Stonebridge Preferred Income, 22  Ticker: FKPHAX
 
Description
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.
 
Summary
Product Code: SPRI22
Portfolio Status: Secondary
Initial Offer Date: 04/03/2019
Secondary Date: 06/25/2019
Portfolio Ending Date: 04/05/2021
Tax Structure: Regulated Investment Company
Distributions: Monthly
 
Initial Offer Price: $10.0000
NAV(*): $9.5524
POP(*): Not Avail
Remaining Deferred Sales Charge: $0.0000
* As of Trade Date: 06/05/2020 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  Per Unit (as of 6/1/2020)
----- $0.52040
^ 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 of the securities included in the trust are for illustrative purposes only and are not indicative of the trust's distribution or distribution rate. Due to the negative economic impact across many industries caused by the recent COVID-19 outbreak, certain issuers of the securities included in the trust may elect to reduce the amount of dividends and/or distributions paid in the future. As a result, the "Historical 12-Month Distribution Per Unit," which is based on the trailing twelve-month distributions paid by the securities included in a trust, will likely be higher, and in some cases significantly higher, than the actual distribution per unit achieved by the trust. 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 distributions are reduced to account for the effects of fees and expenses, which will be incurred when investing in a trust. For trusts that include funds, distributions may include realized short term capital gains, realized long-term capital gains and/or return of capital. PLEASE NOTE: For trusts that hold preferred securities, the historical distribution is calculated only using the holdings that have 12 months of distribution history. Any holdings without a 12 month history of dividends were excluded from the calculation. Certain of the issuers may have reduced their dividends or distributions over the prior twelve months. The distribution per unit 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.

 Holdings  Export Current Holdings | View Initial Holdings  
NameSymbolWeighting
 Citigroup Inc., Series K, 6.875%, Variable Rate C.K 4.00%
 Enbridge Inc., Series B, 6.375%, Variable Rate, Due 04/15/2078 ENBA 2.87%
 Aspen Insurance Holdings Limited, 5.950%, Variable Rate AHL.C 2.77%
 JPMorgan Chase & Co., Series EE, 6.000% JPM.C 2.64%
 CMS Energy Corp., 5.875%, Due 03/01/2079 CMSD 2.63%
 Bank of America Corporation, Series GG, 6.000% BAC.B 2.59%
 The Allstate Corporation, 5.100%, Variable Rate, Due 01/15/2053 ALL.B 2.59%
 SCE Trust V, Series K, 5.450%, Variable Rate SCE.K 2.55%
 NiSource Inc., Series B, 6.500% Variable Rate NI.B 2.55%
 People's United Financial, Inc., Series A, 5.625%, Variable Rate PBCTP 2.53%
 The Charles Schwab Corporation, Series D, 5.950% SCHW.D 2.50%
 Morgan Stanley, Series F, 6.875%, Variable Rate MS.F 2.48%
 Algonquin Power & Utilities Corp., 6.875% Variable Rate, Due 10/17/2078 AQNA 2.29%
 Air Lease Corporation, Series A, 6.150% Variable Rate AL.A 2.18%
 AT&T Inc., 5.625%, Due 08/01/2067 TBC 2.16%
 Digital Realty Trust, Inc., Series K, 5.850% DLR.K 2.16%
 KeyCorp, Series E, 6.125%, Variable Rate KEY.I 2.05%
 Capital One Financial Corporation, Series H, 6.000% COF.H 2.04%
 New York Community Bancorp, Inc., Series A, 6.375%, Variable Rate NYCB.A 2.00%
 The PNC Financial Services Group, Inc., Series P, 6.125%, Variable Rate PNC.P 1.97%
 Citizens Financial Group, Inc., Series D, 6.350% Variable Rate CFG.D 1.95%
 Regions Financial Corporation, Series B, 6.375%, Variable Rate RF.B 1.92%
 Synovus Financial Corp., Series D, 6.300%, Variable Rate SNV.D 1.90%
 United States Cellular Corporation, 7.250%, Due 12/01/2064 UZC 1.71%
 NextEra Energy Capital Holdings, Series N, 5.650%, Due 03/01/2079 NEE.N 1.66%
 The Hartford Financial Services Group, Inc., Series G, 6.000% HIG.G 1.54%
 Legg Mason, Inc., 6.375%, Due 03/15/2056 LMHA 1.53%
 Globe Life Inc., 6.125%, Due 06/15/2056 GL.C 1.49%
 Wells Fargo & Company, 6.625%, Variable Rate WFC.R 1.45%
 Reinsurance Group of America, Incorporated, 5.750%, Variable Rate, Due 06/15/2056 RZB 1.43%
 CHS Inc., Series 2, 7.100%, Variable Rate CHSCN 1.43%
 CHS Inc., Series 3, 6.750%, Variable Rate CHSCM 1.43%
 Duke Energy Corporation, 5.625%, Due 09/15/2078 DUKB 1.11%
 Prudential Financial, Inc., 5.625%, Due 08/15/2058 PRS 1.06%
 American Homes 4 Rent, Series H, 6.250% AMH.H 1.06%
 State Street Corporation, Series G, 5.350%, Variable Rate STT.G 1.05%
 Qwest Corporation, 6.500%, Due 09/01/2056 CTBB 1.05%
 Morgan Stanley, Series K, 5.850%, Variable Rate MS.K 1.05%
 Bank of America Corporation, Series HH, 5.875% BAC.K 1.05%
 Brightsphere Investment Group Inc., 5.125%, Due 08/01/2031 BSA 1.04%
 Qwest Corporation, 7.000%, Due 02/01/2056 CTAA 1.02%
 W.R. Berkley Corporation, 5.750%, Due 06/01/2056 WRB.D 1.02%
 American Homes 4 Rent, Series D, 6.500% AMH.D 1.01%
 Digital Realty Trust, Inc., Series C, 6.625%, Due 12/31/2049 DLR.C 1.01%
 U.S. Bancorp, Series F, 6.500%, Variable Rate USB.M 1.00%
 The Goldman Sachs Group, Inc., Series J, 5.500%, Variable Rate GS.J 1.00%
 State Street Corporation, Series D, 5.900%, Variable Rate STT.D 1.00%
 W.R. Berkley Corporation, 5.900%, Due 03/01/2056 WRB.C 1.00%
 American Homes 4 Rent, Series E, 6.350% AMH.E 1.00%
 The Goldman Sachs Group, Inc., Series K, 6.375%, Variable Rate GS.K 0.99%
 United States Cellular Corporation, 7.250%, Due 12/01/2063 UZB 0.99%
 The Hartford Financial Services Group, Inc., 7.875%, Variable Rate, Due 04/15/2042 HGH 0.98%
 Wells Fargo & Company, Series Q, 5.850%, Variable Rate WFC.Q 0.98%
 Capital One Financial Corporation, Series F, 6.200% COF.F 0.98%
 Reinsurance Group of America, Incorporated, 6.200%, Variable Rate, Due 09/15/2042 RZA 0.96%
 Stifel Financial Corp., Series A, 6.250% SF.A 0.95%
 Valley National Bancorp, Series B, 5.500%, Variable Rate VLYPO 0.94%
 AGNC Investment Corp., Series C, 7.000%, Variable Rate AGNCN 0.91%
 Two Harbors Investment Corp., Series B, 7.625%, Variable Rate TWO.B 0.86%
 Annaly Capital Management, Inc., Series F, 6.950%, Variable Rate NLY.F 0.86%
 Colony Capital, Inc., Series J, 7.125% CLNY.J 0.81%
 U.S. Bancorp, Series K, 5.500% USB.P 0.54%
 eBay Inc., 6.000%, Due 02/01/2056 EBAYL 0.50%
 Morgan Stanley, Series E, 7.125%, Variable Rate MS.E 0.50%
 CHS Inc., Series 4, 7.500% CHSCL 0.48%
 Fifth Third Bancorp, Series I, 6.625%, Variable Rate FITBI 0.25%
 
Total Number of Holdings:    66
Underlying Securities information represented above is as of 06/04/2020 but will vary with future fluctuations in the market.

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.

COVID-19 Economic Impact Risk. The recent outbreak of a respiratory disease designated as COVID-19 was first detected in China in December 2019. The global economic impact of the COVID-19 outbreak is impossible to predict but is expected to disrupt manufacturing, supply chains and sales in affected areas and negatively impact global economic growth prospects. The COVID-19 outbreak has also caused significant volatility and declines in global financial markets, which have caused losses for investors. The impact of the COVID-19 outbreak may be short term or may last for an extended period of time, and in either case could result in a substantial economic downturn or recession.

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.

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 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.