|First Trust Intermediate Duration Preferred & Income Fund (FPF):|
|Distribution per share:||$0.1625|
|Distribution Rate based on the November 18, 2016 NAV of $23.21:||8.40%|
|Distribution Rate based on the November 18, 2016 closing market price of $21.30:||9.15%|
First Trust Advisors L.P., the Fund's investment advisor, along with its affiliate, First Trust Portfolios L.P., are privately-held companies which provide a variety of investment services, including asset management and financial advisory services, with collective assets under management or supervision of approximately $95 billion as of October 31, 2016 through unit investment trusts, exchange-traded funds, closed-end funds, mutual funds and separate managed accounts.Stonebridge Advisors LLC ("Stonebridge"), the Fund's investment sub-advisor, is a registered investment advisor specializing in preferred and hybrid securities. Stonebridge was formed in December 2004 by First Trust Portfolios L.P. and Stonebridge Asset Management, LLC. The company had assets under management or supervision of approximately $6.2 billion as of October 31, 2016. These assets come from separate managed accounts, unified managed accounts, unit investment trusts, an open-end mutual fund, an actively managed exchange-traded fund, and the Fund. Past performance is no assurance of future results. Investment return and market value of an investment in the Fund will fluctuate. Shares, when sold, may be worth more or less than their original cost. Principal Risk Factors: The Fund is subject to risks, including the fact that it is a non-diversified closed-end management investment company. Preferred/hybrid and debt securities in which the Fund invests are subject to various risks, including credit risk, interest rate risk, and call risk. Credit risk is the risk that an issuer of a security will be unable or unwilling to make dividend, interest and/or principal payments when due and that the value of a security may decline as a result. Credit risk may be heightened for the Fund because it invests in below investment grade securities, which involve greater risks than investment grade securities, including the possibility of dividend or interest deferral, default or bankruptcy. Interest rate risk is the risk that the value of fixed-rate securities in the Fund will decline because of rising market interest rates. Call risk is the risk that performance could be adversely impacted if an issuer calls higher-yielding debt instruments held by the Fund.
Because the Fund is concentrated in the financials sector, it will be more susceptible to adverse economic or regulatory occurrences affecting this sector, such as changes in interest rates, loan concentration and competition.Investment in non-U.S. securities is subject to the risk of currency fluctuations and to economic and political risks associated with such foreign countries. Use of leverage can result in additional risk and cost, and can magnify the effect of any losses. The risks of investing in the Fund are spelled out in the shareholder reports and other regulatory filings. The Fund's daily closing New York Stock Exchange price and net asset value per share as well as other information can be found at www.ftportfolios.com or by calling 1-800-988-5891.