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 ---------------------------- 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) CT Corporation System 101 Federal Street BOSTON, MA 02110 -------------------------------------------------------------------------------- (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: MARCH 31, 2005 --------------- Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (ss.ss. 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles. A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507. ITEM 1. SCHEDULE OF INVESTMENTS. The Schedule of Investments is attached herewith. FIRST TRUST VALUE LINE(R) 100 FUND PORTFOLIO OF INVESTMENTS MARCH 31, 2005 (UNAUDITED) MARKET SHARES VALUE ----------- ------------ 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 ------------ 27,337,702 ------------ 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 ------------ 24,484,264 ------------ 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 ------------ 21,919,193 ------------ 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 ------------ 21,697,472 ------------ 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 ------------ 19,075,708 ------------ 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 ----------- ------------ 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 ------------ 18,466,257 ------------ 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 ------------ 18,260,154 ------------ 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 ------------ 18,175,977 ------------ 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 ------------ 14,948,762 ------------ 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 ------------ 12,197,920 ------------ 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 ------------ 11,937,399 ------------ 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 ----------- ------------ 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 ------------ 9,178,590 ------------ 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 ------------ 9,165,528 ------------ 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 ------------ 8,989,706 ------------ ELECTRONIC EQUIPMENT & INSTRUMENTS - 2.1% 111,972 Itron, Inc.* ............................. 3,318,850 110,280 Jabil Circuit, Inc.* ..................... 3,145,186 ------------ 6,464,036 ------------ MULTILINE RETAIL - 2.0% 59,912 Kohl's Corp.* ............................ 3,093,256 34,784 The Neiman Marcus Group, Inc., Class A ... 3,183,084 ------------ 6,276,340 ------------ ENERGY EQUIPMENT & SERVICES - 2.0% 70,149 Cal Dive International, Inc.* ............ 3,177,750 77,644 Lone Star Technologies, Inc.* ............ 3,061,503 ------------ 6,239,253 ------------ DIVERSIFIED FINANCIAL SERVICES - 2.0% 37,645 Moody's Corp. ............................ 3,043,975 15,701 The Chicago Mercantile Exchange .......... 3,046,465 ------------ 6,090,440 ------------ COMMERCIAL SERVICES & SUPPLIES - 2.0% 61,486 ITT Educational Services, Inc.* .......... 2,982,071 57,017 Websense, Inc.* .......................... 3,067,515 ------------ 6,049,586 ------------ ELECTRICAL EQUIPMENT - 1.9% 52,399 Rockwell Automation, Inc. ................ 2,967,880 94,541 Thomas & Betts Corp.* .................... 3,053,674 ------------ 6,021,554 ------------ BUILDING PRODUCTS - 1.0% 81,828 ElkCorp .................................. 3,147,105 ------------ 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 ----------- ------------ COMMON STOCKS - (CONTINUED) SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 1.0% 81,114 Marvell Technology Group Ltd.* ........... $ 3,109,911 ------------ INSURANCE - 1.0% 53,919 Prudential Financial, Inc. ............... 3,094,951 ------------ HEALTH CARE EQUIPMENT & SUPPLIES - 1.0% 45,360 C.R. Bard, Inc. .......................... 3,088,109 ------------ MEDIA - 1.0% 43,287 Getty Images, Inc.* ...................... 3,078,138 ------------ THRIFTS & MORTGAGE FINANCE - 1.0% 236,909 TeleTech Holdings, Inc.* ................. 3,060,864 ------------ CAPITAL MARKETS - 1.0% 38,985 Legg Mason, Inc. ......................... 3,046,288 ------------ FOOD & STAPLES RETAILING - 1.0% 66,876 Walgreen Company ......................... 2,970,632 ------------ COMMUNICATIONS EQUIPMENT - 1.0% 310,103 Harmonic Inc.* ........................... 2,964,585 ------------ DISTRIBUTORS - 1.0% 66,254 Building Materials Holding Corp. ......... 2,946,978 ------------ CONSTRUCTION MATERIALS - 0.9% 50,031 Florida Rock Industries, Inc. ............ 2,942,823 ------------ 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 ------------ NET ASSETS - 100.0% ...................... $307,670,574 ============ -------------------------------------------------------------------------------- * Non-income producing security. ** Aggregate cost for federal tax and financial reporting purposes. Page 4 See Notes to Portfolio of Investments. -------------------------------------------------------------------------------- NOTES TO PORTFOLIO OF INVESTMENTS (UNAUDITED) -------------------------------------------------------------------------------- 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 -------------------------------------------------------------------- By (Signature and Title)* /S/ JAMES A. BOWEN ------------------------------------------------------- James A. Bowen, Chairman of the Board, President and Chief Executive Officer (principal executive officer) Date MAY 24, 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 MAY 24, 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 MAY 24, 2005 ---------------------------------------------------------------------------- * Print the name and title of each signing officer under his or her signature.