FAM First Trust abrdn Global Opportunity Income Fund

PROPOSAL 2: NON-BINDING SHAREHOLDER PROPOSAL REGARDING
AUTHORIZATION OF SELF-TENDER OFFER

The Fund has received a non-binding shareholder proposal ("Proposal 2") from Karpus Management, Inc. (the "Proponent" or "Karpus"), whose address and number of shares held will be furnished by the Fund upon request. The Fund, the Advisor, Aberdeen Standard Investments Inc. (the "Sub-Advisor") and the Trustees and officers of the Fund accept no responsibility for the contents of Karpus' Proposal 2 or Supporting Statement, each of which is set forth below.

FOR THE REASONS SET FORTH BELOW UNDER "STATEMENT OF OPPOSITION," THE BOARD

RECOMMENDS THAT SHAREHOLDERS VOTE AGAINST PROPOSAL 2.

The Proponent has notified the Fund that it intends to introduce the proposal set forth below at the Meeting:

BE IT RESOLVED, the shareholders of the First Trust/Aberdeen Global Opportunity Income Fund ("FAM") request that the Trustees promptly consider authorizing a self-tender offer for all outstanding common shares of FAM at or close to net asset value ("NAV"). If more than 50% of FAM's outstanding common shares are tendered, the tender offer should be cancelled and the Board should take the steps necessary to liquidate, merge, or convert FAM to an open-end mutual fund or exchange traded fund.

The Trustees of a closed-end fund have a key responsibility to represent the interests of shareholders. One of closed-end fund shareholders' key concerns is how the discount of their fund is managed by their Board. In turn, it follows that the trustees of a closed-end fund should therefore be highly interested in managing that discount. The Trustees of FAM have simply failed to do this.

In May 2017, FAM conducted a tender offer for 25% of its shares outstanding at a price that represented 98% of the then NAV. The tender offer was two times oversubscribed, indicating a strong shareholder desire to realize near NAV for their investment. Trustees should have heard the message from shareholders loud and clear.

Adding to our frustrations, FAM has employed an ongoing share repurchase program since September 2015. The program, presumably designed to enhance shareholder value, was set in place to repurchase up to 5% of FAM's outstanding shares. The program resulted in FAM repurchasing 0.8% in 2015, 0 shares in 2016 and 2017 and just 1.38% in 2018 despite an average discount in excess of 13%. To date, announced repurchases in 2019 have amounted to just 0.11% of FAM's outstanding shares. Did our Trustees and management just use the "program" as a sound bite to look like action was being taken?

FAM's own prospectus requires the Trustees to " ... consider whether to commence a tender offer or share repurchase program at the first quarterly board meeting following a calendar year in which the fund's common shares have traded at an average weekly discount from net asset value of more than 10% in the last 12 weeks of that calendar year."

FAM traded at a discount from NAV in excess of 15% for the last 12 weeks of the 2018 calendar year. With their fiduciary duty to shareholders, did the Trustees then authorize a tender offer in early 2019?

They did not.

As shareholders, we cannot imagine a more appropriate time to conduct a tender offer, as was contemplated in the original prospectus.

Trustee apathy cannot go unchallenged. Shareholders have made their opinions clear, and Trustees have failed to recognize and respond. As long-term shareholders of FAM, Karpus is extremely disappointed in the performance of FAM's Trustees.

Please vote FOR Karpus' Proposal and tell FAM's Trustees that you want them to take more effective action to manage FAM's discount.

After careful consideration of the foregoing Proposal 2, the Board of Trustees has provided the following Statement of Opposition to Proposal 2:

STATEMENT OF OPPOSITION

RECOMMENDATION OF THE BOARD OF TRUSTEES

The Board carefully considered Proposal 2 and, for the reasons discussed further below, unanimously opposes it because the Board believes that it is not in the best interests of the Fund or its shareholders to implement a tender offer, or to liquidate, merge, or convert the Fund to an open-end mutual fund or exchange traded fund. THE BOARD STRONGLY URGES ALL SHAREHOLDERS TO VOTE AGAINST PROPOSAL 2. The reasons for this recommendation are as follows:

o the Fund has a history of delivering strong returns versus the Fund's benchmarks and the Fund's peers;

o the Board regularly reviews the Fund's trading discount and has taken actions to address the Fund's discount, which has already narrowed significantly (over 50%) without the drastic measures of Proposal 2;

o Proposal 2 could result in significant costs to Fund shareholders; and

o Proposal 2 threatens the Fund's ability to maintain its structure as a closed-end fund and could deprive shareholders of an investment vehicle that has been efficient and effective in pursuing its investment objectives.

THE FUND HAS A HISTORY OF DELIVERING STRONG RETURNS VERSUS ITS BENCHMARKS AND PEERS

The Fund's primary investment objective is to seek a high level of current income. As a secondary objective, the Fund seeks capital appreciation. The Fund seeks to achieve its investment objectives by investing in the world bond

markets through a diversified portfolio of investment grade and below-investment grade government and corporate debt securities. In pursuit of the Fund's primary investment objective to seek a high level of current income, the Fund has consistently paid a distribution to shareholders, and the Fund as of December 18, 2019 had a distribution rate of 8.2% on a market price basis. The Board believes the Advisor and the Sub-Advisor have successfully implemented the Fund's investment strategies, met the Fund's investment objectives over the life of the Fund and delivered strong results to investors.

The Board has reviewed the Fund's investment performance over various periods of time. In doing so, the Board considered the performance of the Fund versus the Fund's benchmarks: the Blended Index (1), the Bloomberg Barclays Emerging Markets Hard Currency Aggregate Index (the "Emerging Markets Benchmark") and the Bloomberg Barclays Global Aggregate Index (the "Global Aggregate Benchmark" and, collectively with the Blended Index and Emerging Markets Benchmark, the "Benchmarks"). Additionally, the Board has reviewed the Fund's investment performance against the Fund's peer group as determined by Broadridge Financial Solutions Inc., an independent provider of investment company data (the "Broadridge Peers"). In its review, the Board considered total return based on net asset value ("NAV") and total return based on market value. These returns are detailed in the tables below:

                             TOTAL RETURN (%) BASED ON NAV - AS OF OCTOBER 31, 2019

-------------------------------------------------- ------------ ------------ ----------- ----------- -----------
                                                      Last 3      Year-to-     Last 12     Last 3      Last 5
                                                      Months        Date       Months     Years(4)    Years(4)
-------------------------------------------------- ------------ ------------ ----------- ----------- -----------
First Trust/Aberdeen Global Opportunity Income
Fund(1)                                                1.92        15.59        19.17       6.12        4.50
-------------------------------------------------- ------------ ------------ ----------- ----------- -----------
Blended Index(2)                                       1.25         9.62        12.43       3.62        2.58
-------------------------------------------------- ------------ ------------ ----------- ----------- -----------
Emerging Markets Benchmark(3)                          0.73        10.45        11.66       4.67        4.36
-------------------------------------------------- ------------ ------------ ----------- ----------- -----------
Global Aggregate Benchmark(3)                          1.67         7.03        9.54        2.77        2.13
-------------------------------------------------- ------------ ------------ ----------- ----------- -----------
Broadridge Peers                                       0.90        12.38        10.95       5.69        3.87
-------------------------------------------------- ------------ ------------ ----------- ----------- -----------
Broadridge Peers Quartile Ranking                      1st          1st          1st         1st         1st
-------------------------------------------------- ------------ ------------ ----------- ----------- -----------


                        TOTAL RETURN (%) BASED ON MARKET VALUE - AS OF OCTOBER 31, 2019

-------------------------------------------------- ------------ ------------ ----------- ----------- -----------
                                                      Last 3      Year-to-     Last 12     Last 3      Last 5
                                                      Months        Date       Months     Years(4)    Years(4)
-------------------------------------------------- ------------ ------------ ----------- ----------- -----------
First Trust/Aberdeen Global Opportunity Income
Fund(1)                                                5.24        25.57        31.10       7.01        4.86
-------------------------------------------------- ------------ ------------ ----------- ----------- -----------
Blended Index(2)                                       1.25         9.62        12.43       3.62        2.58
-------------------------------------------------- ------------ ------------ ----------- ----------- -----------
Emerging Markets Benchmark(3)                          0.73        10.45        11.66       4.67        4.36
-------------------------------------------------- ------------ ------------ ----------- ----------- -----------
Global Aggregate Benchmark(3)                          1.67         7.03        9.54        2.77        2.13
-------------------------------------------------- ------------ ------------ ----------- ----------- -----------
Broadridge Peers                                       1.90        21.82        18.59       9.15        6.41
-------------------------------------------------- ------------ ------------ ----------- ----------- -----------
Broadridge Peers Quartile Ranking                      1st          2nd          1st         2nd         4th
-------------------------------------------------- ------------ ------------ ----------- ----------- -----------
1  Source: Fund records.

2  Source: Aberdeen Standard.

3  Source: Bloomberg.

4  Annualized returns.

As shown above, the Fund has outperformed the Blended Index on a NAV return basis and market value return basis as of October 31, 2019 over the following time periods: last five years, last three years, last twelve months, year-to-date and the last three months. The Fund has also outperformed the Emerging Markets Benchmark and the Global Aggregate Benchmark on a NAV return and market value return basis as of October 31, 2019 over the following time periods: last five years, last three years, last twelve months, year-to-date,

and the last three months. Additionally, the Fund has outperformed the Broadridge Peers on a NAV return basis over the following time periods: last five years, last three years, last twelve months, year-to-date and the last three months. Finally, the Fund has outperformed the Broadridge Peers on a market value return basis over the following time periods: last twelve months, year-to-date and the last three months.

The Board notes the Fund's favorable performance on both a NAV return and market value return basis in comparison to the Benchmarks and Broadridge Peers. Additionally, the Board notes these returns have been achieved while the trading discount has recently narrowed (as detailed below) and while implementing the Fund's long-term investment strategy, which Karpus threatens to materially alter with Proposal 2.

THE BOARD HAS TAKEN ACTIVE STEPS TO REDUCE THE TRADING DISCOUNT

The Board and the Advisor regularly review the Fund's trading discount and have taken active steps to reduce the Fund's discount, which Karpus attempts to weaponize as support for its proposal. As a preliminary matter, discounts have increasingly led opportunistic activist investors to target closed-end funds in an effort to capture the trading spread. These activist investors portray discounts as evidence of poor performance in order to pressure a fund to take actions that return NAV to shareholders and produce short-term gains at the expense of long-term investors.

The Board first notes the significant improvement in the Fund's trading discount that has occurred since mid-2019. The Board increased the Fund's distribution on July 22, 2019, in part to help narrow the Fund's trading discount, and since the distribution increase, the Fund's discount has narrowed significantly, declining from 10.77% as of July 22, 2019 to 4.56% as of December 17, 2019. The issue Karpus seeks to address has been monitored and acted upon by the Board, and the Fund has already experienced a significant narrowing of its trading discount.

The Board believes Karpus' portrayal of the Fund's trading discount is incomplete. In its supporting statement, Karpus uses the Fund's trading discount over the last 12 weeks of 2018 as evidence that the Board does not properly manage the Fund's trading discount. However, selecting a twelve-week window for a Fund that has been operating for over 15 years is not a complete or balanced representation. Additionally, the window Karpus has highlighted was one of broad financial turmoil where financial markets across the globe suffered losses. During this time of tumultuous market activity, closed-end funds at-large generally experienced widening trading discounts. However, over the first month of 2019 global financial markets rebounded and the losses from the fourth quarter of 2018 were mostly recovered. As noted above, over the course of 2019, the Fund has seen its trading discount narrow significantly to 4.56% as of December 17, 2019. Karpus' supporting statement omits this vital context, and presents an incomplete representation of the Fund's trading discount.

As indicated in Karpus' supporting statement, the Fund has employed an ongoing share repurchase program since 2015. The Fund utilizes this program as an opportunistic tool to help alleviate downside pressure on the Fund's share prices when there is an absence of buy-side liquidity. Share repurchase programs typically do not produce additional investor appetite over the long-term. Rather, under appropriate conditions the share repurchase program may help correct a temporary supply/demand imbalance and helps maintain the trading price of the Fund's shares. Shareholders are primarily benefited by NAV accretion created by the repurchase program. The Fund's share repurchase program (over the life of the program) has resulted in accretion to remaining shareholders of approximately $583,393. In addition, the Fund conducted a tender offer in 2017 after Karpus submitted a similar activist proposal to that contained in Proposal
2. While this narrowed the discount temporarily, the Fund's trading discount widened after the completion of the tender offer.

Despite any assertions to the contrary, the Board and the Advisor are mindful of, and consistently review and act upon, the Fund's trading discount. Given the Fund's previous efforts and the recent narrowing of the Fund's trading discount, the Board believes that implementing a tender offer, solely to address a discount that has already narrowed, would not be in the best interests of shareholders.

PROPOSAL 2 COULD RESULT IN SIGNIFICANT COSTS TO SHAREHOLDERS

The Board believes that Proposal 2 would require the Fund to incur significant costs while noting that a tender offer would allow shareholders to be able to receive close to NAV for shares tendered and accepted in a tender offer. Implementing Karpus' proposed tender offer would have both immediate and long-term costs to shareholders while potentially not providing any meaningful long-term benefits to remaining shareholders. In the short-term, the Fund would need to liquidate a material amount of securities to accumulate a sufficient amount of cash to pay for the tendered shares. The Fund could be subjected to high transaction costs at the time of liquidation, and may cause the Fund to liquidate some holdings at inopportune times or to recognize taxable capital gains on appreciated securities. Liquidating a significant portion of the Fund's holdings in a relatively short time to raise cash to meet tender requests could also exert downward pressure on the prices of certain portfolio securities (especially if such securities are illiquid), which could negatively impact NAV. Additionally, because a tender offer would require the Fund to sell a substantial amount of its holdings, it would also require the Fund to reduce its leverage. The Fund uses leverage to pursue its investment objectives and support its monthly distribution to shareholders. A whole or partial de-leveraging would deprive the Fund of additional assets to generate performance and support its distribution rate.

In the long-term, the Fund's reduced asset base following a tender offer may result in several potential negative consequences. First, the expense ratio of the Fund would increase since the fixed costs of running the Fund remain and would be spread over a smaller asset base. Second, shrinking the size of the Fund could negatively impact its daily trading and decrease the Fund's trading volume, which could result in wider trading spreads for shareholders following the tender offer. Finally, if the Fund's assets were to drop significantly, the likelihood of any institutional research coverage of the Fund could dramatically decrease. This could result in less interest from retail investors. Therefore, in the long-term Proposal 2 could have the opposite effect of its intended outcome of narrowing the trading discount, harming remaining shareholders.

PROPOSAL 2 THREATENS THE FUND'S ABILITY TO MAINTAIN ITS STRUCTURE AS A CLOSED-END FUND

The Board believes that Proposal 2, both by its terms and its long-term potential consequences, significantly threatens the Fund's ability to continue to operate as a closed-end fund. Proposal 2 provides that if more than 50% of the Fund's outstanding common shares are tendered in the tender offer, the tender offer should be cancelled and the Board should take the steps necessary to liquidate, merge, or convert the Fund to an open-end mutual fund or exchange-traded fund.

The Board believes at this time that converting the Fund may deprive shareholders of the efficiencies of the closed-end structure and may also significantly change the implementation of the Fund's investment strategy, depriving shareholders of the benefits of the investment vehicle they originally purchased. Open-end funds must comply with regulatory limitations on the use of leverage, cash management requirements and liquidity standards that would be imposed on the Fund if converted. Under the 1940 Act, closed-end funds are permitted to use leverage to a greater extent than open-end funds or exchange-traded funds. The Fund currently uses leverage to pursue its investment objectives and support its monthly distribution to shareholders. If the Fund were to convert to an open-end fund or exchange-traded fund, the Fund would no

longer be able to utilize leverage as it currently does, which would interfere with the Fund's pursuit of its stated investment objectives. Additionally, closed-end funds are not subjected to daily cash flows whereas open-end funds must seek to maintain sufficient cash reserves to satisfy daily redemptions (and necessarily cannot fully invest all assets). Redemptions can also result in a significant decrease in assets and increased volatility. The Fund, as a closed-end fund, can fully invest all of its assets without being required to keep cash available for potential redemptions. Finally, liquidity concerns and regulatory requirements would limit the portion of the Fund's assets that could be invested in illiquid securities, which may provide greater opportunities for income than more liquid securities. Given the Fund's current investments and strategy, some attractive investment opportunities for the Fund potentially would no longer be feasible.

In addition, the Board believes that it would not be in the best interests of the Fund and its shareholders for the Fund to undergo a liquidation or merger at this time. A liquidation of the Fund would deprive shareholders of an investment vehicle primarily aimed at delivering current income, with a secondary objective of capital appreciation, and may have adverse tax consequences for shareholders. Further, a merger into an open-end mutual fund or exchange-traded fund at this time, to the extent a suitable merger partner could be identified, would implicate many of the same issues and limitations described above with respect to a conversion of the Fund.

Overall, in addition to depriving shareholders of the closed-end fund structure, a liquidation, merger or conversion of the Fund would likely result in significant administrative, trading and legal costs that would be borne by Fund shareholders, including the costs associated with soliciting additional shareholder approval for the Fund to be merged or converted.

CONCLUSION

Karpus' proposal purports to address the Fund's trading discount by offering a short-term solution that the Board believes may harm remaining shareholders. Although Proposal 2 may result in a temporary increase in the Fund's trading price and provide shareholders the opportunity to receive close to net asset value for tendered shares, remaining shareholders will be burdened with the expenses of a tender offer and the negative consequences of holding a smaller Fund after a tender offer. The Board notes that Karpus disregards the returns the Fund has produced for long-term shareholders (such as itself), and the investment objectives of the Fund which attracted other long-term investors to the Fund. Also, Karpus' representation of the Fund's discount is incomplete and ignores the previous actions by the Board to address the Fund's discount, which have had the effect of significantly reducing the discount in 2019. The Board believes that Proposal 2 would result in significant costs to the Fund and deliver no long-term benefits to remaining shareholders while risking the Fund's continued existence. The Board strongly recommends that shareholders vote against Proposal 2.

Certain of the statements included herein are not historical facts or are based on current market conditions and are not guarantees of future performance or outcomes, but instead express only beliefs regarding future results or events, many of which, by their nature, are inherently uncertain and outside of the Fund's control and are intended to constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. It is possible that actual results and events may differ, possibly materially, from the anticipated results or events indicated in these forward-looking statements. Forward-looking statements are made only as of the date of this proxy statement and the Fund undertakes no obligation to update any forward-looking statements to reflect new information or events or conditions after the date hereof.

FOR THE REASONS SET FORTH ABOVE, THE BOARD OF TRUSTEES UNANIMOUSLY RECOMMENDS
SHAREHOLDERS VOTE AGAINST PROPOSAL 2

REQUIRED VOTE: The affirmative vote of a majority of the Shares voted in person or by proxy, provided a quorum is present, is required to approve Proposal 2, if properly presented at the Meeting. Abstentions and broker non-votes, if any, are not considered votes cast, and, therefore, will have no effect on the result of the vote.

The Board considered Proposal 2 at a meeting held December 19, 2019 and, accordingly, the Statement of Opposition takes into account certain information as of that date. Proposal 2 is only a recommendation and can have no binding effect on the Fund or the Board. Proposal 2 is not a shareholder vote to approve a tender offer and, if applicable, liquidation or conversion to (or merger with) an exchange-traded fund or an open-end mutual fund, but rather it proposes that the shareholders ask the Board to take action to effect such proposal. If Proposal 2 is approved, the Board would continue to exercise its fiduciary duty to act in the best interests of the Fund in investigating the details and potential costs and benefits of the proposal. In considering whether or not to take action in response to the proposal, the Board will give the request set forth in the proposal such weight as it believes appropriate based on the voting of shareholders for the proposal and other relevant factors. A tender offer cannot occur without the approval of the Fund's Trustees. In addition, if Proposal 2 passes at the Meeting, neither a liquidation of the Fund nor the conversion of the Fund to (or merger of the Fund with) an exchange-traded fund or an open-end mutual fund can occur without the approval of the Fund's Trustees and/or shareholders, as applicable, to the extent required under the Fund's Declaration of Trust.

THE BOARD CAREFULLY CONSIDERED PROPOSAL 2 AND UNANIMOUSLY RECOMMENDS THAT

SHAREHOLDERS VOTE AGAINST IT.

ADDITIONAL INFORMATION

SHAREHOLDER PROPOSALS

Shareholder Proposals for Inclusion in the Fund's Proxy Statement. To be considered for presentation at the 2021 annual meeting of shareholders of the Fund and included in the Fund's proxy statement relating to such meeting, a shareholder proposal must be submitted pursuant to Rule 14a-8 under the 1934 Act ("Rule 14a-8") and must be received at the principal executive offices of the Fund not later than October 22, 2020. Such a proposal will be included in the Fund's proxy statement if it meets the requirements of Rule 14a-8. Timely submission of a proposal does not mean that such proposal will be included in the Fund's proxy statement.

Other Shareholder Proposals. In addition to any requirements of law, including the proxy rules under the 1934 Act, under the Fund's By-Laws, any proposal to elect any person nominated by shareholders for election as Trustee and any other proposals by shareholders may only be brought before an annual meeting of the Fund if timely written notice (the "Shareholder Notice") is provided to the Secretary of the Fund and the other conditions summarized below are met. In accordance with the advance notice provisions included in the Fund's By-Laws, unless a greater or lesser period is required under applicable law, to be timely, the Shareholder Notice must be delivered to or mailed and received at the Fund's principal executive offices, Attn: W. Scott Jardine, Secretary, not less than forty-five (45) days nor more than sixty (60) days prior to the first anniversary date of the date of the proxy statement released to shareholders for the preceding year's annual meeting. However, if and only if the annual meeting is not scheduled to be held within a period that commences thirty (30) days before the first anniversary date of the annual meeting for the preceding year and ends thirty (30) days after such anniversary date (an annual meeting date outside such period being referred to herein as an "Other Annual Meeting Date"), such Shareholder Notice must be given as described above by the later of the close of business on (i) the date forty-five (45) days prior to such Other Annual Meeting Date or (ii) the tenth (10th) business day following the date such Other Annual Meeting Date is first publicly announced or disclosed.

Any shareholder submitting a nomination of any person or persons (as the case may be) for election as a Trustee or Trustees of the Fund is required to deliver, as part of such Shareholder Notice: (i) a statement in writing setting forth: (A) the name, age, date of birth, business address, residence address and nationality of the person or persons to be nominated; (B) the class or series and number of all Shares of the Fund owned of record or beneficially by each such person or persons, as reported to such shareholder by such nominee(s); (C) any other information regarding each such person required by paragraphs (a),
(d), (e) and (f) of Item 401 of Regulation S-K or paragraph (b) of Item 22 of Rule 14a-101 (Schedule 14A) under the 1934 Act (or any successor provision thereto); (D) any other information regarding the person or persons to be nominated that would be required to be disclosed in a proxy statement or other filings required to be made in connection with solicitation of proxies for election of trustees or directors pursuant to Section 14 of the 1934 Act and the rules and regulations promulgated thereunder; and (E) whether such shareholder believes any nominee is or will be an "interested person" of the Fund (as defined in the 1940 Act) and, if not an "interested person," information regarding each nominee that will be sufficient for the Fund to make such determination; and (ii) the written and signed consent of any person nominated to be named as a nominee and to serve as a Trustee if elected. In addition, the Trustees may require any proposed nominee to furnish such other information as they may reasonably require or deem necessary to determine the eligibility of such proposed nominee to serve as a Trustee.

Without limiting the foregoing, any shareholder who gives a Shareholder Notice of any matter proposed to be brought before a shareholder meeting (whether or not involving nominees for Trustees) is required to deliver, as part of such Shareholder Notice: (i) the description of and text of the proposal to be presented; (ii) a brief written statement of the reasons why such shareholder favors the proposal; (iii) such shareholder's name and address as they appear on

the Fund's books; (iv) any other information relating to the shareholder that would be required to be disclosed in a proxy statement or other filings required to be made in connection with the solicitation of proxies with respect to the matter(s) proposed pursuant to Section 14 of the 1934 Act and the rules and regulations promulgated thereunder; (v) the class or series and number of all Shares of the Fund owned beneficially and of record by such shareholder; (vi) any material interest of such shareholder in the matter proposed (other than as a shareholder); (vii) a representation that the shareholder intends to appear in person or by proxy at the shareholder meeting to act on the matter(s) proposed;
(viii) if the proposal involves nominee(s) for Trustees, a description of all arrangements or understandings between the shareholder and each proposed nominee and any other person or persons (including their names) pursuant to which the nomination(s) are to be made by the shareholder; and (ix) in the case of a shareholder (a "Beneficial Owner") that holds Shares entitled to vote at the meeting through a nominee or "street name" holder of record, evidence establishing such Beneficial Owner's indirect ownership of, and entitlement to vote, Shares at the meeting of shareholders. Shares "beneficially owned" means all Shares which such person is deemed to beneficially own pursuant to Rules 13d-3 and 13d-5 under the 1934 Act.

In addition, the By-Laws provide that, unless required by federal law, no matters shall be considered at or brought before any annual or special meeting unless such matter has been deemed a proper matter for shareholder action by at least sixty-six and two-thirds percent (66-2/3%) of the Trustees. Timely submission of a proposal does not mean that such proposal will be brought before the meeting.

SHAREHOLDER COMMUNICATIONS

Shareholders of the Fund who want to communicate with the Board of Trustees or any individual Trustee should write the Fund to the attention of the Fund Secretary, W. Scott Jardine. The letter should indicate that you are a Fund shareholder. If the communication is intended for a specific Trustee and so indicates, it will be sent only to that Trustee. If a communication does not indicate a specific Trustee, it will be sent to the Chairman of the Nominating and Governance Committee of the Board of Trustees and the independent legal counsel to the Independent Trustees for further distribution as deemed appropriate by such persons.

INVESTMENT ADVISOR, SUB-ADVISOR, ADMINISTRATOR AND TRANSFER AGENT

First Trust Advisors L.P., 120 East Liberty Drive, Suite 400, Wheaton, Illinois 60187, serves as the Fund's investment advisor. First Trust Advisors is also responsible for providing certain clerical, bookkeeping and other administrative services to the Fund and also provides fund reporting services to the Fund for a flat annual fee. First Trust Advisors is a limited partnership with one limited partner, Grace Partners of DuPage L.P. ("Grace Partners"), and one general partner, The Charger Corporation. Grace Partners is a limited partnership with one general partner, The Charger Corporation, and a number of limited partners. The Charger Corporation is an Illinois corporation controlled by James A. Bowen, the Chief Executive Officer of First Trust Advisors and the sole Interested Trustee of the Fund.

Aberdeen Standard Investments Inc., 1900 Market Street, 2nd Floor, Philadelphia, Pennsylvania 19103, serves as the investment sub-advisor to the Fund.

The Bank of New York Mellon, 240 Greenwich Street, New York, New York 10286, acts as the administrator, fund accountant and custodian, and BNY Mellon Investment Servicing (US) Inc., 301 Bellevue Parkway, Wilmington, Delaware 19809, acts as the transfer agent, to the Fund.

SECTION 30(h) AND SECTION 16(a) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE

Section 30(h) of the 1940 Act and Section 16(a) of the 1934 Act require the Fund's Trustees, the Fund's officers subject to such provisions, certain persons affiliated with First Trust Advisors and any sub-advisor, and persons who beneficially own more than 10% of the Fund's Shares to file reports of ownership and changes of ownership with the SEC. Based upon a review of certain related forms filed with the SEC and certain written representations, the Fund believes that during the fiscal year ended December 31, 2019, all such filing requirements applicable to such persons were met.

FISCAL YEAR

The fiscal year end for the Fund is December 31.

DELIVERY OF CERTAIN DOCUMENTS

Annual reports will be sent to shareholders of record of the Fund following the Fund's fiscal year end. The Fund will furnish, without charge, a copy of its annual report and/or semi-annual report as available upon request. Such written or oral requests should be made by writing to the Advisor at 120 East Liberty Drive, Suite 400, Wheaton, Illinois 60187 or by calling toll-free
(800) 988-5891.

Please note that only one annual or semi-annual report or proxy statement may be delivered to two or more shareholders of the Fund who share an address, unless the Fund has received instructions to the contrary. To request a separate copy of an annual or semi-annual report or proxy statement, or for instructions as to how to request a separate copy of such documents or as to how to request a single copy if multiple copies of such documents are received, shareholders should contact the Advisor at the address and phone number set forth above. Pursuant to a request, a separate copy will be delivered promptly.

OTHER MATTERS TO COME BEFORE THE MEETING

No business other than Proposal 1 and Proposal 2, as described above, is expected to come before the Meeting, but should any other matter requiring a vote of shareholders arise, including any question as to an adjournment of the Meeting, the persons named on the enclosed proxy card will vote thereon according to their best judgment in the interests of the Fund.

February 14, 2020

EXHIBIT A

AUDIT COMMITTEE CHARTER

I. PURPOSE

The Audit Committee (the "Committee") is appointed by each Board of Trustees (the "Board") of the investment companies (the "Funds") advised by First Trust Advisors L.P. ("Fund Management") for the following purposes:

1. to oversee the accounting and financial reporting processes of each Fund and its internal controls and, as the Audit Committee deems appropriate, to inquire into the internal controls of certain third-party service providers;

2. to oversee the quality and integrity of each Fund's financial statements and the independent audit thereof;

3. to oversee, or, as appropriate, assist Board oversight of, each Fund's compliance with legal and regulatory requirements that relate to the Fund's accounting and financial reporting, internal controls and independent audits; and

4. to approve, prior to the appointment, the engagement of each Fund's independent auditor and, in connection therewith, to review and evaluate the qualifications, independence and performance of the Fund's independent auditor.

II. COMMITTEE ORGANIZATION AND COMPOSITION

A. Size and Membership Requirements.

1. The Committee shall be composed of at least three members, all of whom shall be trustees of the Funds. Each member of the Committee, and a Committee chairperson, shall be appointed by the Board on the recommendation of the Nominating and Governance Committee.

2. Each member of the Committee shall be independent of the Funds and must be free of any relationship that, in the opinion of the Board, would interfere with the exercise of independent judgment as a Committee member. With respect to the Funds which are closed-end funds or open-end exchange-traded funds ("ETFs"), each member must meet the independence and experience requirements of the listing rules of the primary national securities exchange on which a Fund's shares are listed for trading (as applicable), and Section 10A of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and Rule 10A-3 thereunder, and other applicable rules and regulations of the Securities and Exchange Commission ("SEC"). Included in the foregoing is the requirement that no member of the Committee be an "interested person" of the Funds within the meaning of
Section 2(a)(19) of the Investment Company Act of 1940, as amended (the "1940 Act"), nor shall any Committee member accept, directly or indirectly, any consulting, advisory or other compensatory fee from the Funds, or any subsidiary thereof, (except in the capacity as a Board or committee member).

3. At least one member of the Committee shall have been determined by the Board, exercising its business judgment, to qualify as an "audit committee financial expert" as defined by the SEC.

4. With respect to Funds whose shares are listed on NYSE Arca or on the New York Stock Exchange, each member of the Committee shall have been determined by the Board, exercising its business judgment, to be "financially literate" as required by the New York Stock Exchange or NYSE Arca (as applicable). In addition, at least one member of the Committee shall have been determined by the Board, exercising its business judgment, to have "accounting or related financial management expertise," as required by the New York Stock Exchange or NYSE Arca (as applicable). Such member may, but need not be, the same person as the Funds' "audit committee financial expert." With respect to Funds that are closed-end funds or ETFs whose shares are listed on the NYSE American Stock Market or the NASDAQ Stock Market, each member of the Committee shall be able to read and understand fundamental financial statements, including a Fund's balance sheet, income statement and cash flow statement. In addition, at least one member of the Committee shall have been determined by the Board, exercising its business judgment, to be "financially sophisticated," as required by the NYSE American Stock Market or the NASDAQ Stock Market (as applicable). Any member whom the Board determines to be an "audit committee financial expert" shall be presumed to qualify as financially sophisticated. With respect to Funds that are closed-end funds or ETFs whose shares are listed and trade primarily on any other national securities exchange, the Committee will comply with any applicable requirements of such exchange relating to the financial backgrounds of the Committee members.

5. With respect to Funds that are closed-end funds or ETFs, Committee members shall not serve simultaneously on the audit committee of more than two public companies, in addition to their service on the Committee.

B. Frequency of Meetings.

The Committee will ordinarily meet once for every regular meeting of the Board. The Committee may meet more or less frequently as appropriate, but no less than four times per year.

C. Term of Office.

Committee members shall serve until they resign or are removed or replaced by the Board.

III. RESPONSIBILITIES

A. With respect to Independent Auditors:

1. The Committee shall be responsible for the appointment or replacement (subject, if applicable, to Board and/or shareholder ratification), compensation, retention and oversight of the work of any registered public accounting firm engaged (including resolution of disagreements between management and the auditor regarding financial reporting) for the purpose of preparing or issuing an audit report or performing other audit, review or attest services for the Funds ("External Auditors"). The External Auditors shall report directly to the Committee.

2. The Committee shall meet with the External Auditors and Fund Management to review the scope, fees, audit plans and staffing of the proposed audits for each fiscal year. At the conclusion of the audit, the Committee shall review such audit results, including the External Auditors' evaluation of each Fund's financial and internal controls, any comments or recommendations of the External Auditors, any audit problems or difficulties and Fund Management's response, including any restrictions on the scope of the External Auditors' activities or on access to requested information, any significant disagreements with Fund Management,

any accounting adjustments noted or proposed by the auditor but not made by the Fund, any communications between the audit team and the audit firm's national office regarding auditing or accounting issues presented by the engagement, any significant changes required from the originally planned audit programs and any adjustments to the financial statements recommended by the External Auditors.

3. The Committee shall meet with the External Auditors in the absence of Fund Management, as necessary.

4. The Committee shall pre-approve all audit services and permitted non-audit services (including the fees and terms thereof) to be performed for each Fund by its External Auditors in accordance with the Audit and Non-Audit Services Pre-Approval Policy. The Chairman of the Committee is authorized to give such pre-approvals on behalf of the Committee where the fee for such engagement does not exceed the amount specified in the Audit and Non-Audit Services Pre-Approval Policy, and shall report any such pre-approval to the full Committee.

5. The Committee shall pre-approve the External Auditors' engagements for non-audit services to Fund Management and any entity controlling, controlled by or under common control with Fund Management that provides ongoing services to the Funds, if the engagement relates directly to the operations and financial reporting of the Funds, subject to the de minimis exceptions for non-audit services described in Rule 2-01 of Regulation S-X. The Chairman of the Committee is authorized to give such pre-approvals on behalf of the Committee where the fee for such engagement does not exceed the amount specified in the Audit and Non-Audit Services Pre-Approval Policy, and shall report any such pre-approval to the full Committee.

6. If the External Auditors have provided non-audit services to Fund Management and any entity controlling, controlled by or under common control with Fund Management that provides ongoing services to the Funds that were not pre-approved pursuant to the de minimis exception, the Committee shall consider whether the provision of such non-audit services is compatible with the External Auditors' independence.

7. The Committee shall obtain and review a report from the External Auditors at least annually (including a formal written statement delineating all relationships between the auditors and the Funds consistent with PCAOB Ethics and Independence Rule 3526) regarding (a) the External Auditors' internal quality-control procedures; (b) any material issues raised by the most recent internal quality-control review, or peer review, of the firm, or by an inquiry or investigation by governmental or professional authorities within the preceding five years, respecting one or more independent audits carried out by the firm; (c) any steps taken to deal with any such issues; and (d) the External Auditors' independence, including all relationships between the External Auditors and the Funds and their affiliates; and evaluating the qualifications, performance and independence of the External Auditors, including their membership in the SEC practice section of the AICPA and their compliance with all applicable requirements for independence and peer review, and a review and evaluation of the lead partner, taking into account the opinions of management and discussing such reports with the External Auditors. The Committee shall present its conclusions with respect to the External Auditors to the Board.

8. The Committee shall review reports and other information provided to it by the External Auditors regarding any illegal acts that the External Auditors should discover (whether or not perceived to have a

material effect on a Fund's financial statements), in accordance with and as required by Section 10A(b)(1) of the Exchange Act.

9. The Committee shall oversee the rotation of the lead (or concurring) audit partner having primary responsibility for the audit and the audit partner responsible for reviewing the audit as required by law, and further consider the rotation of the independent auditor firm itself.

10. The Committee shall establish and recommend to the Board for ratification a policy of the Funds with respect to the hiring of employees or former employees of the External Auditors who participated in the audits of the Funds' financial statements.

11. The Committee shall take (and, where appropriate, recommend that the Board take) appropriate action to oversee the independence of the External Auditors.

12. The Committee shall report regularly to the Board on the results of the activities of the Committee, including any issues that arise with respect to the quality or integrity of the Funds' financial statements, the Funds' compliance with legal or regulatory requirements that relate to the Fund's accounting and financial reporting, internal controls and independent audits, the performance and independence of the Funds' External Auditors, or the performance of the internal audit function, if any.

B. With respect to Fund Financial Statements:

1. The Committee shall meet to review and discuss with Fund Management and the External Auditors the annual audited financial statements of the Funds, and any major issues regarding accounting and auditing principles and practices, and the Funds' disclosures under "Management's Discussion and Analysis," and shall meet to review and discuss with Fund Management the semi-annual financial statements of the Funds and the Funds' disclosures under "Management's Discussion and Analysis" or any similar discussion of the Fund's performance, if any.

2. The Committee shall review and discuss reports, both written and oral, from the External Auditors or Fund Management regarding (a) all critical accounting policies and practices to be used; (b) all alternative treatments of financial information within generally accepted accounting principles ("GAAP") for policies and practices that have been discussed with Fund Management, including the ramifications of the use of such alternative treatments and disclosures and the treatment preferred by the External Auditors; (c) other material written communications between the External Auditors and Fund Management, such as any management letter or schedule of unadjusted differences; and (d) all non-audit services provided to any entity in the investment company complex (as defined in Rule 2-01 of Regulation S-X) that were not pre-approved by the Committee.

3. The Committee shall review disclosures made to the Committee by the Funds' principal executive officer and principal financial officer during their certification process for the Funds' periodic reports about any significant deficiencies in the design or operation of internal controls or material weaknesses therein and any fraud involving management or other employees who have a significant role in the Funds' internal controls.

4. The Committee shall discuss with the External Auditors the matters required to be discussed by the applicable PCAOB Auditing Standard that arise during the External Auditor's review of the Funds' financial statements.

5. The Committee shall review and discuss with Fund Management and the External Auditors (a) significant financial reporting issues and judgments made in connection with the preparation and presentation of the Funds' financial statements, including any significant changes in the Funds' selection or application of accounting principles and any major issues as to the adequacy of the Funds' internal controls and any special audit steps adopted in light of material control deficiencies, and (b) analyses prepared by Fund Management or the External Auditors setting forth significant financial reporting issues and judgments made in connection with the preparation of the financial statements, including analyses of the effects of alternative GAAP methods on the financial statements.

6. The Committee shall review and discuss with Fund Management and the External Auditors the effect of regulatory and accounting initiatives on the Funds' financial statements.

7. The Committee shall discuss with Fund Management the Funds' press releases regarding financial results and dividends, as well as financial information and earnings guidance provided to analysts and rating agencies. This discussion may be done generally, consisting of discussing the types of information to be disclosed and the types of presentations to be made. The Chairman of the Committee or any member of the Committee also serving on the Dividend and Pricing Committee shall be authorized to have these discussions with Fund Management on behalf of the Committee, and shall report any material matters to the Committee.

8. The Committee shall discuss with Fund Management the Funds' major financial risk exposures and the steps Fund Management has taken to monitor and control these exposures, including the Funds' risk assessment and risk management policies and guidelines. In fulfilling its obligations under this paragraph, the Committee may, as applicable, review in a general manner the processes other Board committees have in place with respect to risk assessment and risk management.

C. With respect to serving as a Qualified Legal Compliance Committee:

1. The Committee shall serve as the Funds' "qualified legal compliance committee" ("QLCC") within the meaning of the rules of the SEC and, in that regard, the following shall apply:

(i) The Committee shall receive and retain, in confidence, reports of evidence of (a) a material violation of any federal or state securities laws, (b) a material breach of a fiduciary duty arising under any federal or state laws or (c) a similar material violation of any federal or state law by a Fund or any of its officers, trustees, employees or agents (a "Report of Material Violation"). Reports of Material Violation may be addressed to the Funds, attention W. Scott Jardine, by e-mail at sjardine@ftportfolios.com or at the address of the principal office of the Funds, which currently is 120 East Liberty Drive, Suite 400, Wheaton, Illinois 60187, who shall forward the Report of Material Violation to the Committee.

(ii) Upon receipt of a Report of Material Violation, the Committee shall (a) inform the Fund's chief legal officer and chief executive officer (or the equivalents thereof) of the report (unless the Committee determines it would be futile to do so), and (b) determine whether an investigation is necessary.

(iii) After considering the Report of Material Violation, the Committee shall do the following if it deems an investigation necessary:

(1) Notify the Board;

(2) Initiate an investigation, which may be conducted either by the chief legal officer (or the equivalent thereof) of the Fund or by outside attorneys; and

(3) Retain such additional expert personnel as the Committee deems necessary.

(iv) At the conclusion of any such investigation, the Committee shall:

(4) Recommend, by majority vote, that the Fund implement an appropriate response to evidence of a material violation; and

(5) Inform the chief legal officer and the chief executive officer (or the equivalents thereof) and the Board of the results of any such investigation and the appropriate remedial measures to be adopted.

2. The Committee shall take all other action that it deems appropriate in the event that the Fund fails in any material respect to implement an appropriate response that the Committee, as the QLCC, has recommended the Fund take.

D. Other Responsibilities:

1. The Committee shall receive, retain and handle complaints received by the Funds regarding accounting, internal accounting controls, or auditing matters from any person, whether or not an employee of the Funds or Fund Management, and shall receive submissions of concerns, including anonymous submissions, regarding questionable accounting or auditing matters by officers of the Funds and employees of Fund Management, any administrator, fund accountant, principal underwriter, or any other provider of accounting-related services for the Funds. All such complaints and concerns shall be handled in accordance with the Committee's procedures for operating as a QLCC, outlined in III.C above.

2. The Committee shall review, with fund counsel and independent legal counsel, any legal matters that could have significant impact on a Fund's financial statements or compliance policies and the findings of any examination by a regulatory agency as they relate to financial statement matters.

3. The Committee shall review and reassess the adequacy of this charter on an annual basis and provide a recommendation to the Board for approval of any proposed changes deemed necessary or advisable by the Committee.

4. The Committee shall evaluate on an annual basis the performance of the Committee.

5. The Committee shall review with the External Auditors and with Fund Management the adequacy and effectiveness of the Funds' internal accounting and financial controls.

6. The Committee shall discuss with Fund Management and the External Auditors any correspondence with regulators or governmental agencies that raise material issues regarding the Funds' financial statements or accounting policies.

7. The Committee shall perform other special reviews, investigations or oversight functions as requested by the Board and shall receive and review periodic or special reports issued on exposure/controls, irregularities and control failures related to the Funds.

8. The Committee shall prepare any report of the Committee required to be included in a proxy statement for a Fund.

9. The Committee may request any officer or employee of a Fund or Fund Management, independent legal counsel, fund counsel and the External Auditors to attend a meeting of the Committee or to meet with any members of, or consultants to, the Committee.

10. The Committee shall maintain minutes of its meetings.

11. The Committee shall perform such other functions and have such powers as may be necessary or appropriate in the efficient and lawful discharge of its responsibilities.

IV. AUTHORITY TO ENGAGE ADVISERS

The Committee may engage independent counsel and other advisers, as it determines necessary to carry out its duties. The Funds' External Auditors shall have unrestricted accessibility at any time to Committee members.

V. FUNDING PROVISIONS

A. The Committee shall determine the:

1. Compensation to any independent registered public accounting firm engaged for the purpose of preparing or issuing an audit report or performing other audit, review or attest services for a Fund; and

2. Compensation to any advisers employed by the Committee.

B. The expenses enumerated in this Article V and all necessary and appropriate administrative expenses of the Committee shall be paid by the applicable Fund or Fund Management.

VI. MANAGEMENT AND EXTERNAL AUDITORS' RESPONSIBILITIES

A. Fund Management has the primary responsibility for establishing and maintaining systems for accounting, reporting, disclosure and internal controls.

The External Auditors have the primary responsibility to plan and implement an audit, with proper consideration given to the accounting, reporting and internal controls. All External Auditors engaged for the purpose of preparing or issuing an audit report or performing other audit, review or attest services for the Funds shall report directly to the Committee. The External Auditors' ultimate accountability is to the Board and the Committee, as representatives of shareholders.

B. While the Committee has the responsibilities and powers set forth in this Charter, it is not the duty of the Committee to plan or conduct audits or to determine that the Funds' financial statements are complete and accurate and are in accordance with GAAP, nor is it the duty of the Committee to assure compliance with laws and regulations and/or the Funds' Code of Ethics.

C. In discharging its responsibilities, the Committee and its members are entitled to rely on information, opinions, reports, or statements, including financial statements and other financial data, if prepared or presented by: (1) one or more officers of a Fund; (2) legal counsel, public accountants, or other persons as to matters the Committee member reasonably believes are within the person's professional or expert competence; or (3) a Board committee of which the Committee member is not a member.

Amended: December 10, 2017

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