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First Trust Value Line® Dividend Fund Declares Monthly Distribution
First Trust Advisors, LP

Lisle, IL, October 20, 2006 – First Trust Value Line® Dividend Fund (the “Fund”) (AMEX: FVD) has declared its regularly scheduled monthly distribution, payable on November 15, 2006 to shareholders of record as of November 3, 2006. The ex-dividend date is expected to be
November 1, 2006.

The monthly distribution information for the Fund appears below.

First Trust Value Line Dividend Fund (FVD)
Distribution per share	$0.08786
Distribution Rate based on the October 19, 2006 NAV of $17.70	5.96%
Distribution Rate based on the October 19, 2006 closing market price of $17.27	6.10%

A portion of this distribution may come from net investment income earned by the fund, net short-term realized capital gains or return of capital. The final determination of the source and tax status of all distributions paid in 2006 will be made after the end of 2006.

The Fund is a closed-end fund designed to provide total return through a combination of current income and capital appreciation. The Fund seeks to accomplish this objective through a disciplined investment strategy derived from Value Line’s® Safety™ Ranking System, which emphasizes its #1
and #2 stocks ranked for Safety™.

First Trust Advisors L.P. acts as the fund’s investment advisor and currently manages or supervises approximately $26 billion in assets.

View more information on First Trust Advisors, LP or other Closed-End Funds.