Fund Description: First Trust Intermediate Duration Preferred & Income Fund is an exchange-traded closed-end Fund or a closed-end ETF which is officially described as a non-diversified, closed-end investment management company.<p> INVESTMENT OBJECTIVE: The First Trust Intermediate Duration Preferred & Income Fund seeks a high level of current income. The Fund's secondary objective is capital appreciation. <p> FUND STRATEGY: Under normal market conditions, the Fund will invest at least 80% of its Managed Assets in a portfolio of preferred and other income-producing securities issued by U.S. and non-U.S. companies, including traditional preferred securities, hybrid preferred securities that have investment and economic characteristics of both preferred securities and debt securities, floating rate and fixed-to-floating rate preferred securities, debt securities, convertible securities and contingent convertible securities. The Fund will invest at least 25% of its Managed Assets in the group of industries that are part of the financials sector which is currently comprised of banks, diversified financials, real estate (including REITs) and insurance industries. The Fund also may invest in other sectors or industries, such as energy, industrials, utilities, pipelines, health care and telecommunications. The Sub-Advisor retains broad discretion to allocate the Fund's investments across various sectors and industries. Under normal market conditions, the Fund will seek to invest in a portfolio of securities that has an average weighted investment grade credit quality. The Fund may invest up to 20% of its Managed Assets in common stocks, in debt securities issued or guaranteed by the U.S. Government and in municipal securities. <p> FUND MANAGEMENT: First Trust Advisors L.P. is the Fund’s investment adviser and is responsible for supervising the Fund’s sub-advisor, managing the Fund’s business affairs and providing certain clerical, bookkeeping and other administrative services. First Trust, in consultation with the sub-advisor, Stonebridge Advisors LLC, will also be responsible for determining the Fund’s overall investment strategy and overseeing its implementation. The sub-advisor is primarily responsible for the day-to-day supervision and investment strategy of, and making investment decisions for, the Fund.