Shareholders of First Trust Value Line(R) Dividend Fund Approve Reorganization into Exchange-Traded Fund

  
    
  
  
    
      First Trust Advisors L.P. (FTA) announced that the shareholders of First 
      Trust Value Line® 
      Dividend Fund (AMEX:FVD), at a special meeting of shareholders held 
      today, voted to approve the reorganization of FVD with and into First 
      Trust Value Line® 
      Dividend Index Fund (FVDIF), an exchange-traded fund and newly created 
      series of First Trust Exchange-Traded Fund (FTETF). Under the terms of 
      the reorganization, the assets of FVD will be transferred to, and the 
      liabilities of FVD will be assumed by, FVDIF in exchange for shares of 
      FVDIF. The FVDIF shares will be distributed to FVD shareholders, on a 
      tax-free basis for federal income tax purposes, and FVD will be 
      terminated. FVD will cease trading on the AMEX on Friday, December 15, 
      2006 and FVDIF will begin trading on the AMEX on Monday, December 18, 
      2006, under the “FVD” 
      ticker symbol. The reorganization will be effected on a one share for 
      one share basis based upon the net asset value of FVD on Friday, 
      December 15, 2006.
    
    
      FVD is a diversified closed-end management investment company. FVD’s 
      investment objective is to provide total return through a combination of 
      current income and capital appreciation. It seeks to accomplish its 
      investment objective by investing in common stocks that pay 
      above-average dividends and have potential for capital appreciation. 
      Such common stocks are selected through the application of a disciplined 
      investment strategy implemented by its investment adviser, FTA.
    
    
      FVDIF is a diversified series of FTETF, an exchange-traded fund. The 
      investment objective of FVDIF is to seek investment results that 
      correspond generally to the price and yield (before the fund’s 
      fees and expenses) of an equity index called Value Line® 
      Dividend Index. The stock selection methodology for the Index is 
      substantially similar to the investment strategy utilized for FVD. The 
      investment adviser for FVDIF is FTA.