UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-22795

First Trust Intermediate Duration Preferred & Income Fund
(Exact name of registrant as specified in charter)

120 East Liberty Drive, Suite 400
Wheaton, IL 60187
(Address of principal executive offices) (Zip code)

W. Scott Jardine, Esq.
First Trust Portfolios L.P.
120 East Liberty Drive, Suite 400
Wheaton, IL 60187
(Name and address of agent for service)

Registrant’s telephone number, including area code: 630-765-8000

Date of fiscal year end: October 31

Date of reporting period: April 30, 2022

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

(a)

The Report to Shareholders is attached herewith.

First Trust

Intermediate Duration Preferred & Income Fund (FPF)

Semi-Annual Report

For the Six Months Ended

April 30, 2022

Table of Contents

First Trust Intermediate Duration Preferred & Income Fund (FPF)

Semi-Annual Report

April 30, 2022

Shareholder Letter	1
At a Glance	2
Portfolio Commentary	4
Portfolio of Investments	7
Statement of Assets and Liabilities	16
Statement of Operations	17
Statements of Changes in Net Assets	18
Statement of Cash Flows	19
Financial Highlights	20
Notes to Financial Statements	21
Additional Information	28

Caution Regarding Forward-Looking Statements

This report contains certain forward-looking statements within the meaning of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements regarding the goals, beliefs, plans or current expectations of First Trust Advisors L.P. (“First Trust” or the “Advisor”) and/or Stonebridge Advisors LLC (“Stonebridge” or the “Sub-Advisor”) and their respective representatives, taking into account the information currently available to them. Forward-looking statements include all statements that do not relate solely to current or historical fact. For example, forward-looking statements include the use of words such as “anticipate,” “estimate,” “intend,” “expect,” “believe,” “plan,” “may,” “should,” “would” or other words that convey uncertainty of future events or outcomes.

Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of First Trust Intermediate Duration Preferred & Income Fund (the “Fund”) to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. When evaluating the information included in this report, you are cautioned not to place undue reliance on these forward-looking statements, which reflect the judgment of the Advisor and/or Sub-Advisor and their respective representatives only as of the date hereof. We undertake no obligation to publicly revise or update these forward-looking statements to reflect events and circumstances that arise after the date hereof.

Performance and Risk Disclosure

There is no assurance that the Fund will achieve its investment objectives. The Fund is subject to market risk, which is the possibility that the market values of securities owned by the Fund will decline and that the value of the Fund’s shares may therefore be less than what you paid for them. Accordingly, you can lose money by investing in the Fund. See “Principal Risks” in the Additional Information section of this report for a discussion of certain other risks of investing in the Fund.

Performance data quoted represents past performance, which is no guarantee of future results, and current performance may be lower or higher than the figures shown. For the most recent month-end performance figures, please visit www.ftportfolios.com or speak with your financial advisor. Investment returns, net asset value and common share price will fluctuate and Fund shares, when sold, may be worth more or less than their original cost.

The Advisor may also periodically provide additional information on Fund performance on the Fund’s web page at www.ftportfolios.com.

How to Read This Report

This report contains information that may help you evaluate your investment in the Fund. It includes details about the Fund and presents data and analysis that provide insight into the Fund’s performance and investment approach.

By reading the portfolio commentary by the portfolio management team of the Fund, you may obtain an understanding of how the market environment affected the Fund’s performance. The statistical information that follows may help you understand the Fund’s performance compared to that of relevant market benchmarks.

It is important to keep in mind that the opinions expressed by personnel of First Trust and Stonebridge are just that: informed opinions. They should not be considered to be promises or advice. The opinions, like the statistics, cover the period through the date on the cover of this report. The material risks of investing in the Fund are spelled out in the prospectus, the statement of additional information, this report and other Fund regulatory filings.

Table of Contents

Shareholder Letter

First Trust Intermediate Duration Preferred & Income Fund (FPF)

Semi-Annual Letter from the Chairman and CEO

April 30, 2022

Dear Shareholders,

First Trust is pleased to provide you with the semi-annual report for the First Trust Intermediate Duration Preferred & Income Fund (the “Fund”), which contains detailed information about the Fund for the six months ended April 30, 2022.

A couple of famous financial industry quotes came to mind recently as I was sizing up the current business climate: “There’s no such thing as a free lunch” and “Don’t fight the Fed!” It seems that for some, the trillions of dollars of financial stimulus funneled into U.S. households and businesses by the Federal government and its agencies to help mitigate the fallout stemming from the coronavirus (“COVID-19”) pandemic, which commenced sometime around February 2020, was for all intents and purposes “free money.” It was not free. From the close of February 2020 through March 2022, the Federal Reserve (the “Fed”) expanded the U.S. money supply, known as M2, by 41% to $21.81 trillion to boost liquidity in the financial system. Normally, M2 grows around 6.0% on a year-over-year basis. When you factor in that all this new capital was accompanied by a breakdown of the global supply chain, there is little wonder why inflation is rampant.

One of the more common definitions of inflation is too many dollars chasing too few goods. The biggest downside to the supply chain bottlenecks, such as the severe backup of container ships at some U.S. ports, is that they have markedly reduced the flow of imported goods to retailers. The Fed has been signaling to Americans and the rest of the globe that, after many years of artificially low interest rates, tighter monetary policy will likely rule the day for the foreseeable future. Higher interest rates make borrowing capital more expensive and that should slow consumption over time, which, in turn, should bring down inflation. Don’t fight the Fed is code for don’t bet against the Fed, in my opinion. Stay tuned!

The primary job of the Fed is price stability. Its standard inflation target rate is 2.0%. The most recent Consumer Price Index release showed that prices were up 8.3% on a year-over-year basis as of April 30, 2022, according to data from the U.S. Bureau of Labor Statistics. While down from 8.5% the prior month, it is clearly elevated and that means the Fed has some work to do to with respect to mitigating inflation. The war between Russia and Ukraine is making the Fed’s job even tougher, particularly in the areas of food and energy. Rising costs and potential shortages could become even bigger if the COVID-19 outbreak in China grows. These are important events to monitor. Fed Chairman Jerome Powell has stated that the Fed is poised to raise the Federal Funds target rate (upper bound) by 50 basis points at each of its next two meetings (set for June and July), which would take the rate up to 2.00%. Data from CME Group indicates that current market pricing has the rate rising to 2.75% or 3.00% by year-end.

Securities markets do not go up in a straight line and they do not just go up year in and year out. In fact, what we have witnessed over the past couple of decades are often referred to as boom and bust cycles. Thankfully, it has ended up more boom than bust. Simply put, investors, not traders of the market, need to be willing to take the bad with the good. As the various stages of an economic cycle come and go (expansion to contraction), the markets tend to reprice securities to reflect the current narrative. In other words, we believe the markets essentially heal themselves − if you let them. That is an accurate depiction of how the markets have behaved so far in 2022, in my opinion. In response to a softening economy, the stock and bond markets have experienced some serious downside through the first four months of this year, as measured by the broader market indices. As of today, Brian Wesbury, Chief Economist at First Trust, is not forecasting a recession for the U.S. in 2022 or 2023. Whether he is proven right or wrong, we encourage investors to stay the course.

Thank you for giving First Trust the opportunity to play a role in your financial future. We value our relationship with you and will report on the Fund again in six months.

Sincerely,

James A. Bowen

Chairman of the Board of Trustees

Chief Executive Officer of First Trust Advisors L.P.

Page 1

Table of Contents

First Trust Intermediate Duration Preferred & Income Fund (FPF)

“AT A GLANCE”

As of April 30, 2022 (Unaudited)

Fund Statistics
Symbol on New York Stock Exchange	FPF
Common Share Price	$20.11
Common Share Net Asset Value (“NAV”)	$21.40
Premium (Discount) to NAV	(6.03)%
Net Assets Applicable to Common Shares	$1,302,382,869
Current Distribution per Common Share⁽¹⁾	$0.1275
Current Annualized Distribution per Common Share	$1.5300
Current Distribution Rate on Common Share Price⁽²⁾	7.61%
Current Distribution Rate on NAV⁽²⁾	7.15%

Common Share Price & NAV (weekly closing price)

Performance
			Average Annual Total Returns
	6 Months Ended 4/30/22	1 Year Ended 4/30/22	5 Years Ended 4/30/22	Inception (5/23/13) to 4/30/22
Fund Performance⁽³⁾
NAV	-11.30%	-7.32%	4.69%	6.78%
Market Value	-18.37%	-13.29%	4.13%	5.51%
Index Performance
ICE BofA US Investment Grade Institutional Capital Securities Index	-7.82%	-6.20%	3.84%	4.51%
Blended Index⁽⁴⁾	-10.15%	-8.15%	3.56%	N/A
ICE BofA Fixed Rate Preferred Securities Index	-11.70%	-10.10%	2.39%	3.90%
Prior Blended Index	-9.89%	-8.16%	3.19%	4.19%

⁽¹⁾	Most recent distribution paid or declared through April 30, 2022. Subject to change in the future.

⁽²⁾	Distribution rates are calculated by annualizing the most recent distribution paid or declared through the report date and then dividing by Common Share Price or NAV, as applicable, as of April 30, 2022. Subject to change in the future.

⁽³⁾

Total return is based on the combination of reinvested dividend, capital gain, and return of capital distributions, if any, at prices obtained by the Dividend Reinvestment Plan and changes in NAV per share for NAV returns and changes in Common Share Price for market value returns. Total returns do not reflect sales load and are not annualized for periods of less than one year. Past performance is not indicative of future results.

⁽⁴⁾

The Blended Index consists of a 30/30/30/10 blend of the ICE BofA Core Plus Fixed Rate Preferred Securities Index, the ICE BofA US Investment Grade Institutional Capital Securities Index, the ICE USD Contingent Capital Index and the ICE BofA US High Yield Institutional Capital Securities Index. The Blended Index is intended to reflect the proportional market cap of each segment of the preferred and hybrid securities market. The Prior Blended Index consists of a 50/50 blend of the ICE BofA Fixed Rate Preferred Securities Index and the ICE BofA U.S. Capital Securities Index. The Blended Index was added to reflect the diverse allocation of institutional preferred and hybrid securities in the Fund’s portfolio. The Blended Index and Prior Blended Index returns are calculated by using the monthly returns of the indices listed above during each period shown. At the beginning of each month the indices are rebalanced to a 30/30/30/10 and 50-50 ratio respectively to account for divergence from that ratio that occurred during the course of each month. The monthly returns are then compounded for each period shown above, giving the performance for the Blended Index for each period shown above. Since the ICE USD Contingent Capital Index had an inception date of December 31, 2013, the performance of the Blended Index is not available for all of the periods disclosed.

Page 2

Table of Contents

First Trust Intermediate Duration Preferred & Income Fund (FPF)

“AT A GLANCE” (Continued)

As of April 30, 2022 (Unaudited)

Industry Classification	% of Total Investments
Banks	40.8%
Insurance	15.2
Capital Markets	9.7
Oil, Gas & Consumable Fuels	8.5
Diversified Financial Services	4.3
Food Products	4.2
Multi-Utilities	3.4
Electric Utilities	3.1
Trading Companies & Distributors	3.1
Consumer Finance	1.3
Transportation Infrastructure	1.2
Real Estate Management & Development	1.1
Energy Equipment & Services	1.1
Mortgage Real Estate Investment Trusts	1.1
Diversified Telecommunication Services	0.8
Wireless Telecommunication Services	0.4
Equity Real Estate Investment Trusts	0.3
Gas Utilities	0.2
Independent Power & Renewable Electricity Producers	0.2
Total	100.0%

Top Ten Holdings	% of Total Investments
Barclays PLC	2.7%
AerCap Holdings N.V.	2.1
Land O’Lakes, Inc.	1.8
Credit Agricole S.A.	1.6
Wells Fargo & Co., Series L	1.5
Enbridge, Inc.	1.5
Credit Suisse Group AG	1.5
Emera, Inc., Series 16-A	1.4
CoBank ACB, Series I	1.3
Nordea Bank Abp	1.3
Total	16.7%

Credit Quality⁽⁵⁾	% of Total Fixed-Income Investments
A	0.5%
BBB+	10.7
BBB	22.1
BBB-	25.4
BB+	23.8
BB	9.3
BB-	3.6
B+	0.2
B	0.8
Not Rated	3.6
Total	100.0%

Fund Allocation	% of Net Assets
Capital Preferred Securities	113.7%
$25 Par Preferred Securities	21.1
$1,000 Par Preferred Securities	3.8
$100 Par Preferred Securities	3.3
Foreign Corporate Bonds and Notes	1.9
$1,000,000 Par Preferred Securities	1.2
Corporate Bonds and Notes	0.5
Exchange-Traded Funds	0.1
Reverse Repurchase Agreement	(7.7)
Outstanding Loan	(39.4)
Net Other Assets and Liabilities	1.5
Total	100.0%

⁽⁵⁾

The credit quality and ratings information presented above reflect the ratings assigned by one or more nationally recognized statistical rating organizations (NRSROs), including S&P Global Ratings, Moody’s Investors Service, Inc., Fitch Ratings or a comparably rated NRSRO. For situations in which a security is rated by more than one NRSRO and the ratings are not equivalent, the highest rating is used. Sub-investment grade ratings are those rated BB+/Ba1 or lower. Investment grade ratings are those rated BBB-/Baa3 or higher. The credit ratings shown relate to the creditworthiness of the issuers of the underlying securities in the Fund, and not to the Fund or its shares. Credit ratings are subject to change.

Page 3

Table of Contents

Portfolio Commentary

First Trust Intermediate Duration Preferred & Income Fund (FPF)

Semi-Annual Report

April 30, 2022 (Unaudited)

Advisor

First Trust Advisors L.P. (“First Trust” or the “Advisor”) serves as the investment advisor to the First Trust Intermediate Duration Preferred & Income Fund (the “Fund”). First Trust is responsible for the ongoing monitoring of the Fund’s investment portfolio, managing the Fund’s business affairs and providing certain administrative services necessary for the management of the Fund.

Sub-Advisor

Stonebridge Advisors LLC (“Stonebridge” or the “Sub-Advisor”) is the sub-advisor to the Fund and is a registered investment advisor based in Wilton, Connecticut. Stonebridge specializes in the management of preferred and hybrid securities.

Stonebridge Advisors LLC Portfolio Management Team

Scott T. Fleming – Chief Executive Officer and President

Robert Wolf – Chief Investment Officer and Executive Vice President

Eric Weaver – Chief Strategist and Executive Vice President

Angelo Graci, CFA – Head of Credit Research and Executive Vice President

Commentary

Market Recap

The six-month period ended April 30, 2022 was negative for all segments of the preferred and hybrid securities market as interest rates moved sharply higher across the Treasury curve. The Federal Reserve (the “Fed”) became increasingly hawkish and increased the Federal Funds target rate for the first time since 2018 in order to combat the highest inflation readings in decades. In response to the Fed’s pivot, 2-Year Treasury yields moved higher by over 220 basis points (“bps”), reflecting the market’s increased expectations for front-end rate hikes. Meanwhile, the Treasury yield curve flattened significantly as 10-Year yields moved higher by 138 bps during the period, resulting in a flattened 2s/10s curve. Long duration and fixed rate securities suffered the deepest losses during the period, while variable rate and floating rate securities outperformed. For the fiscal year to date, investment grade (“IG”) institutional securities were the top performing segment of the preferred and hybrid securities market, returning -7.82%. Non-IG institutional securities were the second-best performing segment of the preferred and hybrid securities market, returning -8.14%, while European bank contingent convertible capital securities (“CoCos”), which are a subset of the institutional market, returned -8.98%. Finally, the exchange-traded $25 par retail market was by far the worst performer due to its longer duration profile and heavy outflows from passive exchange-traded funds that focus on that market segment. The $25 par retail market securities earned a return of -14.27% during the period.

Page 4

Table of Contents

Portfolio Commentary (Continued)

First Trust Intermediate Duration Preferred & Income Fund (FPF)

Semi-Annual Report

April 30, 2022 (Unaudited)

Performance Analysis

Performance
			Average Annual Total Returns
	6 Months Ended 4/30/22	1 Year Ended 4/30/22	5 Years Ended 4/30/22	Inception (5/23/13) to 4/30/22
Fund Performance*
NAV	-11.30%	-7.32%	4.69%	6.78%
Market Value	-18.37%	-13.29%	4.13%	5.51%
Index Performance
ICE BofA US Investment Grade Institutional Capital Securities Index	-7.82%	-6.20%	3.84%	4.51%
Blended Index**	-10.15%	-8.15%	3.56%	N/A
ICE BofA Fixed Rate Preferred Securities Index	-11.70%	-10.10%	2.39%	3.90%
Prior Blended Index	-9.89%	-8.16%	3.19%	4.19%

Performance figures assume reinvestment of all distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, the indices do not actually hold a portfolio of securities and therefore do not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. The Fund’s past performance does not predict future performance.

The Fund has a practice of seeking to maintain a relatively stable monthly distribution, which may be changed at any time. The practice has no impact on the Fund’s investment strategy and may reduce the Fund’s NAV. However, the Advisor believes the practice helps maintain the Fund’s competitiveness and may benefit the Fund’s market price and premium/discount to the Fund’s NAV. The monthly distribution rate began and ended the period at $0.1275 per share. At the $0.1275 per share monthly distribution rate, the annualized distribution rate at April 30, 2022 was 7.15% at NAV and 7.61% at market price. The final determination of the source and tax status of all 2022 distributions will be made after the end of 2022 and will be provided on Form 1099-DIV. The foregoing is not to be construed as tax advice. Please consult your tax advisor for further information regarding tax matters.

Page 5

Table of Contents

Portfolio Commentary (Continued)

First Trust Intermediate Duration Preferred & Income Fund (FPF)

Semi-Annual Report

April 30, 2022 (Unaudited)

For the six-month period ended April 30, 2022, the Fund produced a total return of -18.37% based on market price and -11.30% based on net asset value (“NAV”). This compares to a total return of -10.15% for the Fund’s Benchmark, which is 30/30/30/10 blend of the the ICE BofA Core Plus Fixed Rate Preferred Securities Index (“P0P4”), the ICE BofA Investment Grade Institutional Capital Securities Index (“CIPS”), the ICE USD Contingent Capital Index (“CDLR”), and the ICE BofA US High Yield Institutional Capital Securities Index (“HIPS”), respectively.

During the period, the Fund underperformed the Benchmark primarily due to its leverage, which detracted approximately -3.39% from performance. Higher front end interest rates also increased the cost of leverage for the Fund during the period. However, the Fund was able to maintain a stable monthly distribution of $0.1275 per share.

Aside from leverage, the Fund largely outperformed the Benchmark on an unlevered NAV basis. The largest positive contributor to the Fund’s performance relative to the Benchmark during the period was its defensive positioning in regard to rising interest rates. The Fund benefited from its overweight allocation to shorter duration securities (<5 years) and its underweight allocation to longer duration securities (5+ years). In particular, the Fund benefited significantly from its underweight allocation to fixed rate $25 par retail securities, which were down over 16% during the period. In the $1000 par institutional market, the Fund outperformed the Benchmark’s fixed rate holdings by over 11%, driven by its overweight to higher coupon, lower duration fixed rate securities. Floating rate securities, which are not held by the Benchmark, were one of the top performing coupon types during the period. The Fund benefited from its nearly 3.54% weighting in these securities, which held in relatively well due to the market’s increased expectations for front-end rate hikes. Additionally, the Fund had better security selection across every single duration bucket compared to the Benchmark.

The Russian invasion of Ukraine also had consequences for the preferred and hybrid securities market. In particular, Russian banks, which were not held by the Fund, suffered complete losses. The Benchmark entered the year with around a 1.06% weighting in Russian banks. The Fund does not own any securities from Russian or Ukrainian issuers. In general, the Fund has maintained a significant underweight to emerging market issuers.

Another area of outperformance was the new issuance market, where the Fund benefited from its security selection over the past four quarters. The Fund outperformed by approximately 490 to 540 bps compared to the Benchmark in each of these periods.

Market and Fund Outlook

We believe the preferred securities market, in our opinion, is positioned to perform well in the current environment where risks from inflationary pressures, rising interest rates and geopolitical conflicts have increased. Preferred securities have historically performed well during periods of rising short and long-term interest rates, and wider current yield spreads offer a potential cushion against rising rates. From a credit standpoint, preferred securities are concentrated in high quality issuers, which could help to insulate the asset class in a recessionary environment and against current geopolitical risks. U.S. and European banks are well capitalized to withstand current geopolitical risks, in our view, and other major sectors including insurance, utilities, and real estate investment trusts, are relatively defensive in nature. After the recent underperformance, we believe the preferred market has room for potential appreciation due to more attractive valuations, including yields at or near historical wides, as well as prices trading at significant discounts to par. We believe valuation metrics for preferreds are at the most attractive levels since the onset of the pandemic, providing an improved risk reward balance relative to the beginning of the year.

Page 6

Table of Contents

First Trust Intermediate Duration Preferred & Income Fund (FPF)

Portfolio of Investments

April 30, 2022 (Unaudited)

Shares	Description	Stated Rate	Stated Maturity	Value
$25 PAR PREFERRED SECURITIES – 21.1%
	Banks – 3.3%
3,007	Atlantic Union Bankshares Corp., Series A	6.88%	(a)	$77,340
45,331	Citizens Financial Group, Inc., Series D (b)	6.35%	(a)	1,172,713
12,374	Fifth Third Bancorp, Series I (b)	6.63%	(a)	320,363
70,463	First Republic Bank, Series M	4.00%	(a)	1,233,102
143,945	JPMorgan Chase & Co., Series LL (c)	4.63%	(a)	2,789,654
56,961	Old National Bancorp, Series A (c)	7.00%	(a)	1,490,669
272,168	Pinnacle Financial Partners, Inc., Series B (c)	6.75%	(a)	6,964,779
602,536	Signature Bank, Series A (c)	5.00%	(a)	11,526,514
102,268	Wells Fargo & Co., Series Q (b)	5.85%	(a)	2,494,317
49,802	Wells Fargo & Co., Series Y	5.63%	(a)	1,175,327
205,000	WesBanco, Inc., Series A (b) (c)	6.75%	(a)	5,537,050
66,146	Western Alliance Bancorp, Series A (b)	4.25%	(a)	1,453,228
255,439	Wintrust Financial Corp., Series E (b) (c)	6.88%	(a)	6,792,123
				43,027,179
	Capital Markets – 1.2%
29,434	Affiliated Managers Group, Inc.	4.75%	09/30/60	579,850
173,946	Affiliated Managers Group, Inc. (d)	4.20%	09/30/61	3,110,155
369,562	Carlyle Finance LLC (d)	4.63%	05/15/61	6,932,983
269,834	KKR Group Finance Co., IX LLC (c)	4.63%	04/01/61	5,199,701
12,696	Oaktree Capital Group LLC, Series A	6.63%	(a)	324,637
5,847	State Street Corp., Series D (b)	5.90%	(a)	147,344
				16,294,670
	Diversified Financial Services – 1.2%
187,368	Apollo Asset Management, Inc., Series B (c)	6.38%	(a)	4,774,136
518,884	Equitable Holdings, Inc., Series A (c)	5.25%	(a)	11,290,916
				16,065,052
	Diversified Telecommunication Services – 0.3%
132,294	Qwest Corp. (d)	6.50%	09/01/56	2,956,771
29,752	Qwest Corp. (d)	6.75%	06/15/57	667,635
				3,624,406
	Electric Utilities – 1.1%
245,850	Brookfield BRP Holdings Canada, Inc. (c)	4.63%	(a)	4,296,229
195,763	Brookfield Infrastructure Finance ULC (d)	5.00%	05/24/81	3,807,590
120,245	SCE Trust IV, Series J (b) (c)	5.38%	(a)	2,621,341
81,831	SCE Trust V, Series K (b)	5.45%	(a)	1,953,306
63,514	Southern (The) Co., Series 2020A (d)	4.95%	01/30/80	1,341,416
				14,019,882
	Equity Real Estate Investment Trusts – 0.5%
69,919	Agree Realty Corp., Series A	4.25%	(a)	1,313,778
11,821	DigitalBridge Group, Inc., Series I	7.15%	(a)	271,056
1,939	DigitalBridge Group, Inc., Series J	7.13%	(a)	43,724
173,947	Global Net Lease, Inc., Series A (d)	7.25%	(a)	4,407,817
17,466	National Storage Affiliates Trust, Series A	6.00%	(a)	439,270
				6,475,645
	Food Products – 0.7%
352,723	CHS, Inc., Series 3 (b) (c)	6.75%	(a)	9,340,105
	Gas Utilities – 0.3%
197,017	South Jersey Industries, Inc. (c) (d)	5.63%	09/16/79	3,447,798

See Notes to Financial Statements

Page 7

Table of Contents

First Trust Intermediate Duration Preferred & Income Fund (FPF)

Portfolio of Investments (Continued)

April 30, 2022 (Unaudited)

Shares	Description	Stated Rate	Stated Maturity	Value
$25 PAR PREFERRED SECURITIES (Continued)
	Independent Power & Renewable Electricity Producers – 0.3%
161,321	Brookfield Renewable Partners L.P., Series 17	5.25%	(a)	$3,365,156
	Insurance – 5.5%
471,737	Aegon Funding Co., LLC (c)	5.10%	12/15/49	9,977,238
611	Allstate (The) Corp. (b)	5.10%	01/15/53	15,397
503,143	American Equity Investment Life Holding Co., Series A (b) (c)	5.95%	(a)	12,422,601
247,889	American Equity Investment Life Holding Co., Series B (b) (c)	6.63%	(a)	6,417,846
193,648	AmTrust Financial Services, Inc. (d)	7.25%	06/15/55	3,679,312
210,480	AmTrust Financial Services, Inc. (d)	7.50%	09/15/55	3,946,500
192,000	Arch Capital Group Ltd., Series G (d)	4.55%	(a)	3,703,680
52,243	Aspen Insurance Holdings Ltd. (d)	5.63%	(a)	1,216,739
349,200	Aspen Insurance Holdings Ltd. (c)	5.63%	(a)	8,083,980
8,296	Aspen Insurance Holdings Ltd. (b)	5.95%	(a)	203,169
133,393	CNO Financial Group, Inc. (d)	5.13%	11/25/60	2,734,557
584,250	Delphi Financial Group, Inc., 3 Mo. LIBOR + 3.19% (d) (e)	3.70%	05/15/37	12,123,187
11,540	Globe Life, Inc. (d)	4.25%	06/15/61	228,030
193,528	Phoenix Cos. (The), Inc.	7.45%	01/15/32	3,538,176
160,945	RenaissanceRe Holdings Ltd., Series G	4.20%	(a)	3,022,547
				71,312,959
	Mortgage Real Estate Investment Trusts – 0.4%
6,592	AGNC Investment Corp., Series C (b)	7.00%	(a)	162,295
117,083	AGNC Investment Corp., Series F (b) (d)	6.13%	(a)	2,706,959
73,779	Annaly Capital Management, Inc., Series F (b)	6.95%	(a)	1,831,933
				4,701,187
	Multi-Utilities – 1.8%
84,780	Brookfield Infrastructure Partners L.P., Series 13	5.13%	(a)	1,648,115
169	Brookfield Infrastructure Partners L.P., Series 14	5.00%	(a)	3,199
141,212	DTE Energy Co.	4.38%	12/01/81	2,800,234
15,000	DTE Energy Co., Series E	5.25%	12/01/77	348,450
670,375	Integrys Holding, Inc. (b) (d)	6.00%	08/01/73	16,926,969
74,647	Sempra Energy	5.75%	07/01/79	1,787,795
				23,514,762
	Oil, Gas & Consumable Fuels – 1.7%
35,235	Energy Transfer L.P., Series C (b)	7.38%	(a)	837,536
1,879	Energy Transfer L.P., Series D (b)	7.63%	(a)	45,171
573,841	Energy Transfer L.P., Series E (b) (c)	7.60%	(a)	13,886,952
172,376	NuStar Energy L.P., Series A, 3 Mo. LIBOR + 6.77% (e)	7.59%	(a)	4,137,024
8,648	NuStar Energy L.P., Series C (b)	9.00%	(a)	211,876
135,233	NuStar Logistics L.P., 3 Mo. LIBOR + 6.73% (d) (e)	7.78%	01/15/43	3,420,043
				22,538,602
	Real Estate Management & Development – 1.7%
273,319	Brookfield Property Partners L.P., Series A	5.75%	(a)	5,398,050
374,243	Brookfield Property Partners L.P., Series A2 (c)	6.38%	(a)	7,892,785
398,983	Brookfield Property Preferred L.P.	6.25%	07/26/81	8,326,775
				21,617,610
	Trading Companies & Distributors – 0.6%
284,980	WESCO International, Inc., Series A (b) (d)	10.63%	(a)	8,136,179
	Wireless Telecommunication Services – 0.5%
75,137	United States Cellular Corp. (d)	6.25%	09/01/69	1,628,219

Page 8

See Notes to Financial Statements

Table of Contents

First Trust Intermediate Duration Preferred & Income Fund (FPF)

Portfolio of Investments (Continued)

April 30, 2022 (Unaudited)

Shares	Description	Stated Rate	Stated Maturity	Value
$25 PAR PREFERRED SECURITIES (Continued)
	Wireless Telecommunication Services (Continued)
253,239	United States Cellular Corp. (d)	5.50%	06/01/70	$5,106,564
				6,734,783
	Total $25 Par Preferred Securities			274,215,975
	(Cost $302,719,982)
$100 PAR PREFERRED SECURITIES – 3.3%
	Banks – 3.3%
80,000	AgriBank FCB (b)	6.88%	(a)	8,420,000
179,000	CoBank ACB, Series F (b) (c)	6.25%	(a)	18,079,000
54,250	CoBank ACB, Series H (b) (c)	6.20%	(a)	5,682,687
102,000	Farm Credit Bank of Texas (b) (c) (f)	6.75%	(a)	10,582,500
	Total $100 Par Preferred Securities			42,764,187
	(Cost $42,908,750)
$1,000 PAR PREFERRED SECURITIES – 3.8%
	Banks – 2.9%
7,719	Bank of America Corp., Series L	7.25%	(a)	9,392,634
23,451	Wells Fargo & Co., Series L	7.50%	(a)	28,410,652
				37,803,286
	Diversified Financial Services – 0.9%
12,000	Compeer Financial ACA (b) (c) (f)	6.75%	(a)	12,240,000
	Total $1,000 Par Preferred Securities			50,043,286
	(Cost $54,528,152)
$1,000,000 PAR PREFERRED SECURITIES – 1.2%
	Mortgage Real Estate Investment Trusts – 1.2%
12	FT Real Estate Securities Co., Inc. (g) (h) (i)	9.50%	(a)	15,311,808
	(Cost $15,990,000)
Par Amount	Description	Stated Rate	Stated Maturity	Value
CAPITAL PREFERRED SECURITIES – 113.7%
	Banks – 50.0%
$12,935,000	Australia & New Zealand Banking Group Ltd. (b) (c) (f) (j)	6.75%	(a)	13,560,213
8,800,000	Banco Bilbao Vizcaya Argentaria S.A., Series 9 (b) (c) (j)	6.50%	(a)	8,547,000
2,000,000	Banco Mercantil del Norte S.A. (b) (f) (j)	6.88%	(a)	1,981,290
5,000,000	Banco Mercantil del Norte S.A. (b) (f) (j)	7.50%	(a)	4,793,875
8,000,000	Banco Mercantil del Norte S.A. (b) (f) (j)	7.63%	(a)	7,934,680
7,400,000	Banco Mercantil del Norte S.A. (b) (f) (j)	8.38%	(a)	7,649,935
10,800,000	Banco Santander S.A. (b) (c) (j)	4.75%	(a)	9,566,843
12,600,000	Banco Santander S.A. (b) (j) (k)	7.50%	(a)	12,737,819
6,114,000	Bank of America Corp., Series RR (b) (c)	4.38%	(a)	5,426,175
6,000,000	Bank of America Corp., Series TT (b)	6.13%	(a)	6,012,000
5,900,000	Bank of America Corp., Series X (b) (c)	6.25%	(a)	5,987,320
10,300,000	Bank of Nova Scotia (The) (b) (c)	4.90%	(a)	10,131,698
7,300,000	Barclays PLC (b) (c) (j)	4.38%	(a)	6,104,625
11,200,000	Barclays PLC (b) (c) (j)	6.13%	(a)	10,996,944
49,560,000	Barclays PLC (b) (c) (d) (j)	8.00%	(a)	51,201,675
8,550,000	BBVA Bancomer S.A. (b) (d) (f) (j)	5.88%	09/13/34	8,161,231
15,000,000	BNP Paribas S.A. (b) (c) (f) (j)	4.63%	(a)	13,605,600
3,300,000	BNP Paribas S.A. (b) (f) (j)	7.38%	(a)	3,437,296
13,370,000	Citigroup, Inc. (b) (c)	3.88%	(a)	12,110,813
5,041,000	Citigroup, Inc. (b) (c)	5.90%	(a)	5,137,636

See Notes to Financial Statements

Page 9

Table of Contents

First Trust Intermediate Duration Preferred & Income Fund (FPF)

Portfolio of Investments (Continued)

April 30, 2022 (Unaudited)

Par Amount	Description	Stated Rate	Stated Maturity	Value
CAPITAL PREFERRED SECURITIES (Continued)
	Banks (Continued)
$3,022,000	Citigroup, Inc. (b)	5.95%	(a)	$3,022,000
9,937,000	Citigroup, Inc., Series D (b) (c)	5.35%	(a)	9,812,787
8,600,000	Citigroup, Inc., Series P (b) (c)	5.95%	(a)	8,418,970
14,486,000	Citigroup, Inc., Series W (b) (c)	4.00%	(a)	13,182,260
7,381,000	Citigroup, Inc., Series Y (b) (c)	4.15%	(a)	6,547,685
1,720,000	Citizens Financial Group, Inc., Series B (b)	6.00%	(a)	1,644,836
6,800,000	Citizens Financial Group, Inc., Series G (b) (c)	4.00%	(a)	6,052,000
25,000,000	CoBank ACB, Series I (b) (c)	6.25%	(a)	25,187,500
2,800,000	Commerzbank AG (b) (j) (k)	7.00%	(a)	2,769,200
20,000,000	Credit Agricole S.A. (b) (c) (f) (j)	6.88%	(a)	20,135,000
28,240,000	Credit Agricole S.A. (b) (c) (f) (j)	8.13%	(a)	30,437,693
3,000,000	Danske Bank A.S. (b) (j) (k)	4.38%	(a)	2,718,750
9,080,000	Danske Bank A.S. (b) (j) (k)	6.13%	(a)	8,995,847
6,740,000	Danske Bank A.S. (b) (c) (j) (k)	7.00%	(a)	6,716,397
3,450,000	Farm Credit Bank of Texas, Series 3 (b) (c) (f)	6.20%	(a)	3,657,000
7,500,000	Farm Credit Bank of Texas, Series 4 (b) (c) (d) (f)	5.70%	(a)	7,875,000
2,464,000	Fifth Third Bancorp, Series H (b)	5.10%	(a)	2,399,320
18,000,000	HSBC Holdings PLC (b) (c) (j)	6.38%	(a)	18,101,790
1,600,000	Huntington Bancshares, Inc., Series G (b) (c)	4.45%	(a)	1,536,133
14,092,000	ING Groep N.V. (b) (j)	5.75%	(a)	13,540,087
12,920,000	ING Groep N.V. (b) (c) (j)	6.50%	(a)	12,917,416
16,200,000	Intesa Sanpaolo S.p.A. (b) (c) (f) (j)	7.70%	(a)	16,362,000
6,646,000	JPMorgan Chase & Co., Series Q (b) (c)	5.15%	(a)	6,554,617
5,045,000	JPMorgan Chase & Co., Series V, 3 Mo. LIBOR + 3.32% (c) (e)	4.29%	(a)	4,994,550
13,045,000	Lloyds Banking Group PLC (b) (c) (j)	6.75%	(a)	13,149,817
21,213,000	Lloyds Banking Group PLC (b) (c) (j)	7.50%	(a)	21,676,928
5,400,000	M&T Bank Corp. (b) (c)	3.50%	(a)	4,549,569
2,000,000	Macquarie Bank Ltd. (b) (f) (j)	6.13%	(a)	1,927,670
2,900,000	NatWest Group PLC (b) (j)	6.00%	(a)	2,865,345
1,200,000	NatWest Group PLC (b) (c) (j)	8.00%	(a)	1,265,208
24,400,000	Nordea Bank Abp (b) (c) (f) (j)	6.63%	(a)	24,827,000
6,300,000	PNC Financial Services Group (The), Inc., Series T (b) (c)	3.40%	(a)	5,433,750
3,000,000	PNC Financial Services Group (The), Inc., Series U (b)	6.00%	(a)	2,988,600
5,150,000	Regions Financial Corp., Series D (b) (c)	5.75%	(a)	5,265,875
9,200,000	Skandinaviska Enskilda Banken AB (b) (c) (j) (k)	5.13%	(a)	8,837,750
26,100,000	Societe Generale S.A. (b) (c) (f) (j)	5.38%	(a)	22,981,050
6,710,000	Societe Generale S.A. (b) (c) (f) (j)	7.88%	(a)	6,883,826
1,300,000	Societe Generale S.A. (b) (f) (j)	8.00%	(a)	1,355,803
19,940,000	Standard Chartered PLC (b) (f) (j)	4.30%	(a)	16,550,200
9,400,000	Standard Chartered PLC (b) (f) (j)	6.00%	(a)	9,364,750
65,000	Standard Chartered PLC (b) (k)	7.01%	(a)	75,697
14,346,000	SVB Financial Group, Series D (b) (c)	4.25%	(a)	12,445,155
5,800,000	Swedbank AB, Series NC5 (b) (j) (k)	5.63%	(a)	5,752,875
2,779,000	Texas Capital Bancshares, Inc. (b)	4.00%	05/06/31	2,666,679
580,000	Truist Financial Corp., Series L (b)	5.05%	(a)	553,900
21,201,000	UniCredit S.p.A. (b) (c) (j) (k)	8.00%	(a)	21,426,579
5,000,000	UniCredit S.p.A. (b) (d) (f)	5.46%	06/30/35	4,521,435
16,181,000	Wells Fargo & Co., Series BB (b) (c)	3.90%	(a)	14,774,467
				650,803,434
	Capital Markets – 12.7%
12,296,000	Apollo Management Holdings L.P. (b) (c) (d) (f)	4.95%	01/14/50	11,432,769
8,340,000	Bank of New York Mellon (The) Corp., Series I (b) (c)	3.75%	(a)	7,443,450
2,200,000	Charles Schwab (The) Corp. (b)	5.00%	(a)	2,125,134
12,294,000	Charles Schwab (The) Corp., Series G (b) (c)	5.38%	(a)	12,432,307

Page 10

See Notes to Financial Statements

Table of Contents

First Trust Intermediate Duration Preferred & Income Fund (FPF)

Portfolio of Investments (Continued)

April 30, 2022 (Unaudited)

Par Amount	Description	Stated Rate	Stated Maturity	Value
CAPITAL PREFERRED SECURITIES (Continued)
	Capital Markets (Continued)
$19,380,000	Charles Schwab (The) Corp., Series I (b) (c)	4.00%	(a)	$17,597,040
19,220,000	Credit Suisse Group AG (b) (c) (f) (j)	5.25%	(a)	16,937,625
2,000,000	Credit Suisse Group AG (b) (f) (j)	6.25%	(a)	1,945,998
12,080,000	Credit Suisse Group AG (b) (c) (f) (j)	6.38%	(a)	11,402,191
1,629,000	Credit Suisse Group AG (b) (c) (f) (j)	7.50%	(a)	1,635,671
28,250,000	Credit Suisse Group AG (b) (c) (f) (j)	7.50%	(a)	28,046,600
13,900,000	Deutsche Bank AG (b) (j)	6.00%	(a)	12,996,500
3,400,000	Deutsche Bank AG (b) (j)	7.50%	(a)	3,344,750
7,850,000	EFG International AG (b) (j) (k)	5.50%	(a)	7,531,361
300,000	Goldman Sachs Group (The), Inc., Series R (b) (c)	4.95%	(a)	289,500
4,680,000	Goldman Sachs Group (The), Inc., Series T (b) (c)	3.80%	(a)	4,130,026
11,486,000	Goldman Sachs Group (The), Inc., Series U (b) (c)	3.65%	(a)	9,992,820
10,000,000	UBS Group AG (b) (f) (j)	4.88%	(a)	9,212,500
4,800,000	UBS Group AG (b) (j) (k)	6.88%	(a)	4,875,648
2,165,000	UBS Group AG (b) (f) (j)	7.00%	(a)	2,205,594
				165,577,484
	Consumer Finance – 1.9%
4,500,000	Ally Financial, Inc., Series B (b)	4.70%	(a)	3,899,812
12,861,000	American Express Co. (b) (c)	3.55%	(a)	11,109,975
11,339,000	Capital One Financial Corp., Series M (b) (c)	3.95%	(a)	9,864,930
				24,874,717
	Diversified Financial Services – 4.0%
15,000,000	American AgCredit Corp. (b) (c) (f)	5.25%	(a)	13,706,250
9,300,000	Ares Finance Co. III LLC (b) (c) (f)	4.13%	06/30/51	8,665,440
9,350,000	Capital Farm Credit ACA, Series 1 (b) (c) (f)	5.00%	(a)	8,555,250
3,800,000	Compeer Financial ACA (b) (c) (f)	4.88%	(a)	3,377,250
1,850,000	Depository Trust & Clearing (The) Corp., Series D (b) (f)	3.38%	(a)	1,646,500
11,949,000	Voya Financial, Inc. (b) (c)	5.65%	05/15/53	11,904,251
4,781,000	Voya Financial, Inc., Series A (b) (c)	6.13%	(a)	4,769,048
				52,623,989
	Diversified Telecommunication Services – 0.9%
11,222,000	Koninklijke KPN N.V. (b) (d) (f)	7.00%	03/28/73	11,362,275
	Electric Utilities – 3.4%
5,116,000	Edison International, Series B (b) (c)	5.00%	(a)	4,643,402
26,976,000	Emera, Inc., Series 16-A (b) (c) (d)	6.75%	06/15/76	27,448,080
8,586,000	Southern (The) Co., Series 21-A (b) (c)	3.75%	09/15/51	7,748,865
5,110,000	Southern California Edison Co., Series E, 3 Mo. LIBOR + 4.20% (c) (e)	4.52%	(a)	5,033,350
				44,873,697
	Energy Equipment & Services – 1.6%
21,650,000	Transcanada Trust (b) (c) (d)	5.50%	09/15/79	20,919,312
	Food Products – 5.5%
6,000,000	Dairy Farmers of America, Inc. (c) (g)	7.13%	(a)	5,887,501
17,788,000	Land O’Lakes Capital Trust I (c) (d) (g)	7.45%	03/15/28	20,014,080
10,000,000	Land O’Lakes, Inc. (c) (f)	7.25%	(a)	10,488,000
33,000,000	Land O’Lakes, Inc. (c) (f)	8.00%	(a)	34,774,575
				71,164,156
	Insurance – 14.3%
3,900,000	Allianz SE (b) (f)	3.50%	(a)	3,539,250

See Notes to Financial Statements

Page 11

Table of Contents

First Trust Intermediate Duration Preferred & Income Fund (FPF)

Portfolio of Investments (Continued)

April 30, 2022 (Unaudited)

Par Amount	Description	Stated Rate	Stated Maturity	Value
CAPITAL PREFERRED SECURITIES (Continued)
	Insurance (Continued)
$7,368,000	Asahi Mutual Life Insurance Co. (b) (c) (k)	6.50%	(a)	$7,524,570
17,585,000	Assurant, Inc. (b) (c) (d)	7.00%	03/27/48	18,189,133
5,150,000	Assured Guaranty Municipal Holdings, Inc. (b) (d) (f)	6.40%	12/15/66	5,209,225
9,932,000	AXIS Specialty Finance LLC (b) (d)	4.90%	01/15/40	9,250,367
8,704,000	Enstar Finance LLC (b) (c) (d)	5.75%	09/01/40	8,577,134
17,149,000	Enstar Finance LLC (b) (d)	5.50%	01/15/42	15,978,667
15,300,000	Fortegra Financial Corp. (b) (c) (d) (g)	8.50%	10/15/57	18,305,521
22,078,000	Global Atlantic Fin Co. (b) (d) (f)	4.70%	10/15/51	20,076,850
6,200,000	Hartford Financial Services Group (The), Inc., 3 Mo. LIBOR + 2.13% (c) (e) (f)	2.63%	02/12/47	5,462,632
8,183,000	Kuvare US Holdings, Inc. (b) (c) (f)	7.00%	02/17/51	8,496,059
2,000,000	La Mondiale SAM (b) (c) (k)	5.88%	01/26/47	2,025,488
9,500,000	Lancashire Holdings Ltd. (b) (c) (k)	5.63%	09/18/41	8,497,750
6,700,000	Liberty Mutual Group, Inc. (b) (c) (f)	4.13%	12/15/51	6,090,601
11,300,000	Markel Corp. (b) (c)	6.00%	(a)	11,568,375
2,442,000	Nationwide Financial Services Capital Trust (d) (l)	7.90%	03/01/37	2,905,980
2,910,000	Nationwide Financial Services, Inc. (c) (d)	6.75%	05/15/37	3,131,887
2,000,000	Principal Financial Group, Inc., 3 Mo. LIBOR + 3.04% (e)	3.55%	05/15/55	1,925,000
12,900,000	QBE Insurance Group Ltd. (b) (c) (f)	5.88%	(a)	12,996,750
9,765,000	QBE Insurance Group Ltd. (b) (c) (k)	6.75%	12/02/44	10,109,363
2,000,000	QBE Insurance Group Ltd. (b) (k)	5.88%	06/17/46	2,035,229
5,070,000	Reinsurance Group of America, Inc., 3 Mo. LIBOR + 2.67% (d) (e)	3.49%	12/15/65	4,537,650
				186,433,481
	Multi-Utilities – 3.2%
16,581,000	Algonquin Power & Utilities Corp. (b) (c)	4.75%	01/18/82	15,187,698
4,491,000	CenterPoint Energy, Inc., Series A (b) (c)	6.13%	(a)	4,324,137
6,400,000	NiSource, Inc. (b) (c)	5.65%	(a)	6,208,000
3,906,000	Sempra Energy (b) (c)	4.88%	(a)	3,857,175
13,642,000	Sempra Energy (b) (c)	4.13%	04/01/52	12,053,848
				41,630,858
	Oil, Gas & Consumable Fuels – 10.7%
4,500,000	Buckeye Partners L.P. (b)	6.38%	01/22/78	3,722,310
13,756,000	DCP Midstream L.P., Series A (b) (c)	7.38%	(a)	13,102,590
7,907,000	DCP Midstream Operating L.P. (b) (c) (f)	5.85%	05/21/43	7,201,656
27,810,000	Enbridge, Inc. (b) (c)	6.25%	03/01/78	28,107,426
21,262,000	Enbridge, Inc., Series 16-A (b) (c)	6.00%	01/15/77	21,403,377
15,150,000	Enbridge, Inc., Series 20-A (b) (c)	5.75%	07/15/80	15,074,250
20,365,000	Energy Transfer L.P., 3 Mo. LIBOR + 3.02% (e)	3.33%	11/01/66	16,801,125
805,000	Energy Transfer L.P., Series A (b)	6.25%	(a)	685,256
5,428,000	Energy Transfer L.P., Series F (b)	6.75%	(a)	5,238,020
2,236,000	Energy Transfer L.P., Series H (b)	6.50%	(a)	2,130,036
13,399,000	Enterprise Products Operating LLC, 3 Mo. LIBOR + 2.78% (c) (e)	3.30%	06/01/67	11,709,453
8,287,000	Enterprise Products Operating LLC, Series D (b) (c)	4.88%	08/16/77	7,417,754
6,450,000	Transcanada Trust (b) (d)	5.60%	03/07/82	6,248,438
				138,841,691
	Trading Companies & Distributors – 3.8%
41,445,000	AerCap Holdings N.V. (b) (c)	5.88%	10/10/79	38,915,197
4,863,000	Air Lease Corp., Series B (b) (d)	4.65%	(a)	4,388,858
7,200,000	Aircastle Ltd. (b) (d) (f)	5.25%	(a)	6,418,016
				49,722,071

Page 12

See Notes to Financial Statements

Table of Contents

First Trust Intermediate Duration Preferred & Income Fund (FPF)

Portfolio of Investments (Continued)

April 30, 2022 (Unaudited)

Par Amount	Description	Stated Rate	Stated Maturity	Value
CAPITAL PREFERRED SECURITIES (Continued)
	Transportation Infrastructure – 1.7%
$18,772,000	AerCap Global Aviation Trust (b) (c) (f)	6.50%	06/15/45	$18,276,044
3,844,000	BNSF Funding Trust I (b) (d)	6.61%	12/15/55	3,959,320
				22,235,364
	Total Capital Preferred Securities			1,481,062,529
	(Cost $1,533,496,302)
Principal Value	Description	Stated Coupon	Stated Maturity	Value
FOREIGN CORPORATE BONDS AND NOTES – 1.9%
	Insurance – 1.9%
23,795,925	Highlands Holdings Bond Issuer Ltd./Highlands Holdings Bond Co-Issuer, Inc. (f) (m)	7.63%	10/15/25	24,198,790
	(Cost $24,743,602)
CORPORATE BONDS AND NOTES – 0.5%
	Insurance – 0.5%
6,600,000	AmTrust Financial Services, Inc. (d)	6.13%	08/15/23	6,583,403
	(Cost $6,593,966)

Shares	Description	Value
EXCHANGE-TRADED FUNDS – 0.1%
	Capital Markets – 0.1%
120,493	Invesco Preferred ETF	1,502,547
	(Cost $1,657,715)
	Total Investments – 145.6%	1,895,682,525
	(Cost $1,982,638,469)
REVERSE REPURCHASE AGREEMENT – (7.7)%
(100,000,000)	Scotia Bank, due 7/29/22, 1 month LIBOR plus 65 bps	(100,000,000)
	Outstanding Loan – (39.4)%	(512,600,000)
	Net Other Assets and Liabilities – 1.5%	19,300,344
	Net Assets – 100.0%	$1,302,382,869

(a)	Perpetual maturity.
(b)	Fixed-to-floating or fixed-to-variable rate security. The interest rate shown reflects the fixed rate in effect at April 30, 2022. At a predetermined date, the fixed rate will change to a floating rate or a variable rate.
(c)	All or a portion of this security serves as collateral on the outstanding loan.
(d)	This security or a portion of this security is segregated as collateral for reverse repurchase agreements. All of these securities are corporate bonds with a remaining contractual maturity of 30-90 days. At April 30, 2022, securities noted as such are valued at $108,181,705.
(e)	Floating or variable rate security.
(f)	This security, sold within the terms of a private placement memorandum, is exempt from registration upon resale under Rule 144A of the Securities Act of 1933, as amended (the “1933 Act”), and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Pursuant to procedures adopted by the Fund’s Board of Trustees, this security has been determined to be liquid by Stonebridge Advisors LLC (the “Sub-Advisor”). Although market instability can result in periods of increased overall market illiquidity, liquidity for each security is determined based on security specific factors and assumptions, which require subjective judgment. At April 30, 2022, securities noted as such amounted to $544,185,408 or 41.8% of net assets.
(g)	This security, sold within the terms of a private placement memorandum, is exempt from registration upon resale under Rule 144A of the 1933 Act, and may be resold in transactions exempt from registration, normally to qualified institutional buyers (see Note 2D - Restricted Securities in the Notes to Financial Statements).

See Notes to Financial Statements

Page 13

Table of Contents

First Trust Intermediate Duration Preferred & Income Fund (FPF)

Portfolio of Investments (Continued)

April 30, 2022 (Unaudited)

(h)	This security is fair valued by the Advisor’s Pricing Committee in accordance with procedures adopted by the Fund’s Board of Trustees, and in accordance with the provisions of the Investment Company Act of 1940, as amended. At April 30, 2022, securities noted as such are valued at $15,311,808 or 1.2% of net assets.
(i)	This security’s value was determined using significant unobservable inputs. (see Note 2A- Portfolio Valuation in the Notes to Financial Statements).
(j)	This security is a contingent convertible capital security which may be subject to conversion into common stock of the issuer under certain circumstances. At April 30, 2022, securities noted as such amounted to $551,972,445 or 28.8% of managed assets. Of these securities, 5.5% originated in emerging markets, and 94.5% originated in foreign markets.
(k)	This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the 1933 Act.
(l)	Pursuant to procedures adopted by the Fund’s Board of Trustees, this security has been determined to be illiquid by the Sub-Advisor.
(m)	These notes are Senior Payment-in-kind (“PIK”) Toggle Notes whereby the issuer may, at its option, elect to pay interest on the notes (1) entirely in cash or (2) entirely in PIK interest. Interest paid in cash will accrue on the notes at a rate of 7.63% per annum (“Cash Interest Rate”) and PIK interest will accrue on the notes at a rate per annum equal to the Cash Interest Rate plus 75 basis points. For the six months ended April 30, 2022, this security paid all of its interest in cash.

LIBOR

London Interbank Offered Rate

Valuation Inputs

A summary of the inputs used to value the Fund’s investments as of April 30, 2022 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

ASSETS TABLE
	Total Value at 4/30/2022	Level 1 Quoted Prices	Level 2 Significant Observable Inputs	Level 3 Significant Unobservable Inputs
$25 Par Preferred Securities:
Insurance	$ 71,312,959	$ 48,025,784	$ 23,287,175	$ —
Multi-Utilities	23,514,762	6,587,793	16,926,969	—
Other industry categories*	179,388,254	179,388,254	—	—
$100 Par Preferred Securities*	42,764,187	—	42,764,187	—
$1,000 Par Preferred Securities:
Banks	37,803,286	37,803,286	—	—
Diversified Financial Services	12,240,000	—	12,240,000	—
$1,000,000 Par Preferred Securities*	15,311,808	—	—	15,311,808
Capital Preferred Securities*	1,481,062,529	—	1,481,062,529	—
Foreign Corporate Bonds and Notes*	24,198,790	—	24,198,790	—
Corporate Bonds and Notes*	6,583,403	—	6,583,403	—
Exchange-Traded Funds*	1,502,547	1,502,547	—	—
Total Investments	$ 1,895,682,525	$ 273,307,664	$ 1,607,063,053	$ 15,311,808

LIABILITIES TABLE
	Total Value at 4/30/2022	Level 1 Quoted Prices	Level 2 Significant Observable Inputs	Level 3 Significant Unobservable Inputs
Reverse Repurchase Agreements	$ (100,000,000)	$ —	$ (100,000,000)	$ —

*	See Portfolio of Investments for industry breakout.

Page 14

See Notes to Financial Statements

Table of Contents

First Trust Intermediate Duration Preferred & Income Fund (FPF)

Portfolio of Investments (Continued)

April 30, 2022 (Unaudited)

The following table presents the activity of the Fund’s investments measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the period presented.

Beginning Balance at October 31, 2021
$1,000,000 Par Preferred Securities	$16,938,396
Net Realized Gain (Loss)	—
Net Change in Unrealized Appreciation/Depreciation	(1,626,588)
Purchases	—
Sales	—
Transfers In	—
Transfers Out	—
Ending Balance at April 30, 2022
$1,000,000 Par Preferred Securities	15,311,808
Total Level 3 holdings	$15,311,808

There was a net change of $(1,626,588) in unrealized appreciation (depreciation) from Level 3 investments held as of April 30, 2022.

See Notes to Financial Statements

Page 15

Table of Contents

First Trust Intermediate Duration Preferred & Income Fund (FPF)

Statement of Assets and Liabilities

April 30, 2022 (Unaudited)

ASSETS:
Investments, at value (Cost $1,982,638,469)	$ 1,895,682,525
Cash	140,769
Foreign currency (Cost $100)	98
Receivables:
Interest	19,874,552
Dividends	1,373,720
Investment securities sold	788,861
Interest reclaims	239,837
Dividend reclaims	81,760
Prepaid expenses	31,601
Total Assets	1,918,213,723
LIABILITIES:
Outstanding loan	512,600,000
Reverse repurchase agreement	100,000,000
Payables:
Investment advisory fees	1,366,299
Interest and fees on loan and repurchase agreement	718,084
Investment securities purchased	697,611
Administrative fees	305,443
Legal fees	64,744
Custodian fees	34,323
Audit and tax fees	27,370
Shareholder reporting fees	10,898
Transfer agent fees	4,885
Financial reporting fees	771
Other liabilities	426
Total Liabilities	615,830,854
NET ASSETS	$1,302,382,869
NET ASSETS consist of:
Paid-in capital	$ 1,430,655,674
Par value	608,478
Accumulated distributable earnings (loss)	(128,881,283)
NET ASSETS	$1,302,382,869
NET ASSET VALUE, per Common Share (par value $0.01 per Common Share)	$21.40
Number of Common Shares outstanding (unlimited number of Common Shares has been authorized)	60,847,827

Page 16

See Notes to Financial Statements

Table of Contents

First Trust Intermediate Duration Preferred & Income Fund (FPF)

Statement of Operations

For the Six Months Ended April 30, 2022 (Unaudited)

INVESTMENT INCOME:
Interest (net of foreign withholding tax of $6,932)		$ 46,414,381
Dividends (net of foreign withholding tax of $34,763)		12,783,608
Other		100
Total investment income		59,198,089
EXPENSES:
Investment advisory fees		8,767,229
Interest and fees on loan and repurchase agreement		3,156,787
Administrative fees		344,160
Custodian fees		102,811
Shareholder reporting fees		99,436
Legal fees		55,364
Listing expense		29,763
Audit and tax fees		20,643
Transfer agent fees		11,338
Trustees’ fees and expenses		7,719
Financial reporting fees		4,625
Other		25,846
Total expenses		12,625,721
NET INVESTMENT INCOME (LOSS)		46,572,368
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments		2,985,634
Foreign currency transactions		(35)
Net realized gain (loss)		2,985,599
Net change in unrealized appreciation (depreciation) on:
Investments		(217,664,794)
Foreign currency translation		(2)
Net change in unrealized appreciation (depreciation)		(217,664,796)
NET REALIZED AND UNREALIZED GAIN (LOSS)		(214,679,197)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		$(168,106,829)

See Notes to Financial Statements

Page 17

Table of Contents

First Trust Intermediate Duration Preferred & Income Fund (FPF)

Statements of Changes in Net Assets

	Six Months Ended 4/30/2022 (Unaudited)	Year Ended 10/31/2021
OPERATIONS:
Net investment income (loss)	$ 46,572,368	$ 95,982,008
Net realized gain (loss)	2,985,599	33,755,999
Net change in unrealized appreciation (depreciation)	(217,664,796)	101,543,158
Net increase (decrease) in net assets resulting from operations	(168,106,829)	231,281,165
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment operations	(46,543,367)	(89,986,073)
Return of capital	—	(2,998,208)
Total distributions to shareholders	(46,543,367)	(92,984,281)
CAPITAL TRANSACTIONS:
Proceeds from Common Shares reinvested	669,323	1,365,713
Net increase (decrease) in net assets resulting from capital transactions	669,323	1,365,713
Total increase (decrease) in net assets	(213,980,873)	139,662,597
NET ASSETS:
Beginning of period	1,516,363,742	1,376,701,145
End of period	$ 1,302,382,869	$ 1,516,363,742
CAPITAL TRANSACTIONS were as follows:
Common Shares at beginning of period	60,820,579	60,765,997
Common Shares issued as reinvestment under the Dividend Reinvestment Plan	27,248	54,582
Common Shares at end of period	60,847,827	60,820,579

Page 18

See Notes to Financial Statements

Table of Contents

First Trust Intermediate Duration Preferred & Income Fund (FPF)

Statement of Cash Flows

For the Six Months Ended April 30, 2022 (Unaudited)

Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations	$(168,106,829)
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by operating activities:
Purchases of investments	(232,765,893)
Sales, maturities and paydown of investments	286,419,192
Net amortization/accretion of premiums/discounts on investments	139,019
Net realized gain/loss on investments	(2,985,634)
Net change in unrealized appreciation/depreciation on investments	217,664,794
Changes in assets and liabilities:
Increase in interest receivable	(295,287)
Increase in interest reclaims receivable	(17,471)
Decrease in dividend reclaims receivable	1
Increase in dividends receivable	(320,600)
Increase in prepaid expenses	(19,225)
Increase in interest and fees payable on loan and repurchase agreement	215,993
Decrease in investment advisory fees payable