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Preferred Income Portfolio, Series 98
Ticker Symbol: FIVELX

40 Holdings (As of Day of Deposit)
Ticker Name of Issuer of Securities S&P
Value Per
ALL.B The Allstate Corporation, 5.100%, Variable Rate, Due 01/15/2053 (2) BBB 4.00% 01/15/23 @ 25 $25.58
ACGLP Arch Capital Group Ltd., Series E, 5.250% NR 2.00% 09/29/21 @ 25 23.05
ACGLO Arch Capital Group Ltd., Series F, 5.450% BBB 2.00% 08/17/22 @ 25 23.71
TBC AT&T Inc., 5.625%, Due 08/01/2067 BBB 4.49% 08/01/23 @ 25 25.04
AXS.E Axis Capital Holdings Limited, Series E, 5.500% BBB 2.50% 11/07/21 @ 25 24.24
BBT.H BB&T Corporation, 5.625% BBB- 2.50% 06/01/21 @ 25 26.01
BOKFL BOK Financial Corporation, 5.375%, Due 06/30/2056 BBB 1.50% 06/30/21 @ 25 25.12
SCHW.C The Charles Schwab Corporation, Series C, 6.000% BBB 2.00% 12/01/20 @ 25 26.70
DRUA Dominion Energy, Inc., Series A, 5.250%, Due 07/30/2076 BBB- 3.99% 07/30/21 @ 25 25.00
DTW DTE Energy Company, Series E, 5.250%, Due 12/01/2077 BBB- 2.50% 12/01/22 @ 25 24.51
DTY DTE Energy Company, Series F, 6.000%, Due 12/15/2076 BBB- 1.99% 12/15/21 @ 25 26.65
DUKB Duke Energy Corporation, 5.625%, Due 09/15/2078 BBB 2.50% 09/15/23 @ 25 25.70
EBAYL eBay Inc., 6.000%, Due 02/01/2056 BBB+ 4.01% 03/01/21 @ 25 26.46
EAI Entergy Arkansas, LLC, 4.875%, Due 09/01/2066 A 2.00% 09/01/21 @ 25 24.53
ELC Entergy Louisiana, LLC, 4.875%, Due 09/01/2066 A 2.00% 09/01/21 @ 25 24.53
HGH The Hartford Financial Services Group, Inc., 7.875%, Variable Rate, Due 04/15/2042 (2) BBB- 2.00% 04/15/22 @ 25 28.63
HIG.G The Hartford Financial Services Group, Inc., Series G, 6.000% BBB- 2.00% 11/15/23 @ 25 26.14
JPM.C JPMorgan Chase & Co., Series EE, 6.000% BBB- 4.00% 03/01/24 @ 25 26.44
KIM.L Kimco Realty Corporation, Series L, 5.125% (1) BBB- 2.00% 08/16/22 @ 25 22.93
KIM.M Kimco Realty Corporation, Series M, 5.250% (1) BBB- 2.00% 12/20/22 @ 25 22.95
MET.E MetLife, Inc., Series E, 5.625% NR 4.00% 06/15/23 @ 25 25.64
NNN.F National Retail Properties, Inc., Series F, 5.200% (1) BBB- 2.00% 10/11/21 @ 25 23.37
NEE.K NextEra Energy Capital Holdings, Inc., Series K, 5.250%, Due 06/01/2076 (2) BBB 2.50% 06/01/21 @ 25 24.58
PNC.P The PNC Financial Services Group, Inc., Series P, 6.125%, Variable Rate BBB- 4.00% 05/01/22 @ 25 26.95
PRS Prudential Financial, Inc., 5.625%, Due 08/15/2058 BBB+ 4.00% 08/15/23 @ 25 25.22
PSB.X PS Business Parks, Inc., Series X, 5.250% (1) BBB 2.50% 09/21/22 @ 25 24.16
PSB.Y PS Business Parks, Inc., Series Y, 5.200% (1) NR 2.00% 12/07/22 @ 25 23.23
PSA.F Public Storage, Series F, 5.150% (1) BBB+ 2.00% 06/02/22 @ 25 24.51
RNR.F RenaissanceRe Holdings Ltd., Series F, 5.750% BBB 2.50% 06/30/23 @ 25 24.67
SOJC The Southern Company, 5.250%, Due 12/01/2077 BBB 2.00% 12/01/22 @ 25 24.50
SOJA The Southern Company, 6.250%, Due 10/15/2075 BBB 2.00% 10/15/20 @ 25 26.18
STT.G State Street Corporation, Series G, 5.350%, Variable Rate BBB 2.01% 03/15/24 @ 25 26.21
STT.D State Street Corporation, Series D, 5.900%, Variable Rate BBB 2.00% 03/15/26 @ 25 26.71
SFB Stifel Financial Corp., 5.200%, Due 10/15/2047 BBB- 2.01% 10/15/22 @ 25 23.30
USB.M U.S. Bancorp, Series F, 6.500%, Variable Rate BBB 2.00% 01/15/22 @ 25 27.55
USB.P U.S. Bancorp, Series K, 5.500% BBB 2.01% 10/15/23 @ 25 25.65
WRB.E W.R. Berkley Corporation, 5.700%, Due 03/30/2058 BBB- 2.00% 03/30/23 @ 25 25.08
WRB.D W.R. Berkley Corporation, 5.750%, Due 06/01/2056 BBB- 2.50% 06/01/21 @ 25 25.20
WFC.Q Wells Fargo & Company, 5.850%, Variable Rate BBB- 1.99% 09/15/23 @ 25 25.86
WFC.R Wells Fargo & Company, 6.625%, Variable Rate BBB- 2.00% 03/15/24 @ 25 27.76

*As of the Initial Date of Deposit. The ratings are by Standard & Poor’s and are unaudited. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO), including Standard & Poor’s Rating Group, of the creditworthiness of an issuer with respect to debt obligations. Standard & Poor’s ratings are measured on a scale ranging from AAA (highest) to D (lowest). Sub-investment grade ratings are those rated BB+ or lower. Investment grade ratings are those rated BBB- or higher. “NR” indicates no rating.

**The securities are first redeemable on the date and price listed. Certain of the securities have provisions which would allow for their redemption prior to the earliest stated call date pursuant to the occurrence of certain extraordinary events.

***As of the close of business on 3/12/19. Market values are for reference only and are not indicative of your individual cost basis.

(1) These securities represent preferred stocks or trust preferred securities of REITs. REITs comprise approximately 12.50% of the investments of the Trust.

(2) These securities have a “make whole” call option and are redeemable in whole or in part at any time at the option of the issuer, at a redemption price equal to the greater of: 1) 100% of the principal amount or 2) the sum of the remaining scheduled payments of principal and interest, plus, in either case, any accrued and unpaid interest on the principal amount being redeemed to the date of redemption.

The trust’s sponsor purchases consulting services used for security selection and portfolio supervision from Raymond James & Associates, Inc.

Not FDIC Insured • Not Bank Guaranteed • May Lose Value

Portfolio Summary
Initial Date of Deposit 3/13/2019
Initial Public Offering Price $10.00 per Unit
Portfolio Ending Date 3/12/2021
Cash CUSIP 30310U386
Reinvest CUSIP 30310U394
Fee Accounts Cash CUSIP 30310U402
Fee Accounts Reinvest CUSIP 30310U410

Sales Charges (based on a $10 public offering price)
Standard Accounts
Transactional Sales Charges: Initial: 0.00%
  Deferred: 2.25%
Creation & Development Fee:   0.50%
Maximum Sales Charge:   2.75%

The deferred sales charge will be deducted in three monthly installments commencing 6/20/19.

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.

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 1.800.621.1675 to request a prospectus, which contains this and other information about the portfolio. Read it carefully before you invest.

Risk Considerations:
An investment in this unmanaged unit investment trust should be made with an understanding of the risks involved with owning preferred stocks and trust preferred securities, such as an economic recession, volatile interest rates and the possible deterioration of either the financial condition of the issuers of the trust preferred securities or the general condition of the stock market.

You should be aware that the portfolio is concentrated in preferred stocks and trust preferred securities issued by companies in the financials sector which involves additional risks, including limited diversification. The financials sector is 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 the potential for increased regulation. Preferred stocks and trust preferred securities are typically subordinated to bonds and other debt instru ments in a company’s capital structure, in terms of priority to corporate income, and therefore will be subject to greater credit risk than those debt instruments.

An investment in a portfolio containing small-cap and mid-cap companies is subject to additional risks, as the share prices of small-cap 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.

Certain of the securities in the portfolio are issued by Real Estate Investment Trusts (REITs). 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.

An investment in a portfolio containing equity securities of foreign issuers is subject to additional risks, including currency fluctuations, political risks, withholding, the lack of adequate financial information, and exchange control restrictions impacting foreign issuers.

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 cyber security.

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.

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.

There is no guarantee that the issuers of the securities included in the portfolio will declare distributions in the future or that, if declared, they will remain at current levels or increase over time.

Fund Cusip Information
30310U386 (Cash)
30310U394 (Reinvest)
30310U402 (Cash-Fee)
30310U410 (Reinvest-Fee)
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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, the Internal Revenue Code or any other regulatory framework. Financial advisors are responsible for evaluating investment risks independently and for exercising independent judgment in determining whether investments are appropriate for their clients.
First Trust Portfolios L.P.  Member SIPC and FINRA.
First Trust Advisors L.P.
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