Company: FPF
Filing Date: 2025-03-13
Form Type: DEF 14A
Source: 0001445546-25-002022
Chunk: 17

Company: First Trust Intermediate Duration Preferred & Income Fund
Filing Date: 2025-03-13
Form: DEF 14A
Chunk 17
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 Funds’
and the service providers’ compliance policies and procedures at each quarterly Board meeting and receives an annual report from
the CCO regarding the operations of the Funds’ and the service providers’ compliance programs. In addition, the Independent
Trustees meet privately each quarter with the CCO. The Audit Committee reviews, with the Advisor and the Funds’ independent auditors,
the Funds’ major financial risk exposures and the steps the Advisor has taken to monitor and control these exposures, including
the Funds’ risk assessment and risk management policies and guidelines. The Audit Committee also, as appropriate, reviews in a general
manner the processes other Board committees have in place with respect to risk assessment and risk management. The Nominating and Governance
Committee monitors all matters related to the corporate governance of the Funds. The Valuation Committee monitors each Fund’s valuation
risk and oversees the Advisor’s performance as Valuation Designee.

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Not all risks that
may affect the Funds can be identified nor can controls be developed to eliminate or mitigate their occurrence or effects. It may not
be practical or cost-effective to eliminate or mitigate certain risks, the processes and controls employed to address certain risks may
be limited in their effectiveness, and some risks are simply beyond the reasonable control of the Funds or the Advisor or other service
providers. For instance, as the use of Internet technology has become more prevalent, the Funds and their service providers have become
more susceptible to potential operational risks through breaches in cyber security (generally, intentional and unintentional events that
may cause a Fund or a service provider to lose proprietary information, suffer data corruption or lose operational capacity). There can
be no guarantee that any risk management systems established by the Funds, their service providers, or issuers of the securities in which
the Funds invest to reduce cyber security risks will succeed, and the Funds cannot control such systems put in place by service providers,
issuers or other third parties whose operations may affect the Funds and/or their shareholders. Moreover, it is necessary to bear certain
risks (such as investment related risks) to achieve a Fund’s goals. As a result of the foregoing and other factors, the Funds’
ability to manage risk is subject to substantial limitations.

Board Diversification
and Trustee Qualifications

As described above,
the Nominating and Governance Committee of the Board oversees matters related to the selection and nomination of Trustees. The Nominating
and Governance Committee seeks to establish an effective Board