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Stonebridge Preferred Income, Series 22
Ticker Symbol: FKPHAX

Holdings
Ticker Name Of Issue Of Securities S&P
Rating*
Initial
Weight
Redemption
Provisions**
Market Value
Per
Share***
AGNCN AGNC Investment Corp., Series C, 7.000%, Variable Rate (1) NR 1.00% 10/15/22 @ 25 $25.85
AL.A Air Lease Corporation, Series A, 6.150% Variable Rate BB+ 2.50% 03/15/24 @ 25 25.67
AQNA Algonquin Power & Utilities Corp., 6.875% Variable Rate, Due 10/17/2078 BB+ 2.25% 10/17/23 @ 25 26.73
ALL.B The Allstate Corporation, 5.100%, Variable Rate, Due 01/15/2053 (2) BBB 2.50% 01/15/23 @ 25 25.63
AMH.D American Homes 4 Rent, Series D, 6.500% (1) BB 1.00% 05/24/21 @ 25 26.32
AMH.E American Homes 4 Rent, Series E, 6.350% (1) BB 0.99% 06/29/21 @ 25 26.10
AMH.H American Homes 4 Rent, Series H, 6.250% (1) BB 1.00% 09/19/23 @ 25 25.20
NLY.F Annaly Capital Management, Inc., Series F, 6.950%, Variable Rate (1) NR 0.99% 09/30/22 @ 25 25.76
AHL.C Aspen Insurance Holdings Limited, 5.950%, Variable Rate BBB- 2.75% 07/01/23 @ 25 26.04
TBC AT&T Inc., 5.625%, Due 08/01/2067 BBB 2.00% 08/01/23 @ 25 25.56
BAC.B Bank of America Corporation, Series GG, 6.000% BBB- 2.50% 05/16/23 @ 25 26.59
BAC.K Bank of America Corporation, Series HH, 5.875% BBB- 1.01% 07/24/23 @ 25 26.07
BSA BrightSphere Investment Group Plc, 5.125%, Due 08/01/2031 BBB- 1.00% 08/01/19 @ 25 23.35
COF.F Capital One Financial Corporation, Series F, 6.200% BB 1.00% 12/01/20 @ 25 26.23
COF.H Capital One Financial Corporation, Series H, 6.000% NR 2.00% 12/01/21 @ 25 26.15
SCHW.D The Charles Schwab Corporation, Series D, 5.950% BBB 2.50% 06/01/21 @ 25 26.43
CHSCN CHS Inc., Series 2, 7.100%, Variable Rate NR 1.51% 03/31/24 @ 25 27.21
CHSCM CHS Inc., Series 3, 6.750%, Variable Rate NR 1.50% 09/30/24 @ 25 26.53
CHSCL CHS Inc., Series 4, 7.500% NR 0.50% 01/21/25 @ 25 27.73
C.K Citigroup Inc., Series K, 6.875%, Variable Rate BB+ 3.99% 11/15/23 @ 25 27.28
CFG.D Citizens Financial Group, Inc., Series D, 6.350% Variable Rate BB+ 2.00% 04/06/24 @ 25 26.29
CMSD CMS Energy Corp., 5.875%, Due 03/01/2079 BBB- 2.50% 03/01/24 @ 25 25.77
CLNY.J Colony Capital, Inc., Series J, 7.125% (1) NR 1.00% 09/22/22 @ 25 22.52
DLR.K Digital Realty Trust, Inc., Series K, 5.850% (1) BB+ 2.00% 05/15/21 @ 25 25.27
DLR.C Digital Realty Trust, Inc., Series C, 6.625%, Due 12/31/2049 (1) BB+ 1.00% 03/13/24 @ 25 26.38
DUKB Duke Energy Corporation, 5.625%, Due 09/15/2078 BBB 1.00% 09/15/23 @ 25 25.48
EBAYL eBay Inc., 6.000%, Due 02/01/2056 BBB+ 0.50% 03/01/21 @ 25 26.22
ENBA Enbridge Inc., Series B, 6.375%, Variable Rate, Due 04/15/2078 BBB- 3.00% 04/15/23 @ 25 26.05
FITBI Fifth Third Bancorp, Series I, 6.625%, Variable Rate BB+ 0.25% 12/31/23 @ 25 27.06
GS.J The Goldman Sachs Group, Inc., Series J, 5.500%, Variable Rate BB 1.00% 05/10/23 @ 25 26.24
GS.K The Goldman Sachs Group, Inc., Series K, 6.375%, Variable Rate BB 1.00% 05/10/24 @ 25 27.63
HGH The Hartford Financial Services Group, Inc., 7.875%, Variable Rate, Due 04/15/2042 (2) BBB- 1.00% 04/15/22 @ 25 28.33
HIG.G The Hartford Financial Services Group, Inc., Series G, 6.000% BBB- 1.50% 11/15/23 @ 25 26.79
JPM.C JPMorgan Chase & Co., Series EE, 6.000% BB+ 2.50% 03/01/24 @ 25 26.57
KEY.I KeyCorp, Series E, 6.125%, Variable Rate BB+ 2.00% 12/15/26 @ 25 26.65
LMHA Legg Mason, Inc., 6.375%, Due 03/15/2056 BB+ 1.51% 03/15/21 @ 25 26.14
MS.E Morgan Stanley, Series E, 7.125%, Variable Rate BB+ 0.51% 10/15/23 @ 25 28.40
MS.F Morgan Stanley, Series F, 6.875%, Variable Rate BB+ 2.50% 01/15/24 @ 25 27.78
MS.K Morgan Stanley, Series K, 5.850%, Variable Rate BB+ 1.00% 04/15/27 @ 25 25.82
NYCB.A New York Community Bancorp, Inc., Series A, 6.375%, Variable Rate B+ 2.00% 03/17/27 @ 25 26.24
NEE.N NextEra Energy Capital Holdings, Series N, 5.650%, Due 03/01/2079 BBB 1.50% 06/15/24 @ 25 25.28
NI.B NiSource Inc., Series B, 6.500% Variable Rate BBB- 2.50% 03/15/24 @ 25 26.33
PBCTP People’s United Financial, Inc., Series A, 5.625%, Variable Rate BB+ 2.51% 12/15/26 @ 25 25.44
PNC.P The PNC Financial Services Group, Inc., Series P, 6.125%, Variable Rate BBB- 2.00% 05/01/22 @ 25 26.88
PRS Prudential Financial, Inc., 5.625%, Due 08/15/2058 BBB+ 0.99% 09/01/21 @ 25 25.74
CTBB Qwest Corporation, 6.500%, Due 09/01/2056 BBB- 1.00% 09/01/21 @ 25 22.84
CTAA Qwest Corporation, 7.000%, Due 02/01/2056 BBB- 1.01% 02/01/21 @ 25 25.30
RF.B Regions Financial Corporation, Series B, 6.375%, Variable Rate BB+ 2.00% 09/15/24 @ 25 27.05
RZB Reinsurance Group of America, Incorporated, 5.750%, Variable Rate, Due 06/15/2056 (2) BBB+ 1.50% 06/15/26 @ 25 26.59
RZA Reinsurance Group of America, Incorporated, 6.200%, Variable Rate, Due 09/15/2042 (2) BBB+ 1.00% 09/15/22 @ 25 26.79
SCE.K SCE Trust V, Series K, 5.450%, Variable Rate BB+ 2.50% 03/15/26 @ 25 22.85
STT.G State Street Corporation, Series G, 5.350%, Variable Rate BBB 1.00% 03/15/24 @ 25 25.99
STT.D State Street Corporation, Series D, 5.900%, Variable Rate BBB 1.00% 03/15/26 @ 25 26.63
SF.A Stifel Financial Corp., Series A, 6.250% BB- 1.00% 07/15/21 @ 25 26.79
SNV.D Synovus Financial Corp., Series D, 6.300%, Variable Rate BB- 2.00% 06/21/23 @ 25 25.70
TMK.C Torchmark Corporation, 6.125%, Due 06/15/2056 (2) BBB+ 1.50% 06/15/21 @ 25 26.51
TWO.B Two Harbors Investment Corp., Series B, 7.625%, Variable Rate (1) NR 1.00% 07/27/27 @ 25 25.56
USB.M U.S. Bancorp, Series F, 6.500%, Variable Rate BBB 0.99% 01/15/22 @ 25 26.90
USB.P U.S. Bancorp, Series K, 5.500% BBB 0.50% 10/15/23 @ 25 25.63
UZB United States Cellular Corporation, 7.250%, Due 12/01/2063 BB 1.00% 12/08/19 @ 25 26.34
UZC United States Cellular Corporation, 7.250%, Due 12/01/2064 BB 1.75% 12/01/20 @ 25 26.63
VLYPO Valley National Bancorp, Series B, 5.500%, Variable Rate BB 1.00% 09/30/22 @ 25 24.82
WRB.D W.R. Berkley Corporation, 5.750%, Due 06/01/2056 BBB- 1.00% 06/01/21 @ 25 25.27
WRB.C W.R. Berkley Corporation, 5.900%, Due 03/01/2056 (2) BBB- 1.00% 03/01/21 @ 25 25.86
WFC.Q Wells Fargo & Company, 5.850%, Variable Rate BBB- 1.00% 09/15/23 @ 25 26.22
WFC.R Wells Fargo & Company, 6.625%, Variable Rate BBB- 1.49% 03/15/24 @ 25 27.85

*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 4/2/19. 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 9.98% 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.

Not FDIC Insured • Not Bank Guaranteed • May Lose Value

Portfolio Summary
Initial Date of Deposit 4/3/2019
Initial Public Offering Price $10.00 per Unit
Portfolio Ending Date 4/5/2021
Historical 12-Month Distribution Rate of Trust Holdings:* 3.58%
Cash CUSIP 302652540
Reinvestment CUSIP 302652557
Fee Accounts Cash CUSIP 302652565
Fee Accounts Reinvestment CUSIP 302652573

*There is no guarantee the issuers of the securities included in the trust will declare dividends or distributions in the future. The historical distribution rate of the securities included in the trust is for illustrative purposes only and is not indicative of the trust’s distribution rate. The historical distribution rate is calculated by dividing the weighted average of the trailing twelve month distributions paid by the securities included in the portfolio by the trust’s offering price and is 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 the date of deposit. As of the date of deposit, there were 18 holdings without the required 12 month distribution history which were excluded from the calculation, representing 33.25% 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 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.

Sales Charges & Expenses (based on a $10 public offering price)
Standard Accounts Sales Charges
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 7/19/19.

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.

Certain of the securities held in the trust are “high-yield” securities which are rated below investment grade. Investing in high-yield securities should be viewed as speculative and you should review your ability to assume the risks associated with investments that use such securities. High-yield securities are subject to numerous risks including higher interest rates, economic recession, deterioration of the high yield market, possible downgrades and defaults of interest and/or principal. High-yield security prices tend to fluctuate more than higher rated securities and are affected by short-term credit developments to a greater degree.

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 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.

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.

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.

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.

 
Fund Cusip Information
302652540 (Cash)
302652557 (Reinvest)
302652565 (Cash-Fee)
302652573 (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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