Investment Return And Market Value Of An Investment In The Fund Will Fluctuate.

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The Fund is a diversified, closed-end management investment company that seeks to provide a high level of current income. As a secondary objective, the Fund seeks capital appreciation. The Fund pursues these 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. 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 $100 billion as of January 31, 2017 through unit investment trusts, exchange-traded funds, closed-end funds, mutual funds and separate managed accounts. Aberdeen Asset Management Inc. ("Aberdeen") serves as the Fund's investment sub-advisor. Aberdeen is a wholly owned subsidiary of Aberdeen Asset Management PLC which is the parent company of an asset management group managing approximately $374.0 billion in assets as of December 31, 2016, including approximately $81.3 billion in fixed-income securities, for a range of pension funds, financial institutions, investment trusts, unit trusts, offshore funds, charities and private clients. Past performance is no assurance of future results. Investment return and market value of an investment in the Fund will fluctuate. Principal Risk Factors: The Fund invests in securities of non-U.S. issuers which are subject to higher volatility than securities of U.S.

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