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Stonebridge Preferred Income, 32  Ticker: FCTLNX
 
Description
This unit investment trust 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: SPRI32
Portfolio Status: Secondary
Initial Offer Date: 04/28/2021
Secondary Date: 07/28/2021
Portfolio Ending Date: 04/28/2023
Tax Structure: Regulated Investment Company
Distributions: Monthly
 
Initial Offer Price: $10.0000
NAV(*): $9.7378
POP(*): $9.9620
Remaining Deferred Sales Charge: $0.0750
* As of Trade Date: 09/20/2021 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 9/20/2021) Per Unit (as of 9/20/2021)
3.89% $0.38780
^ 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. 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. PLEASE NOTE: The historical distribution rate is calculated using only the holdings that have 12 months of distribution history. As of 9/20/2021, there were 17 holdings without the required 12-month distribution history which were excluded from the calculation, representing 15.54% 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 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.

 Holdings  Export Current Holdings | View Initial Holdings  
NameSymbolWeighting
 Capital One Financial Corporation, Series J, 4.800% COF.J 2.56%
 MetLife, Inc., Series F, 4.750% MET.F 2.52%
 Wells Fargo & Company, Series Z, 4.750% WFC.Z 2.51%
 Bank of America Corporation, Series KK, 5.375% BAC.M 2.40%
 Air Lease Corporation, Series A, 6.150%, Variable Rate AL.A 1.99%
 Prudential Financial, Inc., 4.125%, Due 09/01/2060 PFH 1.99%
 Algonquin Power & Utilities Corp., Series 19-A, 6.200%, Variable Rate, Due 07/01/2079 AQNB 1.98%
 Aspen Insurance Holdings Limited, 5.625% AHL.E 1.98%
 Truist Financial Corporation, Series O, 5.250% TFC.O 1.98%
 NiSource Inc., Series B, 6.500%, Variable Rate NI.B 1.95%
 Citizens Financial Group, Inc., Series E, 5.000% CFG.E 1.75%
 Truist Financial Corporation, Series R, 4.75% TFC.R 1.73%
 The Charles Schwab Corporation, Series J, 4.45% SCHW.J 1.56%
 AT&T Inc., Series C, 4.750% T.C 1.55%
 Equitable Holdings, Inc., Series A, 5.250% EQH.A 1.52%
 The Southern Company, Series C, 4.20%, Due 10/15/2060 SOJE 1.51%
 Signature Bank New York, Series a, 5.00% SBNYP 1.51%
 JPMorgan Chase & Co., Series JJ, 4.55% JPM.K 1.51%
 Capital One Financial Corporation, Series I, 5.000% COF.I 1.50%
 Annaly Capital Management, Inc., Series I, 6.75% Variable Rate NLY.I 1.50%
 First Republic Bank, Series K, 4.125% FRC.K 1.50%
 Algonquin Power & Utilities Corp., 6.875%, Variable Rate, Due 10/17/2078 AQNA 1.49%
 American Financial Group, Inc., 5.625%, Due 06/01/2060 AFGD 1.49%
 American Equity Investment Life Holding Company, Series B, 6.625% Variable Rate AEL.B 1.48%
 AT&T Inc., 5.625%, Due 08/01/2067 TBC 1.47%
 KeyCorp, Series F, 5.650% KEY.J 1.47%
 JPMorgan Chase & Co., Series EE, 6.000% JPM.C 1.47%
 Citigroup Inc., Series K, 6.875%, Variable Rate C.K 1.46%
 CMS Energy Corp., 5.875%, Due 03/01/2079 CMSD 1.46%
 Wintrust Financial Corporation, Series E, 6.875% Variable Rate WTFCP 1.28%
 United States Cellular Corporation, 5.50%, Due 03/01/2070 UZE 1.05%
 Voya Financial, Inc., Series B, 5.350%, Variable Rate VOYA.B 1.04%
 People's United Financial, Inc., Series A, 5.625%, Variable Rate PBCTP 1.03%
 New York Community Bancorp, Inc., Series A, 6.375%, Variable Rate NYCB.A 1.03%
 AGNC Investment Corp., Series E, 6.500% Variable Rate AGNCO 1.03%
 United States Cellular Corporation, 6.25%, Due 09/01/2069 UZD 1.03%
 Brookfield BRP Holdings, 4.625% BEPH 1.03%
 Assurant, Inc., 5.25%, Due 01/15/2061 AIZN 1.02%
 Huntington Bancshares Incorporated, Series H, 4.50% HBANP 1.02%
 Morgan Stanley, Series F, 6.875%, Variable Rate MS.F 1.01%
 Athene Holding Ltd., Series A, 6.350%, Variable Rate ATH.A 1.01%
 AT&T Inc., Series A, 5.000% T.A 1.01%
 The Allstate Corporation, Series H, 5.100% ALL.H 1.00%
 Pinnacle Financial Partners, Inc., Series B, 6.75% PNFPP 1.00%
 The Goldman Sachs Group, Inc., Series J, 5.500%, Variable Rate GS.J 0.99%
 Aspen Insurance Holdings Limited, 5.950%, Variable Rate AHL.C 0.99%
 Reinsurance Group of America, Incorporated, 5.750%, Variable Rate, Due 06/15/2056 RZB 0.99%
 KeyCorp, Series E, 6.125%, Variable Rate KEY.I 0.99%
 Qwest Corporation, 6.75%, Due 06/15/2057 CTDD 0.99%
 American Equity Investment Life Holding Company, Series A, 5.950%, Variable Rate AEL.A 0.99%
 W.R. Berkley Corporation, 5.100%, Due 12/30/2059 WRB.F 0.99%
 Athene Holding Ltd., Series C, 6.375% Variable Rate ATH.C 0.99%
 Vornado Realty Trust, Series N, 5.25% VNO.N 0.99%
 CHS Inc., Series 2, 7.100%, Variable Rate CHSCN 0.98%
 Duke Energy Corporation, 5.625%, Due 09/15/2078 DUKB 0.98%
 KeyCorp, Series G, 5.625% KEY.K 0.98%
 Digital Realty Trust, Inc., Series L, 5.200% DLR.L 0.98%
 Bank of America Corporation, Series LL, 5.000% BAC.N 0.97%
 The Southern Company, Series 2020, 4.950%, Due 01/30/2080 SOJD 0.97%
 Digital Realty Trust, Inc., Series K, 5.850% DLR.K 0.96%
 American Financial Group, Inc., 5.125%, Due 12/15/2059 AFGC 0.96%
 WESCO International, Inc., Series A, 10.625% Variable Rate WCC.A 0.96%
 PS Business Parks, Inc., Series Z, 4.875% PSB.Z 0.75%
 Public Storage, Series N, 3.875% PSA.N 0.75%
 Atlantic Union Bankshares Corporation, Series A, 6.875% AUBAP 0.74%
 Wesbanco, Inc., Series A, 6.75% Variable Rate WSBCP 0.74%
 Stifel Financial Corp., Series C, 6.125% SF.C 0.73%
 Valley National Bancorp, Series A, 6.250%, Variable Rate VLYPP 0.52%
 CNO Financial Group, Inc., 5.125%, Due 11/25/2060 CNO.A 0.52%
 U.S. Bancorp, Series M, 4.00% USB.R 0.52%
 Morgan Stanley, Series K, 5.850%, Variable Rate MS.K 0.51%
 Athene Holding Ltd., Series B, 5.625% ATH.B 0.51%
 Washington Federal, Inc., Series A, 4.875% WAFDP 0.51%
 Wells Fargo & Company, Series Q, 5.850%, Variable Rate WFC.Q 0.50%
 CHS Inc., Series 4, 7.500% CHSCL 0.50%
 Citizens Financial Group, Inc., Series D, 6.350% Variable Rate CFG.D 0.50%
 Synovus Financial Corp., Series E, 5.875%, Variable Rate SNV.E 0.50%
 Public Storage, Series L, 4.625% PSA.L 0.50%
 Selective Insurance Group, Inc., Series B, 4.60% SIGIP 0.50%
 PartnerRe Ltd, Series J, 4.875% PRE.J 0.50%
 CHS Inc., Series 3, 6.750%, Variable Rate CHSCM 0.49%
 Synovus Financial Corp., Series D, 6.300%, Variable Rate SNV.D 0.49%
 Duke Energy Corporation, Series A, 5.750% DUK.A 0.49%
 Public Storage, Series M, 4.125% PSA.M 0.49%
 Wells Fargo & Company, 6.625%, Variable Rate WFC.R 0.48%
 Regions Financial Corporation, Series B, 6.375%, Variable Rate RF.B 0.48%
 Bank of America Corporation, Series HH, 5.875% BAC.K 0.48%
 The Hartford Financial Services Group, Inc., Series G, 6.000% HIG.G 0.48%
 NextEra Energy Capital Holdings, Series N, 5.650%, Due 03/01/2079 NEE.N 0.48%
 Spire Inc., Series A, 5.900% SR.A 0.48%
 Morgan Stanley, Series E, 7.125%, Variable Rate MS.E 0.25%
 First Republic Bank, Series L, 4.25% FRC.L 0.25%
 
Total Number of Holdings:    92
Underlying Securities information represented above is as of 09/20/2021 but will vary with future fluctuations in the market.

 Deferred Sales Charge Schedule
Amount Date
$0.07500 August 20, 2021
$0.07500 September 20, 2021
$0.07500 October 20, 2021

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 COVID-19 global pandemic has caused significant volatility and declines in global financial markets, causing losses for investors. The development of vaccines has slowed the spread of the virus and allowed for the resumption of "reasonably" normal business activity in the United States, although many countries continue to impose lockdown measures. Additionally, there is no guarantee that vaccines will be effective against emerging variants of the disease.

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.

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 professional 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
30319K520 (Cash)
30319K538 (Reinvest)
30319K546 (Cash-Fee)
30319K553 (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 professionals 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. (Form CRS)   •  First Trust Advisors L.P. (Form CRS)
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