Preferred Income, 108  Ticker: FNFBXX
A unit investment trust that seeks a high rate of current income by investing in a diversified portfolio of preferred securities.
Please note that there is no assurance the objective will be met.
Product Code: PRIN108
Portfolio Status: Secondary
Initial Offer Date: 07/14/2021
Secondary Date: 09/30/2021
Portfolio Ending Date: 07/14/2023
Tax Structure: Regulated Investment Company
Distributions: Monthly
Initial Offer Price: $10.0000
NAV(*): $9.2701
POP(*): $9.4835
Remaining Deferred Sales Charge: $0.0750
* As of Trade Date: 12/01/2021 4:00pm ET
The Public Offering Price (POP) represents the net asset value per unit plus any applicable organization costs and sales charges. The Net Asset Value (NAV) represents the value per unit of a trust’s portfolio securities and other assets reduced by applicable deferred sales charges and other liabilities.

 Historical 12-Month Distribution of Trust Holdings:^
Rate (as of 12/1/2021) Per Unit (as of 11/29/2021)
3.44% $0.32620
^ There is no guarantee the issuers of the securities included in the trust will declare dividends or distributions in the future. The historical 12-month distribution per unit and historical 12-month distribution rate of the securities included in the trust are for illustrative purposes only and are not indicative of the trust's distribution or distribution rate. The historical 12-month distribution per unit is based on the weighted average of the trailing twelve month distributions paid by the securities included in the portfolio. The historical 12-month distribution rate is calculated by dividing the historical 12-month distributions by the trust's offering price. The historical 12-month distribution and rate are reduced to account for the effects of fees and expenses, which will be incurred when investing in a trust. PLEASE NOTE: The historical distribution rate is calculated using only the holdings that have 12 months of distribution history. As of 11/29/2021, there were 7 holdings without the required 12-month distribution history which were excluded from the calculation, representing 21.31% of the aggregate market value of the portfolio. Certain of the issuers may have reduced their dividends or distributions over the prior twelve months. The distribution per unit and rate paid by the trust may be higher or lower than the amount shown above due to certain factors that may include, but are not limited to, a change in the dividends or distributions paid by issuers, actual expenses incurred, or the sale of securities in the portfolio. For trusts that include funds, distributions may include realized short term capital gains, realized long-term capital gains and/or return of capital.

 Holdings  Export Current Holdings | View Initial Holdings  
 The Southern Company, Series 2020, 4.950%, Due 01/30/2080 SOJD 4.64%
 Public Storage, Series P, 4.00% PSA.P 4.55%
 AT&T Inc., 5.625%, Due 08/01/2067 TBC 4.53%
 Sempra Energy, 5.750%, Due 07/01/2079 SREA 4.52%
 MetLife, Inc., Series F, 4.750% MET.F 4.49%
 NextEra Energy Capital Holdings, Inc., Series N, 5.650%, Due 03/01/2079 NEE.N 4.42%
 Cullen/Frost Bankers Inc, Series B, 4.45% CFR.B 4.09%
 The Charles Schwab Corporation, Series J, 4.45% SCHW.J 4.07%
 Truist Financial Corporation, Series O, 5.250% TFC.O 4.01%
 The Allstate Corporation, Series H, 5.100% ALL.H 3.97%
 U.S. Bancorp, Series K, 5.500% USB.P 3.94%
 Bank of America Corporation, Series NN, 4.375% BAC.O 3.92%
 State Street Corporation, Series D, 5.900%, Variable Rate STT.D 3.91%
 First Republic Bank, Series L, 4.25% FRC.L 3.77%
 Athene Holding Ltd., Series C, 6.375% Variable Rate ATH.C 2.56%
 W.R. Berkley Corporation, 5.100%, Due 12/30/2059 WRB.F 2.54%
 Duke Energy Corporation, 5.625%, Due 09/15/2078 DUKB 2.52%
 Brookfield Finance I (UK) Plc, 4.50% BAMI 2.51%
 Globe Life Inc., 4.25%, Due 06/15/2061 GL.D 2.49%
 Prudential Financial, Inc., 5.625%, Due 08/15/2058 PRS 2.47%
 PS Business Parks, Inc., Series Z, 4.875% PSB.Z 2.46%
 The Hartford Financial Services Group, Inc., Series G, 6.000% HIG.G 2.43%
 PartnerRe Ltd, Series J, 4.875% PRE.J 2.43%
 Affiliated Managers Group, Inc., 5.875%, Due 03/30/2059 MGR 2.42%
 American Financial Group, Inc., 5.625%, Due 06/01/2060 AFGD 2.06%
 Prudential Financial, Inc., 4.125%, Due 09/01/2060 PFH 2.06%
 JPMorgan Chase & Co., Series LL, 4.625% JPM.L 2.02%
 Athene Holding Ltd., Series A, 6.350%, Variable Rate ATH.A 2.01%
 W.R. Berkley Corporation, 4.125%, Due 03/30/2061 WRB.H 2.00%
 RenaissanceRe Holdings Ltd., Series F, 5.750% RNR.F 1.99%
 JPMorgan Chase & Co., Series DD, 5.750% JPM.D 1.97%
 Brunswick Corporation, 6.375%, Due 04/15/2049 BC.C 1.96%
Total Number of Holdings:    32
Underlying Securities information represented above is as of 11/30/2021 but will vary with future fluctuations in the market.

 Deferred Sales Charge Schedule
Amount Date
$0.07500 October 20, 2021
$0.07500 November 19, 2021
$0.07500 December 20, 2021

Risk Considerations

Equity Risk. An investment in a portfolio containing common stocks is subject to certain risks, 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.

Sector Concentration Risk. A portfolio which is concentrated in an individual sector is subject to additional risks, including limited diversification.

Buy & Hold Risk – Taxable Trusts. 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.

COVID-19 Economic Impact Risk. The COVID-19 global pandemic has caused significant volatility and declines in global financial markets, causing losses for investors. The development of vaccines has slowed the spread of the virus and allowed for the resumption of "reasonably" normal business activity in the United States, although many countries continue to impose lockdown measures. Additionally, there is no guarantee that vaccines will be effective against emerging variants of the disease.

Financials Risk. The companies engaged in the financials sector are subject to the adverse effects of volatile interest rates, economic recession, decreases in the availability of capital, increased competition from new entrants in the field, and potential increased regulation.

Foreign Securities Risk. An investment in securities of foreign issuers should be made with an understanding of the additional risks involved, such as currency fluctuations, political risk, withholding, the lack of adequate financial information, and exchange control restrictions impacting foreign issuers.

Preferred Securities Risk. Preferred securities are equity securities of the issuing company which pay income in the form of dividends. Preferred securities are typically subordinated to bonds and other debt instruments in a company's capital structure, and therefore will be subject to greater credit risk than those debt instruments.

REITs Risk. An investment in a portfolio containing REIT securities is subject to additional risks including limited diversification. Companies involved in the real estate industry are subject to changes in the real estate market, vacancy rates and competition, volatile interest rates and economic recession.

Volatility Risk. 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.

Operational Risk. As the use of Internet technology has become more prevalent in the course of business, the trust has become more susceptible to potential operational risks through breaches in cybersecurity.

You should carefully consider the trust's investment objectives, risks, and charges and expenses before investing. Contact your financial professional or call First Trust Portfolios, L.P. at 1.800.621.1675 to request a prospectus, which contains this and other information about the trust. Read it carefully before you invest.

This product information does not constitute an offer to sell, or a solicitation of an offer to buy securities in any state to any person to whom it is not lawful to make such an offer. Sales of any of these securities must include prospectus delivery and the services of a retail broker/dealer duly licensed in the appropriate states.

Not FDIC Insured, Not Bank Guaranteed and May Lose Value.