FVD First Trust Value Line Dividend Index Fund

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.