SCHEDULE 14A
INFORMATION REQUIRED IN PROXY STATEMENT
SCHEDULE 14A INFORMATION
PROXY STATEMENT PURSUANT TO SECTION 14(A) OF THE SECURITIES
EXCHANGE ACT OF 1934 (AMENDMENT NO. )
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Rule 14a-6(e)(2))
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[X] Definitive Additional Materials
[ ] Soliciting Material under ss. 240.14a-12
First Trust Value Line(R) 100 Fund
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(Name of Registrant as Specified in Its Charter)
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(Name of Person(s) Filing Proxy Statement)
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FIRST TRUST VALUE LINE(R) 100 FUND
1001 Warrenville Road, Suite 300
Lisle, Illinois 60532
April 3, 2007
Re: Your shares of First Trust Value Line(R) 100 Fund ("FVL")
Dear Shareholder:
Recently you received a notice of a Special Meeting of
Shareholders of FVL along with a Prospectus/Proxy Statement and a proxy
card, requesting your vote upon the proposed plan of reorganization (the
"Reorganization") of FVL with and into First Trust Value Line(R) 100
Exchange-Traded Fund ("FVL ETF"), a newly organized exchange-traded fund,
which is a series of the First Trust Exchange-Traded Fund. If the
Reorganization is approved by the FVL shareholders, your shares of FVL
will be exchanged, on a tax-free basis for federal income tax purposes,
except as noted below, for shares of FVL ETF (the "Reorganization
Shares") with an equal aggregate net asset value, and you will become a
shareholder of FVL ETF.
You are receiving this letter because you hold your shares of
FVL directly in registered form and not in "street name" through a
broker-dealer. Because shares of exchange-traded funds cannot be traded
in registered form, as a shareholder of FVL ETF following the
Reorganization, you will need to designate a brokerage account that will
hold your whole Reorganization Shares. If you do not designate a
brokerage account, you may be limited in your ability to sell your
Reorganization Shares in the secondary market until such an account is
designated. IN ANTICIPATION OF APPROVAL OF THE REORGANIZATION, WE
ENCOURAGE YOU TO TRANSFER YOUR SHARES OF FVL TO A BROKERAGE ACCOUNT AS
SOON AS POSSIBLE.
The Altman Group ("Altman") has been engaged to assist in the
solicitation of proxies for FVL. You may receive a telephone call from a
representative of Altman to encourage you to transfer your FVL shares to
a brokerage account prior to the Reorganization.
If you own a fraction share of FVL, upon the consummation of the
Reorganization, in lieu of receiving a fractional share of FVL ETF, you
will receive a check representing the amount in cash equal to the net
asset value of such fractional share. Please note that you may incur
certain tax liability if you receive cash in lieu of the fractional
share. With respect to any whole shares of FVL you owned directly in
registered form, you will still need to designate a brokerage account
that will hold your whole Reorganization Shares if you have not already
done so prior to the Reorganization.
Please refer to the Prospectus/Proxy Statement dated March 21,
2007 for complete information with respect to the Reorganization.
If you have any questions, please call Altman at the special
toll-free number we have set up for you ((800) 926-7043) weekdays from
9:00 a.m. to 10:00 p.m. Eastern time. We appreciate your prompt attention
to this matter. Thank you.
Very truly yours,
FIRST TRUST VALUE LINE(R) 100 FUND
/s/ W. Scott Jardine
W. Scott Jardine, Secretary