First Trust Funds Announce New Board and Audit Committee Appointments

WHEATON, Ill.--(BUSINESS WIRE)--The exchange-traded funds, closed-end funds, mutual funds and variable insurance funds (collectively, the “Funds”) advised by First Trust Advisors L.P. (“FTA”) announced that the Boards of Trustees of the Funds (collectively referred to as the “Board”) have appointed (1) Mr. Thomas R. Kadlec as the Board’s Vice Lead Independent Trustee and (2) Ms. Denise M. Keefe as Vice Chair of the Board’s Audit Committee. These appointments, each of which relates to a newly created role, are briefly described below.

Vice Lead Independent Trustee

Mr. Robert F. Keith currently serves as the Board’s Lead Independent Trustee. Mr. Kadlec, who has served as a Trustee since 2003, has been appointed to serve as the Board’s Vice Lead Independent Trustee for a term that will be effective from March 12, 2024 through December 31, 2025 or until his successor is appointed. As Vice Lead Independent Trustee, Mr. Kadlec will assist the Lead Independent Trustee in the performance of his responsibilities and, in the absence of the Lead Independent Trustee, may act in the place of the Lead Independent Trustee. In addition, Mr. Kadlec will replace Mr. Niel B. Nielson, who is also a Trustee, as a member of the Board’s Executive Committee and Dividend Committee. The Vice Lead Independent Trustee will be paid a fixed annual retainer of up to $25,000 to be allocated pro rata among each Fund based on net assets.

Audit Committee Vice Chair

The Audit Committee is one of the Board’s standing committees, and Dr. Richard E. Erickson currently serves as its Chair. Ms. Keefe, who has served as a Trustee since November 2021, has been appointed to serve as the Audit Committee Vice Chair for a term that will be effective from March 12, 2024 through December 31, 2025 or until her successor is appointed. As Audit Committee Vice Chair, Ms. Keefe will assist the Audit Committee Chair in the performance of his responsibilities. The Vice Chair of the Audit Committee will be paid a fixed annual retainer of $15,000 to be allocated pro rata among each Fund based on net assets.

FTA is a federally registered investment advisor and serves as the Funds’ investment advisor. FTA and its affiliate, First Trust Portfolios L.P. (“FTP”), a FINRA registered broker-dealer, are privately-held companies that provide a variety of investment services. FTA has collective assets under management or supervision of approximately $218 billion as of February 29, 2024 through unit investment trusts, exchange-traded funds, closed-end funds, mutual funds, variable insurance funds and separately managed accounts. FTA is the supervisor of the First Trust unit investment trusts, while FTP is the sponsor. FTP is also a distributor of mutual fund shares and exchange-traded fund creation units. FTA and FTP are based in Wheaton, Illinois.