Company: FPF
Filing Date: 2025-03-13
Form Type: DEF 14A
Source: 0001445546-25-002022
Chunk: 16

Company: First Trust Intermediate Duration Preferred & Income Fund
Filing Date: 2025-03-13
Form: DEF 14A
Chunk 16
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 and audit process, and for evaluating and appointing independent auditors (subject also to Board approval). The Audit
Committee operates under a written charter adopted and approved by the Board, a copy of which is available on the Funds’ website
at (go to News & Literature on the applicable Fund’s webpage). Dr. Erickson, Mr. Kadlec,
Ms. Keefe, Mr. Keith, Mr. Nielson and Ms. Wright, all of whom are “independent directors” within the meaning of the listing
rules of the primary national securities exchange on which the Funds’ shares are listed for trading, serve on the Audit Committee.
Mr. Kadlec and Mr. Keith have each been determined to qualify as an “Audit Committee Financial Expert” as such term is defined
in Form N-CSR. The number of meetings of the Audit Committee held for each Fund during its last fiscal year is shown in Schedule 1
hereto.

In carrying out its
responsibilities, as described below under “Independent Auditors’ Fees —Pre-Approval ,”
the Audit Committee pre-approves all audit services and permitted non-audit services for each Fund (including the fees and terms thereof)
and non-audit services to be performed for the Advisor by Deloitte & Touche LLP (“Deloitte & Touche”), the
Funds’ independent registered public accounting firm (“independent auditors”), if the engagement relates directly
to the operations and financial reporting of the Funds.

During each Fund’s
last fiscal year, each Trustee attended at least 75% of the aggregate number of meetings of the Board and of each committee on which the
Trustee served that were held during the period for which the Trustee served as a Trustee.

Risk Oversight

As part of the general
oversight of each Fund, the Board is involved in the risk oversight of the Funds. The Board has adopted and periodically reviews policies
and procedures designed to address the Funds’ risks. Oversight of investment and compliance risk, including oversight of sub-advisors,
is performed primarily at the Board level in conjunction with the Advisor’s advisory oversight group and the Funds’ Chief
Compliance Officer (“CCO”). Oversight of other risks also occurs at the committee level. The Advisor’s advisory
oversight group reports to the Board at quarterly meetings regarding, among other things, Fund performance and the various drivers of
such performance as well as information related to sub-advisors and their operations and processes. The Board reviews reports on the