First Trust Intermediate Duration Preferred & Income Fund (NYSE: FPF) is a diversified closed-end management investment company that seeks to provide a high level of current income, with a secondary objective of capital appreciation. Listed on the New York Stock Exchange, the fund aims to deliver a consistent distribution by investing primarily in intermediate-duration preferred securities issued by U.S. and foreign corporations, financial institutions and utilities.
The fund’s portfolio is composed predominantly of fixed- and floating-rate preferred stocks, with at least 80% of its total assets invested in such securities. It utilizes a covered call option overlay strategy on a portion of its holdings to enhance current income potential, while maintaining a target weighted average portfolio duration generally between three and seven years. The fund may also invest in related income-producing securities, such as subordinated debt, to broaden its yield opportunities.
Advisor responsibilities for FPF are handled by First Trust Advisors L.P., an independent registered investment adviser headquartered in Wheaton, Illinois. First Trust Advisors oversees portfolio construction and risk management, drawing on research capabilities and credit analysis to select preferred issues that meet the fund’s income and quality objectives. The fund is subject to governance by an independent board of trustees to ensure alignment with shareholder interests.
Since commencing operations in 2013, First Trust Intermediate Duration Preferred & Income Fund has served individual and institutional investors seeking a yield-focused vehicle within the preferred securities market. While its primary exposure remains U.S. issuers, the fund’s flexibility to invest globally offers diversification benefits. Its blend of income strategies and disciplined duration management positions FPF as a specialized option for investors targeting enhanced yield in a managed risk framework.
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