Company: FPF
Filing Date: 2025-03-13
Form Type: DEF 14A
Source: 0001445546-25-002022
Chunk: 23

Company: First Trust Intermediate Duration Preferred & Income Fund
Filing Date: 2025-03-13
Form: DEF 14A
Chunk 23
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Under the Qualification
Requirements described above, Trustees are required to agree to maintain an investment in the investment companies advised by the Advisor
consistent with any applicable policy of the Board. In this regard, the Independent Trustees have adopted a policy that establishes the
expectation that, within three years of becoming an Independent Trustee, the Independent Trustee will have invested an amount in the funds
in the First Trust Fund Complex he or she oversees in the aggregate of at least one year’s annual retainer for Board service, with
investments allocated among the funds in the First Trust Fund Complex depending on what is suitable for the Trustee’s personal investment
needs.

As of December 31,
2024, the Independent Trustees and their immediate family members did not own, beneficially or of record, any class of securities of First
Trust Advisors or any sub-advisor or principal underwriter of any Fund or any person, other than a registered investment company, directly
or indirectly controlling, controlled by, or under common control with First Trust Advisors or any sub-advisor or principal underwriter
of any Fund, nor, since the beginning of the most recently completed fiscal year of any Fund, did any Independent Trustee purchase or
sell securities of First Trust Advisors, or any sub-advisor to any fund in the First Trust Fund Complex, their parents or any subsidiaries
of any of the foregoing.

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As of December 31,
2024, the Trustees and executive officers of each Fund as a group beneficially owned the following number of Shares of each Fund, which
is less than 1% of each Fund’s Shares outstanding:

| Fund                                                      | Shares Owned |
| First Trust Enhanced Equity Income Fund                   |        4,743 |
| First Trust Intermediate Duration Preferred & Income Fund |        1,969 |
| First Trust Mortgage Income Fund                          |        1,693 |

Compensation

Effective January
1, 2024, the fixed annual retainer paid to the Independent Trustees is $285,000 per year, and each Independent Trustee receives an annual
per fund fee of $7,500 for each closed-end fund, $2,000 for each actively managed fund, $750 for each target outcome fund and $500 for
each index fund. The fixed annual retainer is allocated equally among each fund in the First Trust Fund Complex. Additionally, the Lead
Independent Trustee is paid $30,000 annually, the Vice Lead Independent Trustee is