UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-21336
----------------------------
FIRST TRUST VALUE LINE(R) 100 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, Esq.
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: DECEMBER 31
------------
Date of reporting period: JUNE 30, 2005
--------------
Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
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 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. REPORTS TO STOCKHOLDERS.
The Report to Shareholders is attached herewith.
--------------------------------------------------------------------------------
FIRST TRUST VALUE LINE(R) 100 FUND
SEMI-ANNUAL REPORT
FOR THE SIX MONTHS ENDED JUNE 30, 2005
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
TABLE OF CONTENTS
--------------------------------------------------------------------------------
FIRST TRUST VALUE LINE(R) 100 FUND
JUNE 30, 2005
Shareholder Letter ........................................................ 1
Portfolio Components ...................................................... 2
Portfolio of Investments .................................................. 3
Statement of Assets and Liabilities ....................................... 7
Statement of Operations ................................................... 8
Statements of Changes in Net Assets ....................................... 9
Financial Highlights ...................................................... 10
Notes to Financial Statements ............................................. 11
Additional Information .................................................... 14
Dividend Reinvestment Plan
Proxy Voting Policies and Procedures
Portfolio Holdings
Submission of Matters to a Vote of Shareholders
Advisory Agreement
HOW TO READ THIS REPORT
This report contains information that can help you evaluate your investment. It
includes details about the First Trust Value Line(R) 100 Fund (the "Fund") and
presents data and analysis that provide insight into the Fund's performance and
investment approach.
By reading the letter from the Fund's President, James A. Bowen, you will obtain
an understanding of how the market environment affected its performance. The
statistical information that follows can help you understand the Fund's
performance compared to that of relevant market benchmarks.
It is important to keep in mind that the opinions expressed by Mr. Bowen and
First Trust Advisors L.P. personnel are just that: informed opinions. They
should not be considered to be promises or advice. The opinions, like the
statistics, cover the period through the date on the cover of this report. Of
course, the risks of investing in the Fund are spelled out in the prospectus.
--------------------------------------------------------------------------------
SHAREHOLDER LETTER
--------------------------------------------------------------------------------
FIRST TRUST VALUE LINE(R) 100 FUND (FVL)
SEMI-ANNUAL REPORT
JUNE 30, 2005
Dear Shareholders:
The First Trust Value Line(R) 100 Fund (the "Fund") posted a market price total
return of -7.5% in the first half of 2005, vs. -0.8% for the S&P 500 Index. Its
net asset value ("NAV") total return was 1.0%. The Fund traded at a 13.2%
discount to its NAV on June 30, 2005. According to Bloomberg, the Fund's beta
was 1.43 on July 15, 2005, which indicates that the Fund carries significantly
more risk than the stocks in the S&P 500.
FVL celebrated its second anniversary in June 2005. Though we are disappointed
that FVL's market price continues to trade at a double-digit discount to its
NAV, we are pleased that the strategy is building a solid performance track
record. From June 30, 2003, through June 30, 2005, FVL posted a cumulative NAV
total return of 32.4%, compared to a gain of 26.6% for the S&P 500. The Fund's
market price closed at $15.42 per share on June 30, 2005, above its IPO price of
$15.00 per share.
In June, the Fund paid a short-term capital gain distribution of $0.314 per
share as well as a long-term capital gain distribution of $0.098 per share.
Strong corporate earnings and a relatively low inflation/interest rate climate,
in our opinion, have helped drive stock prices higher over the past 24 months.
We believe the economic recovery in the U.S., which began in the fourth quarter
of 2001, has bolstered the confidence levels of equity investors. Gross Domestic
Product ("GDP") growth increased at an annual rate of 3.8% in the first quarter
of 2005, according to the Bureau of Economic Analysis. The testimony given by
Federal Reserve Chairman Alan Greenspan to the House Financial Services
Committee on July 20, 2005, included a GDP growth estimate of 3.5% for 2005.
Though down from 4.4% in 2004, due primarily, in our opinion, to the spike in
the price of oil over the past year, it is still solid economic growth.
The manufacturing sector remains strong. The Institute for Supply Management
Index, which measures manufacturing activity, increased in July 2005 to 56.6. It
had been on a steady decline from its most recent high of 62.8 in January 2004
to a low of 51.4 in May 2005. A reading above 50 indicates that activity is
expanding. The current expansion in the manufacturing sector should continue,
according to the Manufacturers Alliance/MAPI Quarterly Analysis. A survey of
first quarter figures of 27 major industries found that 22 of them reported
inflation-adjusted new orders or production above the numbers posted a year ago.
The companies in the S&P 500 Index continue to increase their cash holdings
thanks to a combination of strong profit growth and modest capital expenditures.
Cash and other short-term holdings totaled a record $2.46 trillion at the end of
the first quarter of 2005, according to Standard & Poor's.
Second-quarter operating profits are expected to be 7.8% higher than what was
posted in the second quarter of 2004, ending the 12-quarter streak of
double-digit gains that dates back to June 2002, according to Standard & Poor's.
First-quarter earnings grew by 13%. Despite the anticipated slowdown in earnings
growth, investors do have something working in their favor. According to
MarketWatch.com, the BLUE CHIP INVESTOR newsletter noted recently that its
valuation model shows that stocks are at "one of their cheapest points -
compared to bonds - in 25 years."
We continue to appreciate your interest in the Fund.
Sincerely,
/S/ JAMES A. BOWEN
James A. Bowen
President of the First Trust Value Line(R) 100 Fund
August 8, 2005
Page 1
FIRST TRUST VALUE LINE(R) 100 FUND
JUNE 30, 2005 (UNAUDITED)
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
This Semi-Annual Report contains certain forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933. Forward-looking statements
include statements regarding the goals, beliefs, plans or current expectations
of First Trust Advisors L.P. and its representatives, taking into account the
information currently available to them. Forward-looking statements include all
statements that do not relate solely to current or historical fact. For example,
forward-looking statements include the use of words such as "anticipate,"
"estimate," "intend," "expect," "believe," "plan," "may," "should," "would," or
other words that convey uncertainty of future events or outcomes.
Forward-looking statements involve known and unknown risks, uncertainties and
other factors that may cause the Fund's actual results, performance or
achievements to be materially different from any future results, performance or
achievements expressed or implied by the forward-looking statements. When
evaluating the information included in this Semi-Annual Report, you are
cautioned not to place undue reliance on these forward-looking statements, which
reflect the judgment of First Trust Advisors L.P. and its representatives only
as of the date hereof. We undertake no obligation to publicly revise or update
these forward-looking statements to reflect events and circumstances that arise
after the date hereof.
PORTFOLIO COMPONENTS+
[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS IN PRINTED GRAPHIC AS FOLLOWS:
Health Care Providers & Services 11.0%
Oil, Gas & Consumable Fuels 9.0%
Household Durables 8.1%
Specialty Retail 8.0%
Biotechnology 7.2%
Communications Equipment 4.9%
Software 4.9%
Health Care Equipment & Supplies 4.1%
IT Services 4.0%
Hotels, Restaurants & Leisure 3.9%
Food & Staples Retailing 3.0%
Semiconductors & Semiconductor Equipment 2.9%
Computers & Peripherals 2.8%
Machinery 2.8%
Commercial Services & Supplies 2.0%
Road & Rail 2.0%
Multiline Retial 2.0%
Media 2.0%
Energy Equipment & Services 2.0%
Electronic Equipment & Instruments 1.9%
Internet Software & Services 1.9%
Capital Markets 1.2%
Auto Components 1.0%
Diversified Consumer Services 1.0%
Textiles & Apparel 1.0%
Diversified Financial Services 1.0%
Pharmaceuticals 1.0%
Metals & Mining 1.0%
Distributors 1.0%
Personal Products 1.0%
Electrical Equipment 0.4%
+ Percentages are based on total investments. Please note that the percentages
shown on the Portfolio of Investments are based on net assets.
Page 2 See Notes to Financial Statements.
FIRST TRUST VALUE LINE(R) 100 FUND
PORTFOLIO OF INVESTMENTS
JUNE 30, 2005 (UNAUDITED)
MARKET
SHARES VALUE
-------------- ------------
COMMON STOCKS - 100.1%
HEALTH CARE PROVIDERS & SERVICES - 11.0%
37,370 Aetna, Inc. ..................................... $ 3,094,983
187,749 Allscripts Healthcare Solutions, Inc.* .......... 3,118,511
48,672 Cerner Corp.* ................................... 3,308,236
82,562 Community Health Systems, Inc.* ................. 3,120,018
60,664 Express Scripts, Inc.* .......................... 3,031,987
54,352 HCA, Inc. ....................................... 3,080,128
63,615 LCA-Vision, Inc. ................................ 3,082,783
56,240 Triad Hospitals, Inc.* .......................... 3,072,954
60,277 UnitedHealth Group, Inc. ........................ 3,142,843
300,399 WebMD Corp.* .................................... 3,085,098
44,688 WellPoint Inc.* ................................. 3,112,072
---------------
34,249,613
---------------
OIL, GAS & CONSUMABLE FUELS - 9.0%
57,400 Arch Coal, Inc. ................................. 3,126,578
58,199 CONSOL Energy Inc. .............................. 3,118,302
75,390 EnCana Corp. .................................... 2,984,690
54,513 EOG Resources, Inc. ............................. 3,096,338
40,978 Kerr-McGee Corp. ................................ 3,127,031
40,505 Noble Energy, Inc. .............................. 3,064,203
59,781 Peabody Energy Corp. ............................ 3,111,003
70,523 Southwestern Energy Company* .................... 3,313,171
92,815 XTO Energy, Inc. ................................ 3,154,782
---------------
28,096,098
---------------
HOUSEHOLD DURABLES - 8.1%
55,788 Beazer Homes USA, Inc. .......................... 3,188,284
82,803 D.R. Horton, Inc. ............................... 3,114,221
47,931 Hovnanian Enterprises, Inc., Class A* ........... 3,125,101
42,315 KB Home ......................................... 3,225,672
37,348 Pulte Homes, Inc. ............................... 3,146,569
35,705 Standard Pacific Corp. .......................... 3,140,255
41,986 The Ryland Group, Inc. .......................... 3,185,478
30,867 Toll Brothers, Inc.* ............................ 3,134,544
---------------
25,260,124
---------------
SPECIALTY RETAIL - 8.0%
44,823 Abercrombie & Fitch Company, Class A ............ 3,079,340
48,175 Advance Auto Parts, Inc.* ....................... 3,109,696
97,356 American Eagle Outfitters, Inc. ................. 2,983,961
92,953 Chico's FAS, Inc.* .............................. 3,186,429
74,920 Michael's Stores, Inc. .......................... 3,099,440
106,159 O'Reilly Automotive, Inc.* ...................... 3,164,600
90,924 The Men's Wearhouse, Inc.* ...................... 3,130,513
53,177 Urban Outfitters, Inc.* ......................... 3,014,604
---------------
24,768,583
---------------
See Notes to Financial Statements. Page 3
FIRST TRUST VALUE LINE(R) 100 FUND
PORTFOLIO OF INVESTMENTS - (CONTINUED)
JUNE 30, 2005 (UNAUDITED)
MARKET
SHARES VALUE
-------------- ------------
COMMON STOCKS - CONTINUED
BIOTECHNOLOGY - 7.2%
59,964 Affymetrix, Inc.* ............................... $ 3,233,858
51,073 Amgen, Inc.* .................................... 3,087,874
77,159 Celgene Corp.* .................................. 3,145,772
81,337 Cephalon, Inc.* ................................. 3,238,026
39,076 Genentech, Inc.* ................................ 3,137,021
38,771 Invitrogen Corp.* ............................... 3,229,237
69,426 Techne Corp.* ................................... 3,187,348
---------------
22,259,136
---------------
COMMUNICATIONS EQUIPMENT - 4.9%
145,309 ADC Telecommunications, Inc.* ................... 3,163,377
156,520 Cisco Systems, Inc.* ............................ 2,991,097
186,628 Corning Inc.* ................................... 3,101,757
113,937 Juniper Networks, Inc.* ......................... 2,868,934
295,847 Powerwave Technologies, Inc.* ................... 3,023,556
---------------
15,148,721
---------------
SOFTWARE - 4.9%
88,253 Autodesk, Inc. .................................. 3,033,256
141,878 Internet Security Systems, Inc.* ................ 2,878,705
78,853 Mercury Interactive Corp.* ...................... 3,024,801
65,675 MICROS Systems, Inc.* ........................... 2,938,956
246,578 Oracle Corp.* ................................... 3,254,830
---------------
15,130,548
---------------
HEALTH CARE EQUIPMENT & SUPPLIES - 4.1%
28,427 Alcon, Inc. ..................................... 3,108,492
50,325 ResMed Inc.* .................................... 3,320,947
85,710 Respironics, Inc.* .............................. 3,094,988
73,371 SurModics, Inc.* ................................ 3,182,100
---------------
12,706,527
---------------
IT SERVICES - 4.0%
69,426 Anteon International Corp.* ..................... 3,167,214
89,261 CheckFree Corp.* ................................ 3,040,230
66,260 Cognizant Technology Solutions Corp.,
Class A* ..................................... 3,122,834
73,028 Fiserv, Inc.* ................................... 3,136,553
---------------
12,466,831
---------------
HOTELS, RESTAURANTS & LEISURE - 3.9%
94,442 Darden Restaurants, Inc. ........................ 3,114,697
75,554 MGM MIRAGE* ..................................... 2,990,427
47,726 Panera Bread Company, Class A* .................. 2,963,069
45,455 Station Casinos, Inc. ........................... 3,018,212
---------------
12,086,405
---------------
Page 4 See Notes to Financial Statements.
FIRST TRUST VALUE LINE(R) 100 FUND
PORTFOLIO OF INVESTMENTS - (CONTINUED)
JUNE 30, 2005 (UNAUDITED)
MARKET
SHARES VALUE
-------------- ------------
COMMON STOCKS - CONTINUED
FOOD & STAPLES RETAILING - 3.0%
69,813 Longs Drug Stores Corp. ......................... $ 3,005,450
68,951 Walgreen Company ................................ 3,171,056
26,663 Whole Foods Market, Inc. ........................ 3,154,233
---------------
9,330,739
---------------
SEMICONDUCTORS
& SEMICONDUCTOR EQUIPMENT - 2.9%
78,988 Marvell Technology Group Ltd.* .................. 3,004,703
112,582 NVIDIA Corp.* ................................... 3,008,191
126,843 Photronics, Inc.* ............................... 2,960,516
---------------
8,973,410
---------------
COMPUTERS & PERIPHERALS - 2.9%
77,657 Dell Inc.* ...................................... 3,068,228
161,455 Seagate Technology .............................. 2,833,535
222,518 Western Digital Corp.* .......................... 2,986,192
---------------
8,887,955
---------------
MACHINERY - 2.8%
253,631 Columbus McKinnon Corp.* ........................ 2,778,528
89,287 Joy Global, Inc. ................................ 2,999,150
39,491 Oshkosh Truck Corp. ............................. 3,091,355
---------------
8,869,033
---------------
COMMERCIAL SERVICES & SUPPLIES - 2.0%
88,503 Equifax, Inc. ................................... 3,160,442
64,362 The Advisory Board Company* ..................... 3,137,004
---------------
6,297,446
---------------
ROAD & RAIL - 2.0%
73,251 CSX Corp. ....................................... 3,124,888
134,141 Swift Transportation Company, Inc.* ............. 3,124,144
---------------
6,249,032
---------------
MULTILINE RETAIL - 2.0%
59,338 J.C. Penney Company, Inc. ....................... 3,119,992
45,370 Nordstrom, Inc. ................................. 3,083,799
---------------
6,203,791
---------------
MEDIA - 2.0%
41,194 Getty Images, Inc.* ............................. 3,059,066
150,416 Shaw Communications, Inc. ....................... 3,124,140
---------------
6,183,206
---------------
ENERGY EQUIPMENT & SERVICES - 2.0%
59,248 Cal Dive International, Inc.* ................... 3,102,818
66,956 Lone Star Technologies, Inc.* ................... 3,046,498
---------------
6,149,316
---------------
See Notes to Financial Statements. Page 5
FIRST TRUST VALUE LINE(R) 100 FUND
PORTFOLIO OF INVESTMENTS - (CONTINUED)
JUNE 30, 2005 (UNAUDITED)
MARKET
SHARES VALUE
-------------- ------------
COMMON STOCKS - CONTINUED
ELECTRONIC EQUIPMENT & INSTRUMENTS - 1.9%
66,670 Itron, Inc.* .................................... $ 2,978,816
100,262 Jabil Circuit, Inc.* ............................ 3,081,051
---------------
6,059,867
---------------
INTERNET SOFTWARE & SERVICES - 1.9%
113,729 WebEx Communications, Inc.* ..................... 3,003,583
84,436 Yahoo! Inc.* .................................... 2,925,707
---------------
5,929,290
---------------
CAPITAL MARKETS - 1.2%
37,034 Legg Mason, Inc. ................................ 3,855,610
---------------
AUTO COMPONENTS - 1.0%
213,544 The Goodyear Tire & Rubber Company* ............. 3,181,806
---------------
DIVERSIFIED CONSUMER SERVICES - 1.0%
76,650 Bright Horizons Family Solutions, Inc.* ......... 3,121,188
---------------
TEXTILES & APPAREL - 1.0%
92,500 Coach, Inc.* .................................... 3,105,225
---------------
DIVERSIFIED FINANCIAL SERVICES - 1.0%
10,500 Chicago Mercantile Exchange Holdings Inc. ....... 3,102,750
---------------
PHARMACEUTICALS - 1.0%
99,337 Teva Pharmaceutical Industries Ltd.,
Sponsored ADR ................................ 3,093,354
---------------
METALS & MINING - 1.0%
89,462 Teck Cominco Ltd., Class B ...................... 3,018,576
---------------
DISTRIBUTORS - 1.0%
43,271 Building Materials Holding Corp. ................ 2,998,248
---------------
PERSONAL PRODUCTS - 1.0%
71,820 Chattem, Inc.* .................................. 2,973,348
---------------
ELECTRICAL EQUIPMENT - 0.4%
46,053 Thomas & Betts Corp.* ........................... 1,300,537
---------------
TOTAL COMMON STOCKS ............................. 311,056,313
---------------
(Cost $274,970,718)
TOTAL INVESTMENTS - 100.1% ...................... 311,056,313
(Cost $274,970,718)**
NET OTHER ASSETS & LIABILITIES - (0.1)% ......... (386,381)
---------------
NET ASSETS - 100.0% ............................. $ 310,669,932
===============
--------------------------------------------------------------------------------
* Non-income producing security
** Aggregate cost for federal income tax and financial reporting
purposes
ADR American Depository Receipt
Page 6 See Notes to Financial Statements.
FIRST TRUST VALUE LINE(R) 100 FUND
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 2005 (UNAUDITED)
ASSETS:
Investments, at value
(Cost $274,970,718) ....................................................................... $311,056,313
Cash ......................................................................................... 2,171,012
Receivable for investment securities sold .................................................... 7,768,438
Dividends receivable ......................................................................... 99,742
Prepaid expenses ............................................................................. 9,495
Interest receivable .......................................................................... 2,520
------------
Total Assets ............................................................................ 321,107,520
------------
LIABILITIES:
Payable for investment securities purchased .................................................. 10,082,008
Investment advisory fee payable .............................................................. 164,814
Value Line(R) licensing fee payable .......................................................... 66,742
Printing fees payable ........................................................................ 41,529
Audit and legal fees payable ................................................................. 33,506
Payable to administrator ..................................................................... 23,572
Custodian fees payable ....................................................................... 7,102
Accrued expenses and other payables .......................................................... 18,315
------------
Total Liabilities ....................................................................... 10,437,588
------------
NET ASSETS. .................................................................................. $310,669,932
============
NET ASSETS CONSIST OF:
Accumulated net investment loss .............................................................. $ (782,243)
Accumulated net realized gain on investments sold and foreign currencies and net other assets 25,339,991
Net unrealized appreciation of investments and foreign currencies and net other assets ....... 36,086,232
Par value .................................................................................... 174,900
Paid-in capital .............................................................................. 249,851,052
------------
Net Assets .............................................................................. $310,669,932
============
NET ASSET VALUE, per Common Share (par value $0.01 per Common Share) ......................... $ 17.76
============
Number of Common Shares outstanding (unlimited number of Common Shares has been authorized) .. 17,490,000
============
See Notes to Financial Statements. Page 7
FIRST TRUST VALUE LINE(R) 100 FUND
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 2005 (UNAUDITED)
INVESTMENT INCOME:
Dividends (net of foreign withholding tax of $4,140) ..................................... $ 641,209
Interest ................................................................................. 13,095
------------
Total investment income ............................................................. 654,304
------------
EXPENSES:
Investment advisory fee .................................................................. 987,081
Value Line(R) licensing fee .............................................................. 145,509
Administration fee ....................................................................... 141,323
Printing fees ............................................................................ 38,397
Audit and legal fees ..................................................................... 26,224
Custodian fees ........................................................................... 22,803
Trustees' fees and expenses .............................................................. 21,021
Transfer Agent fees ...................................................................... 15,000
Other .................................................................................... 39,189
------------
Total expenses ...................................................................... 1,436,547
------------
NET INVESTMENT LOSS ...................................................................... (782,243)
------------
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Net realized gain on investments sold during the period .................................. 25,348,931
------------
Net change in unrealized appreciation/(depreciation) of:
Investments .......................................................................... (22,323,224)
Foreign currencies and net other assets .............................................. 637
------------
Net change in unrealized appreciation/(depreciation) of investments during the period .... (22,322,587)
------------
Net realized and unrealized gain on investments .......................................... 3,026,344
------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS ..................................... $ 2,244,101
============
Page 8 See Notes to Financial Statements.
FIRST TRUST VALUE LINE(R) 100 FUND
STATEMENTS OF CHANGES IN NET ASSETS
SIX MONTHS
ENDED YEAR
06/30/2005 ENDED
(UNAUDITED) 12/31/2004
------------- -------------
Net investment loss ..................................................................... $ (782,243) $ (1,518,618)
Net realized gain on investments sold during the period ................................. 25,348,931 15,534,767
Net change in unrealized appreciation/(depreciation) of investments during the period ... (22,322,587) 22,694,106
------------- -------------
Net increase in net assets resulting from operations .................................... 2,244,101 36,710,255
DISTRIBUTIONS TO SHAREHOLDERS:
Net realized gains ...................................................................... (7,205,880) (11,543,400)
------------- -------------
Total distributions to shareholders ..................................................... (7,205,880) (11,543,400)
CAPITAL TRANSACTIONS:
Offering costs .......................................................................... -- 1,161
------------- -------------
Net increase/(decrease) in net assets for the period .................................... (4,961,779) 25,168,016
NET ASSETS:
Beginning of period ..................................................................... 315,631,711 290,463,695
------------- -------------
End of period ........................................................................... $310,669,932 $ 315,631,711
============= =============
Undistributed net investment income/(accumulated net investment loss) at end of period .. $ (782,243) $ --
============= =============
See Notes to Financial Statements. Page 9
FIRST TRUST VALUE LINE(R) 100 FUND
FINANCIAL HIGHLIGHTS
FOR A COMMON SHARE OUTSTANDING THROUGHOUT EACH PERIOD
SIX MONTHS
ENDED YEAR PERIOD
06/30/2005 ENDED ENDED
(UNAUDITED) 12/31/2004 12/31/2003*
----------- ----------- ----------
Net asset value, beginning of period ................................... $ 18.05 $ 16.61 $ 14.33
----------- ----------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss .................................................... (0.04) (0.09) (0.06)
Net realized and unrealized gain on investments ........................ 0.16 2.19 2.37
----------- ----------- ----------
Total from investment operations ....................................... 0.12 2.10 2.31
----------- ----------- ----------
Common shares offering costs charged to paid-in capital ................ 0.00 0.00# (0.03)
----------- ----------- ----------
DISTRIBUTIONS PAID TO SHAREHOLDERS FROM:
Net realized gains ..................................................... (0.41) (0.66) --
----------- ----------- ----------
Total from distributions ............................................... (0.41) (0.66) --
----------- ----------- ----------
Net asset value, end of period ......................................... $ 17.76 $ 18.05 $ 16.61
=========== =========== ==========
Market value, end of period ............................................ $ 15.42 $ 17.10 $ 16.49
=========== =========== ==========
TOTAL RETURN BASED ON NET ASSET VALUE (A)+ ............................. 1.04% 13.05% 15.91%
=========== =========== ==========
TOTAL RETURN BASED ON MARKET VALUE (B)+ ................................ (7.45)% 7.88% 9.93%
=========== =========== ==========
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's) ................................... $ 310,670 $ 315,632 $ 290,464
Ratio of total expenses to average net assets .......................... 0.95%** 0.97% 1.02%**
Ratio of net investment loss to average net assets ..................... (0.52)%** (0.52)% (0.75)%**
Portfolio turnover rate 123.73% 220.04% 143.53%
--------------------------------------------------
* The Fund commenced operations on June 12, 2003.
** Annualized.
# Amount represents less than $0.01 per share.
(a) Total return based on net asset value is the combination of reinvested
dividend income and reinvested capital gains distributions, at prices
obtained by the Dividend Reinvestment Plan, if any, and changes in net
asset value per share and does not reflect sales load.
(b) Total return based on market value is the combination of reinvested
dividend income and reinvested capital gains distributions, at prices
obtained by the Dividend Reinvestment Plan, if any, and changes in stock
price per share, all based on market price per share.
+ Total return is not annualized for periods less than one year.
Page 10 See Notes to Financial Statements.
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
--------------------------------------------------------------------------------
FIRST TRUST VALUE LINE(R) 100 FUND
JUNE 30, 2005 (UNAUDITED)
1. FUND DESCRIPTION
First Trust Value Line(R) 100 Fund (the "Fund") is a diversified closed-end
management investment company organized as a Massachusetts business trust on
April 18, 2003 and is registered with the Securities and Exchange Commission
("SEC") under the Investment Company Act of 1940, as amended (the "1940 Act").
The Fund trades under the ticker symbol FVL on the American Stock Exchange.
The Fund's investment objective is to provide capital appreciation. The Fund
seeks to outperform the Standard & Poor's 500 Composite Stock Price Index (the
"S&P 500 Index") by adhering to a disciplined strategy of investing in a
diversified portfolio of the 100 common stocks ranked #1 in Value Line's(R)
Timeliness(TM) Ranking System. There can be no assurance that the Fund's
investment objective will be achieved.
The Value Line(R) Timeliness(TM) Ranking System was introduced in its present
form in 1965. Each week, Value Line(R) Publishing, Inc. ("Value Line") screens a
wide array of data, using a series of proprietary calculations, to rank each of
the approximately 1,700 stocks in the Value Line(R) universe from #1 (highest)
to #5 (lowest) based on their expected price performance relative to the other
stocks in the universe over the following 6 to 12 months. At any one time, only
100 stocks are ranked #1 in the Value Line(R) Timeliness(TM) Ranking System.
The Fund invests substantially all, but in no event less than 80%, of its net
assets in the stocks that are ranked #1 in the Value Line(R) Timeliness(TM)
Ranking System. Each week, the Fund will make portfolio adjustments to match the
changes made to the #1 ranked stocks by Value Line(R). The Fund also rebalances
its holdings on a quarterly basis so that each stock is equally weighted on the
rebalancing date.
2. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies consistently
followed by the Fund in the preparation of its financial statements. The
preparation of financial statements in accordance with accounting principles
generally accepted in the United States of America requires management to make
estimates and assumptions that affect the reported amounts and disclosures in
the financial statements. Actual results could differ from those estimates.
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 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.
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' value. 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 denominated in foreign currencies will
be converted to U.S. dollars using exchange rates in effect at the time of
valuation.
SECURITIES TRANSACTIONS AND INVESTMENT INCOME:
Securities transactions are recorded as of the trade date. Realized gains and
losses from securities transactions are recorded on the identified cost basis.
Dividend income is recorded on the ex-dividend date. Interest income is recorded
on the accrual basis.
Page 11
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS - (CONTINUED)
--------------------------------------------------------------------------------
FIRST TRUST VALUE LINE(R) 100 FUND
JUNE 30, 2005 (UNAUDITED)
Securities purchased or sold on a when-issued or delayed-delivery basis may be
settled a month or more after the trade date; interest income on such securities
is not accrued until settlement date. The Fund instructs the custodian to
segregate assets of the Fund with a current value at least equal to the amount
of its when-issued purchase commitments.
FOREIGN CURRENCY:
The books and records of the Fund are maintained in U.S. dollars. Foreign
currencies, investments and other assets and liabilities are translated into
U.S. dollars at the exchange rates prevailing at the end of the period.
Purchases and sales of investment securities and items of income and expense are
translated on the respective dates of such transactions. Unrealized gains and
losses which result from changes in foreign currency exchange rates have been
included in the net change in unrealized appreciation/(depreciation) of foreign
currencies and net other assets in the Statement of Operations. Net realized
foreign currency gains and losses include the effect of changes in exchange
rates between trade date and settlement date on investment security
transactions, foreign currency transactions and interest and dividends received.
The portion of foreign currency gains and losses related to fluctuation in
exchange rates between the initial purchase trade date and subsequent sale trade
date is included in the net realized gains and losses on foreign currencies and
net other assets in the Statement of Operations.
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Dividends from net investment income and net realized long-term and short-term
capital gains of the Fund will be paid at least annually or as the Board of
Trustees may determine from time to time. Distributions will automatically be
reinvested into additional Common Shares pursuant to the Fund's Dividend
Reinvestment Plan unless cash distributions are elected by the shareholder.
Distributions from income and capital gains are determined in accordance with
the income tax regulations, which may differ from accounting principles
generally accepted in the United States of America. These differences are
primarily due to differing treatments of income and gains on various investment
securities held by the Fund, timing differences and differing characterization
of distributions made by the Fund.
The tax character of distributions paid during 2004 was as follows:
Distributions paid from:
2004
----
Ordinary Income ............................... $ 7,345,800
Long-term Capital Gains........................ $ 4,197,600
As of December 31, 2004, the components of distributable earnings on a tax basis
were as follows:
Ordinary Income................................ $ 5,484,786
Undistributed Long-Term Gain................... $ 1,712,154
INCOME TAXES:
The Fund intends to continue to qualify as a regulated investment company by
complying with the requirements under Subchapter M of the Internal Revenue Code
of 1986, as amended, and by distributing substantially all of its net investment
income and net realized gains to shareholders. Accordingly, no provision has
been made for federal or state income taxes.
EXPENSES:
The Fund pays all expenses directly related to its operations. First Trust
Advisors L.P. ("First Trust") has entered into a non-exclusive license agreement
with Value Line(R) Publishing, Inc. which allows for the use by First Trust of
the Value Line(R) Timeliness(TM) Ranking System and certain trademarks and trade
names of Value Line(R) Publishing, Inc. The Fund is a sub-licensee to this
license agreement. In exchange, Value Line(R) Publishing, Inc. receives an
annual fee, payable on a quarterly basis, equal to 10 basis points of the Fund's
average gross daily assets during such calendar quarter. This license fee is
paid by the Fund to First Trust who in turn pays Value Line(R) Publishing, Inc.
The terms of the license agreement provide that it shall continue in effect for
a term of one year and will be automatically renewed for successive one year
terms unless either party elects not to renew the agreement.
Page 12
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS - (CONTINUED)
--------------------------------------------------------------------------------
FIRST TRUST VALUE LINE(R) 100 FUND
JUNE 30, 2005 (UNAUDITED)
ORGANIZATIONAL AND OFFERING COSTS:
Organization costs consist of costs incurred to establish the company and enable
it to legally do business. These costs include filing fees, listing fees, legal
services pertaining to the organization of the business and audit fees relating
to the initial registration and auditing the initial statement of assets and
liabilities among other fees. Offering costs consist of legal fees pertaining to
the Fund's shares offered for sale, registration fees, underwriting fees, and
printing of the initial prospectus, among other fees. First Trust has paid all
organizational expenses. The Fund's share of Common Share offering costs,
$519,469, was recorded as a reduction of the proceeds from the sale of Common
Shares during the period ended December 31, 2003.
During the year ended December 31, 2004, it was determined that actual offering
costs from the initial public offering of the Fund's Common Shares in June 2003
were less than the estimated 2003 offering costs by $1,161. Therefore, paid-in
capital in excess of par value of Common Shares has been increased by this
amount.
3. INVESTMENT ADVISORY FEE AND OTHER AFFILIATED TRANSACTIONS
First Trust is a limited partnership with one limited partner, Grace Partners of
DuPage L.P., and one general partner, The Charger Corporation. First Trust
serves as investment advisor to the Fund pursuant to an Investment Management
Agreement. First Trust is responsible for implementing the Fund's overall
investment strategy, including the allocation and periodic reallocation of the
portion of the Fund's assets to be invested in common stocks, managing the
Fund's business affairs, and certain administrative services necessary for the
management of the Fund. For these investment management services, First Trust is
entitled to a monthly fee calculated at an annual rate of 0.65% of the Fund's
average daily net assets.
PFPC Inc. ("PFPC"), an indirect, majority-owned subsidiary of The PNC Financial
Services Group Inc., serves as the Fund's Administrator and Transfer Agent in
accordance with certain fee arrangements. PFPC Trust Company, an indirect,
majority-owned subsidiary of The PNC Financial Services Group Inc., serves as
the Fund's Custodian in accordance with certain fee arrangements.
The Fund pays each Trustee who is not an officer or employee of First Trust or
any of its affiliates an annual retainer of $10,000, which includes compensation
for all regular quarterly board meetings and regular committee meetings.
No additional meeting fees are paid in connection with regular quarterly board
meetings or regular committee meetings. Additional fees of $1,000 and $500 are
paid to non-interested Trustees for special board meetings and non-regular
committee meetings, respectively. These additional fees are shared by the funds
in the First Trust fund complex that participate in the particular meeting and
are not per fund fees. Trustees are also reimbursed for travel and out-of-pocket
expenses in connection with all meetings.
4. PURCHASES AND SALES OF SECURITIES
Cost of purchases and proceeds from sales of investment securities, excluding
short-term investments, for the six months ended June 30, 2005, aggregated
amounts were $379,959,947 and $386,934,915, respectively.
As of June 30, 2005, the aggregate gross unrealized appreciation for all
securities in which there was an excess of value over tax cost was $40,674,132,
and the aggregate gross unrealized depreciation for all securities in which
there was an excess of tax cost over value was $4,588,537.
Page 13
--------------------------------------------------------------------------------
ADDITIONAL INFORMATION
--------------------------------------------------------------------------------
FIRST TRUST VALUE LINE(R) 100 FUND
JUNE 30, 2005 (UNAUDITED)
DIVIDEND REINVESTMENT PLAN
If your Common Shares are registered directly with the Fund or if you hold your
Common Shares with a brokerage firm that participates in the Fund's Dividend
Reinvestment Plan (the "Plan"), unless you elect to receive cash distributions,
all dividends, including any capital gain distributions on your Common Shares,
will be automatically reinvested by PFPC Inc. (the "Plan Agent"), in additional
Common Shares under the Plan. If you elect to receive cash distributions, you
will receive all distributions in cash paid by check mailed directly to you by
PFPC Inc., as dividend paying agent.
If you decide to participate in the Plan, the number of Common Shares you will
receive will be determined as follows:
(1) If the Common Shares are trading at or above net asset value at the
time of valuation, the Fund will issue new shares at a price equal to
the greater of (i) net asset value per Common Share on that date or
(ii) 95% of the market price on that date.
(2) If Common Shares are trading below net asset value at the time of
valuation, the Plan Agent will receive the dividend or distribution in
cash and will purchase Common Shares in the open market, on the
American Stock Exchange or elsewhere, for the participants' accounts.
It is possible that the market price for the Common Shares may
increase before the Plan Agent has completed its purchases. Therefore,
the average purchase price per share paid by the Plan Agent may exceed
the market price at the time of valuation, resulting in the purchase
of fewer shares than if the dividend or distribution had been paid in
Common Shares issued by the Fund. The Plan Agent will use all
dividends and distributions received in cash to purchase Common Shares
in the open market within 30 days of the valuation date except where
temporary curtailment or suspension of purchases is necessary to
comply with federal securities laws. Interest will not be paid on any
uninvested cash payments.
You may withdraw from the Plan at any time by giving written notice to the Plan
Agent, or by telephone in accordance with such reasonable requirements as the
Plan Agent and Fund may agree upon. If you withdraw or the Plan is terminated,
you will receive a certificate for each whole share in your account under the
Plan and you will receive a cash payment for any fraction of a share in your
account. If you wish, the Plan Agent will sell your shares and send you the
proceeds, minus brokerage commissions.
The Plan Agent maintains all shareholders' accounts in the Plan and gives
written confirmation of all transactions in the accounts, including information
you may need for tax records. Common Shares in your account will be held by the
Plan Agent in non-certificated form. The Plan Agent will forward to each
participant any proxy solicitation material and will vote any shares so held
only in accordance with proxies returned to the Fund. Any proxy you receive will
include all Common Shares you have received under the Plan.
There is no brokerage charge for reinvestment of your dividends or distributions
in Common Shares. However, all participants will pay a pro rata share of
brokerage commissions incurred by the Plan Agent when it makes open market
purchases.
Automatically reinvesting dividends and distributions does not mean that you do
not have to pay income taxes due upon receiving dividends and distributions.
Capital gains and income are realized, although cash is not received by you.
If you hold your Common Shares with a brokerage firm that does not participate
in the Plan, you will not be able to participate in the Plan and any dividend
reinvestment may be effected on different terms than those described above.
Consult your financial advisor for more information.
The Fund reserves the right to amend or terminate the Plan if in the judgment of
the Board of Trustees the change is warranted. There is no direct service charge
to participants in the Plan; however, the Fund reserves the right to amend the
Plan to include a service charge payable by the participants. Additional
information about the Plan may be obtained by writing PFPC Inc., 301 Bellevue
Parkway, Wilmington, Delaware 19809.
--------------------------------------------------------------------------------
PROXY VOTING POLICIES AND PROCEDURES
A description of the policies and procedures that the Fund uses to determine how
to vote proxies and information on how the Fund voted proxies relating to
portfolio securities during the most recent 12-month period ended June 30 is
available (1) without charge, upon request, by calling (800) 988-5891; (2) on
the Fund's website located at http://www.ftportfolios.com; and (3) on the
Securities and Exchange Commission's website located at http://www.sec.gov.
Page 14
--------------------------------------------------------------------------------
ADDITIONAL INFORMATION - (CONTINUED)
--------------------------------------------------------------------------------
FIRST TRUST VALUE LINE(R) 100 FUND
JUNE 30, 2005
PORTFOLIO HOLDINGS
The Fund files its complete schedule of portfolio holdings with the Securities
and Exchange Commission ("SEC") for the first and third quarters of each fiscal
year on Form N-Q. The Fund's Forms N-Q are available (1) by calling (800)
988-5891; (2) on the Fund's website located at http://www.ftportfolios.com; (3)
on the SEC's website at http://www.sec.gov; and (4) for review and copying at
the SEC's Public Reference Room ("PRR") in Washington, DC. Information regarding
the operation of the PRR may be obtained by calling 1-800-SEC-0330.
SUBMISSION OF MATTERS TO A VOTE OF SHAREHOLDERS
The Joint Annual Meeting of Shareholders of Energy Income and Growth Fund, First
Trust Value Line(R) 100 Fund, First Trust/Fiduciary Asset Management Covered
Call Fund and First Trust/Aberdeen Global Opportunity Income Fund was held on
April 18, 2005. At the Annual Meeting the Fund's Board of Trustees, consisting
of James A. Bowen, Niel B. Nielson, Thomas R. Kadlec, Richard E. Erickson and
David M. Oster, was elected to serve an additional one year term. The number of
votes cast for James A. Bowen was 14,682,200, the number of votes withheld was
163,562 and the number of abstentions was 2,644,238. The number of votes cast
for Niel B. Nielson was 14,676,301, the number of votes withheld was 169,461 and
the number of abstentions was 2,644,238. The number of votes cast for Richard E.
Erickson was 14,670,469, the number of votes withheld was 175,293 and the number
of abstentions was 2,644,238. The number of votes cast for Thomas R. Kadlec was
14,682,817, the number of votes withheld was 162,945 and the number of
abstentions was 2,644,238. The number of votes cast for David M. Oster was
14,680,477, the number of votes withheld was 165,285 and the number of
abstentions was 2,644,238.
ADVISORY AGREEMENT
BOARD CONSIDERATIONS REGARDING CONTINUATION OF ADVISORY CONTRACT:
The Trustees unanimously approved the continuation of the Investment Advisory
Agreement (the "AGREEMENT") between First Trust Advisors L.P. ("FIRST TRUST")
and First Trust Value Line(R) 100 Fund (the "FUND") at a meeting held on March
7, 2005. The Board of Trustees determined that the Agreement is in the best
interests of the Fund and its shareholders and that the compensation arrangement
set forth in the Agreement is fair and reasonable in light of the nature and
extent and quality of the services provided by First Trust and such other
matters as the Trustees considered to be relevant in the exercise of their
reasonable business judgment, including information provided by First Trust
since the Agreement was initially approved in May 2003.
To reach this determination, the Trustees considered their duties under the 1940
Act as well as under the general principles of state law in reviewing and
approving advisory contracts; the requirements of the 1940 Act in such matters;
the fiduciary duty of investment advisors with respect to advisory agreements
and compensation; the standards used by courts in determining whether investment
company boards have fulfilled their duties; and the factors to be considered by
the Trustees in voting on such agreements. The Independent Trustees received
advice from independent legal counsel. The Trustees also applied their business
judgment to determine whether the arrangement between the Fund and First Trust
was a reasonable business arrangement from the Fund's perspective as well as
from the perspective of its shareholders. In reviewing such arrangement, the
Board of Trustees considered factors such as the nature, quality and scope of
services provided by First Trust under the Agreement and the fairness of the fee
charged.
The Trustees reviewed data compiled from an independent source showing the
advisory fees and expense ratios of the Fund compared to those of a peer group
of similar funds and the Fund's advisory fees and expense ratios as compared to
an expense universe of non-leveraged closed-end funds. The Trustees concluded
that the Fund's advisory fees and expense ratios compared favorably to the
expense group and the expense universe. The Trustees also considered the Fund's
performance for the year ended December 31, 2004 as compared to that of the
three other non-leveraged closed-end funds in the performance universe selected
by the independent source and concluded that the Fund's performance was
reasonable, particularly in light of the small number of funds to which it was
able to be compared. The Trustees determined that First Trust adhered to the
Fund's investment strategies and that the services that had been provided to the
Fund by First Trust were good. The Trustees noted that First Trust had not
identified any economies of scale realized by the Fund, and therefore the
Trustees concluded that any economies of scale were not meaningful. The Trustees
also considered the costs of the services provided and estimated profits to be
realized by First Trust from its relationship with the Fund, as set forth in the
materials provided to the Board. The Trustees noted the inherent limitations in
the profitability analysis, and concluded that First Trust's profitability
appeared to be reasonable in light of the services provided to the Fund. In
addition, the Trustees considered and discussed any ancillary benefits derived
by First Trust from its relationship with the Fund and noted that First Trust
receives no brokerage or soft dollars from the Fund and therefore the typical
fall-out benefits are not present. The Trustees concluded that any other
fall-out benefits received by First Trust or its affiliates would appear to be
attenuated. Based on all of the factors considered, the Trustees concluded that
it was in the best interests of the Fund and its shareholders to approve the
continuation of the Agreement, including the fees to be charged for services
thereunder.
Page 15
This Page Left Blank Intentionally.
This Page Left Blank Intentionally.
ITEM 2. CODE OF ETHICS.
Not applicable.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable.
ITEM 6. SCHEDULE OF INVESTMENTS
Schedule of Investments in securities of unaffiliated issuers as of the close of
the reporting period is included as part of the report to shareholders filed
under Item 1 of this form.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not yet applicable.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
None.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
There have been no material changes to the procedures by which the shareholders
may recommend nominees to the registrant's board of directors, where those
changes were implemented after the registrant last provided disclosure in
response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR
240.14a-101), or this Item.
ITEM 11. 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 second fiscal
quarter of the period covered by this report that has materially
affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting.
ITEM 12. EXHIBITS.
(a)(1) Not applicable.
(a)(2) Certifications pursuant to Rule 30a-2(a) under the 1940 Act and
Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.
(a)(3) Not applicable.
(b) Certifications pursuant to Rule 30a-2(b) under the 1940 Act and
Section 906 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
--------------------------------------------------------------------
By (Signature and Title)* /S/ JAMES A. BOWEN
-------------------------------------------------------
James A. Bowen, Chairman of the Board,
President and Chief Executive Officer
(principal executive officer)
Date SEPTEMBER 1, 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, Chairman of the Board,
President and Chief Executive Officer
(principal executive officer)
Date SEPTEMBER 1, 2005
----------------------------------------------------------------------------
By (Signature and Title)* /S/ MARK R. BRADLEY
-------------------------------------------------------
Mark R. Bradley, Treasurer, Controller,
Chief Financial Officer and Chief Accounting Officer
(principal financial officer)
Date SEPTEMBER 1, 2005
----------------------------------------------------------------------------
* Print the name and title of each signing officer under his or her signature.