First Trust Portfolios L.P. is a registered securities broker-dealer. The Company is engaged in the underwriting, trading and distribution of unit investment trusts, closed-end and open-end mutual funds, exchange-traded funds and other securities. The Company acts as the sponsor for various series of unit investment trusts, including the FT Series, The First Trust Combined Series, The First Trust Special Situations Trust and The First Trust GNMA (the Trusts). The Company holds a controlling interest in BondWave L.L.C. (BondWave), a provider of certain software programs and related services for the distribution of fixed income securities and the monitoring of the resulting portfolios. BondWave is also engaged in the business of acting as an investment advisor to clients in the United States. The Company holds a controlling interest in Stonebridge Advisors L.L.C., which was formed to act as an investment advisor to clients.