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Stonebridge Preferred Income, 26  Ticker: FXLEZX
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: SPRI26
Portfolio Status: Primary
Initial Offer Date: 03/18/2020
Portfolio Ending Date: 03/18/2022
Tax Structure: Regulated Investment Company
Distributions: Monthly
Initial Offer Price: $10.0000
NAV(*): $14.4539
POP(*): $14.8112
Remaining Deferred Sales Charge: $0.2250
* As of Trade Date: 05/22/2020 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 (as of 5/22/2020) Per Unit (as of 5/22/2020)
4.54% $0.67220
^ 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. 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 Rate of Trust Holdings," 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 rate 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 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. 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. PLEASE NOTE: For trusts that hold preferred securities, the historical distribution rate is calculated using only the holdings that have 12 months of distribution history. Any holdings without a 12 month history of dividends were excluded from the calculation.

 Holdings  Export Current Holdings | View Initial Holdings  
 Citigroup Inc., Series K, 6.875%, Variable Rate C.K 3.79%
 Enbridge Inc., Series B, 6.375%, Variable Rate, Due 04/15/2078 ENBA 3.35%
 The Hartford Financial Services Group, Inc., 7.875%, Variable Rate, Due 04/15/2042 HGH 2.68%
 American Equity Investment Life Holding Company, Series A, 5.950% Variable Rate AEL.A 2.67%
 Wells Fargo & Company, Series Q, 5.850%, Variable Rate WFC.Q 2.36%
 NiSource Inc., Series B, 6.500% Variable Rate NI.B 2.32%
 The PNC Financial Services Group, Inc., Series P, 6.125%, Variable Rate PNC.P 2.31%
 People's United Financial, Inc., Series A, 5.625%, Variable Rate PBCTP 2.19%
 New York Community Bancorp, Inc., Series A, 6.375%, Variable Rate NYCB.A 2.12%
 Algonquin Power & Utilities Corp., Series 19-A, 6.200% Variable Rate, Due 07/01/2079 AQNB 2.06%
 The Goldman Sachs Group, Inc., Series J, 5.500%, Variable Rate GS.J 2.04%
 Citizens Financial Group, Inc., Series D, 6.350% Variable Rate CFG.D 2.03%
 The Allstate Corporation, 5.100%, Variable Rate, Due 01/15/2053 ALL.B 1.98%
 Capital One Financial Corporation, Series I, 5.000% COF.I 1.98%
 The Goldman Sachs Group, Inc., Series K, 6.375%, Variable Rate GS.K 1.95%
 CMS Energy Corp., 5.875%, Due 03/01/2079 CMSD 1.90%
 AT&T Inc., 5.625%, Due 08/01/2067 TBC 1.86%
 Bank of America Corporation, Series GG, 6.000% BAC.B 1.82%
 JPMorgan Chase & Co., Series EE, 6.000% JPM.C 1.81%
 Aspen Insurance Holdings Limited, 5.625% AHL.E 1.74%
 CHS Inc., Series 3, 6.750%, Variable Rate CHSCM 1.69%
 Air Lease Corporation, Series A, 6.150% Variable Rate AL.A 1.66%
 CHS Inc., Series 2, 7.100%, Variable Rate CHSCN 1.64%
 Reinsurance Group of America, Incorporated, 5.750%, Variable Rate, Due 06/15/2056 RZB 1.55%
 Morgan Stanley, Series F, 6.875%, Variable Rate MS.F 1.47%
 Algonquin Power & Utilities Corp., 6.875% Variable Rate, Due 10/17/2078 AQNA 1.45%
 KeyCorp, Series E, 6.125%, Variable Rate KEY.I 1.44%
 Prudential Financial, Inc., 5.625%, Due 08/15/2058 PRS 1.43%
 Morgan Stanley, Series E, 7.125%, Variable Rate MS.E 1.40%
 NextEra Energy Capital Holdings, Series N, 5.650%, Due 03/01/2079 NEE.N 1.40%
 The Charles Schwab Corporation, Series D, 5.950% SCHW.D 1.39%
 Wells Fargo & Company, 6.625%, Variable Rate WFC.R 1.36%
 Fifth Third Bancorp, Series I, 6.625%, Variable Rate FITBI 1.33%
 W.R. Berkley Corporation, 5.750%, Due 06/01/2056 WRB.D 1.26%
 Athene Holding Ltd., Series A, 6.350% Variable Rate ATH.A 1.26%
 Brightsphere Investment Group Inc., 5.125%, Due 08/01/2031 BSA 1.18%
 Equitable Holdings, Inc., Series A, 5.250% EQH.A 1.18%
 AGNC Investment Corp., Series C, 7.000%, Variable Rate AGNCN 1.10%
 Voya Financial, Inc., Series B, 5.350% Variable Rate VOYA.B 1.10%
 American Financial Group, 5.125%, Due 12/15/2059 AFGC 1.06%
 Annaly Capital Management, Inc., Series F, 6.950%, Variable Rate NLY.F 1.03%
 Digital Realty Trust, Inc., Series L, 5.200% DLR.L 1.03%
 Qwest Corporation, 6.500%, Due 09/01/2056 CTBB 1.02%
 W.R. Berkley Corporation, 5.900%, Due 03/01/2056 WRB.C 1.01%
 Qwest Corporation, 7.000%, Due 02/01/2056 CTAA 0.99%
 Globe Life Inc., 6.125%, Due 06/15/2056 GL.C 0.98%
 American Homes 4 Rent, Series E, 6.350% AMH.E 0.98%
 Stifel Financial Corp., Series A, 6.250% SF.A 0.98%
 Morgan Stanley, Series K, 5.850%, Variable Rate MS.K 0.98%
 Synovus Financial Corp., Series D, 6.300%, Variable Rate SNV.D 0.98%
 Digital Realty Trust, Inc., Series K, 5.850% DLR.K 0.98%
 AT&T Inc., Series A, 5.00% T.A 0.98%
 Two Harbors Investment Corp., Series B, 7.625%, Variable Rate TWO.B 0.97%
 The Hartford Financial Services Group, Inc., Series G, 6.000% HIG.G 0.95%
 Bank of America Corporation, Series KK, 5.375% BAC.M 0.94%
 State Street Corporation, Series G, 5.350%, Variable Rate STT.G 0.94%
 Duke Energy Corporation, 5.625%, Due 09/15/2078 DUKB 0.94%
 Athene Holding Ltd., Series B, 5.625% ATH.B 0.94%
 State Street Corporation, Series D, 5.900%, Variable Rate STT.D 0.93%
 Legg Mason, Inc., 6.375%, Due 03/15/2056 LMHA 0.93%
 Capital One Financial Corporation, Series H, 6.000% COF.H 0.93%
 Bank of America Corporation, Series HH, 5.875% BAC.K 0.91%
 Duke Energy Corporation, Series A, 5.750% DUK.A 0.68%
 Aspen Insurance Holdings Limited, 5.950%, Variable Rate AHL.C 0.54%
 Regions Financial Corporation, Series B, 6.375%, Variable Rate RF.B 0.53%
 W.R. Berkley Corporation, 5.100%, Due 12/30/2059 WRB.F 0.52%
 Synovus Financial Corp., Series E, 5.875% Variable Rate SNV.E 0.50%
 American Homes 4 Rent, Series D, 6.500% AMH.D 0.49%
 American Homes 4 Rent, Series H, 6.250% AMH.H 0.49%
 CHS Inc., Series 4, 7.500% CHSCL 0.48%
 Spire Inc., Series A, 5.900% SR.A 0.48%
 Valley National Bancorp, Series B, 5.500%, Variable Rate VLYPO 0.47%
 U.S. Bancorp, Series K, 5.500% USB.P 0.47%
 National Rural Util Coop, 5.50%, Due 05/15/2064 NRUC 0.47%
 The Allstate Corporation, Series H, 5.100% ALL.H 0.25%
Total Number of Holdings:    75
Underlying Securities information represented above is as of 05/22/2020 but will vary with future fluctuations in the market.

 Standard Account Sales Charges *
Transactional sales charges: Initial:  0.89%
  Deferred:  1.52%
C&D Fee:    0.34%
Maximum Sales Charge:   2.75%
CUSIP Type Distribution
30313G103 Cash Monthly
30313G111 Reinvest Monthly
* Based on the offer price as of 05/22/2020 4:00pm ET

 Fee/Wrap Account Sales Charges *
C&D Fee:    0.35%
Maximum Sales Charge:   0.35%
CUSIP Type Distribution
30313G129 Cash-Fee Monthly
30313G137 Reinvest-Fee Monthly
* Based on the NAV price as of 05/22/2020 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 June 19, 2020
$0.07500 July 20, 2020
$0.07500 August 20, 2020

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.

Small-Cap and Mid-Cap Risk. 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.

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.

Fund Cusip Information
30313G103 (Cash)
30313G111 (Reinvest)
30313G129 (Cash-Fee)
30313G137 (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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