Shareholders of First Trust Value Line(R) 100 Fund Approve Reorganization into Exchange-Traded Fund

  
    
  
  
    
      First Trust Advisors L.P. (FTA) announced that the shareholders of First 
      Trust Value Line® 100 
      Fund (AMEX:FVL), at a special meeting of shareholders, voted to approve 
      the reorganization of FVL with and into First Trust Value Line® 
      100 Exchange-Traded Fund (FVLEF), an exchange-traded fund and newly 
      created series of First Trust Exchange-Traded Fund (FTETF). Under the 
      terms of the reorganization, the assets of FVL will be transferred to, 
      and the liabilities of FVL will be assumed by, FVLEF in exchange for 
      shares of FVLEF. The FVLEF shares will be distributed to FVL 
      shareholders, on a tax-free basis for federal income tax purposes, and 
      FVL will be terminated. It is anticipated that FVL will cease trading on 
      the AMEX on Friday, June 15, 2007 and FVLEF will begin trading on the 
      AMEX on Monday, June 18, 2007, under the “FVL” 
      ticker symbol. The reorganization will be effected on a one share for 
      one share basis based upon the net asset value of FVL on Friday, June 
      15, 2007.
    
    
      FVL is a diversified closed-end management investment company. FVL’s 
      investment objective is to provide capital appreciation by adhering to a 
      disciplined strategy of investing in a diversified portfolio of the 100 
      common stocks ranked #1 in Value Line’s® 
      Timeliness® Ranking 
      System.
    
    
      FVLEF is a diversified series of FTETF, an exchange-traded fund. The 
      investment objective of FVLEF 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® 
      100 Index. The stock selection methodology for the Index is similar to 
      the investment strategy utilized for FVL. The investment adviser for 
      FVLEF is FTA.