<SEC-DOCUMENT>0001445546-22-007079.txt : 20221025
<SEC-HEADER>0001445546-22-007079.hdr.sgml : 20221025
<ACCEPTANCE-DATETIME>20221025161636
ACCESSION NUMBER:		0001445546-22-007079
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20221025
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20221025
DATE AS OF CHANGE:		20221025

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FIRST TRUST MORTGAGE INCOME FUND
		CENTRAL INDEX KEY:			0001319183
		IRS NUMBER:				356758396
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-21727
		FILM NUMBER:		221329677

	BUSINESS ADDRESS:	
		STREET 1:		120 EAST LIBERTY DRIVE, SUITE 400
		CITY:			WHEATON
		STATE:			IL
		ZIP:			60187
		BUSINESS PHONE:		630765-8000

	MAIL ADDRESS:	
		STREET 1:		120 EAST LIBERTY DRIVE, SUITE 400
		CITY:			WHEATON
		STATE:			IL
		ZIP:			60187

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FIRST TRUST/FIDAC MORTGAGE INCOME FUND
		DATE OF NAME CHANGE:	20050228
</SEC-HEADER>
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<TYPE>8-K
<SEQUENCE>1
<FILENAME>fmy_8k.htm
<DESCRIPTION>CURRENT REPORT
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<P STYLE="font: 10pt/106% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</B></P>

<P STYLE="font: 14pt/106% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 12pt/106% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center"><B>CURRENT REPORT<BR>
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</B></P>

<P STYLE="font: 10pt/106% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/106% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">Date of report (Date of earliest event reported)</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; font: 11pt/106% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 75%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">October
    25,2022</FONT></TD>
    </TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt/106% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; width: 100%; font: 11pt/106% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">First
    Trust Mortgage Income Fund</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/106% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">(Exact Name of Registrant as Specified in its Charter)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/106% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Massachusetts</FONT></TD>
    <TD STYLE="width: 33%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">811-21727</FONT></P></TD>
    <TD STYLE="width: 33%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">35-6758396</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(State or Other Jurisdiction of Incorporation)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Commission File Number)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(IRS Employer Identification No.)</FONT></TD></TR>
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<P STYLE="font: 10pt/106% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 50%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">120 East Liberty Drive, Suite 400</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Wheaton, Illinois</P></TD>
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">60187</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Address of Principal Executive Offices)</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Zip Code)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/106% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/106% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">Registrant's telephone number, including area code</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; font: 11pt/106% Calibri, Helvetica, Sans-Serif; width: 70%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">(630) 765-8000</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/106% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/106% Calibri, Helvetica, Sans-Serif; width: 100%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; font: 11pt/106% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">(Former Name or Former Address, if Changed Since Last Report.)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/106% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 10pt/106% Times New Roman, Times, Serif; margin: 0 0 8pt">Check the appropriate box below if the Form 8-K filing
is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General
Instruction A.2. below):</P>

<P STYLE="font: 10pt/106% Times New Roman, Times, Serif; margin: 0 0 8pt">[&nbsp;&nbsp;&nbsp;] Written communications pursuant to Rule 425
under the Securities Act (17 CFR 230.425)</P>

<P STYLE="font: 10pt/106% Times New Roman, Times, Serif; margin: 0 0 8pt">[&nbsp;&nbsp;&nbsp;] Soliciting material pursuant to Rule 14a-12 under
the Exchange Act (17 CFR 240.14a-12)</P>

<P STYLE="font: 10pt/106% Times New Roman, Times, Serif; margin: 0 0 8pt">[&nbsp;&nbsp;&nbsp;] Pre-commencement communications pursuant to Rule
14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</P>

<P STYLE="font: 10pt/106% Times New Roman, Times, Serif; margin: 0 0 8pt">[&nbsp;&nbsp;&nbsp;] Pre-commencement communications pursuant to Rule
13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</P>

<P STYLE="font: 11pt/106% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 10pt/106% Times New Roman, Times, Serif; margin: 0 0 8pt"><B>Item 7.01 Regulation FD Disclosure.</B></P>

<P STYLE="font: 10pt/106% Times New Roman, Times, Serif; margin: 0 0 8pt">First Trust Mortgage Income Fund (the "Fund") is filing
herewith a press release issued on October 25, 2022, as Exhibit 99.1. The press release was issued by First Trust Advisors L.P.
(&ldquo;FTA&rdquo;) to report that on October 27, 2022, First Trust Advisors L.P. (&ldquo;First&rdquo;), investment sub-advisor for
the Fund, will release an update on the market and the Fund. Details regarding the update are contained in the press release
included herein.</P>

<P STYLE="font: 10pt/106% Times New Roman, Times, Serif; margin: 0 0 8pt"><B>Item 9.01 Financial Statements and Exhibits.</B></P>

<P STYLE="font: 10pt/106% Times New Roman, Times, Serif; margin: 0 0 8pt">(d) Exhibits</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit</FONT></TD>
    <TD STYLE="width: 84%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Number</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="pressrelease.htm"><FONT STYLE="color: blue">Press
    release of First Trust Advisors L.P. dated  October 25, 2022</FONT></A>.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/106% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 10pt/106% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 10pt/106% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt/106% Times New Roman, Times, Serif; margin: 0 0 8pt">Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 7%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 41%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FIRST
    TRUST <FONT STYLE="text-transform: uppercase">MORTGAGE Income</FONT> FUND</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">October
    </FONT>25, 2022</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ W. Scott Jardine</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: W. Scott Jardine</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: Secretary</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt/106% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt/106% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 10pt/106% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center"><B>EXHIBIT INDEX</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit</FONT></TD>
    <TD STYLE="width: 84%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Number</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="pressrelease.htm"><FONT STYLE="color: blue">Press release of First Trust Advisors L.P. dated October 25, 2022</FONT></A>.</FONT></TD></TR>
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<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

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<DESCRIPTION>PRESS RELEASE
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  <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; width: 15pc">PRESS RELEASE</TD>
  <TD STYLE="text-align: right; padding-left: 10pt; text-indent: -10pt">SOURCE: First Trust Advisors L.P.</TD></TR>
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<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>First Trust Advisors L.P. Announces Portfolio
Manager Update for First Trust Mortgage Income Fund</B></P>


<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">WHEATON, IL &mdash; (BUSINESS WIRE) &mdash; October
25, 2022 &mdash; First Trust Advisors L.P. (&quot;FTA&quot;) announced today that First Trust Advisors L.P. (&quot;First&quot;), investment
sub-advisor for FMY (NYSE: FMY) (the &quot;Fund&quot;), will release an update on the market and the Fund for financial professionals
and investors. To listen to the update, click on the following link:</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>FMY Replay 10/27/2022</U></P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">The update will
be available from <B><U>Thursday, October 27, 2022, at 5:00 P.M. Eastern Time until 5:00 P.M. Eastern Time on Saturday, November 26, 2022.</U></B></P>
<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"><B><U></U></B></P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">FTA is a federally registered investment advisor
and serves as the Fund's investment advisor. FTA and its affiliate First Trust Portfolios L.P. (&quot;FTP&quot;), a FINRA registered broker-dealer,
are privately-held companies that provide a variety of investment services. FTA has collective assets under management or supervision
of approximately $178 billion as of September 30, 2022 through unit investment trusts, exchange-traded funds, closed-end funds, mutual
funds and separate managed accounts. FTA is the supervisor of the First Trust unit investment trusts, while FTP is the sponsor. FTP is
also a distributor of mutual fund shares and exchange-traded fund creation units. FTA and FTP are based in Wheaton, Illinois.</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Principal Risk Factors: <B>Risks are inherent
in all investing. Certain risks applicable to the Fund are identified below, which includes the risk that you could lose some or all of
your investment in the Fund. The principal risks of investing in the Fund are spelled out in the Fund's annual shareholder reports. The
order of the below risk factors does not indicate the significance of any particular risk factor. The Fund also files reports, proxy statements
and other information that is available for review.</B></P>
<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B></B></P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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. There can be no assurance that the Fund's investment objectives will be achieved. The Fund may not be appropriate for all
investors.<BR>
<BR>
Securities held by a fund, as well as shares of a fund itself, are subject to market fluctuations caused by factors such as general economic
conditions, political events, regulatory or market developments, changes in interest rates and perceived trends in securities prices.
Shares of a fund could decline in value or underperform other investments as a result of the risk of loss associated with these market
fluctuations. In addition, local, regional or global events such as war, acts of terrorism, spread of infectious diseases or other public
health issues, recessions, or other events could have a significant negative impact on a fund and its investments. Such events may affect
certain geographic regions, countries, sectors and industries more significantly than others. In February 2022, Russia invaded Ukraine
which has caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, and the
United States. The hostilities and sanctions resulting from those hostilities could have a significant impact on certain fund investments
as well as fund performance. The COVID-19 global pandemic and the ensuing policies enacted by governments and central banks have caused
and may continue to cause significant volatility and uncertainty in global financial markets. While the U.S. has resumed &quot;reasonably&quot;
normal business activity, many countries continue to impose lockdown measures. Additionally, there is no guarantee that vaccines will
be effective against emerging variants of the disease.<BR>
<BR>
The debt securities in which the Fund invests are subject to certain risks, including issuer risk, reinvestment risk, prepayment risk,
credit risk, interest rate risk and liquidity risk.. Issuer risk is the risk that the value of fixed-income securities may decline for
a number of reasons which directly relate to the issuer. Reinvestment risk is the risk that income from the Fund's portfolio will decline
if the Fund invests the proceeds from matured, traded or called bonds at market interest rates that are below the Fund portfolio's current
earnings rate. Prepayment risk is the risk that, upon a prepayment, the actual outstanding debt on which the Fund derives interest income
will be reduced. Credit risk is the risk that an issuer of a security will be unable or unwilling to make dividend, interest and/or principal
payments when due and that the value of a security may decline as a result. Interest rate risk is the risk that fixed-income securities
will decline in value because of changes in market interest rates. Liquidity risk is the risk that illiquid and restricted securities
may be difficult to value and to dispose of at a fair price at the times when the Fund believes it is desirable to do so.<BR>
<BR>
A mortgage-backed security may be negatively affected by the quality of the mortgages underlying such security and the structure of its
issuer. For example, if a mortgage underlying a particular mortgage-backed security defaults, the value of that security may decrease.
Moreover, a downturn in the markets for residential or commercial real estate or a general economic downturn could negatively affect both
the price and liquidity of privately issued mortgage-backed securities. A portion of the Fund's managed assets may be invested in subordinated
classes of mortgage-backed securities. Such subordinated classes are subject to a greater degree of non-payment risk than are senior classes
of the same issuer or agency.<BR>
<BR>
To the extent a fund invests in floating or variable rate obligations that use the London Interbank Offered Rate (&quot;LIBOR&quot;) as
a reference interest rate, it is subject to LIBOR Risk. The United Kingdom's Financial Conduct Authority, which regulates LIBOR has ceased
making LIBOR available as a reference rate over a phase-out period that began December 31, 2021. There is no assurance that any alternative
reference rate, including the Secured Overnight Financing Rate (&quot;SOFR&quot;) will be similar to or produce the same value or economic
equivalence as LIBOR or that instruments using an alternative rate will have the same volume or liquidity. The unavailability or replacement
of LIBOR may affect the value, liquidity or return on certain fund investments and may result in costs incurred in connection with closing
out positions and entering into new trades. Any potential effects of the transition away from LIBOR on the fund or on certain instruments
in which the fund invests can be difficult to ascertain, and they may vary depending on a variety of factors, and they could result in
losses to the fund.<BR>
<BR>
Investments in asset-backed or mortgage-backed securities offered by non-governmental issuers, such as commercial banks, savings and loans,
private mortgage insurance companies, mortgage bankers and other secondary market issuers are subject to additional risks.<BR>
<BR>
The primary risks associated with the use of futures contracts are (a) the imperfect correlation between the change in market value of
the instruments or indices underlying the futures contracts and the price of the futures contracts; (b) possible lack of a liquid secondary
market for a futures contract and the resulting inability to close a futures contract when desired; (c) losses caused by unanticipated
market movements, which are potentially unlimited; (d) the investment adviser's inability to predict correctly the direction of securities
prices, interest rates, currency exchange rates and other economic factors; and (e) the possibility that the counterparty will default
in the performance of its obligations.<BR>
<BR>
If a security sold short increases in price, the Fund may have to cover its short position at a higher price than the short sale price,
resulting in a loss.<BR>
<BR>
Repurchase agreements are subject to the risk of failure. If the Fund's counterparty defaults on its obligations and the Fund is delayed
or prevented from recovering the collateral, or if the value of the collateral is insufficient, the Fund may realize a loss.<BR>
<BR>
Use of leverage can result in additional risk and cost, and can magnify the effect of any losses.</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The risks of investing in the Fund are spelled
out in the shareholder reports and other regulatory filings.</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The information presented is not intended to
constitute an investment recommendation for, or advice to, any specific person. By providing this information, First Trust is not undertaking
to give advice in any fiduciary capacity within the meaning of ERISA, the Internal Revenue Code or any other regulatory framework. Financial
professionals are responsible for evaluating investment risks independently and for exercising independent judgment in determining whether
investments are appropriate for their clients.</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund&rsquo;s daily closing New York Stock
Exchange price and net asset value per share as well as other information can be found at <U>www.ftportfolios.com</U> or by calling 1-800-988-5891.</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">CONTACT: JEFF MARGOLIN &mdash; (630) 915-6784</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">____________________________</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Source: First Trust Advisors L.P.</P>

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