Stonebridge Preferred Income, 16  Ticker: FPCWLX
A unit investment trust that seeks a high rate of current income by investing in a diversified portfolio of preferred securities.
Product Code: SPRI16
Portfolio Status: Primary
Initial Offer Date: 12/20/2017
Portfolio Ending Date: 12/20/2019
Tax Structure: Regulated Investment Company
Distributions: Monthly
Initial Offer Price: $10.0000
NAV(*): $9.4706
POP(*): $9.6870
Remaining Deferred Sales Charge: $0.1500
* As of Trade Date: 03/16/2018 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.

 Estimated Net Annual Distribution Per Unit
Year 1 * $0.5320
Subsequent Years * $0.5310
As of 03/12/2018
* The estimated net annual distribution for subsequent years 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 to pay for organization costs, the deferred sales charge and the creation and development fee.  The estimates are based on annualizing the most recent dividends declared by the issuers of the securities included in the portfolio. 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 either remain at current levels or increase over time.

 Holdings  Export Current Holdings | View Initial Holdings  
 Citigroup Inc., Series K, 6.875%, Variable Rate C.K 4.07%
 U.S. Bancorp, Series F, 6.500%, Variable Rate USB.M 3.02%
 eBay Inc., 6.000%, Due 02/01/2056 EBAYL 3.02%
 Regions Financial Corporation, Series B, 6.375%, Variable Rate RF.B 3.01%
 The Hartford Financial Services Group, Inc., 7.875%, Variable Rate, Due 04/15/2042 HGH 2.56%
 Validus Holdings Ltd., 5.800% VR.B 2.55%
 KeyCorp, Series E, 6.125%, Variable Rate KEY.I 2.48%
 SCE Trust V, Series K, 5.450%, Variable Rate SCE.K 2.42%
 United States Cellular Corporation, 7.250%, Due 12/01/2064 UZC 2.09%
 State Street Corporation, Series D, 5.900%, Variable Rate STT.D 2.04%
 The PNC Financial Services Group, Inc., Series P, 6.125%, Variable Rate PNC.P 2.03%
 The Allstate Corporation, 5.100%, Variable Rate, Due 01/15/2053 ALL.B 2.03%
 The Goldman Sachs Group, Inc., Series J, 5.500%, Variable Rate GS.J 2.02%
 The Goldman Sachs Group, Inc., Series K, 6.375%, Variable Rate GS.K 2.02%
 Wells Fargo & Company, 5.850%, Variable Rate WFC.Q 2.02%
 State Street Corporation, Series G, 5.350%, Variable Rate STT.G 2.02%
 VEREIT, Inc., Series F, 6.700% VER.F 2.01%
 JPMorgan Chase & Co., Series T, 6.700% JPM.B 2.01%
 Bank of America Corporation, Series W, 6.625% BAC.W 2.01%
 Wells Fargo & Company, 6.625%, Variable Rate WFC.R 2.01%
 Aspen Insurance Holdings Limited, 5.950%, Variable Rate AHL.C 1.99%
 Capital One Financial Corporation, Series H, 6.00% COF.H 1.98%
 Aspen Insurance Holdings Limited, 5.625% AHL.D 1.95%
 New York Community Bancorp, Inc., Series A, 6.375%, Variable Rate NYCB.A 1.95%
 Reinsurance Group of America, Incorporated, 6.200%, Variable Rate, Due 09/15/2042 RZA 1.54%
 Morgan Stanley, Series F, 6.875%, Variable Rate MS.F 1.52%
 Morgan Stanley, Series E, 7.125%, Variable Rate MS.E 1.52%
 JPMorgan Chase & Co., Series BB, 6.150% JPM.H 1.51%
 PartnerRe Ltd., Series H, 7.250% PRE.H 1.50%
 W.R. Berkley Corporation, 5.750%, Due 06/01/2056 WRB.D 1.50%
 Torchmark Corporation, 6.125%, Due 06/15/2056 TMK.C 1.50%
 OM Asset Management Plc, 5.125%, Due 08/01/2031 OMAA 1.49%
 The Charles Schwab Corporation, Series D, 5.950% SCHW.D 1.48%
 Two Harbors Investment Corp., Series B, 7.625% Variable Rate TWO.B 1.46%
 People's United Financial, Inc., Series A, 5.625%, Variable Rate PBCTP 1.45%
 Reinsurance Group of America, Incorporated, 5.750%, Variable Rate, Due 06/15/2056 RZB 1.44%
 American Homes 4 Rent, Series E, 6.350% AMH.E 1.43%
 Colony NorthStar, Inc., Series J, 7.125% CLNS.J 1.39%
 CHS Inc., Series 3, 6.750%, Variable Rate CHSCM 1.05%
 Fifth Third Bancorp, Series I, 6.625%, Variable Rate FITBI 1.03%
 CHS Inc., Series 2, 7.100%, Variable Rate CHSCN 1.03%
 Capital One Financial Corporation, Series D, 6.700% COF.D 1.02%
 Bank of America Corporation, Series Y, 6.500% BAC.Y 1.02%
 United States Cellular Corporation, 7.250%, Due 12/01/2063 UZB 1.02%
 Legg Mason, Inc., 6.375%, Due 03/15/2056 LMHA 1.02%
 Bank of America Corporation, Series CC, 6.200% BAC.C 1.01%
 Morgan Stanley, Series K, 5.850%, Variable Rate MS.K 1.01%
 Valley National Bancorp, Series B, 5.50% Variable Rate VLY.B 1.01%
 AGNC Investment Corp., Series C, 7.00% Variable Rate AGNCN 1.01%
 Digital Realty Trust, Inc., Series C, 6.625%, Due 12/31/2049 DLR.C 1.01%
 The Allstate Corporation, Series E, 6.625% ALL.E 1.00%
 AmTrust Financial Services, Inc., 7.500%, Due 09/15/2055 AFST 1.00%
 Annaly Capital Management, Inc., Series F, 6.95% Variable Rate NLY.F 0.99%
 MB Financial, Inc., Series C, 6.00% MBFIO 0.98%
 Qwest Corporation, 6.500%, Due 09/01/2056 CTBB 0.97%
 Colony NorthStar, Inc., Series E, 8.75% CLNS.E 0.97%
 AmTrust Financial Services, Inc., 7.250%, Due 06/15/2055 AFSS 0.97%
 Qwest Corporation, 7.000%, Due 02/01/2056 CTAA 0.96%
 American Homes 4 Rent, Series D, 6.500% AMH.D 0.94%
 American Financial Group, Inc., 6.000%, Due 11/15/2055 AFGH 0.50%
 W.R. Berkley Corporation, 5.900%, Due 03/01/2056 WRB.C 0.50%
 Stifel Financial Corp., Series A, 6.250% SF.A 0.50%
 JPMorgan Chase & Co., Series AA, 6.100% JPM.G 0.49%
 American Homes 4 Rent, Series G, 5.875% AMH.G 0.48%
 American Homes 4 Rent, Series F, 5.875% AMH.F 0.47%
Total Number of Holdings:    65
Underlying Securities information represented above is as of 03/16/2018 but will vary with future fluctuations in the market.

 Standard Account Sales Charges *
Transactional sales charges: Initial:  0.68%
  Deferred:  1.55%
C&D Fee:    0.52%
Maximum Sales Charge:   2.75%
CUSIP Type Distribution
30306D141 Cash Monthly
30306D158 Reinvest Monthly
* Based on the offer price as of 03/16/2018 4:00pm ET

 Fee/Wrap Account Sales Charges *
C&D Fee:    0.53%
Maximum Sales Charge:   0.53%
CUSIP Type Distribution
30306D166 Cash-Fee Monthly
30306D174 Reinvest-Fee Monthly
* Based on the NAV price as of 03/16/2018 4:00pm ET
In addition to the sales charges listed, UITs are subject to annual operating expenses and organization costs.

 Deferred Sales Charge Schedule
Amount Date
$0.07500 March 20, 2018
$0.07500 April 20, 2018
$0.07500 May 18, 2018

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.

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.

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.

High-Yield or Junk Bonds Risk. Investing in high-yield securities or "junk" bonds should be viewed as speculative and you should review your ability to assume the risks associated with investments which utilize such securities. High-yield securities are subject to numerous risks, including higher interest rates, economic recession, deterioration of the junk bond 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.

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.

You should carefully consider the trust's investment objectives, risks, and charges and expenses 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 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.