UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number 811-21381
FIRST TRUST VALUE LINE(R) DIVIDEND FUND
(Exact name of registrant as specified in charter)
1001 Warrenville Road
Suite 300
LISLE, IL 60532
(Address of principal executive offices) (Zip code)
W. Scott Jardine
First Trust Portfolios L.P.
1001 Warrenville Road
Suite 300
LISLE, IL 60532
(Name and address of agent for service)
Registrant's telephone number, including area code: 630-241-4141
Date of fiscal year end: MAY 31, 2005
Date of reporting period: FEBRUARY 28, 2005
Form N-Q is to be used by management investment companies, other than small
business investment companies registered on Form N-5 (ss.ss. 239.24 and 274.5 of
this chapter), to file reports with the Commission, not later than 60 days after
the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under
the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use
the information provided on Form N-Q in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-Q, and
the Commission will make this information public. A registrant is not required
to respond to the collection of information contained in Form N-Q unless the
Form displays a currently valid Office of Management and Budget ("OMB") control
number. Please direct comments concerning the accuracy of the information
collection burden estimate and any suggestions for reducing the burden to the
Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington,
DC 20549-0609. The OMB has reviewed this collection of information under the
clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. SCHEDULE OF INVESTMENTS.
The Schedule(s) of Investments is attached herewith.
FIRST TRUST VALUE LINE(R) DIVIDEND FUND
PORTFOLIO OF INVESTMENTS
FEBRUARY 28, 2005 (UNAUDITED)
MARKET
SHARES VALUE
---------- ------------
COMMON STOCKS - 98.4%
COMMERCIAL BANKS - 16.9%
133,098 AmSouth Bancorp ................................ $ 3,324,788
103,194 Associated Banc-Corp ........................... 3,308,400
71,584 Bank of America Corp. .......................... 3,339,394
74,945 Bank of Montreal ............................... 3,331,305
101,802 Bank of Nova Scotia ............................ 3,310,601
84,822 BB&T Corp. ..................................... 3,320,781
58,869 Canadian Imperial Bank of Commerce ............. 3,295,487
48,994 City National Corp. ............................ 3,353,639
58,178 Comerica, Inc. ................................. 3,320,800
70,550 Commerce Bancshares, Inc. ...................... 3,330,665
73,501 Fifth Third Bancorp ............................ 3,290,640
77,953 First Horizon National Corp. ................... 3,316,900
97,814 First Midwest Bancorp, Inc. .................... 3,338,392
129,164 Hibernia Corp., Class A ........................ 3,315,640
82,381 Marshall & Ilsley Corp. ........................ 3,335,607
68,063 Mercantile Bankshares Corp. .................... 3,308,542
81,572 National Bank of Canada ........................ 3,505,863
93,150 National City Corp. ............................ 3,331,975
116,437 North Fork Bancorporation, Inc. ................ 3,354,550
161,675 Old National Bancorp ........................... 3,343,439
63,073 PNC Financial Services Group, Inc. ............. 3,320,163
103,226 Regions Financial Corp. ........................ 3,330,071
57,107 Royal Bank of Canada ........................... 3,352,181
46,013 SunTrust Banks, Inc. ........................... 3,333,182
122,448 Synovus Financial Corp. ........................ 3,325,688
81,512 Toronto-Dominion Bank .......................... 3,337,101
55,541 Wells Fargo & Company .......................... 3,298,024
98,103 Wilmington Trust Corp. ......................... 3,324,711
--------------
93,298,529
--------------
REITS - 12.1%
99,574 Archstone-Smith Trust .......................... 3,368,589
49,052 Avalonbay Communities, Inc. .................... 3,409,114
84,606 BRE Properties, Inc., Class A .................. 3,316,555
106,163 Duke Realty Corp. .............................. 3,363,244
111,287 Equity Office Properties Trust ................. 3,357,529
103,034 Equity Residential ............................. 3,380,546
66,602 Federal Realty Investment Trust ................ 3,342,754
134,391 Health Care Property Investors, Inc. ........... 3,386,653
90,956 Healthcare Realty Trust, Inc. .................. 3,347,181
61,622 Kimco Realty Corp. ............................. 3,272,744
81,652 Liberty Property Trust ......................... 3,385,292
76,113 Mack-Cali Realty Corp. ......................... 3,364,195
128,563 New Plan Excel Realty Trust .................... 3,363,208
81,412 Pennsylvania Real Estate Investment Trust ...... 3,305,327
87,782 Plum Creek Timber Company, Inc. ................ 3,296,214
84,049 Prologis ....................................... 3,341,788
53,090 Simon Property Group, Inc. ..................... 3,289,456
151,358 United Dominion Realty Trust, Inc. ............. 3,345,012
114,117 Washington Real Estate Investment Trust ........ 3,332,216
91,862 Weingarten Realty Investors .................... 3,383,278
--------------
66,950,895
--------------
See Notes to Quarterly Portfolio of Investments Page 1
FIRST TRUST VALUE LINE(R) DIVIDEND FUND
PORTFOLIO OF INVESTMENTS - (CONTINUED)
FEBRUARY 28, 2005 (UNAUDITED)
MARKET
SHARES VALUE
---------- ------------
COMMON STOCKS - CONTINUED
ELECTRIC UTILITIES - 9.6%
83,207 ALLETE, Inc. .................................. $ 3,301,654
65,319 Ameren Corp. ................................... 3,361,969
81,672 Cinergy Corp. .................................. 3,303,632
76,906 Consolidated Edison, Inc. ...................... 3,287,731
47,589 Entergy Corp. .................................. 3,289,352
73,372 Exelon Corp. ................................... 3,328,154
41,792 FPL Group, Inc. ................................ 3,316,195
107,713 Great Plains Energy, Inc. ...................... 3,338,026
124,983 Hawaiian Electric Industries, Inc. ............. 3,327,047
59,555 NSTAR .......................................... 3,305,303
79,865 Pinnacle West Capital Corp. .................... 3,334,364
127,087 PNM Resources, Inc. ............................ 3,334,763
77,210 Progress Energy, Inc. .......................... 3,346,281
101,959 The Southern Company ........................... 3,274,923
96,227 Wisconsin Energy Corp. ......................... 3,341,001
187,298 Xcel Energy, Inc. .............................. 3,318,921
--------------
53,109,316
--------------
FOOD PRODUCTS - 7.3%
83,668 Cadbury Schweppes PLC, Sponsored ADR ........... 3,319,109
120,014 Campbell Soup Company .......................... 3,324,388
121,641 ConAgra Foods, Inc. ............................ 3,323,232
63,935 General Mills, Inc. ............................ 3,348,276
89,654 H.J. Heinz Company ............................. 3,374,577
75,939 Kellogg Company ................................ 3,341,316
99,128 Kraft Foods, Inc. .............................. 3,315,832
79,293 Lancaster Colony Corp. ......................... 3,378,675
147,722 Sara Lee Corp. ................................. 3,308,973
67,965 The J.M. Smucker Company ....................... 3,341,159
50,148 Unilever NV .................................... 3,354,400
86,682 Unilever PLC, Sponsored ADR .................... 3,364,128
--------------
40,094,065
--------------
MULTI-UTILITIES & UNREGULATED POWER - 6.6%
64,319 Constellation Energy Group, Inc. ............... 3,310,499
46,347 Dominion Resources, Inc. ....................... 3,338,375
128,813 Energy East Corp. .............................. 3,313,070
55,643 Equitable Resources, Inc. ...................... 3,302,412
122,856 MDU Resources Group, Inc. ...................... 3,313,426
117,509 National Fuel Gas Company ...................... 3,327,855
86,977 SCANA Corp. .................................... 3,308,605
83,901 Sempra Energy .................................. 3,356,040
136,884 TransCanada Corp. .............................. 3,309,855
122,901 Vectren Corp. .................................. 3,325,701
62,668 WPS Resources Corp. ............................ 3,266,256
--------------
36,472,094
--------------
Page 2 See Notes to Quarterly Portfolio of Investments
FIRST TRUST VALUE LINE(R) DIVIDEND FUND
PORTFOLIO OF INVESTMENTS - (CONTINUED)
FEBRUARY 28, 2005 (UNAUDITED)
MARKET
SHARES VALUE
---------- ------------
COMMON STOCKS - CONTINUED
OIL & GAS - 5.4%
51,089 BP PLC, Sponsored ADR .......................... $ 3,316,698
52,820 ChevronTexaco Corp. ............................ 3,279,066
29,440 ConocoPhillips ................................. 3,264,602
52,745 Exxon Mobil Corp. .............................. 3,339,286
70,761 Marathon Oil Corp. ............................. 3,349,826
46,772 Occidental Petroleum Corp. ..................... 3,286,668
53,346 Royal Dutch Petroleum Company .................. 3,365,599
59,279 Shell Transport & Trading Company PLC,
Sponsored ADR ............................... 3,361,712
28,121 Total SA, Sponsored ADR ........................ 3,352,023
--------------
29,915,480
--------------
GAS UTILITIES - 4.8%
96,619 AGL Resources, Inc. ............................ 3,344,950
83,458 KeySpan Corp. .................................. 3,300,764
76,200 New Jersey Resources Corp. ..................... 3,383,280
90,707 Nicor, Inc. .................................... 3,382,464
77,498 Peoples Energy Corp. ........................... 3,315,364
143,695 Piedmont Natural Gas Company, Inc. ............. 3,356,715
74,961 UGI Corp. ...................................... 3,354,505
108,064 WGL Holdings, Inc. ............................. 3,317,565
--------------
26,755,607
--------------
INSURANCE - 4.8%
110,989 Arthur J. Gallagher & Company .................. 3,314,131
74,241 Cincinnati Financial Corp. ..................... 3,320,800
68,583 Jefferson-Pilot Corp. .......................... 3,357,824
70,640 Lincoln National Corp. ......................... 3,309,484
60,279 Mercury General Corp. .......................... 3,306,906
62,280 The Allstate Corp. ............................. 3,343,190
41,988 The Chubb Corp. ................................ 3,321,671
71,631 Unitrin, Inc. .................................. 3,358,061
--------------
26,632,067
--------------
DIVERSIFIED TELECOMMUNICATION SERVICES - 3.0%
58,270 ALLTEL Corp. ................................... 3,333,044
128,913 BellSouth Corp. ................................ 3,325,956
138,482 SBC Communications, Inc. ....................... 3,330,492
90,264 Telecom Corp. of New Zealand Ltd.,
Sponsored ADR ............................... 3,361,431
92,501 Verizon Communications, Inc. ................... 3,327,261
--------------
16,678,184
--------------
PHARMACEUTICALS - 3.0%
72,128 Abbott Laboratories ............................ 3,317,167
68,399 GlaxoSmithKline PLC, ADR ....................... 3,298,200
60,094 Lilly (Eli) & Company .......................... 3,365,264
124,561 Pfizer, Inc. ................................... 3,274,708
82,422 Wyeth .......................................... 3,364,466
--------------
16,619,805
--------------
See Notes to Quarterly Portfolio of Investments Page 3
FIRST TRUST VALUE LINE(R) DIVIDEND FUND
PORTFOLIO OF INVESTMENTS - (CONTINUED)
FEBRUARY 28, 2005 (UNAUDITED)
MARKET
SHARES VALUE
---------- ------------
COMMON STOCKS - CONTINUED
CHEMICALS - 2.4%
53,389 Air Products & Chemicals, Inc. ................. $ 3,343,219
62,025 E. I. du Pont de Nemours and Company ........... 3,305,933
46,065 PPG Industries, Inc. ........................... 3,314,377
151,773 Sensient Technologies Corp. .................... 3,314,722
--------------
13,278,251
--------------
HOUSEHOLD PRODUCTS - 2.4%
62,870 Colgate-Palmolive Company ...................... 3,327,080
50,277 Kimberly-Clark Corp. ........................... 3,317,277
61,622 Procter & Gamble Company ....................... 3,271,512
55,310 The Clorox Company ............................. 3,320,812
--------------
13,236,681
--------------
MACHINERY - 1.9%
47,678 Deere & Company ................................ 3,390,383
48,100 Eaton Corp. .................................... 3,354,975
59,449 Harsco Corp. ................................... 3,472,416
--------------
10,217,774
--------------
BEVERAGES - 1.8%
70,015 Anheuser-Busch Companies, Inc. ................. 3,322,212
67,168 Brown-Forman Corp., Class B .................... 3,418,851
77,825 The Coca-Cola Company .......................... 3,330,910
--------------
10,071,973
--------------
THRIFTS & MORTGAGE FINANCE - 1.8%
91,558 Capitol Federal Financial ...................... 3,339,120
142,830 Washington Federal, Inc. ....................... 3,392,213
79,274 Washington Mutual, Inc. ........................ 3,326,337
--------------
10,057,670
--------------
COMMERCIAL SERVICES & SUPPLIES - 1.8%
55,154 Avery Dennison Corp. ........................... 3,347,848
73,049 Pitney Bowes, Inc. ............................. 3,350,027
99,904 R.R. Donnelley & Sons Company .................. 3,317,812
--------------
10,015,687
--------------
INDUSTRIAL CONGLOMERATES - 1.8%
39,439 3M Company ..................................... 3,310,510
93,517 General Electric Company ....................... 3,291,798
67,386 Teleflex, Inc. ................................. 3,393,559
--------------
9,995,867
--------------
HOUSEHOLD DURABLES - 1.8%
118,769 Leggett & Platt, Inc. .......................... 3,286,338
106,607 Lincoln Electric Holdings, Inc. ................ 3,368,781
100,387 Snap-On, Inc. .................................. 3,322,810
--------------
9,977,929
--------------
Page 4 See Notes to Quarterly Portfolio of Investments
FIRST TRUST VALUE LINE(R) DIVIDEND FUND
PORTFOLIO OF INVESTMENTS - (CONTINUED)
FEBRUARY 28, 2005 (UNAUDITED)
MARKET
SHARES VALUE
---------- ------------
COMMON STOCKS - CONTINUED
MEDIA - 1.8%
88,249 Dow Jones & Company, Inc. ...................... $ 3,274,038
50,057 Knight-Ridder, Inc. ............................ 3,278,733
82,137 Tribune Company ................................ 3,345,440
--------------
9,898,211
--------------
ELECTRICAL EQUIPMENT - 1.2%
50,216 Emerson Electric Company ....................... 3,330,325
63,580 Hubbell, Inc., Class B ......................... 3,420,604
--------------
6,750,929
--------------
CONTAINERS & PACKAGING - 1.2%
111,399 Bemis Company .................................. 3,324,146
114,787 Sonoco Products Company ........................ 3,338,006
--------------
6,662,152
--------------
HEALTH CARE EQUIPMENT & SUPPLIES - 0.8%
33,622 Arrow International Inc. ....................... 1,134,406
59,374 Hillenbrand Industries, Inc. ................... 3,349,288
--------------
4,483,694
--------------
TOBACCO - 0.6%
67,924 Universal Corp. ................................ 3,409,785
--------------
SPECIALTY RETAIL - 0.6%
75,507 The Sherwin-Williams Company ................... 3,344,960
--------------
CAPITAL MARKETS - 0.6%
124,561 Allied Capital Corp. ........................... 3,340,726
--------------
FOOD & STAPLES RETAILING - 0.6%
89,800 Weis Markets, Inc. ............................. 3,338,764
--------------
DISTRIBUTORS - 0.6%
77,031 Genuine Parts Company .......................... 3,333,902
--------------
AUTO COMPONENTS - 0.6%
44,900 Magna International, Inc. ...................... 3,320,355
--------------
CONSTRUCTION MATERIALS - 0.6%
57,364 Vulcan Materials Company ....................... 3,319,081
--------------
TOTAL COMMON STOCKS ............................ 544,580,433
--------------
(Cost $475,761,745)
TOTAL INVESTMENTS - 98.4% ...................... 544,580,433
(Cost $475,761,745)*
NET OTHER ASSETS & LIABILITIES - 1.6% .......... 8,610,665
--------------
NET ASSETS - 100.0% ............................ $ 553,191,098
==============
-----------------------------------------------------------------------------
* Aggregate cost for federal tax purposes
ADR American Depository Receipt
REIT Real Estate Investment Trust
See Notes to Quarterly Portfolio of Investments Page 5
--------------------------------------------------------------------------------
NOTES TO QUARTERLY PORTFOLIO OF INVESTMENTS (UNAUDITED)
--------------------------------------------------------------------------------
FIRST TRUST VALUE LINE(R) DIVIDEND FUND
FEBRUARY 28, 2005
1. VALUATION AND INVESTMENT PRACTICES
PORTFOLIO VALUATION:
The Fund determines the net asset value ("NAV") of its shares daily, as of the
close of regular session trading on the New York Stock Exchange ("NYSE"),
normally 4:00 p.m. Eastern time, on each day the NYSE is open for trading. The
NAV is computed by dividing the value of all assets of the Fund (including
accrued interest and dividends), less all liabilities (including accrued
expenses and dividends declared but unpaid), by the total number of shares
outstanding.
The Fund's investments are valued at market value or, in the absence of market
value with respect to any portfolio securities, at fair value according to
procedures adopted by the Fund's Board of Trustees. Portfolio securities listed
on any exchange other than the NASDAQ National Market ("NASDAQ") are valued at
the last sale price on the business day as of which such value is being
determined. If there has been no sale on such day, the securities are valued at
the mean of the most recent bid and asked prices on such day. Securities traded
on the NASDAQ are valued at the NASDAQ Official Closing Price as determined by
NASDAQ. Portfolio securities traded on more than one securities exchange are
valued at the last sale price on the business day as of which such value is
being determined at the close of the exchange representing the principal market
for such securities. Portfolio securities traded in the over-the-counter market,
but excluding securities traded on the NASDAQ, are valued at the closing bid
prices. Short-term investments that mature in 60 days or less are valued at
amortized cost.
Foreign securities traded outside the United States are generally valued as of
the time their trading is complete, which is usually different from the close of
the NYSE. Occasionally, events affecting the value of such securities may occur
between such times and the close of the NYSE that will not always be reflected
in such securities valuation. If events materially affecting the value of such
securities occur during such period, these securities will be valued at their
fair value according to procedures adopted by the Fund's Board of Trustees. All
securities and other assets of the Fund initially expressed in foreign
currencies will be converted to U.S. dollars using exchange rates in effect at
the time of valuation.
SECURITIES TRANSACTIONS:
Securities transactions are recorded as of the trade date. Realized gains and
losses from securities transactions are recorded on the identified cost basis.
2. UNREALIZED APPRECIATION/(DEPRECIATION)
As of February 28, 2005, the aggregate gross unrealized appreciation for all
securities in which there was an excess of value over tax cost was $72,495,419
and the aggregate gross unrealized depreciation for all securities in which
there was an excess of tax cost over value was $3,676,731.
Page 6
ITEM 2. CONTROLS AND PROCEDURES.
(a) The registrant's principal executive and principal financial
officers, or persons performing similar functions, have concluded
that the registrant's disclosure controls and procedures (as defined
in Rule 30a-3(c) under the Investment Company Act of 1940, as
amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of
a date within 90 days of the filing date of the report that includes
the disclosure required by this paragraph, based on their evaluation
of these controls and procedures required by Rule 30a-3(b) under the
1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b)
under the Securities Exchange Act of 1934, as amended (17 CFR
240.13a-15(b) or 240.15d-15(b)).
(b) There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the 1940 Act
(17 CFR 270.30a-3(d)) that occurred during the registrant's last
fiscal quarter that have materially affected, or are reasonably
likely to materially affect, the registrant's internal control over
financial reporting.
ITEM 3. EXHIBITS.
Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of
the Sarbanes-Oxley Act of 2002 are attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) FIRST TRUST VALUE LINE(R) DIVIDEND FUND
By (Signature and Title)* /S/ JAMES A. BOWEN
---------------------------------------
James A. Bowen, Chief Executive Officer
(principal executive officer)
Date APRIL 28, 2005
--------------
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /S/ JAMES A. BOWEN
---------------------------------------
James A. Bowen, Chief Executive Officer
(principal executive officer)
Date APRIL 28, 2005
--------------
By (Signature and Title)* /S/ MARK R. BRADLEY
----------------------------------------
Mark R. Bradley, Chief Financial Officer
(principal financial officer)
Date APRIL 28, 2005
--------------
* Print the name and title of each signing officer under his or her
signature.