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

                                    FORM N-Q

       QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT
                               INVESTMENT COMPANY

                  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: January 31, 2014
                                            ------------------

Form N-Q is to be used by management investment companies, other than small
business investment companies registered on Form N-5 (ss.ss. 239.24 and 274.5 of
this chapter), to file reports with the Commission, not later than 60 days after
the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under
the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use
the information provided on Form N-Q in its regulatory, disclosure review,
inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and
the Commission will make this information public. A registrant is not required
to respond to the collection of information contained in Form N-Q 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 the
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. ss. 3507.




ITEM 1. SCHEDULE OF INVESTMENTS. The Schedule(s) of Investments is attached
herewith.


FIRST TRUST INTERMEDIATE DURATION PREFERRED & INCOME FUND (FPF)
PORTFOLIO OF INVESTMENTS
JANUARY 31, 2014 (UNAUDITED)



                                                                           STATED         STATED
     SHARES                            DESCRIPTION                          RATE         MATURITY          VALUE
----------------  -----------------------------------------------------  -----------  ---------------  --------------

$20 PAR PREFERRED SECURITIES - 0.4%

                                                                                           
                  REAL ESTATE INVESTMENT TRUSTS - 0.4%
         315,000  CommonWealth REIT (a) ...............................     7.50%         11/15/19     $    6,552,000
                                                                                                       --------------
                  TOTAL $20 PAR PREFERRED SECURITIES ................................................       6,552,000
                  (Cost $6,625,471)                                                                    --------------

$25 PAR PREFERRED SECURITIES - 25.2%

                  CAPITAL MARKETS - 3.2%
          21,808  Affiliated Managers Group, Inc.......................     6.38%         08/15/42            518,158
         107,000  Apollo Investment Corp...............................     6.88%         07/15/43          2,447,090
         190,424  Ares Capital Corp....................................     7.00%         02/15/22          4,951,024
          44,567  Ares Capital Corp. (a) ..............................     7.75%         10/15/40          1,141,807
          39,835  Deutsche Bank Capital Funding Trust X ...............     7.35%            (b)            1,012,207
         350,000  Deutsche Bank Contingent Capital Trust II (a) .......     6.55%            (b)            8,823,500
         200,000  Goldman Sachs Group, Inc. (a) .......................     6.13%         11/01/60          4,994,000
         200,000  Morgan Stanley (a) (c) ..............................     6.88%            (b)            5,084,000
         221,140  Morgan Stanley Capital Trust VI (a) .................     6.60%         02/01/46          5,508,597
         214,051  Morgan Stanley Capital Trust VII (a) ................     6.60%         10/15/66          5,338,432
         206,006  Raymond James Financial, Inc. (a) ...................     6.90%         03/15/42          5,304,655
                                                                                                       --------------
                                                                                                           45,123,470
                                                                                                       --------------

                  COMMERCIAL BANKS - 5.5%
         190,957  Barclays Bank PLC, Series 5 .........................     8.13%            (b)            4,875,132
         600,000  Fifth Third Bancorp, Series I (a) (c) ...............     6.63%            (b)           15,300,000
          49,809  FNB Corp. (c) .......................................     7.25%            (b)            1,310,475
         173,084  HSBC Holdings PLC, Series 2 .........................     8.00%            (b)            4,650,767
         220,000  PNC Financial Services Group, Inc., .................
                      Series P (a) (c) ................................     6.13%            (b)            5,605,600
         225,000  Regions Financial Corp., Series A ...................     6.38%            (b)            5,244,750
         523,170  Santander Finance Preferred SAU, Series 10 ..........    10.50%            (b)           13,858,773
         200,000  Taylor Capital Group Inc., Series A (a) .............     8.00%            (b)            5,158,000
         165,000  Texas Capital Bancshares Inc., Series A (a) .........     6.50%            (b)            3,837,900
         304,000  Wells Fargo & Co. (a) (c) ...........................     5.85%            (b)            7,341,600
         167,753  Wells Fargo & Co. (a) (c) ...........................     6.63%                           4,413,582
         180,000  Wells Fargo & Co., Series J (a) .....................     8.00%            (b)            5,131,800
          67,992  Zions Bancorporation, Series G (c) ..................     6.30%            (b)            1,647,446
                                                                                                       --------------
                                                                                                           78,375,825
                                                                                                       --------------

                  DIVERSIFIED FINANCIAL SERVICES - 6.1%
         817,473  Citigroup Capital XIII (a) (c) ......................     7.88%         10/30/40         22,178,042
          87,674  Citigroup, Inc., Series J (c) .......................     7.13%            (b)            2,283,908
         200,000  Citigroup, Inc., Series K (a) (c) ...................     6.88%            (b)            5,140,000
         175,060  Countrywide Capital IV (a) ..........................     6.75%         04/01/33          4,408,011
         535,567  Countrywide Capital V (a) ...........................     7.00%         11/01/36         13,448,087
         200,000  ING Groep N.V. (a) ..................................     6.20%            (b)            4,858,000
         279,112  ING Groep N.V. (a) ..................................     6.38%            (b)            6,776,839
         127,000  ING Groep N.V........................................     7.05%            (b)            3,209,290
          62,500  ING Groep N.V........................................     7.20%            (b)            1,587,500


                See Notes to Quarterly Portfolio of Investments           Page 1





FIRST TRUST INTERMEDIATE DURATION PREFERRED & INCOME FUND (FPF)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2014 (UNAUDITED)



                                                                           STATED         STATED
     SHARES                            DESCRIPTION                          RATE         MATURITY          VALUE
----------------  -----------------------------------------------------  -----------  ---------------  --------------

$25 PAR PREFERRED SECURITIES (CONTINUED)

                                                                                           
                  DIVERSIFIED FINANCIAL SERVICES (CONTINUED)
         300,000  ING Groep N.V. (a) ..................................     7.38%           (b)        $    7,617,000
          14,077  KKR Financial Holdings LLC ..........................     8.38%         11/15/41            380,501
         243,087  KKR Financial Holdings LLC, Series A (a) ............     7.38%            (b)            5,972,648
          87,858  RBS Capital Funding Trust V, Series E ...............     5.90%            (b)            1,841,504
          16,500  RBS Capital Funding Trust VI, Series F ..............     6.25%            (b)              358,586
         350,000  RBS Capital Funding Trust VII, Series G (a) .........     6.08%            (b)            7,525,000
                                                                                                       --------------
                                                                                                           87,584,916
                                                                                                       --------------

                  DIVERSIFIED TELECOMMUNICATION SERVICES - 1.9% .......
          83,750  Qwest Corp...........................................     7.38%         06/01/51          2,094,587
         148,899  Qwest Corp...........................................     7.50%         09/15/51          3,737,365
         105,200  Qwest Corp...........................................     7.00%         04/01/52          2,540,580
         350,000  Qwest Corp. (a) .....................................     6.13%         06/01/53          7,192,500
         470,000  Verizon Communications, Inc..........................     5.90%         02/15/54         11,759,400
                                                                                                       --------------
                                                                                                           27,324,432
                                                                                                       --------------

                  ELECTRIC UTILITIES - 0.2%
          59,454  Entergy Texas, Inc...................................     7.88%         06/01/39          1,539,859
          69,149  NextEra Energy Capital Holdings, Inc., ..............     8.75%         03/01/69          1,765,374
                      Series F ........................................
                                                                                                       --------------
                                                                                                            3,305,233
                                                                                                       --------------

                  INSURANCE - 5.0%
          46,000  Arch Capital Group Ltd., Series C ...................     6.75%            (b)            1,143,100
         200,000  Aspen Insurance Holdings Ltd. (a) (c) ...............     5.95%            (b)            4,820,000
         361,470  Aspen Insurance Holdings Ltd. (c) ...................     7.40%            (b)            9,311,467
          56,701  Aviva PLC ...........................................     8.25%         12/01/41          1,561,546
         150,515  Axis Capital Holdings Ltd., Series C ................     6.88%            (b)            3,735,782
         264,683  Endurance Specialty Holdings Ltd., Series B .........     7.50%            (b)            6,802,353
         359,023  Hartford Financial Services Group, Inc. (a) (c) .....     7.88%         04/15/42         10,526,555
         215,000  Maiden Holdings North America Ltd....................     8.25%         06/15/41          5,297,600
         622,473  MetLife, Inc., Series B (a) .........................     6.50%            (b)           15,518,252
         175,000  Montpelier Re Holdings Ltd. (a) .....................     8.88%            (b)            4,651,500
         118,028  PartnerRe Ltd., Series E ............................     7.25%            (b)            3,048,663
         200,000  Reinsurance Group of America, Inc. (a) (c) ..........     6.20%         09/15/42          5,066,000
                                                                                                       --------------
                                                                                                           71,482,818
                                                                                                       --------------

                  MULTI-UTILITIES - 0.7%
         375,463  Integrys Energy Group, Inc. (a) (c) .................     6.00%         08/01/73          9,157,542
                                                                                                       --------------

                  REAL ESTATE INVESTMENT TRUSTS - 2.4%
         245,007  CommonWealth REIT (a) ...............................     5.75%         08/01/42          4,760,486
         178,774  CommonWealth REIT, Series E (a) .....................     7.25%            (b)            4,045,656
          90,000  Digital Realty Trust, Inc., Series E ................     7.00%            (b)            2,090,700
         110,285  DuPont Fabros Technology Inc., Series A (a) .........     7.88%            (b)            2,750,508


Page 2          See Notes to Quarterly Portfolio of Investments





FIRST TRUST INTERMEDIATE DURATION PREFERRED & INCOME FUND (FPF)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2014 (UNAUDITED)



                                                                           STATED         STATED
     SHARES                            DESCRIPTION                          RATE         MATURITY          VALUE
----------------  -----------------------------------------------------  -----------  ---------------  --------------

$25 PAR PREFERRED SECURITIES (CONTINUED)

                                                                                           
                  REAL ESTATE INVESTMENT TRUSTS (CONTINUED)
          62,848  EPR Properties, Series F ............................     6.63%            (b)       $    1,362,545
         150,541  Kilroy Realty Corp., Series G (a) ...................     6.88%            (b)            3,480,508
          30,980  Kilroy Realty Corp., Series H .......................     6.38%            (b)              666,690
         313,699  National Retail Properties, Inc., Series D (a) ......     6.63%            (b)            7,384,474
          25,911  PS Business Parks, Inc., Series S ...................     6.45%            (b)              588,180
          36,923  Regency Centers Corp., Series 6 .....................     6.63%            (b)              871,752
          99,794  Taubman Centers, Inc., Series J .....................     6.50%            (b)            2,256,342
          70,879  Taubman Centers, Inc., Series K .....................     6.25%            (b)            1,544,453
           8,000  Vornado Realty Trust, Series I ......................     6.63%            (b)              192,000
          88,499  Vornado Realty Trust, Series J ......................     6.88%            (b)            2,203,625
                                                                                                       --------------
                                                                                                           34,197,919
                                                                                                       --------------

                  WIRELESS TELECOMMUNICATION SERVICES - 0.2%
          25,000  Telephone & Data Systems, Inc........................     6.63%         03/31/45            590,500
          65,600  Telephone & Data Systems, Inc........................     6.88%         11/15/59          1,596,048
          30,000  United States Cellular Corp..........................     6.95%         05/15/60            742,800
                                                                                                       --------------
                                                                                                            2,929,348
                                                                                                       --------------
                  TOTAL $25 PAR PREFERRED SECURITIES ................................................     359,481,503
                  (Cost $369,560,600)                                                                  --------------

$50 PAR PREFERRED SECURITIES - 0.2%

                  CONSUMER FINANCE - 0.2%
          54,367  SLM Corp., Series A .................................     6.97%            (b)            2,509,037
                                                                                                       --------------
                  TOTAL $50 PAR PREFERRED SECURITIES ................................................       2,509,037
                  (Cost $2,677,798)                                                                    --------------

$100 PAR PREFERRED SECURITIES - 2.9%

                  COMMERCIAL BANKS - 2.8%
          80,000  AgriBank FCB (c) ....................................     6.88%            (b)            7,980,000
         175,000  CoBank ACB, Series F (a) (c) (d) ....................     6.25%            (b)           17,018,750
          50,000  CoBank ACB, Series G (a) ............................     6.13%            (b)            4,231,250
         100,000  Farm Credit Bank of Texas (c) (d) ...................     6.75%            (b)           10,212,500
                                                                                                       --------------
                                                                                                           39,442,500
                                                                                                       --------------

                  INSURANCE - 0.1%
          20,200  Principal Financial Group, Inc., Series A (c) .......     5.56%            (b)            2,043,988
                                                                                                       --------------

                  TOTAL $100 PAR PREFERRED SECURITIES ...............................................      41,486,488
                  (Cost $43,940,434)                                                                   --------------

$1,000 PAR PREFERRED SECURITIES - 4.7%

                  COMMERCIAL BANKS - 1.4%
          10,000  AgStar Financial Services ACA (c) (d) ...............     6.75%            (b)            9,927,500


                See Notes to Quarterly Portfolio of Investments           Page 3





FIRST TRUST INTERMEDIATE DURATION PREFERRED & INCOME FUND (FPF)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2014 (UNAUDITED)



                                                                           STATED         STATED
     SHARES                            DESCRIPTION                          RATE         MATURITY          VALUE
----------------  -----------------------------------------------------  -----------  ---------------  --------------

$1,000 PAR PREFERRED SECURITIES (CONTINUED)

                                                                                           
                  COMMERCIAL BANKS (CONTINUED)
           9,959  Santander Finance Preferred SAU,
                      Series 11 (a) (c) ...............................    10.50%            (b)       $   10,488,072
                                                                                                       --------------
                                                                                                           20,415,572
                                                                                                       --------------

                  DIVERSIFIED FINANCIAL SERVICES - 1.1%
          15,000  Pitney Bowes International Holdings Inc.,
                      Series F (a) (d) ................................     6.13%            (b)           15,905,625
                                                                                                       --------------


                  DIVERSIFIED TELECOMMUNICATION SERVICES - 1.4%
          16,000  Centaur Funding Corp. (a) (d) .......................     9.08%         04/21/20         19,685,000
                                                                                                       --------------



                  REAL ESTATE INVESTMENT TRUSTS - 0.8%
           8,000  Sovereign Real Estate Investment Trust (a) (d) ......    12.00%            (b)           10,752,200
                                                                                                       --------------
                  TOTAL $1,000 PAR PREFERRED SECURITIES .............................................      66,758,397
                  (Cost $66,324,484)                                                                   --------------

       PAR                                                                 STATED         STATED
     AMOUNT                            DESCRIPTION                          RATE         MATURITY          VALUE
----------------  -----------------------------------------------------  -----------  ---------------  --------------

CAPITAL PREFERRED SECURITIES - 100.3%

                  CAPITAL MARKETS - 2.0%
$      2,500,000  Deutsche Bank Capital Trust IV (c) ..................     4.59%            (b)            2,300,000
      26,288,000  Goldman Sachs Capital I (a) .........................     6.35%         02/15/34         26,937,024
                                                                                                       --------------
                                                                                                           29,237,024
                                                                                                       --------------

                  COMMERCIAL BANKS - 36.5%
      31,000,000  Banco Bilbao Vizcaya Argentaria S.A. (c) ............     9.00%            (b)           32,472,500
       9,940,000  Barclays Bank PLC (a) (d) ...........................    10.18%         06/12/21         13,249,473
      10,000,000  Barclays Bank PLC (a) ...............................     7.63%         11/21/22         10,650,000
      21,000,000  Barclays Bank PLC (a) (c) ...........................     7.75%         04/10/23         22,811,250
       6,000,000  Barclays Bank PLC (a) (c) (d) .......................     7.43%            (b)            6,690,000
       3,500,000  Barclays PLC (c) ....................................     8.25%            (b)            3,612,560
      16,750,000  BBVA International Preferred SAU (a) (c) ............     5.92%            (b)           16,289,375
      17,000,000  BNP Paribas S.A. (a) (c) (d) ........................     7.20%            (b)           18,147,500
       7,500,000  BPCE S.A. (a) (c) (d) ...............................    12.50%            (b)            9,993,750
       3,000,000  BPCE S.A.............................................    13.00%            (b)            3,424,500
      20,000,000  Cooperatieve Centrale
                      Raiffeisen-Boerenleenbank BA (c) ................     8.40%            (b)           22,225,800
      25,104,000  Cooperatieve Centrale
                      Raiffeisen-Boerenleenbank BA (a) (c) (d) ........    11.00%            (b)           33,074,520
      13,000,000  Credit Agricole S.A. (a) (c) (d) ....................     7.88%            (b)           13,211,250
       6,000,000  Credit Agricole S.A. (a) (c) (d) ....................     8.38%            (b)            6,810,000
       5,000,000  Dresdner Funding Trust I (d) ........................     8.15%         06/30/31          5,368,750
       4,000,000  HSBC USA Capital Trust II (a) (d) ...................     8.38%         05/15/27          4,067,572
       9,000,000  LBG Capital No.1 PLC (c) (d) ........................     8.00%            (b)            9,650,250
      13,500,000  Lloyds Bank PLC (a) (c) (d) .........................    12.00%            (b)           18,630,000


Page 4          See Notes to Quarterly Portfolio of Investments





FIRST TRUST INTERMEDIATE DURATION PREFERRED & INCOME FUND (FPF)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2014 (UNAUDITED)



       PAR                                                                 STATED         STATED
     AMOUNT                            DESCRIPTION                          RATE         MATURITY          VALUE
----------------  -----------------------------------------------------  -----------  ---------------  --------------

CAPITAL PREFERRED SECURITIES (CONTINUED)

                                                                                           
                  COMMERCIAL BANKS (CONTINUED)
$     22,755,000  Lloyds Banking Group PLC (a) (c) (d) ................     5.92%            (b)       $   22,072,350
      23,500,000  Lloyds Banking Group PLC (a) (c) (d) ................     6.27%            (b)           23,030,000
      21,020,000  M&T Bank Corp. (d) ..................................     6.88%            (b)           20,564,602
      10,000,000  Macquarie PMI LLC ...................................     8.38%            (b)           10,677,000
       9,964,000  Mizuho Capital Investment USD 2, Ltd. (a) (c) (d) ...    14.95%            (b)           10,549,684
       2,000,000  Natixis (c) .........................................    10.00%            (b)            2,340,000
      10,754,000  Natixis (a) (c) (d) .................................    10.00%            (b)           12,582,180
       4,200,000  NIBC Bank N.V........................................     7.63%            (b)            4,116,000
      24,600,000  Royal Bank of Scotland Group PLC, Series U (a) (c) ..     7.64%            (b)           24,354,000
      20,000,000  Royal Bank of Scotland PLC (The) (c) ................     9.50%         03/16/22         23,432,700
      13,980,000  SMFG Preferred Capital USD 3 Ltd. (a) (c) (d) .......     9.50%            (b)           17,438,302
      11,500,000  Societe Generale S.A. (a) (c) (d) ...................     7.88%            (b)           11,675,375
      15,184,000  Standard Chartered Bank (c) .........................     9.50%            (b)           16,017,222
       4,500,000  Standard Chartered PLC (a) (c) (d) ..................     6.41%            (b)            4,795,313
      46,000,000  Wells Fargo & Co., Series K (a) (c) .................     7.98%            (b)           52,095,000
       6,800,000  Zions Bancorporation (a) (c) ........................     5.80%            (b)            6,239,000
       9,000,000  Zions Bancorporation, Series J (a) (c) ..............     7.20%            (b)            9,180,000
                                                                                                       --------------
                                                                                                          521,537,778
                                                                                                       --------------

                  DIVERSIFIED FINANCIAL SERVICES - 17.2%
      25,500,000  Bank of America Corp., Series K (a) (c) .............     8.00%            (b)           28,345,264
      20,000,000  Bank of America Corp., Series M (a) (c) .............     8.13%            (b)           22,355,540
      17,250,000  Citigroup, Inc. (a) (c) .............................     5.95%            (b)           16,473,750
         800,000  Citigroup, Inc., Series E (c) .......................     8.40%            (b)              885,194
      10,000,000  Credit Suisse Group Guernsey I Ltd. (c) .............     7.88%         02/24/41         10,769,000
      47,500,000  General Electric Capital Corp., Series A (a) (c) ....     7.13%            (b)           53,463,625
      20,520,000  Glen Meadow Pass Through Trust (a) (c) (d) ..........     6.51%         02/12/67         20,520,000
      14,530,000  ING US, Inc. (a) (c) ................................     5.65%         05/15/53         13,956,065
      16,500,000  JPMorgan Chase & Co. (a) (c) ........................     6.75%            (b)           16,805,250
      40,009,000  JPMorgan Chase & Co., Series 1 (a) (c) ..............     7.90%            (b)           44,298,085
      15,000,000  JPMorgan Chase & Co., Series R (a) (c) ..............     6.00%            (b)           14,512,500
       3,585,000  ZFS Finance USA Trust II (c) (d) ....................     6.45%         12/15/65          3,862,838
                                                                                                       --------------
                                                                                                          246,247,111
                                                                                                       --------------

                  ELECTRIC UTILITIES - 3.4%
      4,000,000   Electricite de France S.A. (c) (d) ..................     5.63%            (b)            3,901,000
      5,000,000   Enel SpA (c) (d) ....................................     8.75%         09/24/73          5,437,500
      14,975,000  NextEra Energy Capital Holdings, Inc.,
                      Series D (a) (c) ................................     7.30%         09/01/67         16,485,528
      17,500,000  PPL Capital Funding Inc., Series A (a) (c) ..........     6.70%         03/30/67         17,687,407
       4,179,000  Southern California Edison Co., Series E (a) (c) ....     6.25%            (b)            4,335,713
                                                                                                       --------------
                                                                                                           47,847,148
                                                                                                       --------------


                See Notes to Quarterly Portfolio of Investments           Page 5





FIRST TRUST INTERMEDIATE DURATION PREFERRED & INCOME FUND (FPF)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2014 (UNAUDITED)



       PAR                                                                 STATED         STATED
     AMOUNT                            DESCRIPTION                          RATE         MATURITY          VALUE
----------------  -----------------------------------------------------  -----------  ---------------  --------------

CAPITAL PREFERRED SECURITIES (CONTINUED)

                                                                                           
                  ENERGY EQUIPMENT & SERVICES - 0.5%
$      7,000,000  DCP Midstream LLC (a) (c) (d) .......................     5.85%         05/21/43     $    6,510,000
                                                                                                       --------------

                  INSURANCE - 34.9%
       2,500,000  Aegon N.V. (e) ......................................     3.04%            (b)            2,222,375
      23,000,000  American International Group, Inc. (a) (c) ..........     8.18%         05/15/58         28,692,500
       5,000,000  Assured Guaranty Municipal Holdings, Inc.
                      (a) (c) (d) .....................................     6.40%         12/15/66          3,925,000
      26,000,000  Aviva PLC (a) .......................................     8.25%            (b)           28,860,000
      25,055,000  AXA S.A. (a) (c) (d) ................................     6.46%            (b)           25,806,650
      16,105,000  Catlin Insurance Co Ltd. (a) (c) (d) ................     7.25%            (b)           16,749,200
       8,500,000  CHUBB Corp. (a) (c) .................................     6.38%         03/29/67          9,413,750
      15,050,000  Cloverie PLC for Zurich Insurance Co., Ltd. (c) .....     8.25%            (b)           17,439,187
       7,000,000  CNP Assurances (c) ..................................     6.88%            (b)            7,318,500
      10,000,000  CNP Assurances (c) ..................................     7.50%            (b)           10,814,500
      12,500,000  Dai-ichi Life Insurance Co Ltd. (The) (a) (c) (d) ...     7.25%            (b)           14,552,675
      10,000,000  Friends Life Group PLC (c) ..........................     7.88%            (b)           10,940,720
      22,200,000  Genworth Holdings, Inc. (a) (c) .....................     6.15%         11/15/66         19,924,500
      23,782,000  Hartford Financial Services Group, Inc. (a) (c) .....     8.13%         06/15/38         27,765,485
       8,100,000  Liberty Mutual Group, Inc. (a) (c) (d) ..............     7.00%         03/15/37          8,464,500
      23,000,000  Lincoln National Corp. (a) (c) ......................     7.00%         05/17/66         23,575,000
      18,000,000  Lincoln National Corp. (a) (c) ......................     6.05%         04/20/67         17,820,000
       6,000,000  MetLife Capital Trust IV (a) (d) ....................     7.88%         12/15/37          6,945,000
       7,500,000  MetLife Capital Trust X (a) (d) .....................     9.25%         04/08/38          9,675,000
      16,265,000  MetLife, Inc. (a) ...................................    10.75%         08/01/39         24,153,525
      15,000,000  Mitsui Sumitomo Insurance Co., Ltd. (a) (c) (d) .....     7.00%         03/15/72         17,437,500
       3,000,000  Nationwide Financial Services Capital Trust (a) .....     7.90%         03/01/37          3,332,460
      13,000,000  Nationwide Financial Services Inc. (a) ..............     6.75%         05/15/37         12,853,750
       5,000,000  Provident Financing Trust I (a) .....................     7.41%         03/15/38          5,512,500
      23,265,000  Prudential Financial Inc. (a) (c) ...................     8.88%         06/15/38         28,387,953
      19,389,000  Prudential PLC (c) ..................................    11.75%            (b)           21,051,607
      36,520,000  QBE Capital Funding III Ltd. (a) (c) (d) ............     7.25%         05/24/41         37,706,900
       5,500,000  StanCorp Financial Group Inc. (a) (c) ...............     6.90%         06/01/67          5,513,750
       3,000,000  Sumitomo Life Insurance Co. (c) (d) .................     6.50%         09/20/73          3,314,556
       8,000,000  Swiss Re Capital I LP (a) (c) (d) ...................     6.85%            (b)            8,600,000
      40,611,000  XL Group PLC, Series E (a) (c) ......................     6.50%            (b)           40,001,835
                                                                                                       --------------
                                                                                                          498,770,878
                                                                                                       --------------

                  MACHINERY - 0.3%
       4,500,000  Stanley Black & Decker, Inc. (c) ....................     5.75%         12/15/53          4,803,750
                                                                                                       --------------


Page 6          See Notes to Quarterly Portfolio of Investments





FIRST TRUST INTERMEDIATE DURATION PREFERRED & INCOME FUND (FPF)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2014 (UNAUDITED)



       PAR                                                                 STATED         STATED
     AMOUNT                            DESCRIPTION                          RATE         MATURITY          VALUE
----------------  -----------------------------------------------------  -----------  ---------------  --------------

CAPITAL PREFERRED SECURITIES (CONTINUED)

                                                                                           
                  METALS & MINING - 1.1%
$     14,872,000  ArcelorMittal (c) ...................................     8.75%            (b)       $   15,095,675
                                                                                                       --------------

                  MULTI-UTILITIES - 1.5%
       9,000,000  Dominion Resources, Inc. (a) (c) ....................     7.50%         06/30/66          9,814,500
      10,000,000  RWE AG (c) ..........................................     7.00%         10/12/72         10,903,600
                                                                                                       --------------
                                                                                                           20,718,100
                                                                                                       --------------

                  OIL, GAS & CONSUMABLE FUELS - 2.9%
       5,000,000  BG Energy Capital PLC (c) ...........................     6.50%         11/30/72          5,421,400
      21,720,000  Enbridge Energy Partners L.P. (a) (c) ...............     8.05%         10/01/37         24,481,285
      10,000,000  Enterprise Products Operating LLC,
                      Series B (a) (c) ................................     7.03%         01/15/68         11,109,630
                                                                                                       --------------
                                                                                                           41,012,315
                                                                                                       --------------
                  TOTAL CAPITAL PREFERRED SECURITIES ................................................   1,431,779,779
                  (Cost $1,440,087,154)                                                                --------------

    PRINCIPAL                                                              STATED         STATED
      VALUE                            DESCRIPTION                         COUPON        MATURITY          VALUE
----------------  -----------------------------------------------------  -----------  ---------------  --------------

CORPORATE BONDS AND NOTES - 7.4%

                  COMMERCIAL BANKS - 3.8%
       2,560,000  Barclays Bank PLC ...................................    10.18%         06/12/21          3,412,339
       1,010,000  BBVA Global Finance Ltd..............................     7.00%         12/01/25          1,047,650
       7,400,000  BPCE S.A. (a) (d) ...................................     5.15%         07/21/24          7,287,912
       5,000,000  Credit Agricole S.A. (a) (c) (d) ....................     8.13%         09/19/33          5,425,000
      26,000,000  KBC Bank N.V. (c) ...................................     8.00%         01/25/23         28,340,000
       8,500,000  UBS AG (c) ..........................................     7.25%         02/22/22          9,231,255
                                                                                                       --------------
                                                                                                           54,744,156
                                                                                                       --------------

                  DIVERSIFIED FINANCIAL SERVICES - 0.8%
      10,000,000  UBS AG (a) ..........................................     7.63%         08/17/22         11,511,900

                                                                                                       --------------

                  INDEPENDENT POWER PRODUCERS & ENERGY TRADERS - 0.2%
       2,500,000  AES Gener S.A. (c) (d) ..............................     8.38%         12/18/73          2,631,250
                                                                                                       --------------

                  INSURANCE - 2.6%
      26,500,000  Aquarius + Investments PLC for Swiss
                      Reinsurance Co., Ltd. (c) .......................     8.25%            (b)           28,818,750

                                                                                                            8,537,788
       6,800,000  AXA S.A. (a) ........................................     8.60%         12/15/30
                                                                                                       --------------

                                                                                                           37,356,538
                                                                                                       --------------
                  TOTAL CORPORATE BONDS AND NOTES ...................................................     106,243,844
                  (Cost $104,401,135)                                                                  --------------


                See Notes to Quarterly Portfolio of Investments           Page 7





FIRST TRUST INTERMEDIATE DURATION PREFERRED & INCOME FUND (FPF)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2014 (UNAUDITED)



   NUMBER OF
   CONTRACTS                                          DESCRIPTION                                          VALUE
----------------  -----------------------------------------------------------------------------------  --------------

PUT OPTIONS PURCHASED - 0.0%

                                                                                                 
                  10 Year US Treasury Note Futures

             105  @ 123.5 due March 2014 ............................................................  $        8,203
                  (Cost $110,324)                                                                      --------------
                  TOTAL INVESTMENTS - 141.1% ........................................................   2,014,819,251
                  (Cost $ 2,033,727,400)


CALL OPTIONS WRITTEN - (0.0%)

                  10 Year US Treasury Note Futures

             130  @ 122.5 due March 2014                                                                     (426,563)
                  (Premiums received $155,908) (f) ..................................................  --------------

                  OUTSTANDING LOAN - (42.8%)                                                             (611,000,000)

                  NET OTHER ASSETS AND LIABILITIES - 1.7% ...........................................      24,335,969
                                                                                                       --------------
                  NET ASSETS - 100.0% ...............................................................  $1,427,728,657
                                                                                                       ==============



(a)   All or a portion of this security serves as collateral on the outstanding
      loan.

(b)   Perpetual maturity.

(c)   Fixed-to-floating or fixed-to-variable rate security. The interest rate
      shown reflects the fixed rate in effect at January 31, 2014. At a
      predetermined date, the fixed rate will change to a floating rate or a
      variable rate.

(d)   This security, sold within the terms of a private placement memorandum, is
      exempt from registration upon resale under Rule 144A under the Securities
      Act of 1933, as amended, 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 Fund's
      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, 2014, securities noted as such
      amounted to $553,854,927 or 38.79% of net assets.

(e)   Floating rate security. The interest rate shown reflects the rate in
      effect at January 31, 2014.

(f)   Aggregate cost for financial reporting purposes, which approximates the
      aggregate cost for federal income tax purposes. As of January 31, 2014,
      the aggregate gross unrealized appreciation for all securities in which
      there was an excess of value over tax cost was $27,442,732 and the
      aggregate gross unrealized depreciation for all securities in which there
      was an excess of tax cost over value was $46,350,881.


Page 8          See Notes to Quarterly Portfolio of Investments





FIRST TRUST INTERMEDIATE DURATION PREFERRED & INCOME FUND (FPF)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2014 (UNAUDITED)

-----------------------------

VALUATION INPUTS

A summary of the inputs used to value the Fund's investments as of January 31,
2014 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial
Statements):



                                                ASSETS TABLE

                                                                                    LEVEL 2        LEVEL 3
                                                       TOTAL         LEVEL 1      SIGNIFICANT   SIGNIFICANT
                                                     VALUE AT        QUOTED       OBSERVABLE    UNOBSERVABLE
INVESTMENTS                                          1/31/2014       PRICES         INPUTS         INPUTS
------------------------------------------------  --------------  ------------  --------------  ------------
                                                                                     
$20 Par Preferred Securities*                     $    6,552,000  $  6,552,000  $           --  $         --
$25 Par Preferred Securities*                        359,481,503   359,481,503              --            --
$50 Par Preferred Securities*                          2,509,037     2,509,037              --            --
$100 Par Preferred Securities*                        41,486,488            --      41,486,488            --
$1,000 Par Preferred Securities
      Commercial Banks                                20,415,572    10,488,072       9,927,500            --
      Diversified Financial Services                  15,905,625            --      15,905,625            --
      Diversified Telecommunication
  Services                                            19,685,000            --      19,685,000            --
      Real Estate Investment Trusts                   10,752,200            --      10,752,200            --
Capital Preferred Securities*                      1,431,779,779            --   1,431,779,779            --
Corporate Bonds and Notes*                           106,243,844            --     106,243,844            --
Put Options Purchased                                      8,203         8,203              --            --
                                                  --------------  ------------  --------------  ------------
Total Investments                                 $2,014,819,251  $379,038,815  $1,635,780,436  $         --
                                                  ==============  ============  ==============  ============


                                             LIABILITIES TABLE
                                                                                    LEVEL 2         LEVEL 3
                                                     TOTAL          LEVEL 1       SIGNIFICANT     SIGNIFICANT
                                                   VALUE AT         QUOTED        OBSERVABLE     UNOBSERVABLE
                                                   1/31/2014        PRICES          INPUTS          INPUTS
                                                  --------------  ------------  --------------  ------------
Call Options Written                              $     (426,563) $   (426,563) $           --  $         --
Futures Contracts                                     (1,919,844)   (1,919,844)             --            --
                                                  --------------  ------------  --------------  ------------
Total                                             $   (2,346,407) $ (2,346,407) $           --  $         --
                                                  ==============  ============  ==============  ============


* See Portfolio of Investments for industry breakout.


All transfers in and out of the Levels during the period are assumed to be
transferred on the last day of the period at their current value. As of January
31, 2014, the Fund transferred $100 par preferred securities valued at
$7,980,000 from Level 1 to Level 2.

OPEN FUTURES CONTRACTS AT JANUARY 31, 2014 (see Note 2C - Futures Contracts in
the Notes to Quarterly Portfolio of Investments):



                                                                                                 UNREALIZED
                                                    NUMBER OF      EXPIRATION      NOTIONAL     APPRECIATION/
SHORT FUTURES CONTRACTS                             CONTRACTS        MONTH          VALUE      (DEPRECIATION)
------------------------------------------------  --------------  ------------  --------------  ------------
                                                                                     
U.S. Treasury Long Bond Futures                        220         March-2014   $   28,331,875  $ (1,058,750)
Ultra Long Term U.S. Treasury Bond Futures             165         March-2014       22,867,969      (861,094)
                                                  --------------                --------------  ------------
Total Futures Contracts                                385                      $   51,199,844  $ (1,919,844)
                                                  ==============                ==============  ============




                See Notes to Quarterly Portfolio of Investments           Page 9





NOTES TO QUARTERLY PORTFOLIO OF INVESTMENTS

        FIRST TRUST INTERMEDIATE DURATION PREFERRED & INCOME FUND (FPF)
                          JANUARY 31, 2014 (UNAUDITED)


                                1. ORGANIZATION

First Trust Intermediate Duration Preferred & Income Fund (the "Fund") is a
non-diversified, closed-end management investment company organized as a
Massachusetts business trust on February 4, 2013, and is registered with the
Securities and Exchange Commission under the Investment Company Act of 1940, as
amended (the "1940 Act"). The Fund trades under the ticker symbol FPF on the New
York Stock Exchange ("NYSE").

                     2. VALUATION AND INVESTMENT PRACTICES

A. PORTFOLIO VALUATION:

The net asset value ("NAV") of the Common Shares of the Fund, is determined
daily as of the close of regular trading on the NYSE, normally 4:00 p.m. Eastern
time, on each day the NYSE is open for trading. If the NYSE closes early on a
valuation day, the NAV is determined as of that time. Domestic debt securities
and foreign securities are priced using data reflecting the earlier closing of
the principal markets for those securities. The NAV per Common Share is
calculated by dividing the value of all assets of the Fund (including accrued
interest and dividends), less all liabilities (including accrued expenses,
dividends declared but unpaid and any borrowings of the Fund), by the total
number of shares outstanding.

The Fund's investments are valued daily at market value, or in the absence of
market value with respect to any portfolio securities, at fair value in
accordance with valuation procedures adopted by the Fund's Board of Trustees,
and in accordance with provisions of the 1940 Act. Market quotations and prices
used to value the Fund's investments are primarily obtained from third party
pricing services. The Fund's investments are valued as follows:

      Preferred stocks and other equity securities listed on any national or
      foreign exchange (excluding the NASDAQ(R) Stock Market LLC ("NASDAQ") and
      the London Stock Exchange Alternative Investment Market ("AIM")), are
      valued at the last sale price on the exchange on which they are
      principally traded or, for NASDAQ and AIM securities, the official closing
      price. Securities traded on one or more than one securities exchange are
      valued at the last sales price or official closing price, as applicable,
      at the close of the securities exchange representing the principal market
      for such securities.

      Corporate bonds, notes and other debt securities are valued on the basis
      of valuations provided by dealers who make markets in such securities or
      by an independent pricing service approved by the Fund's Board of
      Trustees, which may use the following valuation inputs when available:

      1)    benchmark yields;

      2)    reported trades;

      3)    broker/dealer quotes;

      4)    issuer spreads;

      5)    benchmark securities;

      6)    bids and offers; and

      7)    reference data including market research publications.

      Securities traded in an over-the-counter market are valued at the mean of
      the most recent bid and the asked prices, if available, and otherwise at
      their closing bid price.

      Debt securities having a remaining maturity of sixty days or less when
      purchased are valued at cost adjusted for amortization of premiums and
      accretion of discounts.

      Exchange-traded options and futures contracts are valued at the closing
      price in the market where such contracts are principally traded. If no
      closing price is available, exchange-traded options and futures contracts
      are valued at the mean of the most recent bid and asked prices, if
      available, and otherwise at their closing bid price. Over-the-counter
      options and futures contracts are valued at the mean of the most recent
      bid and asked prices, if available, and otherwise at their closing bid
      price.

Certain securities may not be able to be priced by pre-established pricing
methods. Such securities may be valued by the Board of Trustees or its delegate
at fair value. These securities generally include, but are not limited to,
restricted securities (securities which may not be publicly sold without
registration under the Securities Act of 1933, as amended) for which a pricing
service is unable to provide a market price; securities whose trading has been
formally suspended; a security whose market price is not available from a
pre-established pricing source; a security with respect to which an event has
occurred that is likely to materially affect the value of the security after the
market has closed but before the calculation of the Fund's NAV or make it
difficult or impossible to obtain a reliable market quotation; and a security
whose price, as provided by the pricing service, does not reflect the security's
"fair value". As a general principle, the current "fair value" of a security
would appear to be the amount which the owner might reasonably expect to receive
for the security upon its current sale. The use of fair value prices by the Fund
generally results in prices used by the Fund that may differ from current market
quotations or official closing prices on the applicable exchange. A variety of

Page 10





NOTES TO QUARTERLY PORTFOLIO OF INVESTMENTS (CONTINUED)

        FIRST TRUST INTERMEDIATE DURATION PREFERRED & INCOME FUND (FPF)
                          JANUARY 31, 2014 (UNAUDITED)


factors may be considered in determining the fair value of such securities,
including but not limited to, the following;

      1)    the type of security;

      2)    the size of the holding;

      3)    the initial cost of the security;

      4)    transactions in comparable securities;

      5)    price quotes from dealers and/or pricing services;

      6)    relationships among various securities;

      7)    information obtained by contacting the issuer, analysts, or the
            appropriate stock exchange;

      8)    an analysis of the issuer's financial statements; and

      9)    the existence of merger proposals or tender offers that might affect
            the value of the security.

If the securities in question are foreign securities, the following additional
information may be considered:

      1)    the value of similar foreign securities traded on other foreign
            markets;

      2)    ADR trading of similar securities;

      3)    closed-end fund trading of similar securities;

      4)    foreign currency exchange activity;

      5)    the trading prices of financial products that are tied to baskets of
            foreign securities;

      6)    factors relating to the event that precipitated the pricing problem;

      7)    whether the event is likely to recur; and

      8)    whether the effects of the event are isolated or whether they affect
            entire markets, countries or regions.


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:

      o     Level 1 - Level 1 inputs are quoted prices in active markets for
            identical investments. An active market is a market in which
            transactions for the investment occur with sufficient frequency and
            volume to provide pricing information on an ongoing basis.

      o     Level 2 - Level 2 inputs are observable inputs, either directly or
            indirectly, and include the following:

            o     Quoted prices for similar investments in active markets.

            o     Quoted prices for identical or similar investments in markets
                  that are non-active. A non-active market is a market where
                  there are few transactions for the investment, the prices are
                  not current, or price quotations vary substantially either
                  over time or among market makers, or in which little
                  information is released publicly.

            o     Inputs other than quoted prices that are observable for the
                  investment (for example, interest rates and yield curves
                  observable at commonly quoted intervals, volatilities,
                  prepayment speeds, loss severities, credit risks, and default
                  rates).

            o     Inputs that are derived principally from or corroborated by
                  observable market data by correlation or other means.

      o     Level 3 - Level 3 inputs are unobservable inputs. Unobservable
            inputs may reflect the reporting entity's own assumptions about the
            assumptions that market participants would use in pricing the
            investment.

The inputs or methodology 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 January 31, 2014, is
included with the Fund's Portfolio of Investments.

B. SECURITIES TRANSACTIONS:

Securities transactions are recorded as of the trade date. Realized gains and
losses from securities transactions are recorded on the identified cost basis.
Realized gains and losses from securities transactions are recorded on the
identified cost basis.

C. FUTURES CONTRACTS:

The Fund purchases or sells (i.e. is long or short) futures contracts to hedge
against changes in interest rates (interest rate risk). Futures contracts are
agreements between the Fund and a counterparty to buy or sell a specific
quantity of an underlying instrument at a specified price and at a specified
date. Depending on the terms of the contract, futures contracts are settled
either through physical delivery of the underlying instrument on the settlement
date or by payment of a cash settlement amount on the settlement date. Open
futures contracts can also be closed out prior to settlement by entering into an
offsetting transaction in a matching futures contract. If the Fund is not able
to enter into an offsetting transaction, the Fund will continue to be required
to maintain margin deposits on the futures contract. When the contract is closed

                                                                         Page 11





NOTES TO QUARTERLY PORTFOLIO OF INVESTMENTS (CONTINUED)

        FIRST TRUST INTERMEDIATE DURATION PREFERRED & INCOME FUND (FPF)
                          JANUARY 31, 2014 (UNAUDITED)


or expires, the Fund records a realized gain or loss equal to the difference
between the value of the contract at the time it was opened and the value at the
time it was closed or expired.

Upon entering into a futures contract, the Fund must deposit funds, called
margin, with its custodian in the name of the clearing broker equal to a
specified percentage of the current value of the contract. Open futures contacts
are marked to market daily. Pursuant to the contract, the Fund agrees to receive
from or pay to the broker an amount of cash equal to the daily fluctuation in
value of the contract. Such receipts or payments are known as variation margin.

If market conditions change unexpectedly, the Fund may not achieve the
anticipated benefits of the futures contract and may realize a loss. The use of
futures contracts involves the risk of imperfect correlation in movements in the
price of the futures contracts, interest rates and the underlying instruments.

For the fiscal year to date period (November 1, 2013 to January 31, 2014), the
amount of notional values of futures contracts opened and closed were $
51,199,844 and $0, respectively.

D. OPTION CONTRACTS:

The Fund may purchase or write put and call options on futures contracts and
enter into closing transactions with respect to such options to terminate an
existing position. A futures option gives the holder the right, in return for
the premium paid, to assume a long position (call) or short position (put) in a
futures contract at a specified exercise price prior to the expiration of the
option. Upon exercise of a call option, the holder acquires a long position in
the futures contract and the writer is assigned the opposite short position. In
the case of a put option, the opposite is true. Prior to exercise or expiration,
a futures option may be closed out by an offsetting purchase or sale of a
futures option of the same series.

The Fund may use options on futures contracts in connection with hedging
strategies. Generally, these strategies would be applied under the same market
and market sector conditions in which the Fund uses put and call options on
securities or indices. The purchase of put options on futures contracts is
analogous to the purchase of puts on securities or indices so as to hedge a
Fund's securities holdings against the risk of declining market prices. The
writing of a call option or the purchasing of a put option on a futures contract
constitutes a partial hedge against declining prices of securities which are
deliverable upon exercise of the futures contract. If the price at expiration of
a written call option is below the exercise price, a Fund will retain the full
amount of the option premium, which provides a partial hedge against any decline
that may have occurred in a Fund's holdings of securities. If the price when the
option is exercised is above the exercise price, however, a Fund will incur a
loss, which may be offset, in whole or in part, by the increase in the value of
the securities held by a Fund that were being hedged. Writing a put option or
purchasing a call option on a futures contract serves as a partial hedge against
an increase in the value of the securities a Fund intends to acquire.

As with investments in futures contracts, the Fund is required to deposit and
maintain margin with respect to put and call options on futures contracts
written by them. Such margin deposits will vary depending on the nature of the
underlying Futures Contract (and the related initial margin requirements), the
current market value of the option, and other Futures positions held by a Fund.
A Fund will earmark or set aside in a segregated account at such Fund's
custodian, liquid assets, such as cash, U.S. government securities or other
high-grade liquid debt obligations equal in value to the amount due on the
underlying obligation. Such segregated assets will be marked-to-market daily,
and additional assets will be earmarked or placed in the segregated account
whenever the total value of the earmarked or segregated assets falls below the
amount due on the underlying obligation.

The risks associated with the use of options on futures contracts include the
risk that the Fund may close out its position as a writer of an option only if a
liquid secondary market exists for such options, which cannot be assured. A
Fund's successful use of options on futures contracts depends on its
Sub-Advisor's ability to correctly predict the movement in prices of futures
contracts and the underlying instruments, which may prove to be incorrect. In
addition, there may be imperfect correlation between the instruments being
hedged and the futures contract subject to the option. Certain characteristics
of the futures market might increase the risk that movements in the prices of
futures contracts or options on futures contracts might not correlate perfectly
with movements in the prices of the investments being hedged. For example, all
participants in the futures and options on futures contracts markets are subject
to daily variation margin calls and might be compelled to liquidate Futures or
options on Futures Contracts positions whose prices are moving unfavorably to
avoid being subject to further calls. These liquidations could increase the
price volatility of the instruments and distort the normal price relationship
between the futures or options and the investments being hedged. Also, because
of initial margin deposit requirements, there might be increased participation
by speculators in the futures markets. This participation also might cause
temporary price distortions. In addition, activities of large traders in both
the futures and securities markets involving arbitrage, "program trading," and
other investment strategies might result in temporary price distortions.

Over-the-counter options have the risk of the potential inability of
counterparties to meet the terms of their contracts. The Fund's maximum equity
price risk for purchased options is limited to the premium initially paid. In
addition, certain risks may arise upon entering into option contracts including
the risk that an illiquid secondary market will limit the Fund's ability to

Page 12





NOTES TO QUARTERLY PORTFOLIO OF INVESTMENTS (CONTINUED)

        FIRST TRUST INTERMEDIATE DURATION PREFERRED & INCOME FUND (FPF)
                          JANUARY 31, 2014 (UNAUDITED)


close out an option contract prior to the expiration date and that a change in
the value of the option contract may not correlate exactly with changes in the
value of the securities hedged.

At January 31, 2014, the Fund held 105 put options contracts with a notional
value of $12,968.

                           3. WRITTEN OPTION ACTIVITY

Written option activity for the Fund for the fiscal year to date period
(November 1, 2013 through January 31, 2014) was as follows:


                                                      Number
                                                        of
Written Options                                     Contracts       Premiums
------------------------------------------------------------------------------

Options outstanding at October 31, 2013....               --      $         --
Options Written............................              130           155,908
Options Expired............................               --                --
Options Exercised..........................               --                --
Options Closed.............................               --                --
                                                  --------------  ------------
Options outstanding at January 31, 2014                  130      $    155,908
                                                  ==============  ============


                                                                         Page 13




ITEM 2. CONTROLS AND PROCEDURES.

   (a) The registrant's principal executive and principal financial officers, or
       persons performing similar functions, have concluded that the
       registrant's disclosure controls and procedures (as defined in Rule
       30a-3(c) under the Investment Company Act of 1940, as amended (the "1940
       Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days
       of the filing date of the report that includes the disclosure required by
       this paragraph, based on their evaluation of these controls and
       procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR
       270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities
       Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

   (b) There were no changes in the registrant's internal control over financial
       reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR
       270.30a-3(d)) that occurred during the registrant's last fiscal quarter
       that have materially affected, or are reasonably likely to materially
       affect, the registrant's internal control over financial reporting.

ITEM 3. EXHIBITS.

Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of
the Sarbanes-Oxley Act of 2002 are attached hereto.


                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)     First Trust Intermediate Duration Preferred & Income Fund
                 ---------------------------------------------------------

By (Signature and Title)*               /s/ Mark R. Bradley
                                        ----------------------------------------
                                        Mark R. Bradley, President and
                                        Chief Executive Officer
                                        (principal executive officer)

Date: March 20, 2014
     -----------------

Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.

By (Signature and Title)*               /s/ Mark R. Bradley
                                        ----------------------------------------
                                        Mark R. Bradley, President and
                                        Chief Executive Officer
                                        (principal executive officer)

Date: March 20, 2014
     -----------------

By (Signature and Title)*               /s/ James M. Dykas
                                        ----------------------------------------
                                        James M. Dykas, Treasurer,
                                        Chief Financial Officer and
                                        Chief Accounting Officer
                                        (principal financial officer)

Date: March 20, 2014
     -----------------

* Print the name and title of each signing officer under his or her signature.