GLOBAL COMMODITIES PORTFOLIO
SERIES 32
The global commodities sector is made up of several separate markets including agriculture, metals and
mining, forest and paper products and energy. These commodities are the building blocks of every
economy in the world. Consider the following:
• According to the USDA, agricultural trade is projected to increase due to global economic growth, which
is estimated at approximately 3.0% average growth rate for the next decade. Import demand from
developing countries is further reinforced by population growth rates that remain above those in the
rest of the world.
• When economic activity accelerates, whether in the U.S. or abroad, the global demand for natural
resources grows. The resulting increase in the underlying commodity prices historically generates
higher profits for companies in the energy sector and translates into higher returns for investors.
• As of May 31, 2017, the S&P 500 Index was only off 0.17% from its 10-year high while the Thomson
Reuters/CoreCommodity - CRB Index (TR/CC CRB Index) was 62.03% off of its 10-year high reached on
July 2, 2008. Should the economy continue to strengthen, we believe commodities have the potential
to benefit. The TR/CC CRB Index is comprised of a basket of 19 commodities and acts as a representative
indicator of today’s global commodity markets. The S&P 500 Index is an unmanaged index of 500 stocks
used to measure large-cap U.S. stock market performance. The indices cannot be purchased directly by
investors. Past performance is no guarantee of future results.
GLOBAL GROW TH
The growth of the global economy is increasingly important to the success of the companies in the
commodities sector. Typically, the demand for commodities increases along with living standards.
Because of this, we believe that the majority of the worldwide growth in demand for commodities will
come from developing countries.
Over the last several years there has been a dramatic shift in developing countries, such as China,
adopting more of the institutions and mechanisms of a market economy. This shift has been, and we
believe it will continue to be, significant to the sector.
According to the International Monetary Fund, global GDP growth is projected to be 3.5% in 2017 and
3.6% in 2018, being led by developing economies where economic growth is projected to be 4.5% in
2017 and 4.8% in 2018.
RISK CONSIDERATIONS
An investment in this unmanaged unit investment trust should
be made with an understanding of the risks involved with
owning common stocks, such as an economic recession and the
possible deterioration of either the financial condition of the
issuers of the equity securities or the general condition of the
stock market.
You should be aware that an investment that is concentrated in
stocks of commodities companies in the energy and materials
sectors involves additional risks, including limited diversification.
The companies engaged in the energy sector are subject to price
and supply fluctuations caused by international politics, energy
conservation, taxes, price controls, and other regulatory policies of
various governments. The companies engaged in the materials
sector are subject to price and supply fluctuations, excess capacity,
economic recession, domestic and international politics,
government regulations, volatile interest rates, consumer spending
trends and overall capital spending levels. Commodity prices are
subject to several factors, including price and supply fluctuations,
excess capacity, economic recession, domestic and international
First Trust Portfolios L.P. | Member SIPC | Member FINRA
PORTFOLIO SUMMARY
Initial Date of Deposit:
7/10/2017
Initial Public Offering Price:
$10.00 per Unit
Portfolio Ending Date:
7/10/2019
Estimated Net First Year Distribution per Unit:*
$0.2544
Estimated Net Subsequent Year Distribution per Unit:*
$0.2519
CUSIPs:
30304H 748(c) 755(r)
Fee Accounts CUSIPs:
30304H 763(c) 771(r)
Ticker Symbol:
FWNSMX
*The estimates are based on annualizing the most recent dividends declared by the issuers of
the securities included in the portfolio. The estimated net annual distribution for the subsequent
year is expected to be less than the amount for the first year because a portion of the securities
included in the portfolio will be sold during the first year to pay for organization costs, the
deferred sales charge and the creation and development fee. There is no guarantee that the
issuers of the securities included in the portfolio will declare dividends in the future or that, if
declared, they will remain at current levels or increase over time.
PORTFOLIO OBJEC TIVE
This unit investment trust seeks above-average capital appreciation by investing in the
common stocks of domestic and foreign companies in the commodities sector;
however, there is no assurance the objective will be met.
You should consider the portfolio’s investment objective, risks, and charges
and expenses carefully before investing. Contact your financial advisor or
call First Trust Portfolios L.P. at the number listed below to request a
prospectus, which contains this and other information about the portfolio.
Read it carefully before you invest.
politics, government regulations, volatile interest rates, consumer
spending trends and overall capital spending levels.
An investment in a portfolio containing small-cap and mid-cap
companies is subject to additional risks, as the share prices of smallcap companies and certain mid-cap companies are often more
volatile than those of larger companies due to several factors,
including limited trading volumes, products, financial resources,
management inexperience and less publicly available information.
An investment in a portfolio which includes foreign securities
should be made with an understanding of the additional risks
involved, such as currency fluctuations, political risk, the lack of
adequate financial information and exchange control
restrictions impacting foreign issuers. Risks associated with
investing in foreign securities may be more pronounced in
emerging markets where the securities markets are
substantially smaller, less liquid, less regulated and more
volatile than the U.S. and developed foreign markets.
This UIT is a buy and hold strategy and investors should consider
their ability to hold the trust until maturity. There may be tax
consequences unless units are purchased in an IRA or other
qualified plan.
The value of the securities held by the trust may be subject to
steep declines or increased volatility due to changes in
performance or perception of the issuers.
The information presented is not intended to constitute an
investment recommendation for, or advice to, any specific
person. By providing this information, First Trust is not
undertaking to give advice in any fiduciary capacity within the
meaning of ERISA and the Internal Revenue Code. First Trust has
no knowledge of and has not been provided any information
regarding any investor. Financial advisors must determine
whether particular investments are appropriate for their clients.
First Trust believes the financial advisor is a fiduciary, is capable
of evaluating investment risks independently and is responsible
for exercising independent judgment with respect to its
retirement plan clients.
1-800-621-1675 | www.ftportfolios.com
SERIES 32
GLOBAL COMMODITIES PORTFOLIO
HOLDINGS
TICKER COMPANY NAME
CHEMICALS (16.66%)
AGU
Agrium Inc.
BASFY
BASF SE
DOW
The Dow Chemical Company
LYB
LyondellBasell Industries N.V.
SSL
Sasol Limited
CONSTRUCTION MATERIALS (3.33%)
EXP
Eagle Materials Inc.
CONTAINERS & PACKAGING (6.66%)
IP
International Paper Company
PKG
Packaging Corporation of America
FOOD PRODUCTS (3.34%)
ADM
Archer-Daniels-Midland Company
METALS & MINING (36.73%)
MT
ArcelorMittal
BHP
BHP Billiton Limited
GLNCY
Glencore Plc
NUE
Nucor Corporation
GOLD
Randgold Resources Limited
RS
Reliance Steel & Aluminum Co.
RIO
Rio Tinto Plc
SOUHY
South32 Limited
STLD
Steel Dynamics, Inc.
VALE
Vale S.A.
WPM
Wheaton Precious Metals Corp.
OIL, GAS & CONSUMABLE FUELS (33.28%)
CVX
Chevron Corporation
SNP
China Petroleum & Chemical Corporation (Sinopec)
COP
ConocoPhillips
EOG
EOG Resources, Inc.
XOM
Exxon Mobil Corporation
RDS/B
Royal Dutch Shell Plc
STO
Statoil ASA
SU
Suncor Energy Inc.
TOT
Total S.A.
VLO
Valero Energy Corporation
SALES CHARGES (BASED ON A $10 PUBLIC OFFERING PRICE)
PRICE*
STANDARD ACCOUNTS
Transactional Sales Charges:
$90.69
92.85
63.89
83.93
27.48
Creation & Development Fee:
Maximum Sales Charge:
92.31
56.37
110.92
41.24
23.05
37.22
7.65
58.20
85.90
72.53
43.50
10.68
35.92
8.77
18.97
Initial 0.00%
Deferred 2.25%
0.50%
2.75%
The deferred sales charge will be deducted in three monthly installments commencing 10/20/17.
When the public offering price is less than or equal to $10.00 per unit, there will be no initial sales charge. If
the price exceeds $10.00 per unit, you will pay an initial sales charge.
FEE/WRAP ACCOUNTS
Maximum Sales Charge:
0.50%
The maximum sales charge for investors in fee accounts consists of the creation and development fee.
Investors in fee accounts are not assessed any transactional sales charges. Standard accounts sales charges
apply to units purchased as an ineligible asset.
The creation and development fee is a charge of $.050 per unit collected at the end of the initial offering
period. If the price you pay exceeds $10 per unit, the creation and development fee will be less than 0.50%;
if the price you pay is less than $10 per unit, the creation and development fee will exceed 0.50%.
In addition to the sales charges listed, UITs are subject to annual operating expenses and organization costs.
HOLDINGS ST YLE ANALYSIS
l Large-Cap Growth
l Large-Cap Value
l Mid-Cap Growth
l Mid-Cap Value
6.63%
66.66%
10.01%
16.70%
HOLDINGS SEC TOR ANALYSIS
103.49
77.51
43.00
88.44
80.22
54.18
16.32
28.45
48.45
68.18
*As of the close of business on 7/7/17. Market values are for reference only and are not indicative of your
individual cost basis.
l Consumer Staples
l Energy
l Materials
3.34%
33.28%
63.38%
HOLDINGS COMPOSITION
U.S. Stocks:
Non-U.S. Stocks:
43.33%
56.67%
The holdings characteristics of the portfolio are determined as of the initial date of deposit and may differ
slightly from those indicated above due to the requirement that only whole shares be purchased for the
portfolio and will likely vary thereafter due to market fluctuations in the underlying securities. For a
complete description of these characteristics refer to the prospectus.
NOT FDIC INSURED | NOT BANK GUARANTEED | MAY LOSE VALUE
GLCOFS320717