*The Fund's advisor has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that the total annual fund operating expenses do not exceed 0.85% and 1.10% of average daily net assets of the Fund's Institutional Class and Investor Class shares, respectively. This agreement is in effect until April 30, 2034, and it may be terminated before that date only by the Trust's Board of Trustees

IMPORTANT INFORMATION

The Fund's prospectus and summary prospectus links are available above and included the Fund's investment objectives, risks, charges and expenses, and other information.

Foreign investments present risks due to currency fluctuations, economic and political factors, government regulations, differences in accounting standards and other factors. These risks are magnified in emerging markets. The securities of small or mid-capitalization companies may be subject to more abrupt market movements and may have lower trading volumes or more erratic trading than securities of larger, more established companies in general. From time to time, the Fund may invest a large portion of its assets in companies in one or more sectors, and thus may be more susceptible to negative events affecting those sectors than other mutual funds.

Distributed by First Trust Portfolios L.P.