FVD First Trust Value Line Dividend Index Fund

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.