NPORT-EX 2 edgar.htm FPF 1.31.24 FPF NPORT PART F EDGAR HTML
First Trust Intermediate Duration Preferred & Income Fund (FPF)
Portfolio of Investments
January 31, 2024 (Unaudited)
 
Shares
Description
Stated
Rate
Stated
Maturity
Value
$25 PAR PREFERRED SECURITIES – 20.0%
Automobiles – 0.3%
134,551
Ford Motor Co. (a)
6.50
%
08/15/62
$3,343,592
Banks – 2.2%
227,073
Bank of America Corp., Series KK (b)
5.38
%
(c)
5,431,586
49,151
Bank of America Corp., Series SS (b)
4.75
%
(c)
1,053,306
6,751
JPMorgan Chase & Co., Series LL
4.63
%
(c)
143,796
127,924
KeyCorp (b) (d)
6.20
%
(c)
2,859,101
237,037
Pinnacle Financial Partners, Inc., Series B (b)
6.75
%
(c)
5,731,555
89,691
US Bancorp, Series K (b)
5.50
%
(c)
2,192,945
1,289
Wells Fargo & Co., Series AA
4.70
%
(c)
26,657
25,769
Wells Fargo & Co., Series Z
4.75
%
(c)
535,480
116,805
WesBanco, Inc., Series A (b) (d)
6.75
%
(c)
2,857,050
162,031
Wintrust Financial Corp., Series E (b) (d)
6.88
%
(c)
3,981,102
 
24,812,578
Capital Markets – 1.5%
29,434
Affiliated Managers Group, Inc.
4.75
%
09/30/60
563,956
173,946
Affiliated Managers Group, Inc.
4.20
%
09/30/61
2,965,779
472,118
Carlyle Finance LLC
4.63
%
05/15/61
9,437,639
187,198
KKR Group Finance Co., IX LLC
4.63
%
04/01/61
3,706,520
6,533
Oaktree Capital Group LLC, Series A
6.63
%
(c)
150,259
12,862
Oaktree Capital Group LLC, Series B
6.55
%
(c)
292,096
 
17,116,249
Consumer Finance – 0.1%
5,099
Capital One Financial Corp., Series I
5.00
%
(c)
103,612
90,291
Capital One Financial Corp., Series J (b)
4.80
%
(c)
1,750,742
 
1,854,354
Diversified REITs – 0.3%
168,343
Global Net Lease, Inc., Series A (a)
7.25
%
(c)
3,504,901
Diversified Telecommunication Services – 0.4%
234,029
AT&T, Inc., Series C (b)
4.75
%
(c)
4,933,331
Electric Utilities – 1.2%
84,770
SCE Trust IV, Series J (b) (d)
5.38
%
(c)
1,935,299
65,945
SCE Trust V, Series K (b) (d)
5.45
%
(c)
1,591,253
38,321
SCE Trust VI
5.00
%
(c)
765,653
383,132
SCE Trust VII, Series M (b)
7.50
%
(c)
10,076,372
 
14,368,577
Financial Services – 1.2%
468,779
Equitable Holdings, Inc., Series A (b)
5.25
%
(c)
10,444,396
18,343
Jackson Financial, Inc. (b) (d)
8.00
%
(c)
495,628
104,512
Voya Financial, Inc., Series B (b) (d)
5.35
%
(c)
2,499,927
 
13,439,951
Food Products – 0.1%
45,964
CHS, Inc., Series 3 (b) (d)
6.75
%
(c)
1,144,504
Gas Utilities – 0.3%
281,492
South Jersey Industries, Inc.
5.63
%
09/16/79
3,438,425
Independent Power & Renewable Electricity Producers – 0.6%
245,850
Brookfield BRP Holdings Canada, Inc.
4.63
%
(c)
3,820,509
First Trust Intermediate Duration Preferred & Income Fund (FPF)
Portfolio of Investments (Continued)
January 31, 2024 (Unaudited)
Shares
Description
Stated
Rate
Stated
Maturity
Value
$25 PAR PREFERRED SECURITIES (Continued)
Independent Power & Renewable Electricity
Producers (Continued)
161,321
Brookfield Renewable Partners, L.P., Series 17 (b)
5.25
%
(c)
$2,823,117
 
6,643,626
Insurance – 8.6%
441,475
AEGON Funding Co., LLC (b)
5.10
%
12/15/49
9,805,160
548,077
American Equity Investment Life Holding Co., Series A (b) (d)
5.95
%
(c)
12,677,021
259,357
American Equity Investment Life Holding Co., Series B (b) (d)
6.63
%
(c)
6,533,203
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
3,283,488
192,000
Arch Capital Group Ltd., Series G (b)
4.55
%
(c)
3,903,360
14,128
Argo Group International Holdings, Inc. (d)
7.00
%
(c)
335,681
66,549
Aspen Insurance Holdings Ltd. (b)
5.63
%
(c)
1,442,117
346,650
Aspen Insurance Holdings Ltd. (b)
5.63
%
(c)
7,238,052
85,647
Athene Holding Ltd., Series A (b) (d)
6.35
%
(c)
2,036,686
52,936
Athene Holding Ltd., Series D
4.88
%
(c)
973,493
566,049
Athene Holding Ltd., Series E (b) (d)
7.75
%
(c)
14,745,576
133,393
CNO Financial Group, Inc.
5.13
%
11/25/60
2,301,029
584,250
Delphi Financial Group, Inc., 3 Mo. CME Term SOFR + CSA +
3.19% (a) (b) (e)
8.83
%
05/15/37
14,141,771
415,053
F&G Annuities & Life, Inc.
7.95
%
12/15/53
10,911,743
193,528
Phoenix Cos. (The), Inc.
7.45
%
01/15/32
3,398,836
114,588
RenaissanceRe Holdings Ltd., Series G
4.20
%
(c)
2,095,815
 
98,843,940
Mortgage Real Estate Investment Trusts – 0.1%
32,675
AGNC Investment Corp., Series F (d)
6.13
%
(c)
754,466
Multi-Utilities – 0.7%
112,073
Algonquin Power & Utilities Corp., Series 19-A (a) (b) (d)
6.20
%
07/01/79
2,776,048
195,763
Brookfield Infrastructure Finance ULC
5.00
%
05/24/81
3,455,217
84,780
Brookfield Infrastructure Partners, L.P., Series 13
5.13
%
(c)
1,475,172
5,032
Sempra
5.75
%
07/01/79
124,441
 
7,830,878
Oil, Gas & Consumable Fuels – 0.4%
33,968
Energy Transfer, L.P., Series E (b) (d)
7.60
%
(c)
849,879
129,998
NuStar Energy, L.P., Series A, 3 Mo. CME Term SOFR + CSA +
6.77% (e)
12.41
%
(c)
3,356,549
 
4,206,428
Real Estate Management & Development – 1.2%
299,946
Brookfield Property Partners, L.P., Series A
5.75
%
(c)
3,476,374
354,838
Brookfield Property Partners, L.P., Series A2
6.38
%
(c)
4,506,443
383,981
Brookfield Property Preferred, L.P.
6.25
%
07/26/81
4,987,913
23,528
DigitalBridge Group, Inc., Series I (b)
7.15
%
(c)
539,968
1,939
DigitalBridge Group, Inc., Series J
7.13
%
(c)
44,500
 
13,555,198
Specialized REITs – 0.0%
17,466
National Storage Affiliates Trust, Series A (b)
6.00
%
(c)
407,482
Wireless Telecommunication Services – 0.8%
142,257
United States Cellular Corp.
6.25
%
09/01/69
2,967,481
34,300
United States Cellular Corp.
5.50
%
03/01/70
634,893
First Trust Intermediate Duration Preferred & Income Fund (FPF)
Portfolio of Investments (Continued)
January 31, 2024 (Unaudited)
Shares
Description
Stated
Rate
Stated
Maturity
Value
$25 PAR PREFERRED SECURITIES (Continued)
Wireless Telecommunication Services (Continued)
289,505
United States Cellular Corp.
5.50
%
06/01/70
$5,312,417
 
8,914,791
Total $25 Par Preferred Securities
229,113,271
(Cost $259,991,012)
$1,000 PAR PREFERRED SECURITIES – 3.6%
Banks – 3.6%
7,627
Bank of America Corp., Series L
7.25
%
(c)
9,288,542
26,113
Wells Fargo & Co., Series L
7.50
%
(c)
31,596,730
Total $1,000 Par Preferred Securities
40,885,272
(Cost $45,150,078)
$1,000,000 PAR PREFERRED SECURITIES – 1.1%
Mortgage Real Estate Investment Trusts – 1.1%
12
FT Real Estate Securities Co., Inc. (f) (g) (h)
9.50
%
(c)
12,660,000
(Cost $15,990,000)
Par
Amount
Description
Stated
Rate
Stated
Maturity
Value
CAPITAL PREFERRED SECURITIES – 119.8%
Banks – 62.5%
$7,900,000
Banco Bilbao Vizcaya Argentaria S.A. (d) (i)
9.38
%
(c)
8,396,270
18,100,000
Banco Bilbao Vizcaya Argentaria S.A., Series 9 (b) (d) (i)
6.50
%
(c)
17,737,497
5,700,000
Banco Mercantil del Norte S.A. (d) (i) (j)
7.50
%
(c)
5,436,458
8,000,000
Banco Mercantil del Norte S.A. (d) (i) (j)
7.63
%
(c)
7,815,000
7,400,000
Banco Mercantil del Norte S.A. (d) (i) (j)
8.38
%
(c)
7,314,440
10,800,000
Banco Santander S.A. (d) (i)
4.75
%
(c)
9,318,859
9,800,000
Banco Santander S.A. (d) (i) (k)
7.50
%
(c)
9,804,900
26,800,000
Banco Santander S.A. (b) (d) (i)
9.63
%
(c)
28,420,435
11,400,000
Banco Santander S.A. (b) (d) (i)
9.63
%
(c)
12,255,000
29,385,000
Bank of America Corp., Series TT (b) (d)
6.13
%
(c)
29,335,063
1,360,000
Bank of America Corp., Series X (b) (d)
6.25
%
(c)
1,358,146
16,920,000
Bank of Nova Scotia (The) (d)
8.63
%
10/27/82
17,548,646
19,466,000
Bank of Nova Scotia (The) (d)
8.00
%
01/27/84
19,823,045
1,300,000
Barclays PLC (d) (i)
4.38
%
(c)
1,017,729
12,000,000
Barclays PLC (b) (d) (i)
8.00
%
(c)
11,977,714
34,670,000
Barclays PLC (b) (d) (i)
8.00
%
(c)
33,623,358
8,700,000
Barclays PLC (d)
9.63
%
(c)
8,982,254
8,550,000
BBVA Bancomer S.A. (a) (d) (i) (j)
5.88
%
09/13/34
7,964,771
9,900,000
BBVA Bancomer S.A. (d) (i) (j)
8.45
%
06/29/38
10,340,144
12,800,000
BNP Paribas S.A. (d) (i) (j)
4.63
%
(c)
10,426,902
17,710,000
BNP Paribas S.A. (b) (d) (i) (j)
7.75
%
(c)
17,932,137
23,200,000
BNP Paribas S.A. (b) (d) (i) (j)
8.50
%
(c)
24,080,626
4,000,000
BNP Paribas S.A. (b) (d) (i) (j)
9.25
%
(c)
4,270,340
2,314,000
Citigroup, Inc. (b) (d)
3.88
%
(c)
2,137,956
21,800,000
Citigroup, Inc. (b) (d)
7.38
%
(c)
22,219,955
6,200,000
Citigroup, Inc. (b) (d)
7.63
%
(c)
6,354,079
9,351,000
Citigroup, Inc., Series M (b) (d)
6.30
%
(c)
9,325,105
8,600,000
Citigroup, Inc., Series P (b) (d)
5.95
%
(c)
8,497,313
6,500,000
Citizens Financial Group, Inc., Series F (b) (d)
5.65
%
(c)
6,357,671
607,000
Citizens Financial Group, Inc., Series G (d)
4.00
%
(c)
538,713
25,000,000
CoBank ACB, Series I (b) (d)
6.25
%
(c)
24,430,771
9,695,000
CoBank ACB, Series K (b) (d)
6.45
%
(c)
9,539,880
2,800,000
Commerzbank AG (d) (i) (k)
7.00
%
(c)
2,706,178
First Trust Intermediate Duration Preferred & Income Fund (FPF)
Portfolio of Investments (Continued)
January 31, 2024 (Unaudited)
Par
Amount
Description
Stated
Rate
Stated
Maturity
Value
CAPITAL PREFERRED SECURITIES (Continued)
Banks (Continued)
$4,940,000
Danske Bank A.S. (b) (d) (i) (k)
7.00
%
(c)
$4,912,459
3,450,000
Farm Credit Bank of Texas, Series 3 (a) (d) (j)
6.20
%
(c)
3,191,250
7,500,000
Farm Credit Bank of Texas, Series 4 (b) (d) (j)
5.70
%
(c)
7,200,000
4,706,000
Fifth Third Bancorp, Series L (b) (d)
4.50
%
(c)
4,458,592
25,100,000
HSBC Holdings PLC (b) (d) (i)
8.00
%
(c)
26,186,604
10,920,000
ING Groep N.V. (b) (d) (i)
6.50
%
(c)
10,687,266
12,900,000
ING Groep N.V. (d) (i) (k)
7.50
%
(c)
12,823,245
28,550,000
Intesa Sanpaolo S.p.A. (b) (d) (i) (j)
7.70
%
(c)
28,169,269
4,600,000
Lloyds Banking Group PLC (b) (d) (i)
6.75
%
(c)
4,483,264
17,912,000
Lloyds Banking Group PLC (b) (d) (i)
7.50
%
(c)
17,526,874
26,067,000
Lloyds Banking Group PLC (b) (d) (i)
8.00
%
(c)
25,621,455
648,000
M&T Bank Corp., Series F (d)
5.13
%
(c)
593,452
10,150,000
NatWest Group PLC (b) (d) (i)
8.00
%
(c)
10,196,588
9,934,000
PNC Financial Services Group (The), Inc., Series U (b) (d)
6.00
%
(c)
9,520,449
8,636,000
PNC Financial Services Group (The), Inc., Series V (b) (d)
6.20
%
(c)
8,480,408
14,390,000
PNC Financial Services Group (The), Inc., Series W (b) (d)
6.25
%
(c)
13,704,909
24,100,000
Societe Generale S.A. (d) (i) (j)
5.38
%
(c)
19,750,955
20,300,000
Societe Generale S.A. (b) (d) (i) (j)
9.38
%
(c)
21,116,669
8,000,000
Societe Generale S.A. (b) (d) (i) (j)
10.00
%
(c)
8,555,176
18,565,000
Standard Chartered PLC (d) (i) (j)
4.30
%
(c)
14,953,046
65,000
Standard Chartered PLC (d) (k)
7.01
%
(c)
66,769
5,300,000
Standard Chartered PLC (b) (d) (i) (j)
7.75
%
(c)
5,401,521
2,200,000
Svenska Handelsbanken AB (d) (i) (k)
4.75
%
(c)
1,865,123
1,000,000
Swedbank AB (d) (i) (k)
7.63
%
(c)
1,003,402
2,779,000
Texas Capital Bancshares, Inc. (b) (d)
4.00
%
05/06/31
2,562,138
22,000,000
Toronto-Dominion Bank (The) (a) (b) (d)
8.13
%
10/31/82
22,904,838
15,601,000
UniCredit S.p.A. (b) (d) (i) (k)
8.00
%
(c)
15,596,538
5,000,000
UniCredit S.p.A. (a) (d) (j)
5.46
%
06/30/35
4,692,045
13,000,000
Wells Fargo & Co. (b) (d)
7.63
%
(c)
13,650,364
 
717,162,023
Capital Markets – 7.0%
12,296,000
Apollo Management Holdings, L.P. (a) (b) (d) (j)
4.95
%
01/14/50
11,631,216
9,300,000
Ares Finance Co. III LLC (a) (b) (d) (j)
4.13
%
06/30/51
8,329,809
15,772,000
Charles Schwab (The) Corp., Series G (b) (d)
5.38
%
(c)
15,588,455
1,500,000
Charles Schwab (The) Corp., Series H (d)
4.00
%
(c)
1,247,104
660,000
Charles Schwab (The) Corp., Series I (d)
4.00
%
(c)
600,614
2,200,000
Charles Schwab (The) Corp., Series K (b) (d)
5.00
%
(c)
2,050,306
28,250,000
Credit Suisse Group AG, Claim (l) (m)
3,248,750
6,400,000
Credit Suisse Group AG, Claim (l) (m)
736,000
15,730,000
Credit Suisse Group AG, Claim (l) (m)
1,808,950
19,220,000
Credit Suisse Group AG, Claim (l) (m)
2,210,300
20,500,000
Deutsche Bank AG, Series 2020 (b) (d) (i)
6.00
%
(c)
18,663,815
7,900,000
Goldman Sachs Group (The), Inc., Series W (b) (d)
7.50
%
(c)
8,317,666
2,000,000
Macquarie Bank Ltd. (d) (i) (j)
6.13
%
(c)
1,905,225
4,064,000
State Street Corp., Series I (d)
6.70
%
(c)
4,063,994
 
80,402,204
Construction Materials – 0.7%
7,800,000
Cemex SAB de CV (d) (j)
9.13
%
(c)
8,314,574
Consumer Finance – 0.4%
4,604,000
Ally Financial, Inc., Series B (d)
4.70
%
(c)
3,745,755
1,835,000
Ally Financial, Inc., Series C (d)
4.70
%
(c)
1,399,188
 
5,144,943
First Trust Intermediate Duration Preferred & Income Fund (FPF)
Portfolio of Investments (Continued)
January 31, 2024 (Unaudited)
Par
Amount
Description
Stated
Rate
Stated
Maturity
Value
CAPITAL PREFERRED SECURITIES (Continued)
Electric Utilities – 1.8%
$7,950,000
American Electric Power Co., Inc. (a) (b) (d)
3.88
%
02/15/62
$7,029,823
1,377,000
Edison International, Series A (b) (d)
5.38
%
(c)
1,328,301
6,976,000
Emera, Inc., Series 16-A (a) (d)
6.75
%
06/15/76
6,861,934
5,110,000
Southern California Edison Co., Series E, 3 Mo. CME Term SOFR
+ CSA + 4.20% (b) (e)
9.77
%
(c)
5,141,994
 
20,362,052
Financial Services – 4.3%
15,000,000
American AgCredit Corp. (b) (d) (j)
5.25
%
(c)
14,100,000
9,350,000
Capital Farm Credit ACA, Series 1 (b) (d) (j)
5.00
%
(c)
8,882,500
3,800,000
Compeer Financial ACA (b) (d) (j)
4.88
%
(c)
3,629,000
22,150,000
Corebridge Financial, Inc. (a) (b) (d)
6.88
%
12/15/52
22,237,836
 
48,849,336
Food Products – 4.4%
6,000,000
Dairy Farmers of America, Inc. (b) (f)
7.13
%
(c)
5,625,000
7,329,000
Land O’Lakes Capital Trust I (a) (b)
7.45
%
03/15/28
7,110,156
10,000,000
Land O’Lakes, Inc. (a) (b) (j)
7.25
%
(c)
7,900,000
33,000,000
Land O’Lakes, Inc. (b) (j)
8.00
%
(c)
29,370,000
 
50,005,156
Insurance – 18.2%
3,000,000
Aegon N.V. (a) (d)
5.50
%
04/11/48
2,905,514
17,585,000
Assurant, Inc. (a) (b) (d)
7.00
%
03/27/48
17,937,941
5,150,000
Assured Guaranty Municipal Holdings, Inc. (a) (d) (j)
6.40
%
12/15/66
4,683,977
11,232,000
AXIS Specialty Finance LLC (a) (b) (d)
4.90
%
01/15/40
9,695,957
4,000,000
CNP Assurances SACA (d) (k)
4.88
%
(c)
3,262,980
8,704,000
Enstar Finance LLC (a) (b) (d)
5.75
%
09/01/40
8,360,005
17,149,000
Enstar Finance LLC (a) (b) (d)
5.50
%
01/15/42
15,171,274
15,300,000
Fortegra Financial Corp. (a) (b) (d) (f)
8.50
%
10/15/57
14,496,750
26,121,000
Global Atlantic Fin Co. (a) (b) (d) (j)
4.70
%
10/15/51
23,276,448
29,237,000
Hartford Financial Services Group (The), Inc., 3 Mo. CME Term
SOFR + CSA + 2.13% (a) (b) (e) (j)
7.77
%
02/12/47
25,315,251
8,183,000
Kuvare US Holdings, Inc. (b) (d) (j)
7.00
%
02/17/51
8,326,203
2,000,000
La Mondiale SAM (b) (d) (k)
5.88
%
01/26/47
1,964,120
9,500,000
Lancashire Holdings Ltd. (b) (d) (k)
5.63
%
09/18/41
8,266,976
11,204,000
Liberty Mutual Group, Inc. (a) (b) (d) (j)
4.13
%
12/15/51
9,838,384
2,465,000
Liberty Mutual Group, Inc. (j)
4.30
%
02/01/61
1,605,607
5,125,000
Lincoln National Corp., Series C (b) (d)
9.25
%
(c)
5,601,036
2,442,000
Nationwide Financial Services Capital Trust (a) (m)
7.90
%
03/01/37
2,496,945
2,910,000
Nationwide Financial Services, Inc. (a) (b)
6.75
%
05/15/37
2,853,989
16,684,000
Prudential Financial, Inc. (a) (d)
6.00
%
09/01/52
16,633,455
14,500,000
QBE Insurance Group Ltd. (b) (d) (j)
5.88
%
(c)
14,311,881
9,765,000
QBE Insurance Group Ltd. (b) (d) (k)
6.75
%
12/02/44
9,764,912
2,000,000
QBE Insurance Group Ltd. (b) (d) (k)
5.88
%
06/17/46
1,969,950
 
208,739,555
Multi-Utilities – 4.0%
28,281,000
Algonquin Power & Utilities Corp. (a) (b) (d)
4.75
%
01/18/82
24,491,994
24,890,000
Sempra (b) (d)
4.13
%
04/01/52
22,037,606
 
46,529,600
Oil, Gas & Consumable Fuels – 11.2%
27,810,000
Enbridge, Inc. (a) (b) (d)
6.25
%
03/01/78
26,585,921
8,800,000
Enbridge, Inc. (b) (d)
8.50
%
01/15/84
9,430,036
First Trust Intermediate Duration Preferred & Income Fund (FPF)
Portfolio of Investments (Continued)
January 31, 2024 (Unaudited)
Par
Amount
Description
Stated
Rate
Stated
Maturity
Value
CAPITAL PREFERRED SECURITIES (Continued)
Oil, Gas & Consumable Fuels (Continued)
$15,490,000
Enbridge, Inc., Series 16-A (a) (b) (d)
6.00
%
01/15/77
$14,934,772
15,150,000
Enbridge, Inc., Series 20-A (b) (d)
5.75
%
07/15/80
14,195,886
4,090,000
Energy Transfer, L.P. (d)
8.00
%
05/15/54
4,235,093
2,543,000
Energy Transfer, L.P., Series B (b) (d)
6.63
%
(c)
2,302,555
11,909,000
Energy Transfer, L.P., Series F (b) (d)
6.75
%
(c)
11,678,618
18,200,000
Energy Transfer, L.P., Series G (b) (d)
7.13
%
(c)
17,638,544
2,000,000
Energy Transfer, L.P., Series H (b) (d)
6.50
%
(c)
1,937,557
494,000
Enterprise Products Operating LLC (d)
5.38
%
02/15/78
461,532
21,650,000
Transcanada Trust (a) (b) (d)
5.50
%
09/15/79
19,364,693
6,450,000
Transcanada Trust (a) (b) (d)
5.60
%
03/07/82
5,670,517
 
128,435,724
Retail REITs – 0.6%
1,200,000
Scentre Group Trust 2 (a) (d) (j)
4.75
%
09/24/80
1,144,332
6,450,000
Scentre Group Trust 2 (a) (b) (d) (j)
5.13
%
09/24/80
5,918,896
 
7,063,228
Trading Companies & Distributors – 4.7%
35,945,000
AerCap Holdings N.V. (b) (d)
5.88
%
10/10/79
35,724,197
4,863,000
Air Lease Corp., Series B (b) (d)
4.65
%
(c)
4,507,931
15,335,000
Aircastle Ltd. (b) (d) (j)
5.25
%
(c)
13,514,047
 
53,746,175
Total Capital Preferred Securities
1,374,754,570
(Cost $1,451,329,586)
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) (b) (j) (n)
7.63
%
10/15/25
30,086,055
(Cost $30,017,353)
 
Total Investments – 147.1%
1,687,499,168
(Cost $1,802,478,029)
Shares
Description
Value
REVERSE REPURCHASE AGREEMENT – (8.7)%
(100,000,000
)
Scotia Bank, due 4/28/24, 1 month CME Term SOFR + CSA + 65bps
(100,000,000
)
Outstanding Loan – (40.3)%
(462,200,000
)
Net Other Assets and Liabilities – 1.9%
22,172,769
Net Assets – 100.0%
$1,147,471,937
 
(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 January 31, 2024, securities
noted as such are valued at $211,000,481.
(b)
All or a portion of this security serves as collateral on the outstanding loan. At January 31, 2024, the segregated value of these
securities amounts to $865,960,950.
(c)
Perpetual maturity.
(d)
Fixed-to-floating or fixed-to-variable rate security. The interest rate shown reflects the fixed rate in effect at January 31, 2024. At a
predetermined date, the fixed rate will change to a floating rate or a variable rate.
(e)
Floating or variable rate security.
First Trust Intermediate Duration Preferred & Income Fund (FPF)
Portfolio of Investments (Continued)
January 31, 2024 (Unaudited)
(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
January 31, 2024, securities noted as such are valued at $12,660,000 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 January 31, 2024, securities noted as such amounted to $480,257,252 or 28.1% of managed
assets. Of these securities, 8.1% originated in emerging markets, and 91.9% 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 January 31, 2024, securities noted as such amounted to $440,694,154 or 38.4% 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)
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. There were no interest distributions received during the fiscal year-to-date period (November 01, 2023 to January 31,
2024).
 
Abbreviations throughout the Portfolio of Investments:
CME
– Chicago Mercantile Exchange
CSA
– Credit Spread Adjustment
REITs
– Real Estate Investment Trusts
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.
First Trust Intermediate Duration Preferred & Income Fund (FPF)
Portfolio of Investments (Continued)
January 31, 2024 (Unaudited)
A summary of the inputs used to value the Fund’s investments as of January 31, 2024 is as follows: 
ASSETS TABLE
 
Total
Value at
1/31/2024
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
$25 Par Preferred Securities:
Gas Utilities
$3,438,425
$—
$3,438,425
$—
Insurance
98,843,940
74,998,936
23,845,004
—
Other Industry Categories*
126,830,906
126,830,906
—
—
$1,000 Par Preferred Securities*
40,885,272
40,885,272
—
—
$1,000,000 Par Preferred Securities*
12,660,000
—
—
12,660,000
Capital Preferred Securities*
1,374,754,570
—
1,374,754,570
—
Foreign Corporate Bonds and Notes*
30,086,055
—
30,086,055
—
Total Investments
$1,687,499,168
$242,715,114
$1,432,124,054
$12,660,000
 
LIABILITIES TABLE
 
Total
Value at
1/31/2024
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 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
180,000
Purchases
—
Sales
—
Transfers In
—
Transfers Out
—
Ending Balance at January 31, 2024
$1,000,000 Par Preferred Securities
12,660,000
Total Level 3 holdings
$12,660,000
 
There was a net change of $180,000 in unrealized appreciation (depreciation) from Level 3 investments held as of January 31, 2024.         
First Trust Intermediate Duration Preferred & Income Fund (FPF)
Portfolio of Investments (Continued)
January 31, 2024 (Unaudited)
Restricted Securities
As of January 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
$93.75
$6,000,000
$5,625,000
0.49
%
Fortegra Financial Corp., 8.50%,
10/15/57
10/12/17 - 3/12/18
$15,300,000
94.75
15,343,518
14,496,750
1.26
FT Real Estate Securities Co., Inc.,
9.50%
6/15/16
12
1,055,000.00
15,990,000
12,660,000
1.10
Land O’Lakes Capital Trust I,
7.45%, 03/15/28
3/20/15 - 2/25/19
$7,329,000
97.01
7,606,833
7,110,156
0.62
 
$44,940,351
$39,891,906
3.47
%