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Stonebridge Preferred Income, 46  Ticker: FDYXLX
 
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: SPRI46
Portfolio Status: Primary
Initial Offer Date: 05/09/2024
Portfolio Ending Date: 05/08/2026
Tax Structure: Regulated Investment Company
Distributions: Monthly
 
Initial Offer Price: $10.0000
NAV(*): $9.9296
POP(*): $10.1590
Remaining Deferred Sales Charge: $0.2250
* As of Trade Date: 07/12/2024 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 7/12/2024) Per Unit (as of 7/12/2024)
4.73% $0.48060
^ 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 7/12/2024, there were 6 holdings without the required 12-month distribution history which were excluded from the calculation, representing 11.84% 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.

 Premium/Discount of Securities Held in the Portfolio
Weighted Average Premium/Discount -10.14%
As of 7/12/2024
A premium occurs when an underlying security's market price is higher than its net asset value (or par value in the case of preferred securities), and a discount occurs when an underlying security's market price is lower than its net asset value (or par value in the case of preferred securities).

 Holdings  Export Current Holdings | View Initial Holdings  
NameSymbolWeighting
 Voya Financial, Inc., Series B, 5.350%, Variable Rate VOYA.B 3.06%
 The Allstate Corporation, Series J, 7.375% ALL.J 2.98%
 Wells Fargo & Company, Series Z, 4.750% WFC.Z 2.97%
 Morgan Stanley, Series P, 6.500% MS.P 2.97%
 The Charles Schwab Corporation, Series J, 4.450% SCHW.J 2.96%
 SCE Trust VII, Series M, 7.50% SCE.M 2.94%
 Reinsurance Group of America, Incorporated, 7.125%, Variable Rate, Due 10/15/2052 RZC 2.91%
 AT&T Inc., Series A, 5.000% T.A 2.45%
 F&G Annuities & Life, Inc., 7.95%, Due 12/15/2053 FGN 2.41%
 The Southern Company, Series 2020, 4.950%, Due 01/30/2080 SOJD 2.29%
 The Southern Company, Series C, 4.200%, Due 10/15/2060 SOJE 2.24%
 Aegon Funding Company LLC, 5.100%, Due 12/15/2049 AEFC 2.22%
 Bank of America Corporation, Series NN, 4.375% BAC.O 2.04%
 Bank of America Corporation, Series SS, 4.750% BAC.S 2.04%
 Capital One Financial Corporation, Series J, 4.800% COF.J 2.03%
 U.S. Bancorp, Series O, 4.500% USB.S 2.03%
 AT&T Inc., Series C, 4.750% T.C 2.02%
 Prudential Financial, Inc., 5.950%, Due 09/01/2062 PRH 2.01%
 MetLife, Inc., Series F, 4.750% MET.F 1.97%
 TPG Operating Group II, L.P., 6.950%, Due 03/15/2064 TPGXL 1.97%
 U.S. Bancorp, Series K, 5.500% USB.P 1.96%
 Affiliated Managers Group, Inc., 6.75%, Due 03/30/2064 MGRE 1.96%
 Public Storage, Series P, 4.000% PSA.P 1.95%
 Truist Financial Corporation, Series R, 4.750% TFC.R 1.93%
 Prudential Financial, Inc., 4.125%, Due 09/01/2060 PFH 1.91%
 RenaissanceRe Holdings Ltd., Series G, 4.200% RNR.G 1.73%
 JPMorgan Chase & Co., Series JJ, 4.550% JPM.K 1.54%
 JPMorgan Chase & Co., Series GG, 4.750% JPM.J 1.51%
 DTE Energy Company, 4.375%, Due 12/01/2081 DTG 1.51%
 Ford Motor Company, 6.500%, Due 08/15/2062 F.D 1.51%
 Equitable Holdings, Inc., Series A, 5.250% EQH.A 1.50%
 Carlyle Finance LLC, 4.625%, Due 05/15/2061 CGABL 1.50%
 Keycorp, Series, 6.200%, Variable Rate KEY.L 1.50%
 Truist Financial Corporation, Series O, 5.250% TFC.O 1.49%
 Apollo Global Management, Inc., 7.625% Variable Rate, Due 09/15/2053 APOS 1.48%
 Sempra, 5.750%, Due 07/01/2079 SREA 1.45%
 KKR Group Finance Co. IX LLC, 4.625%, Due 04/01/2061 KKRS 1.27%
 W.R. Berkley Corporation, 5.100%, Due 12/30/2059 WRB.F 1.24%
 Arch Capital Group Ltd., Series G, 4.550% ACGLN 1.24%
 Jackson Financial Inc., 8.000%, Variable Rate JXN.A 1.24%
 United States Cellular Corporation, 5.500%, Due 03/01/2070 UZE 1.17%
 United States Cellular Corporation, 5.500%, Due 06/01/2070 UZF 1.17%
 Regions Financial Corporation, Series E, 4.450% RF.E 1.02%
 JPMorgan Chase & Co., Series LL, 4.625% JPM.L 1.02%
 Brookfield BRP Holdings (Canada) Inc., 4.625% BEPH 1.01%
 Morgan Stanley, Series K, 5.850%, Variable Rate MS.K 1.00%
 Assurant, Inc., 5.250%, Due 01/15/2061 AIZN 1.00%
 Wells Fargo & Company, Series AA, 4.700% WFC.A 1.00%
 Huntington Bancshares Incorporated, Series J, 6.875% Variable Rate HBANL 1.00%
 Citizens Financial Group, Inc., Series E, 5.000% CFG.E 0.99%
 Athene Holding Ltd., 7.25% Variable Rate, Due 03/30/2064 ATHS 0.99%
 Public Storage, Series M, 4.125% PSA.M 0.98%
 Athene Holding Ltd., Series E, 7.750% Variable Rate ATH.E 0.98%
 Lincoln National Corporation, Series D, 9.000% LNC.D 0.96%
 United States Cellular Corporation, 6.250%, Due 09/01/2069 UZD 0.87%
 PartnerRe Ltd, Series J, 4.875% PRE.J 0.79%
 Public Storage, Series L, 4.625% PSA.L 0.73%
 Athene Holding Ltd., Series A, 6.35% Variable Rate ATH.A 0.51%
 Affiliated Managers Group, Inc., 4.200%, Due 09/30/2061 MGRD 0.51%
 Reinsurance Group of America, Incorporated, 5.750%, Variable Rate, Due 06/15/2056 RZB 0.49%
 Stifel Financial Corp., Series C, 6.125% SF.C 0.49%
 Globe Life Inc., 4.250%, Due 06/15/2061 GL.D 0.48%
 CMS Energy Corp., Series C, 4.200% CMS.C 0.48%
 
Total Number of Holdings:    63
Underlying Securities information represented above is as of 07/12/2024 but will vary with future fluctuations in the market.

 Standard Account Sales Charges *
Transactional sales charges: Initial:  0.05%
  Deferred:  2.21%
C&D Fee:    0.49%
Maximum Sales Charge:   2.75%
CUSIP Type Distribution
30335M468 Cash Monthly
30335M476 Reinvest Monthly
* Based on the offer price as of 07/12/2024 4:00pm ET

 Fee/Wrap Account Sales Charges *
C&D Fee:    0.50%
Maximum Sales Charge:   0.50%
CUSIP Type Distribution
30335M484 Cash-Fee Monthly
30335M492 Reinvest-Fee Monthly
* Based on the NAV price as of 07/12/2024 4:00pm ET
In addition to the sales charges listed, UITs for both brokerage and advisory accounts are subject to annual operating expenses and organization costs. See the prospectus for additional information.

 Deferred Sales Charge Schedule
Amount Date
$0.07500 August 20, 2024
$0.07500 September 20, 2024
$0.07500 October 18, 2024

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 ongoing effects of the COVID-19 global pandemic, or the potential impacts of any future public health crisis, may cause significant volatility and uncertainty in global financial markets. While vaccines have been developed, there is no guarantee that vaccines will be effective against future variants of the disease.

Foreign Securities Risk. Securities of non-U.S. issuers are subject to additional risks, including currency fluctuations, political risks, withholding, the lack of adequate financial information, and exchange control restrictions impacting non-U.S. 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.

Market Disruption Risk. Ongoing armed conflicts between Russia and Ukraine in Europe and among Israel, Hamas and other militant groups in the Middle East, have caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, the Middle East and the United States. The hostilities and sanctions resulting from those hostilities could have a significant impact on certain investments as well as performance.

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.

CUSIP identifiers have been provided by CUSIP Global Services, managed on behalf of the American Bankers Association by FactSet Research Systems Inc. and are not for use or dissemination in a manner that would serve as a substitute for any CUSIP service. The CUSIP Database, ©2024 CUSIP Global Services. "CUSIP" is a registered trademark of the American Bankers Association.

Fund Cusip Information
30335M468 (Cash)
30335M476 (Reinvest)
30335M484 (Cash-Fee)
30335M492 (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.
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