First Trust Value Line(R) Dividend Fund Adopts Monthly Distribution Policy and Repurchase Program

First Trust Value Line(R) Dividend Fund (the "Fund")
(AMEX:FVD) announced the adoption of a policy to make regular monthly
distributions of $0.08786 per share. The Fund has declared its first
distribution under the new policy which will be payable on July 17,
2006 to shareholders of record on July 6, 2006, with an expected
ex-dividend date of July 3, 2006. Based upon the Fund's net asset
value of $16.22 and American Stock Exchange closing price of $14.30 on
June 23, 2006, respectively, the Fund's July regular monthly
distribution equates to an annualized distribution rate of 6.50% at
NAV and an annualized distribution rate of 7.37% at market price. The
Fund's previous policy was to make regular quarterly distributions.
   Distributions under the new policy are expected to be comprised of
net investment income, realized short-term capital gains and/or, if
necessary, non-taxable distributions (which generally are expected to
represent unrealized capital appreciation). Net long-term capital gain
distributions are expected to be made annually. The final
determination of the source and tax characteristics of all
distributions will be made after December 31 of each year and reported
to shareholders early in the following year. There is no guarantee
that the Fund will generate net realized capital gains or net
unrealized capital appreciation in the future.
   In addition, the Fund announced that it has adopted an open-market
share repurchase program. Effective immediately, the Fund may purchase
up to an aggregate of 4,860,000 shares in open-market transactions at
the discretion of Fund management. The repurchase limit represents
approximately 15% of shares outstanding.
   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(R) Safety(TM) Ranking
System, which emphasizes its #1 and #2 stocks ranked for Safety(TM).
   First Trust Advisors L.P. acts as the Fund's investment adviser
and currently manages or supervises approximately $25 billion in
assets.
   Past performance is no assurance of future results. Investment
return and market value of an investment in the Fund will fluctuate.
Shares, when sold, may be worth more or less than their original cost.
   Principal Risk Factors: The Fund invests principally in equity
securities and the Fund's NAV will fluctuate with changes in the value
of the Fund's holdings. The types of stocks that are selected through
application of the Fund's investment strategy can be expected to
change over time. Particular risks may be elevated during periods in
which the Fund's investment strategy dictates higher levels of
investment in particular types of stocks.
   The Fund's daily American Stock Exchange closing price and net
asset value per share as well as other information can be found at
www.ftportfolios.com or by calling 1-800-988-5891.