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October 12, 2010 at 20:20 PM EDT
First Trust Advisors L.P. Announces Interim Advisory Contracts for Funds in the First Trust Fund Complex

First Trust Advisors L.P. (“FTA”), an investment advisor registered with the SEC, announced today that James A. Bowen, its President, acquired 100% of the voting stock of The Charger Corporation, the general partner of FTA (the “Transaction”). FTA is a limited partnership with one limited partner and one general partner (The Charger Corporation). The Transaction is not expected to impact the day-to-day operations of any of the Funds or FTA. The consummation of the Transaction is deemed to be an “assignment” (as defined in the Investment Company Act of 1940, as amended) of the investment management agreements and, if applicable, the investment sub-advisory agreements, for each Fund in the First Trust Fund Complex and resulted in the automatic termination of the agreements. The names of the Funds are set forth below.

The Board of Trustees of each Fund, except as described below, has approved an interim investment management agreement with FTA and, if applicable, an interim investment sub-advisory agreement, which were entered into effective upon the closing of the Transaction and will be in effect for a maximum period of 150 days. New investment management agreements with FTA and, if applicable, new investment sub-advisory agreements have been approved by the Board of Trustees of each Fund and will be submitted to shareholders of each Fund as of the record date (September 30, 2010) for approval and will take effect upon such shareholder approval. A special shareholder meeting of each Fund to vote on a proposal to approve the new investment management and, if applicable, the new investment sub-advisory agreement, is expected to be held in December, 2010.

FIRST TRUST CLOSED-END FUNDS

TICKER
SYMBOL

Macquarie/First Trust Global Infrastructure/Utilities Dividend & Income Fund MFD
First Trust/Four Corners Senior Floating Rate Income Fund II FCT
Energy Income and Growth Fund FEN
First Trust Enhanced Equity Income Fund FFA
First Trust/Aberdeen Global Opportunity Income Fund FAM
First Trust/FIDAC Mortgage Income Fund FMY
First Trust Strategic High Income Fund FHI
First Trust Strategic High Income Fund II FHY
First Trust/Aberdeen Emerging Opportunity Fund FEO
First Trust Strategic High Income Fund III FHO
First Trust Specialty Finance and Financial Opportunities Fund FGB
First Trust Active Dividend Income Fund FAV
First Trust High Income Long/Short Fund FSD

FIRST TRUST EXCHANGE-TRADED FUND

TICKER
SYMBOL

First Trust Strategic Value Index Fund FDV
First Trust Dow Jones Internet IndexSM Fund FDN
First Trust Dow Jones Select MicroCap IndexSM Fund FDM
First Trust ISE Chindia Index Fund FNI
First Trust ISE-Revere Natural Gas Index Fund FCG
First Trust ISE Water Index Fund FIW
First Trust Morningstar® Dividend LeadersSM Index Fund FDL
First Trust NASDAQ-100 Equal Weighted IndexSM Fund QQEW
First Trust NASDAQ-100 Ex-Technology Sector IndexSM Fund QQXT
First Trust NASDAQ-100-Technology Sector IndexSM Fund QTEC
First Trust NASDAQ® ABA Community Bank Index Fund QABA
First Trust NASDAQ® Clean Edge® Green Energy Index Fund QCLN
First Trust NYSE Arca Biotechnology Index Fund FBT
First Trust S&P REIT Index Fund FRI
First Trust US IPO Index Fund FPX
First Trust Value Line® 100 Exchange-Traded Fund FVL
First Trust Value Line® Dividend Index Fund FVD
First Trust Value Line® Equity Allocation Index Fund FVI


FIRST TRUST EXCHANGE-TRADED FUND II

First Trust BICK Index Fund BICK
First Trust Dow Jones Global Select Dividend Index Fund FGD
First Trust STOXX® European Select Dividend Index Fund FDD
First Trust FTSE EPRA/NAREIT Developed Markets Real Estate Index Fund FFR
First Trust ISE Global Copper Index Fund CU
First Trust ISE Global Engineering and Construction Index Fund FLM
First Trust ISE Global Platinum Index Fund PLTM
First Trust ISE Global Wind Energy Index Fund FAN
First Trust NASDAQ® Clean Edge® Smart Grid Infrastructure Index Fund GRID


FIRST TRUST EXCHANGE-TRADED ALPHADEX® FUND

First Trust Consumer Discretionary AlphaDEX® Fund FXD
First Trust Consumer Staples AlphaDEX® Fund FXG
First Trust Energy AlphaDEX® Fund FXN
First Trust Financials AlphaDEX® Fund FXO
First Trust Health Care AlphaDEX® Fund FXH
First Trust Industrials/Producer Durables AlphaDEX® Fund FXR
First Trust Materials AlphaDEX® Fund FXZ
First Trust Technology AlphaDEX® Fund FXL
First Trust Utilities AlphaDEX® Fund FXU
First Trust Large Cap Core AlphaDEX® Fund FEX
First Trust Mid Cap Core AlphaDEX® Fund FNX
First Trust Small Cap Core AlphaDEX® Fund FYX
First Trust Large Cap Value Opportunities AlphaDEX® Fund FTA
First Trust Large Cap Growth Opportunities AlphaDEX® Fund FTC
First Trust Multi Cap Value AlphaDEX® Fund FAB
First Trust Multi Cap Growth AlphaDEX® Fund FAD


FIRST DEFINED PORTFOLIO FUND, LLC

Target Managed VIP Portfolio
The Dow® DART 10 Portfolio
The Dow® Target Dividend Portfolio
Global Dividend Target 15 Portfolio
S&P® Target 24 Portfolio
NASDAQ® Target 15 Portfolio
First Trust Target Focus Four Portfolio
Value Line® Target 25 Portfolio

First Trust High Income Long/Short Fund completed its initial public offering on September 30, 2010 and approval by current shareholders of this Fund is not required.

FTA also announced that First Trust/Four Corners Senior Floating Rate Income Fund II will change its name to “First Trust Senior Floating Rate Income Fund II,” effective today and will continue to trade under the same ticker symbol “FCT.” As previously announced, the Leveraged Finance Investment Group of FTA has, effective today, taken over day-to-day responsibility for management of the Fund’s portfolio. As a result, no interim sub-advisory agreement has been entered into for FCT.

FTA and its affiliate First Trust Portfolios L.P. (“FTP”) are privately-held companies which provide a variety of investment services, including asset management, financial advisory services, and municipal and corporate investment banking, with collective assets under management or supervision of over $36 billion as of September 30, 2010 through closed-end funds, unit investment trusts, mutual funds, separate managed accounts and exchange-traded funds.

Contacts:

First Trust Advisors L.P.
Jane Doyle for media - (630) 765-8775
or
Jeff Margolin for closed-end funds - (630) 915-6784
or
Eric Anderson for exchange-traded funds - (630) 517-7676
or
Ryan Issakainen for exchange-traded funds - (630) 765-8689
or
Roger Testin for variable annuities - (630) 765-8670
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