First Trust Advisors Provides Information Relating to Auction Rate Securities
First Trust Advisors, LP


Lisle, IL, February 19, 2008 -- First Trust Advisors L.P. (“FTA”) today provides the following information related to recent developments in the market for auction rate preferred securities and auction rate notes (“auction rate securities”) with respect to the closed-end funds advised by FTA.

As has been widely reported in the financial media, the markets for auction rate securities have experienced a significant decrease in bidders at auctions, resulting in failed auctions for numerous auction rate securities of closed-end funds and other issuers, including certain recent auctions for securities of Energy Growth and Income Fund and First Trust/Four Corners Senior Floating Rate Income Fund II, two closed-end funds advised by FTA. FTA believes that the turmoil in the auction rate securities markets is related to liquidity issues in the credit markets generally and is not tied to specific closed-end funds. A failed auction is not a default nor does a failed auction trigger a redemption of the auction rate securities. Rather, holders of auction rate securities continue to receive dividend/interest payments at an annual rate that may vary for each rate period. A fund with a failed auction continues to pay on the auction rate securities at a “fail rate.” The fail rate is a pre-determined maximum rate detailed in a fund’s offering documents for the particular auction rate securities. The fail rate is generally based on a spread above a pre-determined index.

From the perspective of a common shareholder of a fund, the recent turmoil in the auction rate securities market has increased the cost of leverage which, all other things being equal, will lower the earnings for the common shares. FTA is continuing to monitor the situation and may consider seeking alternatives to maintaining leverage in its current form or at current levels for those closed-end funds it advises.

Except for those closed-end funds advised by FTA listed below, other closed-end funds advised by FTA do not currently have auction rate securities outstanding. The maximum applicable fail rate for the auction rate securities issued by closed-end funds advised by FTA (based on current fund ratings) is indicated in the chart below:

Offering	Ratings	Auction Interval Most Recent Auction (Rate) Next Auction	Maximum Rate
Energy Income and Growth Fund (NYSE: FEN)
Series A Energy Notes	Aaa (Moody’s) AAA (Fitch)	28-day January 24, 2008 (6.30%) February 21, 2008	200% of the greater of 1) the applicable AA Composite Commercial Paper Rate or 2) LIBOR
Series B Energy Notes	Aaa (Moody’s) AAA (Fitch)	7-day February 14, 2008 (6.232%)* February 21, 2008	200% of the greater of 1) the applicable AA Composite Commercial Paper Rate or 2) LIBOR
First Trust/Four Corners Senior Floating Rate Income Fund (AMEX: FCM)
Money Market Cumulative Preferred Shares	Aaa (Moody’s) AAA (S&P)	28-day January 30, 2008 (4.800%) February 27, 2008	150% of the greater of 1) the applicable AA Composite Commercial Paper Rate or 2) LIBOR
First Trust/Four Corners Senior Floating Rate Income Fund II (NYSE: FCT)
Series A Auction Market Preferred Shares	Aaa (Moody’s) AAA (S&P)	7-day February 19, 2008 (4.389%)* February 26, 2008	Greater of 1) 125% of LIBOR or 2) 125 bps plus LIBOR
Series B Auction Market Preferred Shares	Aaa (Moody’s) AAA (S&P)	28-day February 12, 2008 (4.350%) March 11, 2008	Greater of 1) 125% of LIBOR or 2) 125 bps plus LIBOR
First Trust/Tax-Advantaged Preferred Income Fund (AMEX: FPI)
Series M Auction Preferred Shares	Aaa (Moody’s) AAA (Fitch)	7-day February 15, 2008 (4.500%) February 25, 2008	Greater of 1) 150% of LIBOR or 2) 150 bps plus LIBOR

 * Failed Auction

FTA and its affiliate First Trust Portfolios L.P. 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 $33 billion as of January 31, 2008 through closed-end funds, unit investment trusts, mutual funds, separate managed accounts and exchange-traded funds.



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