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PRESS RELEASE                                 SOURCE: First Trust Advisors L.P.


FIRST TRUST ADVISORS ANNOUNCES PROPOSED CHANGE OF CONTROL OF CHARTWELL
INVESTMENT PARTNERS L.P., INVESTMENT SUB-ADVISOR TO FIRST TRUST DIVIDEND AND
INCOME FUND AND FIRST TRUST ENHANCED EQUITY INCOME FUND

Wheaton, IL - (BUSINESS WIRE) - January 8, 2014 - First Trust Advisors L.P.
("FTA") announced today that Chartwell Investment Partners L.P. ("Chartwell"),
investment sub-advisor to First Trust Dividend and Income Fund and First Trust
Enhanced Equity Income Fund (the "Funds"), advised the Funds that Chartwell has
entered into a definitive asset-purchase agreement with TriState Capital
Holdings, Inc. ("TriState") (NYSE TSC) whereby TriState will acquire
substantially all of the assets of Chartwell (the "Transaction"). The
Transaction is expected to close in the first quarter of 2014, subject to
regulatory requirements, obtaining certain Chartwell-client consents and other
customary closing conditions. The consummation of the Transaction may be deemed
to be an "assignment" (as defined in the Investment Company Act of 1940, as
amended) of the sub-advisory agreements between each Fund, FTA and Chartwell,
which would result in the automatic termination of such agreements. The Board of
Trustees of each Fund will meet at a Special Meeting to be held on January 22,
2014, to consider the impact of the Transaction on the Funds and it is expected
that the Board will consider interim sub-advisory agreements for each Fund with
FTA and Chartwell which would be entered into effective upon the closing of the
Transaction and would be in effect for a maximum period of 150 days. It is
anticipated that new investment sub-advisory agreements would be submitted to
shareholders of each Fund for approval and would take effect upon such
shareholder approval. The interim agreements and the new agreements would be
substantially similar to each Fund's current agreements. The Transaction is not
expected to impact the day-to-day operations of the Funds, and the portfolio
managers of the Funds would remain the same. In the event that the Board takes
the actions outlined above, a special shareholder meeting of each Fund to vote
on a proposal to approve the new investment sub-advisory agreements is expected
to be held later this year. There can be no assurance that the necessary
percentage of the shareholders of the Funds will vote to approve the new
investment sub-advisory agreements.

FTA has served as each Fund's investment advisor since each Fund's inception.
FTA along with its affiliate, First Trust Portfolios L.P., are privately-held
companies which provide a variety of investment services, including asset
management and financial advisory services, with collective assets under
management or supervision of approximately $85 billion as of December 31, 2013,
through unit investment trusts, exchange-traded funds, closed-end funds, mutual
funds and separately managed accounts.

Chartwell has served as the investment sub-advisor to the First Trust Dividend
and Income Fund since July 1, 2013, and the First Trust Enhanced Equity Income
Fund since September 14, 2007 and is an employee-owned investment firm focusing
on institutional, sub-advisory, and private client relationships. The firm is a
research-based equity and fixed-income manager with a disciplined, team-oriented
investment process. At November 30, 2013, Chartwell had approximately $7 billion
in assets under management.

This press release contains certain forward-looking statements within the
meaning of the Securities Act of 1933, as amended, and the Securities Exchange
Act of 1934, as amended. Forward-looking statements include statements regarding
the goals, beliefs, plans or current expectations of FTA and/or Chartwell and
their respective representatives, taking into account the information currently
available to them. Forward-looking statements include all statements that do not
relate solely to current or historical fact. For example, forward-looking
statements include the use of words such as "anticipate," "estimate," "intend,"
"expect," "believe," "plan," "may," "should," "would" or other words that convey
uncertainty of future events or outcomes. Forward-looking statements involve
known and unknown risks, uncertainties and other factors that may cause the
actual results, performance or achievements of the Funds to be materially
different from any future results, performance or achievements expressed or
implied by the forward-looking statements. When evaluating the information
included in this press release, you are cautioned not to place undue reliance on
these forward-looking statements, which reflect the judgment of the FTA and
Chartwell and their respective representatives only as of the date hereof. We
undertake no obligation to publicly revise or update these forward-looking
statements to reflect events and circumstances that arise after the date hereof.

Principal Risk Factors: Investment in these Funds involves investment and market
risk; management risk; sub-advisor risk; value investing risk; dividend strategy
risk; qualified dividend tax risk; equity securities risk; small and medium cap
company risk; non-U.S. securities risk; and emerging markets risk. By writing
call options on equity securities held, the capital appreciation potential of
the equity securities is limited; however, the potential for capital
depreciation is unlimited. The risks of investing in each Fund are spelled out
in each Fund's prospectus, shareholder report and other regulatory filings. Past
performance is no assurance of future results. Investment return and market
value of an investment in each Fund will fluctuate. Shares, when sold, may be
worth more or less than their original cost.

Contact:

First Trust Advisors L.P.

Press Inquiries:          Jane Doyle, 630-765-8775
Analyst Inquiries:        Jeff Margolin, 630-915-6784
Broker Inquiries:         Jeff Margolin, 630-915-6784