON THE ADEQUACY OF THIS PROSPECTUS. ANY
REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

FIRST TRUST(R)

800-621-1675

The date of this prospectus is June 21, 2021

Page 1

Table of Contents

Summary of Essential Information 3
Fee Table 4
Report of Independent Registered Public Accounting Firm 5
Statements of Net Assets 6
Schedules of Investments 7
The FT Series 12
Portfolios 13
Risk Factors 14
Public Offering 17
Distribution of Units 19
The Sponsor's Profits 20
The Secondary Market 21
How We Purchase Units 21
Expenses and Charges 21
Tax Status 22
Retirement Plans 24
Rights of Unit Holders 24
Income and Capital Distributions 24
Redeeming Your Units 25
Removing Securities from a Trust 26
Amending or Terminating the Indenture 27
Information on the Sponsor, Trustee and Evaluator 28
Other Information 29

Page 2

Summary of Essential Information (Unaudited)

FT 9434

At the Opening of Business on the Initial Date of Deposit-June 21, 2021

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

International Capital SMid Capital
Strength Strength
Portfolio, Series 51 Portfolio, Series 51
_____________________ ____________________

Initial Number of Units (1) 16,022 15,596
Fractional Undivided Interest in the Trust per Unit (1) 1/16,022 1/15,596
Public Offering Price:
Public Offering Price per Unit (2) $ 10.000 $ 10.000
Less Initial Sales Charge per Unit (3) (.000) (.000)
__________ __________
Aggregate Offering Price Evaluation of Securities per Unit (4) 10.000 10.000
Less Deferred Sales Charge per Unit (3) (.225) (.225)
__________ __________
Redemption Price per Unit (5) 9.775 9.775
Less Creation and Development Fee per Unit (3)(5) (.050) (.050)
Less Organization Costs per Unit (5) (.023) (.023)
__________ __________
Net Asset Value per Unit $ 9.702 $ 9.702
========== ==========
Cash CUSIP Number 30320N 463 30320N 505
Reinvestment CUSIP Number 30320N 471 30320N 513
Fee Account Cash CUSIP Number 30320N 489 30320N 521
Fee Account Reinvestment CUSIP Number 30320N 497 30320N 539
Pricing Line Product Code 136503 136507
Ticker Symbol FTMYOX FJMELX

First Settlement Date June 23, 2021
Mandatory Termination Date (6) June 21, 2023
Income Distribution Record Date Tenth day of each June and December, commencing December 10, 2021.
Income Distribution Date (7) Twenty-fifth day of each June and December, commencing December 25, 2021.
_____________

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

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

(3) You will pay a maximum sales charge of 2.75% of the Public Offering Price
per Unit (equivalent to 2.75% of the net amount invested) which consists of an
initial sales charge, a deferred sales charge and a creation and development
fee. The sales charges are described in the "Fee Table."

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

(5) The creation and development fee will be deducted from the assets of a
Trust at the end of the initial offering period and the estimated organization
costs per Unit will be deducted from the assets of a Trust at the earlier of
six months after the Initial Date of Deposit or the end of the initial
offering period. If Units are redeemed prior to any such reduction, these fees
will not be deducted from the redemption proceeds. See "Redeeming Your Units."

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

(7) The Trustee will distribute money from the Income and Capital Accounts, as
determined at the semi-annual Record Date, semi-annually on the twenty-fifth
day of each June and December to Unit holders of record on the tenth day of
such months. However, the Trustee will only distribute money in the Capital
Account if the amount available for distribution from that account equals at
least $1.00 per 100 Units. In any case, the Trustee will distribute any funds
in the Capital Account in December of each year and as part of the final
liquidation distribution. See "Income and Capital Distributions."

Page 3

Fee Table (Unaudited)

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

International Capital SMid Capital Strength
Strength Portfolio, Portfolio, Series 51
Series 51
_____________________ _____________________
Amount Amount
per Unit per Unit
________ ________
Unit Holder Sales Fees (as a percentage of public offering price)

Maximum Sales Charge
Initial sales charge 0.00%(a) $.000 0.00%(a) $.000
Deferred sales charge 2.25%(b) $.225 2.25%(b) $.225
Creation and development fee 0.50%(c) $.050 0.50%(c) $.050
_____ _____ _____ _____
Maximum sales charge (including creation and development fee) 2.75% $.275 2.75% $.275
===== ===== ===== =====
Organization Costs (as a percentage of public offering price)
Estimated organization costs .230%(d) $.0230 .230%(d) $.0230
===== ====== ===== ======
Estimated Annual Trust Operating Expenses(e)
(as a percentage of average net assets)
Portfolio supervision, bookkeeping, administrative and
evaluation fees .080% $.0080 .080% $.0080
Trustee's fee and other operating expenses .138%(f) $.0138 .138%(f) $.0138
_____ ______ _____ ______
Total .218% $.0218 .218% $.0218
===== ====== ===== ======

Example

This example is intended to help you compare the cost of investing in the
Trusts with the cost of investing in other investment products. The example
assumes that you invest $10,000 in a Trust for the periods shown. The example
also assumes a 5% return on your investment each year and that your Trust's
operating expenses stay the same. The example does not take into consideration
transaction fees which may be charged by certain broker/dealers for processing
redemption requests. Although your actual costs may vary, based on these
assumptions your costs, assuming you sell or redeem your Units at the end of
each period, would be:

1 Year 2 Years
______ _______
International Capital Strength Portfolio, Series 51 $320 $342
SMid Capital Strength Portfolio, Series 51 $320 $342

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

(a) The combination of the initial and deferred sales charge comprises what we
refer to as the "transactional sales charge." The initial sales charge is
actually equal to the difference between the maximum sales charge of 2.75% and
the sum of any remaining deferred sales charge and creation and development
fee. When the Public Offering Price per Unit equals $10, there is no initial
sales charge. If the price you pay for your Units exceeds $10 per Unit, you
will pay an initial sales charge.

(b) The deferred sales charge is a fixed dollar amount equal to $.225 per Unit
which, as a percentage of the Public Offering Price, will vary over time. The
deferred sales charge will be deducted in three monthly installments
commencing October 20, 2021.

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

(d) Estimated organization costs will be deducted from the assets of a Trust
at the earlier of six months after the Initial Date of Deposit or the end of
the initial offering period. Estimated organization costs are assessed on a
fixed dollar amount per Unit basis which, as a percentage of average net
assets, will vary over time.

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

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

Page 4

Report of Independent
Registered Public Accounting Firm

To the Unit Holders and the Sponsor, First Trust Portfolios L.P., of FT 9434

Opinion on the Statements of Net Assets

We have audited the accompanying statements of net assets of FT 9434,
comprising International Capital Strength Portfolio, Series 51 and SMid
Capital Strength Portfolio, Series 51 (the "Trusts"), one of the series
constituting the FT Series, including the schedules of investments, as of the
opening of business on June 21, 2021 (Initial Date of Deposit), and the
related notes. In our opinion, the statements of net assets present fairly, in
all material respects, the financial position of each of the Trusts
constituting FT 9434 as of the opening of business on June 21, 2021 (Initial
Date of Deposit), in conformity with accounting principles generally accepted
in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material
misstatement of the statements of net assets, whether due to error or fraud,
and performing procedures that respond to those risks. Such procedures
included examining, on a test basis, evidence regarding the amounts and
disclosures in the statements of net assets. Our audits also included
evaluating the accounting principles used and significant estimates made by
the Trusts' Sponsor, as well as evaluating the overall presentation of the
statements of net assets. Our procedures included confirmation of the
irrevocable letter of credit held by The Bank of New York Mellon, the Trustee,
and allocated among the Trusts for the purchase of securities, as shown in the
statements of net assets, as of the opening of business on June 21, 2021, by
correspondence with the Trustee. We believe that our audits provide a
reasonable basis for our opinion.

/s/ DELOITTE & TOUCHE LLP

Chicago, Illinois
June 21, 2021

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

Page 5

Statements of Net Assets
FT 9434

At the Opening of Business on the Initial Date of Deposit-June 21, 2021

International SMid Capital
Capital Strength Strength
Portfolio, Series 51 Portfolio, Series 51
____________________ ____________________
NET ASSETS
Investment in Securities represented by purchase contracts (1) (2) $160,223 $155,964
Less liability for reimbursement to Sponsor for organization costs (3) (369) (359)
Less liability for deferred sales charge (4) (3,605) (3,509)
Less liability for creation and development fee (5) (801) (780)
________ ________
Net assets $155,448 $151,316
======== ========
Units outstanding 16,022 15,596
Net asset value per Unit (6) $ 9.702 $ 9.702

ANALYSIS OF NET ASSETS
Cost to investors (7) $160,223 $155,964
Less maximum sales charge (7) (4,406) (4,289)
Less estimated reimbursement to Sponsor for organization costs (3) (369) (359)
________ ________
Net assets $155,448 $151,316
======== ========
_____________

NOTES TO STATEMENTS OF NET ASSETS

Each Trust is registered as a unit investment trust under the Investment
Company Act of 1940. The Sponsor is responsible for the preparation of
financial statements in accordance with accounting principles generally
accepted in the United States which require the Sponsor to make estimates and
assumptions that affect amounts reported herein. Actual results could differ
from those estimates. Each Trust intends to comply in its initial fiscal year
and thereafter with provisions of the Internal Revenue Code applicable to
regulated investment companies and as such, will not be subject to federal
income taxes on otherwise taxable income (including net realized capital
gains) distributed to Unit holders.

(1) Each Trust invests in a diversified portfolio of common stocks. Aggregate
cost of the Securities listed under "Schedule of Investments" for each Trust
is based on their aggregate underlying value. Each Trust has a Mandatory
Termination Date of June 21, 2023.

(2) An irrevocable letter of credit issued by The Bank of New York Mellon, of
which approximately $600,000 has been allocated $300,000 each between the two
Trusts in FT 9434, has been deposited with the Trustee as collateral, covering
the monies necessary for the purchase of the Securities according to their
purchase contracts.

(3) A portion of the Public Offering Price consists of an amount sufficient to
reimburse the Sponsor for all or a portion of the costs of establishing the
Trusts. These costs have been estimated at $.0230 per Unit for each Trust. A
payment will be made at the earlier of six months after the Initial Date of
Deposit or the end of the initial offering period to an account maintained by
the Trustee from which the obligation of the investors to the Sponsor will be
satisfied. To the extent that actual organization costs of a Trust are greater
than the estimated amount, only the estimated organization costs added to the
Public Offering Price will be reimbursed to the Sponsor and deducted from the
assets of such Trust.

(4) Represents the amount of mandatory deferred sales charge distributions of
$.225 per Unit for each Trust, payable to the Sponsor in three equal monthly
installments beginning on October 20, 2021 and on the twentieth day of each
month thereafter (or if such date is not a business day, on the preceding
business day) through December 20, 2021. If Unit holders redeem their Units
before December 20, 2021 they will have to pay the remaining amount of the
deferred sales charge applicable to such Units when they redeem them.

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

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

(7) The aggregate cost to investors includes a maximum sales charge (comprised
of an initial sales charge, a deferred sales charge and the creation and
development fee) computed at the rate of 2.75% of the Public Offering Price
per Unit (equivalent to 2.75% of the net amount invested, exclusive of the
deferred sales charge and the creation and development fee), assuming no
reduction of the maximum sales charge as set forth under "Public Offering."

Page 6

Schedule of Investments

International Capital Strength Portfolio, Series 51
FT 9434

At the Opening of Business on the Initial Date of Deposit-June 21, 2021

Percentage Market Cost of
Ticker Symbol and of Aggregate Number Value per Securities to
Name of Issuer of Securities (1)(3)(4)+ Offering Price of Shares Share the Trust (2)
_______________________________________ ______________ _________ _________ _____________
COMMON STOCKS (100.00%):
Australia (3.35%):
CSLLY CSL Limited (ADR) 3.35% 47 $ 114.12 $ 5,364
Canada (3.33%):
CNI Canadian National Railway Company 3.33% 51 104.68 5,339
China (9.99%):
BABA Alibaba Group Holding Limited (ADR) (5)* 3.31% 25 212.30 5,307
NTES NetEase, Inc. (ADR) (5) 3.35% 50 107.41 5,371
TCEHY Tencent Holdings Limited (ADR) (5)* 3.33% 69 77.38 5,339
Denmark (3.34%):
NVO Novo Nordisk A/S (ADR) 3.34% 65 82.28 5,348
France (3.33%):
SNY Sanofi (ADR) 3.33% 101 52.86 5,339
Germany (3.35%):
DPSGY Deutsche Post AG (ADR) 3.35% 80 67.07 5,365
India (6.68%):
HDB HDFC Bank Ltd. (ADR)* 3.34% 72 74.42 5,358
INFY Infosys Limited (ADR) 3.34% 265 20.19 5,350
Ireland (13.31%):
ACN Accenture Plc 3.34% 19 281.25 5,344
AON AON Plc (5) 3.30% 23 230.10 5,292
ICLR ICON Plc* 3.31% 25 212.17 5,304
TT Trane Technologies Plc 3.36% 31 173.41 5,376
Japan (9.97%):
NTDOY Nintendo Co., Ltd. (ADR) 3.35% 73 73.59 5,372
SONY Sony Group Corp. (ADR) 3.31% 56 94.77 5,307
TOELY Tokyo Electron Limited (ADR) 3.31% 48 110.38 5,298

Page 7

Schedule of Investments (cont'd.)

International Capital Strength Portfolio, Series 51
FT 9434

At the Opening of Business on the Initial Date of Deposit-June 21, 2021

Percentage Market Cost of
Ticker Symbol and of Aggregate Number Value per Securities to
Name of Issuer of Securities (1)(3)(4)+ Offering Price of Shares Share the Trust (2)
_______________________________________ ______________ _________ _________ _____________
Luxembourg (3.33%):
TX Ternium S.A. (ADR) 3.33% 162 $ 32.89 $ 5,328
The Netherlands (3.35%):
ASML ASML Holding N.V. (New York Registry Shares) 3.35% 8 671.07 5,369
Sweden (10.00%):
ATLKY Atlas Copco AB (ADR) 3.34% 88 60.85 5,355
ERIC Telefonaktiebolaget LM Ericsson (ADR) 3.33% 425 12.56 5,338
VLVLY Volvo AB (ADR) 3.33% 208 25.63 5,331
Switzerland (13.31%):
GRMN Garmin Ltd. 3.31% 38 139.54 5,303
LOGI Logitech International S.A. 3.32% 43 123.78 5,323
NSRGY Nestle S.A. (ADR) 3.36% 43 125.31 5,388
RHHBY Roche Holding AG (ADR) 3.32% 113 47.08 5,320
Taiwan (3.33%):
TSM Taiwan Semiconductor Manufacturing Company Ltd. (ADR) 3.33% 46 115.79 5,326
United Kingdom (10.03%):
FERG Ferguson Plc 3.35% 40 134.12 5,365
RIO Rio Tinto Plc (ADR) 3.34% 66 81.04 5,349
UL Unilever Plc (ADR) 3.34% 90 59.50 5,355
_______ ________
Total Investments 100.00% $160,223
======= ========
_____________

See "Notes to Schedules of Investments" on page 11.

Page 8

Schedule of Investments

SMid Capital Strength Portfolio, Series 51
FT 9434

At the Opening of Business on the Initial Date of Deposit-June 21, 2021

Percentage Market Cost of
Ticker Symbol and of Aggregate Number Value per Securities to
Name of Issuer of Securities (1)(3) Offering Price of Shares Share the Trust (2)
___________________________________ ______________ _________ _________ _____________
COMMON STOCKS (100.00%):
Consumer Discretionary (25.01%):
BC Brunswick Corporation 2.53% 42 $ 93.82 $ 3,940
DECK Deckers Outdoor Corporation * 2.50% 12 325.37 3,904
FOXF Fox Factory Holding Corp. * 2.54% 28 141.32 3,957
GNTX Gentex Corporation 2.50% 123 31.66 3,894
IBP Installed Building Products, Inc. 2.49% 35 111.12 3,889
LAD Lithia Motors, Inc. 2.41% 12 313.14 3,758
PII Polaris Inc. 2.52% 30 130.99 3,930
BLD TopBuild Corp. * 2.54% 22 179.93 3,958
YETI YETI Holdings, Inc. * 2.48% 45 85.83 3,862
ZUMZ Zumiez Inc. * 2.50% 90 43.25 3,893
Consumer Staples (7.55%):
SAM The Boston Beer Company, Inc. * 2.49% 4 970.08 3,880
CASY Casey's General Stores, Inc. 2.53% 20 197.07 3,941
MED Medifast, Inc. 2.53% 15 263.47 3,952
Financials (9.94%):
AX Axos Financial, Inc. * 2.49% 86 45.10 3,879
EVR Evercore Inc. 2.46% 30 128.03 3,841
FAF First American Financial Corporation 2.49% 63 61.64 3,883
FHN First Horizon Corporation 2.50% 233 16.74 3,900
Health Care (9.91%):
JAZZ Jazz Pharmaceuticals Plc +* 2.50% 22 177.28 3,900
MASI Masimo Corporation * 2.46% 16 240.05 3,841
MOH Molina Healthcare, Inc. * 2.46% 16 239.54 3,833
PCRX Pacira BioSciences Inc. * 2.49% 65 59.64 3,877
Industrials (24.99%):
AGCO AGCO Corporation 2.51% 32 122.35 3,915
BCC Boise Cascade Company 2.48% 68 56.93 3,871
GGG Graco Inc. 2.51% 55 71.18 3,915

Page 9

Schedule of Investments (cont'd.)

SMid Capital Strength Portfolio, Series 51

FT 9434

At the Opening of Business on the Initial Date of Deposit-June 21, 2021

Percentage Market Cost of
Ticker Symbol and of Aggregate Number Value per Securities to
Name of Issuer of Securities (1)(3) Offering Price of Shares Share the Trust (2)
___________________________________ ______________ _________ _________ _____________
Industrials (cont'd.):
HUBB Hubbell Incorporated 2.47% 22 $ 175.31 $ 3,857
LECO Lincoln Electric Holdings, Inc. 2.54% 32 123.64 3,957
MTZ MasTec, Inc. * 2.50% 39 100.21 3,908
MLI Mueller Industries, Inc. 2.50% 92 42.43 3,904
NDSN Nordson Corporation 2.48% 18 215.26 3,875
TKR The Timken Company 2.52% 50 78.66 3,933
TTC The Toro Company 2.48% 37 104.39 3,862
Information Technology (15.08%):
AEIS Advanced Energy Industries, Inc. 2.47% 37 104.00 3,848
FICO Fair Isaac Corporation * 2.58% 8 502.35 4,019
JCOM j2 Global, Inc. * 2.53% 30 131.49 3,945
MKSI MKS Instruments, Inc. 2.48% 23 168.41 3,873
SYNA Synaptics Incorporated * 2.52% 27 145.76 3,936
TTEC TTEC Holdings, Inc. 2.50% 41 95.10 3,899
Materials (7.52%):
EXP Eagle Materials Inc. * 2.53% 29 136.05 3,945
RPM RPM International Inc. 2.51% 45 86.99 3,915
STLD Steel Dynamics, Inc. 2.48% 67 57.83 3,875
_______ ________
Total Investments 100.00% $155,964
======= ========
_____________
See "Notes to Schedules of Investments" on page 11.

Page 10

NOTES TO SCHEDULES OF INVESTMENTS

(1) All Securities are represented by regular way contracts to purchase such
Securities which are backed by an irrevocable letter of credit deposited with
the Trustee. The Sponsor entered into purchase contracts for the Securities on
June 21, 2021. Such purchase contracts are expected to settle within two
business days.

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

Cost of Securities Profit
to Sponsor (Loss)
__________________ ______
International Capital Strength Portfolio, Series 51 $160,920 $ (697)
SMid Capital Strength Portfolio, Series 51 157,244 (1,280)

(3) Companies in the International Capital Strength Portfolio, Series 51 are
categorized by the countries in which their corporate headquarters are
located. Common stocks of companies headquartered or incorporated outside the
United States comprise 100.00% of the investments of the International Capital
Strength Portfolio, Series 51 and approximately 2.50% of the investments of
the SMid Capital Strength Portfolio, Series 51 (consisting of Ireland, 2.50%).

(4) Securities of companies in the following sectors comprise the approximate
percentages of the investments of the International Capital Strength
Portfolio, Series 51 as indicated:
Communication Services, 10.03%; Consumer Discretionary, 9.93%; Consumer
Staples, 6.70%; Financials, 6.64%; Health Care, 16.65%; Industrials, 20.06%;
Information Technology, 23.32% and Materials, 6.67%.

(5) This Security represents the common stock of a company incorporated in a
country other than the country in which it is headquartered.

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

* This Security represents a non-income producing security.

Page 11

The FT Series

The FT Series Defined.

We, First Trust Portfolios L.P. (the "Sponsor"), have created hundreds of
similar yet separate series of a unit investment trust which we have named the
FT Series. The series to which this prospectus relates, FT 9434, consists of
two separate portfolios set forth below:

- International Capital Strength Portfolio, Series 51

- SMid Capital Strength Portfolio, Series 51

Each Trust was created under the laws of the State of New York by a Trust
Agreement (the "Indenture") dated the Initial Date of Deposit. This agreement,
entered into among First Trust Portfolios L.P., as Sponsor, The Bank of New
York Mellon as Trustee and First Trust Advisors L.P. as Portfolio Supervisor
and Evaluator, governs the operation of the Trusts.

YOU MAY GET MORE SPECIFIC DETAILS CONCERNING THE NATURE, STRUCTURE AND RISKS
OF THIS PRODUCT IN AN "INFORMATION SUPPLEMENT" BY CALLING THE SPONSOR AT 800-
621-1675, DEPT. CODE 2.

How We Created the Trusts.

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

After the Initial Date of Deposit, we may deposit additional Securities in a
Trust, or cash (including a letter of credit or the equivalent) with
instructions to buy more Securities, to create new Units for sale. If we
create additional Units, we will attempt, to the extent practicable, to
maintain the percentage relationship established among the Securities on the
Initial Date of Deposit (as set forth in "Schedule of Investments" for each
Trust), adjusted to reflect the sale, redemption or liquidation of any of the
Securities or any stock split or a merger or other similar event affecting the
issuer of the Securities.

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

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

We cannot guarantee that a Trust will keep its present size and composition
for any length of time. Securities may be periodically sold under certain
circumstances to satisfy Trust obligations, to meet redemption requests and,
as described in "Removing Securities from a Trust," to maintain the sound
investment character of a Trust, and the proceeds received by a Trust will be
used to meet Trust obligations or distributed to Unit holders, but will not be
reinvested. However, Securities will not be sold to take advantage of market
fluctuations or changes in anticipated rates of appreciation or depreciation,
or if they no longer meet the criteria by which they were selected. You will
not be able to dispose of or vote any of the Securities in the Trusts. As the
holder of the Securities, the Trustee will vote the Securities and, except as
described in "Removing Securities from a Trust," will endeavor to vote the
Securities such that the Securities are voted as closely as possible in the
same manner and the same general proportion as are the Securities held by
owners other than such Trust.

Neither we nor the Trustee will be liable for a failure in any of the
Securities. However, if a contract for the purchase of any of the Securities
initially deposited in a Trust fails, unless we can purchase substitute
Securities ("Replacement Securities"), we will refund to you that portion of
the purchase price and transactional sales charge resulting from the failed
contract on the next Income Distribution Date. Any Replacement Security a
Trust acquires will be identical to those from the failed contract.

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Portfolios

International Capital Strength Portfolio.

Objective.

The International Capital Strength Portfolio seeks above-average capital
appreciation.

Portfolio Selection Process.

The companies selected for the International Capital Strength Portfolio have
been researched and evaluated using database screening techniques, fundamental
analysis, and the judgment of the Sponsor's research analysts. Through our
selection process we seek to find the stocks that we believe have the best
prospects for above-average capital appreciation.

Identify the Universe. We begin by selecting stocks of foreign companies that
trade on a U.S. stock exchange either directly or through an American
Depositary Receipt/ADR.

Screen for Financial Strength. We then evaluate companies based on multiple
factors, including the following as of the date the portfolio was selected:

- Market Capitalization greater than $5 billion;

- Long-Term Debt/Market Value of Equity less than 30%; and

- Return on Equity greater than 15%.

These factors are designed to identify those stocks which exhibit strong
fundamental characteristics and to eliminate those that do not meet our
investment criteria.

Examine Historical Financial Results. The next step in our process is to look
for those companies that have earned a net cash flow return on investment that
is above the average of their peers.

Select Companies with Attractive Valuations. The final step in our process is
to select companies based on the fundamental analysis of our team of research
analysts. The stocks selected for the portfolio are those that meet our
investment objective, trade at attractive valuations, and in our opinion, are
likely to exceed market expectations of future cash flows.

Additional Portfolio Contents.

In addition to the investments described above, the International Capital
Strength Portfolio has exposure to the following investments: dividend-paying
securities, New York Registry Shares, companies headquartered or incorporated
in the Asia Pacific region, companies headquartered or incorporated in Europe,
companies headquartered or incorporated in emerging market countries and
companies with various market capitalizations.

SMid Capital Strength Portfolio.

Objective.

The SMid Capital Strength Portfolio seeks above-average capital appreciation.
Under normal circumstances, the SMid Capital Strength Portfolio will invest at
least 80% of its assets in small and/or mid capitalization companies. The SMid
Capital Strength Portfolio is concentrated (i.e., invest more than 25% of
Trust assets) in stocks of companies within the consumer discretionary sector.

Portfolio Selection Process.

The companies selected for the SMid Capital Strength Portfolio have been
researched and evaluated using database screening techniques, fundamental
analysis, and the judgment of the Sponsor's research analysts. Our goal with
SMid Capital Strength Portfolio is to invest in undervalued companies with
strong market positions that, in our opinion, have strong balance sheets,
skilled management, high liquidity, the ability to generate earnings growth,
and a record of financial strength and profit growth. Through our selection
process we seek to find the stocks that we believe have the best prospects for
above-average capital appreciation.

Identify the Universe. We begin by selecting the companies listed in the S&P
MidCap 400(R) and S&P SmallCap 600(R) Indexes.

Screen for Financial Strength. We then evaluate companies based on multiple
factors, including the following as of the date the portfolio was selected:

- Greater than $100 million in cash;

- Long-Term Debt/Market Value of Equity less than 30%; and

- Return on Equity greater than 15%.

These factors are designed to identify those stocks which exhibit strong
fundamental characteristics and to eliminate those that do not meet our
investment criteria.

Examine Historical Financial Results. The next step in our process is to look
for those companies that have earned a net cash flow return on investment that
is above the average of their peers.

Select Companies with Attractive Valuations. The final step in our process is
to select companies based on the fundamental analysis of our team of research
analysts. The stocks selected for the portfolio are those that meet our
investment objective, trade at attractive valuations and, in our opinion, are
likely to exceed market expectations of future cash flows.

Additional Portfolio Contents.

In addition to the investments described above, the SMid Capital Strength
Portfolio has exposure to the following investments: dividend-paying
securities and foreign securities.

Page 13

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

Risk Factors

Price Volatility. The Trusts invest in common stocks. The value of a Trust's
Units will fluctuate with changes in the value of these common stocks. Common
stock prices fluctuate for several reasons including changes in investors'
perceptions of the financial condition of an issuer or the general condition
of the relevant stock market, such as the current market volatility, or when
political or economic events affecting the issuers occur. In addition, common
stock prices may be particularly sensitive to rising interest rates, as the
cost of capital rises and borrowing costs increase, negatively impacting
issuers.

Because the Trusts are not managed, the Trustee will not sell stocks in
response to or in anticipation of market fluctuations, as is common in managed
investments. As with any investment, we cannot guarantee that the performance
of any Trust will be positive over any period of time or that you won't lose
money. Units of the Trusts are not deposits of any bank and are not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other
government agency.

Market Risk. Market risk is the risk that a particular security, or Units of
the Trusts in general, may fall in value. Securities are subject to market
fluctuations caused by such factors as economic, political, regulatory or
market developments, changes in interest rates and perceived trends in
securities prices. Units of the Trusts could decline in value or underperform
other investments. In addition, local, regional or global events such as war,
acts of terrorism, spread of infectious diseases or other public health
issues, recessions, political turbulence or other events could have a
significant negative impact on a Trust and its investments. Such events may
affect certain geographic regions, countries, sectors and industries more
significantly than others. Such events could adversely affect the prices and
liquidity of a Trust's portfolio securities and could result in disruptions
in the trading markets. Any such circumstances could have a materially
negative impact on the value of a Trust's Units and result in increased
market volatility.

An outbreak of a respiratory disease designated as COVID-19 was first detected
in China in December 2019 and has resulted in a global pandemic and major
disruptions to economies and markets around the world. The transmission of
COVID-19 and efforts to contain its spread have resulted in international
border closings, enhanced health screenings, expanded healthcare services and
expenses, quarantines and other restrictions on business and personal
activities, cancellations, disruptions to supply chains and consumer activity,
as well as general public concern and uncertainty. Financial markets have
experienced extreme volatility and severe losses, negatively impacting global
economic growth prospects. The duration of the COVID-19 outbreak and its
effects cannot be determined with certainty and may exacerbate other pre-
existing political, social and economic risks.

Governments and central banks, including the Federal Reserve, have taken
extraordinary and unprecedented actions to support local and global economies
and the financial markets. These measures have included, among other policy
responses, a $700 billion quantitative easing program, a reduction of the
Federal funds rate to near-zero, and economic stimulus packages. The impact of
these measures, and whether they will be effective to mitigate the economic
and market disruption, including upward pressure on prices, will not be known
for some time. Additionally, market uncertainty remains high during the roll
out of COVID-19 vaccines and treatments in combination with a new
administration and expectations for further stimulus packages.

Dividends. Certain of the Securities held by the Trusts may currently pay
dividends, but there is no guarantee that the issuers of the Securities will
declare dividends in the future or that, if declared, they will either remain
at current levels or increase over time.

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

The SMid Capital Strength Portfolio, Series 51 is concentrated in stocks of
companies within the consumer discretionary sector.

Page 14

have an adverse impact on their profitability. Changes in demographics and
consumer tastes can also affect the demand for, and success of, consumer
discretionary products in the marketplace. Consumer discretionary companies
have historically been characterized as relatively cyclical and therefore more
volatile in times of change.

Asia Pacific Region. A significant percentage of the Securities held by the
International Capital Strength Portfolio, Series 51 are issued by companies
headquartered and/or incorporated in the Asia Pacific region. The Trust is
therefore more susceptible to the economic, market, regulatory, political,
natural disasters and local risks of the Asia Pacific region. The region has
historically been highly dependent on global trade, with nations taking strong
roles in both the importing and exporting of goods; such a relationship
creates a risk with this dependency on global growth. The respective stock
markets tend to have a larger prevalence of smaller companies that are
inherently more volatile and less liquid than larger companies. Varying levels
of accounting and disclosure standards, restrictions on foreign ownership,
minority ownership rights, and corporate governance standards are also common
for the region.

Europe. A significant percentage of the Securities held by the International
Capital Strength Portfolio, Series 51 are issued by companies headquartered or
incorporated in Europe. The Trust is therefore subject to certain risks
associated specifically with Europe. Certain of the Securities in certain
other Trusts are also issued by companies headquartered or incorporated in
Europe. A significant number of countries in Europe are member states in the
European Union, and the member states no longer control their own monetary
policies by directing independent interest rates for their currencies. In
these member states, the authority to direct monetary policies, including
money supply and official interest rates for the Euro, is exercised by the
European Central Bank. Furthermore, the European sovereign debt crisis and the
related austerity measures in certain countries have had, and continues to
have, a significant negative impact on the economies of certain European
countries and their future economic outlooks. The United Kingdom vote to leave
the E.U. and other recent rapid political and social change throughout Europe
make the extent and nature of future economic development in Europe and the
effect on Securities issued by European issuers difficult to predict.

Foreign Securities. All of the Securities held by the International Capital
Strength Portfolio, Series 51 are issued by foreign entities, and one of the
Securities held by the SMid Capital Strength Portfolio, Series 51 is issued by
a foreign entity. Investments in foreign securities subject a Trust to more
risks than if it invested solely in domestic securities. Risks of foreign
securities include higher brokerage costs; different accounting standards;
expropriation, nationalization or other adverse political or economic
developments; currency devaluations, blockages or transfer restrictions;
restrictions on foreign investments and exchange of securities; inadequate
financial information; lack of liquidity of certain foreign markets; and less
government supervision and regulation of exchanges, brokers, and issuers in
foreign countries. Certain foreign markets have experienced heightened
volatility due to recent negative political or economic developments or
natural disasters. Securities issued by non-U.S. issuers may pay dividends in
foreign currencies and may be principally traded in foreign currencies.
Therefore, there is a risk that the U.S. dollar value of these dividend
payments and/or securities will vary with fluctuations in foreign exchange
rates.

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

Emerging Markets. Certain of the Securities held by the International Capital
Strength Portfolio, Series 51 are issued by companies headquartered or
incorporated in countries considered to be emerging markets or have
significant business operations in emerging markets. Risks of investing in
developing or emerging countries are even greater than the risks associated
with foreign investments in general. These increased risks include, among
other risks, the possibility of investment and trading limitations, greater
liquidity concerns, higher price volatility, greater delays and disruptions in
settlement transactions, greater political uncertainties and greater

Page 15

dependence on international trade or development assistance. In addition, less
information about emerging market companies is publicly available due to
differences in regulatory, accounting, audit and financial recordkeeping
standards and information that is available may be unreliable or outdated.
Moreover, the rights and remedies associated with emerging market investment
securities may be different than those available for investments in more
developed markets. Furthermore, emerging market countries may be subject to
overburdened infrastructures, obsolete financial systems and environmental
problems. For these reasons, investments in emerging markets are often
considered speculative.

Brexit Risk. Approximately one year after the United Kingdom officially
departed the European Union (commonly referred to as "Brexit"), the United
Kingdom and the European Union reached a trade agreement that became effective
on December 31, 2020. Under the terms of the trade deal, there will be no
tariffs or quotas on the movement of goods between the United Kingdom and
Europe. Brexit has led to volatility in global financial markets, in
particular those of the United Kingdom and across Europe, and the weakening in
political, regulatory, consumer, corporate and financial confidence in the
United Kingdom and Europe. There can be no assurance that the new trade
agreement will improve the instability in global financial markets caused by
Brexit. Given the size and importance of the United Kingdom's economy,
uncertainty or unpredictability about its legal, political and/or economic
relationships with Europe has been, and may continue to be, a source of
instability and could lead to significant currency fluctuations and other
adverse effects on international markets and international trade even under
the new trade guidelines.

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

Small and/or Mid Capitalization Companies. Certain of the Securities held by
the International Capital Strength Portfolio, Series 51, and all of the
Securities held by the SMid Capital Strength Portfolio, Series 51 are issued
by small and/or mid capitalization companies. Investing in stocks of such
companies may involve greater risk than investing in larger companies. For
example, such companies may have limited product lines, as well as shorter
operating histories, less experienced management and more limited financial
resources than larger companies. Securities of such companies generally trade
in lower volumes and are generally subject to greater and less predictable
changes in price than securities of larger companies. In addition, small and
mid-cap stocks may not be widely followed by the investment community, which
may result in low demand.

Large Capitalization Companies. Certain of the Securities held by the
International Capital Strength Portfolio, Series 51 are issued by large
capitalization companies. The return on investment in stocks of large
capitalization companies may be less than the return on investment in stocks
of small and/or mid capitalization companies. Large capitalization companies
may also grow at a slower rate than the overall market.

Cybersecurity Risk. As the use of Internet technology has become more
prevalent in the course of business, the Trusts have become more susceptible
to potential operational risks through breaches in cybersecurity. A breach in
cybersecurity refers to both intentional and unintentional events that may
cause a Trust to lose proprietary information, suffer data corruption or lose
operational capacity. Such events could cause the Sponsor of the Trusts to
incur regulatory penalties, reputational damage, additional compliance costs
associated with corrective measures and/or financial loss. Cybersecurity
breaches may involve unauthorized access to digital information systems
utilized by the Trusts through "hacking" or malicious software coding, but may
also result from outside attacks such as denial-of-service attacks through
efforts to make network services unavailable to intended users. In addition,
cybersecurity breaches of a Trust's third-party service providers, or issuers
in which the Trusts invest, can also subject the Trusts to many of the same
risks associated with direct cybersecurity breaches. The Sponsor of, and third-
party service provider to, the Trusts have established risk management systems
designed to reduce the risks associated with cybersecurity. However, there is
no guarantee that such efforts will succeed, especially because the Trusts do
not directly control the cybersecurity systems of issuers or third-party
service providers.

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

Page 16

Public Offering

The Public Offering Price.

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

- The aggregate underlying value of the Securities;

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

- Dividends receivable on Securities; and

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

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

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

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

Minimum Purchase.

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

Maximum Sales Charge.

The maximum sales charge of 2.75% per Unit is comprised of a transactional
sales charge and a creation and development fee. After the initial offering
period the maximum sales charge will be reduced by 0.50%, to reflect the
amount of the previously charged creation and development fee.

Transactional Sales Charge.

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

Initial Sales Charge. The initial sales charge, which you will pay at the time
of purchase, is equal to the difference between the maximum sales charge of
2.75% of the Public Offering Price and the sum of the maximum remaining
deferred sales charge and creation and development fee (initially $.275 per
Unit). On the Initial Date of Deposit, and any other day the Public Offering
Price per Unit equals $10.00, there is no initial sales charge. Thereafter,
you will pay an initial sales charge when the Public Offering Price per Unit
exceeds $10.00 and as deferred sales charge and creation and development fee
payments are made.

Monthly Deferred Sales Charge. In addition, three monthly deferred sales
charge payments of $.075 per Unit will be deducted from a Trust's assets on
approximately the twentieth day of each month from October 20, 2021 through
December 20, 2021. If you buy Units at a price of less than $10.00 per Unit,
the dollar amount of the deferred sales charge will not change, but the

Page 17

deferred sales charge on a percentage basis will be more than 2.25% of the
Public Offering Price.

If you purchase Units after the last deferred sales charge payment has been
assessed, your transactional sales charge will consist of a one-time initial
sales charge of 2.25% of the Public Offering Price (equivalent to 2.302% of
the net amount invested).

Creation and Development Fee.

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

Discounts for Certain Persons.

The maximum sales charge is 2.75% per Unit and the maximum dealer concession
is 2.00% per Unit.

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

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

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

The Value of the Securities.

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

The aggregate underlying value of the Securities in the Trusts will be
determined as follows: if the Securities are listed on a national or foreign
securities exchange or The NASDAQ Stock Market, LLC(R), their value shall
generally be based on the closing sale price on the exchange or system which

Page 18

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

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

Distribution of Units

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

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

Dealer Concessions.

Dealers and other selling agents can purchase Units at prices which represent
a concession or agency commission of 2.00% of the Public Offering Price per
Unit, subject to reductions set forth in "Public Offering-Discounts for
Certain Persons."

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

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

Dealers and other selling agents will not receive a concession on the sale of
Units which are not subject to a transactional sales charge, but such Units
will be included in determining whether the above volume sales levels are met.
Eligible dealer firms and other selling agents include clearing firms that
place orders with First Trust and provide First Trust with information with
respect to the representatives who initiated such transactions. Eligible
dealer firms and other selling agents will not include firms that solely
provide clearing services to other broker/dealer firms or firms who place
orders through clearing firms that are eligible dealers. We reserve the right

Page 19

to change the amount of concessions or agency commissions from time to time.
Certain commercial banks may be making Units of the Trusts available to their
customers on an agency basis. A portion of the transactional sales charge paid
by these customers is kept by or given to the banks in the amounts shown above.

Other Compensation and Benefits to Broker/Dealers.

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

Advertising and Investment Comparisons.

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

From time to time we may compare the estimated returns of the Trusts (which
may show performance net of the expenses and charges the Trusts would have
incurred) and returns over specified periods of other similar trusts we
sponsor in our advertising and sales materials, with (1) returns on other
taxable investments such as the common stocks comprising various market
indexes, corporate or U.S. Government bonds, bank CDs and money market
accounts or funds, (2) performance data from Morningstar, Inc. or (3)
information from publications such as Money, The New York Times, U.S. News and
World Report, Bloomberg Businessweek, Forbes or Fortune. The investment
characteristics of each Trust differ from other comparative investments. You
should not assume that these performance comparisons will be representative of
a Trust's future performance. We may also, from time to time, use advertising
which classifies trusts or portfolio securities according to capitalization
and/or investment style.

The Sponsor's Profits

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

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

Page 20

The Secondary Market

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

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

How We Purchase Units

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

Expenses and Charges

The estimated annual expenses of each Trust are listed under "Fee Table." If
actual expenses of a Trust exceed the estimate, that Trust will bear the
excess. The Trustee will pay operating expenses of each Trust from the Income
Account of such Trust if funds are available, and then from the Capital
Account. The Income and Capital Accounts are non-interest-bearing to Unit
holders, so the Trustee may earn interest on these funds, thus benefiting from
their use.

First Trust Advisors L.P., an affiliate of ours, acts as Portfolio Supervisor
and Evaluator and will be compensated for providing portfolio supervisory
services and evaluation services as well as bookkeeping and other
administrative services to the Trusts. In providing portfolio supervisory
services, the Portfolio Supervisor may purchase research services from a
number of sources, which may include underwriters or dealers of the Trusts. As
Sponsor, we will receive brokerage fees when the Trusts use us (or an
affiliate of ours) as agent in buying or selling Securities. As authorized by
the Indenture, the Trustee may employ a subsidiary or affiliate of the Trustee
to act as broker to execute certain transactions for a Trust. A Trust will pay
for such services at standard commission rates.

The fees payable to First Trust Advisors L.P. and the Trustee are based on the
largest aggregate number of Units of a Trust outstanding at any time during
the calendar year, except during the initial offering period, in which case
these fees are calculated based on the largest number of Units outstanding
during the period for which compensation is paid. These fees may be adjusted
for inflation without Unit holders' approval, but in no case will the annual
fees paid to us or our affiliates for providing services to all unit
investment trusts be more than the actual cost of providing such services in
such year.

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

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

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

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

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

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

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

Page 21

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

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

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

Tax Status

Federal Tax Matters.

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

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

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

Trust Status.

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

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

Income from the Trust.

Trust distributions are generally taxable. After the end of each year, you
will receive a tax statement that separates a Trust's distributions into
ordinary income dividends, capital gain dividends and return of capital.
Income reported is generally net of expenses (but see "Treatment of Trust
Expenses" below). Ordinary income dividends are generally taxed at your
ordinary income tax rate, however, certain dividends received from a Trust may
be taxed at the capital gains tax rates. Generally, all capital gain dividends
are treated as long-term capital gains regardless of how long you have owned
your Units. In addition, a Trust may make distributions that represent a
return of capital for tax purposes and will generally not be currently taxable
to you, although they generally reduce your tax basis in your Units and thus
increase your taxable gain or decrease your loss when you dispose of your
Units. The tax laws may require you to treat distributions made to you in
January as if you had received them on December 31 of the previous year.

Some distributions from a Trust may qualify as long-term capital gains, which,
if you are an individual, is generally taxed at a lower rate than your
ordinary income and short-term capital gain income. The distributions from a
Trust that you must take into account for federal income tax purposes are not
reduced by the amount used to pay a deferred sales charge, if any.
Distributions from a Trust, including capital gains, may also be subject to a
"Medicare tax" if your adjusted gross income exceeds certain threshold amounts.

Certain Stock Dividends.

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

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

Page 22

Sale of Units.

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

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

Distribution Reinvestment Option.

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

Treatment of Trust Expenses.

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

Investments in Certain Non-U.S. Corporations.

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

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

Non-U.S. Investors.

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

Separately, the United States, pursuant to the Foreign Account Tax Compliance
Act ("FATCA") imposes a 30% tax on certain non-U.S. entities that receive U.S.
source interest or dividends if the non-U.S. entity does not comply with
certain U.S. disclosure and reporting requirements. This FATCA tax also
currently applies to the gross proceeds from the disposition of securities
that produce U.S. source interest or dividends. However, proposed regulations
may eliminate the requirement to withhold on payments of gross proceeds from
dispositions.

It is the responsibility of the entity through which you hold your Units to
determine the applicable withholding.

Foreign Tax Credit.

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

Page 23

In-Kind Distributions.

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

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

Retirement Plans

You may purchase Units of the Trusts for:

- Individual Retirement Accounts;

- Keogh Plans;

- Pension funds; and

- Other tax-deferred retirement plans.

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

Rights of Unit Holders

Unit Ownership.

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

Unit Holder Reports.

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

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

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

- The Redemption Price per Unit, computed on the 31st day of December of such
year (or the last business day before); and

- Amounts of income and capital distributed during the year.

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

Income and Capital Distributions

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

The Trustee will distribute money from the Income and Capital Accounts, as
determined at the semi-annual Record Date, semi-annually on the twenty-fifth
day of each June and December to Unit holders of record on the tenth day of
such months. However, the Trustee will only distribute money in the Capital
Account if the amount available for distribution from that account equals at
least $1.00 per 100 Units. In any case, the Trustee will distribute any funds
in the Capital Account in December of each year and as part of the final
liquidation distribution. See "Summary of Essential Information." No income
distribution will be paid if accrued expenses of a Trust exceed amounts in the
Income Account on the Distribution Dates. Distribution amounts will vary with
changes in a Trust's fees and expenses, in dividends received and with the

Page 24

sale of Securities. If the Trustee does not have your taxpayer identification
number ("TIN"), it is required to withhold a certain percentage of your
distribution and deliver such amount to the IRS. You may recover this amount
by giving your TIN to the Trustee, or when you file a tax return. However, you
should check your statements to make sure the Trustee has your TIN to avoid
this "back-up withholding."

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

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

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

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

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

Redeeming Your Units

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

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

Any amounts paid on redemption representing income will be withdrawn from the
Income Account if funds are available for that purpose, or from the Capital
Account. All other amounts paid on redemption will be taken from the Capital
Account. The IRS will require the Trustee to withhold a portion of your
redemption proceeds if the Trustee does not have your TIN as generally
discussed under "Income and Capital Distributions."

If you tender for redemption at least 2,500 Units of a Trust, or such larger
amount as required by your broker/dealer or bank, rather than receiving cash,
you may elect to receive an In-Kind Distribution in an amount equal to the
Redemption Price per Unit by making this request to your broker/dealer or bank
at the time of tender. However, to be eligible to participate in the In-Kind
Distribution option at redemption, Unit holders must hold their Units through
the end of the initial offering period. No In-Kind Distribution requests
submitted during the 10 business days prior to a Trust's Mandatory Termination
Date will be honored. Where possible, the Trustee will make an In-Kind
Distribution by distributing each of the Securities in book-entry form to your
bank's or broker/dealer's account at DTC. The Trustee will subtract any

Page 25

customary transfer and registration charges from your In-Kind Distribution. As
a tendering Unit holder, you will receive your pro rata number of whole shares
of Securities that make up the portfolio, and cash from the Capital Account
equal to the fractional shares to which you are entitled.

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

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

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

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

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

- For any other period permitted by SEC order.

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

The Redemption Price.

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

adding

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

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

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

deducting

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

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

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

4. cash held for distribution to Unit holders of record of a Trust as of the
business day before the evaluation being made;

5. liquidation costs for foreign Securities, if any; and

6. other liabilities incurred by a Trust; and

dividing

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

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

Removing Securities from a Trust

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

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

- Any action or proceeding prevents the payment of dividends;

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

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

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

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

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

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

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

- The sale of the Security is necessary for a Trust to comply with such
federal and/or state laws, regulations and/or regulatory actions and
interpretations which may be in effect from time to time.

Except for instances in which a Trust acquires Replacement Securities, as
described in "The FT Series," the Trusts will generally not acquire any

Page 26

securities or other property other than the Securities. The Trustee, on behalf
of the Trusts and at the direction of the Sponsor, will vote for or against
any offer for new or exchanged securities or property in exchange for a
Security, such as those acquired in a merger or other transaction. If such
exchanged securities or property are acquired by a Trust, at our instruction,
they will either be sold or held in such Trust. In making the determination as
to whether to sell or hold the exchanged securities or property we may get
advice from the Portfolio Supervisor. Any proceeds received from the sale of
Securities, exchanged securities or property will be credited to the Capital
Account of such Trust for distribution to Unit holders or to meet redemption
requests. The Trustee may retain and pay us or an affiliate of ours to act as
agent for a Trust to facilitate selling Securities, exchanged securities or
property from such Trust. If we or our affiliate act in this capacity, we will
be held subject to the restrictions under the 1940 Act. When acting in an
agency capacity, we may select various broker/dealers to execute securities
transactions on behalf of the Trusts, which may include broker/dealers who
sell Units of the Trusts. We do not consider sales of Units of the Trusts or
any other products sponsored by First Trust as a factor in selecting such
broker/dealers. As authorized by the Indenture, the Trustee may also employ a
subsidiary or affiliate of the Trustee to act as broker in selling such
Securities or property. Each Trust will pay for these brokerage services at
standard commission rates.

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

Amending or Terminating the Indenture

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

- To cure ambiguities;

- To correct or supplement any defective or inconsistent provision;

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

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

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

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

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

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

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

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

You will receive a cash distribution from the sale of the remaining
Securities, along with your interest in the Income and Capital Accounts,
within a reasonable time after such Trust is terminated. The Trustee will
deduct from the Trusts any accrued costs, expenses, advances or indemnities
provided for by the Indenture, including estimated compensation of the Trustee
and costs of liquidation and any amounts required as a reserve to pay any
taxes or other governmental charges.

Page 27

Information on the Sponsor, Trustee and Evaluator

The Sponsor.

We, First Trust Portfolios L.P., specialize in the underwriting, trading and
wholesale distribution of unit investment trusts under the "First Trust" brand
name and other securities. An Illinois limited partnership formed in 1991, we
took over the First Trust product line and act as Sponsor for successive
series of:

- The First Trust Combined Series

- FT Series (formerly known as The First Trust Special Situations Trust)

- The First Trust Insured Corporate Trust

- The First Trust of Insured Municipal Bonds

- The First Trust GNMA

The First Trust product line commenced with the first insured unit investment
trust in 1974. To date we have deposited more than $500 billion in First Trust
unit investment trusts. Our employees include a team of professionals with
many years of experience in the unit investment trust industry.

We are a member of FINRA and SIPC. Our principal offices are at 120 East
Liberty Drive, Wheaton, Illinois 60187; telephone number 800-621-1675. As of
December 31, 2020, the total partners' capital of First Trust Portfolios L.P.
was $82,953,781.

This information refers only to us and not to the Trusts or to any series of
the Trusts or to any other dealer. We are including this information only to
inform you of our financial responsibility and our ability to carry out our
contractual obligations. We will provide more detailed financial information
on request.

Code of Ethics. The Sponsor and the Trusts have adopted a code of ethics
requiring the Sponsor's employees who have access to information on Trust
transactions to report personal securities transactions. The purpose of the
code is to avoid potential conflicts of interest and to prevent fraud,
deception or misconduct with respect to the Trusts.

The Trustee.

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

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

Limitations of Liabilities of Sponsor and Trustee.

Neither we nor the Trustee will be liable for taking any action or for not
taking any action in good faith according to the Indenture. We will also not
be accountable for errors in judgment. We will only be liable for our own
willful misfeasance, bad faith, gross negligence (ordinary negligence in the
Trustee's case) or reckless disregard of our obligations and duties. The
Trustee is not liable for any loss or depreciation when the Securities are
sold. If we fail to act under the Indenture, the Trustee may do so, and the
Trustee will not be liable for any action it takes in good faith under the
Indenture.

The Trustee will not be liable for any taxes or other governmental charges or
interest on the Securities which the Trustee may be required to pay under any
present or future law of the United States or of any other taxing authority
with jurisdiction. Also, the Indenture states other provisions regarding the
liability of the Trustee.

If we do not perform any of our duties under the Indenture or are not able to
act or become bankrupt, or if our affairs are taken over by public
authorities, then the Trustee may:

- Appoint a successor sponsor, paying them a reasonable rate not more than
that stated by the SEC;

- Terminate the Indenture and liquidate the Trusts; or

- Continue to act as Trustee without terminating the Indenture.

The Evaluator.

The Evaluator is First Trust Advisors L.P., an Illinois limited partnership
formed in 1991 and an affiliate of the Sponsor. The Evaluator's address is 120
East Liberty Drive, Wheaton, Illinois 60187.

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

Page 28

Other Information

Legal Opinions.

Our counsel is Chapman and Cutler LLP, 111 W. Monroe St., Chicago, Illinois
60603. They have passed upon the legality of the Units offered hereby and
certain matters relating to federal tax law. Carter Ledyard & Milburn LLP acts
as the Trustee's counsel.

Experts.

The Trusts' statements of net assets, including the schedules of investments,
as of the opening of business on the Initial Date of Deposit included in this
prospectus, have been audited by Deloitte & Touche LLP, an independent
registered public accounting firm, as stated in their report appearing herein,
and are included in reliance upon the report of such firm given upon their
authority as experts in accounting and auditing.

Supplemental Information.

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

Page 29

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Page 30

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Page 31

First Trust(R)

International Capital Strength Portfolio, Series 51
SMid Capital Strength Portfolio, Series 51
FT 9434

Sponsor:

First Trust Portfolios L.P.

Member SIPC o Member FINRA
120 East Liberty Drive
Wheaton, Illinois 60187
800-621-1675

Trustee:

The Bank of New York Mellon

240 Greenwich Street
New York, New York 10286
800-813-3074
24-Hour Pricing Line:
800-446-0132
Please refer to the "Summary of Essential Information" for each Trust's
Product Code.

________________________

When Units of the Trusts are no longer available, this prospectus may be used
as a preliminary prospectus
for a future series, in which case you should note the following:

THE INFORMATION IN THE PROSPECTUS IS NOT COMPLETE AND MAY BE CHANGED. WE MAY
NOT SELL, OR ACCEPT OFFERS TO BUY, SECURITIES OF A FUTURE SERIES UNTIL THAT
SERIES HAS BECOME EFFECTIVE WITH THE SEC. NO SECURITIES CAN BE SOLD IN ANY
STATE WHERE A SALE WOULD BE ILLEGAL.

________________________

This prospectus contains information relating to the above-mentioned unit
investment trusts, but does not contain all of the information about this
investment company as filed with the SEC in Washington, D.C. under the:

- Securities Act of 1933 (file no. 333-255602) and

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

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

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

To obtain copies at prescribed rates -

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

June 21, 2021

PLEASE RETAIN THIS PROSPECTUS FOR FUTURE REFERENCE

Page 32

First Trust(R)

The FT Series

Information Supplement

This Information Supplement provides additional information concerning the
structure, operations and risks of the unit investment trusts contained in FT
9434 not found in the prospectus for the Trusts. This Information Supplement
is not a prospectus and does not include all of the information you should
consider before investing in a Trust. This Information Supplement should be
read in conjunction with the prospectus for the Trust in which you are
considering investing.

This Information Supplement is dated June 21, 2021. Capitalized terms have
been defined in the prospectus.

Table of Contents

Risk Factors
Securities 1
Dividends 1
Foreign Issuers 1
Emerging Markets 2
Small and/or Mid Capitalization Companies 3
Concentration
Concentration Risk 3
Consumer Discretionary 3
Portfolios
International Capital Strength Portfolio, Series 51 4
SMid Capital Strength Portfolio, Series 51 6

Risk Factors

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

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

Foreign Issuers. The following section applies to individual Trusts which
contain Securities issued by, or invest in securities issued by, foreign
entities. Since certain of the Securities held by the Trust consist of, or
invest in, securities issued by foreign entities, an investment in the Trust
involves certain investment risks that are different in some respects from an

Page 1

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

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

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

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

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

Emerging Markets. An investment in Units of International Capital Strength
Portfolio, Series 51 should be made with an understanding of the risks
inherent with investing in certain smaller and emerging markets. Compared to
more mature markets, some emerging markets may have a low level of regulation,
enforcement of regulations and monitoring of investors' activities. Those
activities may include practices such as trading on material non-public
information. The securities markets of developing countries are not as large
as the more established securities markets and have substantially less trading
volume, resulting in a lack of liquidity and high price volatility. There may
be a high concentration of market capitalization and trading volume in a small
number of issuers representing a limited number of industries as well as a
high concentration of investors and financial intermediaries. These factors
may adversely affect the timing and pricing of the acquisition or disposal of
securities.

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

Page 2

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

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

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

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

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

Concentration

The SMid Capital Strength Portfolio, Series 51 is concentrated in stocks of
companies within the consumer discretionary sector.

Consumer Discretionary. Consumer discretionary companies, such as retailers,
media companies and consumer services companies, provide non-essential goods
and services. These companies manufacture products and provide discretionary
services directly to the consumer. Risks inherent in an investment in the
consumer discretionary sector include the cyclicality of revenues and
earnings, changing consumer demands, regulatory restrictions, product
liability litigation and other litigation resulting from accidents, extensive
competition (including that of low-cost foreign competition), unfunded pension
fund liabilities and employee and retiree benefit costs and financial
deterioration resulting from leveraged buy-outs, takeovers or acquisitions.
In general, expenditures on consumer discretionary products will be affected
by the economic health of consumers. A weak economy with its consequent effect
on consumer spending would have an adverse effect on consumer discretionary
companies. Other factors of particular relevance to the profitability of the
sector are the effects of increasing environmental regulation on packaging and

Page 3

on waste disposal, the continuing need to conform with foreign regulations
governing packaging and the environment, the outcome of trade negotiations and
the effect on foreign subsidies and tariffs, foreign exchange rates, the price
of oil and its effect on energy costs, inventory cutbacks by retailers,
transportation and distribution costs, health concerns relating to the
consumption of certain products, the effect of demographics on consumer
demand, the availability and cost of raw materials and the ongoing need to
develop new products and to improve productivity.

Portfolios

Securities Selected for International Capital Strength Portfolio, Series 51

Australia
_________

CSL Limited (ADR), headquartered in Parkville, Australia, develops,
manufactures and markets human pharmaceutical and diagnostic products derived
from human plasma. The company's products include pediatric and adult
vaccines, infection and pain medicine, antivenoms, anticoagulants, skin
disorder remedies and immunoglobulins.

Canada
______

Canadian National Railway Company, headquartered in Montreal, Canada, is the
only railroad which crosses the North American continent east-west and north-
south, serving ports on the Atlantic, Pacific and Gulf coasts while linking
customers to all three NAFTA nations.

China
_____

Alibaba Group Holding Limited (ADR), incorporated in the Cayman Islands and
headquartered in Hangzhou, China, through its subsidiaries, operates a holding
company. The company provides internet infrastructure, online financial, e-
commerce and internet content services worldwide.

NetEase, Inc. (ADR), incorporated in the Cayman Islands and headquartered in
Beijing, China, through its subsidiaries, operates an online community in
China. The company operates in three segments: Online Game Services,
Advertising Services and Wireless Value-added Services and others.

Tencent Holdings Limited (ADR), incorporated in the Cayman Islands and
headquartered in Shenzhen, China, primarily provides Internet services. Other
activities of the company include mobile and telecommunications services,
online advertising and e-commerce transactions. The company operates in China
and internationally.

Denmark
_______

Novo Nordisk A/S (ADR), headquartered in Bagsvaerd, Denmark, is a health care
company that specializes in products for the treatment of diabetes, as well as
products in the areas of coagulation disorders, human growth hormones and
hormone replacement.

France
______

Sanofi (ADR), headquartered in Paris, France, is engaged in the development
and manufacture of prescription pharmaceuticals in four main therapeutic
categories: Cardiovascular/Thrombosis, Central Nervous System, Internal
Medicine and Oncology.

Germany
_______

Deutsche Post AG (ADR), headquartered in Bonn, Germany, is a domestic and
international logistics company. The company provides domestic and
international mail and package delivery services, express delivery, freight
transport, supply chain management and e-commerce solutions.

India
_____

HDFC Bank Ltd. (ADR), headquartered in Mumbai, India, a private sector bank,
provides financial services to corporations, and middle and upper-income
individuals in India.

Infosys Limited (ADR), headquartered in Bangalore, India, provides consulting
and information technology services primarily in North America, Europe, and
the Asia-Pacific region. The company targets businesses specializing in the
insurance, banking, telecommunication and manufacturing sectors.

Ireland
_______

Accenture Plc, headquartered in Dublin, Ireland, is a professional services
company. The company provides management consulting, technology services, and
outsourcing services to clients to improve the client's business performance.

Page 4

AON Plc, incorporated in Ireland and headquartered in London, England, through
its subsidiaries, provides insurance and risk management, consulting, and
insurance underwriting solutions worldwide.

ICON Plc, headquartered in Dublin, Ireland, provides clinical research and
development services worldwide to the pharmaceutical, biotechnology, and
medical device industries.

Trane Technologies Plc, headquartered in Swords, Ireland, engages in the
design, manufacture, sale and service of a portfolio of industrial and
commercial products in the United States and internationally.

Japan
_____

Nintendo Co., Ltd. (ADR), headquartered in Kyoto, Japan, together with its
subsidiaries, manufactures and markets home-use video games globally. The
company also produces related software used in conjunction with its television-
compatible entertainment systems.

Sony Group Corp. (ADR), headquartered in Tokyo, Japan, designs, develops,
manufactures and markets electronic equipment and devices for the consumer,
professional and industrial markets. Products include audio/video equipment
for home and car, DVD players/recorders, game consoles, computers and computer
peripherals. The company is also engaged in the entertainment and music
publishing businesses.

Tokyo Electron Limited (ADR), headquartered in Minato-Ku, Japan, manufactures
and sells industrial electronics products, such as semiconductor manufacturing
machines, flat panel display (FPD) manufacturing machine, photo voltaic (PV)
manufacturing machine, and electronic components. The company's products are
sold in Japan, the United States and Taiwan.

Luxembourg
__________

Ternium S.A. (ADR), headquartered in Luxembourg City, Luxembourg, through its
primarily Latin American-based subsidiaries, engages in the manufacture and
distribution of processed steel products. The company's products include steel
sheets and rolled coils, pre-painted sheets, steel bars and wire rod.

The Netherlands
_______________

ASML Holding N.V. (New York Registry Shares), headquartered in Veldhoven, the
Netherlands, together with its subsidiaries, is a microelectronics company.
The company develops, makes, sells and services advanced photolithography
projection systems, including wafer steppers and step-and-scan systems, that
are essential to the fabrication of modern integrated circuits.

Sweden
______

Atlas Copco AB (ADR), headquartered in Stockholm, Sweden, engages in the
development, manufacture and marketing of air and gas compressors, air dryers,
after coolers and related products and provides equipment rentals.

Telefonaktiebolaget LM Ericsson (ADR), headquartered in Stockholm, Sweden,
develops, produces and markets telecommunications equipment and services to
mobile and fixed networks worldwide. The company also provides products and
services for radio access solutions, business support systems, television and
media management services, and modems for handset and tablet manufacturers.

Volvo AB (ADR), headquartered in Gothenborg, Sweden, operates worldwide as a
commercial vehicle manufacturer. The company manufactures trucks, buses,
engines and construction equipment as well as providing financial services.

Switzerland
___________

Garmin Ltd., headquartered in Schaffhausen, Switzerland, designs, develops,
manufactures and markets navigation, communications and information devices,
most of which are enabled by Global Positioning System (GPS) technology.

Logitech International S.A., headquartered in Lausanne, Switzerland, engages
in the design, manufacture and marketing of personal interface products for
personal computers and other digital platforms. The company's products enable
or enhance digital navigation, music and video entertainment, social
networking, audio and video communication over the Internet and home
entertainment control.

Nestle S.A. (ADR), headquartered in Vevey, Switzerland, is that country's
largest industrial company, as well as the world's largest food company. The
company's subsidiaries produce and sell beverages, milk products, culinary
products, frozen food, chocolate, ready-to-eat dishes, refrigerated products,
food service products, pet food, pharmaceuticals and cosmetics.

Page 5

Roche Holding AG (ADR), headquartered in Basel, Switzerland, develops and
manufactures pharmaceutical and chemical products. The company produces
prescription and non-prescription drugs, fine chemicals, vitamins and
diagnostic equipment. The company manufactures and distributes its products
worldwide.

Taiwan
_____

Taiwan Semiconductor Manufacturing Company Ltd. (ADR), headquartered in
Hsinchu, Taiwan, manufactures integrated circuits based on its proprietary
designs. The company offers a comprehensive set of integrated circuit
fabrication processes to manufacture CMOS logic, mixed-mode, volatile and non-
volatile memory and BiCMOS chips.

United Kingdom
______________

Ferguson Plc, headquartered in Wokingham, England, is a distributor of
plumbing and heating products. The company offers plumbing and heating
solutions to contractors and consumers in North America and Europe.

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

Unilever Plc (ADR), headquartered in London, England, is engaged in the
business of supplying fast-moving consumer goods internationally. The company
provides branded products in four segments: foods, personal care, refreshments
and home care.

Securities Selected for SMid Capital Strength Portfolio, Series 51

Consumer Discretionary
______________________

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

Deckers Outdoor Corporation, headquartered in Goleta, California, engages in
the design, production, and brand management of footwear for outdoor
activities and casual lifestyle use.

Fox Factory Holding Corp., headquartered in Braselton, Georgia, designs and
manufactures ride dynamics products internationally. The company provides
performance products for various mountain bikes and off-road vehicles.

Gentex Corporation, headquartered in Zeeland, Michigan, designs, manufactures
and markets products developed with electro-optic technology. Products include
automatic dimming rearview mirrors and fire safety products. The company
markets its products globally.

Installed Building Products, Inc., headquartered in Columbus, Ohio, is a
residential insulation installer in the United States. The company also
installs complementary building products, including garage doors, rain
gutters, shower doors, closet shelving and mirrors.

Lithia Motors, Inc., headquartered in Medford, Oregon, is an operator of
automotive franchises and a retailer of new and used vehicles and services.

Polaris Inc., headquartered in Medina, Minnesota, designs, engineers and makes
snowmobiles, all-terrain vehicles, motorcycles and personal watercraft. The
company manufactures in the United States, Canada and Western Europe.

TopBuild Corp., headquartered in Daytona Beach, Florida, is an insulation
products company. The company installs and distributes insulation and other
building products, including fireplaces, gutters and roofing materials.

YETI Holdings, Inc., headquartered in Austin, Texas, designs and distributes
products for the outdoor and recreation markets. The company offers coolers,
storage and outdoor living accessories.

Zumiez Inc., headquartered in Lynnwood, Washington, is a mall-based specialty
retailer of action and sports-related apparel, footwear, accessories and
equipment. The company's target market is between the ages of 12 and 24.

Consumer Staples
________________

The Boston Beer Company, Inc., headquartered in Boston, Massachusetts,
produces beer, malt beverages and hard cider products under the brand names
"Sam Adams," "Twisted Tea" and "Angry Orchard." The company distributes its
products in the United States, Canada, the Caribbean, Europe, Israel, Mexico
and the Pacific Rim.

Casey's General Stores, Inc., headquartered in Ankeny, Iowa, operates
convenience stores in small towns in the Midwest. The stores offer food,
beverages and non-food products such as health and beauty aids, tobacco

Page 6

products, automotive products and gasoline by company stores and from the
wholesale sale of merchandise items and gasoline to franchised stores.

Medifast, Inc., headquartered in Baltimore, Maryland, is a health care
company. Through its subsidiaries, the company manufactures and distributes
healthy living products and programs in United States and internationally.

Financials
__________

Axos Financial, Inc., headquartered in Las Vegas, Nevada, is the holding
company for Axos Bank. The company provides consumer and business banking
products and services in the United States.

Evercore Inc., headquartered in New York, New York, is an investment banking
boutique. The company provides advisory services on mergers, acquisitions,
divestitures, restructurings and other corporate transactions to multinational
corporations. The company also manages private equity funds for institutional
investors.

First American Financial Corporation, headquartered in Santa Ana, California,
provides various financial services in the United States and internationally,
operating in two segments: Title Insurance and Services, and Specialty
Insurance.

First Horizon Corporation, headquartered in Memphis, Tennessee, is a bank
holding company that provides diversified financial services through its
principal subsidiary, First Tennessee Bank National Association, as well as
its other banking and banking-related subsidiaries.

Health Care
___________

Jazz Pharmaceuticals Plc, headquartered in Dublin, Ireland, is a
biopharmaceutical company. The company develops and commercializes products
for neurology and psychiatry primarily in the United States.

Masimo Corporation, headquartered in Irvine, California, is a medical
technology company. The company designs, develops and licenses noninvasive
medical signal processing and sensor technologies. The company markets its
products worldwide.

Molina Healthcare, Inc., headquartered in Long Beach, California, is a multi-
state managed care organization that arranges for the delivery of health care
services to persons eligible for Medicaid and other programs for low-income
families and individuals.

Pacira BioSciences Inc., headquartered in Parsippany, New Jersey, is a
specialty pharmaceutical company which develops, commercializes and
manufactures proprietary pharmaceutical products. The company's products are
used in hospitals and ambulatory surgery centers.

Industrials
___________

AGCO Corporation, headquartered in Duluth, Georgia, is primarily engaged in
the manufacturing and distribution of agricultural equipment and related
replacement parts worldwide.

Boise Cascade Company, headquartered in Boise, Idaho, is a building products
company. The company manufactures wood products and is a wholesale distributor
of building materials.

Graco Inc., headquartered in Minneapolis, Minnesota, designs, manufactures and
markets systems, products and technology to move, measure, control, dispense
and apply a wide variety of fluids and viscous materials.

Hubbell Incorporated, headquartered in Shelton, Connecticut, makes electrical
and electronic products for commercial, industrial and telecommunications
applications. The company's products include connectors, receptacles, plugs,
lighting fixtures and voice and data signal processing components. The company
operates in the United States and internationally.

Lincoln Electric Holdings, Inc., headquartered in Cleveland, Ohio, through its
subsidiaries, engages in the manufacture and resale of welding and cutting
products worldwide.

MasTec, Inc., headquartered in Coral Gables, Florida, is a specialty
contractor. The company procures, engineers, constructs and maintains the
infrastructures that allow electric transmission and distribution, natural gas
and oil pipeline, and communications companies to facilitate the production
and delivery of their products to their customers.

Mueller Industries, Inc., headquartered in Collierville, Tennessee, is a
manufacturer of copper, brass, plastic and aluminum products. The company's
products include aluminum and brass forgings, plastic fittings and valves,
brass and copper alloy rods and bars, and refrigeration valves.

Page 7

Nordson Corporation, headquartered in Westlake, Ohio, engineers and
manufactures equipment used for precision dispensing and processing of
adhesives, coatings, sealants and polymers. The company's equipment is also
used in testing, quality inspection and curing.

The Timken Company, headquartered in Canton, Ohio, is a global manufacturer of
highly engineered bearings, alloy and specialty steel and related components.
The company operates through two segments: Mobile Industries and Process
Industries.

The Toro Company, headquartered in Bloomington, Minnesota, designs,
manufactures and markets professional turf maintenance equipment, irrigation
systems, landscaping equipment, agricultural irrigation systems and
residential yard products.

Information Technology
______________________

Advanced Energy Industries, Inc., headquartered in Denver, Colorado, designs,
manufactures, sells and supports power conversion and control products that
transform power into various usable forms. The company's systems are used by
semiconductor and flat panel display manufacturers and other industrial
manufacturing equipment that utilize gaseous plasmas to deposit or etch thin
film layers on materials such as silicon and glass.

Fair Isaac Corporation, headquartered in San Jose, California, develops
analytic, software and data management solutions that enable businesses to
enhance their performance.

j2 Global, Inc., headquartered in Los Angeles, California, provides cloud-
based value-added storage messaging and communications services to individuals
and businesses worldwide. The company also operates web properties that
provide technology, gaming and lifestyle content.

MKS Instruments, Inc., headquartered in Andover, Massachusetts, develops,
makes and supplies instruments and components used to measure, control and
analyze gases in semiconductor manufacturing and similar industrial
manufacturing processes.

Synaptics Incorporated, headquartered in San Jose, California, is a developer
of custom-designed user interface solutions that enable people to interact
with a variety of mobile computing and communications devices.

TTEC Holdings, Inc., headquartered in Englewood, Colorado, provides outsourced
customer support and marketing services for a variety of industries via call
centers. The company also provides outsourced database management, direct
marketing and related customer retention services for a broad range of
industries in the United States and internationally.

Materials
_________

Eagle Materials Inc., headquartered in Dallas, Texas, a holding company,
produces various basic construction products used in residential, industrial,
commercial and infrastructure applications in the United States. The company's
operations include the mining of limestone and the production of cement, the
mining of gypsum and the manufacture of gypsum wallboard, and the production
of crushed stone, sand and gravel.

RPM International Inc., headquartered in Medina, Ohio, manufactures and
markets protective coatings used in waterproofing, general maintenance,
flooring systems and coating, corrosion control, and other applications.

Steel Dynamics, Inc., headquartered in Fort Wayne, Indiana, is a manufacturer
of steel products and a metals recycler. The company operates in three
segments: steel operations, metals recycling and steel fabrication.

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

Page 8

Undertaking

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

CONTENTS OF REGISTRATION STATEMENT

Bonding Arrangements of Depositor:

First Trust Portfolios L.P. is covered by a Brokers' Fidelity Bond, in the total amount of $2,000,000, the insurer being National Union Fire Insurance Company of Pittsburgh.

This Registration Statement on Form S-6 comprises the following papers and documents:

The facing sheet

The Prospectus

The signatures

Exhibits

S-1

SIGNATURES

The Registrant, FT 9434, hereby identifies The First Trust Special Situations Trust, Series 4; The First Trust Special Situations Trust, Series 18; The First Trust Special Situations Trust, Series 69; The First Trust Special Situations Trust, Series 108; The First Trust Special Situations Trust, Series 119; The First Trust Special Situations Trust, Series 190; FT 286; The First Trust Combined Series 272; FT 412; FT 438; FT 556; FT 754; FT 1102; FT 1179; FT 2935; FT 3320; FT 3367; FT 3370; FT 3397; FT 3398; FT 3400; FT 3451; FT 3480; FT 3529; FT 3530; FT 3568; FT 3569; FT 3570; FT 3572; FT 3615; FT 3647; FT 3650; FT 3689; FT 3690; FT 3729; FT 3780; FT 3940; FT 4020; FT 4037; FT 4143; FT 4260; FT 4746; FT 4789; FT 5039; FT 5415; FT 7033; FT 7256; FT 7935; FT 8495; FT 8669; FT 8713; FT 8740; FT 8746; FT 8758; FT 8817; FT 8955; FT 8956; FT 8965; FT 8976; FT 8978; FT 8993; FT 8994; FT 8997; FT 9039; FT 9040; FT 9042; FT 9058; FT 9068; FT 9203; FT 9204; FT 9303; FT 9305; FT 9326; FT 9327; FT 9372; FT 9401; FT 9402 and FT 9403 for purposes of the representations required by Rule 487 and represents the following:

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

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

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

Pursuant to the requirements of the Securities Act of 1933, the Registrant, FT 9434, has duly caused this Amendment to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Wheaton and State of Illinois on June 21, 2021.

FT 9434

By:

First Trust Portfolios L.P.
Depositor

By:

/s/ Elizabeth H. Bull
Senior Vice President

S-2

Pursuant to the requirements of the Securities Act of 1933, this Amendment to the Registration Statement has been signed below by the following person in the capacity and on the date indicated:

Name	Title*	Date

James A. Bowen	Director of The Charger Corporation, the General Partner of First Trust Portfolios L.P., and Chief Executive Officer of First Trust Portfolios L.P.	) ) ) )By: /s/ Elizabeth H. Bull ) Attorney-in-Fact** ) June 21, 2021
James M. Dykas	Chief Financial Officer of First Trust Portfolios L.P.	) )
Christina Knierim	Controller of First Trust Portfolios L.P.	) )

The title of the person named herein represents his or her capacity in and relationship to First Trust Portfolios L.P., the Depositor.

Executed copies of the related powers of attorney were filed with the Securities and Exchange Commission in connection with the Amendment No. 1 to Form S-6 of FT 9301 (File No. 333-253820) and the same is hereby incorporated herein by this reference.

S-3

CONSENT OF COUNSEL

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

CONSENT OF FIRST TRUST ADVISORS L.P.

The consent of First Trust Advisors L.P. to the use of its name in the Prospectus included in the Registration Statement will be filed as Exhibit 4.1 to the Registration Statement.

Consent of Independent Registered Public Accounting Firm

The consent of Deloitte & Touche LLP to the use of its name in the Prospectus included in the Registration Statement will be filed as Exhibit 4.2 to the Registration Statement.

S-4

EXHIBIT INDEX

1.1

Standard Terms and Conditions of Trust for FT 4484 and certain subsequent Series, effective November 6, 2013 among First Trust Portfolios L.P., as Depositor, The Bank of New York Mellon, as Trustee, First Trust Advisors L.P., as Evaluator, First Trust Advisors L.P., as Portfolio Supervisor and FTP Services LLC, as FTPS Unit Servicing Agent (incorporated by reference to Amendment No. 1 to Form S-6 [File No. 333-191558] filed on behalf of FT 4484).

1.1.1

Trust Agreement for FT 9434, effective June 21, 2021 among First Trust Portfolios L.P., as Depositor, The Bank of New York Mellon, as Trustee, First Trust Advisors L.P., as Evaluator, and First Trust Advisors L.P., as Portfolio Supervisor.

1.2

Certificate of Limited Partnership of Nike Securities, L.P., predecessor of First Trust Portfolios L.P. (incorporated by reference to Amendment No. 1 to Form S-6 [File No. 333-230481] filed on behalf of FT 8001).

1.3

Amended and Restated Limited Partnership Agreement of Nike Securities, L.P., predecessor of First Trust Portfolios L.P. (incorporated by reference to Amendment No. 1 to Form

S-6 [File No. 333-230481] filed on behalf of FT 8001).

1.4

Articles of Incorporation of Nike Securities Corporation, predecessor to The Charger Corporation, the general partner of First Trust Portfolios L.P., Depositor (incorporated by reference to Amendment No. 1 to Form S-6 [File No. 333-230481] filed on behalf of FT 8001).

1.5

By-Laws of The Charger Corporation, the general partner of First Trust Portfolios L.P., Depositor (incorporated by reference to Amendment No. 2 to Form S-6 [File No. 333-169625] filed on behalf of FT 2669).

1.6

Underwriter Agreement (incorporated by reference to Amendment No. 1 to Form S-6 [File No. 33-42755] filed on behalf of The First Trust Special Situations Trust, Series 19).

2.2

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

S-5

3.1

Opinion of counsel as to legality of securities being registered.

4.1

Consent of First Trust Advisors L.P.

4.2

Consent of Independent Registered Public Accounting Firm.

6.1

List of Principal Officers of the Depositor (incorporated by reference to Amendment No. 1 to Form S-6 [File No. 333-236093] filed on behalf of FT 8556).

7.1

Powers of Attorney executed by the Officers listed on page S-3 of this Registration Statement (incorporated by reference to Amendment No. 1 to Form S-6 [File No. 333-253820] filed on behalf of FT 9301).

S-6

MEMORANDUM

FT 9434

File No. 333-255602

The Prospectus and the Indenture filed with Amendment No. 1 of the Registration Statement on Form S-6 have been revised to reflect information regarding the execution of the Indenture and the deposit of Securities on June 21, 2021 and to set forth certain statistical data based thereon. In addition, there are a number of other changes described below.

THE PROSPECTUS

Cover Page	The date of the Trusts have been added.
Page 3	The following information for the Trusts appears:
	The Aggregate Value of Securities initially deposited has been added.
	The initial number of Units of the Trusts
	Sales charge
	The Public Offering Price per Unit as of the business day before the Initial Date of Deposit
	The Mandatory Termination Dates have been added.
Page 5	The Report of Independent Registered Public Accounting Firm has been completed.
Page 6	The Statements of Net Assets have been completed.
Pages 7-11	The Schedules of Investments have been completed.
Back Cover	The date of the Prospectus has been included.

THE TRUST AGREEMENT AND STANDARD TERMS AND CONDITIONS OF TRUST

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

/s/ CHAPMAN AND CUTLER LLP

June 21, 2021

FT 9434

TRUST AGREEMENT

Dated: June 21, 2021

The Trust Agreement among First Trust Portfolios L.P., as Depositor, The Bank of New York Mellon, as Trustee, First Trust Advisors L.P., as Evaluator and Portfolio Supervisor, sets forth certain provisions in full and incorporates other provisions by reference to the document entitled "Standard Terms and Conditions of Trust for FT 4484 and certain subsequent Series, Effective: November 6, 2013" as amended by Amendment dated September 5, 2017 (herein called the "Standard Terms and Conditions of Trust"), and such provisions as are incorporated by reference constitute a single instrument. All references herein to Articles and Sections are to Articles and Sections of the Standard Terms and Conditions of Trust.

WITNESSETH THAT:

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

PART I

STANDARD TERMS AND CONDITIONS OF TRUST

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

PART II

SPECIAL TERMS AND CONDITIONS OF TRUST

INTERNATIONAL CAPITAL STRENGTH PORTFOLIO, SERIES 51

The following special terms and conditions are hereby agreed to:

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

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

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

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

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

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

F. First Trust Advisors L.P.'s compensation as referred to in Section 4.03 of the Standard Terms and Conditions of Trust and shall be an annual fee in the amount of $.0080 per Unit.

G. The Trustee's compensation rate pursuant to Section 6.04 of the Standard Terms and Conditions of Trust shall be an annual fee in the amount of $.0096 per Unit. However, in no event shall the Trustee receive compensation in any one year from any Trust of less than $2,000.

H. The Initial Date of Deposit for the Trust is June 21, 2021.

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

J. The minimum number of Units a Unit holder must redeem in order to be eligible for an in-kind distribution of Securities pursuant to Section 5.02 shall be 2,500 Units of the Trust. No in-kind distribution requests submitted during the 10 Business Days prior to the Trust’s Mandatory Termination Date will be honored.

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

PART II

SPECIAL TERMS AND CONDITIONS OF TRUST

SMID CAPITAL STRENGTH PORTFOLIO, SERIES 51

The following special terms and conditions are hereby agreed to:

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

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

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

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

F. First Trust Advisors L.P.'s compensation as referred to in Section 4.03 of the Standard Terms and Conditions of Trust and as referred to in Section 3.16 of the Standard Terms and Conditions of Trust shall be an annual fee in the amount of $.0080 per Unit.

H. The Initial Date of Deposit for the Trust is June 21, 2021.

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

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

PART III

A. The second paragraph of Section 3.02 of the Standard Terms and Conditions of Trust shall be amended to read as follows:

"With respect to any Trust 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 Trust 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 Trust (other than a non-taxable distribution of the shares of the distributing corporation which shall be retained by a Trust) shall be dealt with in the manner described in Section 3.11 hereof, and shall be retained or disposed of by such Trust according to those provisions and the proceeds thereof shall be credited to the Capital Account. Neither the Trustee nor the Depositor shall be liable or responsible in any way for depreciation or loss incurred by reason of any such sale."

B. Notwithstanding anything to the contrary in the Standard Terms and Conditions of Trust, Section 3.18 shall be replaced with the following:

"Section 3.18. Authority of Portfolio Supervisor to Cause the Purchase or Sale or Depositor to Purchase or Sell Securities for the Account of the Trust. Whenever in the Indenture it is provided that the 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 Trust. Should the Portfolio Supervisor fail to cause such purchase or sale, the Depositor shall effect the purchase or sale, and the Trustee shall purchase or sell Securities only in the event that the Trustee would otherwise be directed to make the purchase or sale pursuant to the provisions of the Indenture and both the Portfolio Supervisor and the Depositor have failed to make or cause such purchase or sale. Neither the Trustee nor the Depositor shall have any responsibility or liability for any purchase or sale of Securities caused by the Portfolio Supervisor and the 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 the Indenture."

C. The following paragraph shall be added at the end of Section 8.02 of the Standard Terms and Conditions of Trust:

"None of the 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 them at the time a Trust terminates. None of the Trustee, the Depositor or the Portfolio Supervisor, or their respective officers, directors, trustees, shareholders, agents, partners or employees, shall be personally liable to any person for liabilities arising from the administration of a Trust or from its assets; for all such liabilities, persons transacting with the Trustee, the Depositor or the Portfolio Supervisor, acting in their fiduciary or other representative capacity for the account of the Trust, shall have recourse solely to the assets of the Trust then in the custody of the Trustee or other custodian of Trust assets."

D. Notwithstanding anything to the contrary in the Standard Terms and Conditions of Trust, Section 3.07(k) shall be replaced with the following:

"(k) that such sale is necessary for the Trust to comply with such federal and/or state laws, regulations and/or regulatory actions and interpretations which may be in effect from time to time."

E. The second sentence of Section 3.06 of the Standard Terms and Conditions of Trust is deleted and replaced by the following:

"Within a reasonable period of time after the last Business Day of each calendar year, the Trustee shall prepare a statement setting forth, with respect to such calendar year and with respect to each Trust 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 Trust Prospectus."

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

FIRST TRUST PORTFOLIOS L.P.,

Depositor

First Trust Advisors L.P.,

Evaluator and Portfolio Supervisor

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

First Trust Portfolios L.P. and

First Trust Advisors L.P.

THE BANK OF NEW YORK MELLON, Trustee

By /s/ Ann S. Hom
Vice President

SCHEDULE A TO TRUST AGREEMENT

Securities Initially Deposited

FT 9434

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

Chapman and Cutler LLP	111 West Monroe Street
	Chicago, Illinois 60603

June 21, 2021

First Trust Portfolios L.P.

120 East Liberty Drive

Suite 400

Wheaton, Illinois 60187

Re: FT 9434

Gentlemen:

We have served as counsel for First Trust Portfolios L.P., as Sponsor and Depositor of FT 9434 in connection with the preparation, execution and delivery of a Trust Agreement dated June 21, 2021 among First Trust Portfolios L.P., as Depositor, The Bank of New York Mellon, as Trustee, and First Trust Advisors L.P., as Evaluator and Portfolio Supervisor, pursuant to which the Depositor has delivered to and deposited the Securities listed in Schedule A to the Trust Agreement with the Trustee and pursuant to which the Trustee has issued to or on the order of the Depositor units of fractional undivided interest in and ownership of the Fund created under said Trust Agreement.

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

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

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

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

We hereby consent to the filing of this opinion as an exhibit to the Registration Statement (File No. 333-255602) relating to the Units referred to above, to the use of our name and to the reference to our firm in said Registration Statement and in the related Prospectus.

Respectfully submitted,

/s/ CHAPMAN AND CUTLER LLP

EFF/arr

First Trust Advisors L.P.

120 East Liberty Drive

Wheaton, Illinois 60187

June 21, 2021

First Trust Portfolios L.P.

120 East Liberty Drive

Suite 400

Wheaton, Illinois 60187

Re: FT 9434

Gentlemen:

We have examined the Registration Statement File No. 333-255602 for the above captioned fund. We hereby consent to the use in the Registration Statement of the references to First Trust Advisors L.P. as evaluator.

You are hereby authorized to file a copy of this letter with the Securities and Exchange Commission.

Sincerely,

FIRST TRUST ADVISORS L.P.

/s/ Elizabeth H. Bull

Senior Vice President

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We consent to the use in this Registration Statement No. 333-255602 on Form S-6 of our report dated June 21, 2021, relating to the financial statements of FT 9434, comprising International Capital Strength Portfolio, Series 51 and SMid Capital Strength Portfolio, Series 51, appearing in the Prospectus, which is a part of such Registration Statement, and to the reference to us under the heading "Experts" in such Prospectus.

/s/ DELOITTE & TOUCHE LLP

Chicago, Illinois

June 21, 2021