MacKay Shields LLC (“MacKay”) serves as the Fund’s investment sub-advisor. MacKay is an indirect wholly-owned subsidiary of New York Life Insurance Company and a wholly-owned subsidiary of New York Life Investment Management Holdings LLC. MacKay is a multi product investment management firm with approximately $78.8 billion in assets under management as of December 31, 2012. MacKay manages a number of fixed income strategies for institutional clients and retail mutual funds, including: high yield, high yield active core, core plus, global fixed income, municipal and investment grade. MacKay also manages convertible strategies.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, Management Risk, Current Economic Conditions – Credit Crisis Liquidity and Volatility Risk, Fixed-Income Securities Risk, Issuer Risk, Interest Rate Risk, Prepayment Risk, Reinvestment Risk, Credit and Below-Investment Grade Securities Risk, Short Selling Risk, Valuation Risk, Credit Rating Agency Risk, Non-U.S. Securities Risk, Emerging Markets Risk, Currency Risk, Preferred Stock Risk, Credit Linked Notes Risk, Loan Participations and Assignments Risk, Leverage Risk, Derivatives Risk, Credit Default Swaps Risk, U.S. Government Securities Risk, Non-U.S. Government Debt Securities Risk, Common Stock Risk, REIT Risk, Asset-Backed, Mortgage Backed or Mortgage-Related Securities Risk, Inflation/Deflation Risk, New Types of Securities Risk, Counterparty and Prime Brokerage Risk, Government Intervention in Financial Markets Risk, Portfolio Turnover Risk, Market Disruption and Geopolitical Risk, Illiquid/Restricted Securities Risk, Reverse Repurchase Agreements Risk, Repurchase Agreements Risk, Certain Affiliations, Temporary Defensive Strategies Risk, 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.