First Trust Value Line(R) Dividend Fund Declares Monthly Distribution for August of $0.08786 Per Share

First Trust Value Line(R) Dividend Fund (the "Fund")
(AMEX:FVD) has declared its regularly scheduled monthly distribution
of $0.08786 per share.
   Based on the Fund's net asset value of $16.69 and the American
Stock Exchange closing price of $15.09 on July 19, 2006, the Fund's
regular distribution equates to an annualized distribution rate of
6.32% at NAV and 6.99% at market.
   The distribution will be payable on August 15, 2006 to
shareholders of record on August 3, 2006, with an expected
ex-distribution date of August 1, 2006. 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(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 advisor
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.