FT 731
TRUST AGREEMENT
Dated: May 30, 2003
This Trust Agreement among First Trust Portfolios, L.P., as
Depositor, JPMorgan Chase Bank, as Trustee, Securities Evaluation
Service, Inc., as Evaluator, and First Trust Advisors L.P., as
Portfolio Supervisor, sets forth certain provisions in full and
incorporates other provisions by reference to the document
entitled "Standard Terms and Conditions of Trust for The First
Trust Special Situations Trust, Series 24" effective January 23,
1992 (herein called the "Standard Terms and Conditions of
Trust"), and such provisions as are set forth in full and such
provisions as are incorporated by reference constitute a single
instrument. Effective June 27, 2002, Nike Securities, L.P. a
party to the Standard Terms and Conditions of Trust, changed its
name to First Trust Portfolios, L.P. 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 and 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.
PART II
SPECIAL TERMS AND CONDITIONS OF TRUST
ADVISOR'S DISCIPLINED INCOME TRUST, CORPORATE BOND
INVESTMENT GRADE INTERMEDIATE PORTFOLIO, SERIES 2003-4
The following special terms and conditions are hereby agreed
to:
(a) The Bonds defined in Section 1.01(5) listed in
Schedule A hereto have been deposited in trust under this
Trust Agreement.
(b) The fractional undivided interest in and ownership
of the Trust Fund represented by each Unit for a Trust is the
amount set in the "Summary of Essential Information" in the
Prospectus.
(c) The number of units in a Trust referred to in
Section 2.03 is set forth in the "Summary of Essential
Information" in the Prospectus.
(d) For each Trust the First General Record Date and
the amount of the second distribution of funds from the
Interest Account shall be the record date for the Interest
Account and the amount set forth in the "Summary of Essential
Information" in the Prospectus.
(e) For each Trust the "First Settlement Date" is the
date set forth in the "Summary of Essential Information" in
the Prospectus.
(f) the term "Bonds" as set forth in the standard
Terms and Conditions of Trust shall be replaced with the term
"Securities."
(g) The definition of "Bonds" contained in Section
1.01(5) of the Standard Terms and Conditions of Trust shall
be amended by inserting the following after "(the "Corporate
Bonds")" appearing in the first sentence thereof:
",zero coupon bonds (the "Zero Coupon Bonds")".
(h) First Trust Advisors L.P.'s compensation as
referred to in Section 3.15 of the Standard Terms and
Conditions of Trust shall be in the amount of $.45 per Unit.
(i) Notwithstanding anything to the contrary in
Section 6.04 of the Standard Terms and Conditions of Trust,
the Trustee's Compensation Rate shall be an annual fee in the
amount of $1.52 per Unit for that portion of the Trust
representing the monthly distribution plan calculated based on the
largest number of Units outstanding during the calendar year
except during the initial offering period as determined by
Section 4.01 of this Indenture, in which case the fee is
calculated based on the largest number of Units outstanding
during the period for which the compensation is paid (such
annual fee to be pro rated for any calendar year in which
the Trustee provides services during less than the whole of such year).
(j) Section 4.03 shall be amended to read as follows:
"As compensation for providing evaluation services under this
Indenture, the Evaluator shall receive, in arrears, against a
statement or statements therefor submitted to the Trustee
monthly or annually an aggregate annual fee in the amount of
$.50 per Unit, calculated based on the largest number of
Units outstanding during the calendar year except during the
initial offering period as determined in Section 4.01 of this
Indenture, in which case the fee is calculated based on the
largest number of Units outstanding during the period for
which the compensation is paid (such annual fee to be pro
rated for any calendar year in which the Evaluator provides
services during less than the whole of such year). Such
compensation may, from time to time, be adjusted provided
that the total adjustment upward does not, at the time of
such adjustment, exceed the percentage of the total increase,
after the date hereof, in consumer prices for services as
measured by the United States Department of Labor Consumer
Price Index entitled "All Services Less Rent of Shelter" or
similar index, if such index should no longer be published.
The consent or concurrence of any Unit holder hereunder shall
not be required for any such adjustment or increase. Such
compensation shall be paid by the Trustee, upon receipt of
invoice therefor from the Evaluator, upon which, as to the
cost incurred by the Evaluator of providing services
hereunder the Trustee my rely, and shall be charged against
the Interest and/or Principal Accounts, in accordance with
Section 3.05."
PART III
A. Notwithstanding anything to the contrary in the
Standard Terms and Conditions of Trust, references to subsequent
Series established after the date of effectiveness of the First
Trust Special Situations Trust, Series 24 shall include FT 731.
B. Notwithstanding any provision to the contrary contained
in the Standard Terms and Conditions of Trust and in lieu of the
receipt of Certificates evidencing ownership of Units of the
Fund, the Sponsor, at its option, may elect that Units of the
Fund owned by it be reflected by book entry on the books and
records of the Trustee. For all purposes the Sponsor shall be
deemed the owner of such Units as if a Certificate evidencing
ownership of Units of the Fund had actually been issued by the
Trustee. The Units reflected by book entry on the books and
records of the Trustee may be transferable by the registered
owner of such Units by written instrument in form satisfactory to
the Trustee. The registered owner of Units reflected by book
entry on the books and records of the Trustee shall have the
right at any time to obtain Certificates evidencing ownership of
such Units.
C. Section 2.01. of Article II of the Standard Terms and
Conditions of Trust is hereby amended by inserting "(a)" prior to
the beginning of the text of the paragraph and adding the
following additional paragraphs:
"(b) From time to time following the Initial Date of Deposit,
the Depositor is hereby authorized, in its discretion, to assign,
convey to and deposit with the Trustee additional Bonds, in
bearer form or duly endorsed in blank or accompanied by all
necessary instruments of assignment and transfer in proper form
(or Contract Obligations relating to such Bonds), to be held,
managed and applied by the Trustee as herein provided. Such
deposit of additional Bonds shall be made, in each case, pursuant
to a Notice of Deposit of Additional Bonds from the Depositor to
the Trustee. The Depositor, in each case, shall ensure that each
deposit of additional Bonds pursuant to this Section shall be, as
nearly as is practicable, in the identical ratio as the
Percentage Ratio for such Bonds as is specified in the Prospectus
for the Trust and the Depositor shall ensure that such Bonds are
identical to those deposited on the Initial Date of Deposit. The
Depositor shall deliver the additional Bonds which were not
delivered concurrently with the deposit of additional Bonds and
which were represented by Contract Obligations within 10 calendar
days after such deposit of additional Bonds (the "Additional
Bonds Delivery Period"). If a contract to buy such Bonds between
the Depositor and seller is terminated by the seller thereof for
any reason beyond the control of the Depositor or if for any
other reason the Bonds are not delivered to the Trust by the end
of the Additional Bonds Delivery Period for such deposit, the
Trustee shall immediately draw on the Letter of Credit, if any,
in its entirely, apply the monies in accordance with Section
2.01(d), and the Depositor shall forthwith take the remedial
action specified in Section 3.14. If the Depositor does not take
the action specified in Section 3.14 within 10 calendar days of
the end of the Additional Bonds Delivery Period, the Trustee
shall forthwith take the action specified in Section 3.14.
(c) In connection with the deposits described in Section 2.01
(a) and (b), the Depositor has, in the case of Section 2.01(a)
deposits, and, prior to the Trustee accepting a Section 2.01(b)
deposit, will, deposit cash and/or Letter(s) of Credit in an
amount sufficient to purchase the Contract Obligations (the
"Purchase Amount") relating to Bonds which are not actually
delivered to the Trustee at the time of such deposit, the terms
of which unconditionally allow the Trustee to draw on the full
amount of the available Letter of Credit. The Trustee may
deposit such cash or cash drawn on the Letter of Credit in a non-
interest bearing account for the Trust.
(d) In the event that the purchase of Contract Obligations
pursuant to any contract shall not be consummated in accordance
with said contract or if the Bonds represented by Contract
Obligations are not delivered to the Trust in accordance with
Section 2.01(a) or 2.01(b) and the monies, or, if applicable, the
monies drawn on the Letter of Credit, deposited by the Depositor
are not utilized for Section 3.14 purchases of New Bonds, such
funds, to the extent of the purchase price of Failed Contract
Obligations for which no Replacement Bond was acquired pursuant
to Section 3.14, plus all amounts described in the next
succeeding two sentences, shall be credited to the Principal
Account and distributed pursuant to Section 3.05 to Unit holders
of record as of the Record Date next following the failure of
consummation of such purchase. The Depositor shall cause to be
refunded to each Unit holder his pro rata portion of the sales
charge levied on the sale of Units to such Unit holder
attributable to such Failed Contract Obligation. The Depositor
shall also pay to the Trustee, for distribution to the Unit
holders, interest on the amount of the purchase price to the
Trust of the Failed Contract Obligation, at the rate of 5% per
annum to the date the Depositor notifies the Trustee that no
Replacement Bond will be purchased or, in the absence of such
notification, to the expiration date for purchase of a
Replacement Security specified in Section 3.14. Any amounts
remaining from monies drawn on the Letter of Credit which are not
used to purchase New Bonds or are not used to provide refunds to
Unit holders shall be paid to the Depositor.
(e) The Trustee is hereby irrevocably authorized to effect
registration or transfer of the Bonds in fully registered form to
the name of the Trustee or to the name of its nominee.
(f) In connection with and at the time of any deposit of
additional bonds pursuant to Section 2.01(b), the Depositor shall
exactly replicate Cash (as defined below) received or receivable
by the Trust as of the date of such deposit. For purposes of
this paragraph, "Cash" means, as to the Principal Account, cash
or other property (other than Bonds) on hand in the Principal
Account or receivable and to be credited to the Principal Account
as of the date of the deposit (other than amounts to be
distributed solely to persons other than holders of Units created
by the deposit) and, as to the Income Account, cash or other
property (other than Bonds) received by the Trust as of the date
of the deposit or receivable by the Trust in respect of
distributions declared but not received as of the date of the
deposit, reduced by the amount of any cash or other property
received or receivable on any Bond allocable (in accordance with
the Trustee's calculation of the monthly distribution from the
Income Account pursuant to Section 3.05) to a distribution made
or to be made in respect of a Record Date occurring prior to the
deposit. Such replication will be made on the basis of a
fraction, the numerator of which is the number of Units created
by the deposit and the denominator of which is the number of
Units which are outstanding immediately prior to the deposit."
D. Section 1.01(3) shall be amended to read as follows:
"(3) "Evaluator" shall mean Securities Evaluation Service,
Inc. and its successors in interest, or any successor evaluator
appointed as hereinafter provided."
E. Section 1.01(1) shall be amended to read as follows:
"(1) "Depositor" shall mean First Trust Portfolios, L.P. and
its successors in interest, or any successor depositor appointed
as hereunder provided."
F. Section 1.01(2) shall be amended to read as follows:
"(2) "Trustee" shall mean JPMorgan Chase Bank, or any
successor trustee appointed as hereinafter provided."
All references to United States Trust Company of New York in
the Standard Terms and Conditions of Trust shall be amended to
refer to JPMorgan Chase Bank.
G. Section 1.01(4) shall be amended to read as follows:
"(4)"Portfolio Supervisor" shall mean First Trust Advisors
L.P. and its successors in interest, or any successor portfolio
supervisor appointed as hereinafter provided."
H. Section 3.01 of the Standard Terms and Conditions of
Trust shall be replaced in its entirety with the following:
"Section 3.01. Initial Cost. Subject to reimbursement as
hereinafter provided, the cost of organizing the Trust and the
sale of the Trust Units shall be borne by the Depositor,
provided, however, that the liability on the part of the
Depositor under this section shall not include any fees or other
expenses incurred in connection with the administration of the
Trust subsequent to the deposit referred to in Section 2.01. At
the earlier of six months after the Initial Date of Deposit or
the conclusion of the primary offering period ( as certified by
the Depositor to the Trustee), the Trustee shall withdraw from
the Account or Accounts specified in the Prospectus or, if no
Account is therein specified, from the Principal Account, and pay
to the Depositor the Depositor's reimbursable expenses of
organizing the Trust in an amount certified to the Trustee by the
Depositor. In no event shall the amount paid by the Trustee to
the Depositor for the Depositor's reimbursable expenses of
organizing the Trust exceed the estimated per Unit amount of
organization costs set forth in the Prospectus for the Trust
multiplied by the number of Units of the Trust outstanding at the
earlier of six months after the Initial Date of Deposit or the
conclusion of the primary offering period; nor shall the
Depositor be entitled to or request reimbursement for expenses of
organizing the Trust incurred after the earlier of six months
after the Initial Date of Deposit or the conclusion of the
primary offering period. If the cash balance of the Principal
Account is insufficient to make such withdrawal, the Trustee
shall, as directed by the Depositor, sell Securities identified
by the Depositor, or distribute to the Depositor Securities
having a value, as determined under Section 4.01 as of the date
of distribution, sufficient for such reimbursement. Securities
sold or distributed to the Depositor to reimburse the Depositor
pursuant to this Section shall be sold or distributed by the
Trustee, to the extent practicable, in the percentage ratio then
existing. The reimbursement provided for in this section shall
be for the account of Unit holders of record at the earlier of
six months after the Initial Date of Deposit or the conclusion of
the primary offering period. Any assets deposited with the
Trustee in respect of the expenses reimbursable under this
Section 3.01 shall be held and administered as assets of the
Trust for all purposes hereunder. The Depositor shall deliver to
the trustee any cash identified in the Statement of Net Assets of
the Trust included in the Prospectus not late than the expiration
of the Delivery Period and the Depositor's obligation to make
such delivery shall be secured by the letter of credit deposited
pursuant to Section 2.01. Any cash which the Depositor has
identified as to be used for reimbursement of expenses pursuant
to this Section 3.01 shall be held by the Trustee, without
interest, and reserved for such purpose and, accordingly, prior
to the earlier of six months after the Initial Date of Deposit or
the conclusion of the primary offering period, shall not be
subject to distribution or, unless the Depositor otherwise
directs, used for payment of redemptions in excess of the per
Unit amount payable pursuant to the next sentence. If a Unit
holder redeems Units prior to the earlier of six months after the
Initial Date of Deposit or the conclusion of the primary offering
period, the Trustee shall pay the Unit holder, in addition to the
Redemption Value of the tendered Units, unless otherwise directed
by the Depositor, an amount equal to the estimated per Unit cost
of organizing the Trust set forth in the Prospectus, or such
lower revision thereof most recently communicated to the Trustee
by the Depositor pursuant to Section 5.01, multiplied by the
number of Units tendered for redemption; to the extent the cash
on hand in the Trust is insufficient for such payments, the
Trustee shall have the power to sell Securities in accordance
with Section 5.02. As used herein, the Depositor's reimbursable
expenses of organizing the Trust shall include the cost of the
initial preparation and typesetting of the registration
statement, prospectuses (including preliminary prospectuses), the
indenture, and other documents relating to the Trust, SEC and
state blue sky registration fees, the cost of the initial
valuation of the portfolio and audit of the Trust, the initial
fees and expenses of the Trustee, and legal and other out-of-
pocket expenses related thereto, but not including the expenses
incurred in the printing of preliminary prospectuses and
prospectuses, expenses incurred in the preparation and printing
of brochures and other advertising materials and any other
selling expenses."
I. Section 3.05(d) of Article III of the Standard Terms
and Conditions of Trust is hereby replaced with the following:
"Section 3.05(d) deduct from the Interest Account or, to
the extent funds are not available in such Account, from the
Principal Account and pay to First Trust Advisors L.P. the amount
that it is entitled to receive pursuant to Section 3.15."
J. Section 3.15. of the Standard Terms and Conditions of
Trust shall be replaced with the following shall be amended to
read as follows:
"As compensation for providing portfolio supervisory
services in its capacity as Portfolio Supervisor, and for
providing bookkeeping and other administrative services of a
character described in 26(a)(2)(C) of the Investment
Company Act of 1940 to the extent such services are in
addition to, and do not duplicate, the services to be
provided hereunder by the Trustee, First Trust Advisors L.P.
shall receive, in arrears, against a statement or statements
therefor submitted to the Trustee monthly or annually an
aggregate annual fee in the per Unit amount set forth in
Part II of the Trust Agreement for the Trust, calculated
based on the largest number of Units outstanding during the
calendar year, except during the initial offering period as
determined in Section 4.01 of this Indenture, in which case
the fee is calculated based on the largest number of Units
outstanding during the period for which the compensation is
paid (such annual fee to be pro rated for any calendar year
in which First Trust Advisors L.P. provides services
described herein during less than the whole of such year).
Such fee may exceed the actual cost of providing such
services for the Trust, but at no time will the total amount
received for such services rendered to unit investment
trusts of which the Depositor is the sponsor in any calendar
year exceed the aggregate cost to First Trust Advisors L.P.
of supplying such services in such year."
Such compensation may, from time to time, be adjusted
provided that the total adjustment upward does not, at the time
of such adjustment, exceed the percentage of the total increase,
after the date hereof, in consumer prices for services as
measured by the United States Department of Labor Consumer Price
Index entitled "All Services Less Rent of Shelter" or similar
index, if such index should no longer be published. The consent
or concurrence of any Unit holder hereunder shall not be required
for any such adjustment or increase. Such compensation shall be
paid by the Trustee, upon receipt of an invoice therefor from
First Trust Advisors L.P., which shall constitute the
representation by First Trust Advisors L.P. that the bookkeeping
and administrative services for which compensation is claimed are
properly compensable hereunder and that the aggregate cost
incurred by First Trust Advisors L.P. of providing portfolio
supervisory, and bookkeeping and administrative services
hereunder was not less than the compensation claimed, upon which
representation the Trustee may conclusively rely. Such
compensation shall be charged against the Interest and Principal
Accounts in accordance with Section 3.05.
If the cash balance in the Interest and Principal Accounts
shall be insufficient to provide for amounts payable pursuant to
this Section 3.15, the Trustee shall have the power to sell (i)
Securities from the current list of Securities designated to be
sold pursuant to Section 5.02 hereof, or (ii) if no such
Securities have been so designated, such Securities as the
Trustee may see fit to sell in its own discretion, and to apply
the proceeds of any such sale in payment of the amounts payable
pursuant to this Section 3.15.
Any moneys payable to First Trust Advisors L.P. pursuant to
this Section 3.15 shall be secured by a lien on the Trust prior
to the interest of Unit holders, but no such lien shall be prior
to any lien in favor of the Trustee under the provisions of
Section 6.04 herein."
Except as the context otherwise requires, First Trust
Advisors L.P. shall be subject to the provisions of Section 4.05
herein in the same manner as it would if it were the Evaluator.
K. Section 5.01 of the Standard Terms and Conditions of
Trust shall be amended as follows:
(i) The fourth sentence of the first paragraph of
Section 5.01 shall be amended by deleting the phrase "and (iii)"
and adding the following, "(iii) amounts representing unpaid
accrued organization costs, and (iv)"; and
(ii) The following text shall immediately precede the
last sentence of the first paragraph of Section 5.01:
"The resulting figure is herein called a "Trust Fund
Evaluation." Prior to the payment to the Depositor of its
reimbursable organization costs to be made at the earlier of six
months after the Initial Date of Deposit or the conclusion of the
primary offering period in accordance with Section 3.10, for
purposes of determining the Trust Fund Evaluation under this
Section 5.01, the Trustee shall rely upon the amounts
representing unpaid accrued organization costs in the estimated
amount per Unit set forth in the Prospectus until such time as
the Depositor notifies the Trust in writing of a revised
estimated amount per Unit representing unpaid accrued
organization costs. Upon receipt of such notice, the Trustee
shall use this revised estimated amount per Unit representing
unpaid accrued organization costs in determining the Trust Fund
Evaluation but such revision of the estimated expenses shall not
effect calculations made prior thereto and no adjustment shall be
made in respect thereof."
L. Section 5.01 of the Standard Terms and Conditions of
Trust shall be amended by inserting the following paragraph
immediately after the second paragraph of such section:
"The Depositor is authorized to obtain from The NASDAQ Stock
Market, Inc. ("NASDAQ") Mutual Fund Quotation Service ("MFQS") a
unit investment trust ticker symbol for a Trust and to contract
with NASDAQ for the dissemination of the Trust Fund Evaluation
computed by the Trustee pursuant to Section 5.01 of the Standard
Terms and Conditions of Trust through the MFQS, provided,
however, that no such contract shall affect the Trustee's duties
or liabilities without its prior consent. When and as directed
by the Depositor, the Trustee shall cause the Trust Fund
Evaluation to be communicated to MFQS for such purpose. The
Depositor and Trustee shall be reimbursed from the respective
Trust for any cost or expense incurred in connection with the
obtaining of the ticker symbol and the communication to MFQS and
its dissemination of the Trust Fund Evaluation. Neither the
Depositor nor the Trustee shall be liable for any error, omission
or other action of NASDAQ in connection with the dissemination of
the Trust Fund Evaluation, and the Depositor and the Trustee
shall be indemnified by the respective Trust and held harmless
against any loss, liability, claim or expense resulting from any
error, omission or other action of NASDAQ. In no event shall the
Trustee be liable to any person for special, indirect, or
consequential damages of any kind whatsoever resulting from or in
connection with the dissemination of the Trust Fund Evaluation
through MFQS whether or not the Trustee has been advised as to
the possibility of such damages and regardless of the form of
action in which any such claim for damages may be made."
M. Section 6.01(i) of the Standard Terms and Conditions of
Trust shall be deleted in its entirety and replaced with the
following:
"(i) No payment to a Depositor or to any principal
underwriter (as defined in the Investment Company Act of 1940)
for the Trust or to any affiliated person (as so defined) or
agent of a Depositor or such underwriter shall be allowed the
Trustee as an expense except (a) for payment of such reasonable
amounts as the Securities and Exchange Commission may prescribe
as compensation for performing bookkeeping and other
administrative services of a character normally performed by the
Trustee, and (b) such other amounts permitted under the
Investment Company Act of 1940."
N. The third paragraph of Section 6.02 of the Standard
Terms and Conditions of Trust shall be deleted in its entirety
and replaced with the following:
"If provided for in the Prospectus for a Trust, the Trustee
shall pay, or reimburse to the Depositor, the expenses related to
the updating of the Trust's registration statement, to the extent
of legal fees, typesetting fees, electronic filing expenses and
regulatory filing fees. Such expenses shall be paid from the
Income Account, or to the extent funds are not available in such
Account, from the Capital Account, against an invoice or invoices
therefor presented to the Trustee by the Depositor. By
presenting such invoice or invoices, the Depositor shall be
deemed to certify, upon which certification the Trustee is
authorized conclusively to rely, that the amounts claimed therein
are properly payable pursuant to this paragraph. The Depositor
shall provide the Trustee, from time to time as requested, an
estimate of the amount of such expenses, which the Trustee shall
use for the purpose of estimating the accrual of Trust expenses.
The amount paid by the Trust pursuant to this paragraph in each
year shall be separately identified in the annual statement
provided to Unit holders. The Depositor shall assure that the
Prospectus for the Trust contains such disclosure as shall be
necessary to permit payment by the Trust of the expenses
contemplated by this paragraph under applicable laws and
regulations.
The provisions of this paragraph shall not limit the
authority of the Trustee to pay, or reimburse to the Depositor or
others, such other or additional expenses as may be determined to
be payable from the Trust as provided in Section 6.02 of the
Standard Terms and Conditions of Trust."
O. The third sentence of paragraph (a) of Section 6.05 of
the Standard Terms and Conditions of Trust shall be replaced in
its entirety by the following:
"The Depositor may remove the Trustee at any time with or
without cause and appoint a successor Trustee by written
instrument or instruments delivered not less than sixty days
prior to the effective date of such removal and appointment to
the Trustee so removed and to the successor Trustee."
P. The second sentence of the second paragraph of Section
8.02 shall be replaced with the following:
"Commencing no earlier that nine business days prior to the
termination of the Trust, the Trustee will liquidate the
Securities during such period and in such daily amounts as the
Depositor shall direct, and shall:"
IN WITNESS WHEREOF, First Trust Portfolios, L.P., JPMorgan
Chase Bank, Securities Evaluation Service, Inc. 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
By ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇
Senior Vice President
JPMorgan Chase Bank, Trustee
By ▇▇▇▇ ▇. ▇▇▇▇▇▇
Vice President
(SEAL)
Attest:
▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇
Assistant Vice President
SECURITIES EVALUATION SERVICE,
INC., Evaluator
By ▇▇▇▇▇ ▇▇▇▇▇▇▇
President
(SEAL)
Attest:
▇▇▇▇▇ ▇. ▇▇▇▇▇▇
Vice President and
Assistant Secretary
FIRST TRUST ADVISORS L.P.,
Portfolio Supervisor
By ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇
Senior Vice President
SCHEDULE A TO TRUST AGREEMENT
Securities Initially Deposited
FT 731
(Note: Incorporated herein and made a part hereof is the
"Schedule of Investments" as set forth for each Trust in the
Prospectus.)
