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Stonebridge Preferred Income, 48  Ticker: FBKAIX
 
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: SPRI48
Portfolio Status: Primary
Initial Offer Date: 11/06/2024
Portfolio Ending Date: 11/06/2026
Tax Structure: Regulated Investment Company
Distributions: Monthly
 
Initial Offer Price: $10.0000
NAV(*): $9.5808
POP(*): $9.8003
Remaining Deferred Sales Charge: $0.2250
* As of Trade Date: 12/06/2024 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 12/6/2024) Per Unit (as of 12/6/2024)
4.57% $0.44810
^ 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 12/6/2024, there were 8 holdings without the required 12-month distribution history which were excluded from the calculation, representing 14.57% 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 -8.03%
As of 12/9/2024
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
 Reinsurance Group of America, Incorporated, 7.125%, Variable Rate, Due 10/15/2052 RZC 3.08%
 SCE Trust VII, Series M, 7.50% SCE.M 3.06%
 The Allstate Corporation, Series J, 7.375% ALL.J 3.02%
 F&G Annuities & Life, Inc., 7.95%, Due 12/15/2053 FGN 2.57%
 Voya Financial, Inc., Series B, 5.350%, Variable Rate VOYA.B 2.49%
 The Charles Schwab Corporation, Series J, 4.450% SCHW.J 2.42%
 Aegon Funding Company LLC, 5.100%, Due 12/15/2049 AEFC 2.24%
 United States Cellular Corporation, 5.500%, Due 06/01/2070 UZF 2.07%
 Morgan Stanley, Series Q, 6.625% MS.Q 2.07%
 United States Cellular Corporation, 5.500%, Due 03/01/2070 UZE 2.06%
 Huntington Bancshares Incorporated, Series J, 6.875% Variable Rate HBANL 2.06%
 U.S. Bancorp, Series K, 5.500% USB.P 2.04%
 Affiliated Managers Group, Inc., 6.75%, Due 03/30/2064 MGRE 2.04%
 Citizens Financial Group, Inc., 7.375% CFG.H 2.03%
 Prudential Financial, Inc., 5.950%, Due 09/01/2062 PRH 2.01%
 M&T Bank Corporation, Series J, 7.50% MTB.J 2.00%
 Wells Fargo & Company, Series Z, 4.750% WFC.Z 1.98%
 Bank of America Corporation, Series NN, 4.375% BAC.O 1.98%
 Bank of America Corporation, Series SS, 4.750% BAC.S 1.98%
 U.S. Bancorp, Series O, 4.500% USB.S 1.97%
 Sempra, 5.750%, Due 07/01/2079 SREA 1.96%
 AT&T Inc., Series C, 4.750% T.C 1.96%
 AT&T Inc., Series A, 5.000% T.A 1.94%
 Capital One Financial Corporation, Series J, 4.800% COF.J 1.94%
 Public Storage, Series P, 4.000% PSA.P 1.93%
 Truist Financial Corporation, Series R, 4.750% TFC.R 1.92%
 Prudential Financial, Inc., 4.125%, Due 09/01/2060 PFH 1.91%
 RenaissanceRe Holdings Ltd., Series G, 4.200% RNR.G 1.72%
 The Southern Company, Series C, 4.200%, Due 10/15/2060 SOJE 1.69%
 MetLife, Inc., Series F, 4.750% MET.F 1.65%
 Ford Motor Company, 6.500%, Due 08/15/2062 F.D 1.53%
 Keycorp, Series, 6.200%, Variable Rate KEY.L 1.53%
 Apollo Global Management, Inc., 7.625% Variable Rate, Due 09/15/2053 APOS 1.53%
 TPG Operating Group II, L.P., 6.950%, Due 03/15/2064 TPGXL 1.52%
 Carlyle Finance LLC, 4.625%, Due 05/15/2061 CGABL 1.48%
 JPMorgan Chase & Co., Series GG, 4.750% JPM.J 1.47%
 The Southern Company, Series 2020, 4.950%, Due 01/30/2080 SOJD 1.47%
 Equitable Holdings, Inc., Series A, 5.250% EQH.A 1.46%
 JPMorgan Chase & Co., Series JJ, 4.550% JPM.K 1.46%
 Truist Financial Corporation, Series O, 5.250% TFC.O 1.45%
 DTE Energy Company, 4.375%, Due 12/01/2081 DTG 1.43%
 Jackson Financial Inc., 8.000%, Variable Rate JXN.A 1.27%
 Regions Financial Corporation, 6.95% Variable Rate RF.F 1.27%
 W.R. Berkley Corporation, 5.100%, Due 12/30/2059 WRB.F 1.24%
 KKR Group Finance Co. IX LLC, 4.625%, Due 04/01/2061 KKRS 1.24%
 Arch Capital Group Ltd., Series G, 4.550% ACGLN 1.20%
 Athene Holding Ltd., Series E, 7.750% Variable Rate ATH.E 1.04%
 Morgan Stanley, Series K, 5.850%, Variable Rate MS.K 1.02%
 Morgan Stanley, Series P, 6.500% MS.P 1.02%
 Athene Holding Ltd., 7.25% Variable Rate, Due 03/30/2064 ATHS 1.02%
 Assurant, Inc., 5.250%, Due 01/15/2061 AIZN 0.99%
 Lincoln National Corporation, Series D, 9.000% LNC.D 0.99%
 Regions Financial Corporation, Series E, 4.450% RF.E 0.98%
 JPMorgan Chase & Co., Series LL, 4.625% JPM.L 0.98%
 Wells Fargo & Company, Series AA, 4.700% WFC.A 0.98%
 Public Storage, Series M, 4.125% PSA.M 0.96%
 Brookfield BRP Holdings (Canada) Inc., 4.625% BEPH 0.94%
 Public Storage, Series L, 4.625% PSA.L 0.74%
 Athene Holding Ltd., Series A, 6.35% Variable Rate ATH.A 0.51%
 CMS Energy Corp., Series C, 4.200% CMS.C 0.50%
 Affiliated Managers Group, Inc., 4.200%, Due 09/30/2061 MGRD 0.49%
 
Total Number of Holdings:    61
Underlying Securities information represented above is as of 12/06/2024 but will vary with future fluctuations in the market.

 Standard Account Sales Charges *
Transactional sales charges: Initial:  -0.06%
  Deferred:  2.30%
C&D Fee:    0.51%
Maximum Sales Charge:   2.75%
CUSIP Type Distribution
30338U541 Cash Monthly
30338U558 Reinvest Monthly
* Based on the offer price as of 12/06/2024 4:00pm ET

 Fee/Wrap Account Sales Charges *
C&D Fee:    0.52%
Maximum Sales Charge:   0.52%
CUSIP Type Distribution
30338U566 Cash-Fee Monthly
30338U574 Reinvest-Fee Monthly
* Based on the NAV price as of 12/06/2024 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 February 20, 2025
$0.07500 March 20, 2025
$0.07500 April 17, 2025

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. 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 should be viewed as speculative and you should review your ability to assume the risks associated with investments that utilize such bonds. 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 bonds 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.

Public Health Crisis Risk. A public health crisis, and the ensuing policies enacted by governments and central banks in response, could cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects.

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
30338U541 (Cash)
30338U558 (Reinvest)
30338U566 (Cash-Fee)
30338U574 (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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