First Trust Intermediate Duration Preferred & Income Fund (the Fund) is a diversified, closed-end management investment company. The Fund’s primary investment objective is to seek a high level of current income. The Fund seeks to achieve its objectives by investing, under normal market conditions, at least 80% of its managed assets in preferred securities and other income producing securities issued by United States and non-United States companies, including traditional preferred securities, hybrid preferred securities that have investment and economic characteristics of both preferred securities and debt securities, floating rate and fixed-to-floating rate preferred securities, debt securities, convertible securities and contingent convertible securities. The Fund has investments in various industry sectors, such as banks, insurance, capital markets, oil, gas and consumable fuels, food products, and electric utilities. The Fund’s investment advisor is First Trust Advisors L.P.