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, Suite 1606, 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, 2022
Date of reporting period: December 31, 2022
Item I Reports to Stockholders
a) A copy of the Annual Report to Stockholders for the period ended 12/31/22 is included with this Form.
b) Not Applicable
Annual Report |
December 31, 2022 |
Value Line Small Cap Opportunities Fund, Inc. |
Investor Class (VLEOX) |
Institutional Class (VLEIX) |
Value Line Mid Cap Focused Fund, Inc. |
Investor Class (VLIFX) |
Institutional Class (VLMIX) |
Value Line Select Growth Fund, Inc. |
Investor Class (VALSX) |
Institutional Class (VILSX) |
Value Line Larger Companies Focused Fund, Inc. |
Investor Class (VALLX) |
Institutional Class (VLLIX) |
Value Line Asset Allocation Fund, Inc. |
Investor Class (VLAAX) |
Institutional Class (VLAIX) |
Value Line Capital Appreciation Fund, Inc. |
Investor Class (VALIX) |
Institutional Class (VLIIX) |
Value Line Core Bond Fund |
Investor Class (VAGIX) |
VLFunds.com/edelivery
President of the Value Line Funds
Portfolio Highlights at December 31, 2022 (unaudited)
Ten Largest Holdings* | |||
Issue | Shares | Value | Percentage of Net Assets |
RLI Corp. | 131,900 | $17,314,513 | 4.7% |
Exponent, Inc. | 163,700 | 16,221,033 | 4.4% |
Churchill Downs, Inc. | 65,700 | 13,890,952 | 3.8% |
ExlService Holdings, Inc. | 79,500 | 13,469,685 | 3.7% |
SPS Commerce, Inc. | 104,500 | 13,420,935 | 3.6% |
RBC Bearings, Inc. | 52,500 | 10,990,875 | 3.0% |
J & J Snack Foods Corp. | 69,900 | 10,464,729 | 2.9% |
Chemed Corp. | 19,000 | 9,698,170 | 2.7% |
AAON, Inc. | 123,700 | 9,317,083 | 2.5% |
Woodward, Inc. | 93,000 | 8,984,730 | 2.5% |
Asset Allocation — Percentage of Net Assets |
Sector Weightings — Percentage of Total Investments In Securities* |
* | Excludes short-term investments, if any. |
Portfolio Highlights at December 31, 2022 (unaudited) (continued)
Comparison of a Change in Value of a $10,000 Investment in the Value Line Small Cap Opportunities Fund, Inc. and the Russell 2000® Index**
9 Mos | 1 yr | 5 Yrs | 10 Yrs | ||
Investor Class | |||||
Value Line Small Cap Opportunities Fund, Inc. | (8.73%) | (19.11%) | 7.06% | 10.82% | |
Russell 2000® Index*** | (13.96%) | (20.44%) | 4.13% | 9.01% | |
9 Mos | 1 yr | 5 Yrs | Since Inception 11/2/2015 | ||
Institutional Class | |||||
Value Line Small Cap Opportunities Fund, Inc. | (8.54%) | (18.91%) | 7.33% | 9.09% | |
Russell 2000® Index*** | (13.96%) | (20.44%) | 4.13% | 7.42% |
Shares | Value | |
COMMON STOCKS 98.6% | ||
COMMUNICATION SERVICES 0.8% | ||
INTERNET 0.8% | ||
39,300 | Ziff Davis, Inc.(1) | $ 3,108,630 |
CONSUMER DISCRETIONARY 13.2% | ||
APPAREL 2.1% | ||
71,700 | Crocs, Inc.(1)(2) | 7,774,431 |
AUTO PARTS & EQUIPMENT 0.6% | ||
16,500 | Visteon Corp.(1) | 2,158,695 |
COMMERCIAL SERVICES 0.3% | ||
26,400 | Monro, Inc. | 1,193,280 |
ENGINEERING & CONSTRUCTION 1.0% | ||
24,400 | TopBuild Corp.(1) | 3,818,356 |
ENTERTAINMENT 3.8% | ||
65,700 | Churchill Downs, Inc. | 13,890,952 |
HOME BUILDERS 1.9% | ||
20,800 | Cavco Industries, Inc.(1) | 4,706,000 |
24,000 | LCI Industries | 2,218,800 |
6,924,800 | ||
HOUSEHOLD PRODUCTS 0.7% | ||
23,000 | Helen of Troy Ltd.(1) | 2,550,930 |
LEISURE TIME 0.9% | ||
42,700 | Planet Fitness, Inc. Class A(1) | 3,364,760 |
RETAIL 1.9% | ||
41,600 | Texas Roadhouse, Inc. | 3,783,520 |
21,800 | Wingstop, Inc.(2) | 3,000,116 |
6,783,636 | ||
48,459,840 | ||
CONSUMER STAPLES 3.7% | ||
COMMERCIAL SERVICES 0.2% | ||
6,800 | Medifast, Inc. | 784,380 |
FOOD 3.5% | ||
37,500 | Calavo Growers, Inc. | 1,102,500 |
69,900 | J & J Snack Foods Corp. | 10,464,729 |
5,600 | Lancaster Colony Corp. | 1,104,880 |
12,672,109 | ||
13,456,489 | ||
FINANCIALS 10.6% | ||
BANKS 2.8% | ||
206,496 | First Financial Bankshares, Inc. | 7,103,462 |
38,900 | Walker & Dunlop, Inc. | 3,052,872 |
10,156,334 | ||
DIVERSIFIED FINANCIALS 1.6% | ||
104,422 | Stifel Financial Corp. | 6,095,112 |
INSURANCE 6.2% | ||
22,700 | Primerica, Inc. | 3,219,314 |
131,900 | RLI Corp. | 17,314,513 |
27,300 | Selective Insurance Group, Inc. | 2,419,053 |
22,952,880 | ||
39,204,326 |
Shares | Value | |
COMMON STOCKS 98.6% (continued) | ||
HEALTHCARE 12.3% | ||
COMMERCIAL SERVICES 1.1% | ||
40,651 | AMN Healthcare Services, Inc.(1) | $ 4,179,736 |
HEALTHCARE PRODUCTS 4.1% | ||
22,700 | CONMED Corp. | 2,012,128 |
20,300 | iRhythm Technologies, Inc.(1) | 1,901,501 |
220,462 | Neogen Corp.(1) | 3,357,636 |
56,200 | Omnicell, Inc.(1) | 2,833,604 |
18,100 | Penumbra, Inc.(1) | 4,026,526 |
5,574 | STERIS PLC | 1,029,462 |
15,160,857 | ||
HEALTHCARE SERVICES 7.1% | ||
19,000 | Chemed Corp. | 9,698,170 |
71,300 | Ensign Group, Inc. | 6,745,693 |
15,900 | Medpace Holdings, Inc.(1) | 3,377,319 |
77,800 | US Physical Therapy, Inc. | 6,304,134 |
26,125,316 | ||
45,465,909 | ||
INDUSTRIALS 33.5% | ||
AEROSPACE/DEFENSE 0.6% | ||
50,300 | Mercury Systems, Inc.(1) | 2,250,422 |
BUILDING MATERIALS 5.0% | ||
123,700 | AAON, Inc. | 9,317,083 |
26,500 | Lennox International, Inc. | 6,339,595 |
64,000 | Trex Co., Inc.(1) | 2,709,120 |
18,365,798 | ||
COMMERCIAL SERVICES 4.5% | ||
20,100 | ASGN, Inc.(1) | 1,637,748 |
36,200 | FTI Consulting, Inc.(1) | 5,748,560 |
198,800 | Healthcare Services Group, Inc. | 2,385,600 |
27,900 | Insperity, Inc. | 3,169,440 |
55,400 | TriNet Group, Inc.(1) | 3,756,120 |
16,697,468 | ||
COMPUTERS 0.4% | ||
5,300 | CACI International, Inc. Class A(1) | 1,593,127 |
DISTRIBUTION/WHOLESALE 0.7% | ||
22,500 | SiteOne Landscape Supply, Inc.(1) | 2,639,700 |
ELECTRICAL EQUIPMENT 1.1% | ||
55,100 | EnerSys | 4,068,584 |
ELECTRONICS 2.5% | ||
93,000 | Woodward, Inc. | 8,984,730 |
ENGINEERING & CONSTRUCTION 5.0% | ||
11,100 | Comfort Systems USA, Inc. | 1,277,388 |
11,000 | Dycom Industries, Inc.(1) | 1,029,600 |
163,700 | Exponent, Inc. | 16,221,033 |
18,528,021 | ||
HAND/MACHINE TOOLS 0.5% | ||
24,300 | Franklin Electric Co., Inc. | 1,937,925 |
MACHINERY - DIVERSIFIED 4.7% | ||
23,300 | Applied Industrial Technologies, Inc. | 2,936,499 |
13,500 | Kadant, Inc. | 2,398,005 |
Shares | Value | |
COMMON STOCKS 98.6% (continued) | ||
INDUSTRIALS 33.5% (continued) | ||
MACHINERY - DIVERSIFIED 4.7% (continued) | ||
37,600 | Toro Co. | $ 4,256,320 |
53,147 | Watts Water Technologies, Inc. Class A | 7,771,686 |
17,362,510 | ||
METAL FABRICATE/HARDWARE 3.0% | ||
52,500 | RBC Bearings, Inc.(1) | 10,990,875 |
MISCELLANEOUS MANUFACTURERS 2.3% | ||
19,400 | Carlisle Cos., Inc. | 4,571,610 |
26,400 | EnPro Industries, Inc. | 2,869,416 |
10,500 | John Bean Technologies Corp. | 958,965 |
8,399,991 | ||
RETAIL 0.5% | ||
32,400 | Rush Enterprises, Inc. Class A | 1,693,872 |
TEXTILES 0.9% | ||
16,200 | Unifirst Corp. | 3,126,438 |
TRANSPORTATION 1.5% | ||
33,800 | Landstar System, Inc. | 5,506,020 |
TRUCKING & LEASING 0.3% | ||
11,500 | GATX Corp. | 1,222,910 |
123,368,391 | ||
INFORMATION TECHNOLOGY 18.9% | ||
COMMERCIAL SERVICES 0.5% | ||
36,600 | Alarm.com Holdings, Inc.(1) | 1,810,968 |
COMPUTERS 5.8% | ||
79,500 | ExlService Holdings, Inc.(1) | 13,469,685 |
9,100 | Insight Enterprises, Inc.(1) | 912,457 |
35,900 | MAXIMUS, Inc. | 2,632,547 |
21,700 | Qualys, Inc.(1) | 2,435,391 |
51,400 | Rapid7, Inc.(1) | 1,746,572 |
21,196,652 | ||
ELECTRICAL EQUIPMENT 0.6% | ||
9,200 | Littelfuse, Inc. | 2,025,840 |
ELECTRONICS 0.8% | ||
16,000 | Sanmina Corp.(1) | 916,640 |
21,400 | TD SYNNEX Corp. | 2,026,794 |
2,943,434 | ||
INTERNET 2.2% | ||
183,800 | ePlus, Inc.(1) | 8,138,664 |
MISCELLANEOUS MANUFACTURERS 1.1% | ||
32,500 | Fabrinet(1) | 4,167,150 |
SOFTWARE 7.9% | ||
15,700 | Concentrix Corp. | 2,090,612 |
54,700 | Everbridge, Inc.(1) | 1,618,026 |
83,900 | Five9, Inc.(1) | 5,693,454 |
Shares | Value | |
COMMON STOCKS 98.6% (continued) | ||
INFORMATION TECHNOLOGY 18.9% (continued) | ||
SOFTWARE 7.9% (continued) | ||
104,500 | SPS Commerce, Inc.(1) | $ 13,420,935 |
76,400 | Workiva, Inc.(1) | 6,415,308 |
29,238,335 | ||
69,521,043 | ||
MATERIALS 5.5% | ||
CHEMICALS 2.2% | ||
30,300 | Balchem Corp. | 3,699,933 |
26,700 | Quaker Chemical Corp.(2) | 4,456,230 |
8,156,163 | ||
PACKAGING & CONTAINERS 3.3% | ||
28,200 | AptarGroup, Inc. | 3,101,436 |
172,600 | Silgan Holdings, Inc. | 8,947,584 |
12,049,020 | ||
20,205,183 | ||
UTILITIES 0.1% | ||
WATER 0.1% | ||
5,900 | American States Water Co. | 546,045 |
TOTAL COMMON STOCKS (Cost $211,281,376) | 363,335,856 | |
SHORT-TERM INVESTMENTS 2.1% | ||
MONEY MARKET FUNDS 2.1% | ||
5,122,349 | State Street Institutional U.S. Government Money Market Fund, Premier Class, 4.12%(3) | 5,122,349 |
2,761,361 | State Street Navigator Securities Lending Government Money Market Portfolio(4) | 2,761,361 |
7,883,710 | ||
TOTAL SHORT-TERM INVESTMENTS (Cost $7,883,710) | 7,883,710 | |
TOTAL INVESTMENTS IN SECURITIES 100.7% (Cost $219,165,086) | $371,219,566 | |
EXCESS OF LIABILITIES OVER CASH AND OTHER ASSETS (0.7)% | (2,706,250) | |
NET ASSETS 100.0% | $368,513,316 |
(1) | Non-income producing. |
(2) | A portion or all of the security was held on loan. As of December 31, 2022, the market value of the securities on loan was $4,465,529. |
(3) | Rate reflects 7 day yield as of December 31, 2022. |
(4) | Securities with an aggregate market value of $4,465,529 were out on loan in exchange for collateral including $2,761,361 of cash collateral as of December 31, 2022. The collateral was invested in a cash collateral reinvestment vehicle. |
Investments in Securities: | Level 1 | Level 2 | Level 3 | Total |
Assets | ||||
Common Stocks* | $363,335,856 | $— | $— | $363,335,856 |
Short-Term Investments | 7,883,710 | — | — | 7,883,710 |
Total Investments in Securities | $371,219,566 | $— | $— | $371,219,566 |
* | See Schedule of Investments for further breakdown by category. |
Portfolio Highlights at December 31, 2022 (unaudited)
Ten Largest Holdings* | |||
Issue | Shares | Value | Percentage of Net Assets |
Gartner, Inc. | 84,800 | $28,504,672 | 5.4% |
TransDigm Group, Inc. | 39,800 | 25,060,070 | 4.7% |
Teledyne Technologies, Inc. | 60,400 | 24,154,564 | 4.6% |
Cadence Design Systems, Inc. | 149,600 | 24,031,744 | 4.5% |
Fair Isaac Corp. | 39,900 | 23,883,342 | 4.5% |
W R Berkley Corp. | 321,288 | 23,315,870 | 4.4% |
Pool Corp. | 76,200 | 23,037,546 | 4.4% |
IQVIA Holdings, Inc. | 104,000 | 21,308,560 | 4.0% |
American Financial Group, Inc. | 154,992 | 21,277,302 | 4.0% |
Chemed Corp. | 37,700 | 19,243,211 | 3.7% |
Asset Allocation — Percentage of Net Assets |
Sector Weightings — Percentage of Total Investments In Securities* |
* | Excludes short-term investments, if any. |
Portfolio Highlights at December 31, 2022 (unaudited) (continued)
Comparison of a Change in Value of a $10,000 Investment in the Value Line Mid Cap Focused Fund, Inc. and the S&P 500® Index**
1 Yr | 5 Yrs | 10 Yrs | ||
Investor Class | ||||
Value Line Mid Cap Focused Fund, Inc. | (9.56%) | 13.00% | 13.54% | |
S&P 500® Index*** | (18.11%) | 9.42% | 12.56% | |
1 Yr | 5 Yrs | Since Inception 8/14/2017 | ||
Institutional Class | ||||
Value Line Mid Cap Focused Fund, Inc. | (9.35%) | 13.30% | 13.69% | |
S&P 500® Index*** | (18.11%) | 9.42% | 10.73% |
Shares | Value | |
COMMON STOCKS 96.1% | ||
CONSUMER DISCRETIONARY 7.3% | ||
DISTRIBUTION/WHOLESALE 4.4% | ||
76,200 | Pool Corp. | $ 23,037,546 |
ENTERTAINMENT 2.9% | ||
72,195 | Churchill Downs, Inc. | 15,264,189 |
38,301,735 | ||
CONSUMER STAPLES 1.7% | ||
FOOD 1.7% | ||
59,800 | J & J Snack Foods Corp. | 8,952,658 |
FINANCIALS 9.6% | ||
INSURANCE 8.4% | ||
154,992 | American Financial Group, Inc. | 21,277,302 |
321,288 | W R Berkley Corp. | 23,315,870 |
44,593,172 | ||
SOFTWARE 1.2% | ||
13,000 | MSCI, Inc. | 6,047,210 |
50,640,382 | ||
HEALTHCARE 16.3% | ||
ELECTRONICS 3.5% | ||
12,800 | Mettler-Toledo International, Inc.(1) | 18,501,760 |
HEALTHCARE PRODUCTS 5.1% | ||
17,200 | Cooper Cos., Inc. | 5,687,524 |
32,900 | IDEXX Laboratories, Inc.(1) | 13,421,884 |
42,200 | STERIS PLC | 7,793,918 |
26,903,326 | ||
HEALTHCARE SERVICES 7.7% | ||
37,700 | Chemed Corp. | 19,243,211 |
104,000 | IQVIA Holdings, Inc.(1) | 21,308,560 |
40,551,771 | ||
85,956,857 | ||
INDUSTRIALS 18.4% | ||
AEROSPACE/DEFENSE 6.6% | ||
63,583 | HEICO Corp. | 9,768,892 |
39,800 | TransDigm Group, Inc. | 25,060,070 |
34,828,962 | ||
BUILDING MATERIALS 2.8% | ||
61,800 | Lennox International, Inc. | 14,784,414 |
COMMERCIAL SERVICES 4.5% | ||
34,400 | Cintas Corp. | 15,535,728 |
231,049 | Rollins, Inc. | 8,442,530 |
23,978,258 | ||
ENGINEERING & CONSTRUCTION 2.5% | ||
134,900 | Exponent, Inc. | 13,367,241 |
ENVIRONMENTAL CONTROL 2.0% | ||
77,750 | Waste Connections, Inc. | 10,306,540 |
97,265,415 | ||
INFORMATION TECHNOLOGY 38.5% | ||
COMMERCIAL SERVICES 5.4% | ||
84,800 | Gartner, Inc.(1) | 28,504,672 |
COMPUTERS 5.3% | ||
147,200 | CGI, Inc.(1) | 12,678,336 |
Shares | Value | |
COMMON STOCKS 96.1% (continued) | ||
INFORMATION TECHNOLOGY 38.5% (continued) | ||
COMPUTERS 5.3% (continued) | ||
46,760 | EPAM Systems, Inc.(1) | $ 15,325,122 |
28,003,458 | ||
MISCELLANEOUS MANUFACTURERS 4.6% | ||
60,400 | Teledyne Technologies, Inc.(1) | 24,154,564 |
SOFTWARE 18.7% | ||
45,400 | ANSYS, Inc.(1) | 10,968,186 |
149,600 | Cadence Design Systems, Inc.(1) | 24,031,744 |
39,900 | Fair Isaac Corp.(1) | 23,883,342 |
35,800 | Fiserv, Inc.(1) | 3,618,306 |
66,708 | Jack Henry & Associates, Inc. | 11,711,257 |
19,400 | Roper Technologies, Inc. | 8,382,546 |
51,200 | Tyler Technologies, Inc.(1) | 16,507,392 |
99,102,773 | ||
TELECOMMUNICATIONS 4.5% | ||
62,000 | Motorola Solutions, Inc. | 15,978,020 |
40,600 | Nice Ltd. ADR(1)(2) | 7,807,380 |
23,785,400 | ||
203,550,867 | ||
MATERIALS 2.1% | ||
PACKAGING & CONTAINERS 2.1% | ||
100,700 | AptarGroup, Inc. | 11,074,986 |
REAL ESTATE 2.2% | ||
REITS 2.2% | ||
183,300 | Equity Lifestyle Properties, Inc. REIT | 11,841,180 |
TOTAL COMMON STOCKS (Cost $362,821,556) | 507,584,080 | |
SHORT-TERM INVESTMENTS 3.9% | ||
MONEY MARKET FUNDS 3.9% | ||
18,747,478 | State Street Institutional U.S. Government Money Market Fund, Premier Class, 4.12%(3) | 18,747,478 |
1,677,909 | State Street Navigator Securities Lending Government Money Market Portfolio(4) | 1,677,909 |
20,425,387 | ||
TOTAL SHORT-TERM INVESTMENTS (Cost $20,425,386) | 20,425,387 | |
TOTAL INVESTMENTS IN SECURITIES 100.0% (Cost $383,246,942) | $528,009,467 | |
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES 0.0% | 119,341 | |
NET ASSETS 100.0% | $528,128,808 |
(1) | Non-income producing. |
(2) | A portion or all of the security was held on loan. As of December 31, 2022, the market value of the securities on loan was $4,047,723. |
(3) | Rate reflects 7 day yield as of December 31, 2022. |
(4) | Securities with an aggregate market value of $4,047,723 were out on loan in exchange for collateral including $1,677,909 of cash collateral as of December 31, 2022. The collateral was invested in a cash collateral reinvestment vehicle. |
ADR | American Depositary Receipt. |
REITs | Real Estate Investment Trusts. |
Investments in Securities: | Level 1 | Level 2 | Level 3 | Total |
Assets | ||||
Common Stocks* | $507,584,080 | $— | $— | $507,584,080 |
Short-Term Investments | 20,425,387 | — | — | 20,425,387 |
Total Investments in Securities | $528,009,467 | $— | $— | $528,009,467 |
* | See Schedule of Investments for further breakdown by category. |
Portfolio Highlights at December 31, 2022 (unaudited)
Ten Largest Holdings* | |||
Issue | Shares | Value | Percentage of Net Assets |
Cintas Corp. | 57,177 | $25,822,277 | 7.5% |
Accenture PLC | 89,200 | 23,802,128 | 6.9% |
Thermo Fisher Scientific, Inc. | 43,000 | 23,679,670 | 6.9% |
S&P Global, Inc. | 62,773 | 21,025,189 | 6.2% |
Danaher Corp. | 64,600 | 17,146,132 | 5.0% |
MasterCard, Inc. | 49,300 | 17,143,089 | 5.0% |
Costco Wholesale Corp. | 33,800 | 15,429,700 | 4.5% |
Union Pacific Corp. | 72,800 | 15,074,696 | 4.4% |
TransDigm Group, Inc. | 22,400 | 14,104,160 | 4.1% |
Teledyne Technologies, Inc. | 34,800 | 13,916,868 | 4.1% |
Asset Allocation — Percentage of Net Assets |
Sector Weightings — Percentage of Total Investments In Securities* |
* | Excludes short-term investments, if any. |
Portfolio Highlights at December 31, 2022 (unaudited) (continued)
Comparison of a Change in Value of a $10,000 Investment in the Value Line Select Growth Fund, Inc. and the S&P 500® Index**
1 Yr | 5 Yrs | 10 Yrs | ||
Investor Class | ||||
Value Line Select Growth Fund, Inc. | (20.67%) | 10.93% | 11.53% | |
S&P 500® Index*** | (18.11%) | 9.42% | 12.56% | |
1 Yr | Since Inception 5/1/2020 | |||
Institutional Class | ||||
Value Line Select Growth Fund, Inc. | (20.45%) | 10.46% | ||
S&P 500® Index*** | (18.11%) | 12.28% |
Shares | Value | |
COMMON STOCKS 99.0% | ||
CONSUMER STAPLES 4.5% | ||
RETAIL 4.5% | ||
33,800 | Costco Wholesale Corp. | $ 15,429,700 |
FINANCIALS 14.3% | ||
COMMERCIAL SERVICES 6.2% | ||
62,773 | S&P Global, Inc. | 21,025,189 |
DIVERSIFIED FINANCIALS 3.5% | ||
116,889 | Intercontinental Exchange, Inc. | 11,991,642 |
INSURANCE 4.6% | ||
12,000 | Aon PLC Class A | 3,601,680 |
73,800 | Marsh & McLennan Cos., Inc. | 12,212,424 |
15,814,104 | ||
48,830,935 | ||
HEALTHCARE 16.5% | ||
ELECTRONICS 0.7% | ||
1,700 | Mettler-Toledo International, Inc.(1) | 2,457,265 |
HEALTHCARE PRODUCTS 15.8% | ||
64,600 | Danaher Corp. | 17,146,132 |
24,400 | IDEXX Laboratories, Inc.(1) | 9,954,224 |
13,000 | Stryker Corp. | 3,178,370 |
43,000 | Thermo Fisher Scientific, Inc. | 23,679,670 |
53,958,396 | ||
56,415,661 | ||
INDUSTRIALS 21.1% | ||
AEROSPACE/DEFENSE 4.1% | ||
22,400 | TransDigm Group, Inc. | 14,104,160 |
COMMERCIAL SERVICES 7.5% | ||
57,177 | Cintas Corp. | 25,822,277 |
ENVIRONMENTAL CONTROL 5.1% | ||
81,800 | Republic Services, Inc. | 10,551,382 |
51,700 | Waste Connections, Inc. | 6,853,352 |
17,404,734 | ||
TRANSPORTATION 4.4% | ||
72,800 | Union Pacific Corp. | 15,074,696 |
72,405,867 | ||
INFORMATION TECHNOLOGY 41.4% | ||
COMPUTERS 6.9% | ||
89,200 | Accenture PLC Class A | 23,802,128 |
Shares | Value | |
COMMON STOCKS 99.0% (continued) | ||
INFORMATION TECHNOLOGY 41.4% (continued) | ||
DIVERSIFIED FINANCIALS 5.0% | ||
49,300 | MasterCard, Inc. Class A | $ 17,143,089 |
MISCELLANEOUS MANUFACTURERS 4.1% | ||
34,800 | Teledyne Technologies, Inc.(1) | 13,916,868 |
SOFTWARE 25.4% | ||
18,000 | Adobe, Inc.(1) | 6,057,540 |
12,400 | ANSYS, Inc.(1) | 2,995,716 |
72,000 | Cadence Design Systems, Inc.(1) | 11,566,080 |
97,100 | Fiserv, Inc.(1) | 9,813,897 |
34,700 | Intuit, Inc. | 13,505,934 |
32,069 | Roper Technologies, Inc. | 13,856,694 |
90,400 | Salesforce, Inc.(1) | 11,986,136 |
28,639 | ServiceNow, Inc.(1) | 11,119,664 |
18,800 | Synopsys, Inc.(1) | 6,002,652 |
86,904,313 | ||
141,766,398 | ||
MATERIALS 1.2% | ||
CHEMICALS 1.2% | ||
27,800 | Ecolab, Inc. | 4,046,568 |
TOTAL COMMON STOCKS (Cost $178,444,044) | 338,895,129 | |
SHORT-TERM INVESTMENTS 1.2% | ||
MONEY MARKET FUNDS 1.2% | ||
4,042,049 | State Street Institutional U.S. Government Money Market Fund, Premier Class, 4.12%(2) | 4,042,049 |
TOTAL SHORT-TERM INVESTMENTS (Cost $4,042,049) | 4,042,049 | |
TOTAL INVESTMENTS IN SECURITIES 100.2% (Cost $182,486,093) | $342,937,178 | |
EXCESS OF LIABILITIES OVER CASH AND OTHER ASSETS (0.2)% | (622,554) | |
NET ASSETS 100.0% | $342,314,624 |
(1) | Non-income producing. |
(2) | Rate reflects 7 day yield as of December 31, 2022. |
Investments in Securities: | Level 1 | Level 2 | Level 3 | Total |
Assets | ||||
Common Stocks* | $338,895,129 | $— | $— | $338,895,129 |
Short-Term Investments | 4,042,049 | — | — | 4,042,049 |
Total Investments in Securities | $342,937,178 | $— | $— | $342,937,178 |
* | See Schedule of Investments for further breakdown by category. |
Portfolio Highlights at December 31, 2022 (unaudited)
Ten Largest Holdings* | |||
Issue | Shares | Value | Percentage of Net Assets |
Visa, Inc. | 43,000 | $8,933,680 | 4.4% |
Diamondback Energy, Inc. | 65,000 | 8,890,700 | 4.3% |
Uber Technologies, Inc. | 350,000 | 8,655,500 | 4.2% |
Alphabet, Inc. | 84,000 | 7,411,320 | 3.6% |
Microsoft Corp. | 30,000 | 7,194,600 | 3.5% |
Amazon.com, Inc. | 85,000 | 7,140,000 | 3.5% |
Pioneer Natural Resources Co. | 31,000 | 7,080,090 | 3.5% |
Exelixis, Inc. | 420,000 | 6,736,800 | 3.3% |
Meta Platforms, Inc. | 55,000 | 6,618,700 | 3.2% |
Vertex Pharmaceuticals, Inc. | 22,000 | 6,353,160 | 3.1% |
Asset Allocation — Percentage of Net Assets |
Sector Weightings — Percentage of Total Investments In Securities* |
* | Excludes short-term investments, if any. |
Portfolio Highlights at December 31, 2022 (unaudited) (continued)
Comparison of a Change in Value of a $10,000 Investment in the Value Line Larger Companies Focused Fund, Inc. and the S&P 500® Index**
1 Yr | 5 Yrs | 10 Yrs | ||
Investor Class | ||||
Value Line Larger Companies Focused Fund, Inc. | (38.99%) | 3.13% | 9.65% | |
S&P 500® Index*** | (18.11%) | 9.42% | 12.56% | |
1 Yr | 5 Yrs | Since Inception 11/1/2015 | ||
Institutional Class | ||||
Value Line Larger Companies Focused Fund, Inc. | (38.85%) | 3.37% | 6.55% | |
S&P 500® Index*** | (18.11%) | 9.42% | 11.00% |
Shares | Value | |
COMMON STOCKS 98.7% | ||
COMMUNICATION SERVICES 14.0% | ||
INTERNET 12.7% | ||
84,000 | Alphabet, Inc. Class A(1) | $ 7,411,320 |
105,000 | Match Group, Inc.(1) | 4,356,450 |
55,000 | Meta Platforms, Inc. Class A(1) | 6,618,700 |
15,000 | Netflix, Inc.(1) | 4,423,200 |
30,000 | Roku, Inc.(1) | 1,221,000 |
225,000 | Snap, Inc. Class A(1) | 2,013,750 |
26,044,420 | ||
MEDIA 1.3% | ||
31,000 | Walt Disney Co.(1) | 2,693,280 |
28,737,700 | ||
CONSUMER DISCRETIONARY 14.6% | ||
AUTO MANUFACTURERS 2.8% | ||
160,000 | Rivian Automotive, Inc. Class A(1) | 2,948,800 |
22,200 | Tesla, Inc.(1) | 2,734,596 |
5,683,396 | ||
ENTERTAINMENT 0.7% | ||
115,000 | DraftKings, Inc. Class A(1)(2) | 1,309,850 |
INTERNET 7.1% | ||
25,000 | Alibaba Group Holding Ltd. ADR(1) | 2,202,250 |
85,000 | Amazon.com, Inc.(1) | 7,140,000 |
2,600 | Booking Holdings, Inc.(1) | 5,239,728 |
14,581,978 | ||
RETAIL 4.0% | ||
11,000 | Lululemon Athletica, Inc.(1) | 3,524,180 |
10,000 | Ulta Beauty, Inc.(1) | 4,690,700 |
8,214,880 | ||
29,790,104 | ||
CONSUMER STAPLES 2.1% | ||
COSMETICS/PERSONAL CARE 2.1% | ||
17,000 | Estee Lauder Cos., Inc. Class A | 4,217,870 |
ENERGY 10.2% | ||
OIL & GAS 10.2% | ||
80,000 | Devon Energy Corp. | 4,920,800 |
65,000 | Diamondback Energy, Inc. | 8,890,700 |
31,000 | Pioneer Natural Resources Co. | 7,080,090 |
20,891,590 | ||
FINANCIALS 6.9% | ||
BANKS 3.9% | ||
105,000 | Bank of America Corp. | 3,477,600 |
13,000 | Goldman Sachs Group, Inc. | 4,463,940 |
7,941,540 | ||
DIVERSIFIED FINANCIALS 2.1% | ||
45,000 | Blackstone, Inc. | 3,338,550 |
27,000 | Coinbase Global, Inc. Class A(1)(2) | 955,530 |
4,294,080 | ||
INTERNET 0.9% | ||
220,000 | Robinhood Markets, Inc. Class A(1) | 1,790,800 |
14,026,420 |
Shares | Value | |
COMMON STOCKS 98.7% (continued) | ||
HEALTHCARE 13.4% | ||
BIOTECHNOLOGY 8.4% | ||
40,000 | BioMarin Pharmaceutical, Inc.(1) | $ 4,139,600 |
420,000 | Exelixis, Inc.(1) | 6,736,800 |
22,000 | Vertex Pharmaceuticals, Inc.(1) | 6,353,160 |
17,229,560 | ||
HEALTHCARE PRODUCTS 2.8% | ||
115,000 | Exact Sciences Corp.(1) | 5,693,650 |
PHARMACEUTICALS 2.2% | ||
40,000 | DexCom, Inc.(1) | 4,529,600 |
27,452,810 | ||
INDUSTRIALS 4.2% | ||
INTERNET 4.2% | ||
350,000 | Uber Technologies, Inc.(1) | 8,655,500 |
INFORMATION TECHNOLOGY 33.3% | ||
COMMERCIAL SERVICES 2.7% | ||
79,000 | PayPal Holdings, Inc.(1) | 5,626,380 |
COMPUTERS 3.4% | ||
37,000 | Apple, Inc. | 4,807,410 |
21,000 | Crowdstrike Holdings, Inc. Class A(1) | 2,211,090 |
7,018,500 | ||
DIVERSIFIED FINANCIALS 4.4% | ||
43,000 | Visa, Inc. Class A | 8,933,680 |
INTERNET 2.2% | ||
43,000 | Okta, Inc.(1) | 2,938,190 |
47,000 | Shopify, Inc. Class A(1) | 1,631,370 |
4,569,560 | ||
SEMICONDUCTORS 6.7% | ||
65,000 | Advanced Micro Devices, Inc.(1) | 4,210,050 |
35,000 | NVIDIA Corp. | 5,114,900 |
39,000 | QUALCOMM, Inc. | 4,287,660 |
13,612,610 | ||
SOFTWARE 13.9% | ||
8,000 | Intuit, Inc. | 3,113,760 |
30,000 | Microsoft Corp. | 7,194,600 |
35,000 | Salesforce, Inc.(1) | 4,640,650 |
10,000 | ServiceNow, Inc.(1) | 3,882,700 |
45,000 | Splunk, Inc.(1) | 3,874,050 |
43,000 | Twilio, Inc. Class A(1) | 2,105,280 |
22,000 | Workday, Inc. Class A(1) | 3,681,260 |
28,492,300 | ||
68,253,030 | ||
TOTAL COMMON STOCKS (Cost $207,540,668) | 202,025,024 | |
SHORT-TERM INVESTMENTS 2.0% | ||
MONEY MARKET FUNDS 2.0% | ||
3,178,559 | State Street Institutional U.S. Government Money Market Fund, Premier Class, 4.12%(3) | 3,178,559 |
Shares | Value | |
SHORT-TERM INVESTMENTS 2.0% (continued) | ||
MONEY MARKET FUNDS 2.0% (continued) | ||
958,500 | State Street Navigator Securities Lending Government Money Market Portfolio(4) | $ 958,500 |
4,137,059 | ||
TOTAL SHORT-TERM INVESTMENTS (Cost $4,137,059) | 4,137,059 | |
TOTAL INVESTMENTS IN SECURITIES 100.7% (Cost $211,677,727) | $206,162,083 | |
EXCESS OF LIABILITIES OVER CASH AND OTHER ASSETS (0.7)% | (1,479,924) | |
NET ASSETS 100.0% | $204,682,159 |
(1) | Non-income producing. |
(2) | A portion or all of the security was held on loan. As of December 31, 2022, the market value of the securities on loan was $2,265,380. |
(3) | Rate reflects 7 day yield as of December 31, 2022. |
(4) | Securities with an aggregate market value of $2,265,380 were out on loan in exchange for collateral including $958,500 of cash collateral as of December 31, 2022. The collateral was invested in a cash collateral reinvestment vehicle. |
ADR | American Depositary Receipt. |
Investments in Securities: | Level 1 | Level 2 | Level 3 | Total |
Assets | ||||
Common Stocks* | $202,025,024 | $— | $— | $202,025,024 |
Short-Term Investments | 4,137,059 | — | — | 4,137,059 |
Total Investments in Securities | $206,162,083 | $— | $— | $206,162,083 |
* | See Schedule of Investments for further breakdown by category. |
Portfolio Highlights at December 31, 2022 (unaudited)
Ten Largest Holdings* | |||
Issue | Shares | Value | Percentage of Net Assets |
Cintas Corp. | 75,900 | $34,277,958 | 3.6% |
S&P Global, Inc. | 92,719 | 31,055,302 | 3.3% |
Thermo Fisher Scientific, Inc. | 56,000 | 30,838,640 | 3.2% |
Intercontinental Exchange, Inc. | 289,913 | 29,742,174 | 3.1% |
Intuit, Inc. | 72,810 | 28,339,108 | 3.0% |
Aon PLC | 83,700 | 25,121,718 | 2.7% |
Republic Services, Inc. | 192,627 | 24,846,957 | 2.6% |
TransDigm Group, Inc. | 38,400 | 24,178,560 | 2.6% |
W R Berkley Corp. | 332,256 | 24,111,818 | 2.5% |
Cadence Design Systems, Inc. | 147,600 | 23,710,464 | 2.5% |
Asset Allocation — Percentage of Net Assets |
Common Stock Sectors — Percentage of Common Stocks* |
Bonds & Notes Sectors — Percentage of All Bonds & Notes* |
* | Excludes short-term investments, if any. |
Portfolio Highlights at December 31, 2022 (unaudited) (continued)
Comparison of a Change in Value of a $10,000 Investment in the Value Line Asset Allocation Fund, Inc., the S&P 500® Index and the 60/40 S&P 500® Index/Bloomberg Barclays US Aggregate Bond Index**
Portfolio Highlights at December 31, 2022 (unaudited) (continued)
9 Mos | 1 yr | 5 Yrs | 10 Yrs | ||
Investor Class | |||||
Value Line Asset Allocation Fund, Inc. | (8.81%) | (15.67%) | 6.82% | 8.20% | |
60/40 S&P 500® Index/Bloomberg US Aggregate Bond*** | (11.51%) | (16.07%) | 5.66% | 7.96% | |
S&P 500® Index**** | (14.16%) | (18.11%) | 9.42% | 12.56% | |
9 Mos | 1 yr | 5 Yrs | Since Inception 11/2/2015 | ||
Institutional Class | |||||
Value Line Asset Allocation Fund, Inc. | (8.65%) | (15.47%) | 7.09% | 7.65% | |
60/40 S&P 500® Index/Bloomberg US Aggregate Bond*** | (11.51%) | (16.07%) | 5.66% | 6.92% | |
S&P 500® Index**** | (14.16%) | (18.11%) | 9.42% | 11.00% |
Shares | Value | |
COMMON STOCKS 67.5% | ||
CONSUMER DISCRETIONARY 1.1% | ||
DISTRIBUTION/WHOLESALE 1.1% | ||
34,800 | Pool Corp. | $ 10,521,084 |
CONSUMER STAPLES 1.4% | ||
RETAIL 1.4% | ||
30,000 | Costco Wholesale Corp. | 13,695,000 |
FINANCIALS 14.2% | ||
COMMERCIAL SERVICES 3.3% | ||
92,719 | S&P Global, Inc. | 31,055,302 |
DIVERSIFIED FINANCIALS 3.1% | ||
289,913 | Intercontinental Exchange, Inc. | 29,742,174 |
INSURANCE 7.8% | ||
70,100 | American Financial Group, Inc. | 9,623,328 |
83,700 | Aon PLC Class A | 25,121,718 |
57,300 | Marsh & McLennan Cos., Inc. | 9,482,004 |
43,100 | RLI Corp. | 5,657,737 |
332,256 | W R Berkley Corp. | 24,111,818 |
73,996,605 | ||
134,794,081 | ||
HEALTHCARE 9.8% | ||
BIOTECHNOLOGY 0.6% | ||
13,600 | Bio-Rad Laboratories, Inc. Class A(1) | 5,718,664 |
HEALTHCARE PRODUCTS 7.0% | ||
59,738 | Danaher Corp. | 15,855,660 |
36,800 | IDEXX Laboratories, Inc.(1) | 15,012,928 |
19,371 | Stryker Corp. | 4,736,016 |
56,000 | Thermo Fisher Scientific, Inc. | 30,838,640 |
66,443,244 | ||
HEALTHCARE SERVICES 2.2% | ||
17,000 | Charles River Laboratories International, Inc.(1) | 3,704,300 |
22,699 | Chemed Corp. | 11,586,250 |
26,900 | IQVIA Holdings, Inc.(1) | 5,511,541 |
20,802,091 | ||
92,963,999 | ||
INDUSTRIALS 11.5% | ||
AEROSPACE/DEFENSE 2.6% | ||
38,400 | TransDigm Group, Inc. | 24,178,560 |
BUILDING MATERIALS 0.3% | ||
9,500 | Lennox International, Inc. | 2,272,685 |
COMMERCIAL SERVICES 3.6% | ||
75,900 | Cintas Corp. | 34,277,958 |
ENGINEERING & CONSTRUCTION 0.4% | ||
40,400 | Exponent, Inc. | 4,003,236 |
ENVIRONMENTAL CONTROL 2.6% | ||
192,627 | Republic Services, Inc. | 24,846,957 |
TRANSPORTATION 2.0% | ||
91,300 | Union Pacific Corp. | 18,905,491 |
108,484,887 |
Shares | Value | |
COMMON STOCKS 67.5% (continued) | ||
INFORMATION TECHNOLOGY 26.8% | ||
COMMERCIAL SERVICES 1.3% | ||
36,000 | Gartner, Inc.(1) | $ 12,101,040 |
COMPUTERS 4.7% | ||
72,751 | Accenture PLC Class A | 19,412,877 |
155,100 | CGI, Inc.(1)(2) | 13,358,763 |
36,100 | EPAM Systems, Inc.(1) | 11,831,414 |
44,603,054 | ||
MISCELLANEOUS MANUFACTURERS 1.3% | ||
31,900 | Teledyne Technologies, Inc.(1) | 12,757,129 |
SOFTWARE 18.4% | ||
59,900 | Adobe, Inc.(1) | 20,158,131 |
24,700 | ANSYS, Inc.(1) | 5,967,273 |
147,600 | Cadence Design Systems, Inc.(1) | 23,710,464 |
30,700 | Fair Isaac Corp.(1) | 18,376,406 |
118,828 | Fiserv, Inc.(1) | 12,009,946 |
72,810 | Intuit, Inc. | 28,339,108 |
21,100 | Roper Technologies, Inc. | 9,117,099 |
81,000 | Salesforce, Inc.(1) | 10,739,790 |
45,925 | ServiceNow, Inc.(1) | 17,831,300 |
33,800 | Synopsys, Inc.(1) | 10,792,002 |
52,737 | Tyler Technologies, Inc.(1) | 17,002,936 |
174,044,455 | ||
TELECOMMUNICATIONS 1.1% | ||
42,100 | Motorola Solutions, Inc. | 10,849,591 |
254,355,269 | ||
MATERIALS 0.5% | ||
CHEMICALS 0.5% | ||
31,097 | Ecolab, Inc. | 4,526,479 |
REAL ESTATE 1.2% | ||
REITS 1.2% | ||
174,700 | Equity Lifestyle Properties, Inc. REIT | 11,285,620 |
UTILITIES 1.0% | ||
ELECTRIC 1.0% | ||
108,776 | NextEra Energy, Inc. | 9,093,674 |
TOTAL COMMON STOCKS (Cost $421,762,530) | 639,720,093 |
Principal Amount | Value | |
COMMERCIAL MORTGAGE-BACKED SECURITIES 1.8% | ||
1,800,000 | FHLMC Multifamily Structured Pass-Through Certificates, Series K037, Class A2, 3.49%, 1/25/24 | 1,772,880 |
1,580,000 | FHLMC Multifamily Structured Pass-Through Certificates, Series K040, Class A2, 3.24%, 9/25/24 | 1,540,137 |
1,240,000 | FHLMC Multifamily Structured Pass-Through Certificates, Series K055, Class A2, 2.67%, 3/25/26 | 1,171,315 |
1,000,000 | FHLMC Multifamily Structured Pass-Through Certificates, Series K056, Class A2, 2.53%, 5/25/26 | 938,319 |
Principal Amount | Value | |
COMMERCIAL MORTGAGE-BACKED SECURITIES 1.8% (continued) | ||
$ 1,320,000 | FHLMC Multifamily Structured Pass-Through Certificates, Series K058, Class A2, 2.65%, 8/25/26 | $ 1,238,006 |
875,000 | FHLMC Multifamily Structured Pass-Through Certificates, Series K061, Class A2, 3.35%, 11/25/26(3) | 838,171 |
1,580,000 | FHLMC Multifamily Structured Pass-Through Certificates, Series K064, Class A2, 3.22%, 3/25/27 | 1,505,612 |
1,750,000 | FHLMC Multifamily Structured Pass-Through Certificates, Series K065, Class A2, 3.24%, 4/25/27 | 1,667,248 |
1,825,000 | FHLMC Multifamily Structured Pass-Through Certificates, Series K067, Class A2, 3.19%, 7/25/27 | 1,732,483 |
771,846 | FHLMC Multifamily Structured Pass-Through Certificates, Series K072, Class A1, 3.25%, 11/25/27 | 746,253 |
750,000 | FHLMC Multifamily Structured Pass-Through Certificates, Series K084, Class A2, 3.78%, 10/25/28(3) | 721,675 |
1,723,829 | FHLMC Multifamily Structured Pass-Through Certificates, Series K089, Class A1, 3.34%, 10/25/28 | 1,667,410 |
231,257 | FREMF Mortgage Trust, Series 2015-K43, Class B, 3.73%, 2/25/48(3)(4) | 221,152 |
116,490 | GNMA, Series 2013-12, Class B, 2.06%, 11/16/52(3) | 110,087 |
1,000,000 | Morgan Stanley Capital I Trust, Series 2021-L7, Class A4, 2.32%, 10/15/54 | 795,810 |
3,882 | Wells Fargo Commercial Mortgage Trust, Series 2015-NXS1, Class A2, 2.63%, 5/15/48 | 3,874 |
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $18,826,648) | 16,670,432 | |
CORPORATE BONDS & NOTES 11.2% | ||
BASIC MATERIALS 0.4% | ||
CHEMICALS 0.1% | ||
1,225,000 | Nutrien Ltd., Senior Unsecured Notes, 4.20%, 4/1/29 | 1,153,636 |
IRON/STEEL 0.1% | ||
1,200,000 | Steel Dynamics, Inc., Senior Unsecured Notes, 3.25%, 1/15/31 | 1,027,826 |
MINING 0.2% | ||
1,265,000 | Freeport-McMoRan, Inc., Guaranteed Notes, 4.63%, 8/1/30 | 1,178,512 |
3,359,974 | ||
COMMUNICATIONS 1.0% | ||
INTERNET 0.2% | ||
1,350,000 | Expedia Group, Inc., Guaranteed Notes, 3.25%, 2/15/30 | 1,148,066 |
1,155,000 | Netflix, Inc., Senior Unsecured Notes, 4.88%, 4/15/28 | 1,115,252 |
2,263,318 |
Principal Amount | Value | |
CORPORATE BONDS & NOTES 11.2% (continued) | ||
COMMUNICATIONS 1.0% (continued) | ||
MEDIA 0.4% | ||
$ 1,250,000 | Charter Communications Operating LLC/Charter Communications Operating Capital, Senior Secured Notes, 4.91%, 7/23/25 | $ 1,226,123 |
1,325,000 | Comcast Corp., Guaranteed Notes, 4.15%, 10/15/28 | 1,273,006 |
1,150,000 | Discovery Communications LLC, Guaranteed Notes, 4.90%, 3/11/26 | 1,115,481 |
3,614,610 | ||
TELECOMMUNICATIONS 0.4% | ||
1,100,000 | AT&T, Inc., Senior Unsecured Notes, 2.55%, 12/1/33 | 848,644 |
1,100,000 | Motorola Solutions, Inc., Senior Unsecured Notes, 4.60%, 5/23/29 | 1,049,427 |
1,200,000 | T-Mobile USA, Inc., Guaranteed Notes, 3.50%, 4/15/31 | 1,035,826 |
1,225,000 | Vodafone Group PLC, Senior Unsecured Notes, 4.25%, 9/17/50 | 939,706 |
3,873,603 | ||
9,751,531 | ||
CONSUMER, CYCLICAL 1.2% | ||
AUTO MANUFACTURERS 0.2% | ||
1,300,000 | Cummins, Inc., Senior Unsecured Notes, 1.50%, 9/1/30 | 1,022,133 |
1,125,000 | Ford Motor Credit Co. LLC, Senior Unsecured Notes, 3.38%, 11/13/25 | 1,017,014 |
2,039,147 | ||
HOME BUILDERS 0.1% | ||
1,208,000 | PulteGroup, Inc., Guaranteed Notes, 5.00%, 1/15/27(2) | 1,195,719 |
LODGING 0.3% | ||
1,000,000 | Hyatt Hotels Corp., Senior Unsecured Notes, 1.80%, 10/1/24 | 937,344 |
1,275,000 | Marriott International, Inc., Senior Unsecured Notes, 5.00%, 10/15/27 | 1,260,051 |
2,197,395 | ||
RETAIL 0.6% | ||
1,250,000 | AutoZone, Inc., Senior Unsecured Notes, 3.75%, 6/1/27 | 1,193,745 |
1,300,000 | Costco Wholesale Corp., Senior Unsecured Notes, 1.75%, 4/20/32 | 1,032,822 |
1,225,000 | Dollar General Corp., Senior Unsecured Notes, 3.50%, 4/3/30 | 1,103,499 |
1,300,000 | McDonald's Corp., Senior Unsecured Notes, 4.60%, 9/9/32(2) | 1,275,731 |
1,175,000 | O'Reilly Automotive, Inc., Senior Unsecured Notes, 3.60%, 9/1/27 | 1,107,051 |
5,712,848 | ||
11,145,109 | ||
CONSUMER, NON-CYCLICAL 2.3% | ||
AGRICULTURE 0.1% | ||
1,125,000 | Bunge Ltd. Finance Corp., Guaranteed Notes, 3.25%, 8/15/26 | 1,049,267 |
Principal Amount | Value | |
CORPORATE BONDS & NOTES 11.2% (continued) | ||
CONSUMER, NON-CYCLICAL 2.3% (continued) | ||
BEVERAGES 0.4% | ||
$ 1,275,000 | Anheuser-Busch InBev Worldwide, Inc., Guaranteed Notes, 4.90%, 1/23/31 | $ 1,279,371 |
1,275,000 | Constellation Brands, Inc., Guaranteed Notes, 5.25%, 11/15/48 | 1,202,707 |
1,250,000 | Diageo Capital PLC, Guaranteed Notes, 2.00%, 4/29/30 | 1,029,726 |
3,511,804 | ||
BIOTECHNOLOGY 0.2% | ||
1,100,000 | Amgen, Inc., Senior Unsecured Notes, 2.20%, 2/21/27 | 988,316 |
1,225,000 | Regeneron Pharmaceuticals, Inc., Senior Unsecured Notes, 1.75%, 9/15/30 | 951,750 |
1,940,066 | ||
COMMERCIAL SERVICES 0.1% | ||
1,150,000 | PayPal Holdings, Inc., Senior Unsecured Notes, 2.65%, 10/1/26 | 1,062,439 |
HEALTHCARE PRODUCTS 0.1% | ||
1,250,000 | Baxter International, Inc., Senior Unsecured Notes, 1.73%, 4/1/31 | 957,243 |
HEALTHCARE SERVICES 0.4% | ||
1,025,000 | Centene Corp., Senior Unsecured Notes, 4.63%, 12/15/29 | 937,044 |
1,200,000 | HCA, Inc., Guaranteed Notes, 5.38%, 2/1/25 | 1,199,456 |
1,125,000 | Laboratory Corp. of America Holdings, Senior Unsecured Notes, 2.95%, 12/1/29 | 971,266 |
1,200,000 | UnitedHealth Group, Inc., Senior Unsecured Notes, 4.63%, 11/15/41 | 1,112,341 |
4,220,107 | ||
PHARMACEUTICALS 1.0% | ||
1,310,000 | AbbVie, Inc., Senior Unsecured Notes, 2.95%, 11/21/26 | 1,219,746 |
1,375,000 | AstraZeneca PLC, Senior Unsecured Notes, 1.38%, 8/6/30 | 1,089,730 |
1,200,000 | Becton Dickinson and Co., Senior Unsecured Notes, 3.70%, 6/6/27(2) | 1,136,518 |
1,375,000 | CVS Health Corp., Senior Unsecured Notes, 1.75%, 8/21/30 | 1,087,088 |
1,315,000 | Merck & Co., Inc., Senior Unsecured Notes, 3.90%, 3/7/39 | 1,160,448 |
1,225,000 | Novartis Capital Corp., Guaranteed Notes, 2.75%, 8/14/50 | 857,329 |
1,050,000 | Takeda Pharmaceutical Co. Ltd., Senior Unsecured Notes, 3.03%, 7/9/40 | 775,074 |
1,000,000 | Teva Pharmaceutical Finance Netherlands III BV, Guaranteed Notes, 3.15%, 10/1/26 | 874,500 |
1,100,000 | Utah Acquisition Sub, Inc., Guaranteed Notes, 3.95%, 6/15/26 | 1,029,568 |
9,230,001 | ||
21,970,927 | ||
ENERGY 1.3% | ||
OIL & GAS 0.5% | ||
1,100,000 | Canadian Natural Resources Ltd., Senior Unsecured Notes, 2.05%, 7/15/25 | 1,024,223 |
Principal Amount | Value | |
CORPORATE BONDS & NOTES 11.2% (continued) | ||
ENERGY 1.3% (continued) | ||
OIL & GAS 0.5% (continued) | ||
$ 1,225,000 | EOG Resources, Inc., Senior Unsecured Notes, 4.38%, 4/15/30(2) | $ 1,189,250 |
1,250,000 | Hess Corp., Senior Unsecured Notes, 4.30%, 4/1/27 | 1,195,647 |
1,150,000 | Occidental Petroleum Corp., Senior Unsecured Notes, 5.50%, 12/1/25 | 1,146,102 |
4,555,222 | ||
OIL & GAS SERVICES 0.1% | ||
1,175,000 | Schlumberger Finance Canada Ltd., Guaranteed Notes, 1.40%, 9/17/25 | 1,077,158 |
PIPELINES 0.7% | ||
1,275,000 | Boardwalk Pipelines LP, Guaranteed Notes, 4.95%, 12/15/24 | 1,260,247 |
1,150,000 | Enbridge, Inc., Guaranteed Notes, 2.50%, 8/1/33 | 889,453 |
1,275,000 | Enterprise Products Operating LLC, Guaranteed Notes, 4.85%, 8/15/42 | 1,132,684 |
1,200,000 | Kinder Morgan, Inc., Guaranteed Notes, 4.30%, 3/1/28 | 1,151,483 |
1,250,000 | Targa Resources Corp., Guaranteed Notes, 5.20%, 7/1/27 | 1,226,964 |
1,150,000 | TransCanada PipeLines Ltd., Senior Unsecured Notes, 4.25%, 5/15/28 | 1,090,904 |
6,751,735 | ||
12,384,115 | ||
FINANCIAL 3.5% | ||
BANKS 1.5% | ||
1,100,000 | Bank of America Corp. MTN, Senior Unsecured Notes, (SOFR + 1.33%), 5.65%, 4/2/26(3) | 1,090,930 |
1,220,000 | Citigroup, Inc., Senior Unsecured Notes, (3-month LIBOR + 0.90%), 3.35%, 4/24/25(3) | 1,182,054 |
1,228,000 | Citigroup, Inc., Subordinated Notes, 5.30%, 5/6/44 | 1,112,420 |
1,100,000 | Goldman Sachs Group, Inc., Senior Unsecured Notes, 3.75%, 2/25/26 | 1,059,287 |
1,125,000 | JPMorgan Chase & Co., Subordinated Notes, 4.13%, 12/15/26(2) | 1,088,191 |
1,200,000 | JPMorgan Chase & Co., Senior Unsecured Notes, (3-month LIBOR + 1.38%), 3.96%, 11/15/48(3) | 938,162 |
1,275,000 | KeyCorp, Senior Unsecured Notes, 2.55%, 10/1/29 | 1,075,417 |
1,100,000 | Lloyds Banking Group PLC, Senior Unsecured Notes, 3.90%, 3/12/24 | 1,080,015 |
1,375,000 | Morgan Stanley, Series F, Senior Unsecured Notes, 3.88%, 4/29/24 | 1,354,122 |
1,350,000 | Northern Trust Corp., Senior Unsecured Notes, 1.95%, 5/1/30(2) | 1,112,434 |
1,250,000 | PNC Financial Services Group, Inc. (The), Senior Unsecured Notes, (SOFR + 0.98%), 2.31%, 4/23/32(2)(3) | 1,014,544 |
1,100,000 | Wells Fargo & Co., Senior Unsecured Notes, (SOFR + 1.32%), 5.24%, 4/25/26(3) | 1,096,602 |
Principal Amount | Value | |
CORPORATE BONDS & NOTES 11.2% (continued) | ||
FINANCIAL 3.5% (continued) | ||
BANKS 1.5% (continued) | ||
$ 1,100,000 | Zions Bancorp NA, Subordinated Notes, 3.25%, 10/29/29 | $ 901,331 |
14,105,509 | ||
DIVERSIFIED FINANCIALS 0.8% | ||
1,275,000 | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Guaranteed Notes, 1.75%, 1/30/26 | 1,123,136 |
1,350,000 | Air Lease Corp., Senior Unsecured Notes, 3.63%, 4/1/27 | 1,231,912 |
1,175,000 | Ally Financial, Inc., Senior Unsecured Notes, 4.75%, 6/9/27 | 1,102,915 |
1,125,000 | American Express Co., Senior Unsecured Notes, (SOFR + 0.72%), 4.79%, 5/3/24(3) | 1,123,785 |
1,275,000 | Charles Schwab Corp., Senior Unsecured Notes, (SOFR + 1.05%), 5.30%, 3/3/27(2)(3) | 1,241,158 |
1,100,000 | Discover Financial Services, Senior Unsecured Notes, 3.95%, 11/6/24 | 1,071,371 |
1,175,000 | Visa, Inc., Senior Unsecured Notes, 2.05%, 4/15/30 | 995,365 |
7,889,642 | ||
INSURANCE 0.3% | ||
1,075,000 | Aflac, Inc., Senior Unsecured Notes, 3.60%, 4/1/30 | 975,478 |
1,100,000 | Allstate Corp., Senior Unsecured Notes, 1.45%, 12/15/30 | 845,272 |
1,175,000 | Prudential Financial, Inc., Junior Subordinated Notes, (3-month LIBOR + 2.67%), 5.70%, 9/15/48(3) | 1,122,125 |
2,942,875 | ||
REITS 0.9% | ||
1,375,000 | AvalonBay Communities, Inc., Senior Unsecured Notes, 2.45%, 1/15/31 | 1,140,668 |
1,225,000 | Crown Castle, Inc., Senior Unsecured Notes, 3.80%, 2/15/28 | 1,139,311 |
1,250,000 | Digital Realty Trust LP, Guaranteed Notes, 3.60%, 7/1/29(2) | 1,119,250 |
1,200,000 | Equinix, Inc., Senior Unsecured Notes, 2.50%, 5/15/31 | 967,387 |
1,250,000 | Kimco Realty Corp., Senior Unsecured Notes, 2.25%, 12/1/31 | 963,058 |
1,125,000 | Life Storage LP, Guaranteed Notes, 2.20%, 10/15/30 | 876,703 |
1,100,000 | Prologis LP, Senior Unsecured Notes, 2.25%, 4/15/30 | 919,150 |
1,125,000 | Welltower, Inc., Senior Unsecured Notes, 4.25%, 4/15/28 | 1,056,028 |
8,181,555 | ||
33,119,581 | ||
INDUSTRIAL 0.8% | ||
AEROSPACE/DEFENSE 0.1% | ||
1,225,000 | Raytheon Technologies Corp., Senior Unsecured Notes, 4.13%, 11/16/28 | 1,174,834 |
BUILDING MATERIALS 0.2% | ||
1,000,000 | Masco Corp., Senior Unsecured Notes, 2.00%, 10/1/30 | 777,522 |
Principal Amount | Value | |
CORPORATE BONDS & NOTES 11.2% (continued) | ||
INDUSTRIAL 0.8% (continued) | ||
BUILDING MATERIALS 0.2% (continued) | ||
$ 1,200,000 | Vulcan Materials Co., Senior Unsecured Notes, 3.50%, 6/1/30 | $ 1,061,685 |
1,839,207 | ||
ELECTRONICS 0.2% | ||
1,140,000 | Amphenol Corp., Senior Unsecured Notes, 2.20%, 9/15/31 | 906,278 |
1,200,000 | Flex Ltd., Senior Unsecured Notes, 4.75%, 6/15/25 | 1,179,420 |
2,085,698 | ||
MACHINERY - DIVERSIFIED 0.1% | ||
1,275,000 | John Deere Capital Corp., Senior Unsecured Notes, 2.45%, 1/9/30 | 1,101,560 |
TRANSPORTATION 0.2% | ||
1,250,000 | CSX Corp., Senior Unsecured Notes, 3.35%, 9/15/49 | 906,312 |
1,300,000 | Union Pacific Corp., Senior Unsecured Notes, 3.25%, 2/5/50 | 945,746 |
1,852,058 | ||
8,053,357 | ||
TECHNOLOGY 0.6% | ||
COMPUTERS 0.1% | ||
1,100,000 | Dell International LLC / EMC Corp., Senior Unsecured Notes, 4.90%, 10/1/26 | 1,084,269 |
SEMICONDUCTORS 0.1% | ||
1,250,000 | Analog Devices, Inc., Senior Unsecured Notes, 2.80%, 10/1/41 | 921,749 |
SOFTWARE 0.4% | ||
1,250,000 | Adobe, Inc., Senior Unsecured Notes, 2.30%, 2/1/30 | 1,068,907 |
1,150,000 | Electronic Arts, Inc., Senior Unsecured Notes, 4.80%, 3/1/26 | 1,147,415 |
1,250,000 | Oracle Corp., 6.25%, 11/9/32 | 1,311,988 |
3,528,310 | ||
5,534,328 | ||
UTILITIES 0.1% | ||
ELECTRIC 0.1% | ||
1,275,000 | Duke Energy Corp., Senior Unsecured Notes, 4.50%, 8/15/32 | 1,201,922 |
TOTAL CORPORATE BONDS & NOTES (Cost $121,325,003) | 106,520,844 | |
LONG-TERM MUNICIPAL SECURITIES 0.6% | ||
CALIFORNIA 0.2% | ||
500,000 | City & County of San Francisco CA, General Obligation Limited, Series C, 2.60%, 6/15/37 | 379,363 |
1,500,000 | San Diego Unified School District/CA, Series ZR1, GO, 2.61%, 7/1/36 | 1,118,268 |
450,000 | San Marcos California Unified School District, Refunding Revenue Bonds, 3.17%, 8/1/38 | 345,467 |
1,843,098 |
Principal Amount | Value | |
LONG-TERM MUNICIPAL SECURITIES 0.6% (continued) | ||
CONNECTICUT 0.1% | ||
$ 1,375,000 | Hartford County Metropolitan District Clean Water Project Revenue, Series B, 2.17%, 4/1/34 | $ 1,028,980 |
NEW YORK 0.1% | ||
1,250,000 | New York City Transitional Finance Authority Building Aid Revenue, (ST AID WITHHLDG), 4.80%, 7/15/26 | 1,238,961 |
OREGON 0.2% | ||
1,100,000 | State of Oregon, Series C, GO, 2.38%, 5/1/36 | 799,500 |
1,085,000 | Tri-County Metropolitan Transportation District of Oregon, Series B, 2.50%, 9/1/30 | 918,968 |
1,718,468 | ||
TOTAL LONG-TERM MUNICIPAL SECURITIES (Cost $7,332,140) | 5,829,507 | |
RESIDENTIAL MORTGAGE-BACKED SECURITIES 8.2% | ||
45,872 | FHLMC, Series 4151, Class PA, 2.00%, 1/15/33 | 42,351 |
4,687 | FHLMC Gold PC Pool #G08488, 3.50%, 4/1/42 | 4,399 |
1,087,116 | FHLMC Pool #QB2462, 3.00%, 8/1/50 | 962,542 |
2,141,342 | FHLMC Pool #QB2958, 3.00%, 9/1/50 | 1,887,650 |
854,702 | FHLMC Pool #RA6817, 2.50%, 2/1/52 | 726,189 |
867,748 | FHLMC Pool #RB5022, 3.00%, 11/1/39 | 788,060 |
742,489 | FHLMC Pool #SD7514, 3.50%, 4/1/50 | 685,112 |
2,187,926 | FHLMC Pool #SD8108, 3.00%, 11/1/50 | 1,928,525 |
903,897 | FHLMC Pool #SD8196, 3.50%, 2/1/52 | 823,321 |
941,748 | FHLMC Pool #ZS4647, 3.50%, 1/1/46 | 876,248 |
1,471,270 | FNMA Pool #AS0516, 3.00%, 9/1/43 | 1,339,138 |
219,521 | FNMA Pool #AX9528, 3.50%, 2/1/45 | 204,602 |
34,789 | FNMA Pool #AZ6194, 3.50%, 10/1/45 | 32,482 |
1,289,465 | FNMA Pool #BM3634, 3.50%, 5/1/47 | 1,198,485 |
1,140,695 | FNMA Pool #BP5709, 2.50%, 5/1/50 | 974,652 |
858,432 | FNMA Pool #CA5540, 3.00%, 4/1/50 | 763,204 |
2,783,068 | FNMA Pool #FM2202, 4.00%, 12/1/48 | 2,657,012 |
1,149,188 | FNMA Pool #FM3254, 3.50%, 5/1/49 | 1,068,344 |
1,098,912 | FNMA Pool #FM4140, 2.50%, 9/1/50 | 943,664 |
1,206,962 | FNMA Pool #FM9509, 3.00%, 11/1/36 | 1,136,910 |
1,624,089 | FNMA Pool #FM9760, 3.50%, 11/1/51 | 1,480,603 |
2,080,209 | FNMA Pool #FM9834, 3.50%, 6/1/49 | 1,920,493 |
1,888,099 | FNMA Pool #FM9939, 4.00%, 1/1/52 | 1,773,630 |
979,610 | FNMA Pool #MA4055, 2.50%, 6/1/50 | 840,964 |
3,110,544 | FNMA Pool #MA4078, 2.50%, 7/1/50 | 2,656,481 |
1,489,167 | FNMA Pool #MA4222, 3.50%, 12/1/50 | 1,365,663 |
1,611,559 | FNMA Pool #MA4494, 3.00%, 12/1/51 | 1,418,193 |
2,521,029 | FNMA Pool #MA4495, 3.50%, 12/1/51 | 2,296,748 |
25,262 | FNMA REMIC Trust Series 2013-18, Series 2013-18, Class AE, 2.00%, 3/25/28 | 23,856 |
41,358 | FNMA REMIC Trust Series 2013-41, Series 2013-41, Class WD, 2.00%, 11/25/42 | 36,922 |
7,260,000 | FNMA UMBS TBA, 4.00%, 1/15/53 | 6,816,184 |
16,100,000 | FNMA UMBS TBA, 4.50%, 1/15/53 | 15,508,828 |
15,600,000 | FNMA UMBS TBA, 5.50%, 1/15/53 | 15,649,871 |
8,335,043 | GNMA, Series 2021-98, Class 2021-IG, IO, 3.00%, 6/20/51 | 1,251,722 |
Principal Amount | Value | |
RESIDENTIAL MORTGAGE-BACKED SECURITIES 8.2% (continued) | ||
$ 1,234,014 | GNMA II Pool #MA3937, 3.50%, 9/20/46 | $ 1,155,933 |
827,880 | GNMA II Pool #MA7054, 3.50%, 12/20/50 | 768,704 |
3,794,251 | GNMA II Pool #MA7651, 3.50%, 10/20/51 | 3,491,569 |
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES (Cost $84,605,022) | 77,499,254 | |
U.S. TREASURY OBLIGATIONS 8.1% | ||
3,170,000 | U.S. Treasury Bonds, 5.38%, 2/15/31 | 3,488,857 |
3,000,000 | U.S. Treasury Bonds, 4.38%, 2/15/38 | 3,158,906 |
1,500,000 | U.S. Treasury Bonds, 3.50%, 2/15/39 | 1,417,617 |
10,000,000 | U.S. Treasury Bonds, 2.75%, 11/15/42 | 8,072,266 |
5,700,000 | U.S. Treasury Bonds, 2.88%, 5/15/43 | 4,685,578 |
4,000,000 | U.S. Treasury Bonds, 3.00%, 2/15/48 | 3,306,406 |
4,500,000 | U.S. Treasury Bonds, 2.25%, 8/15/49 | 3,192,715 |
6,000,000 | U.S. Treasury Bonds, 2.88%, 5/15/52 | 4,852,500 |
4,000,000 | U.S. Treasury Notes, 0.25%, 4/15/23 | 3,953,437 |
7,000,000 | U.S. Treasury Notes, 2.38%, 8/15/24 | 6,756,641 |
9,000,000 | U.S. Treasury Notes, 3.00%, 9/30/25 | 8,706,797 |
8,200,000 | U.S. Treasury Notes, 1.63%, 5/15/26 | 7,555,852 |
7,400,000 | U.S. Treasury Notes, 0.63%, 11/30/27 | 6,295,203 |
10,000,000 | U.S. Treasury Notes, 1.50%, 2/15/30 | 8,544,531 |
1,750,000 | U.S. Treasury Notes, 1.13%, 2/15/31 | 1,430,830 |
1,125,000 | U.S. Treasury Notes, 2.75%, 8/15/32 | 1,028,145 |
TOTAL U.S. TREASURY OBLIGATIONS (Cost $83,450,851) | 76,446,281 |
Shares | Value | |
SHORT-TERM INVESTMENTS 6.7% | ||
MONEY MARKET FUNDS 6.7% | ||
60,808,814 | State Street Institutional U.S. Government Money Market Fund, Premier Class, 4.12%(5) | 60,808,814 |
2,368,128 | State Street Navigator Securities Lending Government Money Market Portfolio(6) | 2,368,128 |
63,176,942 | ||
TOTAL SHORT-TERM INVESTMENTS (Cost $63,176,942) | 63,176,942 | |
TOTAL INVESTMENTS IN SECURITIES 104.1% (Cost $800,479,136) | $985,863,353 | |
EXCESS OF LIABILITIES OVER CASH AND OTHER ASSETS (4.1)% | (38,374,757) | |
NET ASSETS 100.0% | $947,488,596 |
(1) | Non-income producing. |
(2) | A portion or all of the security was held on loan. As of December 31, 2022, the market value of the securities on loan was $7,716,870. |
(3) | Floating or variable rate security. The rate disclosed is the rate in effect as of December 31, 2022. The information in parentheses represents the benchmark and reference rate for each relevant security and the rate adjusts based upon the reference rate and spread. The security may be further subject to interest rate floor and caps. For securities which do not indicate a reference rate and spread in their descriptions, the interest rate adjusts periodically based on current interest rates and, for mortgage-backed securities, prepayments in the underlying pool of assets. |
(4) | Pursuant to Rule 144A under the Securities Act of 1933, this security can only be sold to qualified institutional investors. |
(5) | Rate reflects 7 day yield as of December 31, 2022. |
(6) | Securities with an aggregate market value of $7,716,870 were out on loan in exchange for collateral including $2,368,128 of cash collateral as of December 31, 2022. The collateral was invested in a cash collateral reinvestment vehicle. |
FHLMC | Federal Home Loan Mortgage Corp. |
FNMA | Federal National Mortgage Association. |
FREMF | Freddie Mac Multifamily. |
GNMA | Government National Mortgage Association. |
LIBOR | London Interbank Offered Rate. |
MTN | Medium Term Note. |
REITs | Real Estate Investment Trusts. |
REMIC | Real Estate Mortgage Investment Conduit. |
SOFR | Secured Overnight Financing Rate. |
ST AID WITHHLDG | State Aid Withholding. |
TBA | To Be Announced. |
UMBS | Uniform Mortgage-Backed Securities |
Investments in Securities: | Level 1 | Level 2 | Level 3 | Total |
Assets | ||||
Common Stocks* | $639,720,093 | $— | $— | $639,720,093 |
Commercial Mortgage-Backed Securities | — | 16,670,432 | — | 16,670,432 |
Corporate Bonds & Notes* | — | 106,520,844 | — | 106,520,844 |
Long-Term Municipal Securities* | — | 5,829,507 | — | 5,829,507 |
Residential Mortgage-Backed Securities | — | 77,499,254 | — | 77,499,254 |
U.S. Treasury Obligations | — | 76,446,281 | — | 76,446,281 |
Short-Term Investments | 63,176,942 | — | — | 63,176,942 |
Total Investments in Securities | $702,897,035 | $282,966,318 | $— | $985,863,353 |
* | See Schedule of Investments for further breakdown by category. |
Portfolio Highlights at December 31, 2022 (unaudited)
Ten Largest Holdings* | |||
Issue | Shares | Value | Percentage of Net Assets |
Pioneer Natural Resources Co. | 46,000 | $10,505,940 | 2.9% |
Diamondback Energy, Inc. | 76,000 | 10,395,280 | 2.9% |
Alphabet, Inc. | 108,000 | 9,528,840 | 2.7% |
Devon Energy Corp. | 150,000 | 9,226,500 | 2.6% |
Exelixis, Inc. | 500,000 | 8,020,000 | 2.2% |
Uber Technologies, Inc. | 320,000 | 7,913,600 | 2.2% |
Bank of America Corp. | 235,000 | 7,783,200 | 2.2% |
Visa, Inc. | 36,000 | 7,479,360 | 2.1% |
Microsoft Corp. | 31,000 | 7,434,420 | 2.1% |
Apple, Inc. | 56,000 | 7,276,080 | 2.0% |
Asset Allocation — Percentage of Net Assets |
Common Stock Sectors — Percentage of Common Stocks* |
Bonds & Notes Sectors — Percentage of All Bonds & Notes* |
* | Excludes short-term investments, if any. |
Portfolio Highlights at December 31, 2022 (unaudited) (continued)
Comparison of a Change in Value of a $10,000 Investment in the Value Line Capital Appreciation Fund, Inc., the S&P 500® Index and the 60/40 S&P 500® Index/Bloomberg US Aggregate Bond Index**
Portfolio Highlights at December 31, 2022 (unaudited) (continued)
1 Yr | 5 Yrs | 10 Yrs | ||
Investor Class | ||||
Value Line Capital Appreciation Fund, Inc. | (29.83%) | 4.11% | 7.40% | |
60/40 S&P 500® Index/Bloomberg US Aggregate Bond Index*** | (16.07%) | 5.66% | 7.96% | |
S&P 500® Index**** | (18.11%) | 9.42% | 12.56% | |
1 Yr | 5 Yrs | Since Inception 11/2/2015 | ||
Institutional Class | ||||
Value Line Capital Appreciation Fund, Inc. | (29.74%) | 4.35% | 6.15% | |
60/40 S&P 500® Index/Bloomberg US Aggregate Bond Index*** | (16.07%) | 5.66% | 6.92% | |
S&P 500® Index**** | (18.11%) | 9.42% | 11.00% |
Shares | Value | |
COMMON STOCKS 83.0% | ||
COMMUNICATION SERVICES 9.6% | ||
INTERNET 8.6% | ||
108,000 | Alphabet, Inc. Class A(1) | $ 9,528,840 |
120,000 | Match Group, Inc.(1) | 4,978,800 |
60,000 | Meta Platforms, Inc. Class A(1) | 7,220,400 |
17,000 | Netflix, Inc.(1) | 5,012,960 |
48,000 | Roku, Inc.(1) | 1,953,600 |
250,000 | Snap, Inc. Class A(1) | 2,237,500 |
30,932,100 | ||
MEDIA 1.0% | ||
42,000 | Walt Disney Co.(1) | 3,648,960 |
34,581,060 | ||
CONSUMER DISCRETIONARY 13.0% | ||
APPAREL 1.0% | ||
32,000 | NIKE, Inc. Class B | 3,744,320 |
AUTO MANUFACTURERS 0.9% | ||
27,500 | Tesla, Inc.(1) | 3,387,450 |
ENTERTAINMENT 1.3% | ||
185,000 | DraftKings, Inc. Class A(1)(2) | 2,107,150 |
10,000 | Vail Resorts, Inc. | 2,383,500 |
4,490,650 | ||
INTERNET 4.2% | ||
33,000 | Alibaba Group Holding Ltd. ADR(1) | 2,906,970 |
80,000 | Amazon.com, Inc.(1) | 6,720,000 |
2,600 | Booking Holdings, Inc.(1) | 5,239,728 |
14,866,698 | ||
LEISURE TIME 0.5% | ||
235,000 | Peloton Interactive, Inc. Class A(1)(2) | 1,865,900 |
LODGING 0.9% | ||
25,000 | Hilton Worldwide Holdings, Inc. | 3,159,000 |
RETAIL 4.2% | ||
10,000 | Home Depot, Inc. | 3,158,600 |
12,000 | Lululemon Athletica, Inc.(1) | 3,844,560 |
40,000 | Starbucks Corp. | 3,968,000 |
9,000 | Ulta Beauty, Inc.(1) | 4,221,630 |
15,192,790 | ||
46,706,808 | ||
CONSUMER STAPLES 2.3% | ||
BEVERAGES 0.7% | ||
10,000 | Constellation Brands, Inc. Class A | 2,317,500 |
COSMETICS/PERSONAL CARE 1.6% | ||
23,500 | Estee Lauder Cos., Inc. Class A | 5,830,585 |
8,148,085 | ||
ENERGY 8.4% | ||
OIL & GAS 8.4% | ||
150,000 | Devon Energy Corp. | 9,226,500 |
76,000 | Diamondback Energy, Inc. | 10,395,280 |
46,000 | Pioneer Natural Resources Co. | 10,505,940 |
30,127,720 |
Shares | Value | |
COMMON STOCKS 83.0% (continued) | ||
FINANCIALS 9.5% | ||
BANKS 6.4% | ||
235,000 | Bank of America Corp. | $ 7,783,200 |
58,000 | Citigroup, Inc. | 2,623,340 |
15,000 | Goldman Sachs Group, Inc. | 5,150,700 |
54,000 | JPMorgan Chase & Co. | 7,241,400 |
22,798,640 | ||
DIVERSIFIED FINANCIALS 2.3% | ||
45,000 | Blackstone, Inc. | 3,338,550 |
47,000 | Coinbase Global, Inc. Class A(1)(2) | 1,663,330 |
46,000 | Interactive Brokers Group, Inc. Class A | 3,328,100 |
8,329,980 | ||
INTERNET 0.8% | ||
340,000 | Robinhood Markets, Inc. Class A(1) | 2,767,600 |
33,896,220 | ||
HEALTHCARE 12.4% | ||
BIOTECHNOLOGY 6.3% | ||
43,000 | BioMarin Pharmaceutical, Inc.(1) | 4,450,070 |
500,000 | Exelixis, Inc.(1) | 8,020,000 |
75,000 | Guardant Health, Inc.(1) | 2,040,000 |
195,000 | Intercept Pharmaceuticals, Inc.(1) | 2,412,150 |
20,000 | Vertex Pharmaceuticals, Inc.(1) | 5,775,600 |
22,697,820 | ||
HEALTHCARE PRODUCTS 2.8% | ||
140,000 | Exact Sciences Corp.(1) | 6,931,400 |
10,000 | Insulet Corp.(1) | 2,943,900 |
9,875,300 | ||
PHARMACEUTICALS 3.3% | ||
46,000 | DexCom, Inc.(1) | 5,209,040 |
170,000 | Revance Therapeutics, Inc.(1) | 3,138,200 |
25,000 | Zoetis, Inc. | 3,663,750 |
12,010,990 | ||
44,584,110 | ||
INDUSTRIALS 4.3% | ||
AIRLINES 1.0% | ||
108,000 | Delta Air Lines, Inc.(1) | 3,548,880 |
ELECTRICAL EQUIPMENT 0.6% | ||
20,000 | Generac Holdings, Inc.(1) | 2,013,200 |
INTERNET 2.7% | ||
180,000 | Lyft, Inc. Class A(1) | 1,983,600 |
320,000 | Uber Technologies, Inc.(1) | 7,913,600 |
9,897,200 | ||
15,459,280 | ||
INFORMATION TECHNOLOGY 23.5% | ||
COMMERCIAL SERVICES 1.6% | ||
80,000 | PayPal Holdings, Inc.(1) | 5,697,600 |
COMPUTERS 2.7% | ||
56,000 | Apple, Inc. | 7,276,080 |
24,000 | Crowdstrike Holdings, Inc. Class A(1) | 2,526,960 |
9,803,040 |
Shares | Value | |
COMMON STOCKS 83.0% (continued) | ||
INFORMATION TECHNOLOGY 23.5% (continued) | ||
DIVERSIFIED FINANCIALS 3.2% | ||
12,000 | MasterCard, Inc. Class A | $ 4,172,760 |
36,000 | Visa, Inc. Class A | 7,479,360 |
11,652,120 | ||
INTERNET 1.6% | ||
55,000 | Okta, Inc.(1) | 3,758,150 |
54,000 | Shopify, Inc. Class A(1) | 1,874,340 |
5,632,490 | ||
SEMICONDUCTORS 6.3% | ||
80,000 | Advanced Micro Devices, Inc.(1) | 5,181,600 |
5,000 | Broadcom, Inc. | 2,795,650 |
42,000 | Micron Technology, Inc. | 2,099,160 |
27,000 | NVIDIA Corp. | 3,945,780 |
20,000 | NXP Semiconductors NV | 3,160,600 |
50,000 | QUALCOMM, Inc. | 5,497,000 |
22,679,790 | ||
SOFTWARE 8.1% | ||
9,000 | Intuit, Inc. | 3,502,980 |
31,000 | Microsoft Corp. | 7,434,420 |
29,000 | Salesforce, Inc.(1) | 3,845,110 |
8,500 | ServiceNow, Inc.(1) | 3,300,295 |
44,000 | Splunk, Inc.(1) | 3,787,960 |
45,000 | Twilio, Inc. Class A(1) | 2,203,200 |
29,000 | Workday, Inc. Class A(1) | 4,852,570 |
28,926,535 | ||
84,391,575 | ||
TOTAL COMMON STOCKS (Cost $317,559,051) | 297,894,858 |
Principal Amount | Value | |
COMMERCIAL MORTGAGE-BACKED SECURITIES 0.6% | ||
100,000 | COMM Mortgage Trust, Series 2014-UBS2, Class AM, 4.20%, 3/10/47 | 97,032 |
350,000 | FHLMC Multifamily Structured Pass-Through Certificates, Series K052, Class A2, 3.15%, 11/25/25 | 336,537 |
250,000 | FHLMC Multifamily Structured Pass-Through Certificates, Series K055, Class A2, 2.67%, 3/25/26 | 236,152 |
255,000 | FHLMC Multifamily Structured Pass-Through Certificates, Series K064, Class A2, 3.22%, 3/25/27 | 242,994 |
250,000 | FHLMC Multifamily Structured Pass-Through Certificates, Series K074, Class A2, 3.60%, 1/25/28 | 241,037 |
250,000 | FHLMC Multifamily Structured Pass-Through Certificates, Series K084, Class A2, 3.78%, 10/25/28(3) | 240,558 |
536,033 | FHLMC Multifamily Structured Pass-Through Certificates, Series K728, Class A2, 3.06%, 8/25/24(3) | 521,412 |
76,138 | GNMA, Series 2013-12, Class AB, 1.83%, 11/16/52 | 71,507 |
Principal Amount | Value | |
COMMERCIAL MORTGAGE-BACKED SECURITIES 0.6% (continued) | ||
$ 116,491 | GNMA, Series 2013-12, Class B, 2.06%, 11/16/52(3) | $ 110,087 |
2,587 | Wells Fargo Commercial Mortgage Trust, Series 2015-NXS1, Class A2, 2.63%, 5/15/48 | 2,582 |
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $2,309,109) | 2,099,898 | |
CORPORATE BONDS & NOTES 4.1% | ||
BASIC MATERIALS 0.1% | ||
IRON/STEEL 0.0% | ||
190,000 | Steel Dynamics, Inc., Senior Unsecured Notes, 3.25%, 1/15/31 | 162,739 |
MINING 0.1% | ||
190,000 | Freeport-McMoRan, Inc., Guaranteed Notes, 4.63%, 8/1/30 | 177,010 |
339,749 | ||
COMMUNICATIONS 0.4% | ||
INTERNET 0.1% | ||
175,000 | Expedia Group, Inc., Guaranteed Notes, 3.25%, 2/15/30 | 148,823 |
175,000 | Netflix, Inc., Senior Unsecured Notes, 4.88%, 4/15/28 | 168,978 |
317,801 | ||
MEDIA 0.1% | ||
175,000 | Charter Communications Operating LLC/Charter Communications Operating Capital, Senior Secured Notes, 4.91%, 7/23/25 | 171,657 |
175,000 | Comcast Corp., Guaranteed Notes, 3.95%, 10/15/25 | 171,532 |
200,000 | Discovery Communications LLC, Guaranteed Notes, 4.90%, 3/11/26 | 193,997 |
537,186 | ||
TELECOMMUNICATIONS 0.2% | ||
200,000 | AT&T, Inc., Senior Unsecured Notes, 2.55%, 12/1/33 | 154,299 |
200,000 | Motorola Solutions, Inc., Senior Unsecured Notes, 4.60%, 5/23/29 | 190,805 |
175,000 | T-Mobile USA, Inc., Guaranteed Notes, 3.50%, 4/15/31 | 151,058 |
175,000 | Vodafone Group PLC, Senior Unsecured Notes, 4.25%, 9/17/50 | 134,243 |
630,405 | ||
1,485,392 | ||
CONSUMER, CYCLICAL 0.5% | ||
AUTO MANUFACTURERS 0.1% | ||
200,000 | Cummins, Inc., Senior Unsecured Notes, 1.50%, 9/1/30 | 157,251 |
195,000 | Ford Motor Credit Co. LLC, Senior Unsecured Notes, 3.38%, 11/13/25 | 176,283 |
200,000 | General Motors Financial Co., Inc., Senior Unsecured Notes, 5.00%, 4/9/27 | 194,068 |
527,602 | ||
HOME BUILDERS 0.1% | ||
187,000 | PulteGroup, Inc., Guaranteed Notes, 5.00%, 1/15/27(2) | 185,099 |
Principal Amount | Value | |
CORPORATE BONDS & NOTES 4.1% (continued) | ||
CONSUMER, CYCLICAL 0.5% (continued) | ||
LODGING 0.1% | ||
$ 190,000 | Marriott International, Inc., Senior Unsecured Notes, 5.00%, 10/15/27 | $ 187,772 |
RETAIL 0.2% | ||
175,000 | AutoZone, Inc., Senior Unsecured Notes, 3.75%, 6/1/27 | 167,124 |
200,000 | Costco Wholesale Corp., Senior Unsecured Notes, 1.75%, 4/20/32(2) | 158,896 |
175,000 | Dollar General Corp., Senior Unsecured Notes, 3.50%, 4/3/30 | 157,643 |
200,000 | McDonald's Corp., Senior Unsecured Notes, 4.60%, 9/9/32(2) | 196,266 |
200,000 | O'Reilly Automotive, Inc., Senior Unsecured Notes, 3.60%, 9/1/27(2) | 188,434 |
868,363 | ||
1,768,836 | ||
CONSUMER, NON-CYCLICAL 0.8% | ||
BEVERAGES 0.2% | ||
200,000 | Anheuser-Busch InBev Worldwide, Inc., Guaranteed Notes, 4.90%, 1/23/31(2) | 200,685 |
190,000 | Constellation Brands, Inc., Guaranteed Notes, 5.25%, 11/15/48 | 179,227 |
175,000 | Diageo Capital PLC, Guaranteed Notes, 2.00%, 4/29/30 | 144,162 |
524,074 | ||
BIOTECHNOLOGY 0.0% | ||
175,000 | Regeneron Pharmaceuticals, Inc., Senior Unsecured Notes, 1.75%, 9/15/30 | 135,964 |
COMMERCIAL SERVICES 0.1% | ||
200,000 | PayPal Holdings, Inc., Senior Unsecured Notes, 2.65%, 10/1/26 | 184,772 |
HEALTHCARE PRODUCTS 0.0% | ||
190,000 | Baxter International, Inc., Senior Unsecured Notes, 1.73%, 4/1/31(2) | 145,501 |
HEALTHCARE SERVICES 0.1% | ||
200,000 | HCA, Inc., Guaranteed Notes, 5.38%, 2/1/25 | 199,909 |
200,000 | Laboratory Corp. of America Holdings, Senior Unsecured Notes, 2.95%, 12/1/29 | 172,670 |
372,579 | ||
PHARMACEUTICALS 0.4% | ||
190,000 | AbbVie, Inc., Senior Unsecured Notes, 2.95%, 11/21/26 | 176,910 |
200,000 | AstraZeneca PLC, Senior Unsecured Notes, 1.38%, 8/6/30 | 158,506 |
200,000 | Becton Dickinson and Co., Senior Unsecured Notes, 3.70%, 6/6/27(2) | 189,420 |
200,000 | CVS Health Corp., Senior Unsecured Notes, 1.75%, 8/21/30 | 158,122 |
175,000 | Merck & Co., Inc., Senior Unsecured Notes, 3.90%, 3/7/39 | 154,432 |
190,000 | Novartis Capital Corp., Guaranteed Notes, 2.75%, 8/14/50 | 132,973 |
190,000 | Takeda Pharmaceutical Co. Ltd., Senior Unsecured Notes, 3.03%, 7/9/40 | 140,252 |
Principal Amount | Value | |
CORPORATE BONDS & NOTES 4.1% (continued) | ||
CONSUMER, NON-CYCLICAL 0.8% (continued) | ||
PHARMACEUTICALS 0.4% (continued) | ||
$ 175,000 | Teva Pharmaceutical Finance Netherlands III BV, Guaranteed Notes, 3.15%, 10/1/26 | $ 153,038 |
200,000 | Utah Acquisition Sub, Inc., Guaranteed Notes, 3.95%, 6/15/26 | 187,194 |
1,450,847 | ||
2,813,737 | ||
ENERGY 0.4% | ||
OIL & GAS 0.2% | ||
175,000 | Canadian Natural Resources Ltd., Senior Unsecured Notes, 2.05%, 7/15/25 | 162,945 |
185,000 | EOG Resources, Inc., Senior Unsecured Notes, 4.38%, 4/15/30 | 179,601 |
190,000 | Hess Corp., Senior Unsecured Notes, 4.30%, 4/1/27 | 181,738 |
175,000 | Occidental Petroleum Corp., Senior Unsecured Notes, 5.50%, 12/1/25 | 174,407 |
698,691 | ||
PIPELINES 0.2% | ||
175,000 | Boardwalk Pipelines LP, Guaranteed Notes, 4.95%, 12/15/24 | 172,975 |
200,000 | Enbridge, Inc., Guaranteed Notes, 2.50%, 8/1/33(2) | 154,687 |
185,000 | Enterprise Products Operating LLC, Guaranteed Notes, 4.85%, 8/15/42 | 164,350 |
175,000 | Targa Resources Corp., Guaranteed Notes, 5.20%, 7/1/27 | 171,775 |
200,000 | TransCanada PipeLines Ltd., Senior Unsecured Notes, 4.25%, 5/15/28 | 189,723 |
853,510 | ||
1,552,201 | ||
FINANCIAL 1.4% | ||
BANKS 0.5% | ||
180,000 | Citigroup, Inc., Senior Unsecured Notes, (3-month LIBOR + 0.90%), 3.35%, 4/24/25(3) | 174,401 |
185,000 | Citigroup, Inc., Subordinated Notes, 5.30%, 5/6/44 | 167,588 |
200,000 | Goldman Sachs Group, Inc., Senior Unsecured Notes, 3.75%, 2/25/26 | 192,598 |
175,000 | JPMorgan Chase & Co., Senior Unsecured Notes, (3-month LIBOR + 1.38%), 3.96%, 11/15/48(3) | 136,815 |
175,000 | KeyCorp, Senior Unsecured Notes, 2.55%, 10/1/29 | 147,606 |
225,000 | Lloyds Banking Group PLC, Senior Unsecured Notes, 3.90%, 3/12/24 | 220,912 |
150,000 | Morgan Stanley, Series F, Senior Unsecured Notes, 3.88%, 4/29/24 | 147,723 |
200,000 | Northern Trust Corp., Senior Unsecured Notes, 1.95%, 5/1/30(2) | 164,805 |
200,000 | PNC Financial Services Group, Inc. (The), Senior Unsecured Notes, (SOFR + 0.98%), 2.31%, 4/23/32(3) | 162,327 |
Principal Amount | Value | |
CORPORATE BONDS & NOTES 4.1% (continued) | ||
FINANCIAL 1.4% (continued) | ||
BANKS 0.5% (continued) | ||
$ 200,000 | Wells Fargo & Co., Senior Unsecured Notes, (SOFR + 1.32%), 5.24%, 4/25/26(3) | $ 199,382 |
1,714,157 | ||
DIVERSIFIED FINANCIALS 0.4% | ||
175,000 | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Guaranteed Notes, 1.75%, 1/30/26 | 154,156 |
200,000 | Air Lease Corp., Senior Unsecured Notes, 3.63%, 4/1/27 | 182,506 |
175,000 | Ally Financial, Inc., Senior Unsecured Notes, 4.75%, 6/9/27 | 164,264 |
200,000 | American Express Co., Senior Unsecured Notes, (SOFR + 0.72%), 4.79%, 5/3/24(3) | 199,784 |
200,000 | Charles Schwab Corp., Senior Unsecured Notes, (SOFR + 1.05%), 5.30%, 3/3/27(2)(3) | 194,691 |
185,000 | Discover Financial Services, Senior Unsecured Notes, 3.95%, 11/6/24 | 180,185 |
200,000 | Synchrony Financial, Senior Unsecured Notes, 4.25%, 8/15/24 | 195,491 |
175,000 | Visa, Inc., Senior Unsecured Notes, 2.05%, 4/15/30 | 148,246 |
1,419,323 | ||
INSURANCE 0.1% | ||
175,000 | CNA Financial Corp., Senior Unsecured Notes, 3.95%, 5/15/24 | 171,984 |
200,000 | Prudential Financial, Inc., Junior Subordinated Notes, (3-month LIBOR + 2.67%), 5.70%, 9/15/48(3) | 191,000 |
362,984 | ||
REITS 0.4% | ||
200,000 | AvalonBay Communities, Inc., Senior Unsecured Notes, 2.45%, 1/15/31 | 165,915 |
175,000 | Crown Castle, Inc., Senior Unsecured Notes, 3.80%, 2/15/28 | 162,759 |
200,000 | Digital Realty Trust LP, Guaranteed Notes, 3.60%, 7/1/29(2) | 179,080 |
200,000 | Equinix, Inc., Senior Unsecured Notes, 2.50%, 5/15/31 | 161,231 |
200,000 | Kimco Realty Corp., Senior Unsecured Notes, 2.25%, 12/1/31 | 154,090 |
200,000 | Life Storage LP, Guaranteed Notes, 2.20%, 10/15/30 | 155,858 |
200,000 | Prologis LP, Senior Unsecured Notes, 2.25%, 4/15/30 | 167,118 |
175,000 | Sabra Health Care LP, Guaranteed Notes, 3.90%, 10/15/29 | 146,789 |
175,000 | Welltower, Inc., Senior Unsecured Notes, 4.25%, 4/15/28 | 164,271 |
1,457,111 | ||
4,953,575 | ||
INDUSTRIAL 0.3% | ||
AEROSPACE/DEFENSE 0.0% | ||
175,000 | Raytheon Technologies Corp., Senior Unsecured Notes, 4.13%, 11/16/28 | 167,833 |
Principal Amount | Value | |
CORPORATE BONDS & NOTES 4.1% (continued) | ||
INDUSTRIAL 0.3% (continued) | ||
BUILDING MATERIALS 0.1% | ||
$ 200,000 | Vulcan Materials Co., Senior Unsecured Notes, 3.50%, 6/1/30(2) | $ 176,947 |
ELECTRONICS 0.1% | ||
200,000 | Flex Ltd., Senior Unsecured Notes, 4.75%, 6/15/25 | 196,570 |
MACHINERY - DIVERSIFIED 0.0% | ||
175,000 | John Deere Capital Corp., Senior Unsecured Notes, 2.45%, 1/9/30 | 151,195 |
TRANSPORTATION 0.1% | ||
175,000 | CSX Corp., Senior Unsecured Notes, 3.35%, 9/15/49 | 126,884 |
200,000 | Union Pacific Corp., Senior Unsecured Notes, 3.25%, 2/5/50 | 145,499 |
272,383 | ||
964,928 | ||
TECHNOLOGY 0.2% | ||
COMPUTERS 0.1% | ||
190,000 | Dell International LLC / EMC Corp., Senior Unsecured Notes, 4.90%, 10/1/26 | 187,283 |
SEMICONDUCTORS 0.0% | ||
175,000 | Analog Devices, Inc., Senior Unsecured Notes, 2.80%, 10/1/41(2) | 129,045 |
SOFTWARE 0.1% | ||
175,000 | Adobe, Inc., Senior Unsecured Notes, 2.30%, 2/1/30 | 149,647 |
175,000 | Electronic Arts, Inc., Senior Unsecured Notes, 4.80%, 3/1/26 | 174,606 |
324,253 | ||
640,581 | ||
UTILITIES 0.0% | ||
ELECTRIC 0.0% | ||
175,000 | Duke Energy Corp., Senior Unsecured Notes, 4.50%, 8/15/32 | 164,970 |
TOTAL CORPORATE BONDS & NOTES (Cost $16,655,039) | 14,683,969 | |
LONG-TERM MUNICIPAL SECURITIES 0.2% | ||
CALIFORNIA 0.0% | ||
100,000 | San Marcos California Unified School District, Refunding Revenue Bonds, 3.17%, 8/1/38 | 76,771 |
MASSACHUSETTS 0.1% | ||
275,000 | Massachusetts Water Resources Authority, Green Bonds, Refunding Revenue Bonds, Series F, 3.10%, 8/1/39 | 210,797 |
TEXAS 0.1% | ||
175,000 | City of Houston TX Combined Utility System Revenue, Refunding Revenue Bonds, Series D, 1.97%, 11/15/34 | 126,604 |
250,000 | Tarrant County Cultural Education Facilities Finance Corp., Revenue Bonds, Baylor Health Care System Project, Series C, 4.45%, 11/15/43 | 217,896 |
344,500 | ||
TOTAL LONG-TERM MUNICIPAL SECURITIES (Cost $820,277) | 632,068 |
Principal Amount | Value | |
RESIDENTIAL MORTGAGE-BACKED SECURITIES 3.3% | ||
$ 76,453 | FHLMC, Series 4151, Class PA, 2.00%, 1/15/33 | $ 70,585 |
6,840 | FHLMC Gold PC Pool #A47613, 5.00%, 11/1/35 | 6,974 |
86,863 | FHLMC Gold Pool #C09027, 3.00%, 2/1/43 | 79,250 |
856,495 | FHLMC Pool #QD2419, 3.00%, 12/1/51 | 763,790 |
189,934 | FHLMC Pool #RA6817, 2.50%, 2/1/52 | 161,375 |
462,884 | FHLMC Pool #SD8093, 3.50%, 9/1/50 | 424,139 |
1,130,927 | FHLMC Pool #SD8108, 3.00%, 11/1/50 | 996,844 |
332 | FNMA Pool #AH3226, 5.00%, 2/1/41 | 336 |
112,153 | FNMA Pool #AL0657, 5.00%, 8/1/41 | 113,666 |
97,404 | FNMA Pool #AQ1853, 3.00%, 11/1/42 | 88,766 |
113,681 | FNMA Pool #AU5409, 3.00%, 8/1/43 | 102,749 |
572,288 | FNMA Pool #CA5540, 3.00%, 4/1/50 | 508,803 |
162,300 | FNMA Pool #FM2202, 4.00%, 12/1/48 | 154,949 |
366,304 | FNMA Pool #FM4140, 2.50%, 9/1/50 | 314,555 |
124,930 | FNMA Pool #FM9760, 3.50%, 11/1/51 | 113,893 |
151,431 | FNMA Pool #FM9834, 3.50%, 6/1/49 | 139,804 |
192,857 | FNMA Pool #MA4222, 3.50%, 12/1/50 | 176,862 |
42,103 | FNMA REMIC Trust Series 2013-18, Series 2013-18, Class AE, 2.00%, 3/25/28 | 39,760 |
1,750,000 | FNMA UMBS TBA, 4.00%, 1/15/53 | 1,643,020 |
1,000,000 | FNMA UMBS TBA, 4.50%, 1/15/53 | 963,281 |
2,700,000 | FNMA UMBS TBA, 5.50%, 1/15/53 | 2,708,632 |
1,389,174 | GNMA, Series 2021-98, Class 2021-IG, IO, 3.00%, 6/20/51 | 208,620 |
53,934 | GNMA II Pool #MA1521, 3.50%, 12/20/43 | 50,764 |
94,692 | GNMA II Pool #MA1839, 4.00%, 4/20/44 | 91,257 |
103,798 | GNMA II Pool #MA4836, 3.00%, 11/20/47 | 94,038 |
250,873 | GNMA II Pool #MA7054, 3.50%, 12/20/50 | 232,941 |
1,941,245 | GNMA II Pool #MA7651, 3.50%, 10/20/51 | 1,786,384 |
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES (Cost $13,180,369) | 12,036,037 | |
U.S. TREASURY OBLIGATIONS 2.9% | ||
1,200,000 | U.S. Treasury Bonds, 2.75%, 8/15/42 | 971,625 |
1,000,000 | U.S. Treasury Bonds, 3.00%, 2/15/48 | 826,602 |
1,438,000 | U.S. Treasury Bonds, 2.25%, 8/15/49 | 1,020,250 |
450,000 | U.S. Treasury Bonds, 2.88%, 5/15/52 | 363,937 |
500,000 | U.S. Treasury Notes, 2.25%, 11/15/24 | 480,469 |
1,450,000 | U.S. Treasury Notes, 0.50%, 3/31/25 | 1,332,754 |
750,000 | U.S. Treasury Notes, 3.00%, 9/30/25 | 725,566 |
1,000,000 | U.S. Treasury Notes, 0.63%, 3/31/27 | 869,102 |
912,000 | U.S. Treasury Notes, 2.25%, 8/15/27 | 844,989 |
1,000,000 | U.S. Treasury Notes, 1.25%, 3/31/28 | 870,859 |
750,000 | U.S. Treasury Notes, 1.63%, 8/15/29 | 652,412 |
600,000 | U.S. Treasury Notes, 1.50%, 2/15/30 | 512,672 |
750,000 | U.S. Treasury Notes, 1.13%, 2/15/31 | 613,213 |
250,000 | U.S. Treasury Notes, 2.75%, 8/15/32 | 228,477 |
TOTAL U.S. TREASURY OBLIGATIONS (Cost $11,865,648) | 10,312,927 |
Shares | Value | |
SHORT-TERM INVESTMENTS 7.8% | ||
MONEY MARKET FUNDS 7.8% | ||
25,179,184 | State Street Institutional U.S. Government Money Market Fund, Premier Class, 4.12%(4) | $ 25,179,184 |
2,850,557 | State Street Navigator Securities Lending Government Money Market Portfolio(5) | 2,850,557 |
28,029,741 | ||
TOTAL SHORT-TERM INVESTMENTS (Cost $28,029,741) | 28,029,741 | |
TOTAL INVESTMENTS IN SECURITIES 101.9% (Cost $390,419,234) | $365,689,498 | |
EXCESS OF LIABILITIES OVER CASH AND OTHER ASSETS (1.9)% | (6,981,364) | |
NET ASSETS 100.0% | $358,708,134 |
(1) | Non-income producing. |
(2) | A portion or all of the security was held on loan. As of December 31, 2022, the market value of the securities on loan was $5,850,857. |
(3) | Floating or variable rate security. The rate disclosed is the rate in effect as of December 31, 2022. The information in parentheses represents the benchmark and reference rate for each relevant security and the rate adjusts based upon the reference rate and spread. The security may be further subject to interest rate floor and caps. For securities which do not indicate a reference rate and spread in their descriptions, the interest rate adjusts periodically based on current interest rates and, for mortgage-backed securities, prepayments in the underlying pool of assets. |
(4) | Rate reflects 7 day yield as of December 31, 2022. |
(5) | Securities with an aggregate market value of $5,850,857 were out on loan in exchange for collateral including $2,850,557 of cash collateral as of December 31, 2022. The collateral was invested in a cash collateral reinvestment vehicle. |
ADR | American Depositary Receipt. |
FHLMC | Federal Home Loan Mortgage Corp. |
FNMA | Federal National Mortgage Association. |
GNMA | Government National Mortgage Association. |
LIBOR | London Interbank Offered Rate. |
REMIC | Real Estate Mortgage Investment Conduit. |
SOFR | Secured Overnight Financing Rate. |
TBA | To Be Announced. |
UMBS | Uniform Mortgage-Backed Securities |
Investments in Securities: | Level 1 | Level 2 | Level 3 | Total |
Assets | ||||
Common Stocks* | $297,894,858 | $— | $— | $297,894,858 |
Commercial Mortgage-Backed Securities | — | 2,099,898 | — | 2,099,898 |
Corporate Bonds & Notes* | — | 14,683,969 | — | 14,683,969 |
Long-Term Municipal Securities* | — | 632,068 | — | 632,068 |
Residential Mortgage-Backed Securities | — | 12,036,037 | — | 12,036,037 |
U.S. Treasury Obligations | — | 10,312,927 | — | 10,312,927 |
Short-Term Investments | 28,029,741 | — | — | 28,029,741 |
Total Investments in Securities | $325,924,599 | $39,764,899 | $— | $365,689,498 |
* | See Schedule of Investments for further breakdown by category. |
Portfolio Highlights at December 31, 2022 (unaudited)
Ten Largest Holdings* | |||
Issue | Principal Amount | Value | Percentage of Net Assets |
FNMA UMBS TBA, 5.50%, 1/15/53 | 2,100,000 | $2,106,713 | 5.2% |
FNMA UMBS TBA, 4.50%, 1/15/53 | 1,670,000 | 1,608,680 | 3.9% |
U.S. Treasury Bonds, 2.25%, 8/15/49 | 2,056,000 | 1,458,716 | 3.6% |
FNMA Pool #FM9834, 3.50%, 6/1/49 | 1,173,589 | 1,083,483 | 2.7% |
U.S. Treasury Notes, 2.25%, 11/15/24 | 1,085,000 | 1,042,617 | 2.6% |
FNMA UMBS TBA, 4.00%, 1/15/53 | 1,065,000 | 999,895 | 2.5% |
U.S. Treasury Bonds, 3.00%, 2/15/48 | 964,000 | 796,844 | 2.0% |
U.S. Treasury Notes, 2.75%, 2/15/28 | 790,000 | 744,143 | 1.8% |
FNMA Pool #CB0856, 3.00%, 6/1/51 | 731,417 | 643,680 | 1.6% |
U.S. Treasury Bonds, 3.50%, 2/15/39 | 650,000 | 614,301 | 1.5% |
Asset Allocation — Percentage of Net Assets |
Sector Weightings — Percentage of Total Investments In Securities* |
* | Excludes short-term investments, if any. |
Portfolio Highlights at December 31, 2022 (unaudited) (continued)
Percentage of Total Investments In Securities* | |
Less than 4% | 66.1% |
4 - 4.99% | 22.8% |
5 - 5.99% | 10.7% |
6 - 6.99% | 0.4% |
Total | 100.0% |
* | Excludes short-term investments, if any. |
Comparison of a Change in Value of a $10,000 Investment in the Value Line Core Bond Fund and the Bloomberg US Aggregate Bond Index***
Portfolio Highlights at December 31, 2022 (unaudited) (continued)
1 Yr | 5 Yrs | 10 Yrs | |
Value Line Core Bond Fund | (12.58%) | (0.64%) | 0.38% |
Bloomberg US Aggregate Bond Index*** | (13.01%) | 0.02% | 1.06% |
Principal Amount | Value | |
COMMERCIAL MORTGAGE-BACKED SECURITIES 5.1% | ||
$ 150,000 | COMM Mortgage Trust, Series 2014-UBS2, Class AM, 4.20%, 3/10/47 | $ 145,548 |
180,000 | FHLMC Multifamily Structured Pass-Through Certificates, Series K058, Class A2, 2.65%, 8/25/26 | 168,819 |
250,000 | FHLMC Multifamily Structured Pass-Through Certificates, Series K061, Class A2, 3.35%, 11/25/26(1) | 239,477 |
200,000 | FHLMC Multifamily Structured Pass-Through Certificates, Series K063, Class A2, 3.43%, 1/25/27(1) | 192,214 |
300,000 | FHLMC Multifamily Structured Pass-Through Certificates, Series K069, Class A2, 3.19%, 9/25/27(1) | 284,441 |
200,000 | FHLMC Multifamily Structured Pass-Through Certificates, Series K092, Class A2, 3.30%, 4/25/29 | 187,278 |
450,000 | FHLMC Multifamily Structured Pass-Through Certificates, Series K103, Class A2, 2.65%, 11/25/29 | 402,129 |
175,000 | FREMF Mortgage Trust, Series 2015-K43, Class B, 3.73%, 2/25/48(1)(2) | 167,353 |
140,020 | GNMA, Series 2012-125, Class AB, 2.11%, 2/16/53(1) | 120,324 |
106,593 | GNMA, Series 2013-12, Class AB, 1.83%, 11/16/52 | 100,109 |
38,702 | Sequoia Mortgage Trust, Series 2004-8, Class A1, (1-month LIBOR + 0.70%), 5.05%, 9/20/34(1) | 33,623 |
44,773 | Wells Fargo Commercial Mortgage Trust, Series 2015-NXS2, Class ASB, 3.46%, 7/15/58 | 43,598 |
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $2,414,086) | 2,084,913 | |
CORPORATE BONDS & NOTES 35.7% | ||
BASIC MATERIALS 1.0% | ||
CHEMICALS 0.3% | ||
150,000 | Nutrien Ltd., Senior Unsecured Notes, 4.20%, 4/1/29 | 141,262 |
IRON/STEEL 0.4% | ||
165,000 | Steel Dynamics, Inc., Senior Unsecured Notes, 3.25%, 1/15/31 | 141,326 |
MINING 0.3% | ||
145,000 | Freeport-McMoRan, Inc., Guaranteed Notes, 4.63%, 8/1/30 | 135,086 |
417,674 | ||
COMMUNICATIONS 3.4% | ||
INTERNET 0.8% | ||
125,000 | Expedia Group, Inc., Guaranteed Notes, 3.25%, 2/15/30 | 106,303 |
120,000 | Netflix, Inc., Senior Unsecured Notes, 4.88%, 4/15/28 | 115,870 |
125,000 | VeriSign, Inc., Senior Unsecured Notes, 2.70%, 6/15/31(3) | 102,224 |
324,397 |
Principal Amount | Value | |
CORPORATE BONDS & NOTES 35.7% (continued) | ||
COMMUNICATIONS 3.4% (continued) | ||
MEDIA 1.1% | ||
$ 175,000 | Charter Communications Operating LLC/Charter Communications Operating Capital, Senior Secured Notes, 4.91%, 7/23/25 | $ 171,657 |
175,000 | Comcast Corp., Guaranteed Notes, 4.15%, 10/15/28 | 168,133 |
125,000 | Discovery Communications LLC, Guaranteed Notes, 4.90%, 3/11/26 | 121,248 |
461,038 | ||
TELECOMMUNICATIONS 1.5% | ||
190,000 | AT&T, Inc., Senior Unsecured Notes, 2.55%, 12/1/33 | 146,584 |
200,000 | Motorola Solutions, Inc., Senior Unsecured Notes, 4.60%, 5/23/29 | 190,805 |
150,000 | T-Mobile USA, Inc., Guaranteed Notes, 3.50%, 4/15/31 | 129,478 |
175,000 | Vodafone Group PLC, Senior Unsecured Notes, 4.25%, 9/17/50 | 134,244 |
601,111 | ||
1,386,546 | ||
CONSUMER, CYCLICAL 4.1% | ||
AUTO MANUFACTURERS 1.1% | ||
175,000 | Cummins, Inc., Senior Unsecured Notes, 1.50%, 9/1/30 | 137,595 |
170,000 | Ford Motor Credit Co. LLC, Senior Unsecured Notes, 3.38%, 11/13/25 | 153,682 |
150,000 | General Motors Financial Co., Inc., Senior Unsecured Notes, 5.00%, 4/9/27 | 145,551 |
436,828 | ||
HOME BUILDERS 1.0% | ||
150,000 | Lennar Corp., Guaranteed Notes, 4.88%, 12/15/23(3) | 149,278 |
142,000 | PulteGroup, Inc., Guaranteed Notes, 5.00%, 1/15/27(3) | 140,556 |
140,000 | Toll Brothers Finance Corp., Guaranteed Notes, 4.88%, 11/15/25 | 136,941 |
426,775 | ||
LODGING 0.3% | ||
135,000 | Marriott International, Inc., Senior Unsecured Notes, 5.00%, 10/15/27 | 133,417 |
RETAIL 1.7% | ||
150,000 | AutoZone, Inc., Senior Unsecured Notes, 3.75%, 6/1/27 | 143,249 |
175,000 | Costco Wholesale Corp., Senior Unsecured Notes, 1.75%, 4/20/32 | 139,034 |
150,000 | Dollar General Corp., Senior Unsecured Notes, 3.50%, 4/3/30 | 135,122 |
150,000 | McDonald's Corp., Senior Unsecured Notes, 4.60%, 9/9/32(3) | 147,200 |
125,000 | O'Reilly Automotive, Inc., Senior Unsecured Notes, 3.60%, 9/1/27 | 117,771 |
682,376 | ||
1,679,396 |
Principal Amount | Value | |
CORPORATE BONDS & NOTES 35.7% (continued) | ||
CONSUMER, NON-CYCLICAL 7.1% | ||
AGRICULTURE 0.3% | ||
$ 150,000 | Bunge Ltd. Finance Corp., Guaranteed Notes, 3.25%, 8/15/26 | $ 139,902 |
BEVERAGES 1.0% | ||
150,000 | Anheuser-Busch InBev Worldwide, Inc., Guaranteed Notes, 4.90%, 1/23/31 | 150,514 |
160,000 | Constellation Brands, Inc., Guaranteed Notes, 5.25%, 11/15/48 | 150,928 |
125,000 | Diageo Capital PLC, Guaranteed Notes, 2.00%, 4/29/30 | 102,973 |
404,415 | ||
BIOTECHNOLOGY 0.6% | ||
150,000 | Amgen, Inc., Senior Unsecured Notes, 2.20%, 2/21/27 | 134,770 |
150,000 | Regeneron Pharmaceuticals, Inc., Senior Unsecured Notes, 1.75%, 9/15/30 | 116,541 |
251,311 | ||
COMMERCIAL SERVICES 0.7% | ||
150,000 | PayPal Holdings, Inc., Senior Unsecured Notes, 2.65%, 10/1/26 | 138,579 |
155,000 | Service Corp. International, Senior Unsecured Notes, 4.00%, 5/15/31 | 130,617 |
269,196 | ||
HEALTHCARE PRODUCTS 0.3% | ||
135,000 | Baxter International, Inc., Senior Unsecured Notes, 1.73%, 4/1/31 | 103,382 |
HEALTHCARE SERVICES 1.4% | ||
150,000 | Centene Corp., Senior Unsecured Notes, 4.63%, 12/15/29 | 137,128 |
150,000 | HCA, Inc., Guaranteed Notes, 5.38%, 2/1/25 | 149,932 |
150,000 | Laboratory Corp. of America Holdings, Senior Unsecured Notes, 2.95%, 12/1/29 | 129,502 |
150,000 | UnitedHealth Group, Inc., Senior Unsecured Notes, 4.63%, 11/15/41 | 139,043 |
555,605 | ||
PHARMACEUTICALS 2.8% | ||
150,000 | AbbVie, Inc., Senior Unsecured Notes, 2.95%, 11/21/26 | 139,666 |
150,000 | AstraZeneca PLC, Senior Unsecured Notes, 1.38%, 8/6/30 | 118,880 |
150,000 | Becton Dickinson and Co., Senior Unsecured Notes, 3.70%, 6/6/27(3) | 142,065 |
150,000 | CVS Health Corp., Senior Unsecured Notes, 1.75%, 8/21/30 | 118,591 |
175,000 | Merck & Co., Inc., Senior Unsecured Notes, 3.90%, 3/7/39 | 154,432 |
160,000 | Novartis Capital Corp., Guaranteed Notes, 2.75%, 8/14/50 | 111,978 |
140,000 | Takeda Pharmaceutical Co. Ltd., Senior Unsecured Notes, 3.03%, 7/9/40 | 103,343 |
125,000 | Teva Pharmaceutical Finance Netherlands III BV, Guaranteed Notes, 3.15%, 10/1/26 | 109,312 |
Principal Amount | Value | |
CORPORATE BONDS & NOTES 35.7% (continued) | ||
CONSUMER, NON-CYCLICAL 7.1% (continued) | ||
PHARMACEUTICALS 2.8% (continued) | ||
$ 165,000 | Utah Acquisition Sub, Inc., Guaranteed Notes, 3.95%, 6/15/26 | $ 154,435 |
1,152,702 | ||
2,876,513 | ||
ENERGY 3.8% | ||
OIL & GAS 1.4% | ||
150,000 | Canadian Natural Resources Ltd., Senior Unsecured Notes, 2.05%, 7/15/25 | 139,667 |
165,000 | EOG Resources, Inc., Senior Unsecured Notes, 4.38%, 4/15/30 | 160,185 |
135,000 | Hess Corp., Senior Unsecured Notes, 4.30%, 4/1/27 | 129,130 |
150,000 | Occidental Petroleum Corp., Senior Unsecured Notes, 5.50%, 12/1/25 | 149,491 |
578,473 | ||
OIL & GAS SERVICES 0.3% | ||
125,000 | Schlumberger Finance Canada Ltd., Guaranteed Notes, 1.40%, 9/17/25 | 114,591 |
PIPELINES 2.1% | ||
125,000 | Boardwalk Pipelines LP, Guaranteed Notes, 4.95%, 12/15/24 | 123,554 |
150,000 | Enbridge, Inc., Guaranteed Notes, 2.50%, 8/1/33 | 116,016 |
140,000 | Enterprise Products Operating LLC, Guaranteed Notes, 4.85%, 8/15/42 | 124,373 |
150,000 | Kinder Morgan, Inc., Guaranteed Notes, 4.30%, 3/1/28 | 143,935 |
125,000 | Magellan Midstream Partners LP, Senior Unsecured Notes, 4.25%, 9/15/46 | 94,791 |
125,000 | Targa Resources Corp., Guaranteed Notes, 5.20%, 7/1/27 | 122,696 |
150,000 | TransCanada PipeLines Ltd., Senior Unsecured Notes, 4.25%, 5/15/28 | 142,292 |
867,657 | ||
1,560,721 | ||
FINANCIAL 11.8% | ||
BANKS 4.9% | ||
150,000 | Bank of America Corp. MTN, Senior Unsecured Notes, (SOFR + 1.33%), 5.65%, 4/2/26(1) | 148,763 |
150,000 | Citigroup, Inc., Senior Unsecured Notes, (3-month LIBOR + 0.90%), 3.35%, 4/24/25(1) | 145,335 |
155,000 | Citigroup, Inc., Subordinated Notes, 5.30%, 5/6/44 | 140,411 |
150,000 | First-Citizens Bank & Trust Co., Senior Unsecured Notes, (SOFR + 3.83%), 3.93%, 6/19/24(1) | 148,715 |
175,000 | Goldman Sachs Group, Inc., Senior Unsecured Notes, 3.75%, 2/25/26 | 168,523 |
125,000 | JPMorgan Chase & Co., Subordinated Notes, 4.13%, 12/15/26(3) | 120,910 |
175,000 | JPMorgan Chase & Co., Senior Unsecured Notes, (3-month LIBOR + 1.38%), 3.96%, 11/15/48(1) | 136,815 |
Principal Amount | Value | |
CORPORATE BONDS & NOTES 35.7% (continued) | ||
FINANCIAL 11.8% (continued) | ||
BANKS 4.9% (continued) | ||
$ 150,000 | KeyCorp, Senior Unsecured Notes, 2.55%, 10/1/29 | $ 126,520 |
175,000 | Lloyds Banking Group PLC, Senior Unsecured Notes, 3.90%, 3/12/24 | 171,821 |
125,000 | Morgan Stanley, Series F, Senior Unsecured Notes, 3.88%, 4/29/24 | 123,102 |
150,000 | Northern Trust Corp., Senior Unsecured Notes, 1.95%, 5/1/30(3) | 123,604 |
150,000 | PNC Financial Services Group, Inc. (The), Senior Unsecured Notes, (SOFR + 0.98%), 2.31%, 4/23/32(1)(3) | 121,745 |
200,000 | Wells Fargo & Co., Senior Unsecured Notes, (SOFR + 1.32%), 5.24%, 4/25/26(1) | 199,382 |
150,000 | Zions Bancorp NA, Subordinated Notes, 3.25%, 10/29/29 | 122,909 |
1,998,555 | ||
DIVERSIFIED FINANCIALS 2.8% | ||
175,000 | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Guaranteed Notes, 1.75%, 1/30/26 | 154,156 |
175,000 | Air Lease Corp., Senior Unsecured Notes, 3.63%, 4/1/27 | 159,692 |
150,000 | Ally Financial, Inc., Senior Unsecured Notes, 4.75%, 6/9/27 | 140,797 |
175,000 | American Express Co., Senior Unsecured Notes, (SOFR + 0.72%), 4.79%, 5/3/24(1) | 174,811 |
175,000 | Charles Schwab Corp., Senior Unsecured Notes, (SOFR + 1.05%), 5.30%, 3/3/27(1)(3) | 170,355 |
165,000 | Discover Financial Services, Senior Unsecured Notes, 3.95%, 11/6/24 | 160,706 |
190,000 | Synchrony Financial, Senior Unsecured Notes, 4.25%, 8/15/24 | 185,717 |
1,146,234 | ||
INSURANCE 1.5% | ||
150,000 | Aflac, Inc., Senior Unsecured Notes, 3.60%, 4/1/30 | 136,111 |
125,000 | Allstate Corp., Senior Unsecured Notes, 1.45%, 12/15/30 | 96,054 |
200,000 | CNA Financial Corp., Senior Unsecured Notes, 3.95%, 5/15/24 | 196,553 |
175,000 | Prudential Financial, Inc., Junior Subordinated Notes, (3-month LIBOR + 2.67%), 5.70%, 9/15/48(1) | 167,125 |
595,843 | ||
REITS 2.6% | ||
125,000 | AvalonBay Communities, Inc., Senior Unsecured Notes, 2.45%, 1/15/31 | 103,697 |
150,000 | Crown Castle, Inc., Senior Unsecured Notes, 3.80%, 2/15/28 | 139,508 |
125,000 | Digital Realty Trust LP, Guaranteed Notes, 3.60%, 7/1/29 | 111,925 |
150,000 | Equinix, Inc., Senior Unsecured Notes, 2.50%, 5/15/31 | 120,923 |
150,000 | Kimco Realty Corp., Senior Unsecured Notes, 2.25%, 12/1/31 | 115,567 |
Principal Amount | Value | |
CORPORATE BONDS & NOTES 35.7% (continued) | ||
FINANCIAL 11.8% (continued) | ||
REITS 2.6% (continued) | ||
$ 150,000 | Life Storage LP, Guaranteed Notes, 2.20%, 10/15/30 | $ 116,894 |
125,000 | Prologis LP, Senior Unsecured Notes, 2.25%, 4/15/30 | 104,449 |
155,000 | Sabra Health Care LP, Guaranteed Notes, 3.90%, 10/15/29 | 130,013 |
125,000 | Welltower, Inc., Senior Unsecured Notes, 4.25%, 4/15/28 | 117,336 |
1,060,312 | ||
4,800,944 | ||
INDUSTRIAL 2.5% | ||
AEROSPACE/DEFENSE 0.3% | ||
125,000 | Raytheon Technologies Corp., Senior Unsecured Notes, 4.13%, 11/16/28 | 119,881 |
BUILDING MATERIALS 0.6% | ||
135,000 | Masco Corp., Senior Unsecured Notes, 2.00%, 10/1/30 | 104,965 |
150,000 | Vulcan Materials Co., Senior Unsecured Notes, 3.50%, 6/1/30 | 132,711 |
237,676 | ||
ELECTRONICS 0.7% | ||
160,000 | Amphenol Corp., Senior Unsecured Notes, 2.20%, 9/15/31 | 127,197 |
150,000 | Flex Ltd., Senior Unsecured Notes, 4.75%, 6/15/25 | 147,428 |
274,625 | ||
MACHINERY - DIVERSIFIED 0.3% | ||
150,000 | John Deere Capital Corp., Senior Unsecured Notes, 2.45%, 1/9/30 | 129,595 |
TRANSPORTATION 0.6% | ||
175,000 | CSX Corp., Senior Unsecured Notes, 3.35%, 9/15/49 | 126,884 |
150,000 | Union Pacific Corp., Senior Unsecured Notes, 3.25%, 2/5/50 | 109,124 |
236,008 | ||
997,785 | ||
TECHNOLOGY 1.7% | ||
COMPUTERS 0.3% | ||
135,000 | Dell International LLC / EMC Corp., Senior Unsecured Notes, 4.90%, 10/1/26 | 133,070 |
SEMICONDUCTORS 0.3% | ||
140,000 | Analog Devices, Inc., Senior Unsecured Notes, 2.80%, 10/1/41 | 103,236 |
SOFTWARE 1.1% | ||
150,000 | Adobe, Inc., Senior Unsecured Notes, 2.30%, 2/1/30 | 128,269 |
150,000 | Electronic Arts, Inc., Senior Unsecured Notes, 4.80%, 3/1/26 | 149,663 |
150,000 | Oracle Corp., 6.25%, 11/9/32 | 157,438 |
435,370 | ||
671,676 |
Principal Amount | Value | |
CORPORATE BONDS & NOTES 35.7% (continued) | ||
UTILITIES 0.3% | ||
ELECTRIC 0.3% | ||
$ 150,000 | Duke Energy Corp., Senior Unsecured Notes, 4.50%, 8/15/32 | $ 141,403 |
TOTAL CORPORATE BONDS & NOTES (Cost $16,377,647) | 14,532,658 | |
FOREIGN GOVERNMENT OBLIGATIONS 0.4% | ||
150,000 | European Bank for Reconstruction & Development, Senior Unsecured Notes, 2.75%, 3/7/23 | 149,506 |
TOTAL FOREIGN GOVERNMENT OBLIGATIONS (Cost $149,985) | 149,506 | |
LONG-TERM MUNICIPAL SECURITIES 2.4% | ||
CALIFORNIA 0.4% | ||
200,000 | San Marcos California Unified School District, Refunding Revenue Bonds, 3.17%, 8/1/38 | 153,541 |
CONNECTICUT 0.2% | ||
125,000 | Hartford County Metropolitan District Clean Water Project Revenue, Series B, 2.17%, 4/1/34 | 93,544 |
DISTRICT OF COLUMBIA 0.5% | ||
200,000 | District of Columbia Income Tax Secured Revenue Bonds, Build America Bonds, Series F, 4.91%, 12/1/23 | 200,398 |
OREGON 0.2% | ||
145,000 | State of Oregon, Series C, GO, 2.38%, 5/1/36 | 105,389 |
TEXAS 1.1% | ||
500,000 | Tarrant County Cultural Education Facilities Finance Corp., Revenue Bonds, Baylor Health Care System Project, Series C, 4.45%, 11/15/43 | 435,791 |
TOTAL LONG-TERM MUNICIPAL SECURITIES (Cost $1,179,774) | 988,663 | |
U.S. GOVERNMENT AGENCY OBLIGATIONS 1.1% | ||
250,000 | FNMA, 2.63%, 9/6/24 | 242,651 |
240,000 | FNMA, 1.88%, 9/24/26(3) | 221,752 |
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $483,870) | 464,403 | |
RESIDENTIAL MORTGAGE-BACKED SECURITIES 25.6% | ||
21,223 | FHLMC Gold PC Pool #A29526, 5.00%, 1/1/35 | 21,184 |
90,891 | FHLMC Gold PC Pool #C91749, 4.00%, 1/1/34 | 88,176 |
36,199 | FHLMC Gold PC Pool #G06224, 3.50%, 1/1/41 | 33,968 |
11,653 | FHLMC Gold PC Pool #J11587, 4.00%, 1/1/25 | 11,501 |
18,490 | FHLMC Gold PC Pool #Q06307, 3.50%, 2/1/42 | 17,353 |
19,522 | FHLMC Gold PC Pool #Q08656, 4.00%, 6/1/42 | 18,772 |
38,957 | FHLMC Gold PC Pool #Q08903, 3.50%, 6/1/42 | 36,560 |
126,300 | FHLMC Gold PC Pool #Q14593, 3.00%, 1/1/43 | 115,233 |
Principal Amount | Value | |
RESIDENTIAL MORTGAGE-BACKED SECURITIES 25.6% (continued) | ||
$ 160,291 | FHLMC Gold Pool #Q34167, 4.00%, 6/1/45 | $ 153,897 |
50,229 | FHLMC Gold Pool #Q57991, 4.00%, 8/1/48 | 48,007 |
205,334 | FHLMC Pool #QB2958, 3.00%, 9/1/50 | 181,008 |
196,853 | FHLMC Pool #QB5314, 2.50%, 11/1/50 | 167,779 |
242,486 | FHLMC Pool #QB8153, 2.50%, 1/1/51 | 206,335 |
142,654 | FHLMC Pool #SD8023, 2.50%, 11/1/49 | 122,145 |
159,709 | FHLMC Pool #SD8163, 3.50%, 8/1/51 | 145,722 |
449,035 | FHLMC Pool #SD8173, 2.50%, 10/1/51 | 381,857 |
52,595 | FNMA Pool #AB2346, 4.50%, 2/1/41 | 52,192 |
34,698 | FNMA Pool #AB5231, 2.50%, 5/1/27 | 33,210 |
33,855 | FNMA Pool #AB5716, 3.00%, 7/1/27 | 32,678 |
50,362 | FNMA Pool #AI4285, 5.00%, 6/1/41 | 51,042 |
219,237 | FNMA Pool #AR6394, 3.00%, 2/1/43 | 199,812 |
63,018 | FNMA Pool #AS5892, 3.50%, 10/1/45 | 58,664 |
20,482 | FNMA Pool #AS6102, 3.50%, 11/1/45 | 19,063 |
37,113 | FNMA Pool #AS6205, 3.50%, 11/1/45 | 34,549 |
27,527 | FNMA Pool #AS6385, 4.00%, 12/1/45 | 26,399 |
69,531 | FNMA Pool #AS9562, 3.00%, 5/1/47 | 62,161 |
78,419 | FNMA Pool #AU4279, 3.00%, 9/1/43 | 71,469 |
63,245 | FNMA Pool #AV0703, 4.00%, 12/1/43 | 60,654 |
29,087 | FNMA Pool #AW7362, 2.50%, 8/1/29 | 27,240 |
76,662 | FNMA Pool #AX0416, 4.00%, 8/1/44 | 73,219 |
43,506 | FNMA Pool #AY1670, 3.50%, 2/1/45 | 40,585 |
26,035 | FNMA Pool #AY4195, 4.00%, 5/1/45 | 24,969 |
34,169 | FNMA Pool #BA3885, 3.50%, 11/1/45 | 31,790 |
134,565 | FNMA Pool #CA2320, 3.50%, 9/1/48 | 126,167 |
68,675 | FNMA Pool #CA5540, 3.00%, 4/1/50 | 61,056 |
731,417 | FNMA Pool #CB0856, 3.00%, 6/1/51 | 643,680 |
1,173,589 | FNMA Pool #FM9834, 3.50%, 6/1/49 | 1,083,483 |
62,502 | FNMA Pool #MA0641, 4.00%, 2/1/31 | 60,573 |
79,259 | FNMA Pool #MA4012, 2.00%, 5/1/35 | 71,027 |
472,335 | FNMA Pool #MA4548, 2.50%, 2/1/52 | 401,109 |
16,841 | FNMA REMIC Trust Series 2013-18, Series 2013-18, Class AE, 2.00%, 3/25/28 | 15,904 |
1,065,000 | FNMA UMBS TBA, 4.00%, 1/15/53 | 999,895 |
1,670,000 | FNMA UMBS TBA, 4.50%, 1/15/53 | 1,608,680 |
2,100,000 | FNMA UMBS TBA, 5.50%, 1/15/53 | 2,106,713 |
8,818 | GNMA, Series 2011-136, Class GB, 2.50%, 5/20/40 | 8,746 |
1,389,174 | GNMA, Series 2021-98, Class 2021-IG, IO, 3.00%, 6/20/51 | 208,620 |
36,812 | GNMA II Pool #5332, 4.00%, 3/20/42 | 35,850 |
137,113 | GNMA II Pool #MA3937, 3.50%, 9/20/46 | 128,437 |
125,436 | GNMA II Pool #MA7054, 3.50%, 12/20/50 | 116,470 |
132,358 | GNMA II Pool #MA7651, 3.50%, 10/20/51 | 121,799 |
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES (Cost $11,385,292) | 10,447,402 | |
U.S. TREASURY OBLIGATIONS 25.9% | ||
120,000 | U.S. Treasury Bonds, 5.38%, 2/15/31 | 132,070 |
425,000 | U.S. Treasury Bonds, 4.38%, 2/15/38 | 447,512 |
650,000 | U.S. Treasury Bonds, 3.50%, 2/15/39 | 614,301 |
350,000 | U.S. Treasury Bonds, 1.13%, 5/15/40 | 220,732 |
425,000 | U.S. Treasury Bonds, 2.88%, 5/15/43 | 349,363 |
Principal Amount | Value | |
U.S. TREASURY OBLIGATIONS 25.9% (continued) | ||
$ 964,000 | U.S. Treasury Bonds, 3.00%, 2/15/48 | $ 796,844 |
2,056,000 | U.S. Treasury Bonds, 2.25%, 8/15/49 | 1,458,716 |
150,000 | U.S. Treasury Bonds, 2.88%, 5/15/52 | 121,313 |
111,175 | U.S. Treasury Inflation Indexed Note, 0.13%, 7/15/31 | 98,344 |
500,000 | U.S. Treasury Notes, 0.13%, 7/15/23 | 487,852 |
550,000 | U.S. Treasury Notes, 0.13%, 8/31/23 | 533,393 |
165,000 | U.S. Treasury Notes, 0.25%, 11/15/23 | 158,658 |
1,085,000 | U.S. Treasury Notes, 2.25%, 11/15/24 | 1,042,617 |
200,000 | U.S. Treasury Notes, 3.00%, 9/30/25 | 193,484 |
620,000 | U.S. Treasury Notes, 1.50%, 8/15/26 | 565,798 |
350,000 | U.S. Treasury Notes, 1.13%, 2/28/27 | 311,637 |
790,000 | U.S. Treasury Notes, 2.75%, 2/15/28 | 744,143 |
300,000 | U.S. Treasury Notes, 1.25%, 6/30/28 | 259,910 |
500,000 | U.S. Treasury Notes, 1.63%, 8/15/29 | 434,941 |
675,000 | U.S. Treasury Notes, 1.50%, 2/15/30 | 576,756 |
625,000 | U.S. Treasury Notes, 1.13%, 2/15/31 | 511,011 |
525,000 | U.S. Treasury Notes, 2.75%, 8/15/32 | 479,801 |
TOTAL U.S. TREASURY OBLIGATIONS (Cost $12,354,883) | 10,539,196 |
Shares | Value | |
SHORT-TERM INVESTMENTS 16.6% | ||
MONEY MARKET FUNDS 16.6% | ||
6,095,760 | State Street Institutional U.S. Government Money Market Fund, Premier Class, 4.12%(4) | 6,095,760 |
658,837 | State Street Navigator Securities Lending Government Money Market Portfolio(5) | 658,837 |
6,754,597 | ||
TOTAL SHORT-TERM INVESTMENTS (Cost $6,754,597) | 6,754,597 | |
TOTAL INVESTMENTS IN SECURITIES 112.8% (Cost $51,100,134) | $45,961,338 | |
EXCESS OF LIABILITIES OVER CASH AND OTHER ASSETS (12.8)% | (5,215,302) | |
NET ASSETS 100.0% | $40,746,036 |
(1) | Floating or variable rate security. The rate disclosed is the rate in effect as of December 31, 2022. The information in parentheses represents the benchmark and reference rate for each relevant security and the rate adjusts based upon the reference rate and spread. The security may be further subject to interest rate floor and caps. For securities which do not indicate a reference rate and spread in their descriptions, the interest rate adjusts periodically based on current interest rates and, for mortgage-backed securities, prepayments in the underlying pool of assets. |
(2) | Pursuant to Rule 144A under the Securities Act of 1933, this security can only be sold to qualified institutional investors. |
(3) | A portion or all of the security was held on loan. As of December 31, 2022, the market value of the securities on loan was $1,447,891. |
(4) | Rate reflects 7 day yield as of December 31, 2022. |
(5) | Securities with an aggregate market value of $1,447,891 were out on loan in exchange for collateral including $658,837 of cash collateral as of December 31, 2022. The collateral was invested in a cash collateral reinvestment vehicle. |
FHLMC | Federal Home Loan Mortgage Corp. |
FNMA | Federal National Mortgage Association. |
FREMF | Freddie Mac Multifamily. |
GNMA | Government National Mortgage Association. |
LIBOR | London Interbank Offered Rate. |
MTN | Medium Term Note. |
REMIC | Real Estate Mortgage Investment Conduit. |
SOFR | Secured Overnight Financing Rate. |
TBA | To Be Announced. |
UMBS | Uniform Mortgage-Backed Securities |
Investments in Securities: | Level 1 | Level 2 | Level 3 | Total |
Assets | ||||
Commercial Mortgage-Backed Securities | $— | $2,084,913 | $— | $2,084,913 |
Corporate Bonds & Notes* | — | 14,532,658 | — | 14,532,658 |
Foreign Government Obligations | — | 149,506 | — | 149,506 |
Long-Term Municipal Securities* | — | 988,663 | — | 988,663 |
U.S. Government Agency Obligations | — | 464,403 | — | 464,403 |
Residential Mortgage-Backed Securities | — | 10,447,402 | — | 10,447,402 |
U.S. Treasury Obligations | — | 10,539,196 | — | 10,539,196 |
Short-Term Investments | 6,754,597 | — | — | 6,754,597 |
Total Investments in Securities | $6,754,597 | $39,206,741 | $— | $45,961,338 |
* | See Schedule of Investments for further breakdown by category. |
at December 31, 2022
Value Line Small Cap Opportunities Fund, Inc. | Value Line Mid Cap Focused Fund, Inc. | |
Assets: | ||
Investments in securities, at value* | $371,219,566 | $528,009,467 |
Dividends and interest receivable | 244,261 | 333,712 |
Receivable for securities sold | 212,195 | — |
Receivable for capital shares sold | 115,017 | 2,031,466 |
Prepaid expenses | 25,432 | 74,484 |
Receivable for securities lending income | 467 | 559 |
Total Assets | 371,816,938 | 530,449,688 |
Liabilities: | ||
Payable upon return of securities on loan (See Note 1(K)) | 2,761,361 | 1,677,909 |
Payable for capital shares redeemed | 155,383 | 201,404 |
Accrued expenses: | ||
Advisory fee | 230,005 | 266,448 |
Service and distribution plan fees | 59,823 | 59,080 |
Printing fee payable | 27,440 | 32,217 |
Auditing and legal fees payable | 25,719 | 31,930 |
Custody and accounting fees payable | 20,059 | 19,301 |
Sub-transfer agent fees | 726 | 2,746 |
Directors’ fees and expenses | — | 277 |
Other | 23,106 | 29,568 |
Total Liabilities | 3,303,622 | 2,320,880 |
Net Assets | $368,513,316 | $528,128,808 |
Net assets consist of: | ||
Capital stock, at $0.001 and $1.00 par value, respectively (authorized 300,000,000 and 50,000,000 shares, respectively) | $8,515 | $19,928,757 |
Additional paid-in capital | 214,925,256 | 363,100,396 |
Distributable Earnings/(Loss) | 153,579,545 | 145,099,655 |
Net Assets | $368,513,316 | $528,128,808 |
Net Asset Value Per Share | ||
Investor Class | ||
Net Assets | $275,060,227 | $274,370,969 |
Shares Outstanding | 6,397,619 | 10,388,797 |
Net Asset Value, Offering and Redemption Price per Outstanding Share | $42.99 | $26.41 |
Institutional Class | ||
Net Assets | $93,453,089 | $253,757,839 |
Shares Outstanding | 2,117,229 | 9,539,960 |
Net Asset Value, Offering and Redemption Price per Outstanding Share | $44.14 | $26.60 |
*Includes securities on loan of | $4,465,529 | $4,047,723 |
Cost of investments | $219,165,086 | $383,246,942 |
at December 31, 2022 (continued)
Value Line Select Growth Fund, Inc. | Value Line Larger Companies Focused Fund, Inc. | |
Assets: | ||
Investments in securities, at value* | $342,937,178 | $206,162,083 |
Receivable for securities sold | 334,935 | — |
Dividends and interest receivable | 120,467 | 7,238 |
Prepaid expenses | 45,618 | 39,726 |
Receivable for capital shares sold | 6,575 | — |
Receivable for securities lending income | — | 2,112 |
Total Assets | 343,444,773 | 206,211,159 |
Liabilities: | ||
Payable for capital shares redeemed | 731,753 | 308,851 |
Payable upon return of securities on loan (See Note 1(K)) | — | 958,500 |
Accrued expenses: | ||
Advisory fee | 209,652 | 128,947 |
Service and distribution plan fees | 72,575 | 44,561 |
Auditing and legal fees payable | 26,006 | 21,941 |
Custody and accounting fees payable | 19,393 | 20,567 |
Printing fee payable | 18,259 | 13,129 |
Directors’ fees and expenses | 3,289 | 4,664 |
Sub-transfer agent fees | 677 | 302 |
Other | 48,545 | 27,538 |
Total Liabilities | 1,130,149 | 1,529,000 |
Net Assets | $342,314,624 | $204,682,159 |
Net assets consist of: | ||
Capital stock, at $1.00 par value (authorized 100,000,000 and 50,000,000 shares, respectively) | $11,906,823 | $11,067,049 |
Additional paid-in capital | 162,674,073 | 205,994,844 |
Distributable Earnings/(Loss) | 167,733,728 | (12,379,734) |
Net Assets | $342,314,624 | $204,682,159 |
Net Asset Value Per Share | ||
Investor Class | ||
Net Assets | $331,513,757 | $200,602,237 |
Shares Outstanding | 11,534,474 | 10,850,077 |
Net Asset Value, Offering and Redemption Price per Outstanding Share | $28.74 | $18.49 |
Institutional Class | ||
Net Assets | $10,800,867 | $4,079,922 |
Shares Outstanding | 372,349 | 216,972 |
Net Asset Value, Offering and Redemption Price per Outstanding Share | $29.01 | $18.80 |
*Includes securities on loan of | $— | $2,265,380 |
Cost of investments | $182,486,093 | $211,677,727 |
at December 31, 2022 (continued)
Value Line Asset Allocation Fund, Inc. | Value Line Capital Appreciation Fund, Inc. | |
Assets: | ||
Investments in securities, at value* | $985,863,353 | $365,689,498 |
Receivable for securities sold | 6,458,412 | 1,887,990 |
Dividends and interest receivable | 2,417,440 | 358,663 |
Receivable for capital shares sold | 1,908,406 | 181,731 |
Prepaid expenses | 54,730 | 45,886 |
Receivable for securities lending income | 823 | 3,871 |
Total Assets | 996,703,164 | 368,167,639 |
Liabilities: | ||
Payable for securities purchased | 38,560,104 | 5,393,391 |
Payable for capital shares redeemed | 7,456,334 | 811,496 |
Payable upon return of securities on loan (See Note 1(K)) | 2,368,128 | 2,850,557 |
Accrued expenses: | ||
Advisory fee | 537,560 | 206,306 |
Service and distribution plan fees | 81,029 | 62,209 |
Printing fee payable | 63,960 | 29,486 |
Custody and accounting fees payable | 46,125 | 36,801 |
Auditing and legal fees payable | 42,926 | 23,338 |
Sub-transfer agent fees | 10,540 | 3,089 |
Directors’ fees and expenses | — | 3,136 |
Other | 47,848 | 39,696 |
Total Liabilities | 49,214,554 | 9,459,505 |
Net Assets | $947,488,610 | $358,708,134 |
Net assets consist of: | ||
Capital stock, at $0.001 and $1.00 par value, respectively (authorized 300,000,000 and 75,000,000 shares, respectively) | $25,672 | $45,606,676 |
Additional paid-in capital | 747,378,446 | 354,768,281 |
Distributable Earnings/(Loss) | 200,084,492 | (41,666,823) |
Net Assets | $947,488,610 | $358,708,134 |
Net Asset Value Per Share | ||
Investor Class | ||
Net Assets | $372,165,034 | $277,894,590 |
Shares Outstanding | 10,093,661 | 35,327,382 |
Net Asset Value, Offering and Redemption Price per Outstanding Share | $36.87 | $7.87 |
Institutional Class | ||
Net Assets | $575,323,576 | $80,813,544 |
Shares Outstanding | 15,578,052 | 10,279,294 |
Net Asset Value, Offering and Redemption Price per Outstanding Share | $36.93 | $7.86 |
*Includes securities on loan of | $7,716,870 | $5,850,857 |
Cost of investments | $800,479,136 | $390,419,234 |
at December 31, 2022 (continued)
Value Line Core Bond Fund | |
Assets: | |
Investments in securities, at value* | $45,961,338 |
Dividends and interest receivable | 289,120 |
Receivable for capital shares sold | 40,020 |
Prepaid expenses | 16,701 |
Receivable for securities lending income | 176 |
Total Assets | 46,307,355 |
Liabilities: | |
Payable for securities purchased | 4,789,305 |
Payable upon return of securities on loan (See Note 1(K)) | 658,838 |
Payable for capital shares redeemed | 7,998 |
Dividends payable to shareholders | 6,212 |
Accrued expenses: | |
Advisory fee | 27,724 |
Custody and accounting fees payable | 19,022 |
Auditing and legal fees payable | 15,385 |
Printing fee payable | 15,250 |
Directors’ fees and expenses | 982 |
Other | 20,603 |
Total Liabilities | 5,561,319 |
Net Assets | $40,746,036 |
Net assets consist of: | |
Capital stock, at $0.01 par value (authorized unlimited shares) | $31,393 |
Additional paid-in capital | 46,968,740 |
Distributable Earnings/(Loss) | (6,254,097) |
Net Assets | $40,746,036 |
Net Asset Value Per Share | |
Investor Class | |
Net Assets | $40,746,036 |
Shares Outstanding | 3,139,269 |
Net Asset Value, Offering and Redemption Price per Outstanding Share | $12.98 |
*Includes securities on loan of | $1,447,891 |
Cost of investments | $51,100,134 |
Value Line Small Cap Opportunities Fund, Inc. | Value Line Mid Cap Focused Fund, Inc. | Value Line Select Growth Fund, Inc. | ||
Period Ended December 31, 2022* | Year Ended March 31, 2022 | Year Ended December 31, 2022 | Year Ended December 31, 2022 | |
Investment Income: | ||||
Dividends (net of foreign withholding tax of $0, $0, $12,324 and $9,386, respectively) | $3,146,982 | $3,244,177 | $5,271,068 | $2,963,208 |
Interest | — | — | — | — |
Securities lending income (Net) | 17,804 | 11,700 | 1,314 | 10 |
Total Income | 3,164,786 | 3,255,877 | 5,272,382 | 2,963,218 |
Expenses: | ||||
Advisory fees | 2,152,318 | 3,744,753 | 2,919,788 | 2,848,213 |
Service and distribution plan fees | 539,307 | 934,585 | 682,330 | 942,666 |
Sub-transfer agent fees | 192,842 | 291,688 | 224,396 | 91,861 |
Auditing and legal fees | 89,927 | 136,403 | 135,918 | 113,069 |
Custody and accounting fees | 69,504 | 78,975 | 79,080 | 76,863 |
Registration and filing fees | 45,125 | 108,544 | 58,801 | 46,198 |
Transfer agent fees | 43,955 | 61,184 | 159,450 | 122,720 |
Directors’ fees and expenses | 43,076 | 54,719 | 61,385 | 57,638 |
Printing and postage fees | 24,873 | 50,977 | 31,731 | 8,602 |
Fund administration fees | 21,352 | 33,399 | 30,014 | 31,947 |
Compliance and tax service fees | 21,270 | 25,254 | 32,119 | 25,799 |
Insurance fees | 13,826 | 16,013 | 8,311 | 8,391 |
Other | 25,076 | 33,141 | 35,283 | 33,980 |
Recoupment (See Note 5) | 812 | 4,119 | 3,446 | — |
Total Expenses Before Fees Waived (See Note 5) | 3,283,263 | 5,573,754 | 4,462,052 | 4,407,947 |
Less: Advisory Fees Waived | (41,619) | (59,591) | (79,382) | (28,912) |
Net Expenses | 3,241,644 | 5,514,163 | 4,382,670 | 4,379,035 |
Net Investment Income/(Loss) | (76,858) | (2,258,286) | 889,712 | (1,415,817) |
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Exchange Transactions: | ||||
Net Realized Gain/(Loss) From: | ||||
Investments in securities | 12,566,124 | 19,499,476 | 23,352,746 | 32,669,097 |
Foreign currency transactions | — | — | 46 | 69 |
12,566,124 | 19,499,476 | 23,352,792 | 32,669,166 | |
Change in Net Unrealized Appreciation/(Depreciation) of: | ||||
Investments in securities | (53,121,918) | (31,182,773) | (69,497,314) | (133,069,415) |
Net Realized Gain/(Loss) and Change in Net Unrealized Appreciation/(Depreciation) on Investments and Foreign Exchange Transactions | (40,555,794) | (11,683,297) | (46,144,522) | (100,400,249) |
Net Increase/(Decrease) in Net Assets from Operations | $(40,632,652) | $(13,941,583) | $(45,254,810) | $(101,816,066) |
* | For the nine month period ended December 31, 2022. See Note 6 of Notes to Financial Statements. |
Value Line Larger Companies Focused Fund, Inc. | Value Line Asset Allocation Fund, Inc. | Value Line Capital Appreciation Fund, Inc. | ||
Year Ended December 31, 2022 | Period Ended December 31, 2022* | Year Ended March 31, 2022 | Year Ended December 31, 2022 | |
Investment Income: | ||||
Dividends (net of foreign withholding tax of $0, $0, $14,874 and $15,844, respectively) | $2,158,340 | $8,043,900 | $8,669,334 | $5,807,367 |
Interest | — | 4,420,669 | 10,315,536 | 1,328,220 |
Securities lending income (Net) | 69,303 | 26,145 | 17,647 | 98,045 |
Total Income | 2,227,643 | 12,490,714 | 19,002,517 | 7,233,632 |
Expenses: | ||||
Advisory fees | 1,917,795 | 5,311,894 | 10,788,128 | 3,204,847 |
Service and distribution plan fees | 649,650 | 773,041 | 1,517,266 | 903,929 |
Transfer agent fees | 102,757 | 182,481 | 318,380 | 156,669 |
Auditing and legal fees | 79,153 | 212,222 | 429,316 | 127,893 |
Custody and accounting fees | 77,018 | 121,100 | 272,989 | 130,361 |
Directors’ fees and expenses | 42,956 | 141,005 | 177,676 | 75,664 |
Registration and filing fees | 36,299 | 75,932 | 106,416 | 84,456 |
Fund administration fees | 31,941 | 24,250 | 31,000 | 29,027 |
Sub-transfer agent fees | 27,604 | 459,131 | 884,864 | 224,594 |
Compliance and tax service fees | 21,520 | 48,068 | 64,079 | 31,498 |
Insurance fees | 6,479 | 53,126 | 67,662 | 11,899 |
Printing and postage fees | 3,213 | 35,502 | 232,888 | 14,146 |
Other | 31,727 | 38,439 | 54,062 | 38,771 |
Recoupment (See Note 5) | — | 68,577 | 44,117 | 945 |
Total Expenses Before Fees Waived (See Note 5) | 3,028,112 | 7,544,768 | 14,988,843 | 5,034,699 |
Less: Advisory Fees Waived | (19,795) | (83,665) | (75,103) | (53,839) |
Net Expenses | 3,008,317 | 7,461,103 | 14,913,740 | 4,980,860 |
Net Investment Income/(Loss) | (780,674) | 5,029,611 | 4,088,777 | 2,252,772 |
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Exchange Transactions: | ||||
Net Realized Gain/(Loss) From: | ||||
Investments in securities | (4,928,797) | 30,602,944 | 100,796,623 | (8,895,638) |
Foreign currency transactions | — | — | 108 | — |
(4,928,797) | 30,602,944 | 100,796,731 | (8,895,638) | |
Change in Net Unrealized Appreciation/(Depreciation) of: | ||||
Investments in securities | (136,211,646) | (159,997,607) | (5,767,838) | (185,679,014) |
Net Realized Gain/(Loss) and Change in Net Unrealized Appreciation/(Depreciation) on Investments and Foreign Exchange Transactions | (141,140,443) | (129,394,663) | 95,028,893 | (194,574,652) |
Net Increase/(Decrease) in Net Assets from Operations | $(141,921,117) | $(124,365,052) | $99,117,670 | $(192,321,880) |
* | For the nine month period ended December 31, 2022. See Note 6 of Notes to Financial Statements. |
Value Line Core Bond Fund | |
Year Ended December 31, 2022 | |
Investment Income: | |
Interest | $1,019,699 |
Dividends | 89,414 |
Securities lending income (Net) | 6,044 |
Total Income | 1,115,157 |
Expenses: | |
Advisory fees | 148,134 |
Service and distribution plan fees | 110,816 |
Custody and accounting fees | 76,339 |
Transfer agent fees | 50,976 |
Fund administration fees | 32,894 |
Auditing and legal fees | 30,743 |
Registration and filing fees | 20,755 |
Compliance and tax service fees | 9,783 |
Directors’ fees and expenses | 6,562 |
Insurance fees | 848 |
Other | 27,215 |
Recoupment (See Note 5) | 16,169 |
Total Expenses Before Fees Waived (See Note 5) | 531,234 |
Less: Advisory Fees Waived | (21,481) |
Less: Service and Distribution Plan Fees Waived | (110,816) |
Net Expenses | 398,937 |
Net Investment Income/(Loss) | 716,220 |
Net Realized and Unrealized Gain/(Loss) on Investments: | |
Net Realized Gain/(Loss) From: | |
Investments in securities | (1,033,581) |
Change in Net Unrealized Appreciation/(Depreciation) of: | |
Investments in securities | (5,907,025) |
Net Realized Gain/(Loss) and Change in Net Unrealized Appreciation/(Depreciation) on Investments | (6,940,606) |
Net Increase/(Decrease) in Net Assets from Operations | $(6,224,386) |
Value Line Small Cap Opportunities Fund, Inc. | |||
Period Ended December 31, 2022* | Year Ended March 31, 2022 | Year Ended March 31, 2021 | |
Operations: | |||
Net investment income/(loss) | $(76,858) | $(2,258,286) | $(1,855,354) |
Net realized gain/(loss) on investments and foreign currency | 12,566,124 | 19,499,476 | 33,419,795 |
Change in net unrealized appreciation/(depreciation) on investments | (53,121,918) | (31,182,773) | 175,151,252 |
Net increase/(decrease) in net assets from operations | (40,632,652) | (13,941,583) | 206,715,693 |
Distributions to Shareholders from: | |||
Investor Class | (7,459,546) | (21,858,560) | (28,345,129) |
Institutional Class | (2,462,064) | (7,681,925) | (7,140,153) |
(9,921,610) | (29,540,485) | (35,485,282) | |
Share Transactions: | |||
Proceeds from sale of shares | |||
Investor Class | 5,203,536 | 12,595,498 | 21,645,736 |
Institutional Class | 15,630,836 | 42,828,529 | 66,713,652 |
Proceeds from reinvestment of distributions to shareholders | |||
Investor Class | 7,370,018 | 21,567,199 | 27,953,375 |
Institutional Class | 2,422,886 | 7,626,154 | 7,078,152 |
Cost of shares redeemed | |||
Investor Class | (29,798,131) | (60,555,544) | (105,369,156) |
Institutional Class | (36,809,974) | (31,534,058) | (22,780,842) |
Net increase/(decrease) in net assets from capital share transactions | (35,980,829) | (7,472,222) | (4,759,083) |
Total increase/(decrease) in net assets | (86,535,091) | (50,954,290) | 166,471,328 |
Net Assets: | |||
Beginning of year | 455,048,407 | 506,002,697 | 339,531,369 |
End of year | $368,513,316 | $455,048,407 | $506,002,697 |
Capital Share Transactions: | |||
Shares sold | |||
Investor Class | 119,481 | 234,434 | 469,015 |
Institutional Class | 346,209 | 791,942 | 1,347,984 |
Shares issued to shareholders in reinvestment of distributions | |||
Investor Class | 166,254 | 406,698 | 579,105 |
Institutional Class | 53,239 | 140,548 | 143,865 |
Shares redeemed | |||
Investor Class | (680,191) | (1,129,530) | (2,335,052) |
Institutional Class | (838,716) | (576,331) | (491,075) |
* | For the nine month period ended December 31, 2022. See Note 6 of Notes to Financial Statements. |
Value Line Mid Cap Focused Fund, Inc. | Value Line Select Growth Fund, Inc. | |||
Year Ended December 31, 2022 | Year Ended December 31, 2021 | Year Ended December 31, 2022 | Year Ended December 31, 2021 | |
Operations: | ||||
Net investment income/(loss) | $889,712 | $2,014,924 | $(1,415,817) | $(2,904,387) |
Net realized gain/(loss) on investments and foreign currency | 23,352,792 | 31,662,996 | 32,669,166 | 57,334,350 |
Change in net unrealized appreciation/(depreciation) on investments | (69,497,314) | 52,655,853 | (133,069,415) | 49,064,383 |
Net increase/(decrease) in net assets from operations | (45,254,810) | 86,333,773 | (101,816,066) | 103,494,346 |
Distributions to Shareholders from: | ||||
Investor Class | (18,517,510) | (24,345,686) | (36,873,982) | (62,882,917) |
Institutional Class | (16,342,913) | (14,087,041) | (1,192,230) | (2,026,820) |
(34,860,423) | (38,432,727) | (38,066,212) | (64,909,737) | |
Share Transactions: | ||||
Proceeds from sale of shares | ||||
Investor Class | 40,266,093 | 25,120,633 | 9,362,171 | 8,359,304 |
Institutional Class | 163,549,665 | 58,387,787 | 1,646,171 | 3,785,420 |
Proceeds from reinvestment of distributions to shareholders | ||||
Investor Class | 17,788,155 | 23,485,169 | 35,541,509 | 60,378,593 |
Institutional Class | 14,303,115 | 11,167,392 | 1,148,276 | 1,959,861 |
Cost of shares redeemed | ||||
Investor Class | (52,198,292) | (97,390,809) | (64,488,504) | (71,360,065) |
Institutional Class | (70,920,693) | (45,080,081) | (3,412,772) | (3,076,911) |
Net increase/(decrease) in net assets from capital share transactions | 112,788,043 | (24,309,909) | (20,203,149) | 46,202 |
Total increase/(decrease) in net assets | 32,672,810 | 23,591,137 | (160,085,427) | 38,630,811 |
Net Assets: | ||||
Beginning of year | 495,455,998 | 471,864,861 | 502,400,051 | 463,769,240 |
End of year | $528,128,808 | $495,455,998 | $342,314,624 | $502,400,051 |
Capital Share Transactions: | ||||
Shares sold | ||||
Investor Class | 1,456,599 | 846,682 | 264,675 | 210,330 |
Institutional Class | 5,931,133 | 1,888,942 | 48,704 | 95,377 |
Shares issued to shareholders in reinvestment of distributions | ||||
Investor Class | 651,104 | 781,797 | 1,189,475 | 1,550,953 |
Institutional Class | 519,924 | 369,292 | 38,085 | 50,060 |
Shares redeemed | ||||
Investor Class | (1,903,065) | (3,213,643) | (1,949,030) | (1,784,233) |
Institutional Class | (2,546,765) | (1,517,406) | (101,255) | (76,924) |
Value Line Larger Companies Focused Fund, Inc. | ||
Year Ended December 31, 2022 | Year Ended December 31, 2021 | |
Operations: | ||
Net investment income/(loss) | $(780,674) | $(3,497,191) |
Net realized gain/(loss) on investments | (4,928,797) | 64,101,538 |
Change in net unrealized appreciation/(depreciation) on investments | (136,211,646) | (48,703,413) |
Net increase/(decrease) in net assets from operations | (141,921,117) | 11,900,934 |
Distributions to Shareholders from: | ||
Investor Class | (25,577,632) | (46,615,262) |
Institutional Class | (504,353) | (1,110,293) |
(26,081,985) | (47,725,555) | |
Share Transactions: | ||
Proceeds from sale of shares | ||
Investor Class | 2,018,071 | 7,115,657 |
Institutional Class | 1,349,644 | 3,403,942 |
Proceeds from reinvestment of distributions to shareholders | ||
Investor Class | 24,534,042 | 44,533,789 |
Institutional Class | 504,353 | 1,109,200 |
Cost of shares redeemed | ||
Investor Class | (29,153,077) | (43,567,784) |
Institutional Class | (2,978,782) | (1,267,650) |
Net increase/(decrease) in net assets from capital share transactions | (3,725,749) | 11,327,154 |
Total decrease in net assets | (171,728,851) | (24,497,467) |
Net Assets: | ||
Beginning of year | 376,411,010 | 400,908,477 |
End of year | $204,682,159 | $376,411,010 |
Capital Share Transactions: | ||
Shares sold | ||
Investor Class | 80,218 | 175,164 |
Institutional Class | 47,853 | 81,960 |
Shares issued to shareholders in reinvestment of distributions | ||
Investor Class | 1,251,795 | 1,338,960 |
Institutional Class | 25,306 | 32,943 |
Shares redeemed | ||
Investor Class | (1,182,637) | (1,097,906) |
Institutional Class | (107,126) | (32,498) |
Value Line Asset Allocation Fund, Inc. | |||
Period Ended December 31, 2022* | Year Ended March 31, 2022 | Year Ended March 31, 2021 | |
Operations: | |||
Net investment income/(loss) | $5,029,611 | $4,088,777 | $2,679,167 |
Net realized gain/(loss) on investments and foreign currency | 30,602,944 | 100,796,731 | 50,014,581 |
Change in net unrealized appreciation/(depreciation) on investments | (159,997,607) | (5,767,838) | 276,713,547 |
Net increase/(decrease) in net assets from operations | (124,365,052) | 99,117,670 | 329,407,295 |
Distributions to Shareholders from: | |||
Investor Class | (21,445,941) | (36,991,741) | (3,732,902) |
Institutional Class | (36,399,992) | (78,180,633) | (10,865,809) |
(57,845,933) | (115,172,374) | (14,598,711) | |
Share Transactions: | |||
Proceeds from sale of shares | |||
Investor Class | 11,349,157 | 74,629,812 | 329,926,335 |
Institutional Class | 55,211,793 | 255,362,228 | 914,837,092 |
Proceeds from reinvestment of distributions to shareholders | |||
Investor Class | 20,629,146 | 35,510,337 | 3,514,074 |
Institutional Class | 35,347,148 | 76,064,513 | 10,601,974 |
Cost of shares redeemed | |||
Investor Class | (93,642,302) | (232,929,799) | (468,183,225) |
Institutional Class | (318,901,827) | (559,927,173) | (418,658,111) |
Net increase/(decrease) in net assets from capital share transactions | (290,006,885) | (351,290,082) | 372,038,139 |
Total increase/(decrease) in net assets | (472,217,870) | (367,344,786) | 686,846,723 |
Net Assets: | |||
Beginning of year | 1,419,706,480 | 1,787,051,266 | 1,100,204,543 |
End of year | $947,488,610 | $1,419,706,480 | $1,787,051,266 |
Capital Share Transactions: | |||
Shares sold | |||
Investor Class | 290,616 | 1,628,720 | 8,221,048 |
Institutional Class | 1,410,469 | 5,536,165 | 22,177,562 |
Shares issued to shareholders in reinvestment of distributions | |||
Investor Class | 543,731 | 783,720 | 81,514 |
Institutional Class | 930,188 | 1,676,134 | 245,473 |
Shares redeemed | |||
Investor Class | (2,407,154) | (5,153,267) | (11,177,926) |
Institutional Class | (8,223,343) | (12,705,212) | (9,830,184) |
* | For the nine month period ended December 31, 2022. See Note 6 of Notes to Financial Statements. |
Value Line Capital Appreciation Fund, Inc. | ||
Year Ended December 31, 2022 | Year Ended December 31, 2021 | |
Operations: | ||
Net investment income/(loss) | $2,252,772 | $(2,150,124) |
Net realized gain/(loss) on investments | (8,895,638) | 97,471,784 |
Change in net unrealized appreciation/(depreciation) on investments | (185,679,014) | (48,869,940) |
Net increase/(decrease) in net assets from operations | (192,321,880) | 46,451,720 |
Distributions to Shareholders from: | ||
Investor Class | (28,673,244) | (50,677,807) |
Institutional Class | (8,788,632) | (19,027,765) |
(37,461,876) | (69,705,572) | |
Share Transactions: | ||
Proceeds from sale of shares | ||
Investor Class | 11,383,375 | 83,958,492 |
Institutional Class | 35,326,737 | 107,801,711 |
Proceeds from reinvestment of distributions to shareholders | ||
Investor Class | 27,086,503 | 47,963,683 |
Institutional Class | 8,509,001 | 18,777,259 |
Cost of shares redeemed | ||
Investor Class | (100,093,807) | (170,967,310) |
Institutional Class | (86,597,207) | (53,573,100) |
Net increase/(decrease) in net assets from capital share transactions | (104,385,398) | 33,960,735 |
Total increase/(decrease) in net assets | (334,169,154) | 10,706,883 |
Net Assets: | ||
Beginning of year | 692,877,288 | 682,170,405 |
End of year | $358,708,134 | $692,877,288 |
Capital Share Transactions: | ||
Shares sold | ||
Investor Class | 1,088,702 | 6,223,284 |
Institutional Class | 3,442,690 | 7,865,662 |
Shares issued to shareholders in reinvestment of distributions | ||
Investor Class | 3,275,272 | 3,996,974 |
Institutional Class | 1,028,900 | 1,566,077 |
Shares redeemed | ||
Investor Class | (10,068,016) | (12,622,197) |
Institutional Class | (9,074,155) | (4,002,527) |
Value Line Core Bond Fund | ||
Year Ended December 31, 2022 | Year Ended December 31, 2021 | |
Operations: | ||
Net investment income/(loss) | $716,220 | $643,649 |
Net realized gain/(loss) on investments | (1,033,581) | 746,870 |
Change in net unrealized appreciation/(depreciation) on investments | (5,907,025) | (2,524,966) |
Net increase/(decrease) in net assets from operations | (6,224,386) | (1,134,447) |
Distributions to Shareholders from: | ||
Investor Class | (762,097) | (1,274,662) |
Share Transactions (Investor Class): | ||
Proceeds from sale of shares | 1,182,592 | 2,908,128 |
Proceeds from reinvestment of distributions to shareholders | 703,071 | 1,178,008 |
Cost of shares redeemed | (4,420,589) | (5,263,146) |
Net increase/(decrease) in net assets from capital share transactions | (2,534,926) | (1,177,010) |
Total decrease in net assets | (9,521,409) | (3,586,119) |
Net Assets: | ||
Beginning of year | 50,267,445 | 53,853,564 |
End of year | $40,746,036 | $50,267,445 |
Capital Share Transactions (Investor Class): | ||
Shares sold | 82,203 | 188,605 |
Shares issued to shareholders in reinvestment of dividends | 52,082 | 76,945 |
Shares redeemed | (320,808) | (340,454) |
Value Line Small Cap Opportunities Fund, Inc. Investor Class | ||||||
Period Ended December 31, | Years Ended March 31, | |||||
2022* | 2022 | 2021 | 2020 | 2019 | 2018 | |
Net asset value, beginning of year | $48.36 | $53.12 | $34.69 | $48.31 | $51.99 | $47.38 |
Income/(loss) from investment operations: | ||||||
Net investment income/(loss) | (0.03)(1) | (0.28)(1) | (0.22)(1) | (0.12)(1) | (0.02) | 0.03 |
Net gains/(losses) on securities (both realized and unrealized) | (4.15) | (1.21) | 22.68 | (3.34) | 3.09 | 6.46 |
Total from investment operations | (4.18) | (1.49) | 22.46 | (3.46) | 3.07 | 6.49 |
Less distributions: | ||||||
Distributions from net realized gains | (1.19) | (3.27) | (4.03) | (10.16) | (6.75) | (1.88) |
Total distributions | (1.19) | (3.27) | (4.03) | (10.16) | (6.75) | (1.88) |
Net asset value, end of year | $42.99 | $48.36 | $53.12 | $34.69 | $48.31 | $51.99 |
Total return | (8.73)%(2) | (3.34)% | 65.92% | (11.25)% | 7.80% | 13.70% |
Ratios/Supplemental Data: | ||||||
Net assets, end of year (in thousands) | $275,060 | $328,455 | $386,766 | $297,244 | $400,688 | $449,737 |
Ratio of expenses to average net assets | 1.18%(3) | 1.16% | 1.18% | 1.19% | 1.21% | 1.21% |
Ratio of net investment income/(loss) to average net assets | (0.09)%(3) | (0.52)% | (0.48)% | (0.25)% | (0.24)% | (0.22)% |
Portfolio turnover rate | 4%(2) | 3% | 4% | 18% | 20% | 11% |
Value Line Small Cap Opportunities Fund, Inc. Institutional Class | ||||||
Period Ended December 31, | Years Ended March 31, | |||||
2022* | 2022 | 2021 | 2020 | 2019 | 2018 | |
Net asset value, beginning of year | $49.52 | $54.19 | $35.25 | $48.83 | $52.34 | $47.56 |
Income/(loss) from investment operations: | ||||||
Net investment income/(loss) | 0.05(1) | (0.14)(1) | (0.10)(1) | 0.00(1)(4) | (0.02) | 0.03 |
Net gains/(losses) on securities (both realized and unrealized) | (4.24) | (1.26) | 23.07 | (3.42) | 3.26 | 6.63 |
Total from investment operations | (4.19) | (1.40) | 22.97 | (3.42) | 3.24 | 6.66 |
Less distributions: | ||||||
Distributions from net realized gains | (1.19) | (3.27) | (4.03) | (10.16) | (6.75) | (1.88) |
Total distributions | (1.19) | (3.27) | (4.03) | (10.16) | (6.75) | (1.88) |
Net asset value, end of year | $44.14 | $49.52 | $54.19 | $35.25 | $48.83 | $52.34 |
Total return | (8.54)%(2) | (3.10)% | 66.33% | (11.03)% | 8.09% | 14.01% |
Ratios/Supplemental Data: | ||||||
Net assets, end of year (in thousands) | $93,453 | $126,593 | $119,237 | $42,287 | $48,783 | $39,582 |
Ratio of gross expenses to average net assets | 0.99%(3) | 0.95% | 0.96% | 1.00% | 1.02% | 1.01% |
Ratio of net expenses to average net assets | 0.93%(3) | 0.91% | 0.93% | 0.94% | 0.96% | 0.96% |
Ratio of net investment income/(loss) to average net assets | 0.15%(3) | (0.25)% | (0.21)% | 0.00%(4) | 0.02% | 0.05% |
Portfolio turnover rate | 4%(2) | 3% | 4% | 18% | 20% | 11% |
* | For the nine month period ended December 31, 2022. See Note 6 of Notes to Financial Statements. |
(1) | Per share amounts are calculated based on average shares outstanding during the year. |
(2) | Not annualized. |
(3) | Annualized. |
(4) | Amount is less than $0.01 per share or 0.01%. |
Value Line Mid Cap Focused Fund, Inc. Investor Class | |||||
Years Ended December 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net asset value, beginning of year | $31.24 | $28.29 | $25.49 | $19.11 | $19.19 |
Income/(loss) from investment operations: | |||||
Net investment income/(loss) | 0.03(1) | 0.10(1)(2) | (0.12)(1) | 0.06(1)(3) | (0.07) |
Net gains/(losses) on securities (both realized and unrealized) | (2.96) | 5.42 | 5.13 | 6.68 | 0.97 |
Total from investment operations | (2.93) | 5.52 | 5.01 | 6.74 | 0.90 |
Less distributions: | |||||
Dividends from net investment income | (0.03) | — | (0.02) | (0.00)(4) | — |
Distributions from net realized gains | (1.87) | (2.57) | (2.19) | (0.36) | (0.98) |
Total distributions | (1.90) | (2.57) | (2.21) | (0.36) | (0.98) |
Net asset value, end of year | $26.41 | $31.24 | $28.29 | $25.49 | $19.11 |
Total return | (9.56)% | 19.88% | 19.96% | 35.30% | 4.72% |
Ratios/Supplemental Data: | |||||
Net assets, end of year (in thousands) | $274,371 | $318,184 | $332,898 | $373,341 | $184,515 |
Ratio of expenses to average net assets | 1.07% | 1.07% | 1.10% | 1.11% | 1.18% |
Ratio of net investment income/(loss) to average net assets | 0.10% | 0.33%(2) | (0.46)% | 0.27%(3) | (0.46)% |
Portfolio turnover rate | 13% | 0%(5) | 4% | 19% | 10% |
Value Line Mid Cap Focused Fund, Inc. Institutional Class | |||||
Years Ended December 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net asset value, beginning of year | $31.46 | $28.39 | $25.59 | $19.17 | $19.20 |
Income/(loss) from investment operations: | |||||
Net investment income/(loss) | 0.10(1) | 0.19(1)(2) | (0.04)(1) | 0.20(1)(3) | (0.04) |
Net gains/(losses) on securities (both realized and unrealized) | (2.98) | 5.45 | 5.14 | 6.64 | 0.99 |
Total from investment operations | (2.88) | 5.64 | 5.10 | 6.84 | 0.95 |
Less distributions: | |||||
Dividends from net investment income | (0.11) | — | (0.11) | (0.06) | — |
Distributions from net realized gains | (1.87) | (2.57) | (2.19) | (0.36) | (0.98) |
Total distributions | (1.98) | (2.57) | (2.30) | (0.42) | (0.98) |
Net asset value, end of year | $26.60 | $31.46 | $28.39 | $25.59 | $19.17 |
Total return | (9.35)% | 20.24% | 20.24% | 35.68% | 4.98% |
Ratios/Supplemental Data: | |||||
Net assets, end of year (in thousands) | $253,758 | $177,272 | $138,967 | $41,459 | $1,765 |
Ratio of gross expenses to average net assets | 0.86% | 0.86% | 0.89% | 1.04% | 3.97% |
Ratio of net expenses to average net assets | 0.82% | 0.82% | 0.85% | 0.86% | 0.93% |
Ratio of net investment income/(loss) to average net assets | 0.35% | 0.63%(2) | (0.15)% | 0.81%(3) | (0.19)% |
Portfolio turnover rate | 13% | 0%(5) | 4% | 19% | 10% |
(1) | Per share amounts are calculated based on average shares outstanding during the year. |
(2) | Includes income resulting from special dividends. For the year ended December 31, 2021, without these dividends, the per share value for the Investor Class and Institutional Class would have been $(0.18) and $(0.09), respectively, and the ratio for the Investor Class and Institutional Class would have been (0.59)% and (0.30)%, respectively. |
(3) | Includes income resulting from special dividends. For the year ended December 31, 2019, without these dividends, the per share value for the Investor Class and Institutional Class would have been $(0.08) and $0.05, respectively, and the ratio for the Investor Class and Institutional Class would have been (0.33)% and 0.22%, respectively. |
(4) | Amount is less than $0.01 per share. |
(5) | Amount is less than 0.50%. |
Value Line Select Growth Fund, Inc. Investor Class | |||||
Years Ended December 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net asset value, beginning of year | $40.46 | $37.49 | $38.93 | $30.47 | $33.11 |
Income/(loss) from investment operations: | |||||
Net investment income/(loss) | (0.12)(1) | (0.25)(1) | (0.17)(1) | (0.05)(1) | (0.14) |
Net gains/(losses) on securities (both realized and unrealized) | (8.11) | 9.08 | 8.91 | 11.16 | 0.58 |
Total from investment operations | (8.23) | 8.83 | 8.74 | 11.11 | 0.44 |
Less distributions: | |||||
Distributions from net realized gains | (3.49) | (5.86) | (10.18) | (2.65) | (3.08) |
Total distributions | (3.49) | (5.86) | (10.18) | (2.65) | (3.08) |
Net asset value, end of year | $28.74 | $40.46 | $37.49 | $38.93 | $30.47 |
Total return | (20.67)% | 24.16% | 23.12% | 36.59% | 1.39% |
Ratios/Supplemental Data: | |||||
Net assets, end of year (in thousands) | $331,514 | $486,661 | $451,806 | $486,392 | $315,928 |
Ratio of expenses to average net assets | 1.13% | 1.13% | 1.16% | 1.16% | 1.20% |
Ratio of net investment income/(loss) to average net assets | (0.37)% | (0.62)% | (0.43)% | (0.12)% | (0.42)% |
Portfolio turnover rate | 6% | 3% | 12% | 17% | 8% |
Value Line Select Growth Fund, Inc. Institutional Class | |||
Year Ended December 31, | Period Ended December 31, | ||
2022 | 2021 | 2020(2) | |
Net asset value, beginning of year | $40.69 | $37.58 | $36.44 |
Income/(loss) from investment operations: | |||
Net investment income/(loss)(1) | (0.04)(1) | (0.15)(1) | 0.02(1) |
Net gains/(losses) on securities (both realized and unrealized) | (8.15) | 9.12 | 11.30 |
Total from investment operations | (8.19) | 8.97 | 11.32 |
Less distributions: | |||
Distributions from net realized gains | (3.49) | (5.86) | (10.18) |
Total distributions | (3.49) | (5.86) | (10.18) |
Net asset value, end of year | $29.01 | $40.69 | $37.58 |
Total return | (20.45)% | 24.47% | 31.78%(3) |
Ratios/Supplemental Data: | |||
Net assets, end of year (in thousands) | $10,801 | $15,739 | $11,963 |
Ratio of gross expenses to average net assets | 1.11% | 1.04% | 1.96%(4) |
Ratio of net expenses to average net assets | 0.88% | 0.88% | 0.91%(4) |
Ratio of net investment income/(loss) to average net assets | (0.12)% | (0.37)% | 0.08%(4) |
Portfolio turnover rate | 6% | 3% | 12%(3) |
(1) | Per share amounts are calculated based on average shares outstanding during the year. |
(2) | Commenced operations on May 1, 2020. |
(3) | Not annualized. |
(4) | Annualized. |
Value Line Larger Companies Focused Fund, Inc. Investor Class | |||||
Years Ended December 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net asset value, beginning of year | $34.36 | $38.35 | $28.87 | $25.34 | $28.65 |
Income/(loss) from investment operations: | |||||
Net investment income/(loss) | (0.08)(1) | (0.35)(1) | (0.29)(1) | (0.23)(1) | (0.22) |
Net gains/(losses) on securities (both realized and unrealized) | (13.17) | 1.29 | 13.42 | 6.64 | 0.58 |
Total from investment operations | (13.25) | 0.94 | 13.13 | 6.41 | 0.36 |
Less distributions: | |||||
Distributions from net realized gains | (2.62) | (4.93) | (3.65) | (2.88) | (3.67) |
Total distributions | (2.62) | (4.93) | (3.65) | (2.88) | (3.67) |
Net asset value, end of year | $18.49 | $34.36 | $38.35 | $28.87 | $25.34 |
Total return | (38.99)% | 2.89% | 45.98% | 25.67% | 1.30% |
Ratios/Supplemental Data: | |||||
Net assets, end of year (in thousands) | $200,602 | $367,681 | $394,389 | $291,057 | $253,199 |
Ratio of gross expenses to average net assets | 1.14% | 1.14% | 1.15% | 1.16% | 1.18% |
Ratio of net expenses to average net assets | 1.14% | 1.14% | 1.15% | 1.15% | 1.15% |
Ratio of net investment income/(loss) to average net assets | (0.30)% | (0.87)% | (0.86)% | (0.78)% | (0.77)% |
Portfolio turnover rate | 58% | 27% | 54% | 29% | 36% |
Value Line Larger Companies Focused Fund, Inc. Institutional Class | |||||
Years Ended December 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net asset value, beginning of year | $34.79 | $38.68 | $29.03 | $25.41 | $28.65 |
Income/(loss) from investment operations: | |||||
Net investment income/(loss) | (0.02)(1) | (0.26)(1) | (0.21)(1) | (0.15)(1) | (0.14) |
Net gains/(losses) on securities (both realized and unrealized) | (13.35) | 1.30 | 13.51 | 6.65 | 0.57 |
Total from investment operations | (13.37) | 1.04 | 13.30 | 6.50 | 0.43 |
Less distributions: | |||||
Distributions from net realized gains | (2.62) | (4.93) | (3.65) | (2.88) | (3.67) |
Total distributions | (2.62) | (4.93) | (3.65) | (2.88) | (3.67) |
Net asset value, end of year | $18.80 | $34.79 | $38.68 | $29.03 | $25.41 |
Total return | (38.85)% | 3.12% | 46.36% | 25.92% | 1.55% |
Ratios/Supplemental Data: | |||||
Net assets, end of year (in thousands) | $4,080 | $8,730 | $6,519 | $2,054 | $1,238 |
Ratio of gross expenses to average net assets | 1.25% | 1.36% | 1.80% | 2.75% | 3.92% |
Ratio of net expenses to average net assets | 0.89% | 0.90% | 0.90% | 0.90% | 0.93% |
Ratio of net investment income/(loss) to average net assets | (0.06)% | (0.63)% | (0.62)% | (0.50)% | (0.58)% |
Portfolio turnover rate | 58% | 27% | 54% | 29% | 36% |
(1) | Per share amounts are calculated based on average shares outstanding during the year. |
Value Line Asset Allocation Fund, Inc. Investor Class | ||||||
Period Ended December 31, | Years Ended March 31, | |||||
2022* | 2022 | 2021 | 2020 | 2019 | 2018 | |
Net asset value, beginning of year | $42.79 | $43.14 | $34.72 | $35.07 | $31.95 | $30.01 |
Income/(loss) from investment operations: | ||||||
Net investment income/(loss) | 0.13(1) | 0.03(1) | 0.00(1)(2) | 0.20(1) | 0.14 | 0.15 |
Net gains/(losses) on securities (both realized and unrealized) | (3.84) | 2.59 | 8.65 | 0.12 | 3.95 | 3.16 |
Total from investment operations | (3.71) | 2.62 | 8.65 | 0.32 | 4.09 | 3.31 |
Less distributions: | ||||||
Dividends from net investment income | (0.33) | (0.01) | (0.01) | (0.16) | (0.13) | (0.14) |
Distributions from net realized gains | (1.88) | (2.96) | (0.22) | (0.51) | (0.84) | (1.23) |
Total distributions | (2.21) | (2.97) | (0.23) | (0.67) | (0.97) | (1.37) |
Net asset value, end of year | $36.87 | $42.79 | $43.14 | $34.72 | $35.07 | $31.95 |
Total return | (8.81)%(3) | 5.70% | 24.93% | 0.75% | 13.17% | 11.11% |
Ratios/Supplemental Data: | ||||||
Net assets, end of year (in thousands) | $372,165 | $499,220 | $621,482 | $600,102 | $384,222 | $285,753 |
Ratio of gross expenses to average net assets | 1.04%(4) | 1.02% | 1.03% | 1.08% | 1.12% | 1.12% |
Ratio of net investment income/(loss) to average net assets | 0.45%(4) | 0.07% | 0.01% | 0.54% | 0.46% | 0.43% |
Portfolio turnover rate | 37%(3) | 14% | 19% | 16% | 19% | 19% |
Value Line Asset Allocation Fund, Inc. Institutional Class | ||||||
Period Ended December 31, | Years Ended March 31, | |||||
2022* | 2022 | 2021 | 2020 | 2019 | 2018 | |
Net asset value, beginning of year | $42.89 | $43.24 | $34.82 | $35.16 | $32.03 | $30.08 |
Income/(loss) from investment operations: | ||||||
Net investment income/(loss) | 0.20(1) | 0.15(1) | 0.11(1) | 0.30(1) | 0.19 | 0.24 |
Net gains/(losses) on securities (both realized and unrealized) | (3.85) | 2.61 | 8.68 | 0.11 | 4.00 | 3.17 |
Total from investment operations | (3.65) | 2.76 | 8.79 | 0.41 | 4.19 | 3.41 |
Less distributions: | ||||||
Dividends from net investment income | (0.43) | (0.15) | (0.15) | (0.24) | (0.22) | (0.23) |
Distributions from net realized gains | (1.88) | (2.96) | (0.22) | (0.51) | (0.84) | (1.23) |
Total distributions | (2.31) | (3.11) | (0.37) | (0.75) | (1.06) | (1.46) |
Net asset value, end of year | $36.93 | $42.89 | $43.24 | $34.82 | $35.16 | $32.03 |
Total return | (8.65)%(3) | 5.98% | 25.24% | 0.99% | 13.49% | 11.33% |
Ratios/Supplemental Data: | ||||||
Net assets, end of year (in thousands) | $575,324 | $920,487 | $1,165,569 | $500,103 | $160,075 | $32,668 |
Ratio of gross expenses to average net assets | 0.81%(4) | 0.77% | 0.78% | 0.84% | 0.88% | 0.94% |
Ratio of net expenses to average net assets | 0.80%(4) | 0.77% | 0.78% | 0.83% | 0.87% | 0.87% |
Ratio of net investment income/(loss) to average net assets | 0.68%(4) | 0.32% | 0.26% | 0.80% | 0.74% | 0.68% |
Portfolio turnover rate | 37%(3) | 14% | 19% | 16% | 19% | 19% |
* | For the nine month period ended December 31, 2022. See Note 6 of Notes to Financial Statements. |
(1) | Per share amounts are calculated based on average shares outstanding during the year. |
(2) | Amount is less than $0.01 per share or 0.01%. |
(3) | Not annualized. |
(4) | Annualized. |
Value Line Capital Appreciation Fund, Inc. Investor Class | |||||
Years Ended December 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net asset value, beginning of year | $12.39 | $12.90 | $10.25 | $8.94 | $9.95 |
Income/(loss) from investment operations: | |||||
Net investment income/(loss) | 0.04(1) | (0.05)(1) | (0.03)(1) | (0.01)(1) | 0.00(2) |
Net gains/(losses) on securities (both realized and unrealized) | (3.69) | 0.88 | 3.39 | 2.32(3) | (0.27) |
Total from investment operations | (3.65) | 0.83 | 3.36 | 2.31 | (0.27) |
Less distributions: | |||||
Dividends from net investment income | (0.05) | (0.00)(2) | — | — | (0.01) |
Distributions from net realized gains | (0.82) | (1.34) | (0.71) | (1.00) | (0.73) |
Total distributions | (0.87) | (1.34) | (0.71) | (1.00) | (0.74) |
Net asset value, end of year | $7.87 | $12.39 | $12.90 | $10.25 | $8.94 |
Total return | (29.83)% | 6.79% | 33.03% | 26.14% | (2.71)% |
Ratios/Supplemental Data: | |||||
Net assets, end of year (in thousands) | $277,895 | $508,549 | $560,243 | $427,619 | $375,158 |
Ratio of expenses to average net assets | 1.07% | 1.05% | 1.07% | 1.09% | 1.12% |
Ratio of net investment income/(loss) to average net assets | 0.39% | (0.35)% | (0.28)% | (0.08)% | (0.02)% |
Portfolio turnover rate | 56% | 39% | 51% | 34% | 86% |
Value Line Capital Appreciation Fund, Inc. Institutional Class | |||||
Years Ended December 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net asset value, beginning of year | $12.39 | $12.90 | $10.22 | $8.89 | $9.90 |
Income/(loss) from investment operations: | |||||
Net investment income/(loss) | 0.06(1) | (0.01)(1) | (0.01)(1) | 0.02(1) | 0.04 |
Net gains/(losses) on securities (both realized and unrealized) | (3.70) | 0.88 | 3.40 | 2.31(3) | (0.30) |
Total from investment operations | (3.64) | 0.87 | 3.39 | 2.33 | (0.26) |
Less distributions: | |||||
Dividends from net investment income | (0.07) | (0.04) | — | — | (0.02) |
Distributions from net realized gains | (0.82) | (1.34) | (0.71) | (1.00) | (0.73) |
Total distributions | (0.89) | (1.38) | (0.71) | (1.00) | (0.75) |
Net asset value, end of year | $7.86 | $12.39 | $12.90 | $10.22 | $8.89 |
Total return | (29.74)% | 7.13% | 33.42% | 26.51% | (2.61)% |
Ratios/Supplemental Data: | |||||
Net assets, end of year (in thousands) | $80,814 | $184,329 | $121,927 | $31,858 | $24,469 |
Ratio of gross expenses to average net assets | 0.86% | 0.86% | 0.89% | 0.97% | 1.08% |
Ratio of net expenses to average net assets | 0.82% | 0.80% | 0.82% | 0.84% | 0.87% |
Ratio of net investment income/(loss) to average net assets | 0.64% | (0.10)% | (0.06)% | 0.17% | 0.19% |
Portfolio turnover rate | 56% | 39% | 51% | 34% | 86% |
(1) | Per share amounts are calculated based on average shares outstanding during the year. |
(2) | Amount is less than $0.01 per share. |
(3) | Amount includes a non-recurring settlement paid by the Fund related to Legal Proceedings. The settlement payment impacted the realized (loss) per share by less than $0.01 per share for Investor and Institutional class. Total return was not impacted. |
Value Line Core Bond Fund Investor Class | |||||
Years Ended December 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net asset value, beginning of year | $15.11 | $15.84 | $15.26 | $14.40 | $14.94 |
Income/(loss) from investment operations: | |||||
Net investment income/(loss) | 0.22(1) | 0.19(1) | 0.25(1) | 0.36 | 0.32 |
Net gains/(losses) on securities (both realized and unrealized) | (2.11) | 0.53 | 0.63 | 0.86 | (0.52) |
Total from investment operations | (1.89) | 0.34 | 0.88 | 1.22 | (0.20) |
Less distributions: | |||||
Dividends from net investment income | (0.24) | (0.23) | (0.30) | (0.36) | (0.34) |
Distributions from net realized gains | — | (0.16) | — | — | — |
Total distributions | (0.24) | (0.39) | (0.30) | (0.36) | (0.34) |
Net asset value, end of year | $12.98 | $15.11 | $15.84 | $15.26 | $14.40 |
Total return | (12.58)% | (2.18)% | 5.77% | 8.51% | (1.31)% |
Ratios/Supplemental Data: | |||||
Net assets, end of year (in thousands) | $40,746 | $50,267 | $53,854 | $53,976 | $54,583 |
Ratio of gross expenses to average net assets | 1.20% | 1.23% | 1.19% | 1.14% | 1.21% |
Ratio of net expenses to average net assets | 0.90% | 0.90% | 0.90% | 0.93% | 0.99% |
Ratio of net investment income/(loss) to average net assets | 1.62% | 1.25% | 1.62% | 2.26% | 2.24% |
Portfolio turnover rate | 37% | 71% | 70% | 39% | 84% |
(1) | Per share amounts are calculated based on average shares outstanding during the year. |
Fund | Investment Goal |
Value Line Small Cap Opportunities Fund, Inc. | The Fund seeks long-term capital growth. |
Value Line Mid Cap Focused Fund, Inc. | The Fund seeks long-term capital growth. |
Value Line Select Growth Fund, Inc. | The Fund seeks long-term capital growth. |
Value Line Larger Companies Focused Fund, Inc. | The Fund seeks long-term capital growth. |
Value Line Asset Allocation Fund, Inc. | The Fund seeks high total investment return. |
Value Line Capital Appreciation Fund, Inc. | The Fund seeks capital appreciation and income. |
Value Line Core Bond Fund | The Fund seeks to maximize current income and secondarily capital appreciation. |
Investor Class | Institutional Class | Total | |
Value Line Small Cap Opportunities Fund, Inc.* | |||
Transfer agent fees | $29,897 | $14,058 | $43,955 |
Sub-transfer agent fees | 127,997 | 64,845 | 192,842 |
Registration and filing fees | 23,102 | 22,023 | 45,125 |
Other | 18,184 | 6,892 | 25,076 |
* | For the period 4/1/22-12/31/22. |
Investor Class | Institutional Class | Total | |
Value Line Mid Cap Focused Fund, Inc. | |||
Transfer agent fees | $95,237 | $64,213 | $159,450 |
Sub-transfer agent fees | 98,443 | 125,953 | 224,396 |
Registration and filing fees | 24,863 | 33,938 | 58,801 |
Other | 21,116 | 14,167 | 35,283 |
Investor Class | Institutional Class | Total | |
Value Line Select Growth Fund, Inc. | |||
Transfer agent fees | $114,110 | $8,610 | $122,720 |
Sub-transfer agent fees | 85,797 | 6,064 | 91,861 |
Registration and filing fees | 25,627 | 20,571 | 46,198 |
Other | 32,152 | 1,828 | 33,980 |
Investor Class | Institutional Class | Total | |
Value Line Larger Companies Focused Fund, Inc. | |||
Transfer agent fees | $100,410 | $2,347 | $102,757 |
Sub-transfer agent fees | 23,809 | 3,795 | 27,604 |
Registration and filing fees | 20,287 | 16,012 | 36,299 |
Other | 30,303 | 1,424 | 31,727 |
Investor Class | Institutional Class | Total | |
Value Line Asset Allocation Fund, Inc.* | |||
Transfer agent fees | $54,803 | $127,678 | $182,481 |
Sub-transfer agent fees | 160,854 | 298,277 | 459,131 |
Registration and filing fees | 25,152 | 50,780 | 75,932 |
Other | 14,342 | 24,097 | 38,439 |
* | For the period 4/1/22-12/31/22. |
Investor Class | Institutional Class | Total | |
Value Line Capital Appreciation Fund, Inc. | |||
Transfer agent fees | $111,036 | $45,633 | $156,669 |
Sub-transfer agent fees | 149,815 | 74,779 | 224,594 |
Investor Class | Institutional Class | Total | |
Registration and filing fees | $43,937 | $40,519 | $84,456 |
Other | 27,923 | 10,848 | 38,771 |
Fund | Value of Securities Loaned | Value of Collateral* |
Value Line Small Cap Opportunities Fund, Inc. | $4,465,529 | $4,579,441 |
Value Line Mid Cap Focused Fund, Inc. | 4,047,723 | 4,162,440 |
Value Line Larger Companies Focused Fund, Inc. | 2,265,380 | 2,281,000 |
Value Line Asset Allocation Fund, Inc. | 7,716,870 | 7,876,528 |
Fund | Value of Securities Loaned | Value of Collateral* |
Value Line Capital Appreciation Fund, Inc. | $5,850,857 | $5,919,557 |
Value Line Core Bond Fund | 1,447,891 | 1,478,558 |
* | Value Line Small Cap Opportunities Fund, Inc., Value Line Mid Cap Focused Fund, Inc., Value Line Larger Companies Focused Fund, Inc., Value Line Asset Allocation Fund, Inc., Value Line Capital Appreciation Fund, Inc. and Value Line Core Bond Fund. received cash collateral of $2,761,361, 1,677,909, $958,500, $2,368,128, $2,850,557 and $658,837, respectively, which was subsequently invested in the State Street Navigator Securities Lending Government Money Market Portfolio as reported in the Schedule of Investments. In addition, Value Line Small Cap Opportunities Fund, Inc. received non cash-collateral of $1,818,080 in the form of U.S. Government obligations, ranging from 0.13% - 1.88%, maturing 6/30/23 — 11/20/51, Value Line Mid Cap Focused Fund, Inc. received non cash-collateral of $2,484,531 in the form of U.S. Government obligations, ranging from 0.13% - 4.38%, maturing 4/15/23— 11/15/51, Value Line Larger Companies Focused Fund, Inc. received non cash-collateral of $1,322,500 in the form of U.S. Government obligations, ranging from 0.13% - 3.75%, maturing 4/30/24— 5/15/52, Value Line Asset Allocation Fund, Inc. received non cash-collateral of $5,508,400 in the form of U.S. Government obligations, ranging from 0.01%-5.00%, maturing 12/15/27 — 8/7/50, Value Line Capital Appreciation Fund, Inc. received non cash-collateral of $3,069,000 in the form of U.S. Government obligations, ranging from 0.01%-6.63%, maturing 1/12/23 — 5/15/52 and Value Line Core Bond Fund received non cash-collateral of $819,720 in the form of U.S. Government obligations, ranging from 0.01%-5.00%, maturing 1/15/27 — 8/7/50. The Funds cannot sell or repledge the non-cash collateral which accordingly is not reflected in the Schedule of Investments. The value of securities loaned is determined at the close of business of the Funds and any additional required collateral is delivered to the Funds on the next business day. |
Fund | Purchases of Investment Securities Excluding U.S. Government Securities | Sales of Investment Securities Excluding U.S. Government Securities | Purchases of U.S. Government Obligations | Sales of U.S. Government Obligations |
Value Line Small Cap Opportunities Fund, Inc.* | $15,721,933 | $62,874,525 | $— | $— |
Value Line Mid Cap Focused Fund, Inc. | 130,105,825 | 57,721,030 | — | — |
Value Line Select Growth Fund, Inc. | 23,092,691 | 75,142,455 | — | — |
Value Line Larger Companies Focused Fund, Inc. | 154,084,440 | 184,464,106 | — | — |
Value Line Asset Allocation Fund, Inc.* | 55,542,301 | 309,321,694 | 335,942,032 | 129,876,951 |
Value Line Capital Appreciation Fund, Inc. | 221,725,577 | 336,825,273 | 40,443,163 | 18,981,292 |
Value Line Core Bond Fund | 4,935,191 | 10,852,592 | 36,090,636 | 3,828,929 |
* | For the period 4/1/22-12/31/22. |
Fund | Cost of Investments for Tax Purposes | Gross Tax Unrealized Appreciation | Gross Tax Unrealized Depreciation | Net Tax Unrealized Appreciation/ (Depreciation) on Investments |
Value Line Small Cap Opportunities Fund, Inc. | $219,022,197 | $167,821,018 | $(15,623,649) | $152,197,369 |
Value Line Mid Cap Focused Fund, Inc. | 383,210,149 | 153,102,134 | (8,302,816) | 144,799,318 |
Value Line Select Growth Fund, Inc. | 182,498,950 | 164,544,626 | (4,106,398) | 160,438,228 |
Value Line Larger Companies Focused Fund, Inc. | 214,238,104 | 40,697,286 | (48,773,307) | (8,076,021) |
Value Line Asset Allocation Fund, Inc. | 801,001,708 | 220,990,001 | (36,128,356) | 184,861,645 |
Value Line Capital Appreciation Fund, Inc. | 400,016,052 | 55,954,382 | (90,280,936) | (34,326,554) |
Value Line Core Bond Fund | 51,139,272 | — | (5,177,934) | (5,177,934) |
Fund | Undistributed Ordinary Income | Undistributed Long-Term Gain | Other Timing Differences | Unrealized Appreciation | Capital Loss Carryforwards | Late Year Deferrals | Distributable Earnings (Loss) |
Value Line Small Cap Opportunities Fund, Inc. | $— | $1,382,176 | $— | $152,197,369 | $— | $— | $153,579,545 |
Value Line Mid Cap Focused Fund, Inc. | 300,337 | — | — | 144,799,318 | — | — | 145,099,655 |
Value Line Select Growth Fund, Inc. | — | 7,295,500 | — | 160,438,228 | — | — | 167,733,728 |
Value Line Larger Companies Focused Fund, Inc. | — | — | — | (8,076,021) | (4,303,713) | — | (12,379,734) |
Value Line Asset Allocation Fund, Inc. | — | 15,222,847 | — | 184,861,645 | — | — | 200,084,492 |
Value Line Capital Appreciation Fund, Inc. | 56,593 | — | — | (34,326,554) | — | (7,396,862) | (41,666,823) |
Value Line Core Bond Fund | 42,207 | — | (6,212) | (5,177,934) | (1,112,158) | — | (6,254,097) |
Total Distributable Earnings/(Loss) | |||
Fund | Undistributed Net Investment Income/(Loss) | Accumulated Net Realized Gains/(Losses) | Additional Paid-In Capital |
Value Line Small Cap Opportunities Fund, Inc. | $548,275 | $— | $(548,275) |
Value Line Mid Cap Focused Fund, Inc. | (66) | 66 | — |
Value Line Select Growth Fund, Inc. | 1,415,817 | (69) | (1,415,748) |
Value Line Larger Companies Focused Fund, Inc. | 777,392 | 101,090 | (878,482) |
Value Line Asset Allocation Fund, Inc. | 820,301 | (820,301) | — |
Value Line Capital Appreciation Fund, Inc. | 89,146 | (89,146) | — |
Value Line Core Bond Fund | 86,511 | (86,511) | — |
Year Ended December 31, 2022 Distributions Paid from | |||
Fund | Ordinary Income | Long-Term Capital Gain | Total Distributions Paid |
Value Line Small Cap Opportunities Fund, Inc.* | $— | $9,921,610 | $9,921,610 |
Value Line Mid Cap Focused Fund, Inc. | 1,256,185 | 33,604,238 | 34,860,423 |
Value Line Select Growth Fund, Inc. | — | 38,066,212 | 38,066,212 |
Value Line Larger Companies Focused Fund, Inc. | — | 26,081,985 | 26,081,985 |
Value Line Asset Allocation Fund, Inc.* | 9,741,884 | 48,104,049 | 57,845,933 |
Value Line Capital Appreciation Fund, Inc. | 2,285,325 | 35,176,551 | 37,461,876 |
Value Line Core Bond Fund | 762,097 | — | 762,097 |
* | For the period 4/1/22-12/31/22. |
Year Ended December 31, 2021 Distributions Paid from | |||
Fund | Ordinary Income | Long-Term Capital Gain | Total Distributions Paid |
Value Line Small Cap Opportunities Fund, Inc.**, *** | $— | $29,540,485 | $29,540,485 |
Value Line Mid Cap Focused Fund, Inc. | 1,310,346 | 37,122,381 | 38,432,727 |
Value Line Select Growth Fund, Inc. | — | 64,909,737 | 64,909,737 |
Value Line Larger Companies Focused Fund, Inc. | 354,428 | 47,371,127 | 47,725,555 |
Value Line Asset Allocation Fund, Inc.**, *** | 5,820,859 | 109,351,515 | 115,172,374 |
Year Ended December 31, 2021 Distributions Paid from | |||
Fund | Ordinary Income | Long-Term Capital Gain | Total Distributions Paid |
Value Line Capital Appreciation Fund, Inc. | $2,135,531 | $67,570,041 | $69,705,572 |
Value Line Core Bond Fund | 770,855 | 503,807 | 1,274,662 |
** | For the fiscal year ended March 31, 2022. |
*** | For the fiscal year ended March 31, 2021, Value Line Small Cap Opportunities Fund, Inc. had distributions paid from ordinary income and long-term capital gain of $0, and $35,485,282, respectively, and Value Line Asset Allocation Fund, Inc. had distributions paid from ordinary income and long-term capital gain of $4,707,510, and $9,891,201, respectively. |
Fund | Expiration for the 12 months ended | Fees Waived and Reimbursed by the Adviser |
Value Line Small Cap Opportunities Fund, Inc. | December 31, 2023 | $9,659 |
Value Line Small Cap Opportunities Fund, Inc. | December 31, 2024 | 50,033 |
Value Line Small Cap Opportunities Fund, Inc. | December 31, 2025 | 57,978 |
Value Line Mid Cap Focused Fund, Inc. | December 31, 2023 | 18,206 |
Value Line Mid Cap Focused Fund, Inc. | December 31, 2024 | 66,334 |
Value Line Mid Cap Focused Fund, Inc. | December 31, 2025 | 79,382 |
Value Line Select Growth Fund, Inc. | December 31, 2023 | 30,381 |
Value Line Select Growth Fund, Inc. | December 31, 2024 | 22,388 |
Value Line Select Growth Fund, Inc. | December 31, 2025 | 28,912 |
Value Line Larger Companies Focused Fund, Inc. | December 31, 2023 | 23,040 |
Value Line Larger Companies Focused Fund, Inc. | December 31, 2024 | 34,925 |
Value Line Larger Companies Focused Fund, Inc. | December 31, 2025 | 19,795 |
Value Line Asset Allocation Fund, Inc. | December 31, 2023 | — |
Value Line Asset Allocation Fund, Inc. | December 31, 2024 | — |
Value Line Asset Allocation Fund, Inc. | December 31, 2025 | 46,074 |
Value Line Capital Appreciation Fund, Inc. | December 31, 2023 | 24,262 |
Value Line Capital Appreciation Fund, Inc. | December 31, 2024 | 92,293 |
Value Line Capital Appreciation Fund, Inc. | December 31, 2025 | 53,839 |
Value Line Core Bond Fund | December 31, 2023 | 145,774 |
Value Line Core Bond Fund | December 31, 2024 | 170,756 |
Value Line Core Bond Fund | December 31, 2025 | 21,481 |
New York, New York
February 17, 2023
Beginning Account Value July 1, 2022 | Ending Account Value December 31, 2022 | Expenses Paid During Period | Annualized Expense Ratio | |
Actual* | ||||
Value Line Small Cap Opportunities Fund, Inc. — Investor Class | $1,000.00 | $1,044.00 | $4.64 | 0.90% |
Value Line Small Cap Opportunities Fund, Inc. — Institutional Class | 1,000.00 | 1,045.50 | 3.66 | 0.71 |
Value Line Mid Cap Focused Fund, Inc. — Investor Class | 1,000.00 | 1,087.10 | 5.73 | 1.09 |
Value Line Mid Cap Focused Fund, Inc. — Institutional Class | 1,000.00 | 1,088.50 | 4.42 | 0.84 |
Value Line Select Growth Fund, Inc. — Investor Class | 1,000.00 | 1,030.40 | 5.42 | 1.06 |
Value Line Select Growth Fund, Inc. — Institutional Class | 1,000.00 | 1,031.80 | 4.25 | 0.83 |
Value Line Larger Companies Focused Fund, Inc. — Investor Class | 1,000.00 | 959.50 | 5.68 | 1.15 |
Value Line Larger Companies Focused Fund, Inc. — Institutional Class | 1,000.00 | 960.50 | 4.45 | 0.90 |
Value Line Asset Allocation Fund, Inc. — Investor Class | 1,000.00 | 1,025.20 | 4.03 | 0.79 |
Value Line Asset Allocation Fund, Inc. — Institutional Class | 1,000.00 | 1,026.50 | 3.12 | 0.61 |
Value Line Capital Appreciation Fund, Inc. — Investor Class | 1,000.00 | 985.70 | 5.36 | 1.07 |
Value Line Capital Appreciation Fund, Inc. — Institutional Class | 1,000.00 | 987.00 | 4.06 | 0.81 |
Value Line Core Bond Fund — Investor Class | 1,000.00 | 970.60 | 4.47 | 0.90 |
Hypothetical (5% return before expenses) | ||||
Value Line Small Cap Opportunities Fund, Inc. — Investor Class | $1,000.00 | $1,020.67 | $4.58 | 0.90% |
Value Line Small Cap Opportunities Fund, Inc. — Institutional Class | 1,000.00 | 1,021.63 | 3.62 | 0.71 |
Value Line Mid Cap Focused Fund, Inc. — Investor Class | 1,000.00 | 1,019.71 | 5.55 | 1.09 |
Value Line Mid Cap Focused Fund, Inc. — Institutional Class | 1,000.00 | 1,020.97 | 4.28 | 0.84 |
Value Line Select Growth Fund, Inc. — Investor Class | 1,000.00 | 1,019.86 | 5.40 | 1.06 |
Value Line Select Growth 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 |
Value Line Asset Allocation Fund, Inc. — Investor Class | 1,000.00 | 1,021.22 | 4.02 | 0.79 |
Value Line Asset Allocation Fund, Inc. — Institutional Class | 1,000.00 | 1,022.13 | 3.11 | 0.61 |
Value Line Capital Appreciation Fund, Inc. — Investor Class | 1,000.00 | 1,019.81 | 5.45 | 1.07 |
Beginning Account Value July 1, 2022 | Ending Account Value December 31, 2022 | Expenses Paid During Period | Annualized Expense Ratio | |
Hypothetical (5% return before expenses) | ||||
Value Line Capital Appreciation Fund, Inc. — Institutional Class | $1,000.00 | $1,021.12 | $4.13 | 0.81% |
Value Line Core Bond Fund — Investor Class | 1,000.00 | 1,020.67 | 4.58 | 0.90 |
* | Expenses are equal to the Funds' annualized expense ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the Fund's most recent fiscal one-half year). These expense ratios may differ from the expense ratios shown in the Financial Highlights. |
Fund | % of Qualifying Dividend Income | % of Dividends Eligible for the Corporate Dividends Received Deduction | Long-Term Capital Gains |
Value Line Small Cap Opportunities Fund, Inc. | 0% | 0% | $9,921,610 |
Value Line Mid Cap Focused Fund, Inc. | 100 | 100 | 33,604,238 |
Value Line Select Growth Fund, Inc. | 0 | 0 | 38,066,212 |
Value Line Larger Companies Focused Fund, Inc. | 0 | 0 | 26,081,985 |
Value Line Asset Allocation Fund, Inc. | 98 | 98 | 48,104,049 |
Value Line Capital Appreciation Fund, Inc. | 100 | 100 | 35,176,551 |
Value Line Core Bond Fund | 0 | 0 | — |
Name, Address, and Age | Position | Length of Time Served | Principal Occupations During the Past 5 Years | Number of Portfolios in Fund Complex Overseen by Director | Other Directorships Held by Director During the Past 5 Years |
Interested Director* | |||||
Mitchell E. Appel Age: 52 | Director | Since 2010 | President of each of the Value Line Funds; Trustee, CEO and Treasurer of the Adviser; President and Chief Financial Officer of the Distributor. | 7 | Forethought Variable Insurance Trust |
Non-Interested Directors | |||||
Joyce E. Heinzerling Age: 66 | Director | Since 2008 | Retired. Managing Member, Meridian Fund Advisers LLC (consultants) until 2020. | 7 | KOP Therapeutics Corp (biotechnology) |
James E. Hillman Age: 65 | 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. | 7 | Miller/Howard High Income Equity Fund |
Paul Craig Roberts Age: 83 | Director | Since 1983 | Chairman, Institute for Political Economy. | 7 | None |
Nancy-Beth Sheerr Age: 73 | Director | Since 1996 | Independent Trustee and Managing Member, NBS Consulting LLC since 2014; Senior Financial Adviser, Veritable, L.P. (investment advisor) until 2013. | 7 | None |
Name, Address, and Age | Position | Length of Time Served | Principal Occupations During the Past 5 Years |
Officers | |||
Mitchell E. Appel Age: 52 | President | Since 2008 | President of each of the Value Line Funds; Trustee, CEO and Treasurer of the Adviser; President and Chief Financial Officer of the Distributor. |
James A. Gallo Age: 58 | Treasurer and Chief Financial Officer | Since 2022 | Treasurer and Chief Financial Officer (Principal Financial and Accounting Officer) of each of the Value Line Funds since June 2022. Senior Principal Consultant. Foreside Management Services, LLC, since 2022. Director Fund Services, Bank of New York Mellon, 2002 - 2021. |
Michael J. Wagner Age: 72 | Chief Compliance Officer | Since 2009 | Chief Compliance Officer of each of the Value Line Funds since 2009; President of Northern Lights Compliance Services, LLC 2006 – 2019. |
Emily D. Washington Age: 44 | Vice President and Secretary | Since 2008 | Vice President of each of the Value Line Funds since 2020 and Secretary since 2010; Treasurer and Chief Financial Officer of each of the Value Line Funds, 2008 – 2020. |
Robert Scagnelli Age: 61 | Vice President | Since 2020 | Vice President of each of the Value Line Funds since 2020; Vice President of the Distributor and the Adviser since 2011. |
Larger Companies Focused Fund, Small Cap
Opportunities Fund, Asset Allocation Fund
and Capital Appreciation Fund
Value Line Mid Cap Focused Fund
Value Line Select Growth Fund
For more complete information about any of the Value Line Funds, including charges and expenses, send for a prospectus from EULAV Securities LLC, 7 Times Square, Suite 1606, New York, New York 10036-6524 or call 1-800-243-2729, 9am-5pm CST, Monday-Friday, or visit us at www.vlfunds.com. Read the prospectus carefully before you invest or send money.
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 2022 - $44,071
Audit Fees 2021 - $36,953
(b) Audit-Related fees – None.
(c) Tax Preparation Fees 2022 - None
Tax Preparation Fees 2021 - None
(d) All Other Fees – None
(e) (1) Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X
The Value Line Mid Cap Focused Fund, Inc. (the “Fund”) Board has adopted policies and procedures with regard to the pre-approval of services provided by the Audit firm. Audit, audit-related and tax compliance services provided to the Fund on an annual basis require specific pre-approval by the Board. As noted above, the Board must also approve other non-audit services provided to the Fund and those non-audit services provided to the Fund’s Affiliate Service Providers that related directly to the operations and financial reporting of the Fund. Certain of these non-audit services that the Board believes are a) consistent with the SEC’s auditor independence rules and b) routine and recurring services that will not impair the independence of the independent auditors may be approved by the Board.
General Audit Committee Approval Policy:
Potential services by the auditors will be classified by officers of the Fund and the auditors into the four non-restricted service categories denoted above and this “Approval of Audit, Audit-Related, Tax and Other Services” Policy above will be applied. Any services outside the specific pre-approved service subcategories set forth in this Policy must be specifically approved by the Audit Committee (or such member or members of the Audit Committee as the Audit Committee may authorize to grant such approval).
At least quarterly, the Audit Committee shall review a report summarizing the services by service category, including fees, provided by the Audit firm as set forth in the above policy.
(e) (2) Not applicable.
(f) Not applicable.
(g) Aggregate Non-Audit Fees 2022 - None
Aggregate Non-Audit Fees 2020 - 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 during the period covered by this report, including corrective actions with regard to significant deficiencies and material weaknesses. |
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not Applicable
Item 13 Exhibits
(a) |
(b) |
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 2, 2023
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/ James A. Gallo | |
James A. Gallo, Treasurer, Principal Financial Officer |
Date: March 2, 2023