First Trust Advisors L.P., the Fund’s investment advisor, along with its affiliate First Trust Portfolios L.P., are privately-held companies which provide a variety of investment services, including asset management and financial advisory services, with collective assets under management or supervision of approximately $54 billion as of June 30, 2012 through unit investment trusts, exchange-traded funds, closed-end funds, mutual funds and separate managed accounts.Energy Income Partners, LLC (“EIP”) serves as the Fund’s investment sub-advisor and provides advisory services to a number of investment companies and partnerships for the purpose of investing in MLPs and other energy infrastructure securities. EIP is one of the early investment advisors specializing in this area. As of June 30, 2012, EIP managed or supervised approximately $1.6 billion in client assets. Past performance is no assurance of future results. Investment return and market value of an investment in the Fund will fluctuate. Shares, when sold, may be worth more or less than their original cost. Principal Risk Factors: Investment in this Fund involves Investment and Market Risk, Market Discount from Net Asset Value Risk, Management Risk, Potential Conflicts of Interest Risk, Investment Concentration Risk, Industry Specific Risk, Cash Flow Risk, MLP Tax Risk, Non-U.S. Securities Risk, Failure to Quality as a Regulated Investment Company Risk, Tax Law Change Risk, Deferred Tax Risk, Delay in Investing the Proceeds Risk, Equity Securities Risk, Canadian Income Equities Risk, Leverage Risk, Derivatives Risk, Portfolio Turnover Risk, Competition Risk, Restricted Securities Risk, Liquidity Risk, Valuation Risk, Interest Rate Risk, Non-Diversification Risk, Anti-Takeover Provisions, Inflation Risk, Certain Affiliations and Secondary Market for the Fund’s Common Shares. The risks of investing in the Fund are spelled out in the prospectus, shareholder reports and other regulatory filings. The Fund’s daily closing New York Stock Exchange price and net asset value per share as well as other information can be found at www.ftportfolios.com or by calling 1-800-988-5891.