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

  
    
  
  
    
      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(R) Dividend Fund (FVD):
          
        
      
      
        
          Distribution per share:
        
        
        
        
          $.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.
    
    
      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. Please see the Fund’s prospectus for 
      additional information on the risks of investing in the Fund.
    
    
      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.
    
  
First Trust Value Line(R) 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.

-0-
*T
First Trust Value Line(R) Dividend Fund (FVD):
----------------------------------------------------------------------
Distribution per share:                                       $.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%
*T

   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(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 $26 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. Please see the Fund's
prospectus for additional information on the risks of investing in the
Fund.

   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.