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)
W. Scott Jardine, Esq.
First Trust Portfolios L.P.
1001 Warrenville Road, Suite 300
LISLE, IL 60532
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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: SEPTEMBER 30, 2006
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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, 100 F Street, NE, Washington, DC
20549. 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) 100 FUND
PORTFOLIO OF INVESTMENTS
SEPTEMBER 30, 2006 (UNAUDITED)
MARKET
SHARES VALUE
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COMMON STOCKS - 99.6%
AEROSPACE & DEFENSE - 2.0%
67,670 Honeywell International Inc. ................... $ 2,767,703
32,611 Lockheed Martin Corp. .......................... 2,806,503
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5,574,206
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AIRLINES - 2.9%
95,643 Continental Airlines, Inc., Class B* ........... 2,707,653
326,827 Midwest Air Group, Inc.* ....................... 2,575,397
166,958 Southwest Airlines Company ..................... 2,781,520
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8,064,570
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AUTOMOBILES - 1.0%
43,828 Harley-Davidson, Inc. .......................... 2,750,207
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BEVERAGES - 0.9%
79,533 Hansen Natural Corp.* .......................... 2,583,232
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BIOTECHNOLOGY - 2.0%
38,488 Amgen, Inc.* ................................... 2,753,047
64,123 Digene Corp.* .................................. 2,766,907
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5,519,954
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CAPITAL MARKETS - 2.0%
38,355 Morgan Stanley ................................. 2,796,463
49,185 SEI Investments Company ........................ 2,763,705
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5,560,168
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CHEMICALS - 1.0%
174,185 Hercules, Inc.* ................................ 2,746,897
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COMMERCIAL BANKS - 2.0%
50,880 Hancock Holding Company ........................ 2,724,624
93,391 Synovus Financial Corp. ........................ 2,742,894
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5,467,518
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COMMERCIAL SERVICES & SUPPLIES - 2.0%
99,374 Kelly Services, Inc., Class A .................. 2,723,841
176,398 TeleTech Holdings, Inc.* ....................... 2,757,101
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5,480,942
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COMMUNICATIONS EQUIPMENT - 2.2%
140,725 Nokia Corp., Sponsored ADR ..................... 2,770,875
32,210 Research In Motion Ltd.* ....................... 3,306,679
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6,077,554
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COMPUTERS & PERIPHERALS - 1.0%
78,455 Hewlett-Packard Company ........................ 2,878,514
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CONSTRUCTION & ENGINEERING - 1.0%
161,519 Quanta Services, Inc.* ......................... 2,723,210
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DIVERSIFIED CONSUMER SERVICES - 1.0%
86,766 Sotheby's Holdings, Inc., Class A .............. 2,797,336
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See Notes to Quarterly Portfolio of Investments. Page 1
FIRST TRUST VALUE LINE(R) 100 FUND
PORTFOLIO OF INVESTMENTS - (CONTINUED)
SEPTEMBER 30, 2006 (UNAUDITED)
MARKET
SHARES VALUE
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COMMON STOCKS - CONTINUED
DIVERSIFIED FINANCIAL SERVICES - 1.0%
59,276 JPMorgan Chase & Company ....................... $ 2,783,601
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DIVERSIFIED TELECOMMUNICATION SERVICES - 3.0%
85,247 AT&T, Inc. ..................................... 2,775,642
56,148 BT Group PLC, Sponsored ADR .................... 2,839,404
311,968 Qwest Communications International Inc.* ....... 2,720,361
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8,335,407
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ELECTRIC UTILITIES - 1.0%
68,269 Allegheny Energy, Inc.* ........................ 2,742,366
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ELECTRICAL EQUIPMENT - 3.9%
60,583 Acuity Brands, Inc. ............................ 2,750,468
71,560 Belden CDT, Inc. ............................... 2,735,739
71,229 General Cable Corp.* ........................... 2,721,660
107,826 II-VI, Inc.* ................................... 2,687,024
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10,894,891
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ELECTRONIC EQUIPMENT & INSTRUMENTS - 7.0%
102,606 Benchmark Electronics, Inc.* ................... 2,758,049
345,767 KEMET Corp.* ................................... 2,790,340
71,321 Molex, Inc. .................................... 2,779,379
168,375 Newport Corp.* ................................. 2,744,513
245,275 PC Connection, Inc.* ........................... 2,832,926
91,725 Technitrol, Inc. ............................... 2,737,991
58,912 Trimble Navigation, Ltd.* ...................... 2,773,577
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19,416,775
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ENERGY EQUIPMENT & SERVICES - 3.0%
43,946 Core Laboratories N.V.* ........................ 2,803,755
176,623 Global Industries, Ltd.* ....................... 2,748,254
115,544 TETRA Technologies, Inc.* ...................... 2,791,543
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8,343,552
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FOOD & STAPLES RETAILING - 1.0%
61,359 Walgreen Company ............................... 2,723,726
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FOOD PRODUCTS - 1.0%
73,550 Archer-Daniels-Midland Company ................. 2,786,074
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GAS UTILITIES - 1.0%
105,933 Southern Union Company ......................... 2,797,691
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HEALTH CARE EQUIPMENT & SUPPLIES - 3.0%
122,475 Immucor, Inc.* ................................. 2,744,665
87,093 LifeCell Corp.* ................................ 2,806,136
55,497 Stryker Corp. .................................. 2,752,096
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8,302,897
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HEALTH CARE PROVIDERS & SERVICES - 1.0%
41,910 Humana, Inc.* .................................. 2,769,832
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Page 2 See Notes to Quarterly Portfolio of Investments.
FIRST TRUST VALUE LINE(R) 100 FUND
PORTFOLIO OF INVESTMENTS - (CONTINUED)
SEPTEMBER 30, 2006 (UNAUDITED)
MARKET
SHARES VALUE
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COMMON STOCKS - CONTINUED
HEALTH CARE TECHNOLOGY - 1.0%
238,327 Emdeon Corp.* .................................. $ 2,790,809
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HOUSEHOLD DURABLES - 3.0%
58,613 Garmin Ltd. .................................... 2,859,142
139,593 Kimball International,Inc., Class B ............ 2,694,145
159,112 Tempur-Pedic International, Inc.* .............. 2,731,953
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8,285,240
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INDEPENDENT POWER PRODUCERS &
ENERGY TRADERS - 1.0%
43,807 TXU Corp. ...................................... 2,738,814
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INDUSTRIAL CONGLOMERATES - 1.0%
65,841 McDermott International, Inc.* ................. 2,752,154
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INSURANCE - 1.0%
77,040 CNA Financial Corp.* ........................... 2,774,981
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INTERNET SOFTWARE & SERVICES - 1.0%
57,544 Akamai Technologies, Inc.* ..................... 2,876,625
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IT SERVICES - 4.0%
36,991 Cognizant Technology Solutions Corp.,
Class A* ..................................... 2,739,553
158,748 Gartner, Inc.* ................................. 2,792,377
57,556 Infosys Technologies Ltd., Sponsored ADR ....... 2,747,148
75,490 Paychex, Inc. .................................. 2,781,807
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11,060,885
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LIFE SCIENCES TOOLS & SERVICES - 2.9%
41,496 Covance, Inc.* ................................. 2,754,505
75,716 Illumina, Inc.* ................................ 2,501,657
82,757 PAREXEL International Corp.* ................... 2,738,429
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7,994,591
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MACHINERY - 3.0%
83,129 Gardner Denver Inc.* ........................... 2,749,907
112,128 Kadant Inc.* ................................... 2,753,864
61,211 Manitowoc Company (The), Inc. .................. 2,741,641
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8,245,412
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MEDIA - 6.0%
76,257 Comcast Corp., Special Class A* ................ 2,807,020
139,875 DIRECTV Group (The), Inc.* ..................... 2,752,740
135,374 News Corp., Class B ............................ 2,794,119
91,937 Shaw Communications, Inc. ...................... 2,759,949
68,336 Thompson (The) Corp. ........................... 2,753,941
89,449 Walt Disney (The) Company ...................... 2,764,869
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16,632,638
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METALS & MINING - 3.9%
85,300 Agnico-Eagle Mines Ltd. ........................ 2,655,389
69,920 Alcan Inc. ..................................... 2,787,710
See Notes to Quarterly Portfolio of Investments. Page 3
FIRST TRUST VALUE LINE(R) 100 FUND
PORTFOLIO OF INVESTMENTS - (CONTINUED)
SEPTEMBER 30, 2006 (UNAUDITED)
MARKET
SHARES VALUE
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COMMON STOCKS - CONTINUED
METALS & MINING - (CONTINUED)
44,086 Allegheny Technologies, Inc. ................... $ 2,741,708
106,912 Brush Engineered Materials, Inc.* .............. 2,658,901
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10,843,708
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MULTILINE RETAIL - 4.0%
136,639 Big Lots, Inc.* ................................ 2,706,819
83,705 Dillard's Inc., Class A ........................ 2,739,665
40,164 J.C. Penney Company, Inc. ...................... 2,746,816
42,081 Kohl's Corp.* .................................. 2,731,899
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10,925,199
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OFFICE ELECTRONICS - 1.0%
180,410 Xerox Corp.* ................................... 2,807,180
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OIL, GAS & CONSUMABLE FUELS - 2.0%
204,607 El Paso Corp. .................................. 2,790,840
61,346 Noble Energy, Inc. ............................. 2,796,764
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5,587,604
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PERSONAL PRODUCTS - 1.0%
92,860 NBTY, Inc.* .................................... 2,718,012
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PHARMACEUTICALS - 1.0%
128,602 Schering-Plough Corp. .......................... 2,840,818
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SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT - 4.0%
95,841 ATMI, Inc.* .................................... 2,786,098
175,285 Integrated Device Technology, Inc.* ............ 2,815,077
519,946 TriQuint Semiconductor, Inc.* .................. 2,703,719
137,929 Veeco Instruments Inc.* ........................ 2,779,269
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11,084,163
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SOFTWARE - 4.0%
68,219 Amdocs Ltd.* ................................... 2,701,472
100,635 BMC Software, Inc.* ............................ 2,739,285
126,781 Jack Henry & Associates, Inc. .................. 2,760,022
154,853 Oracle Corp.* .................................. 2,747,092
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10,947,871
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SPECIALTY RETAIL - 6.9%
62,198 American Eagle Outfitters, Inc. ................ 2,726,138
65,192 AnnTaylor Stores Corp.* ........................ 2,728,937
111,970 bebe Stores, Inc. .............................. 2,774,617
92,581 Christopher & Banks Corp. ...................... 2,729,288
56,342 Guess?, Inc.* .................................. 2,734,277
64,241 Gymboree (The) Corp.* .......................... 2,709,685
48,848 Sherwin-Williams (The) Company ................. 2,724,741
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19,127,683
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Page 4 See Notes to Quarterly Portfolio of Investments.
FIRST TRUST VALUE LINE(R) 100 FUND
PORTFOLIO OF INVESTMENTS - (CONTINUED)
SEPTEMBER 30, 2006 (UNAUDITED)
MARKET
SHARES VALUE
-------------- -------------
COMMON STOCKS - CONTINUED
TEXTILES, APPAREL & LUXURY GOODS - 1.0%
69,188 Steven Madden, Ltd. ............................ $ 2,714,937
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TOTAL COMMON STOCKS ............................ 275,870,444
(Cost $262,988,557) -------------
TOTAL INVESTMENTS - 99.6% ...................... 275,870,444
(Cost $262,988,557)**
NET OTHER ASSETS & LIABILITIES - 0.4% .......... 1,110,514
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NET ASSETS - 100.0% ............................ $ 276,980,958
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* Non-income producing security.
** Aggregate cost for federal income tax and financial reporting
purposes.
ADR American Depository Receipt
See Notes to Quarterly Portfolio of Investments. Page 5
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NOTES TO QUARTERLY PORTFOLIO OF INVESTMENTS - (UNAUDITED)
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FIRST TRUST VALUE LINE(R) 100 FUND
SEPTEMBER 30, 2006
1. VALUATION AND INVESTMENT PRACTICES
A. 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 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 less than 60 days 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.
B. 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 September 30, 2006, the aggregate gross unrealized appreciation for all
securities in which there was an excess of value over tax cost was $19,753,951,
and the aggregate unrealized depreciation for all securities in which there was
an excess of tax cost over value was $6,872,064.
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) 100 FUND
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 NOVEMBER 29, 2006
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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 NOVEMBER 29, 2006
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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 NOVEMBER 29, 2006
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* Print the name and title of each signing officer under his or her signature.