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 811-21336
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FIRST TRUST VALUE LINE(R)100 FUND
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(Exact name of registrant as specified in charter)
1001 Warrenville Road
Suite 300
LISLE, IL 60532
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(Address of principal executive offices) (Zip code)
CT Corporation System
101 Federal Street
BOSTON, MA 02110
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(Name and address of agent for service)
Registrant's telephone number, including area code: 630-241-4141
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Date of fiscal year end: DECEMBER 31
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Date of reporting period: MARCH 31, 2005
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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 of Investments is attached herewith.
FIRST TRUST VALUE LINE(R) 100 FUND
PORTFOLIO OF INVESTMENTS
MARCH 31, 2005 (UNAUDITED)
MARKET
SHARES VALUE
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COMMON STOCKS - 99.6%
HOUSEHOLD DURABLES - 8.9%
59,483 Beazer Homes USA, Inc. ................... $ 2,965,823
103,508 D.R. Horton, Inc. ........................ 3,026,545
60,136 Hovnanian Enterprises, Inc., Class A* .... 3,066,936
26,146 KB Home .................................. 3,071,109
43,202 M.D.C. Holdings, Inc. .................... 3,009,019
3,838 NVR, Inc.* ............................... 3,012,830
42,041 Standard Pacific Corp. ................... 3,034,940
48,207 The Ryland Group, Inc. ................... 2,989,798
40,085 Toll Brothers, Inc.* ..................... 3,160,702
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27,337,702
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METALS & MINING - 8.0%
267,853 AK Steel Holding Corp.* .................. 2,962,454
127,788 Allegheny Technologies, Inc. ............. 3,080,969
40,729 Cleveland-Cliffs, Inc. ................... 2,967,922
92,909 Commercial Metals Company ................ 3,148,686
50,853 Nucor Corp. .............................. 2,927,099
67,450 Peabody Energy Corp. ..................... 3,126,982
55,600 Quanex Corp. ............................. 2,964,592
89,158 Teck Cominco Ltd., Class B ............... 3,305,560
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24,484,264
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HEALTH CARE PROVIDERS & SERVICES - 7.1%
41,863 Aetna, Inc. .............................. 3,137,632
90,098 Community Health Systems, Inc.* .......... 3,145,321
51,876 PacifiCare Health Systems, Inc.* ......... 2,952,782
71,175 The Advisory Board Company* .............. 3,110,348
65,913 Triad Hospitals, Inc.* ................... 3,302,241
32,988 UnitedHealth Group, Inc. ................. 3,146,395
24,926 WellPoint Inc.* .......................... 3,124,474
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21,919,193
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SPECIALTY RETAIL - 7.0%
55,813 Abercrombie & Fitch Company, Class A ..... 3,194,736
109,886 American Eagle Outfitters, Inc. .......... 3,247,131
93,732 CarMax, Inc.* ............................ 2,952,558
109,182 Chico's FAS, Inc.* ....................... 3,085,483
53,116 Lowe's Companies, Inc. ................... 3,032,393
79,536 The Home Depot, Inc. ..................... 3,041,457
65,535 Urban Outfitters, Inc.* .................. 3,143,714
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21,697,472
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OIL & GAS - 6.2%
61,647 Berry Petroleum Company, Class A ......... 3,171,738
46,182 EnCana Corp. ............................. 3,252,136
67,464 EOG Resources, Inc. ...................... 3,288,195
161,078 OMI Corp. ................................ 3,084,644
54,806 Southwestern Energy Company* ............. 3,110,789
96,474 XTO Energy, Inc. ......................... 3,168,206
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19,075,708
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See Notes to Portfolio of Investments. Page 1
FIRST TRUST VALUE LINE(R) 100 FUND
PORTFOLIO OF INVESTMENTS - (CONTINUED)
MARCH 31, 2005 (UNAUDITED)
MARKET
SHARES VALUE
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COMMON STOCKS - (CONTINUED)
SOFTWARE - 6.0%
129,079 Citrix Systems, Inc.* .................... $ 3,074,662
170,007 Internet Security Systems, Inc.* ......... 3,111,128
61,192 Kronos, Inc.* ............................ 3,127,523
88,845 Macromedia, Inc.* ........................ 2,976,307
65,005 Mercury Interactive Corp.* ............... 3,079,937
248,133 Oracle Corp.* ............................ 3,096,700
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18,466,257
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HOTELS, RESTAURANTS & LEISURE - 5.9%
187,350 CKE Restaurants, Inc.* ................... 2,969,497
102,367 Darden Restaurants, Inc. ................. 3,140,620
51,955 P.F. Chang's China Bistro, Inc.* ......... 3,106,909
52,301 Panera Bread Company, Class A* ........... 2,956,576
92,516 Sonic Corp.* ............................. 3,090,034
44,360 Station Casinos, Inc. .................... 2,996,518
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18,260,154
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MACHINERY - 5.9%
66,803 Actuant Corp., Class A* .................. 3,000,791
224,616 Columbus McKinnon Corp.* ................. 3,059,270
85,192 Joy Global, Inc. ......................... 2,986,866
37,433 Oshkosh Truck Corp. ...................... 3,069,132
132,710 Stewart & Stevenson Services, Inc. ....... 3,037,732
34,149 The Toro Company ......................... 3,022,186
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18,175,977
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ROAD & RAIL - 4.9%
49,788 Canadian National Railway Company ........ 3,152,078
72,676 CSX Corp. ................................ 3,026,956
81,719 Norfolk Southern Corp. ................... 3,027,689
128,538 Swift Transportation Company, Inc.* ...... 2,845,831
49,474 Yellow Roadway Corp.* .................... 2,896,208
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14,948,762
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COMPUTERS & PERIPHERALS - 4.0%
71,423 Apple Computer, Inc.* .................... 2,976,196
79,598 Dell, Inc.* .............................. 3,058,155
110,959 Network Appliance, Inc.* ................. 3,069,126
76,406 QLogic Corp.* ............................ 3,094,443
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12,197,920
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BIOTECHNOLOGY - 3.9%
68,627 Affymetrix, Inc.* ........................ 2,939,981
51,903 Amgen, Inc.* ............................. 3,021,274
52,823 Genzyme Corp.* ........................... 3,023,588
42,667 Invitrogen Corp.* ........................ 2,952,556
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11,937,399
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Page 2 See Notes to Portfolio of Investments.
FIRST TRUST VALUE LINE(R) 100 FUND
PORTFOLIO OF INVESTMENTS - (CONTINUED)
MARCH 31, 2005 (UNAUDITED)
MARKET
SHARES VALUE
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COMMON STOCKS - (CONTINUED)
TEXTILES, APPAREL & LUXURY GOODS - 3.0%
54,062 Coach, Inc.* ............................. $ 3,061,531
104,566 Quiksilver, Inc.* ........................ 3,035,551
69,560 Reebok International, Ltd. ............... 3,081,508
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9,178,590
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IT SERVICES - 3.0%
77,272 Anteon International Corp.* .............. 3,008,199
76,769 CheckFree Corp.* ......................... 3,129,104
65,546 Cognizant Technology Solutions Corp.,
Class A* .............................. 3,028,225
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9,165,528
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CHEMICALS - 2.9%
51,364 Eastman Chemical Company ................. 3,030,476
106,564 Lyondell Chemical Company ................ 2,975,267
133,810 Olin Corp. ............................... 2,983,963
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8,989,706
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ELECTRONIC EQUIPMENT & INSTRUMENTS - 2.1%
111,972 Itron, Inc.* ............................. 3,318,850
110,280 Jabil Circuit, Inc.* ..................... 3,145,186
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6,464,036
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MULTILINE RETAIL - 2.0%
59,912 Kohl's Corp.* ............................ 3,093,256
34,784 The Neiman Marcus Group, Inc., Class A ... 3,183,084
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6,276,340
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ENERGY EQUIPMENT & SERVICES - 2.0%
70,149 Cal Dive International, Inc.* ............ 3,177,750
77,644 Lone Star Technologies, Inc.* ............ 3,061,503
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6,239,253
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DIVERSIFIED FINANCIAL SERVICES - 2.0%
37,645 Moody's Corp. ............................ 3,043,975
15,701 The Chicago Mercantile Exchange .......... 3,046,465
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6,090,440
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COMMERCIAL SERVICES & SUPPLIES - 2.0%
61,486 ITT Educational Services, Inc.* .......... 2,982,071
57,017 Websense, Inc.* .......................... 3,067,515
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6,049,586
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ELECTRICAL EQUIPMENT - 1.9%
52,399 Rockwell Automation, Inc. ................ 2,967,880
94,541 Thomas & Betts Corp.* .................... 3,053,674
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6,021,554
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BUILDING PRODUCTS - 1.0%
81,828 ElkCorp .................................. 3,147,105
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See Notes to Portfolio of Investments. Page 3
FIRST TRUST VALUE LINE(R) 100 FUND
PORTFOLIO OF INVESTMENTS - (CONTINUED)
MARCH 31, 2005 (UNAUDITED)
MARKET
SHARES VALUE
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COMMON STOCKS - (CONTINUED)
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT - 1.0%
81,114 Marvell Technology Group Ltd.* ........... $ 3,109,911
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INSURANCE - 1.0%
53,919 Prudential Financial, Inc. ............... 3,094,951
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HEALTH CARE EQUIPMENT & SUPPLIES - 1.0%
45,360 C.R. Bard, Inc. .......................... 3,088,109
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MEDIA - 1.0%
43,287 Getty Images, Inc.* ...................... 3,078,138
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THRIFTS & MORTGAGE FINANCE - 1.0%
236,909 TeleTech Holdings, Inc.* ................. 3,060,864
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CAPITAL MARKETS - 1.0%
38,985 Legg Mason, Inc. ......................... 3,046,288
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FOOD & STAPLES RETAILING - 1.0%
66,876 Walgreen Company ......................... 2,970,632
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COMMUNICATIONS EQUIPMENT - 1.0%
310,103 Harmonic Inc.* ........................... 2,964,585
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DISTRIBUTORS - 1.0%
66,254 Building Materials Holding Corp. ......... 2,946,978
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CONSTRUCTION MATERIALS - 0.9%
50,031 Florida Rock Industries, Inc. ............ 2,942,823
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TOTAL COMMON STOCKS ...................... 306,426,225
(Cost $275,113,232)
TOTAL INVESTMENTS - 99.6% ................ 306,426,225
(Cost $275,113,232)**
NET OTHER ASSETS & LIABILITIES - 0.4% .... 1,244,349
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NET ASSETS - 100.0% ...................... $307,670,574
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* Non-income producing security.
** Aggregate cost for federal tax and financial reporting purposes.
Page 4 See Notes to Portfolio of Investments.
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NOTES TO PORTFOLIO OF INVESTMENTS (UNAUDITED)
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FIRST TRUST VALUE LINE(R) 100 FUND
MARCH 31, 2005
1. VALUATION AND INVESTMENT PRACTICES
PORTFOLIO VALUATION:
The First Trust Value Line(R) 100 Fund (the "Fund") determines the net asset
value ("NAV") of its shares daily, as of the close of regular 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 on 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 ask 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 on 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 trading 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.
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 March 31, 2005, the aggregate gross unrealized appreciation for all
securities in which there was an excess of value over tax cost was $36,934,297
and the aggregate gross unrealized depreciation for all securities in which
there was an excess of tax cost over value was $5,621,304.
Page 5
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) 100 FUND
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By (Signature and Title)* /S/ JAMES A. BOWEN
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James A. Bowen, Chairman of the Board, President and
Chief Executive Officer
(principal executive officer)
Date MAY 24, 2005
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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
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James A. Bowen, Chairman of the Board, President and
Chief Executive Officer
(principal executive officer)
Date MAY 24, 2005
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By (Signature and Title)* /S/ MARK R. BRADLEY
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Mark R. Bradley, Treasurer, Controller, Chief
Financial Officer and Chief Accounting Officer
(principal financial officer)
Date MAY 24, 2005
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* Print the name and title of each signing officer under his or her signature.