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: SEPTEMBER 30, 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 SEPTEMBER 30, 2006 (UNAUDITED) MARKET SHARES VALUE -------------- ------------- COMMON STOCKS - 99.6% AEROSPACE & DEFENSE - 2.0% 67,670 Honeywell International Inc. ................... $ 2,767,703 32,611 Lockheed Martin Corp. .......................... 2,806,503 ------------- 5,574,206 ------------- 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 ------------- 8,064,570 ------------- AUTOMOBILES - 1.0% 43,828 Harley-Davidson, Inc. .......................... 2,750,207 ------------- BEVERAGES - 0.9% 79,533 Hansen Natural Corp.* .......................... 2,583,232 ------------- BIOTECHNOLOGY - 2.0% 38,488 Amgen, Inc.* ................................... 2,753,047 64,123 Digene Corp.* .................................. 2,766,907 ------------- 5,519,954 ------------- CAPITAL MARKETS - 2.0% 38,355 Morgan Stanley ................................. 2,796,463 49,185 SEI Investments Company ........................ 2,763,705 ------------- 5,560,168 ------------- CHEMICALS - 1.0% 174,185 Hercules, Inc.* ................................ 2,746,897 ------------- COMMERCIAL BANKS - 2.0% 50,880 Hancock Holding Company ........................ 2,724,624 93,391 Synovus Financial Corp. ........................ 2,742,894 ------------- 5,467,518 ------------- COMMERCIAL SERVICES & SUPPLIES - 2.0% 99,374 Kelly Services, Inc., Class A .................. 2,723,841 176,398 TeleTech Holdings, Inc.* ....................... 2,757,101 ------------- 5,480,942 ------------- COMMUNICATIONS EQUIPMENT - 2.2% 140,725 Nokia Corp., Sponsored ADR ..................... 2,770,875 32,210 Research In Motion Ltd.* ....................... 3,306,679 ------------- 6,077,554 ------------- COMPUTERS & PERIPHERALS - 1.0% 78,455 Hewlett-Packard Company ........................ 2,878,514 ------------- CONSTRUCTION & ENGINEERING - 1.0% 161,519 Quanta Services, Inc.* ......................... 2,723,210 ------------- DIVERSIFIED CONSUMER SERVICES - 1.0% 86,766 Sotheby's Holdings, Inc., Class A .............. 2,797,336 ------------- 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 -------------- ------------- COMMON STOCKS - CONTINUED DIVERSIFIED FINANCIAL SERVICES - 1.0% 59,276 JPMorgan Chase & Company ....................... $ 2,783,601 ------------- 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 ------------- 8,335,407 ------------- ELECTRIC UTILITIES - 1.0% 68,269 Allegheny Energy, Inc.* ........................ 2,742,366 ------------- 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 ------------- 10,894,891 ------------- 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 ------------- 19,416,775 ------------- 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 ------------- 8,343,552 ------------- FOOD & STAPLES RETAILING - 1.0% 61,359 Walgreen Company ............................... 2,723,726 ------------- FOOD PRODUCTS - 1.0% 73,550 Archer-Daniels-Midland Company ................. 2,786,074 ------------- GAS UTILITIES - 1.0% 105,933 Southern Union Company ......................... 2,797,691 ------------- 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 ------------- 8,302,897 ------------- HEALTH CARE PROVIDERS & SERVICES - 1.0% 41,910 Humana, Inc.* .................................. 2,769,832 ------------- 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 -------------- ------------- COMMON STOCKS - CONTINUED HEALTH CARE TECHNOLOGY - 1.0% 238,327 Emdeon Corp.* .................................. $ 2,790,809 ------------- 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 ------------- 8,285,240 ------------- INDEPENDENT POWER PRODUCERS & ENERGY TRADERS - 1.0% 43,807 TXU Corp. ...................................... 2,738,814 ------------- INDUSTRIAL CONGLOMERATES - 1.0% 65,841 McDermott International, Inc.* ................. 2,752,154 ------------- INSURANCE - 1.0% 77,040 CNA Financial Corp.* ........................... 2,774,981 ------------- INTERNET SOFTWARE & SERVICES - 1.0% 57,544 Akamai Technologies, Inc.* ..................... 2,876,625 ------------- 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 ------------- 11,060,885 ------------- 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 ------------- 7,994,591 ------------- 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 ------------- 8,245,412 ------------- 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 ------------- 16,632,638 ------------- 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 -------------- ------------- COMMON STOCKS - CONTINUED METALS & MINING - (CONTINUED) 44,086 Allegheny Technologies, Inc. ................... $ 2,741,708 106,912 Brush Engineered Materials, Inc.* .............. 2,658,901 ------------- 10,843,708 ------------- 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 ------------- 10,925,199 ------------- OFFICE ELECTRONICS - 1.0% 180,410 Xerox Corp.* ................................... 2,807,180 ------------- OIL, GAS & CONSUMABLE FUELS - 2.0% 204,607 El Paso Corp. .................................. 2,790,840 61,346 Noble Energy, Inc. ............................. 2,796,764 ------------- 5,587,604 ------------- PERSONAL PRODUCTS - 1.0% 92,860 NBTY, Inc.* .................................... 2,718,012 ------------- PHARMACEUTICALS - 1.0% 128,602 Schering-Plough Corp. .......................... 2,840,818 ------------- 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 ------------- 11,084,163 ------------- 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 ------------- 10,947,871 ------------- 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 ------------- 19,127,683 ------------- 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 ------------- 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 ------------- NET ASSETS - 100.0% ............................ $ 276,980,958 ============= -------------------------------------------------------------------------------- * 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 -------------------------------------------------------------------------------- NOTES TO QUARTERLY PORTFOLIO OF INVESTMENTS - (UNAUDITED) -------------------------------------------------------------------------------- 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 ------------------------------------------------------- James A. Bowen, Chairman of the Board, President and Chief Executive Officer (principal executive officer) Date NOVEMBER 29, 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 NOVEMBER 29, 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 NOVEMBER 29, 2006 ---------------------------------------------------------------------------- * Print the name and title of each signing officer under his or her signature.