First Closed-End Fund to Convert Into Exchange Traded Fund Format NEW YORK, Dec. 18 /PRNewswire/ -- The American Stock Exchange(R) (Amex(R)) today announced that it has launched trading in First Trust Value Line(R) Dividend Index Fund (FVDIF). FVDIF is the first exchange trade fund (ETF) resulting from the liquidation and conversion of a closed-end fund, First Trust Value Line(R) Dividend Fund (FVD). This move demonstrates the increasing innovation emerging around the exchange traded fund format. On December 11, 2006, First Trust Advisors L.P. (First Trust) announced that FVD shareholders approved the reorganization of FVD with and into FVDIF. Under the terms of the reorganization, the assets of FVD were transferred to, and the liabilities of FVD were assumed by, FVDIF in exchange for shares of FVDIF. On Friday, December 15, 2006, the reorganization was effected and FVD was delisted from the Amex at the market close. FVDIF will trade on the Amex under the "FVD" ticker symbol. The conversion represents a new strategy to reduce or eliminate the discount to net asset value (NAV) at which shares of closed-end funds can trade. As an ETF, FVDIF's share price is expected to trade very closely to NAV. In the event the share price trades at a significant deviation from NAV, arbitrageurs may effect trades that serve to align the ETF's share price with NAV. In addition, FVDIF's expense ratio is expected to be lower for shareholders. "We are very pleased to welcome First Trust back to the Amex as they launch trading in the only closed-end fund to convert into an ETF to date," said Cliff Weber, Senior Vice President of the ETF Marketplace at the Amex. "We are proud to have partnered with First Trust again to bring this unique and innovative investment opportunity to the marketplace." FVDIF seeks investment results that correspond generally to the price and yield, before fees and expenses, of the Value Line(R) Dividend Index (VLFVD). VLFVD is an equal-dollar weighted index comprised of U.S. exchange-listed securities. VLFVD is designed to objectively identify and select those stocks from the universe of stocks of which Value Line(R)gives a Safety(TM) Ranking of #1 or #2 and that have the potential to pay above-average dividends and to achieve capital appreciation. Scott Hall, Managing Director of First Trust Advisors L.P., says that "the conversion of FVD into an ETF allows us to maintain the investment strategy of the fund and the integrity of the process - two key benefits to investors." The specialist for the new exchange traded fund is Goldman Sachs Execution & Clearing, LP. LaBranche Structured Products, LLC will trade options on FVD. About the American Stock Exchange The American Stock Exchange(R) (Amex(R)) offers trading across a full range of equities, options and exchange traded funds (ETFs), including structured products and HOLDRS(SM). In addition to its role as a national equities market, the Amex is the pioneer of the ETF, responsible for bringing the first domestic product to market in 1993. Leading the industry in ETF listings, the Amex lists 218 ETFs to date. The Amex is also one of the largest options exchanges in the U.S., trading options on broad-based and sector indexes as well as domestic and foreign stocks. For more information, please visit http://www.amex.com/. About First Trust Advisors L.P. and First Trust Portfolios L.P. First Trust Advisors L.P. and its affiliate, First Trust Portfolios L.P., are privately-held investment services companies which were established in 1991 and operate nationwide and also in Canada and Europe. The firms provide a variety of investment services, including asset management, financial advisory services, and municipal and corporate investment banking. The firms currently have assets under management or supervision of over $25 billion through closed-end funds, unit investment trusts, mutual funds, separate managed accounts and exchange-traded funds. You should consider the fund's investment objectives, risks, charges and expenses carefully before investing. Call 800-621-1675 to request a prospectus, which contains this and other information about the fund. Read it carefully before you invest or send money. Like all investment company securities, the shares of the fund are not insured by the FDIC or any other government agency, are not issued or guaranteed by any bank, and may lose value. DATASOURCE: American Stock Exchange CONTACT: Bari Trontz, American Stock Exchange, +1-212-306-8964, Web site: http://www.amex.com/

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