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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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SIGNATURE MARK BRADLEY
TITLE TREASURER
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<NAME> GLOBAL TARGET 15 PORTFOLIO
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 04
<NAME> S&P TARGET 10 PORTFOLIO
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
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<ACCUMULATED-NII-CURRENT> (423)
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<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 32840
<NET-ASSETS> 272513
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<EXPENSES-NET> 596
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 05
<NAME> NASDAQ TARGET 15 PORTFOLIO
<S> <C>
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<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 257256
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<OTHER-ITEMS-ASSETS> 97613
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<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 81167
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 06
<NAME> FIRST TRUST 10 UNCOMMON VALUES PORTFOLIO
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 102397
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<ACCUMULATED-NII-CURRENT> (174)
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<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 15482
<NET-ASSETS> 125371
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<OTHER-INCOME> 0
<EXPENSES-NET> 393
<NET-INVESTMENT-INCOME> (174)
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 15482
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 07
<NAME> FIRST TRUST ENERGY PORTFOLIO
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 100801
<INVESTMENTS-AT-VALUE> 113205
<RECEIVABLES> 552
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<OTHER-ITEMS-ASSETS> 14998
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<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 12404
<NET-ASSETS> 113986
<DIVIDEND-INCOME> 244
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<OTHER-INCOME> 0
<EXPENSES-NET> 369
<NET-INVESTMENT-INCOME> (125)
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 08
<NAME> FIRST TRUST FINANCIAL SERVICES PORTFOLIO
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 102998
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<EXPENSES-NET> 387
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<EXPENSE-RATIO> 1.74
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 09
<NAME> FIRST TRUST INTERNET PORTFOLIO
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 102714
<INVESTMENTS-AT-VALUE> 169094
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<OTHER-ITEMS-ASSETS> 46391
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<PAID-IN-CAPITAL-COMMON> 121083
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<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 66380
<NET-ASSETS> 187036
<DIVIDEND-INCOME> 32
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<OTHER-INCOME> 0
<EXPENSES-NET> 459
<NET-INVESTMENT-INCOME> (427)
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<APPREC-INCREASE-CURRENT> 66380
<NET-CHANGE-FROM-OPS> 65953
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<DISTRIBUTIONS-OF-INCOME> 0
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<NUMBER-OF-SHARES-SOLD> 11676
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<SHARES-REINVESTED> 0
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<ACCUMULATED-NII-PRIOR> 0
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<GROSS-EXPENSE> 42456
<AVERAGE-NET-ASSETS> 130951
<PER-SHARE-NAV-BEGIN> 10.00
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<EXPENSE-RATIO> 1.47
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 10
<NAME> FIRST TRUST PHARMACEUTICAL PORTFOLIO
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 101934
<INVESTMENTS-AT-VALUE> 106783
<RECEIVABLES> 728
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 52765
<TOTAL-ASSETS> 160276
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 25561
<TOTAL-LIABILITIES> 25561
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 130073
<SHARES-COMMON-STOCK> 12987
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> (207)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4849
<NET-ASSETS> 134715
<DIVIDEND-INCOME> 179
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 386
<NET-INVESTMENT-INCOME> (207)
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 4849
<NET-CHANGE-FROM-OPS> 4642
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
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<NUMBER-OF-SHARES-SOLD> 13207
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<SHARES-REINVESTED> 0
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<ACCUMULATED-NII-PRIOR> 0
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<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
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<GROSS-EXPENSE> 38807
<AVERAGE-NET-ASSETS> 110248
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<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.37
<EXPENSE-RATIO> 1.47
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 11
<NAME> FIRST TRUST TECHNOLOGY PORTFOLIO
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 102638
<INVESTMENTS-AT-VALUE> 138771
<RECEIVABLES> 591
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 42528
<TOTAL-ASSETS> 181890
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<EXPENSE-RATIO> 1.47
</TABLE>
Report of Independent Auditors
To the Interest Holders and Board of Trustees of
First Defined Portfolio Funds, LLC
In planning and performing our audit of the financial statements of The
First Defined Portfolio Fund, LLC (comprising, respectively, the
Dowsm Target 5 Portfolio, Dowsm Dart 10 Portfolio, Global Target 15
Portfolio, S&P Target 10 Portfolio, NASDAQ Target 15 Portfolio, First
Trust 10 Uncommon Values Portfolio, First Trust Energy Portfolio, First
Trust Financial Services Portfolio, First Trust Internet Portfolio, First
Trust Pharmaceutical Portfolio, First Trust Technology Portfolio) for the
period ended December 31, 1999, we considered its internal control,
including control activities for safeguarding securities, in order to
determine our auditing procedures for the purpose of expressing our
opinion on the financial statements and to comply with the requirements
of Form N-SAR, not to provide assurance on internal control.
The management of The First Defined Portfolio Fund, LLC is
responsible for establishing and maintaining internal control. In
fulfilling this responsibility, estimates and judgments by management
are required to assess the expected benefits and related costs of controls.
Generally, controls that are relevant to an audit pertain to the entity's
objective of preparing financial statements for external purposes that are
fairly presented in conformity with generally accepted accounting
principles. Those controls include the safeguarding of assets against
unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, error or fraud may
occur and not be detected. Also, projection of any evaluation of internal
control to future periods is subject to the risk that it may become
inadequate because of changes in conditions or that the effectiveness of
the design and operation may deteriorate.
Our consideration of internal control would not necessarily disclose all
matters in internal control that might be material weaknesses under
standards established by the American Institute of Certified Public
Accountants. A material weakness is a condition in which the design or
operation of one or more of the internal control components does not
reduce to a relatively low level the risk that misstatements caused by
error or fraud in amounts that would be material in relation to the
financial statements being audited may occur and not be detected within
a timely period by employees in the normal course of performing their
assigned functions. However, we noted no matters involving internal
control and its operation, including controls for safeguarding securities,
that we consider to be material weaknesses as defined above at
December 31, 1999.
This report is intended solely for the information and use of
management, the Board of Trustees of The First Defined Portfolio Fund,
LLC, and the Securities and Exchange Commission and is not intended
and should not be used by anyone other than these specified parties.
ERNST &
YOUNG LLP
February 2, 2000
