FPF - First Trust Intermediate Duration Preferred & Income Fund

What this means for you

One large investor owns more than 5% of this fund but has told the regulator it is not seeking changes. That is common for banks, brokers and index funds that hold shares for their clients.

Nothing is required of you. If an investor changes its mind, it must file a new notice within days, and it will show up here.

Email me if this changes

What happened, and when

1. Nov 7, 2025

   Morgan Stanley raised its stake to 13% (from 11.9%), as a passive investor.

   Original document →

2. Nov 8, 2024

   Morgan Stanley now owns 11.9%, as a passive investor.

   Original document →

About this fund

• Run by First Trust Advisors L.P. Part of the First Trust Advisors L.P fund family. As of Oct 31, 2025, from the fund's yearly report. Original document →
• Size: about $1.15 billion of holdings, as of July 31, 2026. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 36% on top of its own money, as of July 31, 2026. Borrowed money makes gains and losses bigger. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• The fund's own example of what borrowing does: in a year in which the holdings returned -10%, a share would return about -16.8%; at +10%, about +12.3%. As of Oct 31, 2025, from the fund's annual report. Original document →
• Costs: 1.3% a year in management fees; 4.2% a year in total, including interest on borrowed money. Fiscal year ended Oct 31, 2025. As of Oct 31, 2025, from the fund's yearly report. Original document →
  Among the 14 funds we follow that invest in preferred shares, 12 charge a lower management fee and 8 charge less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• Payouts: last fiscal year (ended Oct 31, 2025) the fund paid $1.65 a share. $1.25 of that was income; $0.40 was your own money back, not income. Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. As of Oct 31, 2025, from the fund's annual report. Original document →
• Value of holdings per share at the last fiscal year end (Oct 31, 2025): $20.02. The shares traded at $19.06, about 4.8% below that. As of Oct 31, 2025, from the fund's yearly report. Original document →
• How the holdings did: down 2.8% over the last three months we have (May-July 2026), before the share price is taken into account. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 2013.

How this has changed

• Payouts per share: $1.65 in the fiscal year ended Oct 31, 2025; $1.62 in the year ended Oct 31, 2024; $1.31 in the year ended Oct 31, 2023.As of Oct 31, 2025, from the fund's annual report. Original document →
• Of that, your own money back rather than income: $0.40 in the year ended Oct 31, 2025; $0.50 in the year ended Oct 31, 2024; $0.21 in the year ended Oct 31, 2023.As of Oct 31, 2025, from the fund's annual report. Original document →
• Costs, including interest on borrowed money: 4.2% a year in the fiscal year ended Oct 31, 2025; 4.47% a year in the year ended Oct 31, 2024; 4.34% a year in the year ended Oct 31, 2023.As of Oct 31, 2025, from the fund's annual report. Original document →
• Size of the holdings: about $1.22 billion at Oct 31, 2025; $1.2 billion at Oct 31, 2024; $1.02 billion at Oct 31, 2023. From the fund's quarterly holdings reports. Original documents: Oct 31, 2025 →, Oct 31, 2024 →, Oct 31, 2023 →.
• Borrowing: about 35% on top of its own money at Oct 31, 2025; 33% at Oct 31, 2024; 35% at Oct 31, 2023. From the fund's quarterly holdings reports. Original documents: Oct 31, 2025 →, Oct 31, 2024 →, Oct 31, 2023 →.
• The fund had about 60.9 million shares at Oct 31, 2025, about the same as at Oct 31, 2023.As of Oct 31, 2025, from the fund's annual report. Original document →

What these lines mean: a payout that is your own money back, what a fund costs, borrowing.

What a holder made

• The year ended Oct 31, 2025: the shares returned +10.9%, counting payouts; the holdings +11%. The holdings figure is what the fund's investments earned, before the share price is taken into account. As of Oct 31, 2025, from the fund's annual report. Original document →
• The year ended Oct 31, 2024: the shares returned +44.6%, counting payouts; the holdings +28.8%. As of Oct 31, 2024, from the fund's annual report. Original document →
• The year ended Oct 31, 2023: the shares returned -5.9%, counting payouts; the holdings -1.6%. As of Oct 31, 2023, from the fund's annual report. Original document →
• The year ended Oct 31, 2022: the shares returned -30.8%, counting payouts; the holdings -20.3%. As of Oct 31, 2022, from the fund's annual report. Original document →
• The year ended Oct 31, 2021: the shares returned +25.9%, counting payouts; the holdings +17.3%. As of Oct 31, 2021, from the fund's annual report. Original document →
• Those five years together: the shares returned +31.6%. $10,000 of shares bought at the start (Nov 1, 2020) would have become about $13,200 by Oct 31, 2025, with every payout counted, before tax. As of Oct 31, 2025, from the fund's annual report. Original document →
• The holdings over the last twelve months we have, to July 31, 2026: +0.4%. The quarterly reports carry no share price, so this is the holdings alone. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• Of the 9 funds that invest in preferred shares with a fiscal year ending within six months of this one, 5 reported a higher share return for that year and 3 a lower one. As of Oct 31, 2025, from the fund's annual report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

Mostly bonds (76%), the rest preferred shares. About 58% issued in the U.S.

1. Banco Santander SA - 4.1%
2. Bank of America, Bac V6.625 Perp - 4.1%
3. BNP Paribas SA - 4.1%
4. Bank of Montreal - 3.4%
5. Barclays PLC, Bacr V8 Perp - 3.1%
6. Land O'lakes, Llakes 8 Perp 144A - 2.9%
7. Wells Fargo & Company 7.5% Non-Cumulative Perpetual Convertible Class A Preferred Stock class A shares - 2.8%
8. Hartford Insurance Group, Hig F 02/12/47 Icon - 2.5%
9. Nextera Energy Capital Holdings Inc Series U Junior Subordinated Debentures Due June 1, 2085 - 2.1%
10. Credit Agricole SA, Acafp V7.125 Perp 144A - 2.1%

As of July 31, 2026, from the fund's quarterly holdings report. Original document →