The First Trust Intermediate Duration Preferred & Income Fund (FPF) is a mutual fund that focuses on investing in preferred securities and income-producing assets with a medium-term duration. This fund aims to provide investors with a steady stream of income while also maintaining a balanced level of risk. FPF may also invest in other fixed-income securities, such as corporate bonds and government bonds, to diversify its portfolio. Overall, this fund offers a combination of stability and potential for income growth for investors seeking a balanced approach to their investments.