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Wait until three months after IPO to buy funds (access required)

DEAR MR. BERKO: In May 2013, I bought 1,000 shares of First Trust Intermediate Duration Preferred & Income Fund at $25, which were supposed to pay me 15.2 cents a month, or a 7.3 percent annual yield. The symbol is FPF, and it now trades at $22, which means I'm down $3,000, and at ...

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