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First Trust Advisors, L.P.


   1001 Warrenville Road, S. 300
Lisle, IL 60532

800-621-1675



Since our inception in 1991, First Trust Portfolios L.P. and its affiliate First Trust Advisors L.P. have evolved from an organization with strong roots in the unit investment trust business (now referred to as defined portfolios) to a firm with a diversified line of packaged products. Our financial products are now available in the following structures: defined portfolios, variable annuities, separately managed accounts and closed-end funds.

Our closed-end product line, which was launched in June 2003, includes funds that employ active portfolio management and funds that adhere to a disciplined investment strategy. In each of our closed-end fund offerings we have chosen to partner with a respected asset manager or research firm with a strong track record in the asset class we have targeted. We believe the closed-end structure suits some investment ideas better than others, particularly those opportunities where leverage is desired or where the execution of an investment strategy could be disrupted by cash inflows or outflows.

At First Trust, we seek to market innovative investment products that are timely and competitive. We regard our investors as the most integral part of our business.


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