First Trust Morningstar Dividend Leaders Index Fund (the Fund) seeks investment results that correspond generally to the price and yield of an equity index called the Morningstar Dividend Leaders Index (the Index). The objective of the Index is to offer investors a benchmark for dividend portfolios, as well as a means to invest in a portfolio of stocks that have a consistent record of growing dividends, as well as the ability to sustain them. The Index consists of the top 100 stocks, based on dividend yield, of the securities listed on one of the three exchanges (NYSE, NYSE Alternext US or NASDAQ) that have been selected through the application of Morningstar, Inc.'s multi-step screening process. The Index is rebalanced four times annually in March, June, September and December. The Fund will normally invest at least 90% of its total assets in common stocks that comprise the Index. The Fund’s investment advisor is First Trust Advisors L.P.