FVD First Trust Value Line Dividend Index Fund

First Trust Value Line� Dividend Fund (the �Fund�) (AMEX: FVD) has declared December 8, 2006 as the record date for its December distribution. The payment date will be December 13, 2006. The ex-dividend date is expected to be December 6, 2006. The amount of this distribution will be determined at a later date and will be announced prior to the expected ex-dividend date. This distribution will be the final distribution for the Fund assuming the proposed reorganization of the Fund into First Trust Value Line� Dividend Index Fund is approved by the Fund�s shareholders, at a Meeting of Shareholders on December 11, 2006 and occurs on the scheduled reorganization date of December 15, 2006. The amount of the final distribution will be comprised of any undistributed income and capital gains of the Fund and will be paid in cash rather than reinvested. To the extent the proposed reorganization is not approved by the Fund�s shareholders, this distribution will be the Fund�s regular year-end capital gains distribution. 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. is the fund�s investment advisor and currently manages or supervises approximately $27 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 December 8, 2006 as the record date for its December distribution. The payment date will be December 13, 2006. The ex-dividend date is expected to be December 6, 2006. The amount of this distribution will be determined at a later date and will be announced prior to the expected ex-dividend date. This distribution will be the final distribution for the Fund assuming the proposed reorganization of the Fund into First Trust Value Line(R) Dividend Index Fund is approved by the Fund's shareholders, at a Meeting of Shareholders on December 11, 2006 and occurs on the scheduled reorganization date of December 15, 2006. The amount of the final distribution will be comprised of any undistributed income and capital gains of the Fund and will be paid in cash rather than reinvested. To the extent the proposed reorganization is not approved by the Fund's shareholders, this distribution will be the Fund's regular year-end capital gains distribution. 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. is the fund's investment advisor and currently manages or supervises approximately $27 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.