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) 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: MARCH 31, 2006 --------------- 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 MARCH 31, 2006 (UNAUDITED) MARKET SHARES VALUE ---------- --------------- COMMON STOCKS - 99.7% AEROSPACE & DEFENSE - 4.0% 118,252 AAR Corp.* ........................................ $ 3,367,817 64,821 Ceradyne, Inc.* ................................... 3,234,568 34,071 Sequa Corp., Class A* ............................. 3,332,144 55,074 United Industrial Corp. ........................... 3,355,659 --------------- 13,290,188 --------------- AIR FREIGHT & LOGISTICS - 2.0% 65,799 C.H. Robinson Worldwide, Inc. ..................... 3,230,073 37,862 Expeditors International of Washington, Inc. ...... 3,270,898 --------------- 6,500,971 --------------- AUTOMOBILES - 1.0% 61,200 Thor Industries, Inc. ............................. 3,265,632 --------------- BIOTECHNOLOGY - 2.0% 82,286 Digene Corp.* ..................................... 3,217,383 52,944 Gilead Sciences, Inc.* ............................ 3,294,176 --------------- 6,511,559 --------------- CAPITAL MARKETS - 5.0% 189,067 Charles Schwab (The) Corp. ........................ 3,253,843 122,275 E*TRADE Financial Corp.* .......................... 3,298,980 20,812 Goldman Sachs Group (The), Inc. ................... 3,266,652 65,746 Investment Technology Group, Inc.* ................ 3,274,150 22,849 Lehman Brothers Holdings, Inc. .................... 3,302,366 --------------- 16,395,991 --------------- COMMERCIAL SERVICES & SUPPLIES - 3.0% 66,225 Monster Worldwide Inc.* ........................... 3,301,979 182,627 Steelcase Inc., Class A ........................... 3,287,286 94,452 Waste Management, Inc. ............................ 3,334,156 --------------- 9,923,421 --------------- COMMUNICATIONS EQUIPMENT - 4.9% 150,315 Cisco Systems, Inc.* .............................. 3,257,326 113,414 CommScope, Inc.* .................................. 3,237,970 118,940 Corning Inc.* ..................................... 3,200,675 244,415 Powerwave Technologies, Inc.* ..................... 3,297,158 64,109 QUALCOMM, Inc. .................................... 3,244,556 --------------- 16,237,685 --------------- COMPUTERS & PERIPHERALS - 5.0% 52,645 Apple Computer, Inc.* ............................. 3,301,894 99,752 Hewlett-Packard Company ........................... 3,281,841 150,200 Palm, Inc.* ....................................... 3,478,632 56,076 SanDisk Corp.* .................................... 3,225,492 166,202 Western Digital Corp.* ............................ 3,229,305 --------------- 16,517,164 --------------- CONSTRUCTION & ENGINEERING - 1.0% 59,983 McDermott International, Inc.* .................... 3,266,074 --------------- See Notes to Quarterly portfolio of Investments. Page 1 FIRST TRUST VALUE LINE(R) 100 FUND PORTFOLIO OF INVESTMENTS - (CONTINUED) MARCH 31, 2006 (UNAUDITED) MARKET SHARES VALUE ---------- --------------- COMMON STOCKS - CONTINUED CONSTRUCTION MATERIALS - 1.0% 51,746 Eagle Materials Inc. .............................. $ 3,299,325 --------------- DIVERSIFIED FINANCIAL SERVICES - 2.0% 7,301 Chicago Mercantile Exchange Holdings Inc. ......... 3,267,198 46,244 Moody's Corp. ..................................... 3,304,596 --------------- 6,571,794 --------------- ELECTRICAL EQUIPMENT - 2.0% 108,558 General Cable Corp.* .............................. 3,292,564 62,552 Thomas & Betts Corp.* ............................. 3,213,922 --------------- 6,506,486 --------------- ELECTRONIC EQUIPMENT & INSTRUMENTS - 9.0% 88,092 Agilent Technologies, Inc.* ....................... 3,307,855 185,633 AVX Corp. ......................................... 3,285,704 85,624 Benchmark Electronics, Inc.* ...................... 3,283,680 105,719 Brightpoint, Inc.* ................................ 3,283,632 166,202 Ingram Micro Inc., Class A* ....................... 3,324,040 100,057 National Instruments Corp. ........................ 3,263,859 171,698 Newport Corp.* .................................... 3,238,224 86,714 Plexus Corp.* ..................................... 3,257,845 137,662 Technitrol, Inc. .................................. 3,301,135 --------------- 29,545,974 --------------- ENERGY EQUIPMENT & SERVICES - 5.0% 86,714 Helix Energy Solutions Group Inc.* ................ 3,286,461 25,850 Schlumberger Ltd. ................................. 3,271,835 70,569 TETRA Technologies, Inc.* ......................... 3,319,566 59,373 Tidewater Inc. .................................... 3,279,171 72,284 Weatherford International Ltd.* ................... 3,306,993 --------------- 16,464,026 --------------- HEALTH CARE EQUIPMENT & SUPPLIES - 2.0% 101,265 Molecular Devices Corp.* .......................... 3,357,947 58,481 Varian Medical Systems, Inc.* ..................... 3,284,293 --------------- 6,642,240 --------------- HEALTH CARE PROVIDERS & SERVICES - 2.0% 36,714 Express Scripts, Inc.* ............................ 3,227,161 93,400 HealthExtras, Inc.* ............................... 3,297,020 --------------- 6,524,181 --------------- HOTELS, RESTAURANTS & LEISURE - 1.0% 87,037 Starbucks Corp.* .................................. 3,276,073 --------------- HOUSEHOLD DURABLES - 2.0% 216,183 Champion Enterprises, Inc.* ....................... 3,234,098 145,113 Matsushita Electric Industrial Co., Ltd., Sponsored ADR ................................... 3,212,802 --------------- 6,446,900 --------------- Page 2 See Notes to Quarterly portfolio of Investments. FIRST TRUST VALUE LINE(R) 100 FUND PORTFOLIO OF INVESTMENTS - (CONTINUED) MARCH 31, 2006 (UNAUDITED) MARKET SHARES VALUE ---------- --------------- COMMON STOCKS - CONTINUED INDUSTRIAL CONGLOMERATES - 1.0% 49,498 Walter Industries, Inc. ........................... $ 3,297,557 --------------- INSURANCE - 1.0% 56,934 W.R. Berkley Corp. ................................ 3,305,588 --------------- IT SERVICES - 5.0% 111,291 Accenture Ltd., Class A ........................... 3,346,520 129,796 Ceridian Corp.* ................................... 3,303,308 64,667 CheckFree Corp.* .................................. 3,265,684 211,023 MPS Group, Inc.* .................................. 3,228,652 79,952 Paychex, Inc. ..................................... 3,330,800 --------------- 16,474,964 --------------- MACHINERY - 4.9% 118,552 Columbus McKinnon Corp.* .......................... 3,192,605 67,720 Dover Corp. ....................................... 3,288,483 105,648 JLG Industries, Inc. .............................. 3,252,902 55,438 Joy Global, Inc. .................................. 3,313,529 60,181 Trinity Industries, Inc. .......................... 3,273,245 --------------- 16,320,764 --------------- MARINE - 1.0% 48,666 Kirby Corp.* ...................................... 3,314,641 --------------- MEDIA - 1.0% 186,906 News Corp., Class B ............................... 3,282,069 --------------- METALS & MINING - 1.0% 35,140 Reliance Steel & Aluminum Company ................. 3,300,349 --------------- OIL, GAS & CONSUMABLE FUELS - 3.9% 65,918 Peabody Energy Corp. .............................. 3,322,926 67,274 Petro-Canada ...................................... 3,201,570 37,945 Petroleo Brasileiro S.A., ADR ..................... 3,288,693 59,416 Talisman Energy Inc. .............................. 3,159,743 --------------- 12,972,932 --------------- PHARMACEUTICALS - 1.0% 134,051 Biovail Corp. ..................................... 3,264,142 --------------- ROAD & RAIL - 1.0% 54,369 CSX Corp. ......................................... 3,251,266 --------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 10.9% 96,975 Advanced Micro Devices, Inc.* ..................... 3,215,691 363,428 Amkor Technology, Inc.* ........................... 3,140,018 75,209 Broadcom Corp., Class A* .......................... 3,246,020 73,734 Cymer, Inc.* ...................................... 3,350,473 221,753 Integrated Device Technology, Inc.* ............... 3,295,249 114,486 Intersil Corp., Class A ........................... 3,310,935 59,742 Marvell Technology Group Ltd.* .................... 3,232,042 226,200 Micrel, Inc.* ..................................... 3,352,284 See Notes to Quarterly portfolio of Investments. Page 3 FIRST TRUST VALUE LINE(R) 100 FUND PORTFOLIO OF INVESTMENTS - (CONTINUED) MARCH 31, 2006 (UNAUDITED) MARKET SHARES VALUE ---------- --------------- COMMON STOCKS - CONTINUED SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - (CONTINUED) 91,878 Microchip Technology Inc. ......................... $ 3,335,171 57,353 NVIDIA Corp.* ..................................... 3,284,033 108,235 OmniVision Technologies, Inc.* .................... 3,268,697 --------------- 36,030,613 --------------- SOFTWARE - 6.1% 91,595 Amdocs Ltd.* ...................................... 3,302,916 150,246 BMC Software, Inc.* ............................... 3,254,328 90,706 Citrix Systems, Inc.* ............................. 3,437,757 138,772 Internet Security Systems, Inc.* .................. 3,327,753 146,873 Jack Henry & Associates, Inc. ..................... 3,358,985 118,423 Red Hat, Inc.* .................................... 3,313,476 --------------- 19,995,215 --------------- SPECIALTY RETAIL - 4.0% 135,103 Circuit City Stores, Inc. ......................... 3,307,321 68,571 Dress Barn (The), Inc.* ........................... 3,287,979 87,785 Guess?, Inc.* .................................... 3,433,271 77,070 Home Depot (The), Inc. ............................ 3,260,061 --------------- 13,288,632 --------------- TEXTILES, APPAREL & LUXURY GOODS - 1.0% 68,100 Gildan Activewear Inc.* ........................... 3,236,112 --------------- TRADING COMPANIES & DISTRIBUTORS - 3.0% 69,460 Fastenal Company .................................. 3,288,236 58,881 MSC Industrial Direct Company, Inc., Class A ...... 3,180,752 46,521 Watsco, Inc. ...................................... 3,305,317 --------------- 9,774,305 --------------- TOTAL COMMON STOCKS ............................... 328,294,833 --------------- (Cost $275,526,712) TOTAL INVESTMENTS - 99.7% ......................... 328,294,833 (Cost $275,526,712)** NET OTHER ASSETS & LIABILITIES - 0.3% ............. 1,066,936 --------------- NET ASSETS - 100.0% ............................... $ 329,361,769 =============== ________________________________________________________________________________ * Non-income producing security. ** Aggregate cost for federal income tax and financial reporting purposes. ADR American Depository Receipt. Page 4 See Notes to Quarterly portfolio of Investments. -------------------------------------------------------------------------------- NOTES TO QUARTERLY PORTFOLIO OF INVESTMENTS-(UNAUDITED) -------------------------------------------------------------------------------- FIRST TRUST VALUE LINE(R) 100 FUND MARCH 31, 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. 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. 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. 2. UNREALIZED APPRECIATION/(DEPRECIATION) As of March 31, 2006, the aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost was $54,262,655, and the aggregate unrealized depreciation for all securities in which there was an excess of tax cost over value was $1,494,534. 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 23, 2006 ---------------------------------------------------------------------------- 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 23, 2006 ---------------------------------------------------------------------------- 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 23, 2006 ---------------------------------------------------------------------------- * Print the name and title of each signing officer under his or her signature.