-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 HNSK20BEGZldL8gJ/xevpt7bECtgaDqGFu9vkWA+x6HIrNpJ8HWWCkORGnemtNG1
 0rJJ1MUP4oBQdKj9JOpWbg==

<SEC-DOCUMENT>0000875626-05-001079.txt : 20050712
<SEC-HEADER>0000875626-05-001079.hdr.sgml : 20050712
<ACCEPTANCE-DATETIME>20050712133449
ACCESSION NUMBER:		0000875626-05-001079
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20050711
FILED AS OF DATE:		20050712
DATE AS OF CHANGE:		20050712

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			TESTIN ROGER
		CENTRAL INDEX KEY:			0001241130

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-21381
		FILM NUMBER:		05949989

	MAIL ADDRESS:	
		STREET 1:		C/O FIRST TRUST ADVISORS LP
		STREET 2:		1001 WARRENVILLE RD
		CITY:			LISLE
		STATE:			IL
		ZIP:			60532

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FIRST TRUST VALUE LINE DIVIDEND FUND
		CENTRAL INDEX KEY:			0001244943
		IRS NUMBER:				000000000

	BUSINESS ADDRESS:	
		STREET 1:		C/O FIRST TRUST PORTFOLIOS LP
		STREET 2:		1001 VARRENVILLE RD. #3000
		CITY:			LISLE
		STATE:			IL
		ZIP:			60532
		BUSINESS PHONE:		6302414141

	MAIL ADDRESS:	
		STREET 1:		C/O FIRST TRUST PORTFOLIOS LP
		STREET 2:		1001 WARRENVILLE RD #3000
		CITY:			LISLE
		STATE:			IL
		ZIP:			60532
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>fvd_testin4ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2005-07-11</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001244943</issuerCik>
        <issuerName>FIRST TRUST VALUE LINE DIVIDEND FUND</issuerName>
        <issuerTradingSymbol>FVD</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001241130</rptOwnerCik>
            <rptOwnerName>TESTIN ROGER</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O FIRST TRUST ADVISORS LP</rptOwnerStreet1>
            <rptOwnerStreet2>1001 WARRENVILLE RD</rptOwnerStreet2>
            <rptOwnerCity>LISLE</rptOwnerCity>
            <rptOwnerState>IL</rptOwnerState>
            <rptOwnerZipCode>60532</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Vice President</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Shares</value>
            </securityTitle>
            <transactionDate>
                <value>2005-07-11</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>150</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>15.04</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>150</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <ownerSignature>
        <signatureName>/s/ Roger Testin, by W. Scott Jardine, attorney-in-fact, pursuant to a Power of Attorney</signatureName>
        <signatureDate>2005-07-12</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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