SENIOR FINANCIAL OFFICER
                                 CODE OF CONDUCT

I.       INTRODUCTION.

         This code of  conduct  is being  adopted  by the  investment  companies
advised by First Trust Advisors,  L.P., set forth in Appendix A, as amended from
time to time,  (the  "FUNDS").  The  reputation  and  integrity of the Funds are
valuable assets that are vital to the Funds' success. Each officer of the Funds,
and officers and  employees of the  investment  adviser to the Funds who work on
Fund matters,  including each of the Funds' senior financial  officers ("SFOS"),
is responsible for conducting each Fund's business in a manner that demonstrates
a commitment to the highest  standards of integrity.  SFOs include the Principal
Executive  Officer (who is the President),  the Controller (who is the principal
accounting officer), and the Treasurer (who is the principal financial officer),
and any person who performs a similar function.

         The Funds,  First Trust Advisors,  L.P. and First Trust Portfolios have
adopted  Codes of Ethics  under Rule 17j-1 under the  Investment  Company Act of
1940 (the "RULE  17J-1  CODE").  These  Codes of Ethics are  designed to prevent
certain  conflicts  of  interest  that may arise when  officers,  employees,  or
directors of the Funds and the  foregoing  entities know about present or future
Fund  transactions  and/or have the power to influence those  transactions,  and
engage in  transactions  with respect to those same securities in their personal
account(s) or otherwise  take  advantage of their  position and  knowledge  with
respect to those  securities.  In an effort to prevent  these  conflicts  and in
accordance with Rule 17j-1,  the Funds adopted their Rule 17j-1 Code to prohibit
transactions  and conduct that create  conflicts  of interest,  and to establish
compliance procedures.

         The  Sarbanes-Oxley  Act of 2002  was  designed  to  address  corporate
malfeasance and to help assure investors that the companies in which they invest
are accurately and completely  disclosing financial  information.  Under Section
406 of the Act, all public  companies  (including  the Funds) must either have a
code of ethics for their SFOs, or disclose why they do not. The Act was intended
to prevent  future  situations  (such as  occurred in  well-reported  situations
involving  such  companies  as Enron and  WorldCom)  where a company  creates an
environment  in which  employees  are afraid to  express  their  opinions  or to
question unethical and potentially illegal business practices.

         The Funds  have  chosen  to adopt a senior  financial  officer  Code of
Conduct to encourage  their SFOs, and other Fund officers and employees of First
Trust  Advisors  or First Trust  Portfolios,  to act  ethically  and to question
potentially  unethical  or illegal  practices,  and to strive to ensure that the
Funds' financial disclosures are complete, accurate, and understandable.



II.      PURPOSES OF THIS CODE OF CONDUCT.

         The purposes of this Code are:

         A.     To promote  honest and ethical  conduct,  including  the ethical
                handling of actual or  apparent  conflicts  of interest  between
                personal and professional relationships;

         B.     To promote full,  fair,  accurate,  timely,  and  understandable
                disclosure in reports and documents that the Funds file with, or
                submits to, the SEC and in other public communications the Funds
                make;

         C.     To promote  compliance with applicable  governmental laws, rules
                and regulations;

         D.     To encourage  the prompt  internal  reporting to an  appropriate
                person of violations of the Code; and

         E.     To establish accountability for adherence to the Code.

III.     QUESTIONS ABOUT THIS CODE.

         The Funds' Boards of Trustees have designated Mitchell E. Mohr or other
appropriate  officer  designated by the President of the respective  Funds to be
the Compliance  Coordinator for the  implementation  and  administration  of the
Code.

IV.      HANDLING OF FINANCIAL INFORMATION.

         The Funds have adopted  guidelines  under which its SFOs perform  their
duties.  However, the Funds expect that ALL officers or employees of the adviser
or  distributor  who  participate  in the  preparation of any part of any Fund's
financial statements follow these guidelines with respect to each Fund:

         A.     Act with  honesty and  integrity  and avoid  violations  of this
                Code,  including  actual or apparent  conflicts of interest with
                the Fund in personal and professional relationships.

         B.     Disclose  to the  Fund's  Compliance  Coordinator  any  material
                transaction or relationship that reasonably could be expected to
                give rise to any  violations  of the Code,  including  actual or
                apparent  conflicts  of  interest  with  the  Fund.  You  should
                disclose these  transactions  or  relationships  whether you are
                involved or have only observed the transaction or  relationship.
                If it is not possible to disclose  the matter to the  Compliance
                Coordinator,  it should be  disclosed  to the  Fund's  Principal
                Financial Officer or Principal Executive Officer.

         C.     Provide information to the Fund's other officers and appropriate
                employees of service providers (adviser, administrator,  outside
                auditor,  outside  counsel,

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                custodian,   etc.)   that   is  accurate,  complete,  objective,
                relevant, timely, and understandable.

         D.     Endeavor  to  ensure   full,   fair,   timely,   accurate,   and
                understandable disclosure in the Fund's periodic reports.

         E.     Comply with the  federal  securities  laws and other  applicable
                laws and rules, such as the Internal Revenue Code.

         F.     Act in good faith,  responsibly,  and with due care,  competence
                and  diligence,   without  misrepresenting   material  facts  or
                allowing your independent judgment to be subordinated.

         G.     Respect  the  confidentiality  of  information  acquired  in the
                course  of your  work  except  when you have  Fund  approval  to
                disclose it or where disclosure is otherwise  legally  mandated.
                You may not use confidential  information acquired in the course
                of your work for personal advantage.

         H.     Share and maintain  skills  important and relevant to the Fund's
                needs.

         I.     Proactively  promote  ethical  behavior among peers in your work
                environment.

         J.     Responsibly use and control all assets and resources employed or
                entrusted to you.

         K.     Record or  participate in the recording of entries in the Fund's
                books  and  records  that  are  accurate  to the  best  of  your
                knowledge.

V.       WAIVERS OF THIS CODE.

         SFOs and other  parties  subject to this Code may request a waiver of a
provision of this Code (or certain  provisions of the Fund's Rule 17j-1 Code) by
submitting   their  request  in  writing  to  the  Compliance   Coordinator  for
appropriate review. An executive officer of the Fund or the Audit Committee will
decide whether to grant a waiver.  All waivers of this Code must be disclosed to
the Fund's  shareholders  to the  extent  required  by SEC  rules.  A good faith
interpretation of the provisions of this Code,  however,  shall not constitute a
waiver.

VI.      ANNUAL CERTIFICATION.

         Each SFO will be asked to certify on an annual  basis that he/she is in
full compliance with the Code and any related policy statements.

VII.     REPORTING SUSPECTED VIOLATIONS.

         A.     SFOs or other  officers of the Funds or  employees  of the First
                Trust group who work on Fund matters who observe,  learn of, or,
                in good faith,  suspect a violation of the

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                Code MUST immediately report the  violation  to  the  Compliance
                Coordinator,  another  member  of  the  Funds'  or First Trust's
                senior  management, or to the Audit Committee of the Fund Board.
                An example of a possible Code  violation is the preparation  and
                filing  of  financial disclosure that omits material  facts,  or
                that  is  accurate  but  is  written  in a way that obscures its
                meaning.

         B.     Because  service  providers  such as an  administrator,  outside
                accounting firm, and custodian provide much of the work relating
                to the  Funds'  financial  statements,  you  should be alert for
                actions by service providers that may be illegal,  or that could
                be viewed as dishonest or unethical  conduct.  You should report
                these actions to the Compliance Coordinator even if you know, or
                think,  that the service provider has its own code of ethics for
                its SFOs or employees.

         C.     SFOs or other  officers or employees  who report  violations  or
                suspected  violations  in good  faith  will  not be  subject  to
                retaliation   of  any   kind.   Reported   violations   will  be
                investigated   and  addressed   promptly  and  will  be  treated
                confidentially to the extent possible.

VIII.    VIOLATIONS OF THE CODE.

         A.     Dishonest,  unethical  or  illegal  conduct  will  constitute  a
                violation   of  this  Code,  regardless  of  whether  this  Code
                specifically  refers to that  particular conduct. A violation of
                this Code may result in disciplinary action, up to and including
                termination of employment.  A variety of laws apply to the Funds
                and  their  operations,  including the  Securities  Act of 1933,
                the  Investment Company Act  of 1940,  state  laws  relating  to
                duties  owed by Fund  directors and officers, and criminal laws.
                The federal  securities laws  generally  prohibit the Funds from
                making  material  misstatements  in  its  prospectus  and  other
                documents filed with  the  SEC,  or  from  omitting  to  state a
                material   fact.  These  material  misstatements  and  omissions
                include  financial  statements  that  are  misleading  or   omit
                materials facts.

         B.     Examples  of criminal violations of the  law  include  stealing,
                embezzling,  misapplying  corporate  or  bank  funds,  making  a
                payment  for  an  expressed  purpose  on  a Fund's  behalf to an
                individual  who intends to use it for  a  different purpose;  or
                making payments, whether corporate or personal, of cash or other
                items of value that are  intended to  influence  the judgment or
                actions  of  political  candidates,  government   officials   or
                businesses  in  connection  with  any of the Funds'  activities.
                The Funds must and will report all suspected criminal violations
                to the  appropriate  authorities for possible  prosecution,  and
                will  investigate,   address   and   report,   as   appropriate,
                non-criminal violations.

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                                   APPENDIX A

                          ENERGY INCOME AND GROWTH FUND

            FIRST TRUST/FIDUCIARY ASSET MANAGEMENT COVERED CALL FUND

                       FIRST TRUST VALUE LINE(R) 100 FUND

                     FIRST TRUST VALUE LINE(R) DIVIDEND FUND

           FIRST TRUST/VALUE LINE(R) & IBBOTSON EQUITY ALLOCATION FUND

            FIRST TRUST/FOUR CORNERS SENIOR FLOATING RATE INCOME FUND

          FIRST TRUST/FOUR CORNERS SENIOR FLOATING RATE INCOME FUND II

  MACQUARIE/FIRST TRUST GLOBAL INFRASTRUCTURE/UTILITIES DIVIDEND & INCOME FUND

               FIRST TRUST ABERDEEN GLOBAL OPPORTUNITY INCOME FUND

                     FIRST TRUST/FIDAC MORTGAGE INCOME FUND

                     FIRST TRUST STRATEGIC HIGH INCOME FUND