FPF First Trust Intermediate Duration Preferred and Income Fund

First Trust Intermediate Duration Preferred & Income Fund (FPF)

Portfolio of Investments

July 31, 2023 (Unaudited)

Shares		Description		Stated Rate		Stated Maturity		Value
$25 PAR PREFERRED SECURITIES – 21.4%
		Automobiles – 0.3%
134,551		Ford Motor Co. (a)		6.50%		08/15/62		$3,241,333
		Banks – 2.5%
93		Atlantic Union Bankshares Corp., Series A		6.88%		(b)		1,986
227,073		Bank of America Corp., Series KK (c)		5.38%		(b)		5,174,994
49,151		Bank of America Corp., Series SS (c)		4.75%		(b)		1,004,155
23,977		Citizens Financial Group, Inc., Series D (c) (d)		6.35%		(b)		569,454
2,028		Citizens Financial Group, Inc., Series E		5.00%		(b)		37,964
40,000		Fifth Third Bancorp, Series A (c)		6.00%		(b)		979,600
77,002		JPMorgan Chase & Co., Series LL (c)		4.63%		(b)		1,607,802
177,126		KeyCorp (c) (d)		6.20%		(b)		3,806,438
267,493		Pinnacle Financial Partners, Inc., Series B (c)		6.75%		(b)		6,288,760
3,364		Wells Fargo & Co., Series AA (c)		4.70%		(b)		62,671
133,769		WesBanco, Inc., Series A (c) (d)		6.75%		(b)		3,115,480
174,262		Wintrust Financial Corp., Series E (c) (d)		6.88%		(b)		4,130,009
								26,779,313
		Capital Markets – 1.4%
29,434		Affiliated Managers Group, Inc.		4.75%		09/30/60		544,529
173,946		Affiliated Managers Group, Inc.		4.20%		09/30/61		2,948,385
476,799		Carlyle Finance LLC		4.63%		05/15/61		8,606,222
182,488		KKR Group Finance Co., IX LLC (c)		4.63%		04/01/61		3,323,106
6,178		Oaktree Capital Group LLC, Series A		6.63%		(b)		139,623
4,751		Oaktree Capital Group LLC, Series B		6.55%		(b)		104,902
								15,666,767
		Consumer Finance – 0.2%
5,099		Capital One Financial Corp., Series I		5.00%		(b)		100,807
90,291		Capital One Financial Corp., Series J (c)		4.80%		(b)		1,685,733
								1,786,540
		Diversified REITs – 0.3%
168,343		Global Net Lease, Inc., Series A (a)		7.25%		(b)		3,720,380
		Diversified Telecommunication Services – 0.5%
172,303		AT&T, Inc., Series C (c)		4.75%		(b)		3,184,159
123,751		Qwest Corp.		6.50%		09/01/56		1,791,915
								4,976,074
		Electric Utilities – 0.4%
120,245		SCE Trust IV, Series J (c) (d)		5.38%		(b)		2,450,593
76,957		SCE Trust V, Series K (c) (d)		5.45%		(b)		1,738,459
								4,189,052
		Financial Services – 1.7%
164,440		Apollo Asset Management, Inc., Series B (c)		6.38%		(b)		4,086,334
468,779		Equitable Holdings, Inc., Series A (c)		5.25%		(b)		9,745,915
204,769		Jackson Financial, Inc. (d)		8.00%		(b)		5,108,987
								18,941,236
		Food Products – 0.4%
156,319		CHS, Inc., Series 3 (c) (d)		6.75%		(b)		3,950,181
		Gas Utilities – 0.3%
281,492		South Jersey Industries, Inc.		5.63%		09/16/79		3,677,693

First Trust Intermediate Duration Preferred & Income Fund (FPF)

Portfolio of Investments (Continued)

July 31, 2023 (Unaudited)

Shares		Description		Stated Rate		Stated Maturity		Value
$25 PAR PREFERRED SECURITIES (Continued)
		Independent Power & Renewable Electricity Producers – 0.7%
245,850		Brookfield BRP Holdings Canada, Inc.		4.63%		(b)		$3,899,181
161,321		Brookfield Renewable Partners L.P., Series 17 (c)		5.25%		(b)		3,332,892
								7,232,073
		Insurance – 8.2%
456,764		Aegon Funding Co., LLC (c)		5.10%		12/15/49		9,692,532
153,735		Allstate (The) Corp., Series J (c)		7.38%		(b)		4,126,247
471,007		American Equity Investment Life Holding Co., Series A (c) (d)		5.95%		(b)		9,905,277
247,889		American Equity Investment Life Holding Co., Series B (c) (d)		6.63%		(b)		5,751,025
193,648		AmTrust Financial Services, Inc.		7.25%		06/15/55		3,020,909
210,480		AmTrust Financial Services, Inc.		7.50%		09/15/55		3,402,409
192,000		Arch Capital Group Ltd., Series G (c)		4.55%		(b)		3,738,240
15,137		Argo Group International Holdings Ltd. (d)		7.00%		(b)		345,578
66,549		Aspen Insurance Holdings Ltd. (c)		5.63%		(b)		1,283,065
346,650		Aspen Insurance Holdings Ltd. (c)		5.63%		(b)		6,347,162
21,147		Aspen Insurance Holdings Ltd. (c) (d)		9.59%		(b)		540,517
43,928		Athene Holding Ltd., Series A (c) (d)		6.35%		(b)		939,620
52,936		Athene Holding Ltd., Series D		4.88%		(b)		886,678
590,886		Athene Holding Ltd., Series E (c) (d)		7.75%		(b)		14,695,335
133,393		CNO Financial Group, Inc.		5.13%		11/25/60		2,167,636
584,250		Delphi Financial Group, Inc., 3 Mo. LIBOR + 3.19% (a) (c) (e)		8.51%		05/15/37		13,131,019
140,885		Lincoln National Corp., Series D (c)		9.00%		(b)		3,832,072
193,528		Phoenix Cos. (The), Inc.		7.45%		01/15/32		3,406,093
418		Prudential Financial, Inc. (a)		5.95%		09/01/62		10,701
2		Reinsurance Group of America, Inc. (d)		7.13%		10/15/52		51
114,588		RenaissanceRe Holdings Ltd., Series G		4.20%		(b)		2,068,313
								89,290,479
		Mortgage Real Estate Investment Trusts – 0.1%
32,703		AGNC Investment Corp., Series F (a) (d)		6.13%		(b)		694,612
		Multi-Utilities – 0.8%
88,144		Algonquin Power & Utilities Corp. (d)		6.88%		10/17/78		2,184,208
46,112		Algonquin Power & Utilities Corp., Series 19-A (c) (d)		6.20%		07/01/79		1,069,799
195,763		Brookfield Infrastructure Finance ULC		5.00%		05/24/81		3,506,115
84,780		Brookfield Infrastructure Partners L.P., Series 13		5.13%		(b)		1,492,967
5,053		Sempra		5.75%		07/01/79		123,041
								8,376,130
		Oil, Gas & Consumable Fuels – 1.6%
1,879		Energy Transfer L.P., Series D (d)		7.63%		(b)		47,200
470,833		Energy Transfer L.P., Series E (c) (d)		7.60%		(b)		11,629,575
228,396		NuStar Energy L.P., Series A, 3 Mo. LIBOR + 6.77% (c) (e)		12.27%		(b)		5,837,802
								17,514,577
		Real Estate Management & Development – 1.6%
307,185		Brookfield Property Partners L.P., Series A		5.75%		(b)		4,154,677
388,145		Brookfield Property Partners L.P., Series A2		6.38%		(b)		5,674,680
398,983		Brookfield Property Preferred L.P.		6.25%		07/26/81		6,483,474
23,528		DigitalBridge Group, Inc., Series I (c)		7.15%		(b)		500,911
1,939		DigitalBridge Group, Inc., Series J		7.13%		(b)		41,204
								16,854,946
		Specialized REITs – 0.0%
17,466		National Storage Affiliates Trust, Series A (c)		6.00%		(b)		412,198

First Trust Intermediate Duration Preferred & Income Fund (FPF)

Portfolio of Investments (Continued)

July 31, 2023 (Unaudited)

Shares		Description		Stated Rate		Stated Maturity		Value
$25 PAR PREFERRED SECURITIES (Continued)
		Wireless Telecommunication Services – 0.4%
75,137		United States Cellular Corp.		6.25%		09/01/69		$1,231,495
253,239		United States Cellular Corp.		5.50%		06/01/70		3,646,642
								4,878,137
		Total $25 Par Preferred Securities						232,181,721
		(Cost $272,641,947)
$100 PAR PREFERRED SECURITIES – 0.7%
		Banks – 0.7%
54,250		CoBank ACB, Series H (c) (d)		6.20%		(b)		5,236,481
28,000		Farm Credit Bank of Texas (d) (f)		6.75%		(b)		2,782,500
		Total $100 Par Preferred Securities						8,018,981
		(Cost $8,265,750)
$1,000 PAR PREFERRED SECURITIES – 4.7%
		Banks – 3.6%
6,977		Bank of America Corp., Series L		7.25%		(b)		8,497,986
26,113		Wells Fargo & Co., Series L		7.50%		(b)		30,786,966
								39,284,952
		Financial Services – 1.1%
12,000		Compeer Financial ACA (d) (f)		6.75%		(b)		12,000,189
		Total $1,000 Par Preferred Securities						51,285,141
		(Cost $56,571,526)
$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%		(b)		12,840,000
		(Cost $15,990,000)
Par Amount		Description		Stated Rate		Stated Maturity		Value
CAPITAL PREFERRED SECURITIES – 118.1%
		Banks – 60.2%
$12,935,000		Australia & New Zealand Banking Group Ltd. (c) (d) (f) (j)		6.75%		(b)		12,902,080
9,100,000		Banco Bilbao Vizcaya Argentaria S.A., Series 9 (c) (d) (j)		6.50%		(b)		8,687,770
5,000,000		Banco Mercantil del Norte S.A. (d) (f) (j)		7.50%		(b)		4,539,700
8,000,000		Banco Mercantil del Norte S.A. (d) (f) (j)		7.63%		(b)		7,368,134
7,400,000		Banco Mercantil del Norte S.A. (d) (f) (j)		8.38%		(b)		7,259,844
10,800,000		Banco Santander S.A. (d) (j)		4.75%		(b)		8,612,437
13,400,000		Banco Santander S.A. (c) (d) (j) (k)		7.50%		(b)		13,020,713
29,385,000		Bank of America Corp., Series TT (c) (d)		6.13%		(b)		29,261,583
1,360,000		Bank of America Corp., Series X (c) (d)		6.25%		(b)		1,350,752
3,800,000		Bank of Nova Scotia (The) (d)		4.90%		(b)		3,608,532
16,920,000		Bank of Nova Scotia (The) (d)		8.63%		10/27/82		17,603,360
1,300,000		Barclays PLC (d) (j)		4.38%		(b)		948,664
28,600,000		Barclays PLC (c) (d) (j)		8.00%		(b)		28,233,348
34,670,000		Barclays PLC (c) (d) (j)		8.00%		(b)		32,329,775
8,550,000		BBVA Bancomer S.A. (a) (d) (f) (j)		5.88%		09/13/34		7,659,394
9,900,000		BBVA Bancomer S.A. (d) (f) (j)		8.45%		06/29/38		10,088,100
10,400,000		BNP Paribas S.A. (d) (f) (j)		4.63%		(b)		7,979,178
17,710,000		BNP Paribas S.A. (c) (d) (f) (j)		7.75%		(b)		17,672,809
4,000,000		BNP Paribas S.A. (c) (d) (f) (j)		9.25%		(b)		4,212,303
6,370,000		Citigroup, Inc. (c) (d)		3.88%		(b)		5,560,373
23,000,000		Citigroup, Inc. (c) (d)		7.38%		(b)		23,460,000

First Trust Intermediate Duration Preferred & Income Fund (FPF)

Portfolio of Investments (Continued)

July 31, 2023 (Unaudited)

Par Amount		Description		Stated Rate		Stated Maturity		Value
CAPITAL PREFERRED SECURITIES (Continued)
		Banks (Continued)
$3,022,000		Citigroup, Inc., 3 Mo. CME Term SOFR + CSA + 4.07% (c) (e)		9.70%		(b)		$3,042,398
9,351,000		Citigroup, Inc., Series M (c) (d)		6.30%		(b)		9,187,358
8,600,000		Citigroup, Inc., Series P (c) (d)		5.95%		(b)		8,357,180
6,500,000		Citizens Financial Group, Inc., Series F (c) (d)		5.65%		(b)		6,194,500
607,000		Citizens Financial Group, Inc., Series G (d)		4.00%		(b)		471,184
25,000,000		CoBank ACB, Series I (c) (d)		6.25%		(b)		24,120,002
9,695,000		CoBank ACB, Series K (c) (d)		6.45%		(b)		9,196,382
2,800,000		Commerzbank AG (d) (j) (k)		7.00%		(b)		2,599,094
5,000,000		Credit Agricole S.A. (c) (d) (f) (j)		6.88%		(b)		4,900,500
10,500,000		Credit Agricole S.A. (c) (d) (f) (j)		8.13%		(b)		10,568,093
8,940,000		Danske Bank A.S. (c) (d) (j) (k)		7.00%		(b)		8,593,280
3,450,000		Farm Credit Bank of Texas, Series 3 (a) (d) (f)		6.20%		(b)		3,053,250
7,500,000		Farm Credit Bank of Texas, Series 4 (c) (d) (f)		5.70%		(b)		7,012,500
4,706,000		Fifth Third Bancorp, Series L (c) (d)		4.50%		(b)		4,328,908
25,100,000		HSBC Holdings PLC (c) (d) (j)		8.00%		(b)		25,315,019
15,092,000		ING Groep N.V. (c) (d) (j)		5.75%		(b)		13,561,444
10,920,000		ING Groep N.V. (c) (d) (j)		6.50%		(b)		10,302,177
3,900,000		ING Groep N.V. (d) (j) (k)		7.50%		(b)		3,670,177
27,200,000		Intesa Sanpaolo S.p.A. (c) (d) (f) (j)		7.70%		(b)		26,248,000
9,600,000		Lloyds Banking Group PLC (c) (d) (j)		6.75%		(b)		8,939,225
9,932,000		Lloyds Banking Group PLC (c) (d) (j)		7.50%		(b)		9,687,871
7,912,000		Lloyds Banking Group PLC (c) (d) (j)		7.50%		(b)		7,498,598
20,067,000		Lloyds Banking Group PLC (c) (d) (j)		8.00%		(b)		18,832,879
3,979,659		M&T Bank Corp. (c) (d)		3.50%		(b)		2,981,242
648,000		M&T Bank Corp., Series F (d)		5.13%		(b)		547,009
5,100,000		NatWest Group PLC (c) (d) (j)		6.00%		(b)		4,785,585
10,150,000		NatWest Group PLC (c) (d) (j)		8.00%		(b)		10,047,130
7,594,000		PNC Financial Services Group (The), Inc., Series U (c) (d)		6.00%		(b)		7,029,274
10,976,000		PNC Financial Services Group (The), Inc., Series V (c) (d)		6.20%		(b)		10,591,840
14,390,000		PNC Financial Services Group (The), Inc., Series W (c) (d)		6.25%		(b)		13,194,509
24,100,000		Societe Generale S.A. (d) (f) (j)		5.38%		(b)		19,282,410
20,300,000		Societe Generale S.A. (c) (d) (f) (j)		9.38%		(b)		20,702,955
18,565,000		Standard Chartered PLC (d) (f) (j)		4.30%		(b)		14,543,821
65,000		Standard Chartered PLC (d) (k)		7.01%		(b)		62,483
9,200,000		Standard Chartered PLC (c) (d) (f) (j)		7.75%		(b)		9,179,761
3,200,000		Svenska Handelsbanken AB (d) (j) (k)		4.75%		(b)		2,537,635
1,000,000		Swedbank AB (d) (j) (k)		7.63%		(b)		940,242
2,779,000		Texas Capital Bancshares, Inc. (c) (d)		4.00%		05/06/31		2,225,875
16,000,000		Toronto-Dominion Bank (The) (a) (d)		8.13%		10/31/82		16,476,800
22,201,000		UniCredit S.p.A. (c) (d) (j) (k)		8.00%		(b)		21,982,986
5,000,000		UniCredit S.p.A. (a) (d) (f)		5.46%		06/30/35		4,367,311
13,000,000		Wells Fargo & Co. (d)		7.63%		(b)		13,398,320
								652,916,056
		Capital Markets – 5.5%
12,296,000		Apollo Management Holdings L.P. (a) (c) (d) (f)		4.95%		01/14/50		10,333,947
9,300,000		Ares Finance Co. III LLC (a) (c) (d) (f)		4.13%		06/30/51		6,965,931
15,772,000		Charles Schwab (The) Corp., Series G (c) (d)		5.38%		(b)		15,459,900
1,500,000		Charles Schwab (The) Corp., Series H (d)		4.00%		(b)		1,176,733
660,000		Charles Schwab (The) Corp., Series I (d)		4.00%		(b)		590,033
2,200,000		Charles Schwab (The) Corp., Series K (c) (d)		5.00%		(b)		1,990,328
19,220,000		Credit Suisse Group AG (d) (g) (h) (i) (j)		5.25%		(b)		0
15,730,000		Credit Suisse Group AG (d) (g) (h) (i) (j)		6.38%		(b)		0
28,250,000		Credit Suisse Group AG (d) (g) (h) (i) (j)		7.50%		(b)		0
6,400,000		Credit Suisse Group AG (d) (g) (h) (i) (j)		9.75%		(b)		0

First Trust Intermediate Duration Preferred & Income Fund (FPF)

Portfolio of Investments (Continued)

July 31, 2023 (Unaudited)

Par Amount		Description		Stated Rate		Stated Maturity		Value
CAPITAL PREFERRED SECURITIES (Continued)
		Capital Markets (Continued)
$18,300,000		Deutsche Bank AG, Series 2020 (c) (d) (j)		6.00%		(b)		$15,320,624
6,850,000		EFG International AG (d) (j) (k)		5.50%		(b)		5,262,855
300,000		Goldman Sachs Group (The), Inc., Series R (c) (d)		4.95%		(b)		283,683
2,000,000		Macquarie Bank Ltd. (d) (f) (j)		6.13%		(b)		1,832,016
								59,216,050
		Construction Materials – 0.7%
7,800,000		Cemex SAB de CV (d) (f)		9.13%		(b)		8,122,094
		Consumer Finance – 0.5%
5,639,000		Ally Financial, Inc., Series B (d)		4.70%		(b)		4,296,213
1,835,000		Ally Financial, Inc., Series C (d)		4.70%		(b)		1,288,686
								5,584,899
		Electric Utilities – 2.1%
7,950,000		American Electric Power Co., Inc. (a) (c) (d)		3.88%		02/15/62		6,454,445
1,377,000		Edison International, Series A (c) (d)		5.38%		(b)		1,225,501
3,739,000		Edison International, Series B (c) (d)		5.00%		(b)		3,239,736
6,976,000		Emera, Inc., Series 16-A (a) (d)		6.75%		06/15/76		6,810,093
5,110,000		Southern California Edison Co., Series E, 3 Mo. LIBOR + 4.20% (c) (e)		9.50%		(b)		5,115,621
								22,845,396
		Financial Services – 4.5%
15,000,000		American AgCredit Corp. (c) (d) (f)		5.25%		(b)		13,331,250
9,350,000		Capital Farm Credit ACA, Series 1 (c) (d) (f)		5.00%		(b)		8,368,250
3,800,000		Compeer Financial ACA (c) (d) (f)		4.88%		(b)		3,429,500
22,150,000		Corebridge Financial, Inc. (a) (c) (d)		6.88%		12/15/52		21,647,308
2,224,000		Voya Financial, Inc., Series A (c) (d)		6.13%		(b)		2,172,776
								48,949,084
		Food Products – 4.7%
6,000,000		Dairy Farmers of America, Inc. (c) (g)		7.13%		(b)		5,385,000
7,329,000		Land O’Lakes Capital Trust I (a) (c) (g)		7.45%		03/15/28		6,925,905
10,000,000		Land O’Lakes, Inc. (a) (c) (f)		7.25%		(b)		7,946,000
33,000,000		Land O’Lakes, Inc. (c) (f)		8.00%		(b)		31,020,000
								51,276,905
		Insurance – 17.5%
3,000,000		Aegon N.V. (a) (d)		5.50%		04/11/48		2,867,280
17,585,000		Assurant, Inc. (a) (c) (d)		7.00%		03/27/48		17,149,661
5,150,000		Assured Guaranty Municipal Holdings, Inc. (a) (d) (f)		6.40%		12/15/66		4,616,967
9,932,000		AXIS Specialty Finance LLC (a) (c) (d)		4.90%		01/15/40		7,991,167
2,000,000		CNP Assurances SACA (d) (k)		4.88%		(b)		1,512,188
8,704,000		Enstar Finance LLC (a) (d)		5.75%		09/01/40		7,622,018
17,149,000		Enstar Finance LLC (a) (d)		5.50%		01/15/42		13,348,795
15,300,000		Fortegra Financial Corp. (a) (c) (d) (g)		8.50%		10/15/57		14,649,750
4,400,000		Global Atlantic Fin Co. (a) (f)		7.95%		06/15/33		4,412,452
25,121,000		Global Atlantic Fin Co. (a) (d) (f)		4.70%		10/15/51		18,127,502
18,939,000		Hartford Financial Services Group (The), Inc., 3 Mo. LIBOR + 2.13% (a) (c) (e) (f)		7.45%		02/12/47		16,220,869
8,183,000		Kuvare US Holdings, Inc. (c) (d) (f)		7.00%		02/17/51		8,510,320
2,000,000		La Mondiale SAM (c) (d) (k)		5.88%		01/26/47		1,917,340
9,500,000		Lancashire Holdings Ltd. (c) (d) (k)		5.63%		09/18/41		7,897,939
11,204,000		Liberty Mutual Group, Inc. (a) (c) (d) (f)		4.13%		12/15/51		8,978,836

First Trust Intermediate Duration Preferred & Income Fund (FPF)

Portfolio of Investments (Continued)

July 31, 2023 (Unaudited)

Par Amount		Description		Stated Rate		Stated Maturity		Value
CAPITAL PREFERRED SECURITIES (Continued)
		Insurance (Continued)
$3,295,000		Liberty Mutual Group, Inc. (f)		4.30%		02/01/61		$2,052,820
4,125,000		Lincoln National Corp., Series C (c) (d)		9.25%		(b)		4,382,958
2,442,000		Nationwide Financial Services Capital Trust (a) (l)		7.90%		03/01/37		2,557,995
2,910,000		Nationwide Financial Services, Inc. (a) (c)		6.75%		05/15/37		2,781,757
16,684,000		Prudential Financial, Inc. (a) (d)		6.00%		09/01/52		16,031,564
14,900,000		QBE Insurance Group Ltd. (c) (d) (f)		5.88%		(b)		14,337,630
9,765,000		QBE Insurance Group Ltd. (c) (d) (k)		6.75%		12/02/44		9,674,939
2,000,000		QBE Insurance Group Ltd. (c) (d) (k)		5.88%		06/17/46		1,922,885
								189,565,632
		Multi-Utilities – 4.1%
28,281,000		Algonquin Power & Utilities Corp. (a) (c) (d)		4.75%		01/18/82		22,846,806
990,000		Dominion Energy, Inc., Series B (c) (d)		4.65%		(b)		906,348
24,890,000		Sempra (c) (d)		4.13%		04/01/52		20,477,169
								44,230,323
		Oil, Gas & Consumable Fuels – 12.8%
9,000,000		Buckeye Partners L.P., 3 Mo. LIBOR + 4.02% (c) (e)		9.63%		01/22/78		7,673,985
27,810,000		Enbridge, Inc. (a) (c) (d)		6.25%		03/01/78		25,786,770
5,000,000		Enbridge, Inc. (a) (c) (d)		7.63%		01/15/83		5,064,505
21,262,000		Enbridge, Inc., Series 16-A (a) (c) (d)		6.00%		01/15/77		20,121,785
15,150,000		Enbridge, Inc., Series 20-A (c) (d)		5.75%		07/15/80		13,866,955
2,543,000		Energy Transfer L.P., Series B (c) (d)		6.63%		(b)		2,024,864
11,509,000		Energy Transfer L.P., Series F (c) (d)		6.75%		(b)		10,497,055
14,694,000		Energy Transfer L.P., Series G (c) (d)		7.13%		(b)		12,942,492
2,000,000		Energy Transfer L.P., Series H (c) (d)		6.50%		(b)		1,816,614
494,000		Enterprise Products Operating LLC (d)		5.38%		02/15/78		415,850
10,399,000		Enterprise Products Operating LLC, 3 Mo. LIBOR + 2.78% (c) (e)		8.27%		06/01/67		9,729,216
4,151,000		Enterprise Products Operating LLC, Series D, 3 Mo. LIBOR + 2.99% (c) (e)		8.30%		08/16/77		4,154,070
990,000		Enterprise Products Operating LLC, Series E (c) (d)		5.25%		08/16/77		881,020
21,650,000		Transcanada Trust (a) (c) (d)		5.50%		09/15/79		18,494,627
6,450,000		Transcanada Trust (a) (c) (d)		5.60%		03/07/82		5,441,462
								138,911,270
		Retail REITs – 0.6%
1,200,000		Scentre Group Trust 2 (a) (d) (f)		4.75%		09/24/80		1,080,178
6,450,000		Scentre Group Trust 2 (a) (c) (d) (f)		5.13%		09/24/80		5,443,833
								6,524,011
		Trading Companies & Distributors – 4.9%
37,945,000		AerCap Holdings N.V. (c) (d)		5.88%		10/10/79		36,736,301
4,863,000		Air Lease Corp., Series B (c) (d)		4.65%		(b)		4,324,729
15,335,000		Aircastle Ltd. (c) (d) (f)		5.25%		(b)		11,654,600
								52,715,630
		Total Capital Preferred Securities						1,280,857,350
		(Cost $1,425,347,145)

First Trust Intermediate Duration Preferred & Income Fund (FPF)

Portfolio of Investments (Continued)

July 31, 2023 (Unaudited)

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. (a) (c) (f) (m)		7.63%		10/15/25		$27,904,480
		(Cost $30,082,694)
CORPORATE BONDS AND NOTES – 0.4%
		Insurance – 0.4%
4,396,000		AmTrust Financial Services, Inc.		6.13%		08/15/23		4,379,707
		(Cost $4,395,897)

    

		Total Investments – 149.1%		1,617,467,380
		(Cost $1,813,294,959)
Shares		Description		Value
REVERSE REPURCHASE AGREEMENT – (9.2)%
(100,000,000)		Scotia Bank, due 10/29/23, 1 month CME Term SOFR + CSA + 65bps		(100,000,000)
		Outstanding Loan – (41.8)%		(453,600,000)
		Net Other Assets and Liabilities – 1.9%		21,010,725
		Net Assets – 100.0%		$1,084,878,105

    

(a)	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 July 31, 2023, securities noted as such are valued at $388,979,486.
(b)	Perpetual maturity.
(c)	All or a portion of this security serves as collateral on the outstanding loan.
(d)	Fixed-to-floating or fixed-to-variable rate security. The interest rate shown reflects the fixed rate in effect at July 31, 2023. At a predetermined date, the fixed rate will change to a floating rate or a variable rate.
(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 July 31, 2023, securities noted as such amounted to $429,012,307 or 39.5% 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 Restricted Securities table.
(h)	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, 2023, securities noted as such are valued at $12,840,000 or 1.2% of net assets.
(i)	This security’s value was determined using significant unobservable inputs.
(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 July 31, 2023, securities noted as such amounted to $448,648,626 or 27.4% of managed assets. Of these securities, 8.2% originated in emerging markets, and 91.8% 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 fiscal year-to-date period (November 1, 2022 to July 31, 2023) this security paid all of its interest in cash.

    

First Trust Intermediate Duration Preferred & Income Fund (FPF)

Portfolio of Investments (Continued)

July 31, 2023 (Unaudited)

Abbreviations throughout the Portfolio of Investments:
CME	Chicago Mercantile Exchange
CSA	Credit Spread Adjustment
LIBOR	London Interbank Offered Rate
SOFR	Secured Overnight Financing Rate

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.

A summary of the inputs used to value the Fund’s investments as of July 31, 2023 is as follows:

ASSETS TABLE
	Total Value at 7/31/2023	Level 1 Quoted Prices	Level 2 Significant Observable Inputs	Level 3 Significant Unobservable Inputs
$25 Par Preferred Securities:
Gas Utilities	$ 3,677,693	$ —	$ 3,677,693	$ —
Insurance	89,290,479	66,330,049	22,960,430	—
Other Industry Categories*	139,213,549	139,213,549	—	—
$100 Par Preferred Securities*	8,018,981	—	8,018,981	—
$1,000 Par Preferred Securities:
Banks	39,284,952	39,284,952	—	—
Financial Services	12,000,189	—	12,000,189	—
$1,000,000 Par Preferred Securities*	12,840,000	—	—	12,840,000
Capital Preferred Securities:
Capital Markets	59,216,050	—	59,216,050	—**
Other Industry Categories*	1,221,641,300	—	1,221,641,300	—
Foreign Corporate Bonds and Notes*	27,904,480	—	27,904,480	—
Corporate Bonds and Notes*	4,379,707	—	4,379,707	—
Total Investments	$ 1,617,467,380	$ 244,828,550	$ 1,359,798,830	$ 12,840,000
LIABILITIES TABLE
	Total Value at 7/31/2023	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.
**	Investments are valued at $0.

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 inputs.

First Trust Intermediate Duration Preferred & Income Fund (FPF)

Portfolio of Investments (Continued)

July 31, 2023 (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, 2022
$1,000,000 Par Preferred Securities	$13,440,000
Capital Preferred Securities	—
Net Realized Gain (Loss)	—
Net Change in Unrealized Appreciation/Depreciation	(600,000)
Purchases	—
Sales	—
Transfers In	—
Capital Preferred Securities	—*
Transfers Out	—
Ending Balance at July 31, 2023
$1,000,000 Par Preferred Securities	12,840,000
Capital Preferred Securities	—*
Total Level 3 Holdings	$12,840,000
* Investments are valued at $0.

There was a net change of $(57,177,516) in unrealized appreciation (depreciation) from Level 3 investments held as of July 31, 2023.

Restricted Securities

As of July 31, 2023 the Fund held restricted securities as shown in the following table that the Sub-Advisor has deemed illiquid.

Security	Acquisition Date	Par Amount/Shares	Current Price	Carrying Cost		Value		% of Net Assets
Credit Suisse Group AG, 5.25%	8/4/20 - 6/7/22	$19,220,000	$—	$19,020,560		$—		—%
Credit Suisse Group AG, 6.38%	8/14/19 - 8/19/22	$15,730,000	—	15,308,000		—		—
Credit Suisse Group AG, 7.50%	7/19/18 - 3/4/21	$28,250,000	—	29,635,528		—		—
Credit Suisse Group AG, 9.75%	6/16/22 - 12/5/22	$6,400,000	—	6,250,500		—		—
Dairy Farmers of America, Inc., 7.13%	9/15/16	$6,000,000	89.75	6,000,000		5,385,000		0.50
Fortegra Financial Corp., 8.50%, 10/15/57	10/12/17 - 3/12/18	$15,300,000	95.75	15,343,635		14,649,750		1.35
FT Real Estate Securities Co., Inc., 9.50%	6/15/16	12	1,070,000.00	15,990,000		12,840,000		1.18
Land O’Lakes Capital Trust I, 7.45%, 03/15/28	3/20/15 - 2/25/19	$7,329,000	94.50	7,636,284		6,925,905		0.64
				$115,184,507		$39,800,655		3.67%