First Trust Intermediate Duration Preferred & Income Fund (FPF)
Portfolio of Investments
July 31, 2024 (Unaudited)
 
Shares
Description
Stated
Rate
Stated
Maturity
Value
$25 PAR PREFERRED SECURITIES – 22.5%
Automobiles – 0.3%
6,850
Ford Motor Co.
6.00
%
12/01/59
$158,920
129,425
Ford Motor Co. (a)
6.50
%
08/15/62
3,174,795
 
3,333,715
Banks – 1.6%
213,263
Bank of America Corp., Series KK (b)
5.38
%
(c)
5,003,150
59,031
Citizens Financial Group, Inc.
7.38
%
(c)
1,508,832
123,343
KeyCorp (b) (d)
6.20
%
(c)
2,828,255
207,416
Pinnacle Financial Partners, Inc., Series B (b)
6.75
%
(c)
4,984,206
85,776
US Bancorp, Series K (b)
5.50
%
(c)
2,059,482
104,350
Wintrust Financial Corp., Series E (b) (d)
6.88
%
(c)
2,597,272
 
18,981,197
Capital Markets – 3.7%
29,434
Affiliated Managers Group, Inc.
4.75
%
09/30/60
560,718
173,946
Affiliated Managers Group, Inc.
4.20
%
09/30/61
2,930,990
341,321
Affiliated Managers Group, Inc. (b)
6.75
%
03/30/64
8,587,636
82,679
Brookfield Oaktree Holdings, LLC, Series A (b)
6.63
%
(c)
1,832,993
16,544
Brookfield Oaktree Holdings, LLC, Series B
6.55
%
(c)
363,637
472,118
Carlyle Finance LLC
4.63
%
05/15/61
8,649,202
187,198
KKR Group Finance Co., IX LLC
4.63
%
04/01/61
3,603,562
285,000
Morgan Stanley, Series Q
6.63
%
(c)
7,370,100
374,310
TPG Operating Group II, L.P. (b)
6.95
%
03/15/64
9,616,024
 
43,514,862
Consumer Finance – 0.2%
5,099
Capital One Financial Corp., Series I
5.00
%
(c)
99,584
90,291
Capital One Financial Corp., Series J (b)
4.80
%
(c)
1,691,150
 
1,790,734
Diversified REITs – 0.3%
168,343
Global Net Lease, Inc., Series A (a)
7.25
%
(c)
3,616,008
Diversified Telecommunication Services – 0.4%
246,028
AT&T, Inc., Series C (b)
4.75
%
(c)
4,893,497
Electric Utilities – 1.6%
80,866
SCE Trust IV, Series J (b) (d)
5.38
%
(c)
1,937,549
63,920
SCE Trust V, Series K (b) (d)
5.45
%
(c)
1,549,421
38,168
SCE Trust VI
5.00
%
(c)
746,948
383,132
SCE Trust VII, Series M (b)
7.50
%
(c)
10,026,564
192,000
SCE Trust VIII, Series N
6.95
%
(c)
4,865,280
 
19,125,762
Financial Services – 0.9%
458,137
Equitable Holdings, Inc., Series A (b)
5.25
%
(c)
10,051,526
10,702
Jackson Financial, Inc. (d)
8.00
%
(c)
276,004
8,600
Voya Financial, Inc., Series B (b) (d)
5.35
%
(c)
210,442
 
10,537,972
Food Products – 0.1%
43,276
CHS, Inc., Series 3 (b)
6.75
%
(c)
1,071,514
Gas Utilities – 0.4%
281,492
South Jersey Industries, Inc.
5.63
%
09/16/79
4,118,569
First Trust Intermediate Duration Preferred & Income Fund (FPF)
Portfolio of Investments (Continued)
July 31, 2024 (Unaudited)
Shares
Description
Stated
Rate
Stated
Maturity
Value
$25 PAR PREFERRED SECURITIES (Continued)
Independent Power & Renewable Electricity Producers – 0.6%
245,850
Brookfield BRP Holdings Canada, Inc.
4.63
%
(c)
$3,837,719
161,321
Brookfield Renewable Partners, L.P., Series 17 (b)
5.25
%
(c)
3,058,646
 
6,896,365
Insurance – 8.9%
441,475
AEGON Funding Co., LLC (b)
5.10
%
12/15/49
9,399,003
585,854
American National Group, Inc., Series A (b) (d)
5.95
%
(c)
14,382,716
253,195
American National Group, Inc., Series B (b) (d)
6.63
%
(c)
6,291,896
193,648
AmTrust Financial Services, Inc.
7.25
%
06/15/55
3,049,956
210,480
AmTrust Financial Services, Inc.
7.50
%
09/15/55
3,367,680
191,941
Arch Capital Group Ltd., Series G (b)
4.55
%
(c)
3,675,670
12,210
Argo Group International Holdings, Inc. (d)
7.00
%
(c)
303,663
66,549
Aspen Insurance Holdings Ltd. (b)
5.63
%
(c)
1,327,653
346,650
Aspen Insurance Holdings Ltd. (b)
5.63
%
(c)
6,874,069
286,000
Athene Holding Ltd. (b) (d)
7.25
%
03/30/64
7,207,200
95,348
Athene Holding Ltd., Series A (b) (d)
6.35
%
(c)
2,312,189
52,936
Athene Holding Ltd., Series D
4.88
%
(c)
967,670
516,282
Athene Holding Ltd., Series E (b) (d)
7.75
%
(c)
13,330,401
116,238
CNO Financial Group, Inc.
5.13
%
11/25/60
2,303,837
584,250
Delphi Financial Group, Inc., 3 Mo. CME Term SOFR + CSA +
3.19% (a) (b) (e)
8.77
%
05/15/37
13,218,656
415,053
F&G Annuities & Life, Inc. (b)
7.95
%
12/15/53
10,832,883
193,528
Phoenix Cos. (The), Inc.
7.45
%
01/15/32
3,527,564
114,134
RenaissanceRe Holdings Ltd., Series G
4.20
%
(c)
2,023,596
 
104,396,302
Multi-Utilities – 0.7%
109,090
Algonquin Power & Utilities Corp., Series 19-A, 3 Mo. Synthetic
USD LIBOR + 4.01% (a) (b) (e)
9.60
%
07/01/79
2,746,886
195,763
Brookfield Infrastructure Finance ULC
5.00
%
05/24/81
3,353,420
84,780
Brookfield Infrastructure Partners, L.P., Series 13
5.13
%
(c)
1,611,668
5,032
Sempra
5.75
%
07/01/79
118,302
 
7,830,276
Real Estate Management & Development – 0.8%
299,946
Brookfield Property Partners, L.P., Series A
5.75
%
(c)
3,776,320
353,120
Brookfield Property Partners, L.P., Series A2
6.38
%
(c)
4,804,198
23,528
DigitalBridge Group, Inc., Series I (b)
7.15
%
(c)
530,792
1,939
DigitalBridge Group, Inc., Series J
7.13
%
(c)
43,724
 
9,155,034
Specialized REITs – 0.0%
17,466
National Storage Affiliates Trust, Series A (b)
6.00
%
(c)
391,937
Wireless Telecommunication Services – 2.0%
179,075
United States Cellular Corp.
6.25
%
09/01/69
3,927,115
491,222
United States Cellular Corp.
5.50
%
03/01/70
10,020,929
477,108
United States Cellular Corp.
5.50
%
06/01/70
9,733,003
 
23,681,047
Total $25 Par Preferred Securities
263,334,791
(Cost $288,648,385)
$1,000 PAR PREFERRED SECURITIES – 3.5%
Banks – 3.5%
7,627
Bank of America Corp., Series L
7.25
%
(c)
9,129,596
First Trust Intermediate Duration Preferred & Income Fund (FPF)
Portfolio of Investments (Continued)
July 31, 2024 (Unaudited)
Shares
Description
Stated
Rate
Stated
Maturity
Value
$1,000 PAR PREFERRED SECURITIES (Continued)
Banks (Continued)
26,803
Wells Fargo & Co., Series L
7.50
%
(c)
$32,237,308
Total $1,000 Par Preferred Securities
41,366,904
(Cost $45,974,536)
$1,000,000 PAR PREFERRED SECURITIES – 1.1%
Mortgage REITs – 1.1%
12
FT Real Estate Securities Co., Inc. (f) (g) (h)
9.50
%
(c)
12,480,000
(Cost $15,990,000)
Par
Amount
Description
Stated
Rate
Stated
Maturity
Value
CAPITAL PREFERRED SECURITIES – 116.9%
Banks – 61.5%
$7,900,000
Banco Bilbao Vizcaya Argentaria S.A. (d) (i)
9.38
%
(c)
8,537,711
11,900,000
Banco Bilbao Vizcaya Argentaria S.A., Series 9 (b) (d) (i)
6.50
%
(c)
11,883,672
3,300,000
Banco de Credito e Inversiones S.A. (d) (i) (j)
8.75
%
(c)
3,475,576
2,000,000
Banco de Credito e Inversiones S.A. (d) (i) (k)
8.75
%
(c)
2,106,410
5,700,000
Banco Mercantil del Norte S.A. (d) (i) (j)
7.50
%
(c)
5,617,703
8,000,000
Banco Mercantil del Norte S.A. (d) (i) (j)
7.63
%
(c)
8,006,448
7,400,000
Banco Mercantil del Norte S.A. (d) (i) (j)
8.38
%
(c)
7,617,449
10,800,000
Banco Santander S.A. (d) (i)
4.75
%
(c)
9,981,480
26,800,000
Banco Santander S.A. (b) (d) (i)
9.63
%
(c)
29,249,815
11,400,000
Banco Santander S.A. (b) (d) (i)
9.63
%
(c)
13,040,004
29,385,000
Bank of America Corp., Series TT (b) (d)
6.13
%
(c)
29,511,679
1,360,000
Bank of America Corp., Series X (b) (d)
6.25
%
(c)
1,362,141
21,040,000
Bank of Montreal (b) (d)
7.70
%
05/26/84
21,708,883
6,100,000
Bank of Montreal (d)
7.30
%
11/26/84
6,174,957
16,920,000
Bank of Nova Scotia (The) (d)
8.63
%
10/27/82
17,965,673
19,466,000
Bank of Nova Scotia (The) (d)
8.00
%
01/27/84
20,436,824
1,300,000
Barclays PLC (d) (i)
4.38
%
(c)
1,130,812
34,000,000
Barclays PLC (b) (d) (i)
8.00
%
(c)
35,004,632
8,700,000
Barclays PLC (d) (i)
9.63
%
(c)
9,523,037
8,550,000
BBVA Bancomer S.A. (a) (d) (i) (j)
5.88
%
09/13/34
8,148,660
9,900,000
BBVA Bancomer S.A. (d) (i) (j)
8.45
%
06/29/38
10,460,102
12,800,000
BNP Paribas S.A. (d) (i) (j)
4.63
%
(c)
10,752,660
17,710,000
BNP Paribas S.A. (b) (d) (i) (j)
7.75
%
(c)
18,285,534
5,100,000
BNP Paribas S.A. (d) (i) (j)
8.00
%
(c)
5,253,382
23,200,000
BNP Paribas S.A. (b) (d) (i) (j)
8.50
%
(c)
24,392,202
4,000,000
BNP Paribas S.A. (b) (d) (i) (j)
9.25
%
(c)
4,301,700
1,200,000
Citigroup, Inc., Series AA (b) (d)
7.63
%
(c)
1,250,978
6,000,000
Citigroup, Inc., Series BB (b) (d)
7.20
%
(c)
6,164,034
8,100,000
Citigroup, Inc., Series DD (b) (d)
7.00
%
(c)
8,236,945
50,000
Citigroup, Inc., Series M, 3 Mo. CME Term SOFR + CSA +
3.42% (e)
9.01
%
(c)
50,058
200,000
Citigroup, Inc., Series P (b) (d)
5.95
%
(c)
198,819
2,314,000
Citigroup, Inc., Series X (b) (d)
3.88
%
(c)
2,198,858
21,800,000
Citigroup, Inc., Series Z (b) (d)
7.38
%
(c)
22,409,240
6,500,000
Citizens Financial Group, Inc., Series F (b) (d)
5.65
%
(c)
6,392,842
607,000
Citizens Financial Group, Inc., Series G (d)
4.00
%
(c)
552,092
4,000,000
CoBank ACB (d)
7.25
%
(c)
4,093,120
18,651,000
CoBank ACB, Series I (b) (d)
6.25
%
(c)
18,480,700
9,395,000
CoBank ACB, Series K (b) (d)
6.45
%
(c)
9,351,466
2,800,000
Commerzbank AG (d) (i) (k)
7.00
%
(c)
2,786,980
2,000,000
Farm Credit Bank of Texas (d)
7.75
%
(c)
2,041,536
First Trust Intermediate Duration Preferred & Income Fund (FPF)
Portfolio of Investments (Continued)
July 31, 2024 (Unaudited)
Par
Amount
Description
Stated
Rate
Stated
Maturity
Value
CAPITAL PREFERRED SECURITIES (Continued)
Banks (Continued)
$3,450,000
Farm Credit Bank of Texas, Series 3 (a) (d) (j)
6.20
%
(c)
$3,294,750
400,000
Farm Credit Bank of Texas, Series 4 (b) (d) (j)
5.70
%
(c)
397,494
4,706,000
Fifth Third Bancorp, Series L (b) (d)
4.50
%
(c)
4,585,307
25,100,000
HSBC Holdings PLC (b) (d) (i)
8.00
%
(c)
26,591,768
200,000
ING Groep N.V. (b) (d) (i)
6.50
%
(c)
199,492
9,815,000
ING Groep N.V. (b) (d) (i) (k)
7.50
%
(c)
9,999,522
7,085,000
ING Groep N.V. (b) (d) (i) (k)
8.00
%
(c)
7,433,910
28,550,000
Intesa Sanpaolo S.p.A. (b) (d) (i) (j)
7.70
%
(c)
28,586,400
30,600,000
JPMorgan Chase & Co., Series NN (b) (d)
6.88
%
(c)
31,694,055
200,000
Lloyds Banking Group PLC (d) (i)
6.75
%
(c)
200,453
200,000
Lloyds Banking Group PLC (b) (d) (i)
7.50
%
(c)
201,204
24,067,000
Lloyds Banking Group PLC (b) (d) (i)
8.00
%
(c)
25,049,415
10,150,000
NatWest Group PLC (b) (d) (i)
8.00
%
(c)
10,268,836
4,500,000
NatWest Group PLC (d) (i)
8.13
%
(c)
4,670,833
9,934,000
PNC Financial Services Group (The), Inc., Series U (b) (d)
6.00
%
(c)
9,818,788
8,636,000
PNC Financial Services Group (The), Inc., Series V (b) (d)
6.20
%
(c)
8,635,172
14,390,000
PNC Financial Services Group (The), Inc., Series W (b) (d)
6.25
%
(c)
14,064,010
16,000,000
Royal Bank of Canada (b) (d)
7.50
%
05/02/84
16,656,608
6,370,000
Societe Generale S.A. (d) (i) (j)
5.38
%
(c)
5,318,426
20,300,000
Societe Generale S.A. (b) (d) (i) (j)
9.38
%
(c)
20,871,709
8,000,000
Societe Generale S.A. (b) (d) (i) (j)
10.00
%
(c)
8,466,520
200,000
Standard Chartered PLC (b) (d) (i) (j)
4.30
%
(c)
171,356
65,000
Standard Chartered PLC (d) (k)
7.01
%
(c)
66,256
8,500,000
Standard Chartered PLC (b) (d) (i) (j)
7.88
%
(c)
8,635,609
5,660,000
Sumitomo Mitsui Financial Group, Inc. (d) (i)
6.60
%
(c)
5,716,028
1,000,000
Swedbank AB (d) (i) (k)
7.63
%
(c)
1,009,375
7,400,000
Swedbank AB (d) (i) (k)
7.75
%
(c)
7,553,226
19,960,000
Toronto-Dominion Bank (The) (a) (d)
8.13
%
10/31/82
20,860,176
17,277,000
Wells Fargo & Co. (b) (d)
6.85
%
(c)
17,528,024
13,000,000
Wells Fargo & Co. (b) (d)
7.63
%
(c)
13,860,227
 
720,541,763
Capital Markets – 7.5%
9,300,000
Ares Finance Co. III LLC (a) (b) (d) (j)
4.13
%
06/30/51
8,733,800
2,572,000
Charles Schwab (The) Corp., Series G (b) (d)
5.38
%
(c)
2,548,331
1,500,000
Charles Schwab (The) Corp., Series H (d)
4.00
%
(c)
1,268,247
660,000
Charles Schwab (The) Corp., Series I (d)
4.00
%
(c)
617,159
2,200,000
Charles Schwab (The) Corp., Series K (b) (d)
5.00
%
(c)
2,080,586
28,250,000
Credit Suisse Group AG, Claim (l) (m)
3,390,000
6,400,000
Credit Suisse Group AG, Claim (l) (m)
768,000
15,730,000
Credit Suisse Group AG, Claim (l) (m)
1,887,600
19,220,000
Credit Suisse Group AG, Claim (l) (m)
2,306,400
20,500,000
Deutsche Bank AG, Series 2020 (b) (d) (i)
6.00
%
(c)
19,695,922
7,900,000
Goldman Sachs Group (The), Inc., Series W (b) (d)
7.50
%
(c)
8,284,288
17,496,000
Goldman Sachs Group (The), Inc., Series X (b) (d)
7.50
%
(c)
18,076,185
8,064,000
State Street Corp., Series I (b) (d)
6.70
%
(c)
8,092,748
10,130,000
State Street Corp., Series J (d)
6.70
%
(c)
10,142,336
 
87,891,602
Construction Materials – 0.7%
7,800,000
Cemex S.A.B. de C.V. (d) (j)
9.13
%
(c)
8,418,041
Electric Utilities – 6.2%
11,170,000
American Electric Power Co., Inc. (a) (d)
6.95
%
12/15/54
11,326,983
8,130,000
American Electric Power Co., Inc. (a) (d)
7.05
%
12/15/54
8,240,219
First Trust Intermediate Duration Preferred & Income Fund (FPF)
Portfolio of Investments (Continued)
July 31, 2024 (Unaudited)
Par
Amount
Description
Stated
Rate
Stated
Maturity
Value
CAPITAL PREFERRED SECURITIES (Continued)
Electric Utilities (Continued)
$7,950,000
American Electric Power Co., Inc. (a) (b) (d)
3.88
%
02/15/62
$7,438,351
25,000
Edison International, Series A (d)
5.38
%
(c)
24,491
6,976,000
Emera, Inc., Series 16-A (a) (d)
6.75
%
06/15/76
6,965,545
13,000,000
Entergy Corp. (b) (d)
7.13
%
12/01/54
13,038,454
7,140,000
EUSHI Finance, Inc. (b) (d) (j)
7.63
%
12/15/54
7,292,337
13,465,000
NextEra Energy Capital Holdings, Inc. (b) (d)
6.75
%
06/15/54
14,030,032
4,335,000
NextEra Energy Capital Holdings, Inc. (b) (d)
6.70
%
09/01/54
4,416,177
 
72,772,589
Financial Services – 3.5%
15,000,000
American AgCredit Corp. (b) (d) (j)
5.25
%
(c)
14,700,000
9,350,000
Capital Farm Credit ACA, Series 1 (b) (d) (j)
5.00
%
(c)
9,116,251
3,800,000
Compeer Financial ACA (b) (d) (j)
4.88
%
(c)
3,705,000
13,150,000
Corebridge Financial, Inc. (a) (b) (d)
6.88
%
12/15/52
13,391,263
 
40,912,514
Food Products – 4.4%
6,000,000
Dairy Farmers of America, Inc. (b) (f)
7.13
%
(c)
6,126,600
7,329,000
Land O’Lakes Capital Trust I (a) (b) (f)
7.45
%
03/15/28
7,152,353
10,000,000
Land O’Lakes, Inc. (a) (b) (j)
7.25
%
(c)
8,299,879
33,000,000
Land O’Lakes, Inc. (b) (j)
8.00
%
(c)
29,328,750
 
50,907,582
Independent Power & Renewable Electricity Producers – 0.9%
10,200,000
AES (The) Corp. (b) (d)
7.60
%
01/15/55
10,383,294
Insurance – 14.1%
3,000,000
Aegon Ltd. (a) (d)
5.50
%
04/11/48
2,932,435
17,585,000
Assurant, Inc. (a) (b) (d)
7.00
%
03/27/48
17,892,027
5,150,000
Assured Guaranty Municipal Holdings, Inc. (a) (d) (j)
6.40
%
12/15/36
4,605,133
11,232,000
AXIS Specialty Finance LLC (a) (b) (d)
4.90
%
01/15/40
10,493,253
4,000,000
CNP Assurances SACA (d) (i) (k)
4.88
%
(c)
3,438,315
8,469,000
Enstar Finance LLC (a) (d)
5.50
%
01/15/42
7,580,840
15,300,000
Fortegra Financial Corp. (a) (b) (d) (f)
8.50
%
10/15/57
14,746,325
22,122,000
Global Atlantic Fin Co. (a) (d) (j)
4.70
%
10/15/51
20,757,478
8,499,000
Global Atlantic Fin Co. (d) (j)
7.95
%
10/15/54
8,646,357
29,237,000
Hartford Financial Services Group (The), Inc., 3 Mo. CME Term
SOFR + CSA + 2.13% (a) (b) (e) (j)
7.71
%
02/12/47
26,348,862
8,183,000
Kuvare US Holdings, Inc. (b) (d) (j)
7.00
%
02/17/51
8,203,458
2,000,000
La Mondiale SAM (d) (k)
5.88
%
01/26/47
1,986,595
9,500,000
Lancashire Holdings Ltd. (b) (d) (k)
5.63
%
09/18/41
8,748,906
11,204,000
Liberty Mutual Group, Inc. (a) (b) (d) (j)
4.13
%
12/15/51
10,489,995
2,465,000
Liberty Mutual Group, Inc. (j)
4.30
%
02/01/61
1,552,559
5,125,000
Lincoln National Corp., Series C (b) (d)
9.25
%
(c)
5,543,687
2,442,000
Nationwide Financial Services Capital Trust (a) (m)
7.90
%
03/01/37
2,451,021
2,910,000
Nationwide Financial Services, Inc. (a) (b)
6.75
%
05/15/37
2,955,623
6,273,000
Prudential Financial, Inc. (a) (d)
6.00
%
09/01/52
6,294,692
 
165,667,561
Multi-Utilities – 6.7%
32,782,000
Algonquin Power & Utilities Corp. (a) (b) (d)
4.75
%
01/18/82
30,000,710
9,200,000
Dominion Energy, Inc., Series A (b) (d)
6.88
%
02/01/55
9,554,011
5,100,000
Dominion Energy, Inc., Series B (d)
7.00
%
06/01/54
5,368,759
5,146,000
NiSource, Inc. (b) (d)
6.95
%
11/30/54
5,231,328
22,353,000
Sempra (b) (d)
4.13
%
04/01/52
20,736,929
First Trust Intermediate Duration Preferred & Income Fund (FPF)
Portfolio of Investments (Continued)
July 31, 2024 (Unaudited)
Par
Amount
Description
Stated
Rate
Stated
Maturity
Value
CAPITAL PREFERRED SECURITIES (Continued)
Multi-Utilities (Continued)
$8,028,000
Sempra (b) (d)
6.88
%
10/01/54
$8,062,371
 
78,954,108
Oil, Gas & Consumable Fuels – 10.8%
27,810,000
Enbridge, Inc. (a) (b) (d)
6.25
%
03/01/78
26,768,640
8,800,000
Enbridge, Inc. (b) (d)
8.50
%
01/15/84
9,646,269
14,890,000
Enbridge, Inc., Series 16-A (a) (b) (d)
6.00
%
01/15/77
14,529,915
15,150,000
Enbridge, Inc., Series 20-A (b) (d)
5.75
%
07/15/80
14,397,878
2,543,000
Energy Transfer, L.P., Series B (b) (d)
6.63
%
(c)
2,502,721
4,476,000
Energy Transfer, L.P., Series F (b) (d)
6.75
%
(c)
4,458,176
20,255,000
Energy Transfer, L.P., Series G (b) (d)
7.13
%
(c)
20,241,077
7,145,000
Energy Transfer, L.P., Series H (b) (d)
6.50
%
(c)
7,116,223
494,000
Enterprise Products Operating LLC (d)
5.38
%
02/15/78
468,003
21,650,000
Transcanada Trust (a) (b) (d)
5.50
%
09/15/79
20,208,134
6,450,000
Transcanada Trust (a) (b) (d)
5.60
%
03/07/82
5,990,506
 
126,327,542
Retail REITs – 0.6%
1,200,000
Scentre Group Trust 2 (a) (d) (j)
4.75
%
09/24/80
1,169,111
6,450,000
Scentre Group Trust 2 (a) (b) (d) (j)
5.13
%
09/24/80
6,112,176
 
7,281,287
Trading Companies & Distributors – 0.0%
54,000
Aircastle Ltd. (b) (d) (j)
5.25
%
(c)
53,046
Total Capital Preferred Securities
1,370,110,929
(Cost $1,406,121,591)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
FOREIGN CORPORATE BONDS AND NOTES – 2.6%
Insurance – 2.6%
29,795,925
Highlands Holdings Bond Issuer Ltd./Highlands Holdings Bond
Co-Issuer, Inc. (7.63% cash or 8.38% PIK) (a) (b) (j) (n)
7.63
%
10/15/25
30,250,074
(Cost $29,953,555)
 
Total Investments – 146.6%
1,717,542,698
(Cost $1,786,688,067)
Shares
Description
Value
REVERSE REPURCHASE AGREEMENT – (8.5)%
(100,000,000
)
Scotia Bank, due 10/25/24, 1 month CME Term SOFR + CSA + 65bps
(100,000,000
)
Outstanding Loan – (41.3)%
(484,000,000
)
Net Other Assets and Liabilities – 3.2%
38,001,378
Net Assets – 100.0%
$1,171,544,076
 
(a)
This security or a portion of this security is segregated as collateral for reverse repurchase agreements. All of these securities are
corporate bonds. The remaining contractual maturity of the agreement is between 30-90 days. At July 31, 2024, securities noted as
such are valued at $197,213,154.
(b)
All or a portion of this security serves as collateral on the outstanding loan. At July 31, 2024, the segregated value of these
securities amounts to $892,911,817.
(c)
Perpetual maturity.
(d)
Fixed-to-floating or fixed-to-variable rate security. The interest rate shown reflects the fixed rate in effect at July 31, 2024. At a
predetermined date, the fixed rate will change to a floating rate or a variable rate.
First Trust Intermediate Duration Preferred & Income Fund (FPF)
Portfolio of Investments (Continued)
July 31, 2024 (Unaudited)
(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. See Restricted Securities table.
(g)
This security is fair valued by the Advisor’s Pricing Committee in accordance with procedures approved by the Fund’s Board of
Trustees, and in accordance with the provisions of the Investment Company Act of 1940 and rules thereunder, as amended. At
July 31, 2024, securities noted as such are valued at $12,480,000 or 1.1% of net assets.
(h)
This security’s value was determined using significant unobservable inputs. (see Valuation Inputs section).
(i)
This security is a contingent convertible capital security which may be subject to conversion into common stock of the issuer
under certain circumstances. At July 31, 2024, securities noted as such amounted to $423,634,288 or 24.1% of managed assets. Of
these securities, 9.4% originated in emerging markets, and 90.6% originated in foreign markets.
(j)
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.
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 July 31, 2024, securities noted as such amounted to $389,835,987 or 33.3% of net assets.
(k)
This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the 1933 Act.
(l)
Claim pending with the administrative court of Switzerland.
(m)
Pursuant to procedures adopted by the Fund’s Board of Trustees, this security has been determined to be illiquid by the
Sub-Advisor.
(n)
The issuer will pay interest in cash and/or in PIK interest.
 
Abbreviations throughout the Portfolio of Investments:
CME
– Chicago Mercantile Exchange
CSA
– Credit Spread Adjustment
LIBOR
– London Interbank Offered Rate
PIK
– Payment-in-kind
REITs
– Real Estate Investment Trusts
SOFR
– Secured Overnight Financing Rate
USD
– United States Dollar
Valuation Inputs
The Fund is subject to fair value accounting standards that define fair value, establish the framework for measuring fair value and provide a three-level hierarchy for fair valuation based upon the inputs to the valuation as of the measurement date. The three levels of the fair value hierarchy are as follows:
•
Level 1 – Level 1 inputs are quoted prices in active markets for identical investments.
•
Level 2 – Level 2 inputs are observable inputs, either directly or indirectly. (Quoted prices for similar investments, valuations based on interest rates and yield curves, or valuations derived from observable market data.)
•
Level 3 – Level 3 inputs are unobservable inputs that may reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the investment.
The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in those investments.
First Trust Intermediate Duration Preferred & Income Fund (FPF)
Portfolio of Investments (Continued)
July 31, 2024 (Unaudited)
A summary of the inputs used to value the Fund’s investments as of July 31, 2024 is as follows: 
ASSETS TABLE
 
Total
Value at
7/31/2024
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
$25 Par Preferred Securities:
Capital Markets
$43,514,862
$36,144,762
$7,370,100
$—
Gas Utilities
4,118,569
—
4,118,569
—
Insurance
104,396,302
81,232,446
23,163,856
—
Other Industry Categories*
111,305,058
111,305,058
—
—
$1,000 Par Preferred Securities*
41,366,904
41,366,904
—
—
$1,000,000 Par Preferred Securities*
12,480,000
—
—
12,480,000
Capital Preferred Securities*
1,370,110,929
—
1,370,110,929
—
Foreign Corporate Bonds and Notes*
30,250,074
—
30,250,074
—
Total Investments
$1,717,542,698
$270,049,170
$1,435,013,528
$12,480,000
 
LIABILITIES TABLE
 
Total
Value at
7/31/2024
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Reverse Repurchase Agreement
$(100,000,000
)
$—
$(100,000,000
)
$—
 
*
See Portfolio of Investments for industry breakout.
Level 3 Investments are fair valued by the Advisor’s Pricing Committee and are footnoted in the Portfolio of Investments. All Level 3 values are based on unobservable and non-quantitative inputs.
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, 2023
$1,000,000 Par Preferred Securities
$12,480,000
Net Realized Gain (Loss)
—
Net Change in Unrealized Appreciation/Depreciation
Purchases
—
Sales
—
Transfers In
—
Transfers Out
—
Ending Balance at July 31, 2024
$1,000,000 Par Preferred Securities
12,480,000
Total Level 3 holdings
$12,480,000
There was no net change in unrealized appreciation (depreciation) from Level 3 investments held as of July 31, 2024.        
First Trust Intermediate Duration Preferred & Income Fund (FPF)
Portfolio of Investments (Continued)
July 31, 2024 (Unaudited)
Restricted Securities 
As of July 31, 2024, the Fund held restricted securities as shown in the following table that the Sub-Advisor deemed illiquid, pursuant to procedures adopted by the Fund’s Board of Trustees. 
Security
Acquisition
Date
Par
Amount/Shares
Current Price
Carrying
Cost
Value
% of
Net
Assets
Dairy Farmers of America, Inc.,
7.13%
9/15/16
$ 6,000,000
$102.11
$6,000,000
$6,126,600
0.52
%
Fortegra Financial Corp., 8.50%,
10/15/57
10/12/17 - 3/12/18
$ 15,300,000
96.38
15,343,870
14,746,325
1.26
FT Real Estate Securities Co.,
Inc., 9.50%
6/15/16
12
1,040,000.00
15,990,000
12,480,000
1.07
Land O’Lakes Capital Trust I,
7.45%, 03/15/28
3/20/15 - 2/25/19
$ 7,329,000
97.59
7,577,508
7,152,353
0.61
 
$44,911,378
$40,505,278
3.46
%
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