UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file Number 811-02265
Value Line Mid Cap Focused Fund, Inc.
(Exact name of registrant as specified in charter)
7 Times Square, New York, N.Y. 10036
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code:212-907-1900
Date of fiscal year end:December 31, 2019
Date of reporting period:December 31, 2019
Item I | Reports to Stockholders |
A copy of the Annual Report to Stockholders for the period ended 12/31/19 is included with this Form.
Investor Class (VLIFX)
Institutional Class (VLMIX)
Investor Class (VALIX)
Institutional Class (VLIIX)
Investor Class (VALLX)
Institutional Class (VLLIX)
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| Value Line Premier Growth Fund, Inc.: | | | |||||
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| Value Line Mid Cap Focused Fund, Inc.: | | | |||||
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| Value Line Capital Appreciation Fund, Inc.: | | | |||||
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| Value Line Larger Companies Focused Fund, Inc.: | | | |||||
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President of the Value Line Funds
(continued)
Issue | | | Shares | | | Value | | | Percentage of Net Assets | | |||||||||
Danaher Corp. | | | | | 141,700 | | | | | $ | 21,748,116 | | | | | | 4.5% | | |
MasterCard, Inc., Class A | | | | | 67,900 | | | | | | 20,274,261 | | | | | | 4.2% | | |
Accenture PLC, Class A | | | | | 90,900 | | | | | | 19,140,813 | | | | | | 3.9% | | |
Teledyne Technologies, Inc. | | | | | 47,200 | | | | | | 16,356,688 | | | | | | 3.4% | | |
Thermo Fisher Scientific, Inc. | | | | | 50,200 | | | | | | 16,308,474 | | | | | | 3.4% | | |
Fiserv, Inc. | | | | | 140,800 | | | | | | 16,280,704 | | | | | | 3.3% | | |
ANSYS, Inc. | | | | | 61,600 | | | | | | 15,856,456 | | | | | | 3.3% | | |
Waste Connections, Inc. | | | | | 173,700 | | | | | | 15,770,223 | | | | | | 3.2% | | |
Salesforce.com, Inc. | | | | | 90,400 | | | | | | 14,702,656 | | | | | | 3.0% | | |
IDEXX Laboratories, Inc. | | | | | 55,400 | | | | | | 14,466,602 | | | | | | 3.0% | | |
|
Portfolio Highlights at December 31, 2019 (unaudited) (continued)
| | | Average Annual Total Return | | | Growth of an Assumed Investment of $10,000 | | ||||||
1 year ended 12/31/19 | | | | | 36.59% | | | | | $ | 13,659 | | |
5 years ended 12/31/19 | | | | | 12.69% | | | | | $ | 18,173 | | |
10 years ended 12/31/19 | | | | | 13.92% | | | | | $ | 36,798 | | |
Schedule of Investments | December 31, 2019 |
| Shares | | | | | | Value | | | ||||||||
| COMMON STOCKS (98.3%) | | | ||||||||||||||
| CONSUMER DISCRETIONARY (5.4%) | | | ||||||||||||||
| | | | | | | RETAIL (5.4%) | | | ||||||||
| | | 4,100 | | | | AutoZone, Inc.* | | | | $ | 4,884,371 | | | | ||
| | | 13,200 | | | | Domino’s Pizza, Inc. | | | | | 3,877,896 | | | | ||
| | | 22,600 | | | | O’Reilly Automotive, Inc.* | | | | | 9,904,676 | | | | ||
| | | 123,200 | | | | TJX Companies, Inc. (The) | | | | | 7,522,592 | | | | ||
| | | | | | | | | | | | 26,189,535 | | | | ||
| | | | | | | | | | | | 26,189,535 | | | | ||
| CONSUMER STAPLES (4.4%) | | | ||||||||||||||
| | | | | | | FOOD (0.2%) | | | | | ||||||
| | | 5,000 | | | | McCormick & Co., Inc.(1) | | | | | 848,650 | | | | ||
| | | | | | | HOUSEHOLD PRODUCTS (1.9%) | | | | | ||||||
| | | 134,800 | | | | Church & Dwight Co., Inc. | | | | | 9,481,832 | | | | ||
| | | | | | | RETAIL (2.3%) | | | | | ||||||
| | | 37,400 | | | | Costco Wholesale Corp. | | | | | 10,992,608 | | | | ||
| | | | | | | | | | | | 21,323,090 | | | | ||
| FINANCIALS (3.0%) | | | ||||||||||||||
| | | | | | | BANKS (1.2%) | | | ||||||||
| | | 91,800 | | | | HDFC Bank, Ltd. ADR | | | | | 5,817,366 | | | | ||
| | | | | | | DIVERSIFIED FINANCIAL SERVICES (0.3%) | | | ||||||||
| | | 17,000 | | | | Intercontinental Exchange, Inc. | | | | | 1,573,350 | | | | ||
| | | | | | | INSURANCE (1.5%) | | | ||||||||
| | | 6,000 | | | | Aon PLC | | | | | 1,249,740 | | | | ||
| | | 135,000 | | | | Arch Capital Group, Ltd.* | | | | | 5,790,150 | | | | ||
| | | | | | | | | | | | 7,039,890 | | | | ||
| | | | | | | | | | | | 14,430,606 | | | | ||
| HEALTHCARE (15.6%) | | | ||||||||||||||
| | | | | | | BIOTECHNOLOGY (0.7%) | | | ||||||||
| | | 33,200 | | | | Alexion Pharmaceuticals, Inc.* | | | | | 3,590,580 | | | | ||
| | | | | | | ELECTRONICS (2.9%) | | | | | ||||||
| | | 17,700 | | | | Mettler-Toledo International, Inc.* | | | | | 14,041,056 | | | | ||
| | | | | | | HEALTHCARE PRODUCTS (11.0%) | | | ||||||||
| | | 141,700 | | | | Danaher Corp. | | | | | 21,748,116 | | | | ||
| | | 18,100 | | | | Henry Schein, Inc.*(1) | | | | | 1,207,632 | | | | ||
| | | 55,400 | | | | IDEXX Laboratories, Inc.* | | | | | 14,466,602 | | | | ||
| | | 50,200 | | | | Thermo Fisher Scientific, Inc. | | | | | 16,308,474 | | | | ||
| | | | | | | | | | | | 53,730,824 | | | |
| Shares | | | | | | Value | | ||||||
| HEALTHCARE (15.6%) (continued) | | ||||||||||||
| | | | | | | HEALTHCARE SERVICES (1.0%) | | ||||||
| | | 10,600 | | | | Chemed Corp. | | | | $ | 4,656,156 | | |
| | | | | | | | | | | | 76,018,616 | | |
| INDUSTRIALS (30.6%) | | ||||||||||||
| | | | | | | AEROSPACE & DEFENSE (9.9%) | | ||||||
| | | 120,081 | | | | HEICO Corp.(1) | | | | | 13,707,246 | | |
| | | 15,800 | | | | Northrop Grumman Corp. | | | | | 5,434,726 | | |
| | | 47,200 | | | | Teledyne Technologies, Inc.* | | | | | 16,356,688 | | |
| | | 22,400 | | | | TransDigm Group, Inc. | | | | | 12,544,000 | | |
| | | | | | | | | | | | 48,042,660 | | |
| | | | | | | COMMERCIAL SERVICES (4.2%) | | ||||||
| | | 30,700 | | | | Cintas Corp. | | | | | 8,260,756 | | |
| | | 66,152 | | | | IHS Markit, Ltd.* | | | | | 4,984,554 | | |
| | | 220,350 | | | | Rollins, Inc.(1) | | | | | 7,306,806 | | |
| | | | | | | | | | | | 20,552,116 | | |
| | | | | | | ELECTRICAL EQUIPMENT (2.1%) | | ||||||
| | | 103,750 | | | | AMETEK, Inc. | | | | | 10,348,025 | | |
| | | | | | | ENVIRONMENTAL CONTROL (4.8%) | | ||||||
| | | 81,800 | | | | Republic Services, Inc. | | | | | 7,331,734 | | |
| | | 173,700 | | | | Waste Connections, Inc. | | | | | 15,770,223 | | |
| | | | | | | | | | | | 23,101,957 | | |
| | | | | | | HOUSEWARES (2.4%) | | ||||||
| | | 145,900 | | | | Toro Co. (The) | | | | | 11,623,853 | | |
| | | | | | | MACHINERY DIVERSIFIED (3.8%) | | ||||||
| | | 26,850 | | | | IDEX Corp. | | | | | 4,618,200 | | |
| | | 39,000 | | | | Roper Technologies, Inc. | | | | | 13,814,970 | | |
| | | | | | | | | | | | 18,433,170 | | |
| | | | | | | TRANSPORTATION (3.4%) | | ||||||
| | | 56,000 | | | | Canadian National Railway Co. | | | | | 5,065,200 | | |
| | | 62,800 | | | | Union Pacific Corp. | | | | | 11,353,612 | | |
| | | | | | | | | | | | 16,418,812 | | |
| | | | | | | | | | | | 148,520,593 | | |
| INFORMATION TECHNOLOGY (31.3%) | | ||||||||||||
| | | | | | | COMMERCIAL SERVICES (1.9%) | | ||||||
| | | 53,200 | | | | Automatic Data Processing, Inc. | | | | | 9,070,600 | | |
| | | | | | | COMPUTERS (4.1%) | | ||||||
| | | 90,900 | | | | Accenture PLC Class A | | | | | 19,140,813 | | |
| | | 11,500 | | | | CGI, Inc.* | | | | | 962,665 | | |
| | | | | | | | | | | | 20,103,478 | | |
| | | | | | | DIVERSIFIED FINANCIAL SERVICES (4.2%) | | ||||||
| | | 67,900 | | | | MasterCard, Inc. Class A | | | | | 20,274,261 | | |
| Shares | | | | | | Value | | | | ||||||||||
| INFORMATION TECHNOLOGY (31.3%) (continued) | | | | ||||||||||||||||
| | | | | | | ELECTRONICS (1.7%) | | | | ||||||||||
| | | 78,400 | | | | Amphenol Corp. Class A | | | | $ | 8,485,232 | | | | | ||||
| | | | | | | SEMICONDUCTORS (1.0%) | | | | ||||||||||
| | | 16,000 | | | | Broadcom, Inc. | | | | | 5,056,320 | | | | | ||||
| | | | | | | SOFTWARE (18.4%) | | | | ||||||||||
| | | 61,600 | | | | ANSYS, Inc.* | | | | | 15,856,456 | | | | | ||||
| | | 72,000 | | | | Cadence Design Systems, Inc.* | | | | | 4,993,920 | | | | | ||||
| | | 8,200 | | | | Fair Isaac Corp.* | | | | | 3,072,376 | | | | | ||||
| | | 54,600 | | | | Fidelity National Information Services, Inc. | | | | | 7,594,314 | | | | | ||||
| | | 140,800 | | | | Fiserv, Inc.* | | | | | 16,280,704 | | | | | ||||
| | | 29,400 | | | | Intuit, Inc. | | | | | 7,700,742 | | | | | ||||
| | | 25,500 | | | | Jack Henry & Associates, Inc. | | | | | 3,714,585 | | | | | ||||
| | | 90,400 | | | | Salesforce.com, Inc.* | | | | | 14,702,656 | | | | | ||||
| | | 27,000 | | | | ServiceNow, Inc.* | | | | | 7,622,640 | | | | | ||||
| | | 20,800 | | | | Synopsys, Inc.* | | | | | 2,895,360 | | | | | ||||
| | | 16,500 | | | | Tyler Technologies, Inc.* | | | | | 4,950,330 | | | | | ||||
| | | | | | | | | | | | 89,384,083 | | | | | ||||
| | | | | | | | | | | | 152,373,974 | | | | | ||||
| MATERIALS (4.6%) | | | | ||||||||||||||||
| | | | | | | CHEMICALS (2.5%) | | | | ||||||||||
| | | 7,000 | | | | Air Products & Chemicals, Inc. | | | | | 1,644,930 | | | | | ||||
| | | 53,800 | | | | Ecolab, Inc. | | | | | 10,382,862 | | | | | ||||
| | | | | | | | | | | | 12,027,792 | | | | | ||||
| | | | | | | HOUSEWARES (0.2%) | | | | ||||||||||
| | | 9,200 | | | | Scotts Miracle-Gro Co. (The)(1) | | | | | 976,856 | | | | | ||||
| | | | | | | PACKAGING & CONTAINERS (1.9%) | | | | ||||||||||
| | | 120,000 | | | | Ball Corp. | | | | | 7,760,400 | | | | | ||||
| | | 22,500 | | | | Crown Holdings, Inc.* | | | | | 1,632,150 | | | | | ||||
| | | | | | | | | | | | 9,392,550 | | | | | ||||
| | | | | | | | | | | | 22,397,198 | | | | | ||||
| REAL ESTATE (3.4%) | | | | ||||||||||||||||
| | | | | | | REITS (3.4%) | | | | | | | | ||||||
| | | 31,600 | | | | American Tower Corp. REIT | | | | | 7,262,312 | | | | | ||||
| | | 46,400 | | | | Equity Lifestyle Properties, Inc. REIT | | | | | 3,266,096 | | | | | ||||
| | | 25,300 | | | | SBA Communications Corp. REIT | | | | | 6,097,047 | | | | | ||||
| | | | | | | | | | | | 16,625,455 | | | | | ||||
| | | | | | | | | | | | 16,625,455 | | | | | ||||
| TOTAL COMMON STOCKS (Cost $210,120,282) (98.3%) | | | | | 477,879,067 | | | | |
| Shares | | | | | | Value | | ||||||
| SHORT-TERM INVESTMENT (1.3%) | | ||||||||||||
| | | | | | | MONEY MARKET FUND (1.3%) | | ||||||
| | | 6,439,429 | | | | State Street Institutional Liquid Reserves Fund, Premier Class, 1.734%(2) | | | | $ | 6,440,073 | | |
| TOTAL SHORT-TERM INVESTMENTS (Cost $6,440,073) (1.3%) | | | | | 6,440,073 | | |
| Shares | | | | | | Value | | |||
| TOTAL INVESTMENT SECURITIES (99.6%) (Cost $216,560,355) | | | | $ | 484,319,140 | | | |||
| CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES (0.4%) | | | | | 2,072,639 | | | |||
| NET ASSETS (100%) | | | | $ | 486,391,779 | | |
Investments in Securities: | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Assets | | | | | | ||||||||||||||||||||
Common Stocks* | | | | $ | 477,879,067 | | | | | $ | — | | | | | $ | — | | | | | $ | 477,879,067 | | |
Short-Term Investment | | | | | 6,440,073 | | | | | | — | | | | | | — | | | | | | 6,440,073 | | |
Total Investments in Securities | | | | $ | 484,319,140 | | | | | $ | — | | | | | $ | — | | | | | $ | 484,319,140 | | |
(continued)
Issue | | | Shares | | | Value | | | Percentage of Net Assets | | |||||||||
Teledyne Technologies, Inc. | | | | | 71,500 | | | | | $ | 24,777,610 | | | | | | 6.0% | | |
ANSYS, Inc. | | | | | 92,900 | | | | | | 23,913,389 | | | | | | 5.8% | | |
HEICO Corp. | | | | | 187,683 | | | | | | 21,424,014 | | | | | | 5.2% | | |
Arch Capital Group, Ltd. | | | | | 409,400 | | | | | | 17,559,166 | | | | | | 4.2% | | |
American Financial Group, Inc. | | | | | 154,392 | | | | | | 16,929,083 | | | | | | 4.1% | | |
Chemed Corp. | | | | | 37,700 | | | | | | 16,560,102 | | | | | | 4.0% | | |
Mettler-Toledo International, Inc. | | | | | 20,800 | | | | | | 16,500,224 | | | | | | 4.0% | | |
TransDigm Group, Inc. | | | | | 28,400 | | | | | | 15,904,000 | | | | | | 3.8% | | |
Fair Isaac Corp. | | | | | 41,700 | | | | | | 15,624,156 | | | | | | 3.8% | | |
Church & Dwight Co., Inc. | | | | | 218,600 | | | | | | 15,376,324 | | | | | | 3.7% | | |
|
Portfolio Highlights at December 31, 2019 (unaudited) (continued)
| | | Average Annual Total Return | | | Growth of an Assumed Investment of $10,000 | | ||||||
Investor Class | | | | ||||||||||
1 year ended 12/31/19 | | | | | 35.30% | | | | | $ | 13,530 | | |
5 years ended 12/31/19 | | | | | 14.16% | | | | | $ | 19,390 | | |
10 years ended 12/31/19 | | | | | 15.34% | | | | | $ | 41,664 | | |
Institutional Class | | | | ||||||||||
1 year ended 12/31/19 | | | | | 35.68% | | | | | $ | 13,568 | | |
Schedule of Investments | December 31, 2019 |
| Shares | | | | | | Value | | ||||||
| COMMON STOCKS (98.5%) | | ||||||||||||
| CONSUMER DISCRETIONARY (4.6%) | | ||||||||||||
| | | | | | | DISTRIBUTION & WHOLESALE (3.2%) | | ||||||
| | | 62,500 | | | | Pool Corp. | | | | $ | 13,273,750 | | |
| | | | | | | ENTERTAINMENT (1.4%) | | ||||||
| | | 40,631 | | | | Churchill Downs, Inc. | | | | | 5,574,573 | | |
| | | | | | | | | | | | 18,848,323 | | |
| CONSUMER STAPLES (6.3%) | | ||||||||||||
| | | | | | | FOOD (2.6%) | | ||||||
| | | 58,800 | | | | J&J Snack Foods Corp. | | | | | 10,835,076 | | |
| | | | | | | HOUSEHOLD PRODUCTS (3.7%) | | ||||||
| | | 218,600 | | | | Church & Dwight Co., Inc. | | | | | 15,376,324 | | |
| | | | | | | | | | | | 26,211,400 | | |
| FINANCIALS (11.8%) | | ||||||||||||
| | | | | | | INSURANCE (11.8%) | | ||||||
| | | 154,392 | | | | American Financial Group, Inc. | | | | | 16,929,083 | | |
| | | 409,400 | | | | Arch Capital Group, Ltd.* | | | | | 17,559,166 | | |
| | | 211,792 | | | | Berkley (W.R.) Corp. | | | | | 14,634,827 | | |
| | | | | | | | | | | | 49,123,076 | | |
| | | | | | | | | | | | 49,123,076 | | |
| HEALTHCARE (10.8%) | | ||||||||||||
| | | | | | | ELECTRONICS (4.0%) | | ||||||
| | | 20,800 | | | | Mettler-Toledo International, Inc.* | | | | | 16,500,224 | | |
| | | | | | | HEALTHCARE PRODUCTS (2.5%) | | ||||||
| | | 17,200 | | | | Cooper Cos., Inc. (The) | | | | | 5,526,188 | | |
| | | 18,900 | | | | IDEXX Laboratories, Inc.* | | | | | 4,935,357 | | |
| | | | | | | | | | | | 10,461,545 | | |
| | | | | | | HEALTHCARE SERVICES (4.0%) | | ||||||
| | | 37,700 | | | | Chemed Corp. | | | | | 16,560,102 | | |
| | | | | | | PHARMACEUTICALS (0.3%) | | ||||||
| | | 18,300 | | | | Neogen Corp.* | | | | | 1,194,258 | | |
| | | | | | | | | | | | 44,716,129 | | |
| INDUSTRIALS (31.3%) | | ||||||||||||
| | | | | | | AEROSPACE & DEFENSE (15.0%) | | ||||||
| | | 187,683 | | | | HEICO Corp. | | | | | 21,424,014 | | |
| | | 71,500 | | | | Teledyne Technologies, Inc.* | | | | | 24,777,610 | | |
| | | 28,400 | | | | TransDigm Group, Inc. | | | | | 15,904,000 | | |
| | | | | | | | | | | | 62,105,624 | | |
| Shares | | | | | | Value | | ||||||
| INDUSTRIALS (31.3%) (continued) | | ||||||||||||
| | | | | | | BUILDING MATERIALS (3.7%) | | ||||||
| | | 61,800 | | | | Lennox International, Inc.(1) | | | | $ | 15,077,346 | | |
| | | | | | | COMMERCIAL SERVICES (1.7%) | | ||||||
| | | 206,700 | | | | Rollins, Inc.(1) | | | | | 6,854,172 | | |
| | | | | | | ELECTRICAL EQUIPMENT (1.3%) | | ||||||
| | | 54,950 | | | | AMETEK, Inc. | | | | | 5,480,713 | | |
| | | | | | | ENGINEERING & CONSTRUCTION (1.4%) | | ||||||
| | | 85,600 | | | | Exponent, Inc. | | | | | 5,907,256 | | |
| | | | | | | ENVIRONMENTAL CONTROL (2.5%) | | ||||||
| | | 115,750 | | | | Waste Connections, Inc. | | | | | 10,508,943 | | |
| | | | | | | HOUSEWARES (1.8%) | | ||||||
| | | 95,300 | | | | Toro Co. (The) | | | | | 7,592,551 | | |
| | | | | | | MACHINERY DIVERSIFIED (1.8%) | | ||||||
| | | 21,400 | | | | Roper Technologies, Inc. | | | | | 7,580,522 | | |
| | | | | | | MISCELLANEOUS MANUFACTURERS (2.1%) | | ||||||
| | | 53,800 | | | | Carlisle Companies, Inc. | | | | | 8,706,992 | | |
| | | | | | | | | | | | 129,814,119 | | |
| INFORMATION TECHNOLOGY (25.8%) | | ||||||||||||
| | | | | | | COMMERCIAL SERVICES (2.7%) | | ||||||
| | | 72,800 | | | | Gartner, Inc.* | | | | | 11,218,480 | | |
| | | | | | | COMPUTERS (2.2%) | | ||||||
| | | 109,000 | | | | CGI, Inc.* | | | | | 9,124,390 | | |
| | | | | | | ELECTRONICS (0.6%) | | ||||||
| | | 25,100 | | | | Amphenol Corp. Class A | | | | | 2,716,573 | | |
| | | | | | | SOFTWARE (20.3%) | | ||||||
| | | 92,900 | | | | ANSYS, Inc.* | | | | | 23,913,389 | | |
| | | 163,200 | | | | Cadence Design Systems, Inc.* | | | | | 11,319,552 | | |
| | | 41,700 | | | | Fair Isaac Corp.* | | | | | 15,624,156 | | |
| | | 35,800 | | | | Fiserv, Inc.* | | | | | 4,139,554 | | |
| | | 100,100 | | | | Jack Henry & Associates, Inc. | | | | | 14,581,567 | | |
| | | 88,700 | | | | Open Text Corp. | | | | | 3,909,009 | | |
| | | 35,300 | | | | Tyler Technologies, Inc.* | | | | | 10,590,706 | | |
| | | | | | | | | | | | 84,077,933 | | |
| | | | | | | | | | | | 107,137,376 | | |
| MATERIALS (5.6%) | | ||||||||||||
| | | | | | | MISCELLANEOUS MANUFACTURERS (2.8%) | | ||||||
| | | 100,700 | | | | AptarGroup, Inc. | | | | | 11,642,934 | | |
| | | | | | | PACKAGING & CONTAINERS (2.8%) | | ||||||
| | | 179,800 | | | | Ball Corp. | | | | | 11,627,666 | | |
| | | | | | | | | | | | 23,270,600 | | |
| Shares | | | | | | Value | | ||||||
| REAL ESTATE (2.3%) | | ||||||||||||
| | | | | | | REITS (2.3%) | | ||||||
| | | 136,400 | | | | Equity Lifestyle Properties, Inc. REIT | | | | $ | 9,601,195 | | |
| TOTAL COMMON STOCKS (Cost $295,735,447) (98.5%) | | | | | 408,722,218 | | | ||||||
| SHORT-TERM INVESTMENTS (2.4%) | | ||||||||||||
| | | | | | | MONEY MARKET FUNDS (2.4%) | | ||||||
| | | 6,102,405 | | | | State Street Institutional Liquid Reserves Fund, Premier Class, 1.734%(2) | | | | | 6,103,016 | | |
| | | 3,729,381 | | | | State Street Navigator Securities Lending Government Money Market Portfolio(3) | | | | | 3,729,381 | | |
| TOTAL SHORT-TERM INVESTMENTS (Cost $9,832,397) (2.4%) | | | | | 9,832,397 | | | ||||||
| TOTAL INVESTMENT SECURITIES (100.9%) (Cost $305,567,844) | | | | $ | 418,554,615 | | | ||||||
| EXCESS OF LIABILITIES OVER CASH AND OTHER ASSETS (-0.9%) | | | | | (3,754,897) | | | ||||||
| NET ASSETS (100%) | | | | $ | 414,799,718 | | |
Investments in Securities: | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stocks* | | | | $ | 408,722,218 | | | | | $ | — | | | | | $ | — | | | | | $ | 408,722,218 | | |
Short-Term Investments | | | | | 9,832,397 | | | | | | — | | | | | | — | | | | | | 9,832,397 | | |
Total Investments in Securities | | | | $ | 418,554,615 | | | | | $ | — | | | | | $ | — | | | | | $ | 418,554,615 | | |
Portfolio Highlights at December 31, 2019 (unaudited)
Issue | | | Shares | | | Value | | | Percentage of Net Assets | | |||||||||
Amarin Corp. PLC ADR | | | | | 1,195,000 | | | | | $ | 25,620,800 | | | | | | 5.6% | | |
Amazon.com, Inc. | | | | | 9,500 | | | | | | 17,554,480 | | | | | | 3.8% | | |
Facebook, Inc. | | | | | 61,000 | | | | | | 12,520,250 | | | | | | 2.7% | | |
Alphabet, Inc. | | | | | 9,000 | | | | | | 12,054,510 | | | | | | 2.6% | | |
Alexion Pharmaceuticals, Inc. | | | | | 110,000 | | | | | | 11,896,500 | | | | | | 2.6% | | |
Intercept Pharmaceuticals, Inc. | | | | | 92,000 | | | | | | 11,400,640 | | | | | | 2.5% | | |
Visa, Inc. | | | | | 60,000 | | | | | | 11,274,000 | | | | | | 2.5% | | |
Splunk, Inc. | | | | | 68,000 | | | | | | 10,184,360 | | | | | | 2.2% | | |
Exact Sciences Corp. | | | | | 110,000 | | | | | | 10,172,800 | | | | | | 2.2% | | |
Activision Blizzard, Inc. | | | | | 165,000 | | | | | | 9,804,300 | | | | | | 2.1% | | |
| | | Average Annual Total Return | | | Growth of an Assumed Investment of $10,000 | | ||||||
Investor Class | | | | | | | | | | | | | |
1 year ended 12/31/19 | | | | | 26.14% | | | | | $ | 12,614 | | |
5 years ended 12/31/19 | | | | | 9.15% | | | | | $ | 15,492 | | |
10 years ended 12/31/19 | | | | | 9.52% | | | | | $ | 24,825 | | |
Institutional Class | | | | | | | | | | | | | |
1 year ended 12/31/19 | | | | | 26.51% | | | | | $ | 12,651 | | |
Schedule of Investments
| Shares | | | | | | Value | | ||||||
| COMMON STOCKS (84.0%) | | ||||||||||||
| COMMUNICATION SERVICES (13.9%) | | ||||||||||||
| | | | | | | ENTERTAINMENT (0.7%) | | ||||||
| | | 310,500 | | | | Lions Gate Entertainment Corp. Class A* | | | | $ | 3,309,930 | | |
| | | | | | | INTERNET (8.2%) | | ||||||
| | | 9,000 | | | | Alphabet, Inc. Class A* | | | | | 12,054,510 | | |
| | | 61,000 | | | | Facebook, Inc. Class A* | | | | | 12,520,250 | | |
| | | 26,000 | | | | Netflix, Inc.* | | | | | 8,412,820 | | |
| | | 95,000 | | | | Tencent Holdings, Ltd. ADR(1) | | | | | 4,560,950 | | |
| | | | | | | | | | | | 37,548,530 | | |
| | | | | | | MEDIA (2.1%) | | ||||||
| | | 68,000 | | | | Comcast Corp. Class A | | | | | 3,057,960 | | |
| | | 45,000 | | | | Walt Disney Co. (The) | | | | | 6,508,350 | | |
| | | | | | | | | | | | 9,566,310 | | |
| | | | | | | SOFTWARE (2.9%) | | ||||||
| | | 165,000 | | | | Activision Blizzard, Inc. | | | | | 9,804,300 | | |
| | | 34,000 | | | | Electronic Arts, Inc.* | | | | | 3,655,340 | | |
| | | | | | | | | | | | 13,459,640 | | |
| | | | | | | | | | | | 63,884,410 | | |
| CONSUMER DISCRETIONARY (12.3%) | | ||||||||||||
| | | | | | | ENTERTAINMENT (1.3%) | | ||||||
| | | 25,000 | | | | Vail Resorts, Inc. | | | | | 5,995,750 | | |
| | | | | | | FOOD SERVICE (1.2%) | | ||||||
| | | 115,000 | | | | GrubHub, Inc.*(1) | | | | | 5,593,600 | | |
| | | | | | | HOME BUILDERS (0.9%) | | ||||||
| | | 77,000 | | | | Lennar Corp. Class A | | | | | 4,295,830 | | |
| | | | | | | INTERNET (5.5%) | | ||||||
| | | 35,000 | | | | Alibaba Group Holding, Ltd. ADR* | | | | | 7,423,500 | | |
| | | 9,500 | | | | Amazon.com, Inc.* | | | | | 17,554,480 | | |
| | | | | | | | | | | | 24,977,980 | | |
| | | | | | | RETAIL (3.4%) | | ||||||
| | | 16,000 | | | | Home Depot, Inc. | | | | | 3,494,080 | | |
| | | 50,000 | | | | Starbucks Corp. | | | | | 4,396,000 | | |
| | | 70,000 | | | | TJX Companies, Inc. (The) | | | | | 4,274,200 | | |
| | | 14,000 | | | | Ulta Salon, Cosmetics & Fragrance, Inc.* | | | | | 3,543,960 | | |
| | | | | | | | | | | | 15,708,240 | | |
| | | | | | | | | | | | 56,571,400 | | |
| CONSUMER STAPLES (1.9%) | | ||||||||||||
| | | | | | | BEVERAGES (1.0%) | | ||||||
| | | 25,000 | | | | Constellation Brands, Inc. Class A | | | | | 4,743,750 | | |
| Shares | | | | | | Value | | | | ||||||||||
| CONSUMER STAPLES (1.9%) (continued) | | | | ||||||||||||||||
| | | | | | | COSMETICS & PERSONAL CARE (0.9%) | | | | ||||||||||
| | | 20,000 | | | | Estee Lauder Companies, Inc. (The) Class A | | | | $ | 4,130,800 | | | | | ||||
| | | | | | | | | | | | 8,874,550 | | | | | ||||
| ENERGY (2.5%) | | | | ||||||||||||||||
| | | | | | | OIL & GAS (2.5%) | | | | ||||||||||
| | | 74,000 | | | | Diamondback Energy, Inc. | | | | | 6,871,640 | | | | | ||||
| | | 31,000 | | | | Pioneer Natural Resources Co. | | | | | 4,692,470 | | | | | ||||
| | | | | | | | | | | | 11,564,110 | | | | | ||||
| | | | | | | | | | | | 11,564,110 | | | | | ||||
| FINANCIALS (3.0%) | | | | ||||||||||||||||
| | | | | | | BANKS (2.1%) | | | | ||||||||||
| | | 140,000 | | | | Bank of America Corp. | | | | | 4,930,800 | | | | | ||||
| | | 33,000 | | | | JPMorgan Chase & Co. | | | | | 4,600,200 | | | | | ||||
| | | | | | | | | | | | 9,531,000 | | | | | | | | |
| | | | | | | DIVERSIFIED FINANCIAL SERVICES (0.9%) | | | | ||||||||||
| | | 75,000 | | | | Blackstone Group, Inc. (The) Class A | | | | | 4,195,500 | | | | | ||||
| | | | | | | | | | | | 13,726,500 | | | | | ||||
| HEALTHCARE (26.0%) | | | | ||||||||||||||||
| | | | | | | BIOTECHNOLOGY (21.1%) | | | | ||||||||||
| | | 110,000 | | | | Alexion Pharmaceuticals, Inc.* | | | | | 11,896,500 | | | | | ||||
| | | 1,195,000 | | | | Amarin Corp. PLC ADR*(1) | | | | | 25,620,800 | | | | | ||||
| | | 14,000 | | | | Biogen, Inc.* | | | | | 4,154,220 | | | | | ||||
| | | 160,000 | | | | Biohaven Pharmaceutical Holding Co., Ltd.* | | | | | 8,710,400 | | | | | ||||
| | | 110,000 | | | | BioMarin Pharmaceutical, Inc.* | | | | | 9,300,500 | | | | | ||||
| | | 110,000 | | | | Exact Sciences Corp.*(1) | | | | | 10,172,800 | | | | | ||||
| | | 525,000 | | | | Exelixis, Inc.* | | | | | 9,250,500 | | | | | ||||
| | | 92,000 | | | | Intercept Pharmaceuticals, Inc.*(1) | | | | | 11,400,640 | | | | | ||||
| | | 29,000 | | | | Vertex Pharmaceuticals, Inc.* | | | | | 6,349,550 | | | | | ||||
| | | | | | | | | | | | 96,855,910 | | | | | ||||
| | | | | | | HEALTHCARE PRODUCTS (1.2%) | | | | ||||||||||
| | | 23,000 | | | | Edwards Lifesciences Corp.* | | | | | 5,365,670 | | | | | ||||
| | | | | | | PHARMACEUTICALS (3.7%) | | | | ||||||||||
| | | 85,000 | | | | Bristol-Myers Squibb Co. | | | | | 5,456,150 | | | | | ||||
| | | 33,000 | | | | DexCom, Inc.* | | | | | 7,218,420 | | | | |
| Shares | | | | | | Value | | ||||||
| HEALTHCARE (26.0%) (continued) | | ||||||||||||
| | | | | | | PHARMACEUTICALS (3.7%) (continued) | | ||||||
| | | 34,000 | | | | Zoetis, Inc. | | | | $ | 4,499,900 | | |
| | | | | | | | | | | | 17,174,470 | | |
| | | | | | | | | | | | 119,396,050 | | |
| INDUSTRIALS (1.8%) | | ||||||||||||
| | | | | | | AIRLINES (0.8%) | | ||||||
| | | 65,000 | | | | Delta Air Lines, Inc. | | | | | 3,801,200 | | |
| | | | | | | INTERNET (1.0%) | | ||||||
| | | 100,000 | | | | Lyft, Inc. Class A*(1) | | | | | 4,302,000 | | |
| | | | | | | | | | | | 8,103,200 | | |
| INFORMATION TECHNOLOGY (21.8%) | | ||||||||||||
| | | | | | | COMMERCIAL SERVICES (1.6%) | | ||||||
| | | 68,000 | | | | PayPal Holdings, Inc.* | | | | | 7,355,560 | | |
| | | | | | | COMPUTERS (3.1%) | | ||||||
| | | 31,000 | | | | Apple, Inc. | | | | | 9,103,150 | | |
| | | 100,000 | | | | Crowdstrike Holdings, Inc. Class A*(1) | | | | | 4,987,000 | | |
| | | | | | | | | | | | 14,090,150 | | |
| | | | | | | DIVERSIFIED FINANCIAL SERVICES (2.5%) | | ||||||
| | | 60,000 | | | | Visa, Inc. Class A | | | | | 11,274,000 | | |
| | | | | | | INTERNET (1.9%) | | ||||||
| | | 115,000 | | | | Zendesk, Inc.* | | | | | 8,812,450 | | |
| | | | | | | SEMICONDUCTORS (4.3%) | | ||||||
| | | 13,000 | | | | Broadcom, Inc. | | | | | 4,108,260 | | |
| | | 80,000 | | | | Micron Technology, Inc.* | | | | | 4,302,400 | | |
| | | 30,000 | | | | NVIDIA Corp. | | | | | 7,059,000 | | |
| | | 34,000 | | | | NXP Semiconductors N.V. | | | | | 4,326,840 | | |
| | | | | | | | | | | | 19,796,500 | | |
| | | | | | | SOFTWARE (8.4%) | | ||||||
| | | 17,000 | | | | Adobe, Inc.* | | | | | 5,606,770 | | |
| | | 33,000 | | | | Salesforce.com, Inc.* | | | | | 5,367,120 | | |
| | | 30,000 | | | | ServiceNow, Inc.* | | | | | 8,469,600 | | |
| | | 225,000 | | | | Slack Technologies, Inc. Class A*(1) | | | | | 5,058,000 | | |
| | | 68,000 | | | | Splunk, Inc.* | | | | | 10,184,360 | | |
| | | 40,000 | | | | Twilio, Inc. Class A*(1) | | | | | 3,931,200 | | |
| | | | | | | | | | | | 38,617,050 | | |
| | | | | | | | | | | | 99,945,710 | | |
| REAL ESTATE (0.8%) | | ||||||||||||
| | | | | | | REITS (0.8%) | | ||||||
| | | 17,000 | | | | American Tower Corp. REIT | | | | | 3,906,940 | | |
| TOTAL COMMON STOCKS (Cost $294,911,288) (84.0%) | | | | | 385,972,870 | | |
| Principal Amount | | | | | | Value | | ||||||
| ASSET-BACKED SECURITIES (0.9%) | | ||||||||||||
| | $ | 250,000 | | | | Ally Auto Receivables Trust, Series 2018-2, Class A3, 2.92%, 11/15/22 | | | | $ | 251,521 | | |
| | | 150,000 | | | | BMW Vehicle Lease Trust, Series 2019-1, Class A4, 2.92%, 8/22/22 | | | | | 151,849 | | |
| | | 208,000 | | | | Chase Issuance Trust, Series 2012-A7, Class A7, 2.16%, 9/15/24 | | | | | 209,432 | | |
| | | 255,000 | | | | Citibank Credit Card Issuance Trust, Series 2018-A1, Class A1, 2.49%, 1/20/23 | | | | | 256,756 | | |
| | | 150,000 | | | | Citibank Credit Card Issuance Trust, Series 2014-A1, Class A1, 2.88%, 1/23/23 | | | | | 151,534 | | |
| | | 102,747 | | | | Ford Credit Auto Owner Trust, Series 2018-B, Class A2A, 2.96%, 9/15/21 | | | | | 103,023 | | |
| | | 250,000 | | | | Ford Credit Floorplan Master Owner Trust A, Series 2017-1, Class A1, 2.07%, 5/15/22 | | | | | 250,041 | | |
| | | 750,000 | | | | Ford Credit Floorplan Master Owner Trust A, Series 2017-2, Class A1, 2.16%, 9/15/22 | | | | | 750,836 | | |
| | | 203,055 | | | | GM Financial Automobile Leasing Trust, Series 2017-3, Class A4, 2.12%, 9/20/21 | | | | | 203,051 | | |
| | | 200,000 | | | | GMF Floorplan Owner Revolving Trust, Series 2017-2, Class A1, 2.13%, 7/15/22(2) | | | | | 200,063 | | |
| | | 568,199 | | | | Honda Auto Receivables Owner Trust, Series 2018-1I, Class A3, 2.60%, 2/15/22 | | | | | 570,566 | | |
| | | 250,000 | | | | Honda Auto Receivables Owner Trust, Series 2017-2, Class A4, 1.87%, 9/15/23 | | | | | 249,672 | | |
| | | 425,000 | | | | Hyundai Auto Receivables Trust, Series 2017-B, Class A4, 1.96%, 2/15/23 | | | | | 424,814 | | |
| Principal Amount | | | | | | Value | | ||||||
| | $ | 320,762 | | | | Nissan Auto Receivables Owner Trust, Series 2017-A, Class A3, 1.74%, 8/16/21 | | | | $ | 320,557 | | |
| TOTAL ASSET-BACKED SECURITIES (Cost $4,060,963) (0.9%) | | | | | 4,093,715 | | | ||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES (1.6%) | | ||||||||||||
| | | 250,000 | | | | BANK, Series 2019-BN17, Class A4, 3.71%, 4/15/52 | | | | | 271,289 | | |
| | | 339,045 | | | | Citigroup Commercial Mortgage Trust, Series 2014-GC25, Class AAB, 3.37%, 10/10/47 | | | | | 346,589 | | |
| | | 100,000 | | | | COMM Mortgage Trust, Series 2014-UBS2, Class AM, 4.20%, 3/10/47 | | | | | 105,209 | | |
| | | 91,764 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K715, Class A2, 2.86%, 1/25/21 | | | | | 92,160 | | |
| | | 100,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K029, Class A2, 3.32%, 2/25/23 | | | | | 103,731 | | |
| | | 250,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K034, Class A2, 3.53%, 7/25/23(3) | | | | | 262,228 | | |
| | | 250,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K726, Class A2, 2.91%, 4/25/24 | | | | | 256,923 | | |
| | | 250,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K728, Class A2, 3.06%, 8/25/24(3) | | | | | 259,422 | | |
| | | 580,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K040, Class A2, 3.24%, 9/25/24 | | | | | 608,599 | | |
| Principal Amount | | | | | | Value | | ||||||
| | $ | 100,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K062, Class A2, 3.41%, 12/25/26 | | | | $ | 106,957 | | |
| | | 255,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K064, Class A2, 3.22%, 3/25/27 | | | | | 269,869 | | |
| | | 150,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K065, Class A2, 3.24%, 4/25/27 | | | | | 159,069 | | |
| | | 250,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K074, Class A2, 3.60%, 1/25/28 | | | | | 271,161 | | |
| | | 250,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K088, Class A2, 3.69%, 1/25/29 | | | | | 273,358 | | |
| | | 250,000 | | | | FREMF Mortgage Trust, Series 2013-K24, Class B, 3.50%, 11/25/45(2)(3) | | | | | 254,781 | | |
| | | 120,000 | | | | FREMF Mortgage Trust, Series 2013-K713, Class B, 3.17%, 4/25/46(2)(3) | | | | | 119,903 | | |
| | | 250,000 | | | | FREMF Mortgage Trust, Series 2014-K717, Class B, 3.63%, 11/25/47(2)(3) | | | | | 255,287 | | |
| | | 174,551 | | | | GNMA, Series 2013-12, Class AB, 1.83%, 11/16/52 | | | | | 171,202 | | |
| | | 150,000 | | | | GNMA, Series 2013-12, Class B, 2.11%, 11/16/52(3) | | | | | 146,090 | | |
| | | 199,902 | | | | GS Mortgage Securities Trust, Series 2012-GCJ7, Class A4, 3.38%, 5/10/45 | | | | | 202,688 | | |
| | | 250,000 | | | | Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C20, Class A4, 3.25%, 2/15/48 | | | | | 259,444 | | |
| Principal Amount | | | | | | Value | | ||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES (1.6%) (continued) | | ||||||||||||
| | $ | 200,000 | | | | Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C26, Class A3, 3.21%, 10/15/48 | | | | $ | 205,491 | | |
| | | 200,000 | | | | Morgan Stanley Capital I Trust, Series 2019-H6, Class A4, 3.42%, 6/15/52 | | | | | 212,121 | | |
| | | 250,000 | | | | UBS-Barclays Commercial Mortgage Trust, Series 2012-C4, Class A5, 2.85%, 12/10/45 | | | | | 254,092 | | |
| | | 385,000 | | | | UBS-Barclays Commercial Mortgage Trust, Series 2013-C5, Class A4, 3.18%, 3/10/46 | | | | | 394,910 | | |
| | | 77,880 | | | | Wells Fargo Commercial Mortgage Trust, Series 2015-NXS1, Class A2, 2.63%, 5/15/48 | | | | | 77,817 | | |
| | | 200,000 | | | | Wells Fargo Commercial Mortgage Trust, Series 2015-C28, Class A4, 3.54%, 5/15/48 | | | | | 211,142 | | |
| | | 349,000 | | | | Wells Fargo Commercial Mortgage Trust, Series 2016-LC24, Class A4, 2.94%, 10/15/49 | | | | | 358,188 | | |
| | | 156,443 | | | | Wells Fargo Commercial Mortgage Trust, Series 2017-C40, Class A1, 2.11%, 10/15/50 | | | | | 156,388 | | |
| | | 150,000 | | | | Wells Fargo Commercial Mortgage Trust, Series 2019-C50, Class ASB, 3.64%, 5/15/52 | | | | | 160,184 | | |
| | | 250,000 | | | | Wells Fargo Commercial Mortgage Trust, Series 2016-C33, Class A4, 3.43%, 3/15/59 | | | | | 263,290 | | |
| | | 200,000 | | | | WFRBS Commercial Mortgage Trust, Series 2011-C5, Class A4, 3.67%, 11/15/44 | | | | | 203,622 | | |
| TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $7,142,837) (1.6%) | | | | | 7,293,204 | | |
| Principal Amount | | | | | | Value | | ||||||
| CORPORATE BONDS & NOTES (4.8%) | | ||||||||||||
| BASIC MATERIALS (0.1%) | | ||||||||||||
| | | | | | | CHEMICALS (0.1%) | | ||||||
| | $ | 225,000 | | | | Celanese U.S. Holdings LLC, Guaranteed Notes, 4.63%, 11/15/22 | | | | $ | 238,346 | | |
| | | 200,000 | | | | LYB International Finance B.V., Guaranteed Notes, 4.00%, 7/15/23 | | | | | 211,562 | | |
| | | | | | | | | | | | 449,908 | | |
| | | | | | | | | | | | 449,908 | | |
| COMMUNICATIONS (0.6%) | | ||||||||||||
| | | | | | | INTERNET (0.2%) | | ||||||
| | | 255,000 | | | | Amazon.com, Inc., Senior Unsecured Notes, 4.80%, 12/5/34 | | | | | 321,792 | | |
| | | 200,000 | | | | Baidu, Inc., Senior Unsecured Notes, 4.38%, 5/14/24 | | | | | 213,189 | | |
| | | 175,000 | | | | Netflix, Inc., Senior Unsecured Notes, 5.75%, 3/1/24 | | | | | 193,594 | | |
| | | | | | | | | | | | 728,575 | | |
| | | | | | | MEDIA (0.1%) | | ||||||
| | | 175,000 | | | | Charter Communications Operating LLC/Charter Communications Operating Capital, Senior Secured Notes, 4.91%, 7/23/25 | | | | | 192,706 | | |
| | | 250,000 | | | | Comcast Corp., Guaranteed Notes, 3.95%, 10/15/25 | | | | | 272,853 | | |
| | | 150,000 | | | | Discovery Communications LLC, Guaranteed Notes, 4.90%, 3/11/26 | | | | | 167,425 | | |
| | | | | | | | | | | | 632,984 | | |
| | | | | | | TELECOMMUNICATIONS (0.3%) | | ||||||
| | | 150,000 | | | | AT&T, Inc., Senior Unsecured Notes, 3.80%, 3/1/24 | | | | | 159,204 | | |
| | | 200,000 | | | | AT&T, Inc., Senior Unsecured Notes, 3.80%, 2/15/27 | | | | | 213,207 | | |
| | | 100,000 | | | | Corning, Inc., Senior Unsecured Notes, 5.35%, 11/15/48 | | | | | 125,512 | | |
| | | 200,000 | | | | Motorola Solutions, Inc., Senior Unsecured Notes, 4.60%, 5/23/29 | | | | | 218,329 | | |
| Principal Amount | | | | | | Value | | ||||||
| COMMUNICATIONS (0.6%) (continued) | | ||||||||||||
| | | | | | | TELECOMMUNICATIONS (0.3%) (continued) | | ||||||
| | $ | 150,000 | | | | Rogers Communications, Inc., Guaranteed Notes, 4.50%, 3/15/43 | | | | $ | 167,550 | | |
| | | 250,000 | | | | Verizon Communications, Inc., Senior Unsecured Notes, 4.50%, 8/10/33 | | | | | 291,828 | | |
| | | 100,000 | | | | Vodafone Group PLC, Senior Unsecured Notes, 4.25%, 9/17/50 | | | | | 104,380 | | |
| | | | | | | | | | | | 1,280,010 | | |
| | | | | | | | | | | | 2,641,569 | | |
| CONSUMER, CYCLICAL (0.3%) | | ||||||||||||
| | | | | | | AUTO PARTS & EQUIPMENT (0.0%) | | ||||||
| | | 175,000 | | | | Dana, Inc., Senior Unsecured Notes, 5.50%, 12/15/24 | | | | | 179,886 | | |
| | | | | | | HOME BUILDERS (0.1%) | | ||||||
| | | 100,000 | | | | D.R. Horton, Inc., Guaranteed Notes, 4.00%, 2/15/20 | | | | | 100,223 | | |
| | | 100,000 | | | | D.R. Horton, Inc., Guaranteed Notes, 2.50%, 10/15/24 | | | | | 100,117 | | |
| | | 150,000 | | | | Lennar Corp., Guaranteed Notes, 4.88%, 12/15/23 | | | | | 160,500 | | |
| | | 150,000 | | | | Toll Brothers Finance Corp., Guaranteed Notes, 4.88%, 11/15/25 | | | | | 163,500 | | |
| | | | | | | | | | | | 524,340 | | |
| | | | | | | HOME FURNISHINGS (0.1%) | | ||||||
| | | 200,000 | | | | Whirlpool Corp., Senior Unsecured Notes, 4.75%, 2/26/29 | | | | | 222,847 | | |
| | | | | | | LODGING (0.1%) | | ||||||
| | | 150,000 | | | | Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., Guaranteed Notes, 4.63%, 4/1/25 | | | | | 154,125 | | |
| | | 200,000 | | | | Marriott International, Inc., Series AA, Senior Unsecured Notes, 4.65%, 12/1/28 | | | | | 225,171 | | |
| | | | | | | | | | | | 379,296 | | |
| | | | | | | | | | | | 1,306,369 | | |
| Principal Amount | | | | | | Value | | ||||||
| CORPORATE BONDS & NOTES (4.8%) (continued) | | ||||||||||||
| CONSUMER, NON-CYCLICAL (0.6%) | | ||||||||||||
| | | | | | | BEVERAGES (0.1%) | | ||||||
| | $ | 150,000 | | | | Anheuser-Busch InBev Worldwide, Inc., Guaranteed Notes, 4.90%, 1/23/31 | | | | $ | 178,775 | | |
| | | 150,000 | | | | Constellation Brands, Inc., Guaranteed Notes, 5.25%, 11/15/48 | | | | | 182,459 | | |
| | | 100,000 | | | | PepsiCo, Inc., Senior Unsecured Notes, 2.88%, 10/15/49 | | | | | 96,723 | | |
| | | | | | | | | | | | 457,957 | | |
| | | | | | | BIOTECHNOLOGY (0.0%) | | ||||||
| | | 200,000 | | | | Gilead Sciences, Inc., Senior Unsecured Notes, 2.35%, 2/1/20 | | | | | 200,046 | | |
| | | | | | | COMMERCIAL SERVICES (0.0%) | | ||||||
| | | 150,000 | | | | Global Payments, Inc., Senior Unsecured Notes, 4.80%, 4/1/26 | | | | | 166,967 | | |
| | | | | | | HEALTHCARE PRODUCTS (0.1%) | | ||||||
| | | 235,000 | | | | Abbott Laboratories, Senior Unsecured Notes, 3.75%, 11/30/26 | | | | | 256,773 | | |
| | | 150,000 | | | | Boston Scientific Corp., Senior Unsecured Notes, 3.75%, 3/1/26 | | | | | 160,790 | | |
| | | | | | | | | | | | 417,563 | | |
| | | | | | | HEALTHCARE SERVICES (0.2%) | | ||||||
| | | 150,000 | | | | Anthem, Inc., Senior Unsecured Notes, 3.35%, 12/1/24 | | | | | 156,575 | | |
| | | 125,000 | | | | HCA, Inc., Guaranteed Notes, 5.38%, 2/1/25 | | | | | 138,229 | | |
| | | 200,000 | | | | Humana, Inc., Senior Unsecured Notes, 3.95%, 3/15/27 | | | | | 215,256 | | |
| | | 100,000 | | | | NYU Langone Hospitals, Secured Notes, 4.78%, 7/1/44 | | | | | 118,334 | | |
| | | 150,000 | | | | UnitedHealth Group, Inc., Senior Unsecured Notes, 4.63%, 11/15/41 | | | | | 178,930 | | |
| | | | | | | | | | | | 807,324 | | |
| | | | | | | PHARMACEUTICALS (0.2%) | | ||||||
| | | 125,000 | | | | AbbVie, Inc., Senior Unsecured Notes, 2.95%, 11/21/26(2) | | | | | 127,271 | | |
| Principal Amount | | | | | | Value | | ||||||
| CONSUMER, NON-CYCLICAL (0.6%) (continued) | | ||||||||||||
| | | | | | | PHARMACEUTICALS (0.2%) (continued) | | ||||||
| | $ | 150,000 | | | | Becton Dickinson and Co., Senior Unsecured Notes, 3.36%, 6/6/24 | | | | $ | 156,231 | | |
| | | 100,000 | | | | Bristol-Myers Squibb Co., Senior Unsecured Notes, 5.25%, 8/15/43(2) | | | | | 129,766 | | |
| | | 175,000 | | | | Cigna Corp., Guaranteed Notes, 4.75%, 11/15/21(2) | | | | | 183,466 | | |
| | | 150,000 | | | | Merck & Co., Inc., Senior Unsecured Notes, 3.90%, 3/7/39 | | | | | 171,603 | | |
| | | 200,000 | | | | Zoetis, Inc., Senior Unsecured Notes, 4.50%, 11/13/25 | | | | | 221,536 | | |
| | | | | | | | | | | | 989,873 | | |
| | | | | | | | | | | | 3,039,730 | | |
| ENERGY (0.4%) | | ||||||||||||
| | | | | | | OIL & GAS (0.3%) | | ||||||
| | | 100,000 | | | | Continental Resources, Inc., Guaranteed Notes, 4.50%, 4/15/23 | | | | | 104,485 | | |
| | | 150,000 | | | | Marathon Oil Corp., Senior Unsecured Notes, 3.85%, 6/1/25(1) | | | | | 158,865 | | |
| | | 150,000 | | | | Marathon Petroleum Corp., Senior Unsecured Notes, 5.13%, 12/15/26 | | | | | 169,926 | | |
| | | 100,000 | | | | Murphy Oil Corp., Senior Unsecured Notes, 5.75%, 8/15/25 | | | | | 104,595 | | |
| | | 200,000 | | | | Phillips 66, Guaranteed Notes, 4.30%, 4/1/22 | | | | | 209,949 | | |
| | | 150,000 | | | | Total Capital International SA, Guaranteed Notes, 3.46%, 2/19/29 | | | | | 162,633 | | |
| | | 175,000 | | | | Valero Energy Corp., Senior Unsecured Notes, 6.63%, 6/15/37 | | | | | 231,555 | | |
| | | | | | | | | | | | 1,142,008 | | |
| | | | | | | PIPELINES (0.1%) | | ||||||
| | | 200,000 | | | | Enterprise Products Operating LLC, Guaranteed Notes, 4.85%, 8/15/42 | | | | | 232,247 | | |
| | | 200,000 | | | | Kinder Morgan, Inc., Guaranteed Notes, 4.30%, 3/1/28(1) | | | | | 218,083 | | |
| Principal Amount | | | | | | Value | | ||||||
| ENERGY (0.4%) (continued) | | ||||||||||||
| | | | | | | PIPELINES (0.1%) (continued) | | ||||||
| | $ | 125,000 | | | | Magellan Midstream Partners L.P., Senior Unsecured Notes, 4.25%, 9/15/46 | | | | $ | 133,432 | | |
| | | | | | | | | | | | 583,762 | | |
| | | | | | | | | | | | 1,725,770 | | |
| FINANCIAL (2.0%) | | ||||||||||||
| | | | | | | BANKS (0.9%) | | ||||||
| | | 150,000 | | | | Australia & New Zealand Banking Group, Ltd., Subordinated Notes, 4.50%, 3/19/24(2) | | | | | 159,712 | | |
| | | 100,000 | | | | Banco Bilbao Vizcaya Argentaria S.A., Senior Unsecured Notes, 3.00%, 10/20/20 | | | | | 100,646 | | |
| | | 150,000 | | | | Bank of America Corp. GMTN, Senior Unsecured Notes, 3.50%, 4/19/26 | | | | | 159,533 | | |
| | | 200,000 | | | | Bank of Nova Scotia (The), Senior Unsecured Notes, 2.70%, 8/3/26 | | | | | 203,566 | | |
| | | 150,000 | | | | CIT Group, Inc., Senior Unsecured Notes, 5.00%, 8/15/22 | | | | | 159,000 | | |
| | | 150,000 | | | | Citigroup, Inc., Senior Unsecured Notes, 3-month LIBOR + 0.90%, 3.35%, 4/24/25(3) | | | | | 156,121 | | |
| | | 175,000 | | | | Citigroup, Inc., Subordinated Notes, 5.30%, 5/6/44 | | | | | 223,269 | | |
| | | 150,000 | | | | Fifth Third Bancorp, Senior Unsecured Notes, 3.65%, 1/25/24 | | | | | 158,328 | | |
| | | 100,000 | | | | Goldman Sachs Group, Inc. (The), Subordinated Notes, 6.75%, 10/1/37 | | | | | 138,913 | | |
| | | 100,000 | | | | Huntington Bancshares, Inc., Senior Unsecured Notes, 2.63%, 8/6/24 | | | | | 101,429 | | |
| | | 200,000 | | | | ING Groep N.V., Senior Unsecured Notes, 4.10%, 10/2/23 | | | | | 212,660 | | |
| | | 250,000 | | | | Kreditanstalt fuer Wiederaufbau, Guaranteed Notes, 2.63%, 4/12/21 | | | | | 253,017 | | |
| | | 200,000 | | | | Lloyds Bank PLC, Senior Unsecured Notes, 2.25%, 8/14/22 | | | | | 200,992 | | |
| Principal Amount | | | | | | Value | | ||||||
| CORPORATE BONDS & NOTES (4.8%) (continued) | | ||||||||||||
| FINANCIAL (2.0%) (continued) | | ||||||||||||
| | | | | | | BANKS (0.9%) (continued) | | ||||||
| | $ | 250,000 | | | | Morgan Stanley, Subordinated Notes, 4.88%, 11/1/22 | | | | $ | 267,878 | | |
| | | 250,000 | | | | Morgan Stanley, Series F, Senior Unsecured Notes, 3.88%, 4/29/24 | | | | | 265,769 | | |
| | | 150,000 | | | | Northern Trust Corp., Senior Unsecured Notes, 3.15%, 5/3/29 | | | | | 157,598 | | |
| | | 200,000 | | | | PNC Financial Services Group, Inc. (The), Senior Unsecured Notes, 3.30%, 3/8/22 | | | | | 205,483 | | |
| | | 100,000 | | | | Santander Holdings USA, Inc., Senior Unsecured Notes, 2.65%, 4/17/20 | | | | | 100,113 | | |
| | | 250,000 | | | | Societe Generale S.A., Senior Unsecured Notes, 5.20%, 4/15/21 | | | | | 260,015 | | |
| | | 250,000 | | | | Svenska Handelsbanken AB, Guaranteed Notes, 3.35%, 5/24/21 | | | | | 254,934 | | |
| | | 150,000 | | | | US Bancorp MTN, Subordinated Notes, 3.60%, 9/11/24 | | | | | 159,482 | | |
| | | 250,000 | | | | Wells Fargo & Co. MTN, Senior Unsecured Notes, 3.50%, 3/8/22 | | | | | 258,178 | | |
| | | | | | | | | | | | 4,156,636 | | |
| | | | | | | DIVERSIFIED FINANCIAL SERVICES (0.3%) | | ||||||
| | | 175,000 | | | | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Guaranteed Notes, 4.45%, 4/3/26 | | | | | 187,875 | | |
| | | 150,000 | | | | Air Lease Corp., Senior Unsecured Notes, 3.63%, 4/1/27 | | | | | 155,572 | | |
| | | 200,000 | | | | Aircastle, Ltd., Senior Unsecured Notes, 4.40%, 9/25/23 | | | | | 211,470 | | |
| | | 210,000 | | | | Ally Financial, Inc., Senior Unsecured Notes, 4.13%, 2/13/22 | | | | | 216,825 | | |
| | | 250,000 | | | | Discover Financial Services, Senior Unsecured Notes, 3.95%, 11/6/24 | | | | | 265,540 | | |
| Principal Amount | | | | | | Value | | ||||||
| FINANCIAL (2.0%) (continued) | | ||||||||||||
| | | | | | | DIVERSIFIED FINANCIAL SERVICES (0.3%) (continued) | | ||||||
| | $ | 150,000 | | | | ORIX Corp., Senior Unsecured Notes, 3.25%, 12/4/24 | | | | $ | 156,386 | | |
| | | 200,000 | | | | Stifel Financial Corp., Senior Unsecured Notes, 4.25%, 7/18/24(1) | | | | | 212,954 | | |
| | | | | | | | | | | | 1,406,622 | | |
| | | | | | | INSURANCE (0.4%) | | ||||||
| | | 250,000 | | | | American International Group, Inc., Senior Unsecured Notes, 4.88%, 6/1/22 | | | | | 266,906 | | |
| | | 150,000 | | | | Aon Corp., Guaranteed Notes, 3.75%, 5/2/29 | | | | | 160,511 | | |
| | | 250,000 | | | | Berkshire Hathaway, Inc., Senior Unsecured Notes, 3.75%, 8/15/21(1) | | | | | 258,160 | | |
| | | 150,000 | | | | Chubb INA Holdings, Inc., Guaranteed Notes, 3.35%, 5/3/26 | | | | | 159,529 | | |
| | | 225,000 | | | | CNA Financial Corp., Senior Unsecured Notes, 3.95%, 5/15/24 | | | | | 240,475 | | |
| | | 250,000 | | | | PartnerRe Finance B LLC, Guaranteed Notes, 3.70%, 7/2/29 | | | | | 259,884 | | |
| | | 150,000 | | | | Principal Financial Group, Inc., Guaranteed Notes, 3.70%, 5/15/29(1) | | | | | 163,588 | | |
| | | 175,000 | | | | Prudential Financial, Inc., Junior Subordinated Notes, 3-month LIBOR + 2.67%, 5.70%, 9/15/48(1)(3) | | | | | 199,938 | | |
| | | | | | | | | | | | 1,708,991 | | |
| | | | | | | REITS (0.4%) | | ||||||
| | | 200,000 | | | | AvalonBay Communities, Inc. GMTN, Senior Unsecured Notes, 3.45%, 6/1/25 | | | | | 211,410 | | |
| | | 150,000 | | | | iStar, Inc., Senior Unsecured Notes, 5.25%, 9/15/22 | | | | | 153,938 | | |
| | | 250,000 | | | | Welltower, Inc., Senior Unsecured Notes, 4.25%, 4/15/28 | | | | | 274,237 | | |
| Principal Amount | | | | | | Value | | ||||||
| FINANCIAL (2.0%) (continued) | | ||||||||||||
| | | | | | | REITS (0.4%) (continued) | | ||||||
| | $ | 100,000 | | | | Weyerhaeuser Co., Senior Unsecured Notes, 6.95%, 10/1/27 | | | | $ | 126,145 | | |
| | | 125,000 | | | | Sabra Health Care L.P./Sabra Capital Corp., Guaranteed Notes, 3.90%, 10/15/29 | | | | | 125,713 | | |
| | | 150,000 | | | | Digital Realty Trust L.P., Guaranteed Notes, 3.60%, 7/1/29 | | | | | 156,144 | | |
| | | 125,000 | | | | Essex Portfolio L.P., Guaranteed Notes, 4.00%, 3/1/29 | | | | | 135,836 | | |
| | | 250,000 | | | | Ventas Realty L.P., Guaranteed Notes, 4.40%, 1/15/29 | | | | | 275,148 | | |
| | | 100,000 | | | | Essex Portfolio L.P., Guaranteed Notes, 3.00%, 1/15/30 | | | | | 101,209 | | |
| | | 200,000 | | | | EPR Properties, Guaranteed Notes, 5.25%, 7/15/23 | | | | | 214,507 | | |
| | | | | | | | | | | | 1,774,287 | | |
| | | | | | | | | | | | 9,046,536 | | |
| INDUSTRIAL (0.3%) | | ||||||||||||
| | | | | | | AEROSPACE & DEFENSE (0.1%) | | ||||||
| | | 200,000 | | | | L3Harris Technologies, Inc., Senior Unsecured Notes, 4.40%, 6/15/28 | | | | | 222,982 | | |
| | | 175,000 | | | | United Technologies Corp., Senior Unsecured Notes, 4.13%, 11/16/28 | | | | | 196,891 | | |
| | | | | | | | | | | | 419,873 | | |
| | | | | | | BUILDING MATERIALS (0.0%) | | ||||||
| | | 100,000 | | | | Owens Corning, Senior Unsecured Notes, 3.95%, 8/15/29 | | | | | 104,094 | | |
| | | | | | | MISCELLANEOUS MANUFACTURERS (0.1%) | | ||||||
| | | 200,000 | | | | Ingersoll-Rand Luxembourg Finance S.A., Guaranteed Notes, 3.80%, 3/21/29 | | | | | 214,791 | | |
| | | 250,000 | | | | Textron, Inc., Senior Unsecured Notes, 3.88%, 3/1/25 | | | | | 265,038 | | |
| | | | | | | | | | | | 479,829 | | |
| Principal Amount | | | | | | Value | | ||||||
| CORPORATE BONDS & NOTES (4.8%) (continued) | | ||||||||||||
| INDUSTRIAL (0.3%) (continued) | | ||||||||||||
| | | | | | | PACKAGING & CONTAINERS (0.1%) | | ||||||
| | $ | 150,000 | | | | Packaging Corp. of America, Senior Unsecured Notes, 3.65%, 9/15/24 | | | | $ | 157,709 | | |
| | | 150,000 | | | | WRKCo, Inc., Guaranteed Notes, 3.90%, 6/1/28 | | | | | 159,180 | | |
| | | | | | | | | | | | 316,889 | | |
| | | | | | | TRANSPORTATION (0.0%) | | ||||||
| | | 100,000 | | | | CSX Corp., Senior Unsecured Notes, 3.35%, 9/15/49 | | | | | 98,635 | | |
| | | | | | | | | | | | 1,419,320 | | |
| TECHNOLOGY (0.2%) | | ||||||||||||
| | | | | | | COMPUTERS (0.0%) | | ||||||
| | | 100,000 | | | | Apple, Inc., Senior Unsecured Notes, 3.75%, 11/13/47 | | | | | 111,056 | | |
| | | | | | | SEMICONDUCTORS (0.1%) | | ||||||
| | | 225,000 | | | | KLA Corp., Senior Unsecured Notes, 4.10%, 3/15/29 | | | | | 246,523 | | |
| | | | | | | SOFTWARE (0.1%) | | ||||||
| | | 125,000 | | | | Cadence Design Systems, Inc., Senior Unsecured Notes, 4.38%, 10/15/24(1) | | | | | 133,483 | | |
| | | 125,000 | | | | Fiserv, Inc., Senior Unsecured Notes, 3.50%, 7/1/29 | | | | | 131,385 | | |
| | | 100,000 | | | | j2 Cloud Services LLC/j2 Global Co-Obligor, Inc., Guaranteed Notes, 6.00%, 7/15/25(2) | | | | | 106,000 | | |
| | | 200,000 | | | | Microsoft Corp., Senior Unsecured Notes, 4.45%, 11/3/45 | | | | | 250,439 | | |
| | | | | | | | | | | | 621,307 | | |
| | | | | | | | | | | | 978,886 | | |
| UTILITIES (0.3%) | | ||||||||||||
| | | | | | | ELECTRIC (0.3%) | | ||||||
| | | 200,000 | | | | CenterPoint Energy, Inc., Senior Unsecured Notes, 4.25%, 11/1/28 | | | | | 217,188 | | |
| | | 200,000 | | | | Consolidated Edison Co. of New York, Inc., Senior Unsecured Notes, 4.50%, 12/1/45 | | | | | 235,366 | | |
| Principal Amount | | | | | | Value | | ||||||
| UTILITIES (0.3%) (continued) | | ||||||||||||
| | | | | | | ELECTRIC (0.3%) (continued) | | ||||||
| | $ | 200,000 | | | | Dominion Energy, Inc., Senior Unsecured Notes, 4.25%, 6/1/28 | | | | $ | 221,292 | | |
| | | 150,000 | | | | DTE Electric Co., 3.95%, 3/1/49 | | | | | 171,689 | | |
| | | 250,000 | | | | Florida Power & Light Co., 4.05%, 6/1/42 | | | | | 284,344 | | |
| | | 150,000 | | | | Georgia Power Co., Series B, Senior Unsecured Notes, 2.65%, 9/15/29 | | | | | 148,044 | | |
| | | 175,000 | | | | ITC Holdings Corp., Senior Unsecured Notes, 3.25%, 6/30/26 | | | | | 180,558 | | |
| | | 125,000 | | | | Northern States Power Co., 2.90%, 3/1/50 | | | | | 119,420 | | |
| | | | | | | | | | | | 1,577,901 | | |
| | | | | | | GAS (0.0%) | | ||||||
| | | 100,000 | | | | National Fuel Gas Co., Senior Unsecured Notes, 5.20%, 7/15/25 | | | | | 110,644 | | |
| | | | | | | | | | | | 1,688,545 | | |
| TOTAL CORPORATE BONDS & NOTES (Cost $21,008,524) (4.8%) | | | | | 22,296,633 | | | ||||||
| FOREIGN GOVERNMENT OBLIGATIONS (0.2%) | | ||||||||||||
| | | 200,000 | | | | European Bank for Reconstruction & Development GMTN, Senior Unsecured Notes, 2.75%, 3/7/23 | | | | | 206,520 | | |
| | | 150,000 | | | | Export-Import Bank of Korea, Senior Unsecured Notes, 3.00%, 11/1/22 | | | | | 154,108 | | |
| | | 225,000 | | | | Mexico Government International Bond, Senior Unsecured Notes, 4.15%, 3/28/27 | | | | | 241,088 | | |
| | | 150,000 | | | | Panama Government International Bond, Senior Unsecured Notes, 4.00%, 9/22/24 | | | | | 160,650 | | |
| TOTAL FOREIGN GOVERNMENT OBLIGATIONS (Cost $730,077) (0.2%) | | | | | 762,366 | | |
| Principal Amount | | | | | | Value | | ||||||
| LONG-TERM MUNICIPAL SECURITIES (0.3%) | | ||||||||||||
| | | | | | | CALIFORNIA (0.0%) | | ||||||
| | $ | 80,000 | | | | Los Angeles County Public Works Financing Authority, Build America Bonds, Revenue Bonds, 5.84%, 8/1/21 | | | | $ | 84,842 | | |
| | | 50,000 | | | | University of California Regents Medical Center Pooled Revenue, Revenue Bonds, Build America Bonds, Series H, 6.40%, 5/15/31 | | | | | 63,498 | | |
| | | | | | | | | | | | 148,340 | | |
| | | | | | | NEW YORK (0.2%) | | ||||||
| | | 100,000 | | | | New York City Transitional Finance Authority Future Tax Secured Revenue, Build America Bonds, Revenue Bonds, 4.53%, 11/1/22 | | | | | 106,802 | | |
| | | 200,000 | | | | New York City Transitional Finance Authority Future Tax Secured Revenue, Subordinate Bonds, Revenue Bonds, 2.63%, 2/1/23 | | | | | 203,918 | | |
| | | 250,000 | | | | New York City Transitional Finance Authority Future Tax Secured Revenue, Subordinate Bonds, Revenue Bonds, 3.00%, 2/1/26 | | | | | 258,082 | | |
| | | 135,000 | | | | New York Municipal Bond Bank Agency Revenue, Revenue Bonds, Build America Bonds, Ser. D2, 6.64%, 4/1/25 | | | | | 155,723 | | |
| | | | | | | | | | | | 724,525 | | |
| | | | | | | PENNSYLVANIA (0.0%) | | ||||||
| | | 100,000 | | | | Pennsylvania Turnpike Commission, Motor License, Refunding Revenue Bonds, 3.29%, 12/1/36 | | | | | 99,095 | | |
| | | | | | | TEXAS (0.1%) | | ||||||
| | | 250,000 | | | | Dallas Independent School District Qualified School Construction Notes, General Obligation Limited, 5.05%, 8/15/33 | | | | | 274,865 | | |
| Principal Amount | | | | | | Value | | ||||||
| LONG-TERM MUNICIPAL SECURITIES (0.3%) (continued) | | ||||||||||||
| | | | | | | TEXAS (0.1%) (continued) | | ||||||
| | $ | 250,000 | | | | Tarrant County Cultural Education Facilities Finance Corp., Revenue Bonds, Baylor Health Care System Project, Series C, 4.45%, 11/15/43 | | | | $ | 286,122 | | |
| | | | | | | | | | | | 560,987 | | |
| TOTAL LONG-TERM MUNICIPAL SECURITIES (Cost $1,451,600) (0.3%) | | | | | 1,532,947 | | | ||||||
| U.S. GOVERNMENT AGENCY OBLIGATIONS (2.3%) | | ||||||||||||
| | | 100,000 | | | | FHLMC Pool #ZT1594, 4.00%, 1/1/49 | | | | | 103,925 | | |
| | | 538 | | | | FNMA Pool #AH3226, 5.00%, 2/1/41 | | | | | 593 | | |
| | | 111,429 | | | | FNMA Pool #AS0560, 4.50%, 9/1/43 | | | | | 121,012 | | |
| | | 107,967 | | | | FNMA Pool #AU1847, 3.00%, 9/1/43 | | | | | 111,183 | | |
| | | 256,386 | | | | GNMA II Pool #MA1839, 4.00%, 4/20/44 | | | | | 272,103 | | |
| | | 75,411 | | | | FNMA Pool #AS4503, 3.00%, 2/1/30 | | | | | 77,637 | | |
| | | 125,738 | | | | FNMA Pool #AY2728, 2.50%, 2/1/30 | | | | | 127,424 | | |
| | | 148,915 | | | | FNMA Pool #AS4928, 3.50%, 5/1/45 | | | | | 155,478 | | |
| | | 141,146 | | | | FNMA Pool #254954, 4.50%, 10/1/23 | | | | | 148,419 | | |
| | | 189,707 | | | | FNMA Pool #BA6555, 3.00%, 1/1/46 | | | | | 194,287 | | |
| | | 67,935 | | | | FNMA Pool #AS6205, 3.50%, 11/1/45 | | | | | 70,924 | | |
| | | 68,182 | | | | FNMA Pool #AU5653, 4.00%, 9/1/43 | | | | | 72,787 | | |
| | | 77,448 | | | | FNMA Pool #AV3310, 4.50%, 1/1/44 | | | | | 82,337 | | |
| | | 39,814 | | | | FNMA Pool #AS3789, 4.50%, 11/1/44 | | | | | 42,875 | | |
| | | 110,936 | | | | FNMA Pool #AZ2276, 4.00%, 6/1/45 | | | | | 116,555 | | |
| | | 357,209 | | | | FHLMC Gold Pool #Q41084, 3.50%, 6/1/46 | | | | | 372,345 | | |
| | | 191,067 | | | | FNMA Pool #AS7188, 4.00%, 5/1/46 | | | | | 202,289 | | |
| | | 65,316 | | | | FHLMC Gold Pool #Q34167, 4.00%, 6/1/45 | | | | | 68,457 | | |
| | | 250,000 | | | | FNMA, 2.38%, 1/19/23 | | | | | 255,645 | | |
| | | 230,000 | | | | FHLB, 3.25%, 3/8/24 | | | | | 244,614 | | |
| | | 296,065 | | | | FNMA Pool #AS9459, 4.50%, 4/1/47 | | | | | 313,748 | | |
| Principal Amount | | | | | | Value | | ||||||
| | $ | 105,858 | | | | FNMA Pool #BD8211, 4.00%, 4/1/47 | | | | $ | 110,863 | | |
| | | 83,887 | | | | FHLMC Gold Pool #Q06884, 3.50%, 3/1/42 | | | | | 88,479 | | |
| | | 172,219 | | | | FNMA Pool #AB1796, 3.50%, 11/1/40 | | | | | 181,524 | | |
| | | 58,186 | | | | FHLMC Gold Pool #Q11077, 3.50%, 9/1/42 | | | | | 61,371 | | |
| | | 97,839 | | | | FHLMC Gold PC Pool #J17969, 3.00%, 2/1/27 | | | | | 100,460 | | |
| | | 182,451 | | | | FNMA Pool #AB3900, 3.00%, 11/1/26 | | | | | 187,235 | | |
| | | 78,189 | | | | GNMA I Pool #539285, 3.00%, 5/15/42 | | | | | 80,664 | | |
| | | 247,387 | | | | FNMA Pool #AQ1853, 3.00%, 11/1/42 | | | | | 254,906 | | |
| | | 703,970 | | | | FNMA Pool #BK9648, 3.50%, 11/1/48 | | | | | 724,151 | | |
| | | 400,384 | | | | FNMA Pool #BN6248, 3.00%, 4/1/49 | | | | | 406,080 | | |
| | | 259,374 | | | | FNMA Pool #MA3614, 3.50%, 3/1/49 | | | | | 266,570 | | |
| | | 38,875 | | | | FHLMC Gold Pool #G08521, 3.00%, 1/1/43 | | | | | 40,069 | | |
| | | 210,617 | | | | FHLMC Gold Pool #C09027, 3.00%, 2/1/43 | | | | | 217,076 | | |
| | | 213,722 | | | | FHLMC Gold Pool #J13314, 3.50%, 10/1/25 | | | | | 221,533 | | |
| | | 125,364 | | | | FHLMC Gold Pool #A97264, 4.00%, 2/1/41 | | | | | 134,532 | | |
| | | 59,029 | | | | FNMA Pool #AA0466, 4.50%, 2/1/39 | | | | | 64,038 | | |
| | | 130,427 | | | | FNMA REMIC Trust Series 2013-18, Class AE, 2.00%, 3/25/28 | | | | | 130,114 | | |
| | | 165,982 | | | | FHLMC, Series 4151, Class PA, 2.00%, 1/15/33 | | | | | 165,099 | | |
| | | 109,045 | | | | FNMA Pool #AD7128, 4.50%, 7/1/40 | | | | | 118,374 | | |
| | | 72,107 | | | | FNMA Pool #AD8529, 4.50%, 8/1/40 | | | | | 78,182 | | |
| | | 81,328 | | | | FNMA Pool #AC5822, 4.50%, 5/1/40 | | | | | 88,292 | | |
| | | 78,025 | | | | FHLMC Gold PC Pool #A47613, 5.00%, 11/1/35 | | | | | 85,948 | | |
| | | 102,159 | | | | FNMA Pool #745275, 5.00%, 2/1/36 | | | | | 112,613 | | |
| | | 39,948 | | | | FNMA Pool #AT8849, 4.00%, 6/1/43 | | | | | 42,731 | | |
| Principal Amount | | | | | | Value | | ||||||
| | $ | 99,692 | | | | FNMA Pool #AH4493, 4.50%, 2/1/41 | | | | $ | 106,005 | | |
| | | 101,317 | | | | FNMA Pool #AU3621, 3.00%, 7/1/43 | | | | | 104,309 | | |
| | | 219,275 | | | | FNMA Pool #AU5409, 3.00%, 8/1/43 | | | | | 222,417 | | |
| | | 110,145 | | | | FNMA Pool #AU6562, 3.50%, 12/1/43 | | | | | 115,743 | | |
| | | 58,037 | | | | FNMA Pool #AU7025, 3.00%, 11/1/43 | | | | | 59,700 | | |
| | | 62,816 | | | | FNMA Pool #AB3218, 3.50%, 7/1/31 | | | | | 64,613 | | |
| | | 69,663 | | | | FHLMC Gold PC Pool #C09055, 4.00%, 12/1/43 | | | | | 74,133 | | |
| | | 78,953 | | | | FNMA Pool #AI1019, 4.50%, 5/1/41 | | | | | 85,753 | | |
| | | 250,000 | | | | FHLB, 3.00%, 10/12/21(1) | | | | | 256,115 | | |
| | | 833,535 | | | | FNMA Pool #BM5793, 3.00%, 4/1/49 | | | | | 845,846 | | |
| | | 216,248 | | | | FNMA Pool #BK2040, 4.00%, 5/1/48 | | | | | 224,624 | | |
| | | 418,954 | | | | GNMA II Pool #MA4836, 3.00%, 11/20/47 | | | | | 431,435 | | |
| | | 258,004 | | | | FNMA Pool #AL0657, 5.00%, 8/1/41 | | | | | 281,343 | | |
| | | 144,901 | | | | GNMA II Pool #MA1521, 3.50%, 12/20/43 | | | | | 152,142 | | |
| | | 60,440 | | | | FNMA Pool #AS1529, 3.00%, 1/1/29 | | | | | 62,227 | | |
| | | 105,323 | | | | FNMA Pool #844809, 5.00%, 11/1/35 | | | | | 116,095 | | |
| | | 95,504 | | | | GNMA II Pool #MA1520, 3.00%, 12/20/43 | | | | | 98,930 | | |
| TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $10,281,919) (2.3%) | | | | | 10,416,971 | | | ||||||
| U.S. TREASURY OBLIGATIONS (2.4%) | | ||||||||||||
| | | 150,000 | | | | U.S. Treasury Bonds, 5.38%, 2/15/31 | | | | | 201,463 | | |
| | | 520,000 | | | | U.S. Treasury Bonds, 4.38%, 2/15/38 | | | | | 692,656 | | |
| | | 350,000 | | | | U.S. Treasury Bonds, 3.50%, 2/15/39 | | | | | 420,123 | | |
| | | 1,587,000 | | | | U.S. Treasury Bonds, 2.75%, 8/15/42 | | | | | 1,698,400 | | |
| | | 1,140,000 | | | | U.S. Treasury Bonds, 3.00%, 2/15/48 | | | | | 1,284,816 | | |
| | | 550,000 | | | | U.S. Treasury Notes, 1.75%, 2/28/22 | | | | | 552,063 | | |
| | | 800,000 | | | | U.S. Treasury Notes, 2.00%, 11/30/22 | | | | | 809,031 | | |
| | | 1,349,000 | | | | U.S. Treasury Notes, 2.13%, 7/31/24 | | | | | 1,375,242 | | |
| | | 275,000 | | | | U.S. Treasury Notes, 2.25%, 11/15/24 | | | | | 282,208 | | |
| | | 1,800,000 | | | | U.S. Treasury Notes, 3.00%, 9/30/25 | | | | | 1,922,766 | | |
| Principal Amount | | | | | | Value | | ||||||
| U.S. TREASURY OBLIGATIONS (2.4%) (continued) | | ||||||||||||
| | $ | 175,000 | | | | U.S. Treasury Notes, 2.13%, 5/31/26 | | | | $ | 178,534 | | |
| | | 832,000 | | | | U.S. Treasury Notes, 2.25%, 8/15/27 | | | | | 855,757 | | |
| | | 575,000 | | | | U.S. Treasury Notes, 2.75%, 2/15/28 | | | | | 613,026 | | |
| TOTAL U.S. TREASURY OBLIGATIONS (Cost $10,155,686) (2.4%) | | | | | 10,886,085 | | |
| Shares | | | | | | Value | | ||||||
| SHORT-TERM INVESTMENTS (9.6%) | | ||||||||||||
| | | | | | | MONEY MARKET FUNDS (9.6%) | | ||||||
| | | 16,202,283 | | | | State Street Institutional Liquid Reserves Fund, Premier Class 1.734%(4) | | | | | 16,203,903 | | |
| | | 28,016,293 | | | | State Street Navigator Securities Lending Government Money Market Portfolio(5) | | | | | 28,016,293 | | |
| Shares | | | | | | Value | | |||
| TOTAL SHORT-TERM INVESTMENTS (Cost $44,220,196) (9.6%) | | | | | 44,220,196 | | | |||
| TOTAL INVESTMENT SECURITIES (106.1%) (Cost $393,963,090) | | | | $ | 487,474,987 | | | |||
| EXCESS OF LIABILITIES OVER CASH AND OTHER ASSETS (-6.1%) | | | | | (27,998,324) | | | |||
| NET ASSETS (100%) | | | | $ | 459,476,663 | | |
Investments in Securities: | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stocks* | | | | $ | 385,972,870 | | | | | $ | — | | | | | $ | — | | | | | $ | 385,972,870 | | |
Asset-Backed Securities | | | | | — | | | | | | 4,093,715 | | | | | | — | | | | | | 4,093,715 | | |
Commercial Mortgage-Backed Securities | | | | | — | | | | | | 7,293,204 | | | | | | — | | | | | | 7,293,204 | | |
Corporate Bonds & Notes* | | | | | — | | | | | | 22,296,633 | | | | | | — | | | | | | 22,296,633 | | |
Foreign Government Obligations | | | | | — | | | | | | 762,366 | | | | | | — | | | | | | 762,366 | | |
Long-Term Municipal Securities* | | | | | — | | | | | | 1,532,947 | | | | | | — | | | | | | 1,532,947 | | |
U.S. Government Agency Obligations | | | | | — | | | | | | 10,416,971 | | | | | | — | | | | | | 10,416,971 | | |
U.S. Treasury Obligations | | | | | — | | | | | | 10,886,085 | | | | | | — | | | | | | 10,886,085 | | |
Short-Term Investments | | | | | 44,220,196 | | | | | | — | | | | | | — | | | | | | 44,220,196 | | |
Total Investments in Securities | | | | $ | 430,193,066 | | | | | $ | 57,281,921 | | | | | $ | — | | | | | $ | 487,474,987 | | |
Portfolio Highlights at December 31, 2019 (unaudited)
Issue | | | Shares | | | Value | | | Percentage of Net Assets | | |||||||||
Amazon.com, Inc. | | | | | 10,600 | | | | | $ | 19,587,104 | | | | | | 6.7% | | |
Amarin Corp. PLC ADR | | | | | 875,000 | | | | | | 18,760,000 | | | | | | 6.4% | | |
Facebook, Inc. | | | | | 60,000 | | | | | | 12,315,000 | | | | | | 4.2% | | |
Visa, Inc. | | | | | 57,000 | | | | | | 10,710,300 | | | | | | 3.7% | | |
Activision Blizzard, Inc. | | | | | 175,000 | | | | | | 10,398,500 | | | | | | 3.5% | | |
Splunk, Inc. | | | | | 68,000 | | | | | | 10,184,360 | | | | | | 3.5% | | |
ServiceNow, Inc. | | | | | 36,000 | | | | | | 10,163,520 | | | | | | 3.5% | | |
PayPal Holdings, Inc. | | | | | 93,000 | | | | | | 10,059,810 | | | | | | 3.4% | | |
Alibaba Group Holding, Ltd. ADR | | | | | 47,000 | | | | | | 9,968,700 | | | | | | 3.4% | | |
Netflix, Inc. | | | | | 30,000 | | | | | | 9,707,100 | | | | | | 3.3% | | |
|
Portfolio Highlights at December 31, 2019 (unaudited)(continued)
| | | Average Annual Total Return | | | Growth of an Assumed Investment of $10,000 | | ||||||
Investor Class | | | | | | | | | | | | | |
1 year ended 12/31/19 | | | | | 25.67% | | | | | $ | 12,567 | | |
5 years ended 12/31/19 | | | | | 13.41% | | | | | $ | 18,761 | | |
10 years ended 12/31/19 | | | | | 13.61% | | | | | $ | 35,814 | | |
Institutional Class | | | | | | | | | | | | | |
1 year ended 12/31/19 | | | | | 25.92% | | | | | $ | 12,592 | | |
Schedule of Investments
| Shares | | | | | | Value | | ||||||
| COMMON STOCKS (98.9%) | | ||||||||||||
| COMMUNICATION SERVICES (16.9%) | | ||||||||||||
| | | | | | | ENTERTAINMENT (0.7%) | | ||||||
| | | 200,000 | | | | Lions Gate Entertainment Corp. Class A* | | | | $ | 2,132,000 | | |
| | | | | | | INTERNET (12.6%) | | ||||||
| | | 7,200 | | | | Alphabet, Inc. Class A* | | | | | 9,643,608 | | |
| | | 60,000 | | | | Facebook, Inc. Class A* | | | | | 12,315,000 | | |
| | | 30,000 | | | | Netflix, Inc.* | | | | | 9,707,100 | | |
| | | 110,000 | | | | Tencent Holdings, Ltd. ADR(1) | | | | | 5,281,100 | | |
| | | | | | | | | | | | 36,946,808 | | |
| | | | | | | SOFTWARE (3.6%) | | ||||||
| | | 175,000 | | | | Activision Blizzard, Inc. | | | | | 10,398,500 | | |
| | | | | | | | | | | | 49,477,308 | | |
| CONSUMER DISCRETIONARY (16.9%) | | ||||||||||||
| | | | | | | ENTERTAINMENT (1.4%) | | ||||||
| | | 17,000 | | | | Vail Resorts, Inc. | | | | | 4,077,110 | | |
| | | | | | | FOOD SERVICE (1.5%) | | ||||||
| | | 92,000 | | | | GrubHub, Inc.*(1) | | | | | 4,474,880 | | |
| | | | | | | INTERNET (11.6%) | | ||||||
| | | 47,000 | | | | Alibaba Group Holding, Ltd. ADR* | | | | | 9,968,700 | �� | |
| | | 10,600 | | | | Amazon.com, Inc.* | | | | | 19,587,104 | | |
| | | 2,200 | | | | Booking Holdings, Inc.* | | | | | 4,518,206 | | |
| | | | | | | | | | | | 34,074,010 | | |
| | | | | | | RETAIL (2.4%) | | ||||||
| | | 70,000 | | | | TJX Companies, Inc. (The) | | | | | 4,274,200 | | |
| | | 11,000 | | | | Ulta Salon, Cosmetics & Fragrance, Inc.* | | | | | 2,784,540 | | |
| | | | | | | | | | | | 7,058,740 | | |
| | | | | | | | | | | | 49,684,740 | | |
| CONSUMER STAPLES (2.8%) | | ||||||||||||
| | | | | | | BEVERAGES (1.3%) | | ||||||
| | | 21,000 | | | | Constellation Brands, Inc. Class A | | | | | 3,984,750 | | |
| | | | | | | COSMETICS & PERSONAL CARE (1.5%) | | ||||||
| | | 21,000 | | | | Estee Lauder Companies, Inc. (The) Class A | | | | | 4,337,340 | | |
| | | | | | | | | | | | 8,322,090 | | |
| ENERGY (2.3%) | | ||||||||||||
| | | | | | | OIL & GAS (2.3%) | | ||||||
| | | 42,000 | | | | Diamondback Energy, Inc. | | | | | 3,900,120 | | |
| Shares | | | | | | Value | | | ||||||||
| ENERGY (2.3%) (continued) | | | ||||||||||||||
| | | | | | | OIL & GAS (2.3%) (continued) | | | ||||||||
| | | 18,000 | | | | Pioneer Natural Resources Co. | | | | $ | 2,724,660 | | | | ||
| | | | | | | | | | | | 6,624,780 | | | | ||
| | | | | | | | | | | | 6,624,780 | | | | ||
| FINANCIALS (1.3%) | | | ||||||||||||||
| | | | | | | DIVERSIFIED FINANCIAL SERVICES (1.3%) | | | ||||||||
| | | 70,000 | | | | Blackstone Group, Inc. (The) Class A | | | | | 3,915,800 | | | | ||
| HEALTHCARE (29.6%) | | | ||||||||||||||
| | | | | | | BIOTECHNOLOGY (25.5%) | | | ||||||||
| | | 85,000 | | | | Alexion Pharmaceuticals, Inc.* | | | | | 9,192,750 | | | | ||
| | | 875,000 | | | | Amarin Corp. PLC ADR*(1) | | | | | 18,760,000 | | | | ||
| | | 11,000 | | | | Biogen, Inc.* | | | | | 3,264,030 | | | | ||
| | | 100,000 | | | | Biohaven Pharmaceutical Holding Co., Ltd.* | | | | | 5,444,000 | | | | ||
| | | 87,000 | | | | BioMarin Pharmaceutical, Inc.* | | | | | 7,355,850 | | | | ||
| | | 71,501 | | | | Exact Sciences Corp.*(1) | | | | | 6,612,412 | | | | ||
| | | 480,000 | | | | Exelixis, Inc.* | | | | | 8,457,600 | | | | ||
| | | 75,000 | | | | Intercept Pharmaceuticals, Inc.*(1) | | | | | 9,294,000 | | | | ||
| | | 29,000 | | | | Vertex Pharmaceuticals, Inc.* | | | | | 6,349,550 | | | | ||
| | | | | | | | | | | | 74,730,192 | | | | | |
| | | | | | | HEALTHCARE PRODUCTS (1.8%) | | | ||||||||
| | | 22,000 | | | | Edwards Lifesciences Corp.* | | | | | 5,132,380 | | | | ||
| | | | | | | PHARMACEUTICALS (2.3%) | | | ||||||||
| | | 31,000 | | | | DexCom, Inc.* | | | | | 6,780,940 | | | | ||
| | | | | | | | | | | | 86,643,512 | | | | ||
| INDUSTRIALS (1.5%) | | | ||||||||||||||
| | | | | | | INTERNET (1.5%) | | | ||||||||
| | | 100,000 | | | | Lyft, Inc. Class A*(1) | | | | | 4,302,000 | | | | ||
| INFORMATION TECHNOLOGY (27.6%) | | | ||||||||||||||
| | | | | | | COMMERCIAL SERVICES (3.4%) | | | ||||||||
| | | 93,000 | | | | PayPal Holdings, Inc.* | | | | | 10,059,810 | | | | ||
| | | | | | | COMPUTERS (1.4%) | | | ||||||||
| | | 82,000 | | | | Crowdstrike Holdings, Inc. Class A*(1) | | | | | 4,089,340 | | | | ||
| | | | | | | DIVERSIFIED FINANCIAL SERVICES (3.7%) | | | ||||||||
| | | 57,000 | | | | Visa, Inc. Class A | | | | | 10,710,300 | | | |
| Shares | | | | | | Value | | ||||||
| INFORMATION TECHNOLOGY (27.6%) (continued) | | ||||||||||||
| | | | | | | INTERNET (2.9%) | | ||||||
| | | 110,000 | | | | Zendesk, Inc.* | | | | $ | 8,429,300 | | |
| | | | | | | SEMICONDUCTORS (2.6%) | | ||||||
| | | 33,000 | | | | NVIDIA Corp. | | | | | 7,764,900 | | |
| | | | | | | SOFTWARE (13.6%) | | ||||||
| | | 19,000 | | | | Adobe, Inc.* | | | | | 6,266,390 | | |
| | | 38,000 | | | | Salesforce.com, Inc.* | | | | | 6,180,320 | | |
| | | 36,000 | | | | ServiceNow, Inc.* | | | | | 10,163,520 | | |
| | | 180,000 | | | | Slack Technologies, Inc. Class A*(1) | | | | | 4,046,400 | | |
| | | 68,000 | | | | Splunk, Inc.* | | | | | 10,184,360 | | |
| | | 31,000 | | | | Twilio, Inc. Class A*(1) | | | | | 3,046,680 | | |
| | | | | | | | | | | | 39,887,670 | | |
| | | | | | | | | | | | 80,941,320 | | |
| TOTAL COMMON STOCKS (Cost $197,222,522) (98.9%) | | | | | 289,911,550 | | | ||||||
| SHORT-TERM INVESTMENTS (8.0%) | | ||||||||||||
| | | | | | | MONEY MARKET FUNDS (8.0%) | | ||||||
| | | 3,450,409 | | | | State Street Institutional Liquid Reserves Fund, Premier Class, 1.734%(2) | | | | | 3,450,754 | | |
| | | 20,078,390 | | | | State Street Navigator Securities Lending Government Money Market Portfolio(3) | | | | | 20,078,390 | | |
| TOTAL SHORT-TERM INVESTMENTS (Cost $23,529,144) (8.0%) | | | | | 23,529,144 | | | ||||||
| TOTAL INVESTMENT SECURITIES (106.9%) (Cost $220,751,666) | | | | $ | 313,440,694 | | | ||||||
| EXCESS OF LIABILITIES OVER CASH AND OTHER ASSETS (-6.9%) | | | | | (20,329,401) | | | ||||||
| NET ASSETS (100%) | | | | $ | 293,111,293 | | |
Investments in Securities: | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stocks* | | | | $ | 289,911,550 | | | | | $ | — | | | | | $ | — | | | | | $ | 289,911,550 | | |
Short-Term Investments | | | | | 23,529,144 | | | | | | — | | | | | | — | | | | | | 23,529,144 | | |
Total Investments in Securities | | | | $ | 313,440,694 | | | | | $ | — | | | | | $ | — | | | | | $ | 313,440,694 | | |
at December 31, 2019
| | | Value Line Premier Growth Fund, Inc. | | | Value Line Mid Cap Focused Fund, Inc. | | | Value Line Capital Appreciation Fund, Inc. | | | Value Line Larger Companies Focused Fund, Inc. | | ||||||||||||
Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments in securities, at value* | | | | $ | 484,319,140 | | | | | $ | 418,554,615 | | | | | $ | 487,474,987 | | | | | $ | 313,440,694 | | |
Cash | | | | | 3,382,202 | | | | | | — | | | | | | — | | | | | | — | | |
Receivable for securities sold | | | | | 1,610,225 | | | | | | — | | | | | | — | | | | | | — | | |
Receivable for securities sold to affiliate | | | | | — | | | | | | 8,260,350 | | | | | | — | | | | | | — | | |
Dividends and interest receivable | | | | | 1,005,332 | | | | | | 1,143,993 | | | | | | 527,835 | | | | | | 40,076 | | |
Receivable for capital shares sold | | | | | 64,507 | | | | | | 1,900,004 | | | | | | 267,823 | | | | | | 180 | | |
Prepaid expenses | | | | | 50,897 | | | | | | 74,322 | | | | | | 52,370 | | | | | | 36,570 | | |
Receivable for securities lending income | | | | | 1,539 | | | | | | 1,412 | | | | | | 26,951 | | | | | | 24,939 | | |
Other receivables | | | | | 1,916 | | | | | | — | | | | | | 2,719 | | | | | | 13,688 | | |
Total Assets | | | | | 490,435,758 | | | | | | 429,934,696 | | | | | | 488,352,685 | | | | | | 313,556,147 | | |
Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Due to custodian | | | | | — | | | | | | 8,260,350 | | | | | | — | | | | | | — | | |
Payable upon return of securities on loan (See Note 1J) | | | | | — | | | | | | 3,729,381 | | | | | | 28,016,293 | | | | | | 20,078,390 | | |
Payable for capital shares redeemed | | | | | 138,886 | | | | | | 2,680,894 | | | | | | 359,240 | | | | | | 22,156 | | |
Payable for securities purchased from affiliate | | | | | 3,362,625 | | | | | | — | | | | | | — | | | | | | — | | |
Accrued expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Advisory fee | | | | | 305,524 | | | | | | 249,244 | | | | | | 250,774 | | | | | | 189,406 | | |
Service and distribution plan fees | | | | | 103,891 | | | | | | 88,269 | | | | | | 90,123 | | | | | | 61,090 | | |
Auditing and legal fees payable | | | | | 34,680 | | | | | | 31,491 | | | | | | 31,706 | | | | | | 19,604 | | |
Sub-transfer agent fees | | | | | 8,344 | | | | | | 13,843 | | | | | | 9,961 | | | | | | 1,554 | | |
Directors’ fees and expenses | | | | | 992 | | | | | | 202 | | | | | | 2,653 | | | | | | 1,400 | | |
Other | | | | | 89,037 | | | | | | 81,304 | | | | | | 115,272 | | | | | | 71,254 | | |
Total Liabilities | | | | | 4,043,979 | | | | | | 15,134,978 | | | | | | 28,876,022 | | | | | | 20,444,854 | | |
Net Assets | | | | $ | 486,391,779 | | | | | $ | 414,799,718 | | | | | $ | 459,476,663 | | | | | $ | 293,111,293 | | |
Net assets consist of: | | | | | | | | | | | | | | | | | | | | | | | | | |
Capital stock, at $1.00 par value (authorized 100,000,000, 50,000,000, 75,000,000 and 50,000,000 shares, respectively) | | | | $ | 12,494,805 | | | | | $ | 16,268,498 | | | | | $ | 44,840,135 | | | | | $ | 10,151,802 | | |
Additional paid-in capital | | | | | 197,161,421 | | | | | | 263,892,612 | | | | | | 319,178,151 | | | | | | 186,807,724 | | |
Total Distributable Earnings (Loss) | | | | | 276,735,553 | | | | | | 134,638,608 | | | | | | 95,458,377 | | | | | | 96,151,767 | | |
Net Assets | | | | $ | 486,391,779 | | | | | $ | 414,799,718 | | | | | $ | 459,476,663 | | | | | $ | 293,111,293 | | |
Net Asset Value Per Share | | | | | | | | | | | | | | | | | | | | | | | | | |
Investor Class | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Assets | | | | $ | 486,391,779 | | | | | $ | 373,340,531 | | | | | $ | 427,618,723 | | | | | $ | 291,057,056 | | |
Shares Outstanding | | | | | 12,494,805 | | | | | | 14,648,287 | | | | | | 41,722,928 | | | | | | 10,081,032 | | |
Net Asset Value, Offering and Redemption Price per Outstanding Share | | | | $ | 38.93 | | | | | $ | 25.49 | | | | | $ | 10.25 | | | | | $ | 28.87 | | |
Institutional Class | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Assets | | | | $ | — | | | | | $ | 41,459,187 | | | | | $ | 31,857,940 | | | | | $ | 2,054,237 | | |
Shares Outstanding | | | | | — | | | | | | 1,620,211 | | | | | | 3,117,207 | | | | | | 70,770 | | |
Net Asset Value, Offering and Redemption Price per Outstanding Share | | | | $ | — | | | | | $ | 25.59 | | | | | $ | 10.22 | | | | | $ | 29.03 | | |
* Includes securities on loan of | | | | $ | 16,231,306 | | | | | $ | 8,165,362 | | | | | $ | 64,894,007 | | | | | $ | 52,948,158 | | |
Cost of investments | | | | $ | 216,560,355 | | | | | $ | 305,567,844 | | | | | $ | 393,963,090 | | | | | $ | 220,751,666 | | |
| | | Value Line Premier Growth Fund, Inc. | | | Value Line Mid Cap Focused Fund, Inc. | | | Value Line Capital Appreciation Fund, Inc. | | | Value Line Larger Companies Focused Fund, Inc. | | ||||||||||||
Investment Income: | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends (net of foreign withholding tax of $46,700, $20,670, $8,813 and $3,300) | | | | $ | 4,502,561 | | | | | $ | 4,549,346 | | | | | $ | 2,798,844 | | | | | $ | 898,863 | | |
Interest | | | | | — | | | | | | — | | | | | | 1,716,661 | | | | | | — | | |
Securities lending income | | | | | 27,000 | | | | | | 25,009 | | | | | | 228,516 | | | | | | 202,738 | | |
Total Income | | | | | 4,529,561 | | | | | | 4,574,355 | | | | | | 4,744,021 | | | | | | 1,101,601 | | |
Expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Advisory fees | | | | | 3,187,790 | | | | | | 2,115,261 | | | | | | 3,034,962 | | | | | | 2,127,293 | | |
Service and distribution plan fees | | | | | 1,085,238 | | | | | | 778,365 | | | | | | 1,097,299 | | | | | | 729,144 | | |
Sub-transfer agent fees | | | | | 86,850 | | | | | | 86,789 | | | | | | 131,770 | | | | | | 22,836 | | |
Auditing and legal fees | | | | | 172,052 | | | | | | 150,047 | | | | | | 174,134 | | | | | | 107,845 | | |
Transfer agent fees | | | | | 163,075 | | | | | | 149,894 | | | | | | 176,464 | | | | | | 135,893 | | |
Custody and accounting fees | | | | | 89,162 | | | | | | 96,413 | | | | | | 132,700 | | | | | | 76,168 | | |
Directors’ fees and expenses | | | | | 65,743 | | | | | | 47,102 | | | | | | 73,518 | | | | | | 45,340 | | |
Printing and postage fees | | | | | 48,471 | | | | | | 42,475 | | | | | | 77,021 | | | | | | 32,879 | | |
Registration and filing fees | | | | | 41,634 | | | | | | 60,937 | | | | | | 64,148 | | | | | | 45,183 | | |
Compliance and tax service fees | | | | | 35,480 | | | | | | 25,634 | | | | | | 38,960 | | | | | | 24,291 | | |
Fund administration fees | | | | | 35,425 | | | | | | 42,925 | | | | | | 42,925 | | | | | | 42,925 | | |
Insurance fees | | | | | 20,932 | | | | | | 12,313 | | | | | | 26,411 | | | | | | 16,830 | | |
Other | | | | | 21,044 | | | | | | 21,523 | | | | | | 19,906 | | | | | | 21,254 | | |
Total Expenses Before Fees Waived/ Recouped (See Note 5) | | | | | 5,052,896 | | | | | | 3,629,678 | | | | | | 5,090,218 | | | | | | 3,427,881 | | |
Less: Advisory Fees Waived | | | | | — | | | | | | (31,393) | | | | | | (38,313) | | | | | | (70,555) | | |
Less: Sub-Transfer Agent Fees Waived | | | | | — | | | | | | (289) | | | | | | (2,602) | | | | | | (140) | | |
Add: Recoupment of previously reimbursed expenses | | | | | — | | | | | | — | | | | | | — | | | | | | 15,220 | | |
Net Expenses | | | | | 5,052,896 | | | | | | 3,597,996 | | | | | | 5,049,303 | | | | | | 3,372,406 | | |
Net Investment Income/(Loss) | | | | | (523,335) | | | | | | 976,359 | | | | | | (305,282) | | | | | | (2,270,805) | | |
Net Realized and Unrealized Gain on Investments and Foreign Exchange Transactions: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Realized Gain/(Loss) From: | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments | | | | | 32,267,044 | | | | | | 27,567,916 | | | | | | 31,588,227 | | | | | | 25,452,805 | | |
Foreign currency translations | | | | | 443 | | | | | | (124) | | | | | | — | | | | | | — | | |
| | | | | 32,267,487 | | | | | | 27,567,792 | | | | | | 31,588,227 | | | | | | 25,452,805 | | |
Change in Net Unrealized Appreciation/(Depreciation) of: | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments | | | | | 91,350,480 | | | | | | 54,245,263 | | | | | | 70,888,949 | | | | | | 40,417,178 | | |
Net Realized Gain and Change in Net Unrealized Appreciation/(Depreciation) on Investments and Foreign Exchange Transactions | | | | | 123,617,967 | | | | | | 81,813,055 | | | | | | 102,477,176 | | | | | | 65,869,983 | | |
Net Increase in Net Assets from Operations | | | | $ | 123,094,632 | | | | | $ | 82,789,414 | | | | | $ | 102,171,894 | | | | | $ | 63,599,178 | | |
| | | Value Line Premier Growth Fund, Inc. | | | Value Line Mid Cap Focused Fund, Inc. | | ||||||||||||||||||
| | | Year Ended December 31, 2019 | | | Year Ended December 31, 2018 | | | Year Ended December 31, 2019 | | | Year Ended December 31, 2018 | | ||||||||||||
Operations: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss) | | | | $ | (523,335) | | | | | $ | (1,461,669) | | | | | $ | 976,359 | | | | | $ | (716,241) | | |
Net realized gain on investments and foreign currency | | | | | 32,267,487 | | | | | | 22,154,522 | | | | | | 27,567,792 | | | | | | 3,311,940 | | |
Change in net unrealized appreciation/(depreciation) on investments and foreign currency translations | | | | | 91,350,480 | | | | | | (14,985,605) | | | | | | 54,245,263 | | | | | | 1,734,904 | | |
Net increase in net assets from operations | | | | | 123,094,632 | | | | | | 5,707,248 | | | | | | 82,789,414 | | | | | | 4,330,603 | | |
Distributions to Shareholders from: | | | | | | | | | | | | | | | | | | | | | | | | | |
Investor Class | | | | | (31,772,080) | | | | | | (29,555,193) | | | | | | (6,035,227) | | | | | | (9,010,918) | | |
Institutional Class | | | | | — | | | | | | — | | | | | | (638,193) | | | | | | (82,835) | | |
| | | | | (31,772,080) | | | | | | (29,555,193) | | | | | | (6,673,420) | | | | | | (9,093,753) | | |
Share Transactions: | | | | | | | | | | | | | | | | | | | | | | | | | |
Proceeds from sale of shares | | | | | | | | | | | | | | | | | | | | | | | | | |
Investor Class | | | | | 124,523,053 | | | | | | 13,313,615 | | | | | | 265,222,994 | | | | | | 53,308,459 | | |
Institutional Class | | | | | — | | | | | | — | | | | | | 40,884,589 | | | | | | 665,770 | | |
Proceeds from reinvestment of distributions to shareholders | | | | | | | | | | | | | | | | | | | | | | | | | |
Investor Class | | | | | 30,419,114 | | | | | | 28,206,130 | | | | | | 5,851,898 | | | | | | 8,658,397 | | |
Institutional Class | | | | | — | | | | | | — | | | | | | 610,328 | | | | | | 82,361 | | |
Cost of shares redeemed | | | | | | | | | | | | | | | | | | | | | | | | | |
Investor Class | | | | | (75,800,915) | | | | | | (43,800,148) | | | | | | (155,428,220) | | | | | | (20,414,978) | | |
Institutional Class | | | | | — | | | | | | — | | | | | | (4,737,971) | | | | | | (21,134) | | |
Net increase/(decrease) in net assets from capital share transactions | | | | | 79,141,252 | | | | | | (2,280,403) | | | | | | 152,403,618 | | | | | | 42,278,875 | | |
Total increase/(decrease) in net assets | | | | | 170,463,804 | | | | | | (26,128,348) | | | | | | 228,519,612 | | | | | | 37,515,725 | | |
Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Beginning of year | | | | | 315,927,975 | | | | | | 342,056,323 | | | | | | 186,280,106 | | | | | | 148,764,381 | | |
End of year | | | | $ | 486,391,779 | | | | | $ | 315,927,975 | | | | | $ | 414,799,718 | | | | | $ | 186,280,106 | | |
Capital Share Transactions: | | | | | | | | | | | | | | | | | | | | | | | | | |
Shares sold | | | | | | | | | | | | | | | | | | | | | | | | | |
Investor Class | | | | | 3,321,696 | | | | | | 380,092 | | | | | | 11,041,548 | | | | | | 2,511,769 | | |
Institutional Class | | | | | — | | | | | | — | | | | | | 1,698,781 | | | | | | 31,778 | | |
Shares issued to shareholders in reinvestment of distributions | | | | | | | | | | | | | | | | | | | | | | | | | |
Investor Class | | | | | 792,784 | | | | | | 929,996 | | | | | | 231,483 | | | | | | 456,185 | | |
Institutional Class | | | | | — | | | | | | — | | | | | | 24,048 | | | | | | 4,326 | | |
Shares redeemed | | | | | | | | | | | | | | | | | | | | | | | | | |
Investor Class | | | | | (1,988,809) | | | | | | (1,271,839) | | | | | | (6,281,554) | | | | | | (1,007,703) | | |
Institutional Class | | | | | — | | | | | | — | | | | | | (194,650) | | | | | | (1,097) | | |
Net increase | | | | | 2,125,671 | | | | | | 38,249 | | | | | | 6,519,656 | | | | | | 1,995,258 | | |
| | | Value Line Capital Appreciation Fund, Inc. | | | Value Line Larger Companies Focused Fund, Inc. | | ||||||||||||||||||
| | | Year Ended December 31, 2019 | | | Year Ended December 31, 2018 | | | Year Ended December 31, 2019 | | | Year Ended December 31, 2018 | | ||||||||||||
Operations: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment loss | | | | $ | (305,282) | | | | | $ | (43,868) | | | | | $ | (2,270,805) | | | | | $ | (2,225,651) | | |
Net realized gain on investments | | | | | 31,588,227 | | | | | | 37,629,756 | | | | | | 25,452,805 | | | | | | 34,227,507 | | |
Change in net unrealized appreciation/(depreciation) on investments | | | | | 70,888,949 | | | | | | (53,281,403) | | | | | | 40,417,178 | | | | | | (27,072,423) | | |
Net increase/(decrease) in net assets from operations | | | | | 102,171,894 | | | | | | (15,695,515) | | | | | | 63,599,178 | | | | | | 4,929,433 | | |
Distributions to Shareholders from: | | | | | | | | | | | | | | | | | | | | | | | | | |
Investor Class | | | | | (38,751,543) | | | | | | (29,292,010) | | | | | | (26,578,443) | | | | | | (32,360,640) | | |
Institutional Class | | | | | (2,875,649) | | | | | | (1,883,013) | | | | | | (202,611) | | | | | | (159,446) | | |
| | | | | (41,627,192) | | | | | | (31,175,023) | | | | | | (26,781,054) | | | | | | (32,520,086) | | |
Share Transactions: | | | | | | | | | | | | | | | | | | | | | | | | | |
Proceeds from sale of shares | | | | | | | | | | | | | | | | | | | | | | | | | |
Investor Class | | | | | 90,601,171 | | | | | | 114,081,473 | | | | | | 17,596,000 | | | | | | 11,260,595 | | |
Institutional Class | | | | | 26,047,723 | | | | | | 41,939,651 | | | | | | 2,688,839 | | | | | | 756,533 | | |
Proceeds from reinvestment of distributions to shareholders | | | | | | | | | | | | | | | | | | | | | | | | | |
Investor Class | | | | | 36,554,780 | | | | | | 27,627,143 | | | | | | 25,790,298 | | | | | | 31,330,662 | | |
Institutional Class | | | | | 2,717,212 | | | | | | 1,802,885 | | | | | | 190,454 | | | | | | 143,466 | | |
Cost of shares redeemed | | | | | | | | | | | | | | | | | | | | | | | | | |
Investor Class | | | | | (131,648,234) | | | | | | (116,341,590) | | | | | | (42,153,413) | | | | | | (34,133,732) | | |
Institutional Class | | | | | (24,966,918) | | | | | | (22,232,223) | | | | | | (2,256,002) | | | | | | (1,201,920) | | |
Net increase/(decrease) in net assets from capital share transactions | | | | | (694,266) | | | | | | 46,877,339 | | | | | | 1,856,176 | | | | | | 8,155,604 | | |
Total increase/(decrease) in net assets | | | | | 59,850,436 | | | | | | 6,801 | | | | | | 38,674,300 | | | | | | (19,435,049) | | |
Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Beginning of year | | | | | 399,626,227 | | | | | | 399,619,426 | | | | | | 254,436,993 | | | | | | 273,872,042 | | |
End of year | | | | $ | 459,476,663 | | | | | $ | 399,626,227 | | | | | $ | 293,111,293 | | | | | $ | 254,436,993 | | |
Capital Share Transactions: | | | | | | | | | | | | | | | | | | | | | | | | | |
Shares sold | | | | | | | | | | | | | | | | | | | | | | | | | |
Investor Class | | | | | 8,821,178 | | | | | | 10,674,620 | | | | | | 598,585 | | | | | | 346,239 | | |
Institutional Class | | | | | 2,504,955 | | | | | | 3,963,576 | | | | | | 91,386 | | | | | | 23,474 | | |
Shares issued to shareholders in reinvestment of distributions | | | | | | | | | | | | | | | | | | | | | | | | | |
Investor Class | | | | | 3,648,182 | | | | | | 3,087,148 | | | | | | 919,113 | | | | | | 1,239,350 | | |
Institutional Class | | | | | 271,993 | | | | | | 202,394 | | | | | | 6,751 | | | | | | 5,662 | | |
Shares redeemed | | | | | | | | | | | | | | | | | | | | | | | | | |
Investor Class | | | | | (12,713,718) | | | | | | (11,261,176) | | | | | | (1,427,554) | | | | | | (1,096,320) | | |
Institutional Class | | | | | (2,410,596) | | | | | | (2,097,291) | | | | | | (76,080) | | | | | | (39,076) | | |
Net increase | | | | | 121,994 | | | | | | 4,569,271 | | | | | | 112,201 | | | | | | 479,329 | | |
Financial Highlights
| | | Value Line Premier Growth Fund, Inc. Investor Class Years Ended December 31, | | |||||||||||||||||||||||||||
| | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | | |||||||||||||||
Net asset value, beginning of year | | | | $ | 30.47 | | | | | $ | 33.11 | | | | | $ | 28.99 | | | | | $ | 28.93 | | | | | $ | 33.84 | | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss) | | | | | (0.05)(1)(2) | | | | | | (0.14) | | | | | | (0.08) | | | | | | 0.00(3) | | | | | | (0.07) | | |
Net gains/(losses) on securities (both realized and unrealized) | | | | | 11.16 | | | | | | 0.58 | | | | | | 6.56 | | | | | | 2.04 | | | | | | 0.14 | | |
Total from investment operations | | | | | 11.11 | | | | | | 0.44 | | | | | | 6.48 | | | | | | 2.04 | | | | | | 0.07 | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Distributions from net realized gains | | | | | (2.65) | | | | | | (3.08) | | | | | | (2.36) | | | | | | (1.98) | | | | | | (4.98) | | |
Total distributions | | | | | (2.65) | | | | | | (3.08) | | | | | | (2.36) | | | | | | (1.98) | | | | | | (4.98) | | |
Net asset value, end of year | | | | $ | 38.93 | | | | | $ | 30.47 | | | | | $ | 33.11 | | | | | $ | 28.99 | | | | | $ | 28.93 | | |
Total return | | | | | 36.59% | | | | | | 1.39% | | | | | | 22.32% | | | | | | 7.00% | | | | | | 0.25% | | |
Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year (in thousands) | | | | $ | 486,392 | | | | | $ | 315,928 | | | | | $ | 342,056 | | | | | $ | 308,694 | | | | | $ | 330,125 | | |
Ratio of expenses to average net assets | | | | | 1.16% | | | | | | 1.20% | | | | | | 1.20% | | | | | | 1.21% | | | | | | 1.23% | | |
Ratio of net investment loss to average net assets | | | | | (0.12)%(4) | | | | | | (0.42)% | | | | | | (0.26)% | | | | | | (0.20)% | | | | | | (0.26)% | | |
Portfolio turnover rate | | | | | 17% | | | | | | 8% | | | | | | 3% | | | | | | 7% | | | | | | 12% | | |
| | | Value Line Mid Cap Focused Fund, Inc. Investor Class Years Ended December 31, | | |||||||||||||||||||||||||||
| | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | | |||||||||||||||
Net asset value, beginning of year | | | | $ | 19.11 | | | | | $ | 19.19 | | | | | $ | 16.27 | | | | | $ | 14.99 | | | | | $ | 14.56 | | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss) | | | | | 0.06(1)(2) | | | | | | (0.07) | | | | | | 0.00(3) | | | | | | 0.00(3) | | | | | | (0.08) | | |
Net gains/(losses) on securities (both realized and unrealized) | | | | | 6.68 | | | | | | 0.97 | | | | | | 3.23 | | | | | | 1.64 | | | | | | 0.51 | | |
Total from investment operations | | | | | 6.74 | | | | | | 0.90 | | | | | | 3.23 | | | | | | 1.64 | | | | | | 0.43 | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | (0.00)(3) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Distributions from net realized gains | | | | | (0.36) | | | | | | (0.98) | | | | | | (0.31) | | | | | | (0.36) | | | | | | — | | |
Total distributions | | | | | (0.36) | | | | | | (0.98) | | | | | | (0.31) | | | | | | (0.36) | | | | | | — | | |
Net asset value, end of year | | | | $ | 25.49 | | | | | $ | 19.11 | | | | | $ | 19.19 | | | | | $ | 16.27 | | | | | $ | 14.99 | | |
Total return | | | | | 35.30% | | | | | | 4.72% | | | | | | 19.84% | | | | | | 10.94% | | | | | | 2.95% | | |
Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year (in thousands) | | | | $ | 373,341 | | | | | $ | 184,515 | | | | | $ | 147,669 | | | | | $ | 134,030 | | | | | $ | 118,867 | | |
Ratio of expenses to average net assets | | | | | 1.11% | | | | | | 1.18% | | | | | | 1.18% | | | | | | 1.21% | | | | | | 1.24% | | |
Ratio of net investment income/(loss) to average net assets | | | | | 0.27%(4) | | | | | | (0.46)% | | | | | | (0.34)% | | | | | | (0.28)% | | | | | | (0.53)% | | |
Portfolio turnover rate | | | | | 19% | | | | | | 10% | | | | | | 2% | | | | | | 20% | | | | | | 17% | | |
| | | Value Line Mid Cap Focused Fund, Inc. Institutional Class | | | | | | | | |||||||||||||||
| | | Years Ended December 31, | | | Period Ended December 31, | | | | | | | | ||||||||||||
| | | 2019 | | | 2018 | | | 2017(5) | | | | | | | | |||||||||
Net asset value, beginning of year | | | | $ | 19.17 | | | | | $ | 19.20 | | | | | $ | 18.25 | | | | | | | | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss) | | | | | 0.20(1)(2) | | | | | | (0.04) | | | | | | 0.00(3) | | | | | | | | |
Net gains/(losses) on securities (both realized and unrealized) | | | | | 6.64 | | | | | | 0.99 | | | | | | 1.26 | | | | | | | | |
Total from investment operations | | | | | 6.84 | | | | | | 0.95 | | | | | | 1.26 | | | | | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | (0.06) | | | | | | — | | | | | | — | | | | | | | | |
Distributions from net realized gains | | | | | (0.36) | | | | | | (0.98) | | | | | | (0.31) | | | | | | | | |
Total distributions | | | | | (0.42) | | | | | | (0.98) | | | | | | (0.31) | | | | | | | | |
Net asset value, end of year | | | | $ | 25.59 | | | | | $ | 19.17 | | | | | $ | 19.20 | | | | | | | | |
Total return | | | | | 35.68% | | | | | | 4.98% | | | | | | 6.89%(6) | | | | | | | | |
Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year (in thousands) | | | | $ | 41,459 | | | | | $ | 1,765 | | | | | $ | 1,095 | | | | | | | | |
Ratio of gross expenses to average net assets(7) | | | | | 1.04% | | | | | | 3.97% | | | | | | 5.61%(8) | | | | | | | | |
Ratio of net expenses to average net assets(9) | | | | | 0.86% | | | | | | 0.93% | | | | | | 0.93%(8) | | | | | | | | |
Ratio of net investment income/(loss) to average net assets(9) | | | | | 0.81%(4) | | | | | | (0.19)% | | | | | | (0.12)%(8) | | | | | | | | |
Portfolio turnover rate | | | | | 19% | | | | | | 10% | | | | | | 2%(6) | | | | |
Financial Highlights
| | | Value Line Capital Appreciation Fund, Inc. Investor Class Years Ended December 31, | | |||||||||||||||||||||||||||
| | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | | |||||||||||||||
Net asset value, beginning of year | | | | $ | 8.94 | | | | | $ | 9.95 | | | | | $ | 8.48 | | | | | $ | 8.72 | | | | | $ | 9.40 | | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | | | (0.01)(1) | | | | | | 0.00(2) | | | | | | 0.05 | | | | | | 0.02 | | | | | | 0.06 | | |
Net gains/(losses) on securities (both realized and unrealized) | | | | | 2.32(3) | | | | | | (0.27) | | | | | | 1.97 | | | | | | 0.23 | | | | | | (0.14) | | |
Total from investment operations | | | | | 2.31 | | | | | | (0.27) | | | | | | 2.02 | | | | | | 0.25 | | | | | | (0.08) | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | — | | | | | | (0.01) | | | | | | (0.05) | | | | | | (0.02) | | | | | | (0.06) | | |
Distributions from net realized gains | | | | | (1.00) | | | | | | (0.73) | | | | | | (0.50) | | | | | | (0.47) | | | | | | (0.54) | | |
Total distributions | | | | | (1.00) | | | | | | (0.74) | | | | | | (0.55) | | | | | | (0.49) | | | | | | (0.60) | | |
Net asset value, end of year | | | | $ | 10.25 | | | | | $ | 8.94 | | | | | $ | 9.95 | | | | | $ | 8.48 | | | | | $ | 8.72 | | |
Total return | | | | | 26.14% | | | | | | (2.71)% | | | | | | 23.86% | | | | | | 2.80% | | | | | | (0.86)% | | |
Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year (in thousands) | | | | $ | 427,619 | | | | | $ | 375,158 | | | | | $ | 392,869 | | | | | $ | 302,636 | | | | | $ | 350,159 | | |
Ratio of expenses to average net assets | | | | | 1.09% | | | | | | 1.12% | | | | | | 1.11% | | | | | | 1.16% | | | | | | 1.15% | | |
Ratio of net investment income/(loss) to average net assets | | | | | (0.08)% | | | | | | (0.02)% | | | | | | 0.49% | | | | | | 0.22% | | | | | | 0.67% | | |
Portfolio turnover rate | | | | | 34% | | | | | | 86% | | | | | | 88% | | | | | | 53% | | | | | | 45% | | |
| | | Value Line Capital Appreciation Fund, Inc. Institutional Class | | |||||||||||||||||||||||||||
| | | Years Ended December 31, | | | Period Ended December 31, | | ||||||||||||||||||||||||
| | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015(4) | | |||||||||||||||
Net asset value, beginning of year | | ��� | | $ | 8.89 | | | | | $ | 9.90 | | | | | $ | 8.43 | | | | | $ | 8.65 | | | | | $ | 9.50 | | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss) | | | | | 0.02(1) | | | | | | 0.04 | | | | | | 0.07 | | | | | | 0.02 | | | | | | (0.07) | | |
Net gains/(losses) on securities (both realized and unrealized) | | | | | 2.31(3) | | | | | | (0.30) | | | | | | 1.98 | | | | | | 0.25 | | | | | | (0.24) | | |
Total from investment operations | | | | | 2.33 | | | | | | (0.26) | | | | | | 2.05 | | | | | | 0.27 | | | | | | (0.31) | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | — | | | | | | (0.02) | | | | | | (0.08) | | | | | | (0.02) | | | | | | — | | |
Distributions from net realized gains | | | | | (1.00) | | | | | | (0.73) | | | | | | (0.50) | | | | | | (0.47) | | | | | | (0.54) | | |
Total distributions | | | | | (1.00) | | | | | | (0.75) | | | | | | (0.58) | | | | | | (0.49) | | | | | | (0.54) | | |
Net asset value, end of year | | | | $ | 10.22 | | | | | $ | 8.89 | | | | | $ | 9.90 | | | | | $ | 8.43 | | | | | $ | 8.65 | | |
Total return | | | | | 26.51% | | | | | | (2.61)% | | | | | | 24.31% | | | | | | 3.06% | | | | | | (3.29)%(5) | | |
Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year (in thousands) | | | | $ | 31,858 | | | | | $ | 24,469 | | | | | $ | 6,750 | | | | | $ | 1,055 | | | | | $ | 98 | | |
Ratio of gross expenses to average net assets(6) | | | | | 0.97% | | | | | | 1.08% | | | | | | 1.63% | | | | | | 4.82% | | | | | | 6.19%(7) | | |
Ratio of net expenses to average net assets(8) | | | | | 0.84% | | | | | | 0.87% | | | | | | 0.86% | | | | | | 0.90% | | | | | | 6.19%(7) | | |
Ratio of net investment income/(loss) to average net assets(8) | | | | | 0.17% | | | | | | 0.19% | | | | | | 0.58% | | | | | | 0.43% | | | | | | (5.02)%(7) | | |
Portfolio turnover rate | | | | | 34% | | | | | | 86% | | | | | | 88% | | | | | | 53% | | | | | | 45%(5) | | |
| | | Value Line Larger Companies Focused Fund, Inc. Investor Class Years Ended December 31, | | |||||||||||||||||||||||||||
| | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | | |||||||||||||||
Net asset value, beginning of year | | | | $ | 25.34 | | | | | $ | 28.65 | | | | | $ | 23.05 | | | | | $ | 26.25 | | | | | $ | 25.28 | | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | | | (0.23)(1) | | | | | | (0.22) | | | | | | (0.19) | | | | | | 0.00(2) | | | | | | (0.14) | | |
Net gains/(losses) on securities (both realized and unrealized) | | | | | 6.64 | | | | | | 0.58 | | | | | | 8.00 | | | | | | 0.10 | | | | | | 2.63 | | |
Total from investment operations | | | | | 6.41 | | | | | | 0.36 | | | | | | 7.81 | | | | | | 0.10 | | | | | | 2.49 | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Distributions from net realized gains | | | | | (2.88) | | | | | | (3.67) | | | | | | (2.21) | | | | | | (3.30) | | | | | | (1.52) | | |
Total distributions | | | | | (2.88) | | | | | | (3.67) | | | | | | (2.21) | | | | | | (3.30) | | | | | | (1.52) | | |
Net asset value, end of year | | | | $ | 28.87 | | | | | $ | 25.34 | | | | | $ | 28.65 | | | | | $ | 23.05 | | | | | $ | 26.25 | | |
Total return | | | | | 25.67% | | | | | | 1.30% | | | | | | 33.79% | | | | | | 0.24% | | | | | | 9.88% | | |
Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year (in thousands) | | | | $ | 291,057 | | | | | $ | 253,199 | | | | | $ | 272,191 | | | | | $ | 214,675 | | | | | $ | 233,085 | | |
Ratio of gross expenses to average net assets(3) | | | | | 1.16% | | | | | | 1.18% | | | | | | 1.19% | | | | | | 1.23% | | | | | | 1.23% | | |
Ratio of net expenses to average net assets(4) | | | | | 1.15% | | | | | | 1.15% | | | | | | 1.11% | | | | | | 1.13% | | | | | | 1.13% | | |
Ratio of net investment income/(loss) to average net assets(4) | | | | | (0.78)% | | | | | | (0.77)% | | | | | | (0.71)% | | | | | | (0.62)% | | | | | | (0.55)% | | |
Portfolio turnover rate | | | | | 29% | | | | | | 36% | | | | | | 35% | | | | | | 47% | | | | | | 37% | | |
| | | Value Line Larger Companies Focused Fund, Inc. Institutional Class | | |||||||||||||||||||||||||||
| | | Years Ended December 31, | | | Period Ended December 31, | | ||||||||||||||||||||||||
| | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015(5) | | |||||||||||||||
Net asset value, beginning of year | | | | $ | 25.41 | | | | | $ | 28.65 | | | | | $ | 23.02 | | | | | $ | 26.18 | | | | | $ | 27.91 | | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss) | | | | | (0.15)(1) | | | | | | (0.14) | | | | | | (0.19) | | | | | | 0.00(2) | | | | | | (0.09) | | |
Net gains/(losses) on securities (both realized and unrealized) | | | | | 6.65 | | | | | | 0.57 | | | | | | 8.03 | | | | | | 0.14 | | | | | | (0.12) | | |
Total from investment operations | | | | | 6.50 | | | | | | 0.43 | | | | | | 7.84 | | | | | | 0.14 | | | | | | (0.21) | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Distributions from net realized gains | | | | | (2.88) | | | | | | (3.67) | | | | | | (2.21) | | | | | | (3.30) | | | | | | (1.52) | | |
Total distributions | | | | | (2.88) | | | | | | (3.67) | | | | | | (2.21) | | | | | | (3.30) | | | | | | (1.52) | | |
Net asset value, end of year | | | | $ | 29.03 | | | | | $ | 25.41 | | | | | $ | 28.65 | | | | | $ | 23.02 | | | | | $ | 26.18 | | |
Total return | | | | | 25.92% | | | | | | 1.55% | | | | | | 33.96% | | | | | | 0.40% | | | | | | (0.73)%(6) | | |
Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year (in thousands) | | | | $ | 2,054 | | | | | $ | 1,238 | | | | | $ | 1,681 | | | | | $ | 401 | | | | | $ | 101 | | |
Ratio of gross expenses to average net assets(3) | | | | | 2.75% | | | | | | 3.92% | | | | | | 2.73% | | | | | | 17.29% | | | | | | 2.70%(7) | | |
Ratio of net expenses to average net assets(4) | | | | | 0.90% | | | | | | 0.93% | | | | | | 0.94% | | | | | | 0.98% | | | | | | 2.70%(7) | | |
Ratio of net investment loss to average net assets(4) | | | | | (0.50)% | | | | | | (0.58)% | | | | | | (0.67)% | | | | | | (0.49)% | | | | | | (2.16)%(7) | | |
Portfolio turnover rate | | | | | 29% | | | | | | 36% | | | | | | 35% | | | | | | 47% | | | | | | 37%(6) | | |
| | | Investor Class | | | Institutional Class | | | Total | | |||||||||
Value Line Mid Cap Focused Fund, Inc. | | | | | | | | | | | | | | | | | | | |
Transfer agent fees | | | | $ | 127,566 | | | | | $ | 22,328 | | | | | $ | 149,894 | | |
Sub-transfer agent fees | | | | | 86,500 | | | | | | 289 | | | | | | 86,789 | | |
Registration and filing fees | | | | | 38,934 | | | | | | 22,003 | | | | | | 60,937 | | |
Other | | | | | 19,679 | | | | | | 1,844 | | | | | | 21,523 | | |
| | | Investor Class | | | Institutional Class | | | Total | | |||||||||
Value Line Capital Appreciation Fund, Inc. | | | | | | | | | | | | | | | | | | | |
Transfer agent fees | | | | $ | 141,251 | | | | | $ | 35,213 | | | | | $ | 176,464 | | |
Sub-transfer agent fees | | | | | 129,168 | | | | | | 2,602 | | | | | | 131,770 | | |
Registration and filing fees | | | | | 39,081 | | | | | | 25,067 | | | | | | 64,148 | | |
Other | | | | | 17,935 | | | | | | 1,971 | | | | | | 19,906 | | |
| | | Investor Class | | | Institutional Class | | | Total | | |||||||||
Value Line Larger Companies Focused Fund, Inc. | | | | | | | | | | | | | | | | | | | |
Transfer agent fees | | | | $ | 117,234 | | | | | $ | 18,659 | | | | | $ | 135,893 | | |
Sub-transfer agent fees | | | | | 22,696 | | | | | | 140 | | | | | | 22,836 | | |
Registration and filing fees | | | | | 26,013 | | | | | | 19,170 | | | | | | 45,183 | | |
Other | | | | | 20,406 | | | | | | 848 | | | | | | 21,254 | | |
Fund | | | Value of Securities Loaned | | | Value of Collateral* | | | Total Collateral (including Calculated Mark)** | | |||||||||
Value Line Premier Growth Fund, Inc. | | | | $ | 16,231,306 | | | | | $ | 16,552,041 | | | | | $ | 16,588,998 | | |
Value Line Mid Cap Focused Fund, Inc. | | | | | 8,165,362 | | | | | | 8,302,202 | | | | | | 8,354,891 | | |
Value Line Capital Appreciation Fund, Inc. | | | | | 64,894,007 | | | | | | 65,789,374 | | | | | | 66,412,543 | | |
Value Line Larger Companies Focused Fund, Inc. | | | | | 52,948,158 | | | | | | 53,723,246 | | | | | | 54,176,913 | | |
| | | Remaining Contractual Maturity of the Agreements As of December 31, 2019 | | |||||||||||||||||||||||||||
Value Line Mid Cap Focused Fund, Inc. | | | Overnight and Continuous | | | <30 days | | | Between 30 & 90 days | | | >90 days | | | Total | | |||||||||||||||
Securities Lending Transactions | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stocks | | | | $ | 3,729,381 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 3,729,381 | | |
Total Borrowings | | | | $ | 3,729,381 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 3,729,381 | | |
Gross amount of recognized liabilities for securities lending transactions | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 3,729,381 | | |
| | | Remaining Contractual Maturity of the Agreements As of December 31, 2019 | | |||||||||||||||||||||||||||
Value Line Capital Appreciation Fund, Inc. | | | Overnight and Continuous | | | <30 days | | | Between 30 & 90 days | | | >90 days | | | Total | | |||||||||||||||
Securities Lending Transactions | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stocks | | | | $ | 27,157,500 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 27,157,500 | | |
Corporate Bonds & Notes | | | | | 858,793 | | | | | | — | | | | | | — | | | | | | — | | | | | | 858,793 | | |
Total Borrowings | | | | $ | 28,016,293 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 28,016,293 | | |
Gross amount of recognized liabilities for securities lending transactions | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 28,016,293 | | |
| | | Remaining Contractual Maturity of the Agreements As of December 31, 2019 | | |||||||||||||||||||||||||||
Value Line Larger Companies Focused Fund | | | Overnight and Continuous | | | <30 days | | | Between 30 & 90 days | | | >90 days | | | Total | | |||||||||||||||
Securities Lending Transactions | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stocks | | | | $ | 20,078,390 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 20,078,390 | | |
Total Borrowings | | | | $ | 20,078,390 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 20,078,390 | | |
Gross amount of recognized liabilities for securities lending transactions | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 20,078,390 | | |
Fund | | | Purchases of Investment Securities Excluding U.S. Government | | | Sales of Investment Securities Excluding U.S. Government | | | Purchases of U.S. Government Obligations | | | Sales of U.S. Government Obligations | | ||||||||||||
Value Line Premier Growth Fund, Inc. | | | | $ | 111,811,133 | | | | | $ | 69,619,739 | | | | | $ | — | | | | | $ | — | | |
Value Line Mid Cap Focused Fund, Inc. | | | | | 202,856,270 | | | | | | 58,175,342 | | | | | | — | | | | | | — | | |
Value Line Capital Appreciation Fund, Inc. | | | | | 145,986,900 | | | | | | 188,163,525 | | | | | | 7,016,043 | | | | | | 3,613,221 | | |
Value Line Larger Companies Focused Fund, Inc. | | | | | 83,117,885 | | | | | | 108,284,892 | | | | | | — | | | | | | — | | |
Fund | | | Purchases of Investment Securities | | | Sales of Investment Securities | | | Realized Gain (Loss) | | |||||||||
Value Line Premier Growth Fund, Inc. | | | | $ | 26,207,413 | | | | | $ | 18,923,164 | | | | | $ | 8,696,048 | | |
Value Line Mid Cap Focused Fund, Inc. | | | | $ | 25,703,280 | | | | | $ | 8,260,350 | | | | | $ | 3,050,600 | | |
Fund | | | Cost of investments for tax purposes | | | Gross tax unrealized appreciation | | | Gross tax unrealized depreciation | | | Net tax unrealized appreciation (depreciation) on investments | | | Undistributed ordinary income | | | Undistributed long-term gain | | ||||||||||||||||||
Value Line Premier Growth Fund, Inc. | | | | $ | 216,560,368 | | | | | $ | 268,012,819 | | | | | $ | (254,047) | | | | | $ | 267,758,772 | | | | | $ | — | | | | | $ | 8,976,781 | | |
Value Line Mid Cap Focused Fund, Inc. | | | | | 305,581,691 | | | | | | 115,846,555 | | | | | | (2,873,631) | | | | | | 112,972,924 | | | | | | 1,320,659 | | | | | | 20,345,025 | | |
Value Line Capital Appreciation Fund, Inc. | | | | | 395,962,929 | | | | | | 112,330,376 | | | | | | (20,818,318) | | | | | | 91,512,058 | | | | | | — | | | | | | 3,946,319 | | |
Value Line Larger Companies Focused Fund, Inc. | | | | | 222,243,831 | | | | | | 106,738,487 | | | | | | (15,541,624) | | | | | | 91,196,863 | | | | | | — | | | | | | 4,954,904 | | |
Fund | | | Undistributed Net Investment Income/(Loss) | | | Accumulated Net Realized Gains/(Losses) | | | Additional Paid-In Capital | | |||||||||
Value Line Premier Growth Fund, Inc. | | | | $ | 523,335 | | | | | $ | 14,995 | | | | | $ | (538,330) | | |
Value Line Mid Cap Focused Fund, Inc. | | | | | (124) | | | | | | 124 | | | | | | — | | |
Value Line Capital Appreciation Fund, Inc. | | | | | 309,358 | | | | | | 38,256 | | | | | | (347,614) | | |
Value Line Larger Companies Focused Fund, Inc. | | | | | 2,270,805 | | | | | | 80,217 | | | | | | (2,351,022) | | |
| | | Year Ended December 31, 2019 Distributions Paid from | | |||||||||||||||
Fund | | | Ordinary Income | | | Long-Term Capital Gain | | | Total Distributions Paid | | |||||||||
Value Line Premier Growth Fund, Inc. | | | | $ | — | | | | | $ | 31,772,080 | | | | | $ | 31,772,080 | | |
Value Line Mid Cap Focused Fund, Inc. | | | | | 211,908 | | | | | | 6,461,512 | | | | | | 6,673,420 | | |
Value Line Capital Appreciation Fund, Inc. | | | | | 3,734,782 | | | | | | 37,892,410 | | | | | | 41,627,192 | | |
Value Line Larger Companies Focused Fund, Inc. | | | | | 880,795 | | | | | | 25,900,259 | | | | | | 26,781,054 | | |
| | | Year Ended December 31, 2018 Distributions Paid from | | |||||||||||||||
Fund | | | Ordinary Income | | | Long-Term Capital Gain | | | Total Distributions Paid | | |||||||||
Value Line Premier Growth Fund, Inc. | | | | $ | — | | | | | $ | 29,555,193 | | | | | $ | 29,555,193 | | |
Value Line Mid Cap Focused Fund, Inc. | | | | | — | | | | | | 9,093,753 | | | | | | 9,093,753 | | |
Value Line Capital Appreciation Fund, Inc. | | | | | 6,273,856 | | | | | | 24,901,167 | | | | | | 31,175,023 | | |
Value Line Larger Companies Focused Fund, Inc. | | | | | 4,766,766 | | | | | | 27,753,320 | | | | | | 32,520,086 | | |
Fund | | | Advisory Fee | | |||
Value Line Premier Growth Fund, Inc. | | | | $ | 3,187,790 | | |
Value Line Mid Cap Focused Fund, Inc. | | | | | 2,115,261 | | |
Value Line Capital Appreciation Fund, Inc | | | | | 3,034,962 | | |
Value Line Larger Companies Focused Fund, Inc | | | | | 2,127,293 | | |
Fund | | | Distribution & Service Fees | | |||
Value Line Premier Growth Fund, Inc. | | | | $ | 1,085,238 | | |
Value Line Mid Cap Focused Fund, Inc. | | | | | 778,365 | | |
Value Line Capital Appreciation Fund, Inc | | | | | 1,097,299 | | |
Value Line Larger Companies Focused Fund, Inc | | | | | 729,144 | | |
Fund | | | Sub TA Fees | | | Waived Amount | | ||||||
Value Line Premier Growth Fund, Inc. | | | | $ | 86,850 | | | | | $ | — | | |
Value Line Mid Cap Focused Fund, Inc. | | | | | 86,789 | | | | | | 289 | | |
Value Line Capital Appreciation Fund, Inc. | | | | | 131,770 | | | | | | 2,602 | | |
Value Line Larger Companies Focused Fund, Inc. | | | | | 22,836 | | | | | | 140 | | |
Fund | | | Expiration | | | Fees Waived and Reimbursed by the Adviser | | | Fees Waived and Reimbursed by the Distributor | | ||||||
Value Line Mid Cap Focused Fund Inc. | | | Year of 2020 | | | | $ | 16,358 | | | | | $ | — | | |
Value Line Mid Cap Focused Fund Inc. | | | Year of 2021 | | | | | 39,541 | | | | | | — | | |
Value Line Mid Cap Focused Fund Inc. | | | Year of 2022 | | | | | 31,393 | | | | | | — | | |
Value Line Capital Appreciation Fund, Inc. | | | Year of 2020 | | | | | 29,265 | | | | | | — | | |
Value Line Capital Appreciation Fund, Inc. | | | Year of 2021 | | | | | 39,771 | | | | | | — | | |
Value Line Capital Appreciation Fund, Inc. | | | Year of 2022 | | | | | 38,313 | | | | | | — | | |
Value Line Larger Companies Focused Fund, Inc. | | | Year of 2020 | | | | | 74,446 | | | | | | 139,260 | | |
Value Line Larger Companies Focused Fund, Inc. | | | Year of 2021 | | | | | 135,240 | | | | | | — | | |
Value Line Larger Companies Focused Fund, Inc. | | | Year of 2022 | | | | | 70,555 | | | | | | — | | |
New York, New York
February 26, 2020
| | | Beginning Account Value July 1, 2019 | | | Ending Account Value December 31, 2019 | | | Expenses Paid During Period* | | | Annualized Expense Ratio | | ||||||||||||
Actual | | | | | | | | | | | | | | | | | | | | | | | | | |
Value Line Premier Growth Fund, Inc. – Investor Class | | | | $ | 1,000.00 | | | | | $ | 1,063.60 | | | | | $ | 6.03 | | | | | | 1.16% | | |
Value Line Mid Cap Focused Fund, Inc. – Investor Class | | | | | 1,000.00 | | | | | | 1,059.20 | | | | | | 5.76 | | | | | | 1.11 | | |
Value Line Mid Cap Focused Fund, Inc. – Institutional Class | | | | | 1,000.00 | | | | | | 1,060.40 | | | | | | 4.47 | | | | | | 0.86 | | |
Value Line Capital Appreciation Fund, Inc. – Investor Class | | | | | 1,000.00 | | | | | | 1,042.20 | | | | | | 5.56 | | | | | | 1.08 | | |
Value Line Capital Appreciation Fund, Inc. – Institutional Class | | | | | 1,000.00 | | | | | | 1,043.30 | | | | | | 4.27 | | | | | | 0.83 | | |
Value Line Larger Companies Focused Fund, Inc. – Investor Class | | | | | 1,000.00 | | | | | | 1,020.70 | | | | | | 5.86 | | | | | | 1.15 | | |
Value Line Larger Companies Focused Fund, Inc. – Institutional Class | | | | | 1,000.00 | | | | | | 1,021.60 | | | | | | 4.59 | | | | | | 0.90 | | |
Hypothetical (5% return before expenses) | | | | | | | | | | | | | | | | | | | | | | | | | |
Value Line Premier Growth Fund, Inc. — Investor Class | | | | $ | 1,000.00 | | | | | $ | 1,019.36 | | | | | $ | 5.90 | | | | | | 1.16% | | |
Value Line Mid Cap Focused Fund, Inc. – Investor Class | | | | | 1,000.00 | | | | | | 1,019.61 | | | | | | 5.65 | | | | | | 1.11 | | |
Value Line Mid Cap Focused Fund, Inc. – Institutional Class | | | | | 1,000.00 | | | | | | 1,020.87 | | | | | | 4.38 | | | | | | 0.86 | | |
Value Line Capital Appreciation Fund, Inc. – Investor Class | | | | | 1,000.00 | | | | | | 1,019.76 | | | | | | 5.50 | | | | | | 1.08 | | |
Value Line Capital Appreciation Fund, Inc. – Institutional Class | | | | | 1,000.00 | | | | | | 1,021.02 | | | | | | 4.23 | | | | | | 0.83 | | |
Value Line Larger Companies Focused Fund, Inc. – Investor Class | | | | | 1,000.00 | | | | | | 1,019.41 | | | | | | 5.85 | | | | | | 1.15 | | |
Value Line Larger Companies Focused Fund, Inc. – Institutional Class | | | | | 1,000.00 | | | | | | 1,020.67 | | | | | | 4.58 | | | | | | 0.90 | | |
Fund | | | % of Qualifying Dividend Income | | | % of Dividends Eligible for the Corporate Dividends Received Deduction | | | Long-Term Capital Gains | | |||||||||
Value Line Premier Growth Fund, Inc. | | | | | 0.00% | | | | | | 0.00% | | | | | $ | 31,772,080 | | |
Value Line Mid Cap Focused Fund, Inc. | | | | | 100.00% | | | | | | 100.00% | | | | | | 6,461,512 | | |
Value Line Capital Appreciation Fund, Inc. | | | | | 35.85% | | | | | | 35.84% | | | | | | 37,892,410 | | |
Value Line Larger Companies Focused Fund, Inc. | | | | | 15.73% | | | | | | 15.73% | | | | | | 25,900,259 | | |
Name, Address, and Age | | | Position | | | Length of Time Served | | | Principal Occupations During the Past 5 Years | | | Number of Fund Portfolios in Fund Complex Overseen by Director | | | Other Directorships Held by Director During the Past 5 Years | |
Interested Director* | | | | | | | | | | | | | | | | |
Mitchell E. Appel Age: 49 | | | Director | | | Since 2010 | | | President of each of the Value Line Funds since June 2008; Chief Financial Officer of the Distributor since April 2008 and President since February 2009; President of the Adviser since February 2009, Trustee since December 2010 and Treasurer since January 2011. | | | 11 | | | Forethought Variable Insurance Trust | |
Non-Interested Directors | | | | | | | | | | | | | | |||
Joyce E. Heinzerling Age: 63 | | | Director | | | Since 2008 | | | Managing Member, Meridian Fund Advisers LLC (consultants). | | | 11 | | | None | |
James E. Hillman Age: 63 | | | Director (Chair of the Board of the Value Line Funds since April 2016) | | | Since 2015 | | | Chief Financial Officer, Notre Dame School of Manhattan since 2011; Director and Principal Financial Officer, Merrill Lynch Global Wealth Management, 2006 – 2011. | | | 11 | | | Miller/Howard Funds Trust; Miller/Howard High Income Equity Fund | |
Paul Craig Roberts Age: 81 | | | Director | | | Since 2000 | | | Chairman, Institute for Political Economy. | | | 11 | | | None | |
Nancy-Beth Sheerr Age: 71 | | | Director | | | Since 1996 | | | Independent Trustee and Managing Member, NBS Consulting LLC since November 2014; Senior Financial Adviser, Veritable, L.P. (investment advisor) until December 2013. | | | 11 | | | None | |
Name, Address, and Age | | | Position | | | Length of Time Served | | | Principal Occupations During the Past 5 Years | | ||||||
Officers | | | | | | | | | | | | | | | | |
Mitchell E. Appel Age: 49 | | | President | | | Since 2008 | | | President of each of the Value Line Funds since June 2008; Chief Financial Officer of the Distributor since April 2008 and President since February 2009; President of the Adviser since February 2009, Trustee since December 2010 and Treasurer since January 2011. | | ||||||
Michael J. Wagner Age: 69 | | | Chief Compliance Officer | | | Since 2009 | | | Chief Compliance Officer of each of the Value Line Funds since 2009; President of Northern Lights Compliance Services, LLC (formerly Fund Compliance Services, LLC) (2006 – 2019). | | ||||||
Emily D. Washington Age: 41 | | | Treasurer and Chief Financial Officer; Secretary | | | Since 2008 | | | Treasurer and Chief Financial Officer (Principal Financial and Accounting Officer) of each of the Value Line Funds since 2008 and Secretary since 2010; Secretary of the Adviser since 2011. | |
Item 2 | Code of Ethics |
(a) The Registrant has adopted a Code of Ethics that applies to its principal executive officer, and principal financial officer and principal accounting officer.
(f) Pursuant to item 12(a), the Registrant is attaching as an exhibit a copy of its Code of Ethics that applies to its principal executive officer, and principal financial officer and principal accounting officer.
Item 3. | Audit Committee Financial Expert. |
((a)(1) The Registrant has an Audit Committee Financial Expert serving on its Audit Committee.
(2) The Registrant’s Board has designated James Hillman, member of the Registrant’s Audit Committee, as the Registrant’s Audit Committee Financial Expert. Mr. Hillman is an independent director. Mr. Hillman currently serves as the Chief Financial Officer at Notre Dame School of Manhattan since 2011.
A person who is designated as an “audit committee financial expert” shall not make such person an "expert" for any purpose, including without limitation under Section 11 of the Securities Act of 1933 or under applicable fiduciary laws, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities that are greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and Board of Trustees in the absence of such designation or identification.
Item 4 | Principal Accountant Fees and Services |
(a) | Audit Fees 2019 - $73,542 |
Audit Fees 2018 - $27,118
(b) | Audit-Related fees – None. |
(c) | Tax Preparation Fees 2019 - $10,042 |
Tax Preparation Fees 2018 - $5,656
(d) | All Other Fees – None |
(e) | (1) | Audit Committee Pre-Approval Policy. All services to be performed for the Registrant by PricewaterhouseCoopers LLP must be pre-approved by the audit committee. All services performed were pre-approved by the committee. |
(e) | (2) | Not applicable. |
(f) | Not applicable. |
(g) | Aggregate Non-Audit Fees 2019 - None |
Aggregate Non-Audit Fees 2018 - None
(h) | Not applicable. |
Item 5. | Audit Committee of Listed Registrants |
Not Applicable.
Item 6. | Investments |
Not Applicable
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies |
Not Applicable
Item 8. | Portfolio Managers of Closed-End Management Investment Companies |
Not Applicable
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers |
Not Applicable
Item 10 | Submission of Matters to a Vote of Security Holders |
Not Applicable
Item 11 | Controls and Procedures |
(a) | The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in rule 30a-2(c) under the Act (17 CFR 270.30a-2(c)) based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report, are appropriately designed to ensure that material information relating to the registrant is made known to such officers and are operating effectively. |
(b) | The registrant’s principal executive officer and principal financial officer have determined that there have been no significant changes in the registrant’s internal controls or in other factors that could significantly affect these controls subsequent to the date of their evaluation, including corrective actions with regard to significant deficiencies and material weaknesses. |
Item 12 | Exhibits |
(a) | Code of Business Conduct and Ethics for Principal Executive and Senior Financial Officers attached hereto as Exhibit 100.COE |
(b) | (1) Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2) attached hereto as Exhibit 99.CERT. |
(2) Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto as Exhibit 99.906.CERT.
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.
By | /s/ Mitchell E. Appel | |
Mitchell E. Appel, President |
Date: | March 9, 2020 |
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: | /s/ Mitchell E. Appel | |
Mitchell E. Appel, President, Principal Executive Officer |
By: | /s/ Emily D. Washington | |
Emily D. Washington, Treasurer, Principal Financial Officer |
Date: | March 9, 2020 |