UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file Number 811-02265
Value Line Mid Cap Focused Fund, Inc.
(Exact name of registrant as specified in charter)
7 Times Square, New York, N.Y. 10036
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: 212-907-1900
Date of fiscal year end: December 31, 2016
Date of reporting period: June 30, 2016
Item I. Reports to Stockholders.
A copy of the Semi-Annual Report to Stockholders for the period ended 6/30/16 is included with this Form.
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Value Line Premier Growth Fund, Inc.
(VALSX)
(VLIFX)
Investor Class (VALIX)
Institutional Class (VLIIX)
Investor Class (VALLX)
Institutional Class (VLLIX)
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| Value Line Premier Growth Fund, Inc.: | | | | | | | |
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| Value Line Mid Cap Focused Fund, Inc.: | | | | | | | |
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| Value Line Income and Growth Fund, Inc.: | | | | | | | |
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| Value Line Larger Companies Focused Fund, Inc.: | | | | | | | |
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President of the Value Line Funds
Portfolio Highlights at June 30, 2016 (unaudited)
Issue | | | Shares | | | Value | | | Percentage of Net Assets | | |||||||||
Waste Connections, Inc. | | | | | 115,800 | | | | | $ | 8,343,390 | | | | | | 2.6% | | |
Fiserv, Inc. | | | | | 68,400 | | | | | | 7,437,132 | | | | | | 2.3% | | |
Toro Co. (The) | | | | | 79,300 | | | | | | 6,994,260 | | | | | | 2.2% | | |
Church & Dwight Co., Inc. | | | | | 67,400 | | | | | | 6,934,786 | | | | | | 2.2% | | |
Henry Schein, Inc. | | | | | 38,800 | | | | | | 6,859,840 | | | | | | 2.2% | | |
Ultimate Software Group, Inc. (The) | | | | | 32,500 | | | | | | 6,834,425 | | | | | | 2.1% | | |
Roper Technologies, Inc. | | | | | 39,000 | | | | | | 6,651,840 | | | | | | 2.1% | | |
Mettler-Toledo International, Inc. | | | | | 17,700 | | | | | | 6,459,084 | | | | | | 2.0% | | |
Acuity Brands, Inc. | | | | | 25,300 | | | | | | 6,273,388 | | | | | | 2.0% | | |
TJX Companies, Inc. (The) | | | | | 80,600 | | | | | | 6,224,738 | | | | | | 2.0% | | |
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Schedule of Investments (unaudited)
| Shares | | | | | | Value | | | ||||||||
| COMMON STOCKS (98.3%) | | | ||||||||||||||
| | | | | | | CONSUMER DISCRETIONARY (9.3%) | | |||||||||
| | | 7,400 | | | | AutoZone, Inc.* | | | | $ | 5,874,416 | | | | ||
| | | 2,700 | | | | Buffalo Wild Wings, Inc.* | | | | | 375,165 | | | | ||
| | | 20,000 | | | | Dollar Tree, Inc.* | | | | | 1,884,800 | | | | ||
| | | 16,200 | | | | Domino’s Pizza, Inc. | | | | | 2,128,356 | | | | ||
| | | 112,000 | | | | LKQ Corp.* | | | | | 3,550,400 | | | | ||
| | | 22,600 | | | | O’Reilly Automotive, Inc.* | | | | | 6,126,860 | | | | ||
| | | 80,600 | | | | TJX Companies, Inc. (The) | | | | | 6,224,738 | | | | ||
| | | 48,800 | | | | VF Corp. | | | | | 3,000,712 | | | | ||
| | | 33,600 | | | | Wolverine World Wide, Inc. | | | | | 682,752 | | | | ||
| | | | | | | | | | | | 29,848,199 | | | | ||
| | | | | | | CONSUMER STAPLES (9.5%) | | |||||||||
| | | 21,300 | | | | Brown-Forman Corp. Class B | | | | | 2,124,888 | | | | ||
| | | 67,400 | | | | Church & Dwight Co., Inc. | | | | | 6,934,786 | | | | ||
| | | 13,100 | | | | Coca-Cola Femsa, S.A.B. de C.V. ADR(1) | | | | | 1,086,776 | | | | ||
| | | 26,000 | | | | Costco Wholesale Corp. | | | | | 4,083,040 | | | | ||
| | | 5,400 | | | | Energizer Holdings, Inc. | | | | | 278,046 | | | | ||
| | | 20,000 | | | | Fomento Economico Mexicano S.A.B. de C.V. ADR | | | | | 1,849,800 | | | | ||
| | | 64,000 | | | | General Mills, Inc. | | | | | 4,564,480 | | | | ||
| | | 120,000 | | | | Hormel Foods Corp. | | | | | 4,392,000 | | | | ||
| | | 4,000 | | | | McCormick & Co., Inc. | | | | | 426,680 | | | | ||
| | | 84,000 | | | | Reynolds American, Inc. | | | | | 4,530,120 | | | | ||
| | | | | | | | | | | | 30,270,616 | | | | ||
| | | | | | | ENERGY (0.9%) | | |||||||||
| | | 24,000 | | | | Enbridge, Inc.(1) | | | | | 1,016,640 | | | | ||
| | | 32,000 | | | | ONEOK, Inc. | | | | | 1,518,400 | | | | ||
| | | 11,000 | | | | TransCanada Corp.(1) | | | | | 497,420 | | | | ||
| | | | | | | | | | | | 3,032,460 | | | | ||
| | | | | | | FINANCIALS (6.3%) | | |||||||||
| | | 3,000 | | | | Alleghany Corp.* | | | | | 1,648,740 | | | | ||
| | | 36,000 | | | | American Tower Corp. REIT | | | | | 4,089,960 | | | | ||
| | | 45,000 | | | | Arch Capital Group Ltd.* | | | | | 3,240,000 | | | | ||
| | | 13,000 | | | | Chubb, Ltd. | | | | | 1,699,230 | | | | ||
| | | 23,200 | | | | Equity Lifestyle Properties, Inc. REIT | | | | | 1,857,160 | | | | ||
| | | 10,453 | | | | Essex Property Trust, Inc. REIT | | | | | 2,384,225 | | | | ||
| | | 75,500 | | | | HDFC Bank Ltd. ADR | | | | | 5,009,425 | | | | ||
| | | 5,800 | | | | PRA Group, Inc.* | | | | | 140,012 | | | | ||
| | | | | | | | | | | | 20,068,752 | | | |
| Shares | | | | | | Value | | | ||||||||
| | | | | | | HEALTH CARE (15.2%) | | |||||||||
| | | 33,800 | | | | Alexion Pharmaceuticals, Inc.* | | | | $ | 3,946,488 | | | | ||
| | | 4,334 | | | | Allergan PLC* | | | | | 1,001,544 | | | | ||
| | | 7,000 | | | | Anthem, Inc. | | | | | 919,380 | | | | ||
| | | 22,600 | | | | C.R. Bard, Inc. | | | | | 5,314,616 | | | | ||
| | | 40,000 | | | | Cerner Corp.* | | | | | 2,344,000 | | | | ||
| | | 16,000 | | | | DENTSPLY SIRONA, Inc. | | | | | 992,640 | | | | ||
| | | 46,000 | | | | Express Scripts Holding Co.* | | | | | 3,486,800 | | | | ||
| | | 38,800 | | | | Henry Schein, Inc.* | | | | | 6,859,840 | | | | ||
| | | 57,400 | | | | IDEXX Laboratories, Inc.* | | | | | 5,330,164 | | | | ||
| | | 23,000 | | | | Illumina, Inc.* | | | | | 3,228,740 | | | | ||
| | | 49,100 | | | | Mednax, Inc.* | | | | | 3,556,313 | | | | ||
| | | 17,700 | | | | Mettler-Toledo International, Inc.* | | | | | 6,459,084 | | | | ||
| | | 54,000 | | | | Novo Nordisk A/S ADR | | | | | 2,904,120 | | | | ||
| | | 15,600 | | | | Universal Health Services, Inc. Class B | | | | | 2,091,960 | | | | ||
| | | | | | | | | | | | 48,435,689 | | | | ||
| | | | | | | INDUSTRIALS (31.0%) | | |||||||||
| | | | | | | AEROSPACE & DEFENSE (4.9%) | | |||||||||
| | | 20,000 | | | | General Dynamics Corp. | | | | | 2,784,800 | | | | ||
| | | 30,762 | | | | HEICO Corp. | | | | | 2,055,209 | | | | ||
| | | 15,800 | | | | Northrop Grumman Corp. | | | | | 3,512,024 | | | | ||
| | | 50,200 | | | | Teledyne Technologies, Inc.* | | | | | 4,972,310 | | | | ||
| | | 9,400 | | | | TransDigm Group, Inc.* | | | | | 2,478,686 | | | | ||
| | | | | | | | | | | | 15,803,029 | | | | ||
| | | | | | | COMMERCIAL SERVICES & SUPPLIES (5.8%) | | |||||||||
| | | 38,500 | | | | Republic Services, Inc. | | | | | 1,975,435 | | | | ||
| | | 146,900 | | | | Rollins, Inc. | | | | | 4,299,763 | | | | ||
| | | 37,600 | | | | Stericycle, Inc.* | | | | | 3,914,912 | | | | ||
| | | 115,800 | | | | Waste Connections, Inc.* | | | | | 8,343,390 | | | | ||
| | | | | | | | | | | | 18,533,500 | | | | ||
| | | | | | | ELECTRICAL EQUIPMENT (4.7%) | | |||||||||
| | | 25,300 | | | | Acuity Brands, Inc. | | | | | 6,273,388 | | | | ||
| | | 103,750 | | | | AMETEK, Inc. | | | | | 4,796,362 | | | | ||
| | | 39,200 | | | | AZZ, Inc. | | | | | 2,351,216 | | | | ||
| | | 26,000 | | | | EnerSys | | | | | 1,546,220 | | | | ||
| | | | | | | | | | | | 14,967,186 | | | | ||
| | | | | | | INDUSTRIAL CONGLOMERATES (4.4%) | | |||||||||
| | | 11,000 | | | | Carlisle Companies, Inc. | | | | | 1,162,480 | | | | ||
| | | 61,000 | | | | Danaher Corp. | | | | | 6,161,000 | | | |
| Shares | | | | | | Value | | | ||||||||
| | | | | | | INDUSTRIAL CONGLOMERATES (4.4%) (continued) | | |||||||||
| | | 39,000 | | | | Roper Technologies, Inc. | | | | $ | 6,651,840 | | | | ||
| | | | | | | | | | | | 13,975,320 | | | | ||
| | | | | | | MACHINERY (6.1%) | | |||||||||
| | | 2,000 | | | | CLARCOR, Inc. | | | | | 121,660 | | | | ||
| | | 31,850 | | | | IDEX Corp. | | | | | 2,614,885 | | | | ||
| | | 11,119 | | | | Lincoln Electric Holdings, Inc. | | | | | 656,911 | | | | ||
| | | 7,000 | | | | Middleby Corp. (The)* | | | | | 806,750 | | | | ||
| | | 28,500 | | | | Snap-on, Inc. | | | | | 4,497,870 | | | | ||
| | | 79,300 | | | | Toro Co. (The) | | | | | 6,994,260 | | | | ||
| | | 53,200 | | | | Wabtec Corp. | | | | | 3,736,236 | | | | ||
| | | | | | | | | | | | 19,428,572 | | | | ||
| | | | | | | PROFESSIONAL SERVICES (1.3%) | | |||||||||
| | | 14,800 | | | | Equifax, Inc. | | | | | 1,900,320 | | | | ||
| | | 18,600 | | | | IHS, Inc. Class A* | | | | | 2,150,346 | | | | ||
| | | | | | | | | | | | 4,050,666 | | | | ||
| | | | | | | ROAD & RAIL (3.8%) | | |||||||||
| | | 63,800 | | �� | | Canadian National Railway Co. | | | | | 3,768,028 | | | | ||
| | | 33,000 | | | | J.B. Hunt Transport Services, Inc. | | | | | 2,670,690 | | | | ||
| | | 24,000 | | | | Kansas City Southern | | | | | 2,162,160 | | | | ||
| | | 40,000 | | | | Union Pacific Corp. | | | | | 3,490,000 | | | | ||
| | | | | | | | | | | | 12,090,878 | | | | ||
| | | | | | | | | | | | 98,849,151 | | | | ||
| | | | | | | INFORMATION TECHNOLOGY (16.7%) | | |||||||||
| | | 47,000 | | | | Accenture PLC Class A | | | | | 5,324,630 | | | | ||
| | | 20,000 | | | | Alliance Data Systems Corp.* | | | | | 3,918,400 | | | | ||
| | | 78,400 | | | | Amphenol Corp. Class A | | | | | 4,494,672 | | | | ||
| | | 61,600 | | | | ANSYS, Inc.* | | | | | 5,590,200 | | | | ||
| | | 17,000 | | | | Automatic Data Processing, Inc. | | | | | 1,561,790 | | | | ||
| | | 68,400 | | | | Fiserv, Inc.* | | | | | 7,437,132 | | | | ||
| | | 28,400 | | | | Intuit, Inc. | | | | | 3,169,724 | | | | ||
| | | 61,000 | | | | MasterCard, Inc. Class A | | | | | 5,371,660 | | | | ||
| | | 75,000 | | | | Salesforce.com, Inc.* | | | | | 5,955,750 | | | | ||
| | | 51,000 | | | | Trimble Navigation Ltd.* | | | | | 1,242,360 | | | | ||
| | | 32,500 | | | | Ultimate Software Group, Inc. (The)* | | | | | 6,834,425 | | | | ||
| | | 27,600 | | | | WEX, Inc.* | | | | | 2,447,292 | | | | ||
| | | | | | | | | | | | 53,348,035 | | | | ||
| | | | | | | MATERIALS (8.1%) | | |||||||||
| | | 15,000 | | | | Air Products & Chemicals, Inc. | | | | | 2,130,600 | | | | ||
| | | 27,400 | | | | AptarGroup, Inc. | | | | | 2,168,162 | | | | ||
| | | 36,400 | | | | Ball Corp.(1) | | | | | 2,631,356 | | | |
| Shares | | | | | | Value | | | ||||||||
| COMMON STOCKS (98.3%) (continued) | | | ||||||||||||||
| | | | | | | MATERIALS (8.1%) (continued) | | |||||||||
| | | 45,000 | | | | Crown Holdings, Inc.* | | | | $ | 2,280,150 | | | | ||
| | | 48,400 | | | | Ecolab, Inc. | | | | | 5,740,240 | | | | ||
| | | 40,000 | | | | FMC Corp. | | | | | 1,852,400 | | | | ||
| | | 600 | | | | NewMarket Corp. | | | | | 248,628 | | | | ||
| | | 23,000 | | | | Praxair, Inc. | | | | | 2,584,970 | | | | ||
| | | 20,200 | | | | Scotts Miracle-Gro Co. (The) Class A | | | | | 1,412,182 | | | | ||
| | | 43,200 | | | | Valspar Corp. (The) | | | | | 4,666,896 | | | | ||
| | | | | | | | | | | | 25,715,584 | | | | ||
| | | | | | | TELECOMMUNICATION SERVICES (1.3%) | | |||||||||
| | | 40,000 | | | | SBA Communications Corp. Class A* | | | | | 4,317,600 | | | | ||
| TOTAL COMMON STOCKS (Cost $153,145,605) (98.3%) | | | | | 313,886,086 | | | |
| Shares | | | | | | Value | | | ||||||||
| SHORT-TERM INVESTMENTS (3.0%) | | | ||||||||||||||
| | | | | | | MONEY MARKET FUNDS (3.0%) | | |||||||||
| | | 4,539,083 | | | | State Street Institutional Liquid Reserves Fund | | | | $ | 4,539,083 | | | | ||
| | | 5,205,900 | | | | State Street Navigator Securities Lending Prime Portfolio(2) | | | | | 5,205,900 | | | | ||
| TOTAL SHORT-TERM INVESTMENTS (Cost $9,744,983) (3.0%) | | | | | 9,744,983 | | | | ||||||||
| TOTAL INVESTMENT SECURITIES (101.3%) (Cost $162,890,588) | | | | $ | 323,631,069 | | | | ||||||||
| EXCESS OF LIABILITIES OVER CASH AND OTHER ASSETS (-1.3%) | | | | | (4,308,453) | | | | ||||||||
| NET ASSETS (100%) | | | | $ | 319,322,616 | | | |
| | | | | | | Value | | |||
| NET ASSET VALUE OFFERING AND REDEMPTION PRICE, PER OUTSTANDING SHARE ($319,322,616 ÷ 10,550,199 shares outstanding) | | | | $ | 30.27 | | |
Investments in Securities: | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Assets | | | | | | ||||||||||||||||||||
Common Stocks* | | | | $ | 313,886,086 | | | | | $ | — | | | | | $ | — | | | | | $ | 313,886,086 | | |
Short-Term Investments | | | | | 9,744,983 | | | | | | — | | | | | | — | | | | | | 9,744,983 | | |
Total Investments in Securities | | | | $ | 323,631,069 | | | | | $ | — | | | | | $ | — | | | | | $ | 323,631,069 | | |
Portfolio Highlights at June 30, 2016 (unaudited)
Issue | | | Shares | | | Value | | | Percentage of Net Assets | | |||||||||
Fiserv, Inc. | | | | | 43,400 | | | | | $ | 4,718,882 | | | | | | 3.4% | | |
Casey’s General Stores, Inc. | | | | | 33,600 | | | | | | 4,418,736 | | | | | | 3.2% | | |
Waste Connections, Inc. | | | | | 61,100 | | | | | | 4,402,255 | | | | | | 3.2% | | |
Ultimate Software Group, Inc. (The) | | | | | 20,100 | | | | | | 4,226,829 | | | | | | 3.1% | | |
Rollins, Inc. | | | | | 137,400 | | | | | | 4,021,698 | | | | | | 2.9% | | |
Henry Schein, Inc. | | | | | 22,700 | | | | | | 4,013,360 | | | | | | 2.9% | | |
IDEXX Laboratories, Inc. | | | | | 42,400 | | | | | | 3,937,264 | | | | | | 2.8% | | |
Church & Dwight Co., Inc. | | | | | 38,000 | | | | | | 3,909,820 | | | | | | 2.8% | | |
C.R. Bard, Inc. | | | | | 16,200 | | | | | | 3,809,592 | | | | | | 2.8% | | |
Arch Capital Group Ltd. | | | | | 52,400 | | | | | | 3,772,800 | | | | | | 2.7% | | |
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Value Line Mid Cap Focused Fund, Inc. |
Schedule of Investments (unaudited) | June 30, 2016 |
| Shares | | | | | | Value | | ||||||
| COMMON STOCKS (96.6%) | | ||||||||||||
| | | | | | | CONSUMER DISCRETIONARY (4.2%) | | ||||||
| | | 74,400 | | | | LKQ Corp.* | | | | $ | 2,358,480 | | |
| | | 44,000 | | | | TJX Companies, Inc. (The) | | | | | 3,398,120 | | |
| | | | | | | | | | | | 5,756,600 | | |
| | | | | | | CONSUMER STAPLES (14.2%) | | ||||||
| | | 7,932 | | | | Boston Beer Co., Inc. (The) Class A*(1) | | | | | 1,356,610 | | |
| | | 33,600 | | | | Casey’s General Stores, Inc. | | | | | 4,418,736 | | |
| | | 38,000 | | | | Church & Dwight Co., Inc. | | | | | 3,909,820 | | |
| | | 102,000 | | | | Hormel Foods Corp. | | | | | 3,733,200 | | |
| | | 28,300 | | | | J&J Snack Foods Corp. | | | | | 3,375,341 | | |
| | | 26,600 | | | | McCormick & Co., Inc. | | | | | 2,837,422 | | |
| | | | | | | | | | | | 19,631,129 | | |
| | | | | | | ENERGY (0.7%) | | ||||||
| | | 22,400 | | | | Enbridge, Inc.(1) | | | | | 948,864 | | |
| | | | | | | FINANCIALS (2.7%) | | ||||||
| | | 52,400 | | | | Arch Capital Group Ltd.* | | | | | 3,772,800 | | |
| | | | | | | HEALTH CARE (13.6%) | | ||||||
| | | 16,200 | | | | C.R. Bard, Inc. | | | | | 3,809,592 | | |
| | | 22,700 | | | | Henry Schein, Inc.* | | | | | 4,013,360 | | |
| | | 42,400 | | | | IDEXX Laboratories, Inc.* | | | | | 3,937,264 | | |
| | | 47,900 | | | | Mednax, Inc.* | | | | | 3,469,397 | | |
| | | 9,900 | | | | Mettler-Toledo International, Inc.* | | | | | 3,612,708 | | |
| | | | | | | | | | | | 18,842,321 | | |
| | | | | | | INDUSTRIALS (33.1%) | | ||||||
| | | | | | | COMMERCIAL SERVICES & SUPPLIES (8.1%) | | ||||||
| | | 137,400 | | | | Rollins, Inc. | | | | | 4,021,698 | | |
| | | 26,800 | | | | Stericycle, Inc.* | | | | | 2,790,416 | | |
| | | 61,100 | | | | Waste Connections, Inc.* | | | | | 4,402,255 | | |
| | | | | | | | | | | | 11,214,369 | | |
| Shares | | | | | | Value | | ||||||
| | | | | | | ELECTRICAL EQUIPMENT (1.9%) | | ||||||
| | | 56,750 | | | | AMETEK, Inc. | | | | $ | 2,623,553 | | |
| | | | | | | ROAD & RAIL (1.4%) | | ||||||
| | | 22,200 | | | | Kansas City Southern | | | | | 1,999,998 | | |
| | | | | | | MACHINERY (7.9%) | | ||||||
| | | 26,800 | | | | Middleby Corp. (The)* | | | | | 3,088,700 | | |
| | | 21,400 | | | | Snap-on, Inc. | | | | | 3,377,348 | | |
| | | 41,800 | | | | Toro Co. (The) | | | | | 3,686,760 | | |
| | | 11,400 | | | | Wabtec Corp. | | | | | 800,622 | | |
| | | | | | | | | | | | 10,953,430 | | |
| | | | | | | AEROSPACE & DEFENSE (7.1%) | | ||||||
| | | 37,983 | | | | HEICO Corp. | | | | | 2,537,644 | | |
| | | 35,900 | | | | Teledyne Technologies, Inc.* | | | | | 3,555,895 | | |
| | | 14,100 | | | | TransDigm Group, Inc.* | | | | | 3,718,029 | | |
| | | | | | | | | | | | 9,811,568 | | |
| | | | | | | INDUSTRIAL CONGLOMERATES (6.7%) | | ||||||
| | | 31,900 | | | | Carlisle Companies, Inc. | | | | | 3,371,192 | | |
| | | 26,700 | | | | Danaher Corp. | | | | | 2,696,700 | | |
| | | 18,500 | | | | Roper Technologies, Inc. | | | | | 3,155,360 | | |
| | | | | | | | | | | | 9,223,252 | | |
| | | | | | | | | | | | 45,826,170 | | |
| | | | | | | INFORMATION TECHNOLOGY (21.0%) | | ||||||
| | | 9,300 | | | | Alliance Data Systems Corp.* | | | | | 1,822,056 | | |
| | | 62,100 | | | | Amphenol Corp. Class A | | | | | 3,560,193 | | |
| | | 36,200 | | | | ANSYS, Inc.* | | | | | 3,285,150 | | |
| | | 14,600 | | | | CGI Group, Inc. Class A* | | | | | 623,566 | | |
| | | 43,400 | | | | Fiserv, Inc.* | | | | | 4,718,882 | | |
| | | 24,000 | | | | Gartner, Inc.* | | | | | 2,337,840 | | |
| | | 10,400 | | | | Jack Henry & Associates, Inc. | | | | | 907,608 | | |
| | | 47,900 | | | | Open Text Corp. | | | | | 2,833,764 | | |
| | | 14,800 | | | | Tyler Technologies, Inc.* | | | | | 2,467,308 | | |
| | | 20,100 | | | | Ultimate Software Group, Inc. (The)* | | | | | 4,226,829 | | |
| | | 25,500 | | | | WEX, Inc.* | | | | | 2,261,085 | | |
| | | | | | | | | | | | 29,044,281 | | |
| Shares | | | | | | Value | | ||||||
| | | | | | | MATERIALS (7.1%) | | ||||||
| | | 22,300 | | | | Crown Holdings, Inc.* | | | | $ | 1,129,941 | | |
| | | 26,000 | | | | Ecolab, Inc. | | | | | 3,083,600 | | |
| | | 39,100 | | | | Silgan Holdings, Inc. | | | | | 2,012,086 | | |
| | | 33,600 | | | | Valspar Corp. (The) | | | | | 3,629,808 | | |
| | | | | | | | | | | | 9,855,435 | | |
| TOTAL COMMON STOCKS (Cost $95,373,242) (96.6%) | | | | | 133,677,600 | | | ||||||
| SHORT-TERM INVESTMENTS (4.8%) | | ||||||||||||
| | | | | | | MONEY MARKET FUNDS (4.8%) | | ||||||
| | | 4,258,966 | | | | State Street Institutional Liquid Reserves Fund | | | | | 4,258,966 | | |
| | | 2,331,770 | | | | State Street Navigator Securities Lending Prime Portfolio(2) | | | | | 2,331,770 | | |
| TOTAL SHORT-TERM INVESTMENTS (Cost $6,590,736) (4.8%) | | | | | 6,590,736 | | | ||||||
| TOTAL INVESTMENT SECURITIES (101.4%) (Cost $101,963,978) | | | | $ | 140,268,336 | | | ||||||
| EXCESS OF LIABILITIES OVER CASH AND OTHER ASSETS (-1.4%) | | | | | (1,908,798) | | | ||||||
| NET ASSETS (100%) | | | | $ | 138,359,538 | | | ||||||
| NET ASSET VALUE OFFERING AND REDEMPTION PRICE, PER OUTSTANDING SHARE ($138,359,538 ÷ 8,583,436 shares outstanding) | | | | $ | 16.12 | | |
Investments in Securities: | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Assets | | | | | | ||||||||||||||||||||
Common Stocks* | | | | $ | 133,677,600 | | | | | $ | — | | | | | $ | — | | | | | $ | 133,677,600 | | |
Short-Term Investments | | | | | 6,590,736 | | | | | | — | | | | | | — | | | | | | 6,590,736 | | |
Total Investments in Securities | | | | $ | 140,268,336 | | | | | $ | — | | | | | $ | — | | | | | $ | 140,268,336 | | |
|
Portfolio Highlights at June 30, 2016 (unaudited)
Issue | | | Shares | | | Value | | | Percentage of Net Assets | | |||||||||
Celgene Corp. | | | | | 108,000 | | | | | $ | 10,652,040 | | | | | | 3.5% | | |
Facebook, Inc. | | | | | 90,000 | | | | | | 10,285,200 | | | | | | 3.4% | | |
Medivation, Inc. | | | | | 170,000 | | | | | | 10,251,000 | | | | | | 3.3% | | |
Activision Blizzard, Inc. | | | | | 214,000 | | | | | | 8,480,820 | | | | | | 2.8% | | |
Allergan PLC | | | | | 32,000 | | | | | | 7,394,880 | | | | | | 2.4% | | |
Starbucks Corp. | | | | | 118,000 | | | | | | 6,740,160 | | | | | | 2.2% | | |
Visa, Inc. | | | | | 90,000 | | | | | | 6,675,300 | | | | | | 2.2% | | |
Gilead Sciences, Inc. | | | | | 75,000 | | | | | | 6,256,500 | | | | | | 2.0% | | |
Medtronic PLC | | | | | 69,000 | | | | | | 5,987,130 | | | | | | 2.0% | | |
Edwards Lifesciences Corp. | | | | | 58,000 | | | | | | 5,784,340 | | | | | | 1.9% | | |
![[MISSING IMAGE: t1601849_pie-igf.jpg]](https://capedge.com/proxy/N-CSRS/0001571049-16-018136/t1601849_pie-igf.jpg)
![[MISSING IMAGE: t1601849_bar-igf.jpg]](https://capedge.com/proxy/N-CSRS/0001571049-16-018136/t1601849_bar-igf.jpg)
Value Line Income and Growth Fund, Inc. |
Schedule of Investments (unaudited) | June 30, 2016 |
| Shares | | | | | | Value | | ||||||
| COMMON STOCKS (79.2%) | | ||||||||||||
| | | | | | | CONSUMER DISCRETIONARY (18.6%) | | ||||||
| | | 7,000 | | | | Amazon.com, Inc.* | | | | $ | 5,009,340 | | |
| | | 40,000 | | | | Comcast Corp. Class A | | | | | 2,607,600 | | |
| | | 26,000 | | | | Home Depot, Inc. | | | | | 3,319,940 | | |
| | | 195,000 | | | | Lions Gate Entertainment Corp.(1) | | | | | 3,944,850 | | |
| | | 38,000 | | | | Netflix, Inc.* | | | | | 3,476,240 | | |
| | | 90,000 | | | | NIKE, Inc. Class B | | | | | 4,968,000 | | |
| | | 1,800 | | | | Priceline Group, Inc. (The)* | | | | | 2,247,138 | | |
| | | 118,000 | | | | Starbucks Corp. | | | | | 6,740,160 | | |
| | | 32,000 | | | | Starwood Hotels & Resorts Worldwide, Inc. | | | | | 2,366,400 | | |
| | | 53,000 | | | | Texas Roadhouse, Inc. | | | | | 2,416,800 | | |
| | | 32,000 | | | | TJX Companies, Inc. (The) | | | | | 2,471,360 | | |
| | | 160,000 | | | | Toll Brothers, Inc.* | | | | | 4,305,600 | | |
| | | 115,000 | | | | Urban Outfitters, Inc.* | | | | | 3,162,500 | | |
| | | 34,000 | | | | Vail Resorts, Inc. | | | | | 4,699,820 | | |
| | | 52,000 | | | | Walt Disney Co. (The) | | | | | 5,086,640 | | |
| | | | | | | | | | | | 56,822,388 | | |
| | | | | | | CONSUMER STAPLES (4.1%) | | ||||||
| | | 35,000 | | | | CVS Health Corp. | | | | | 3,350,900 | | |
| | | 35,000 | | | | Estee Lauder Companies, Inc. (The) Class A | | | | | 3,185,700 | | |
| | | 29,000 | | | | Mead Johnson Nutrition Co. | | | | | 2,631,750 | | |
| | | 22,000 | | | | Monster Beverage Corp.* | | | | | 3,535,620 | | |
| | | | | | | | | | | | 12,703,970 | | |
| | | | | | | FINANCIALS (7.8%) | | ||||||
| | | 21,000 | | | | American Tower Corp. REIT | | | | | 2,385,810 | | |
| | | 250,000 | | | | Bank of America Corp. | | | | | 3,317,500 | | |
| | | 9,100 | | | | BlackRock, Inc. | | | | | 3,117,023 | | |
| | | 155,000 | | | | Blackstone Group L.P. (The) | | | | | 3,803,700 | | |
| | | 127,000 | | | | Charles Schwab Corp. (The) | | | | | 3,214,370 | | |
| | | 93,000 | | | | JPMorgan Chase & Co. | | | | | 5,779,020 | | |
| | | 32,000 | | | | Lamar Advertising Co. REIT Class A | | | | | 2,121,600 | | |
| | | | | | | | | | | | 23,739,023 | | |
| | | | | | | HEALTH CARE (23.9%) | | ||||||
| | | 45,000 | | | | Alexion Pharmaceuticals, Inc.* | | | | | 5,254,200 | | |
| | | 32,000 | | | | Allergan PLC* | | | | | 7,394,880 | | |
| Shares | | | | | | Value | | ||||||
| | | | | | | HEALTH CARE (23.9%) (continued) | | ||||||
| | | 15,500 | | | | Biogen, Inc.* | | | | $ | 3,748,210 | | |
| | | 31,000 | | | | BioMarin Pharmaceutical, Inc.* | | | | | 2,411,800 | | |
| | | 108,000 | | | | Celgene Corp.* | | | | | 10,652,040 | | |
| | | 49,000 | | | | Cerner Corp.* | | | | | 2,871,400 | | |
| | | 58,000 | | | | Edwards Lifesciences Corp.* | | | | | 5,784,340 | | |
| | | 75,000 | | | | Gilead Sciences, Inc. | | | | | 6,256,500 | | |
| | | 19,000 | | | | Intercept Pharmaceuticals, Inc.*(1) | | | | | 2,710,920 | | |
| | | 170,000 | | | | Medivation, Inc.* | | | | | 10,251,000 | | |
| | | 69,000 | | | | Medtronic PLC | | | | | 5,987,130 | | |
| | | 34,237 | | | | Teva Pharmaceutical Industries Ltd. ADR | | | | | 1,719,725 | | |
| | | 56,000 | | | | Vertex Pharmaceuticals, Inc.* | | | | | 4,817,120 | | |
| | | 70,000 | | | | Zoetis, Inc. | | | | | 3,322,200 | | |
| | | | | | | | | | | | 73,181,465 | | |
| | | | | | | INDUSTRIALS (1.0%) | | ||||||
| | | 86,000 | | | | Delta Air Lines, Inc. | | | | | 3,132,980 | | |
| | | | | | | INFORMATION TECHNOLOGY (23.0%) | | ||||||
| | | 214,000 | | | | Activision Blizzard, Inc. | | | | | 8,480,820 | | |
| | | 84,000 | | | | Akamai Technologies, Inc.* | | | | | 4,698,120 | | |
| | | 33,000 | | | | Alibaba Group Holding, Ltd. ADR* | | | | | 2,624,490 | | |
| | | 4,500 | | | | Alphabet, Inc. Class C* | | | | | 3,114,450 | | |
| | | 8,000 | | | | Alphabet, Inc. Class A* | | | | | 5,628,240 | | |
| | | 48,000 | | | | Apple, Inc. | | | | | 4,588,800 | | |
| | | 10,000 | | | | Baidu, Inc. ADR* | | | | | 1,651,500 | | |
| | | 30,000 | | | | BROADCOM, Ltd. | | | | | 4,662,000 | | |
| | | 96,000 | | | | Cisco Systems, Inc. | | | | | 2,754,240 | | |
| | | 40,000 | | | | Cognizant Technology Solutions Corp. Class A* | | | | | 2,289,600 | | |
| | | 90,000 | | | | Facebook, Inc. Class A* | | | | | 10,285,200 | | |
| | | 140,000 | | | | GrubHub, Inc.*(1) | | | | | 4,349,800 | | |
| | | 52,000 | | | | Mobileye N.V.*(1) | | | | | 2,399,280 | | |
| | | 200,000 | | | | Pandora Media, Inc.*(1) | | | | | 2,490,000 | | |
| | | 105,000 | | | | PayPal Holdings, Inc.* | | | | | 3,833,550 | | |
| | | 90,000 | | | | Visa, Inc. Class A | | | | | 6,675,300 | | |
| | | | | | | | | | | | 70,525,390 | | |
| | | | | | | MATERIALS (0.8%) | | ||||||
| | | 25,000 | | | | Monsanto Co. | | | | | 2,585,250 | | |
| TOTAL COMMON STOCKS (Cost $223,112,741) (79.2%) | | | | | 242,690,466 | | |
| Principal Amount | | | | | | Value | | ||||||
| ASSET-BACKED SECURITIES (0.7%) | | ||||||||||||
| | $ | 218,000 | | | | Ally Auto Receivables Trust, Series 2015-SN1, Class A3, 1.21%, 12/20/17 | | | | $ | 218,037 | | |
| | | 130,000 | | | | Capital Auto Receivables Asset Trust, Series 2014-3, Class A3, 1.48%, 11/20/18 | | | | | 130,268 | | |
| | | 250,000 | | | | CarMax Auto Owner Trust, Series 2015-1, Class A4, 1.83%, 7/15/20 | | | | | 252,238 | | |
| | | 150,000 | | | | CarMax Auto Owner Trust, Series 2015-4, Class A3, 1.56%, 11/16/20 | | | | | 151,324 | | |
| | | 100,000 | | | | Citibank Credit Card Issuance Trust, Series 2014-A8, Class A8, 1.73%, 4/9/20 | | | | | 101,295 | | |
| | | 150,000 | | | | Citibank Credit Card Issuance Trust, Series 2014-A1, Class A1, 2.88%, 1/23/23 | | | | | 159,640 | | |
| | | 250,000 | | | | Ford Credit Auto Owner Trust/Ford Credit, Series 2014-1, Class A, 2.26%, 11/15/25(2) | | | | | 255,028 | | |
| | | 150,000 | | | | Ford Credit Floorplan Master Owner Trust, Series 2012-2, Class A, 1.92%, 1/15/19 | | | | | 150,604 | | |
| | | 100,000 | | | | Synchrony Credit Card Master Note Trust, Series 2012-2, Class A, 2.22%, 1/15/22 | | | | | 101,896 | | |
| | | 100,000 | | | | Synchrony Credit Card Master Note Trust, Series 2015-1, Class A, 2.37%, 3/15/23 | | | | | 102,973 | | |
| | | 450,000 | | | | World Financial Network Credit Card Master Trust, Series 2013-A, Class A, 1.61%, 12/15/21 | | | | | 452,137 | | |
| TOTAL ASSET-BACKED SECURITIES (Cost $2,065,160) (0.7%) | | | | | 2,075,440 | | | ||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES (1.4%) | | ||||||||||||
| | | 282,287 | | | | Bear Stearns Commercial Mortgage Securities Trust, Series 2007- PW17, Class A4, 5.69%, 6/11/50(3) | | | | | 291,713 | | |
| | | 175,467 | | | | Citigroup Commercial Mortgage Trust, Series 2006-C5, Class A4, 5.43%, 10/15/49 | | | | | 175,804 | | |
| Principal Amount | | | | | | Value | | ||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES (1.4%) (continued) | | ||||||||||||
| | $ | 100,000 | | | | COMM Mortgage Trust, Series 2014-UBS2, Class AM, 4.20%, 3/10/47 | | | | $ | 109,251 | | |
| | | 333,698 | | | | Commercial Mortgage Trust, Series 2007-GG9, Class A4, 5.44%, 3/10/39 | | | | | 336,765 | | |
| | | 344,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K715, Class A2, 2.86%, 1/25/21 | | | | | 365,315 | | |
| | | 68,594 | | | | FREMF Mortgage Trust, Series 2013-KF02, Class B, 3.45%, 12/25/45(2)(3) | | | | | 67,812 | | |
| | | 120,000 | | | | FREMF Mortgage Trust, Series 2013-K713, Class B, 3.27%, 4/25/46(2)(3) | | | | | 121,958 | | |
| | | 210,151 | | | | GNMA, Series 2013-12, Class AB, 1.83%, 11/16/52 | | | | | 208,028 | | |
| | | 250,000 | | | | GNMA, Series 2013-12, Class B, 2.19%, 11/16/52(3) | | | | | 248,927 | | |
| | | 250,000 | | | | GS Mortgage Securities Trust, Series 2012-GCJ7, Class A4, 3.38%, 5/10/45 | | | | | 268,342 | | |
| | | 169,589 | | | | JP Morgan Chase Commercial Mortgage Securities Trust, Series 2007-CB20, Class A1A, 5.75%, 2/12/51(3) | | | | | 176,183 | | |
| | | 100,000 | | | | Morgan Stanley Capital I Trust, Series 2012-C4, Class A4, 3.24%, 3/15/45 | | | | | 106,506 | | |
| | | 142,041 | | | | Thornburg Mortgage Securities Trust, Series 2005-1, Class A3, 2.54%, 4/25/45(3) | | | | | 142,041 | | |
| | | 250,000 | | | | UBS-Barclays Commercial Mortgage Trust, Series 2012-C4, Class A5, 2.85%, 12/10/45 | | | | | 261,306 | | |
| | | 385,000 | | | | UBS-Barclays Commercial Mortgage Trust, Series 2013-C5, Class A4, 3.18%, 3/10/46 | | | | | 407,731 | | |
| Principal Amount | | | | | | Value | | ||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES (1.4%) (continued) | | ||||||||||||
| | $ | 100,000 | | | | Wells Fargo Commercial Mortgage Trust, Series 2014-LC18, Class A2, 2.95%, 12/15/47 | | | | $ | 104,644 | | |
| | | 150,000 | | | | Wells Fargo Commercial Mortgage Trust, Series 2015-C26, Class A2, 2.66%, 2/15/48 | | | | | 155,713 | | |
| | | 200,000 | | | | Wells Fargo Commercial Mortgage Trust, Series 2015-NXS1, Class A2, 2.63%, 5/15/48 | | | | | 206,984 | | |
| | | 250,000 | | | | Wells Fargo Commercial Mortgage Trust, Series 2016-C32, Class B, 4.88%, 1/15/59(3) | | | | | 267,554 | | |
| | | 200,000 | | | | WFRBS Commercial Mortgage Trust, Series 2011-C5, Class A4, 3.67%, 11/15/44 | | | | | 216,947 | | |
| TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $4,282,664) (1.4%) | | | | | 4,239,524 | | | ||||||
| CORPORATE BONDS & NOTES (8.8%) | | ||||||||||||
| | | | | | | BASIC MATERIALS (0.3%) | | ||||||
| | | 150,000 | | | | Celanese U.S. Holdings LLC, Guaranteed Notes, 4.63%, 11/15/22 | | | | | 159,375 | | |
| | | 250,000 | | | | Ecolab, Inc., Senior Unsecured Notes, 3.25%, 1/14/23 | | | | | 262,482 | | |
| | | 200,000 | | | | LYB International Finance B.V., Guaranteed Notes, 4.00%, 7/15/23 | | | | | 214,136 | | |
| | | 100,000 | | | | Mosaic Co. (The), Senior Unsecured Notes, 5.45%, 11/15/33(1) | | | | | 110,593 | | |
| | | 150,000 | | | | Steel Dynamics, Inc., Guaranteed Notes, 6.13%, 8/15/19 | | | | | 155,250 | | |
| | | | | | | | | | | | 901,836 | | |
| | | | | | | COMMUNICATIONS (0.8%) | | ||||||
| | | 100,000 | | | | Amazon.com, Inc., Senior Unsecured Notes, 3.30%, 12/5/21(1) | | | | | 107,896 | | |
| | | 150,000 | | | | Amazon.com, Inc., Senior Unsecured Notes, 4.80%, 12/5/34 | | | | | 176,431 | | |
| | | 150,000 | | | | Baidu, Inc., Senior Unsecured Notes, 2.75%, 6/9/19 | | | | | 152,049 | | |
| | | 200,000 | | | | CBS Corp., Guaranteed Notes, 3.70%, 8/15/24 | | | | | 208,863 | | |
| | | 150,000 | | | | Comcast Corp., Guaranteed Notes, 6.45%, 3/15/37 | | | | | 206,397 | | |
| Principal Amount | | | | | | Value | | ||||||
| | | | | | | COMMUNICATIONS (0.8%) (continued) | | ||||||
| | $ | 250,000 | | | | DIRECTV Holdings LLC/DIRECTV Financing Co., Inc., Guaranteed Notes, 3.80%, 3/15/22 | | | | $ | 265,581 | | |
| | | 150,000 | | | | Discovery Communications LLC, Guaranteed Notes, 4.90%, 3/11/26(1) | | | | | 159,071 | | |
| | | 150,000 | | | | Expedia, Inc., Guaranteed Notes, 4.50%, 8/15/24 | | | | | 154,096 | | |
| | | 150,000 | | | | Netflix, Inc., Senior Unsecured Notes, 5.75%, 3/1/24 | | | | | 156,375 | | |
| | | 200,000 | | | | Scripps Networks Interactive, Inc., Senior Unsecured Notes, 2.80%, 6/15/20 | | | | | 203,139 | | |
| | | 150,000 | | | | T-Mobile USA, Inc., Guaranteed Notes, 6.63%, 11/15/20 | | | | | 154,687 | | |
| | | 250,000 | | | | Telefonica Emisiones SAU, Guaranteed Notes, 5.88%, 7/15/19 | | | | | 279,287 | | |
| | | 100,000 | | | | Time Warner, Inc., Guaranteed Notes, 3.60%, 7/15/25 | | | | | 105,815 | | |
| | | | | | | | | | | | 2,329,687 | | |
| | | | | | | CONSUMER, CYCLICAL (0.8%) | | ||||||
| | | 100,000 | | | | CalAtlantic Group, Inc., Guaranteed Notes, 6.63%, 5/1/20 | | | | | 109,750 | | |
| | | 150,000 | | | | D.R. Horton, Inc., Guaranteed Notes, 4.00%, 2/15/20 | | | | | 154,500 | | |
| | | 300,000 | | | | Ford Motor Credit Co. LLC, Senior Unsecured Notes, 2.38%, 1/16/18 | | | | | 303,690 | | |
| | | 200,000 | | | | General Motors Financial Co., Inc., Guaranteed Notes, 3.15%, 1/15/20 | | | | | 202,461 | | |
| | | 100,000 | | | | General Motors Financial Co., Inc., Guaranteed Notes, 3.70%, 5/9/23 | | | | | 100,520 | | |
| | | 150,000 | | | | L Brands, Inc., Guaranteed Notes, 6.63%, 4/1/21 | | | | | 168,750 | | |
| | | 100,000 | | | | Magna International, Inc., Senior Unsecured Notes, 4.15%, 10/1/25 | | | | | 109,877 | | |
| | | 150,000 | | | | Newell Brands, Inc., Senior Unsecured Notes, 2.60%, 3/29/19 | | | | | 153,927 | | |
| Principal Amount | | | | | | Value | | ||||||
| CORPORATE BONDS & NOTES (8.8%) (continued) | | ||||||||||||
| | | | | | | CONSUMER, CYCLICAL (0.8%) (continued) | | ||||||
| | $ | 25,000 | | | | Newell Brands, Inc., Senior Unsecured Notes, 5.50%, 4/1/46 | | | | $ | 29,743 | | |
| | | 150,000 | | | | NIKE, Inc., Senior Unsecured Notes, 3.88%, 11/1/45 | | | | | 166,284 | | |
| | | 100,000 | | | | Nissan Motor Acceptance Corp., Senior Unsecured Notes, 2.35%, 3/4/19(2) | | | | | 102,179 | | |
| | | 100,000 | | | | Nordstrom, Inc., Senior Unsecured Notes, 5.00%, 1/15/44(1) | | | | | 98,028 | | |
| | | 150,000 | | | | Royal Caribbean Cruises, Ltd., Senior Unsecured Notes, 5.25%, 11/15/22(1) | | | | | 157,875 | | |
| | | 125,000 | | | | Sally Holdings LLC/Sally Capital, Inc., Guaranteed Notes, 5.75%, 6/1/22 | | | | | 129,531 | | |
| | | 100,000 | | | | Toll Brothers Finance Corp., Guaranteed Notes, 4.88%, 11/15/25 | | | | | 99,000 | | |
| | | 250,000 | | | | Wyndham Worldwide Corp., Senior Unsecured Notes, 3.90%, 3/1/23 | | | | | 255,950 | | |
| | | 250,000 | | | | Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., Senior Unsecured Notes, 5.38%, 3/15/22(1) | | | | | 251,562 | | |
| | | | | | | | | | | | 2,593,627 | | |
| | | | | | | CONSUMER, NON-CYCLICAL (1.3%) | | ||||||
| | | 255,000 | | | | Actavis Funding SCS, Guaranteed Notes, 2.35%, 3/12/18 | | | | | 258,476 | | |
| | | 150,000 | | | | AmerisourceBergen Corp., Senior Unsecured Notes, 3.25%, 3/1/25(1) | | | | | 157,342 | | |
| | | 100,000 | | | | Amgen, Inc., Senior Unsecured Notes, 2.13%, 5/15/17 | | | | | 100,834 | | |
| | | 175,000 | | | | Anheuser-Busch InBev Finance, Inc., Guaranteed Notes, 4.90%, 2/1/46 | | | | | 205,072 | | |
| | | 250,000 | | | | Celgene Corp., Senior Unsecured Notes, 2.30%, 8/15/18 | | | | | 254,586 | | |
| | | 250,000 | | | | Constellation Brands, Inc., Guaranteed Notes, 3.75%, 5/1/21 | | | | | 258,375 | | |
| Principal Amount | | | | | | Value | | ||||||
| | | | | | | CONSUMER, NON-CYCLICAL (1.3%) (continued) | | ||||||
| | $ | 100,000 | | | | DaVita HealthCare Partners, Inc., Guaranteed Notes, 5.75%, 8/15/22 | | | | $ | 104,625 | | |
| | | 150,000 | | | | Edwards Lifesciences Corp., Senior Unsecured Notes, 2.88%, 10/15/18 | | | | | 153,649 | | |
| | | 200,000 | | | | Gilead Sciences, Inc., Senior Unsecured Notes, 2.35%, 2/1/20 | | | | | 205,162 | | |
| | | 200,000 | | | | HCA, Inc., Guaranteed Notes, 5.38%, 2/1/25 | | | | | 205,000 | | |
| | | 150,000 | | | | JM Smucker Co. (The), Guaranteed Notes, 4.38%, 3/15/45 | | | | | 163,040 | | |
| | | 100,000 | | | | Kellogg Co., Senior Unsecured Notes, 3.25%, 4/1/26 | | | | ��� | 102,792 | | |
| | | 250,000 | | | | Kroger Co. (The), Senior Unsecured Notes, 3.40%, 4/15/22 | | | | | 267,428 | | |
| | | 250,000 | | | | Kroger Co. (The), Senior Unsecured Notes, 5.15%, 8/1/43 | | | | | 298,357 | | |
| | | 150,000 | | | | LifePoint Health, Inc., Guaranteed Notes, 5.50%, 12/1/21(1) | | | | | 156,375 | | |
| | | 150,000 | | | | Mylan, Inc., Guaranteed Notes, 1.35%, 11/29/16 | | | | | 149,834 | | |
| | | 100,000 | | | | NYU Hospitals Center, Unsecured Notes, 4.78%, 7/1/44 | | | | | 114,354 | | |
| | | 100,000 | | | | Quest Diagnostics, Inc., Senior Unsecured Notes, 3.50%, 3/30/25 | | | | | 103,259 | | |
| | | 100,000 | | | | Service Corp. International, Senior Unsecured Notes, 5.38%, 1/15/22 | | | | | 103,000 | | |
| | | 150,000 | | | | Sysco Corp., Guaranteed Notes, 3.75%, 10/1/25 | | | | | 160,494 | | |
| | | 200,000 | | | | UnitedHealth Group, Inc., Senior Unsecured Notes, 2.88%, 12/15/21 | | | | | 210,651 | | |
| | | 100,000 | | | | UnitedHealth Group, Inc., Senior Unsecured Notes, 4.63%, 11/15/41 | | | | | 114,102 | | |
| Principal Amount | | | | | | Value | | ||||||
| | | | | | | CONSUMER, NON-CYCLICAL (1.3%) (continued) | | ||||||
| | $ | 200,000 | | | | Wm Wrigley Jr Co., Senior Unsecured Notes, 2.00%, 10/20/17(2) | | | | $ | 202,126 | | |
| | | | | | | | | | | | 4,048,933 | | |
| | | | | | | ENERGY (0.5%) | | ||||||
| | | 150,000 | | | | DCP Midstream Operating L.P., Guaranteed Notes, 2.50%, 12/1/17(1) | | | | | 146,625 | | |
| | | 100,000 | | | | Devon Energy Corp., Senior Unsecured Notes, 4.75%, 5/15/42 | | | | | 89,624 | | |
| | | 150,000 | | | | Energy Transfer Partners L.P., Senior Unsecured Notes, 9.00%, 4/15/19 | | | | | 167,678 | | |
| | | 400,000 | | | | Enterprise Products Operating LLC, Guaranteed Notes, 4.85%, 8/15/42(1) | | | | | 422,093 | | |
| | | 50,000 | | | | Occidental Petroleum Corp., Senior Unsecured Notes, 3.40%, 4/15/26 | | | | | 52,735 | | |
| | | 150,000 | | | | Occidental Petroleum Corp., Senior Unsecured Notes, 4.63%, 6/15/45 | | | | | 167,271 | | |
| | | 200,000 | | | | Phillips 66, Guaranteed Notes, 4.30%, 4/1/22 | | | | | 218,439 | | |
| | | 250,000 | | | | Spectra Energy Partners L.P., Senior Unsecured Notes, 4.75%, 3/15/24 | | | | | 274,761 | | |
| | | 150,000 | | | | Valero Energy Corp., Senior Unsecured Notes, 6.63%, 6/15/37 | | | | | 164,576 | | |
| | | | | | | | | | | | 1,703,802 | | |
| | | | | | | FINANCIAL (3.8%) | | ||||||
| | | 200,000 | | | | Aflac, Inc., Senior Unsecured Notes, 3.25%, 3/17/25 | | | | | 207,972 | | |
| | | 225,000 | | | | Aircastle Ltd., Senior Unsecured Notes, 4.63%, 12/15/18 | | | | | 231,750 | | |
| | | 150,000 | | | | Ally Financial, Inc., Guaranteed Notes, 4.75%, 9/10/18 | | | | | 153,000 | | |
| | | 250,000 | | | | American Express Co., Senior Unsecured Notes, 1.24%, 5/22/18(3) | | | | | 249,452 | | |
| Principal Amount | | | | | | Value | | ||||||
| CORPORATE BONDS & NOTES (8.8%) (continued) | | ||||||||||||
| | | | | | | FINANCIAL (3.8%) (continued) | | ||||||
| | $ | 250,000 | | | | American International Group, Inc., Senior Unsecured Notes, 4.88%, 6/1/22 | | | | $ | 278,507 | | |
| | | 250,000 | | | | Australia & New Zealand Banking Group Ltd., Subordinated Notes, 4.50%, 3/19/24(1)(2) | | | | | 260,650 | | |
| | | 150,000 | | | | AvalonBay Communities, Inc. GMTN, Senior Unsecured Notes, 3.45%, 6/1/25 | | | | | 157,195 | | |
| | | 125,000 | | | | Banco Bilbao Vizcaya Argentaria S.A., Senior Unsecured Notes, 3.00%, 10/20/20 | | | | | 127,309 | | |
| | | 250,000 | | | | Bancolombia S.A., Senior Unsecured Notes, 5.95%, 6/3/21 | | | | | 273,375 | | |
| | | 100,000 | | | | Bank of America Corp. MTN, Subordinated Notes, 4.20%, 8/26/24 | | | | | 103,372 | | |
| | | 300,000 | | | | Bank of America Corp. MTN, Series L, Senior Unsecured Notes, 5.65%, 5/1/18 | | | | | 321,494 | | |
| | | 300,000 | | | | Bank of China Hong Kong Ltd., Senior Unsecured Notes, 3.75%, 11/8/16(2) | | | | | 302,653 | | |
| | | 250,000 | | | | Bank of New York Mellon Corp. (The) MTN, Senior Unsecured Notes, 2.45%, 11/27/20(1) | | | | | 257,216 | | |
| | | 250,000 | | | | Berkshire Hathaway, Inc., Senior Unsecured Notes, 3.75%, 8/15/21(1) | | | | | 275,850 | | |
| | | 150,000 | | | | BlackRock, Inc., Series 2, Senior Unsecured Notes, 5.00%, 12/10/19 | | | | | 167,991 | | |
| | | 250,000 | | | | Boston Properties L.P., Senior Unsecured Notes, 3.13%, 9/1/23 | | | | | 256,978 | | |
| | | 250,000 | | | | BPCE S.A., Guaranteed Notes, 2.50%, 12/10/18 | | | | | 256,357 | | |
| | | 250,000 | | | | Capital One Financial Corp., Senior Unsecured Notes, 3.75%, 4/24/24 | | | | | 260,822 | | |
| | | 225,000 | | | | Citigroup, Inc., Subordinated Notes, 5.30%, 5/6/44 | | | | | 242,943 | | |
| Principal Amount | | | | | | Value | | ||||||
| | | | | | | FINANCIAL (3.8%) (continued) | | ||||||
| | $ | 100,000 | | | | CNA Financial Corp., Senior Unsecured Notes, 3.95%, 5/15/24 | | | | $ | 105,158 | | |
| | | 350,000 | | | | Cooperatieve Rabobank UA, Guaranteed Notes, 3.95%, 11/9/22 | | | | | 361,963 | | |
| | | 250,000 | | | | Credit Agricole S.A., Senior Unsecured Notes, 2.13%, 4/17/18(2) | | | | | 252,742 | | |
| | | 175,000 | | | | Crown Castle International Corp., Senior Unsecured Notes, 4.45%, 2/15/26 | | | | | 189,986 | | |
| | | 100,000 | | | | Deutsche Bank AG, Senior Unsecured Notes, 1.40%, 2/13/17(1) | | | | | 99,720 | | |
| | | 100,000 | | | | Digital Realty Trust L.P., Guaranteed Notes, 5.25%, 3/15/21(1) | | | | | 112,407 | | |
| | | 250,000 | | | | Discover Financial Services, Senior Unsecured Notes, 3.95%, 11/6/24 | | | | | 256,234 | | |
| | | 250,000 | | | | EPR Properties, Guaranteed Notes, 5.25%, 7/15/23 | | | | | 264,424 | | |
| | | 150,000 | | | | Fifth Third Bancorp, Senior Unsecured Notes, 2.88%, 7/27/20(1) | | | | | 156,324 | | |
| | | 100,000 | | | | Goldman Sachs Group, Inc. (The), Subordinated Notes, 6.75%, 10/1/37 | | | | | 123,353 | | |
| | | 150,000 | | | | Hospitality Properties Trust, Senior Unsecured Notes, 4.65%, 3/15/24 | | | | | 152,740 | | |
| | | 100,000 | | | | Host Hotels & Resorts L.P., Senior Unsecured Notes, 5.25%, 3/15/22 | | | | | 109,938 | | |
| | | 250,000 | | | | HSBC Holdings PLC, Senior Unsecured Notes, 4.00%, 3/30/22 | | | | | 262,787 | | |
| | | 250,000 | | | | International Lease Finance Corp., Senior Secured Notes, 7.13%, 9/1/18(1)(2) | | | | | 274,485 | | |
| | | 250,000 | | | | Korea Development Bank (The), Senior Unsecured Notes, 4.00%, 9/9/16 | | | | | 251,432 | | |
| | | 250,000 | | | | Lloyds Bank PLC, Guaranteed Notes, 3.50%, 5/14/25 | | | | | 256,879 | | |
| Principal Amount | | | | | | Value | | ||||||
| | | | | | | FINANCIAL (3.8%) (continued) | | ||||||
| | $ | 350,000 | | | | Morgan Stanley, Senior Unsecured Notes, 4.75%, 3/22/17 | | | | $ | 358,680 | | |
| | | 250,000 | | | | Morgan Stanley, Subordinated Notes, 4.88%, 11/1/22 | | | | | 273,764 | | |
| | | 250,000 | | | | Nomura Holdings, Inc. GMTN, Senior Unsecured Notes, 2.75%, 3/19/19(1) | | | | | 255,835 | | |
| | | 300,000 | | | | PNC Funding Corp., Guaranteed Notes, 3.30%, 3/8/22 | | | | | 319,051 | | |
| | | 250,000 | | | | ProLogis L.P., Guaranteed Notes, 2.75%, 2/15/19 | | | | | 256,929 | | |
| | | 500,000 | | | | Regions Financial Corp., Senior Unsecured Notes, 2.00%, 5/15/18 | | | | | 500,874 | | |
| | | 250,000 | | | | Santander Holdings USA, Inc., Senior Unsecured Notes, 2.65%, 4/17/20 | | | | | 246,869 | | |
| | | 250,000 | | | | Societe Generale S.A., Senior Unsecured Notes, 5.20%, 4/15/21(1) | | | | | 285,968 | | |
| | | 200,000 | | | | Stifel Financial Corp., Senior Unsecured Notes, 4.25%, 7/18/24 | | | | | 205,122 | | |
| | | 150,000 | | | | Synchrony Financial, Senior Unsecured Notes, 3.00%, 8/15/19 | | | | | 152,500 | | |
| | | 100,000 | | | | Synchrony Financial, Senior Unsecured Notes, 3.75%, 8/15/21 | | | | | 103,594 | | |
| | | 500,000 | | | | Wells Fargo & Co. MTN, Senior Unsecured Notes, 3.50%, 3/8/22 | | | | | 536,326 | | |
| | | 100,000 | | | | Weyerhaeuser Co., Senior Unsecured Notes, 7.38%, 10/1/19 | | | | | 114,945 | | |
| | | 100,000 | | | | Weyerhaeuser Co., Senior Unsecured Notes, 6.95%, 10/1/27 | | | | | 126,436 | | |
| | | 250,000 | | | | XLIT Ltd., Guaranteed Notes, 5.75%, 10/1/21(1) | | | | | 285,925 | | |
| | | | | | | | | | | | 11,638,276 | | |
| | | | | | | INDUSTRIAL (0.5%) | | ||||||
| | | 50,000 | | | | Allegion PLC, Guaranteed Notes, 5.88%, 9/15/23 | | | | | 53,000 | | |
| Principal Amount | | | | | | Value | | ||||||
| CORPORATE BONDS & NOTES (8.8%) (continued) | | ||||||||||||
| | | | | | | INDUSTRIAL (0.5%) (continued) | | ||||||
| | $ | 200,000 | | | | Ball Corp., Guaranteed Notes, 5.25%, 7/1/25 | | | | $ | 208,500 | | |
| | | 150,000 | | | | Burlington Northern Santa Fe LLC, Senior Unsecured Notes, 4.15%, 4/1/45 | | | | | 163,354 | | |
| | | 250,000 | | | | Packaging Corp. of America, Senior Unsecured Notes, 3.65%, 9/15/24 | | | | | 258,228 | | |
| | | 250,000 | | | | Textron, Inc., Senior Unsecured Notes, 3.88%, 3/1/25 | | | | | 264,141 | | |
| | | 500,000 | | | | Union Pacific Corp., Senior Unsecured Notes, 4.00%, 2/1/21 | | | | | 550,737 | | |
| | | | | | | | | | | | 1,497,960 | | |
| | | | | | | TECHNOLOGY (0.3%) | | ||||||
| | | 150,000 | | | | Analog Devices, Inc., Senior Unsecured Notes, 3.90%, 12/15/25 | | | | | 167,208 | | |
| | | 125,000 | | | | Cadence Design Systems, Inc., Senior Unsecured Notes, 4.38%, 10/15/24 | | | | | 129,158 | | |
| | | 100,000 | | | | Intel Corp., Senior Unsecured Notes, 4.25%, 12/15/42 | | | | | 107,297 | | |
| | | 175,000 | | | | Microsoft Corp., Senior Unsecured Notes, 4.45%, 11/3/45 | | | | | 197,339 | | |
| | | 200,000 | | | | QUALCOMM, Inc., Senior Unsecured Notes, 3.45%, 5/20/25(1) | | | | | 212,544 | | |
| | | | | | | | | | | | 813,546 | | |
| | | | | | | UTILITIES (0.5%) | | ||||||
| | | 150,000 | | | | Consolidated Edison Co. of New York, Inc., Senior Unsecured Notes, 4.50%, 12/1/45 | | | | | 170,490 | | |
| | | 100,000 | | | | Consumers Energy Co., 3.13%, 8/31/24 | | | | | 105,992 | | |
| | | 100,000 | | | | Exelon Generation Co. LLC, Senior Unsecured Notes, 5.20%, 10/1/19 | | | | | 110,647 | | |
| | | 250,000 | | | | Florida Power & Light Co., 4.05%, 6/1/42 | | | | | 279,458 | | |
| | | 100,000 | | | | ITC Holdings Corp., Senior Unsecured Notes, 3.25%, 6/30/26 | | | | | 100,076 | | |
| Principal Amount | | | | | | Value | | ||||||
| | | | | | | UTILITIES (0.5%) (continued) | | ||||||
| | $ | 150,000 | | | | National Fuel Gas Co., Senior Unsecured Notes, 5.20%, 7/15/25 | | | | $ | 155,574 | | |
| | | 100,000 | | | | Pacific Gas & Electric Co., Senior Unsecured Notes, 2.95%, 3/1/26(1) | | | | | 104,137 | | |
| | | 100,000 | | | | PSEG Power LLC, Guaranteed Notes, 4.30%, 11/15/23 | | | | | 105,031 | | |
| | | 250,000 | | | | South Carolina Electric & Gas Co., 4.35%, 2/1/42 | | | | | 271,820 | | |
| | | 100,000 | | | | Southern Co. (The), Senior Unsecured Notes, 2.95%, 7/1/23 | | | | | 103,660 | | |
| | | | | | | | | | | | 1,506,885 | | |
| TOTAL CORPORATE BONDS & NOTES (Cost $26,156,632) (8.8%) | | | | | 27,034,552 | | | ||||||
| FOREIGN GOVERNMENT OBLIGATIONS (0.2%) | | ||||||||||||
| | | 250,000 | | | | Mexico Government International Bond, Senior Unsecured Notes, 5.13%, 1/15/20(1) | | | | | 277,500 | | |
| | | 250,000 | | | | Poland Government International Bond, Senior Unsecured Notes, 4.00%, 1/22/24 | | | | | 270,000 | | |
| TOTAL FOREIGN GOVERNMENT OBLIGATIONS (Cost $514,205) (0.2%) | | | | | 547,500 | | | ||||||
| LONG-TERM MUNICIPAL SECURITIES (0.6%) | | ||||||||||||
| | | | | | | CALIFORNIA (0.1%) | | ||||||
| | | 200,000 | | | | California State, Build America Bonds, General Obligation Unlimited, AGM Insured, 6.88%, 11/1/26 | | | | | 273,522 | | |
| | | 80,000 | | | | Los Angeles County Public Works Financing Authority, Build America Bonds, Revenue Bonds, 5.84%, 8/1/21 | | | | | 95,622 | | |
| | | 50,000 | | | | University of California Regents Medical Center Pooled Revenue, Revenue Bonds, Build America Bonds, Series H, 6.40%, 5/15/31 | | | | | 65,485 | | |
| | | | | | | | | | | | 434,629 | | |
| Principal Amount | | | | | | Value | | ||||||
| | | | | | | FLORIDA (0.0%) | | ||||||
| | $ | 75,000 | | | | Florida State Department of Environmental Protection Revenue, Build America Bonds, Revenue Bonds, Series B, 5.31%, 7/1/18 | | | | $ | 81,107 | | |
| | | | | | | NEW YORK (0.3%) | | ||||||
| | | 250,000 | | | | City of New York, General Obligation Unlimited, Subser. D2, 2.60%, 8/1/20 | | | | | 261,830 | | |
| | | 185,000 | | | | Metropolitan Transportation Authority, Build America Bonds, Revenue Bonds, Ser. C-1, 5.12%, 11/15/19 | | | | | 205,611 | | |
| | | 100,000 | | | | New York City Transitional Finance Authority Future Tax Secured Revenue, Build America Bonds, Revenue Bonds, 4.53%, 11/1/22 | | | | | 114,461 | | |
| | | 250,000 | | | | New York City Transitional Finance Authority Future Tax Secured Revenue, Subordinate Bonds, Revenue Bonds, 3.00%, 2/1/26 | | | | | 255,820 | | |
| | | | | | | | | | | | 837,722 | | |
| | | | | | | TEXAS (0.2%) | | ||||||
| | | 250,000 | | | | Dallas Independent School District Qualified School Construction Notes, General Obligation Limited, 5.05%, 8/15/33 | | | | | 288,727 | | |
| | | 250,000 | | | | Tarrant County Cultural Education Facilities Finance Corp., Revenue Bonds, Baylor Health Care System Project, Series C, 4.45%, 11/15/43 | | | | | 271,180 | | |
| | | | | | | | | | | | 559,907 | | |
| TOTAL LONG-TERM MUNICIPAL SECURITIES (Cost $1,803,156) (0.6%) | | | | | 1,913,365 | | |
| Principal Amount | | | | | | Value | | ||||||
| SHORT-TERM MUNICIPAL SECURITIES (0.0%) | | ||||||||||||
| | $ | 125,000 | | | | Metropolitan Government of Nashville & Davidson County Tennessee Convention Center Authority, Build America Bonds, Revenue Bonds, Subser. B, 4.86%, 7/1/16 | | | | $ | 125,015 | | |
| TOTAL SHORT-TERM MUNICIPAL SECURITIES (Cost $125,000) (0.0%) | | | | | 125,015 | | | ||||||
| U.S. GOVERNMENT AGENCY OBLIGATIONS (4.3%) | | ||||||||||||
| | | 250,000 | | | | FHLB, 1.63%, 2/27/19 | | | | | 255,262 | | |
| | | 327,442 | | | | FHLMC, Series 4151, Class PA, 2.00%, 1/15/33 | | | | | 333,372 | | |
| | | 61,008 | | | | FHLMC Gold PC Pool #A46044, 5.00%, 7/1/35 | | | | | 67,631 | | |
| | | 227,342 | | | | FHLMC Gold PC Pool #A47613, 5.00%, 11/1/35 | | | | | 251,758 | | |
| | | 50,017 | | | | FHLMC Gold PC Pool #A89430, 4.50%, 10/1/39 | | | | | 54,645 | | |
| | | 145,799 | | | | FHLMC Gold PC Pool #C09055, 4.00%, 12/1/43 | | | | | 156,156 | | |
| | | 230,106 | | | | FHLMC Gold PC Pool #J17969, 3.00%, 2/1/27 | | | | | 241,964 | | |
| | | 59,346 | | | | FHLMC Gold Pool #A84814, 4.50%, 3/1/39 | | | | | 64,673 | | |
| | | 58,322 | | | | FHLMC Gold Pool #A96997, 4.50%, 2/1/41 | | | | | 64,065 | | |
| | | 233,368 | | | | FHLMC Gold Pool #A97264, 4.00%, 2/1/41 | | | | | 250,908 | | |
| | | 321,217 | | | | FHLMC Gold Pool #C09027, 3.00%, 2/1/43 | | | | | 333,773 | | |
| | | 59,500 | | | | FHLMC Gold Pool #G08521, 3.00%, 1/1/43 | | | | | 61,826 | | |
| | | 570,925 | | | | FHLMC Gold Pool #J13314, 3.50%, 10/1/25 | | | | | 604,974 | | |
| | | 135,663 | | | | FHLMC Gold Pool #Q06884, 3.50%, 3/1/42 | | | | | 143,318 | | |
| | | 97,285 | | | | FHLMC Gold Pool #Q11077, 3.50%, 9/1/42 | | | | | 102,774 | | |
| | | 63,184 | | | | FNMA Pool #254733, 5.00%, 4/1/23 | | | | | 70,116 | | |
| Principal Amount | | | | | | Value | | ||||||
| U.S. GOVERNMENT AGENCY OBLIGATIONS (4.3%) (continued) | | ||||||||||||
| | $ | 436,942 | | | | FNMA Pool #254954, 4.50%, 10/1/23 | | | | $ | 476,624 | | |
| | | 221,514 | | | | FNMA Pool #745275, 5.00%, 2/1/36 | | | | | 246,564 | | |
| | | 25,442 | | | | FNMA Pool #832199, 4.50%, 7/1/35 | | | | | 27,872 | | |
| | | 256,469 | | | | FNMA Pool #844809, 5.00%, 11/1/35 | | | | | 285,065 | | |
| | | 8,058 | | | | FNMA Pool #910242, 5.00%, 3/1/37 | | | | | 8,941 | | |
| | | 40,329 | | | | FNMA Pool #973333, 4.50%, 2/1/38 | | | | | 44,127 | | |
| | | 7,793 | | | | FNMA Pool #975116, 5.00%, 5/1/38 | | | | | 8,646 | | |
| | | 137,621 | | | | FNMA Pool #AA0466, 4.50%, 2/1/39 | | | | | 150,168 | | |
| | | 7,935 | | | | FNMA Pool #AB1259, 5.00%, 7/1/40 | | | | | 8,820 | | |
| | | 293,912 | | | | FNMA Pool #AB1796, 3.50%, 11/1/40 | | | | | 310,867 | | |
| | | 139,963 | | | | FNMA Pool #AB2660, 3.50%, 5/1/21 | | | | | 148,411 | | |
| | | 103,138 | | | | FNMA Pool #AB3218, 3.50%, 7/1/31 | | | | | 109,500 | | |
| | | 436,690 | | | | FNMA Pool #AB3900, 3.00%, 11/1/26 | | | | | 458,569 | | |
| | | 15,849 | | | | FNMA Pool #AB3943, 4.00%, 11/1/41 | | | | | 17,015 | | |
| | | 290,126 | | | | FNMA Pool #AB5231, 2.50%, 5/1/27 | | | | | 301,034 | | |
| | | 161,607 | | | | FNMA Pool #AC5822, 4.50%, 5/1/40 | | | | | 176,771 | | |
| | | 226,982 | | | | FNMA Pool #AD7128, 4.50%, 7/1/40 | | | | | 248,755 | | |
| | | 149,139 | | | | FNMA Pool #AD8529, 4.50%, 8/1/40 | | | | | 163,293 | | |
| | | 116,589 | | | | FNMA Pool #AH3226, 5.00%, 2/1/41 | | | | | 129,548 | | |
| | | 252,010 | | | | FNMA Pool #AH4493, 4.50%, 2/1/41 | | | | | 276,279 | | |
| | | 151,654 | | | | FNMA Pool #AI1019, 4.50%, 5/1/41 | | | | | 166,286 | | |
| | | 20,762 | | | | FNMA Pool #AK6513, 4.00%, 3/1/42 | | | | | 22,317 | | |
| | | 556,553 | | | | FNMA Pool #AL0657, 5.00%, 8/1/41 | | | | | 620,381 | | |
| | | 47,317 | | | | FNMA Pool #AL3192, 5.00%, 5/1/42 | | | | | 52,743 | | |
| | | 348,601 | | | | FNMA Pool #AQ1853, 3.00%, 11/1/42 | | | | | 362,578 | | |
| | | 216,208 | | | | FNMA Pool #AS0560, 4.50%, 9/1/43 | | | | | 236,218 | | |
| | | 359,897 | | | | FNMA Pool #AS0865, 2.50%, 10/1/28 | | | | | 373,469 | | |
| | | 129,725 | | | | FNMA Pool #AS1529, 3.00%, 1/1/29 | | | | | 136,085 | | |
| Principal Amount | | | | | | Value | | ||||||
| U.S. GOVERNMENT AGENCY OBLIGATIONS (4.3%) (continued) | | ||||||||||||
| | $ | 95,687 | | | | FNMA Pool #AS3789, 4.50%, 11/1/44 | | | | $ | 104,439 | | |
| | | 148,340 | | | | FNMA Pool #AS4503, 3.00%, 2/1/30 | | | | | 155,599 | | |
| | | 268,421 | | | | FNMA Pool #AS4928, 3.50%, 5/1/45 | | | | | 283,296 | | |
| | | 123,713 | | | | FNMA Pool #AS6205, 3.50%, 11/1/45 | | | | | 130,581 | | |
| | | 62,979 | | | | FNMA Pool #AT8849, 4.00%, 6/1/43 | | | | | 67,827 | | |
| | | 187,904 | | | | FNMA Pool #AU1847, 3.00%, 9/1/43 | | | | | 195,399 | | |
| | | 198,770 | | | | FNMA Pool #AU3621, 3.00%, 7/1/43 | | | | | 206,728 | | |
| | | 337,542 | | | | FNMA Pool #AU5409, 3.00%, 8/1/43 | | | | | 350,609 | | |
| | | 141,775 | | | | FNMA Pool #AU5653, 4.00%, 9/1/43 | | | | | 152,067 | | |
| | | 179,508 | | | | FNMA Pool #AU6562, 3.50%, 12/1/43 | | | | | 189,714 | | |
| | | 83,632 | | | | FNMA Pool #AU7025, 3.00%, 11/1/43 | | | | | 86,966 | | |
| | | 149,288 | | | | FNMA Pool #AV3310, 4.50%, 1/1/44 | | | | | 163,180 | | |
| | | 63,642 | | | | FNMA Pool #AX1138, 3.50%, 9/1/44 | | | | | 67,166 | | |
| | | 178,342 | | | | FNMA Pool #AY2728, 2.50%, 2/1/30 | | | | | 184,686 | | |
| | | 241,566 | | | | FNMA Pool #BA6555, 3.00%, 1/1/46 | | | | | 250,917 | | |
| | | 29,692 | | | | FNMA Pool #MA0406, 4.50%, 5/1/30 | | | | | 32,392 | | |
| | | 92,101 | | | | FNMA Pool #MA0577, 3.50%, 11/1/20 | | | | | 97,660 | | |
| | | 318,670 | | | | FNMA REMIC Trust Series 2013-18, Class AE, 2.00%, 3/25/28 | | | | | 324,432 | | |
| | | 103,038 | | | | GNMA I Pool #539285, 3.00%, 5/15/42 | | | | | 107,738 | | |
| | | 47,430 | | | | GNMA I Pool #744842, 3.00%, 5/15/42 | | | | | 49,593 | | |
| | | 176,334 | | | | GNMA II Pool #MA1520, 3.00%, 12/20/43 | | | | | 184,984 | | |
| | | 309,840 | | | | GNMA II Pool #MA1521, 3.50%, 12/20/43 | | | | | 330,132 | | |
| | | 579,764 | | | | GNMA II Pool #MA1839, 4.00%, 4/20/44 | | | | | 620,074 | | |
| | | 71,788 | | | | GNMA II Pool #MA2445, 3.50%, 12/20/44 | | | | | 76,232 | | |
| TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $12,806,566) (4.3%) | | | | | 13,036,572 | | | ||||||
| U.S. TREASURY OBLIGATIONS (3.7%) | | ||||||||||||
| | | 200,000 | | | | U.S. Treasury Bonds, 5.25%, 11/15/28 | | | | | 281,516 | | |
| Principal Amount | | | | | | Value | | ||||||
| U.S. TREASURY OBLIGATIONS (3.7%) (continued) | | ||||||||||||
| | $ | 350,000 | | | | U.S. Treasury Bonds, 5.25%, 2/15/29 | | | | $ | 494,894 | | |
| | | 500,000 | | | | U.S. Treasury Bonds, 3.13%, 11/15/41 | | | | | 590,449 | | |
| | | 250,000 | | | | U.S. Treasury Bonds, 2.75%, 8/15/42 | | | | | 275,449 | | |
| | | 700,000 | | | | U.S. Treasury Bonds, 2.88%, 5/15/43 | | | | | 787,144 | | |
| | | 200,000 | | | | U.S. Treasury Bonds, 3.75%, 11/15/43 | | | | | 263,875 | | |
| | | 250,000 | | | | U.S. Treasury Bonds, 3.63%, 2/15/44 | | | | | 322,344 | | |
| | | 100,000 | | | | U.S. Treasury Bonds, 3.38%, 5/15/44 | | | | | 123,246 | | |
| | | 300,000 | | | | U.S. Treasury Bonds, 3.13%, 8/15/44 | | | | | 353,133 | | |
| | | 100,000 | | | | U.S. Treasury Bonds, 3.00%, 11/15/44 | | | | | 114,977 | | |
| | | 100,000 | | | | U.S. Treasury Notes, 0.63%, 5/31/17 | | | | | 100,090 | | |
| | | 200,000 | | | | U.S. Treasury Notes, 0.88%, 10/15/17 | | | | | 200,789 | | |
| | | 680,000 | | | | U.S. Treasury Notes, 0.75%, 12/31/17 | | | | | 681,780 | | |
| | | 200,000 | | | | U.S. Treasury Notes, 0.75%, 3/31/18 | | | | | 200,547 | | |
| | | 400,000 | | | | U.S. Treasury Notes, 1.38%, 9/30/18 | | | | | 406,609 | | |
| | | 800,000 | | | | U.S. Treasury Notes, 1.38%, 11/30/18 | | | | | 813,844 | | |
| | | 100,000 | | | | U.S. Treasury Notes, 1.38%, 2/28/19 | | | | | 101,816 | | |
| | | 450,000 | | | | U.S. Treasury Notes, 1.63%, 12/31/19 | | | | | 462,428 | | |
| | | 550,000 | | | | U.S. Treasury Notes, 3.63%, 2/15/20 | | | | | 605,215 | | |
| | | 600,000 | | | | U.S. Treasury Notes, 1.38%, 3/31/20 | | | | | 611,344 | | |
| | | 250,000 | | | | U.S. Treasury Notes, 1.13%, 4/30/20 | | | | | 252,451 | | |
| | | 450,000 | | | | U.S. Treasury Notes, 1.38%, 4/30/20 | | | | | 458,473 | | |
| Principal Amount | | | | | | Value | | ||||||
| | $ | 350,000 | | | | U.S. Treasury Notes, 2.25%, 4/30/21 | | | | $ | 370,439 | | |
| | | 200,000 | | | | U.S. Treasury Notes, 1.88%, 11/30/21 | | | | | 208,266 | | |
| | | 450,000 | | | | U.S. Treasury Notes, 2.13%, 12/31/21 | | | | | 474,416 | | |
| | | 600,000 | | | | U.S. Treasury Notes, 1.75%, 3/31/22 | | | | | 619,945 | | |
| | | 50,000 | | | | U.S. Treasury Notes, 1.63%, 8/15/22 | | | | | 51,273 | | |
| | | 100,000 | | | | U.S. Treasury Notes, 2.00%, 11/30/22 | | | | | 104,660 | | |
| | | 150,000 | | | | U.S. Treasury Notes, 2.00%, 2/15/23 | | | | | 157,113 | | |
| | | 400,000 | | | | U.S. Treasury Notes, 2.38%, 8/15/24 | | | | | 430,562 | | |
| | | 220,000 | | | | U.S. Treasury Notes, 2.25%, 11/15/24 | | | | | 234,678 | | |
| | | 125,000 | | | | U.S. Treasury Notes, 2.13%, 5/15/25 | | | | | 132,036 | | |
| | | 100,000 | | | | U.S. Treasury Notes, 2.25%, 11/15/25 | | | | | 106,688 | | |
| TOTAL U.S. TREASURY OBLIGATIONS (Cost $10,549,628) (3.7%) | | | | | 11,392,489 | | |
| Shares | | | | | | Value | | ||||||
| SHORT-TERM INVESTMENTS (7.3%) | | ||||||||||||
| | | | | | | MONEY MARKET FUNDS (7.3%) | | ||||||
| | | 19,590,178 | | | | State Street Navigator Securities Lending Prime Portfolio(4) | | | | | 19,590,178 | | |
| | | 2,692,295 | | | | State Street Institutional Liquid Reserves Fund | | | | | 2,692,295 | | |
| TOTAL SHORT-TERM INVESTMENTS (Cost $22,282,473) (7.3%) | | | | | 22,282,473 | | | ||||||
| TOTAL INVESTMENT SECURITIES (106.2%) (Cost $303,698,225) | | | | $ | 325,337,396 | | | ||||||
| EXCESS OF LIABILITIES OVER CASH AND OTHER ASSETS (-6.2%) | | | | | (19,011,463) | | | ||||||
| NET ASSETS (100%) | | | | $ | 306,325,933 | | |
Investments in Securities: | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Assets | | | | | | ||||||||||||||||||||
Common Stocks* | | | | $ | 242,690,466 | | | | | $ | — | | | | | $ | — | | | | | $ | 242,690,466 | | |
Asset-Backed Securities | | | | | — | | | | | | 2,075,440 | | | | | | — | | | | | | 2,075,440 | | |
Commercial Mortgage-Backed Securities | | | | | — | | | | | | 4,239,524 | | | | | | — | | | | | | 4,239,524 | | |
Corporate Bonds & Notes* | | | | | — | | | | | | 27,034,552 | | | | | | — | | | | | | 27,034,552 | | |
Foreign Government Obligations | | | | | — | | | | | | 547,500 | | | | | | — | | | | | | 547,500 | | |
Long-Term Municipal Securities* | | | | | — | | | | | | 1,913,365 | | | | | | — | | | | | | 1,913,365 | | |
Short-Term Municipal Securities | | | | | — | | | | | | 125,015 | | | | | | — | | | | | | 125,015 | | |
U.S. Government Agency Obligations | | | | | — | | | | | | 13,036,572 | | | | | | — | | | | | | 13,036,572 | | |
U.S. Treasury Obligations | | | | | — | | | | | | 11,392,489 | | | | | | — | | | | | | 11,392,489 | | |
Short-Term Investments | | | | | 22,282,473 | | | | | | — | | | | | | — | | | | | | 22,282,473 | | |
Total Investments in Securities | | | | $ | 264,972,939 | | | | | $ | 60,364,457 | | | | | $ | — | | | | | $ | 325,337,396 | | |
Portfolio Highlights at June 30, 2016 (unaudited)
Issue | | | Shares | | | Value | | | Percentage of Net Assets | | |||||||||
Facebook, Inc. | | | | | 100,000 | | | | | $ | 11,428,000 | | | | | | 5.3% | | |
Medivation, Inc. | | | | | 185,000 | | | | | | 11,155,500 | | | | | | 5.2% | | |
Alphabet, Inc. | | | | | 15,500 | | | | | | 10,904,715 | | | | | | 5.0% | | |
Amazon.com, Inc. | | | | | 15,000 | | | | | | 10,734,300 | | | | | | 5.0% | | |
Celgene Corp. | | | | | 107,000 | | | | | | 10,553,410 | | | | | | 4.9% | | |
Activision Blizzard, Inc. | | | | | 235,000 | | | | | | 9,313,050 | | | | | | 4.3% | | |
Starbucks Corp. | | | | | 155,000 | | | | | | 8,853,600 | | | | | | 4.1% | | |
Alexion Pharmaceuticals, Inc. | | | | | 72,000 | | | | | | 8,406,720 | | | | | | 3.9% | | |
Visa, Inc. | | | | | 105,000 | | | | | | 7,787,850 | | | | | | 3.6% | | |
Edwards Lifesciences Corp. | | | | | 73,000 | | | | | | 7,280,290 | | | | | | 3.4% | | |
![[MISSING IMAGE: t1601849_pie-lcf.jpg]](https://capedge.com/proxy/N-CSRS/0001571049-16-018136/t1601849_pie-lcf.jpg)
![[MISSING IMAGE: t1601849_bar-lcf.jpg]](https://capedge.com/proxy/N-CSRS/0001571049-16-018136/t1601849_bar-lcf.jpg)
Value Line Larger Companies Focused Fund, Inc. |
Schedule of Investments (unaudited) | June 30, 2016 |
| Shares | | | | | | Value | | ||||||
| COMMON STOCKS (99.7%) | | ||||||||||||
| | | | | | | CONSUMER DISCRETIONARY (22.7%) | | ||||||
| | | 15,000 | | | | Amazon.com, Inc.* | | | | $ | 10,734,300 | | |
| | | 80,000 | | | | Michael Kors Holdings, Ltd.* | | | | | 3,958,400 | | |
| | | 65,000 | | | | Netflix, Inc.* | | | | | 5,946,200 | | |
| | | 75,000 | | | | NIKE, Inc. Class B | | | | | 4,140,000 | | |
| | | 2,800 | | | | Priceline Group, Inc. (The)* | | | | | 3,495,548 | | |
| | | 155,000 | | | | Starbucks Corp. | | | | | 8,853,600 | | |
| | | 13,000 | | | | Tesla Motors, Inc.*(1) | | | | | 2,759,640 | | |
| | | 36,000 | | | | TJX Companies, Inc. (The) | | | | | 2,780,280 | | |
| | | 110,000 | | | | Toll Brothers, Inc.* | | | | | 2,960,100 | | |
| | | 125,000 | | | | Urban Outfitters, Inc.* | | | | | 3,437,500 | | |
| | | | | | | | | | | | 49,065,568 | | |
| | | | | | | CONSUMER STAPLES (6.3%) | | ||||||
| | | 33,500 | | | | Constellation Brands, Inc. Class A | | | | | 5,540,900 | | |
| | | 33,000 | | | | Estee Lauder Companies, Inc. (The) Class A | | | | | 3,003,660 | | |
| | | 32,000 | | | | Monster Beverage Corp.* | | | | | 5,142,720 | | |
| | | | | | | | | | | | 13,687,280 | | |
| | | | | | | FINANCIALS (4.2%) | | ||||||
| | | 8,000 | | | | BlackRock, Inc. | | | | | 2,740,240 | | |
| | | 121,000 | | | | Blackstone Group L.P. (The) | | | | | 2,969,340 | | |
| | | 132,000 | | | | Charles Schwab Corp. (The) | | | | | 3,340,920 | | |
| | | | | | | | | | | | 9,050,500 | | |
| | | | | | | HEALTH CARE (30.8%) | | ||||||
| | | | | | | BIOTECHNOLOGY (22.0%) | | ||||||
| | | 72,000 | | | | Alexion Pharmaceuticals, Inc.* | | | | | 8,406,720 | | |
| | | 19,000 | | | | Biogen, Inc.* | | | | | 4,594,580 | | |
| | | 40,000 | | | | BioMarin Pharmaceutical, Inc.* | | | | | 3,112,000 | | |
| | | 107,000 | | | | Celgene Corp.* | | | | | 10,553,410 | | |
| Shares | | | | | | Value | | ||||||
| | | | | | | BIOTECHNOLOGY (22.0%) (continued) | | ||||||
| | | 20,000 | | | | Intercept Pharmaceuticals, Inc.*(1) | | | | $ | 2,853,600 | | |
| | | 185,000 | | | | Medivation, Inc.* | | | | | 11,155,500 | | |
| | | 80,000 | | | | Vertex Pharmaceuticals, Inc.* | | | | | 6,881,600 | | |
| | | | | | | | | | | | 47,557,410 | | |
| | | | | | | HEALTH CARE TECHNOLOGY (3.3%) | | ||||||
| | | 56,000 | | | | Cerner Corp.* | | | | | 3,281,600 | | |
| | | 85,000 | | | | Medidata Solutions, Inc.* | | | | | 3,983,950 | | |
| | | | | | | | | | | | 7,265,550 | | |
| | | | | | | HEALTH CARE EQUIPMENT & SUPPLIES (3.4%) | | ||||||
| | | 73,000 | | | | Edwards Lifesciences Corp.* | | | | | 7,280,290 | | |
| | | | | | | PHARMACEUTICALS (2.1%) | | ||||||
| | | 20,000 | | | | Allergan PLC* | | | | | 4,621,800 | | |
| | | | | | | | | | | | 66,725,050 | | |
| | | | | | | INDUSTRIALS (1.8%) | | ||||||
| | | 110,000 | | | | Delta Air Lines, Inc. | | | | | 4,007,300 | | |
| | | | | | | INFORMATION TECHNOLOGY (33.9%) | | ||||||
| | | | | | | IT SERVICES (7.1%) | | ||||||
| | | 56,000 | | | | Cognizant Technology Solutions Corp. Class A* | | | | | 3,205,440 | | |
| | | 118,000 | | | | PayPal Holdings, Inc.* | | | | | 4,308,180 | | |
| | | 105,000 | | | | Visa, Inc. Class A | | | | | 7,787,850 | | |
| | | | | | | | | | | | 15,301,470 | | |
| | | | | | | INTERNET SOFTWARE & SERVICES (18.3%) | | ||||||
| | | 88,000 | | | | Akamai Technologies, Inc.* | | | | | 4,921,840 | | |
| | | 40,000 | | | | Alibaba Group Holding, Ltd. ADR* | | | | | 3,181,200 | | |
| | | 15,500 | | | | Alphabet, Inc. Class A* | | | | | 10,904,715 | | |
| | | 14,000 | | | | Baidu, Inc. ADR* | | | | | 2,312,100 | | |
| | | 100,000 | | | | Facebook, Inc. Class A* | | | | | 11,428,000 | | |
| | | 125,000 | | | | GrubHub, Inc.*(1) | | | | | 3,883,750 | | |
| | | 245,000 | | | | Pandora Media, Inc.*(1) | | | | | 3,050,250 | | |
| | | | | | | | | | | | 39,681,855 | | |
| Shares | | | | | | Value | | ||||||
| | | | | | | SOFTWARE (6.3%) | | ||||||
| | | 235,000 | | | | Activision Blizzard, Inc. | | | | $ | 9,313,050 | | |
| | | 92,000 | | | | Mobileye N.V.*(1) | | | | | 4,244,880 | | |
| | | | | | | | | | | | 13,557,930 | | |
| | | | | | | SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (2.2%) | | ||||||
| | | 62,000 | | | | NXP Semiconductors N.V.* | | | | | 4,857,080 | | |
| | | | | | | | | | | | 73,398,335 | | |
| TOTAL COMMON STOCKS (Cost $181,661,391) (99.7%) | | | | | 215,934,033 | | | ||||||
| SHORT-TERM INVESTMENTS (9.1%) | | ||||||||||||
| | | | | | | MONEY MARKET FUNDS (9.1%) | | ||||||
| | | 17,073,750 | | | | State Street Navigator Securities Lending Prime Portfolio(2) | | | | | 17,073,750 | | |
| | | 2,527,617 | | | | State Street Institutional Liquid Reserves Fund | | | | | 2,527,617 | | |
| TOTAL SHORT-TERM INVESTMENTS (Cost $19,601,367) (9.1%) | | | | | 19,601,367 | | | ||||||
| TOTAL INVESTMENT SECURITIES (108.8%) (Cost $201,262,758) | | | | $ | 235,535,400 | | | ||||||
| EXCESS OF LIABILITIES OVER CASH AND OTHER ASSETS (-8.8%) | | | | | (18,986,605) | | | ||||||
| NET ASSETS (100%) | | | | $ | 216,548,795 | | |
Investments in Securities: | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Assets | | | | | | ||||||||||||||||||||
Common Stocks* | | | | $ | 215,934,033 | | | | | $ | — | | | | | $ | — | | | | | $ | 215,934,033 | | |
Short-Term Investments | | | | | 19,601,367 | | | | | | — | | | | | | — | | | | | | 19,601,367 | | |
Total Investments in Securities | | | | $ | 235,535,400 | | | | | $ | — | | | | | $ | — | | | | | $ | 235,535,400 | | |
at June 30, 2016 (unaudited)
| | | Value Line Premier Growth Fund, Inc. | | | Value Line Mid Cap Focused Fund, Inc. | | | Value Line Income and Growth Fund, Inc. | | | Value Line Larger Companies Focused Fund, Inc. | | ||||||||||||
Assets: | | | | | | ||||||||||||||||||||
Investments in securities, at value* | | | | $ | 323,631,069 | | | | | $ | 140,268,336 | | | | | $ | 325,337,396 | | | | | $ | 235,535,400 | | |
Receivable for securities sold | | | | | 1,344,681 | | | | | | 49,912 | | | | | | 1,049,191 | | | | | | 1,821,527 | | |
Interest and dividends receivable | | | | | 317,441 | | | | | | 57,009 | | | | | | 515,849 | | | | | | 12,263 | | |
Receivable for capital shares sold | | | | | 30,827 | | | | | | 489,491 | | | | | | 75,224 | | | | | | 66,636 | | |
Receivable for securities lending income | | | | | 2,904 | | | | | | 437 | | | | | | 12,092 | | | | | | 13,757 | | |
Prepaid expenses | | | | | 1,179 | | | | | | 7,443 | | | | | | 8,769 | | | | | | 16,170 | | |
Total Assets | | | | | 325,328,101 | | | | | | 140,872,628 | | | | | | 326,998,521 | | | | | | 237,465,753 | | |
Liabilities: | | | | | | ||||||||||||||||||||
Payable upon return of securities on loan (See Note 1J) | | | | | 5,205,900 | | | | | | 2,331,770 | | | | | | 19,590,178 | | | | | | 17,073,750 | | |
Payable for capital shares redeemed | | | | | 363,975 | | | | | | 10,764 | | | | | | 316,469 | | | | | | 41,215 | | |
Due to custodian | | | | | — | | | | | | — | | | | | | — | | | | | | 188,795 | | |
Payable for securities purchased | | | | | — | | | | | | — | | | | | | 384,654 | | | | | | 3,376,341 | | |
Accrued expenses: | | | | | | ||||||||||||||||||||
Advisory fee | | | | | 196,854 | | | | | | 76,239 | | | | | | 170,353 | | | | | | 132,904 | | |
Service and distribution plan fees | | | | | 65,012 | | | | | | 27,520 | | | | | | 63,910 | | | | | | 26,817 | | |
Directors’ fees and expenses | | | | | 5,832 | | | | | | 240 | | | | | | 7,587 | | | | | | 1,162 | | |
Other | | | | | 167,912 | | | | | | 66,557 | | | | | | 139,437 | | | | | | 75,974 | | |
Total Liabilities | | | | | 6,005,485 | | | | | | 2,513,090 | | | | | | 20,672,588 | | | | | | 20,916,958 | | |
Net Assets | | | | $ | 319,322,616 | | | | | $ | 138,359,538 | | | | | $ | 306,325,933 | | | | | $ | 216,548,795 | | |
Net assets consist of: | | | | | | ||||||||||||||||||||
Capital stock, at $1.00 par value (authorized 100,000,000, 50,000,000, 75,000,000 and 50,000,000 shares, respectively) | | | | $ | 10,550,199 | | | | | $ | 8,583,436 | | | | | $ | 35,766,688 | | | | | $ | 8,589,947 | | |
Additional paid-in capital | | | | | 133,364,121 | | | | | | 92,755,907 | | | | | | 240,343,942 | | | | | | 157,299,045 | | |
Undistributed/(distributions in excess of) net investment income | | | | | (449,142) | | | | | | (338,633) | | | | | | (68,281) | | | | | | (614,910) | | |
Accumulated net realized gain/(loss) on investments and foreign currency | | | | | 15,117,052 | | | | | | (945,530) | | | | | | 8,644,413 | | | | | | 17,002,071 | | |
Net unrealized appreciation (depreciation) of: | | | | | | ||||||||||||||||||||
Investments and foreign currency translations | | | | | 160,740,386 | | | | | | 38,304,358 | | | | | | 21,639,171 | | | | | | 34,272,642 | | |
Net Assets | | | | $ | 319,322,616 | | | | | $ | 138,359,538 | | | | | $ | 306,325,933 | | | | | $ | 216,548,795 | | |
Net Asset Value Per Share | | | | | | ||||||||||||||||||||
Investor Class | | | | | | ||||||||||||||||||||
Net Assets | | | | $ | 319,322,616 | | | | | $ | 138,359,538 | | | | | $ | 305,170,399 | | | | | $ | 216,312,749 | | |
Shares Outstanding | | | | | 10,550,199 | | | | | | 8,583,436 | | | | | | 35,630,843 | | | | | | 8,580,566 | | |
Net Asset Value, Offering and Redemption Price per Outstanding Share | | | | $ | 30.27 | | | | | $ | 16.12 | | | | | $ | 8.56 | | | | | $ | 25.21 | | |
Institutional Class | | | | | | ||||||||||||||||||||
Net Assets | | | | $ | — | | | | | $ | — | | | | | $ | 1,155,534 | | | | | $ | 236,046 | | |
Shares Outstanding | | | | | — | | | | | | — | | | | | | 135,845 | | | | | | 9,381 | | |
Net Asset Value, Offering and Redemption Price per Outstanding Share | | | | $ | — | | | | | $ | — | | | | | $ | 8.51 | | | | | $ | 25.16 | | |
* Includes securities on loan of | | | | $ | 5,156,120 | | | | | $ | 2,356,783 | | | | | $ | 19,085,474 | | | | | $ | 16,967,126 | | |
Cost of investments | | | | $ | 162,890,588 | | | | | $ | 101,963,978 | | | | | $ | 303,698,225 | | | | | $ | 201,262,758 | | |
for the Six Months Ended June 30, 2016 (unaudited)
| | | Value Line Premier Growth Fund, Inc. | | | Value Line Mid Cap Focused Fund, Inc. | | | Value Line Income and Growth Fund, Inc. | | | Value Line Larger Companies Focused Fund, Inc. | | ||||||||||||
Investment Income: | | | | | | ||||||||||||||||||||
Dividends (net of foreign withholding tax of $21,661, $5,244, $5,569 and $0, respectively) | | | | $ | 1,492,828 | | | | | $ | 394,622 | | | | | $ | 1,293,172 | | | | | $ | 507,796 | | |
Interest | | | | | 17,096 | | | | | | 7,578 | | | | | | 1,039,818 | | | | | | 1,701 | | |
Securities lending income | | | | | 11,895 | | | | | | 3,641 | | | | | | 36,942 | | | | | | 79,589 | | |
Total Income | | | | | 1,521,819 | | | | | | 405,841 | | | | | | 2,369,932 | | | | | | 589,086 | | |
Expenses: | | | | | | ||||||||||||||||||||
Advisory fee | | | | | 1,167,583 | | | | | | 418,187 | | | | | | 1,055,903 | | | | | | 800,218 | | |
Service and distribution plan fees | | | | | 389,194 | | | | | | 151,278 | | | | | | 395,655 | | | | | | 266,519 | | |
Sub-transfer agent fees | | | | | 36,618 | | | | | | 3,231 | | | | | | 30,100 | | | | | | 6,228 | | |
Transfer agent fees | | | | | 98,251 | | | | | | 63,436 | | | | | | 96,311 | | | | | | 75,230 | | |
Auditing and legal fees | | | | | 91,748 | | | | | | 35,259 | | | | | | 98,145 | | | | | | 65,770 | | |
Printing and postage | | | | | 57,383 | | | | | | 17,194 | | | | | | 34,800 | | | | | | 19,405 | | |
Directors’ fees and expenses | | | | | 42,092 | | | | | | 14,935 | | | | | | 44,978 | | | | | | 27,419 | | |
Custodian fees | | | | | 32,156 | | | | | | 12,174 | | | | | | 58,558 | | | | | | 21,357 | | |
Insurance | | | | | 20,231 | | | | | | 6,663 | | | | | | 19,947 | | | | | | 1,858 | | |
Tax expense | | | | | 18,173 | | | | | | 6,645 | | | | | | 19,263 | | | | | | 12,383 | | |
Registration and filing fees | | | | | 15,605 | | | | | | 13,459 | | | | | | 37,204 | | | | | | 33,534 | | |
Other | | | | | 1,927 | | | | | | 1,961 | | | | | | 1,987 | | | | | | 1,725 | | |
Total Expenses Before Fees Waived and Expenses Reimbursed (See Note 5) | | | | | 1,970,961 | | | | | | 744,422 | | | | | | 1,892,851 | | | | | | 1,331,646 | | |
Less: Service and Distribution Plan Fees Waived | | | | | — | | | | | | — | | | | | | — | | | | | | (106,607) | | |
Less: Advisory Fees Waived and Expenses Reimbursed | | | | | — | | | | | | — | | | | | | (19,500) | | | | | | (21,043) | | |
Net Expenses | | | | | 1,970,961 | | | | | | 744,422 | | | | | | 1,873,351 | | | | | | 1,203,996 | | |
Net Investment Income/(Loss) | | | | | (449,142) | | | | | | (338,581) | | | | | | 496,581 | | | | | | (614,910) | | |
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Exchange Transactions: | | | | | | ||||||||||||||||||||
Net Realized Gain/(Loss) From: | | | | | | ||||||||||||||||||||
Investments | | | | | 11,389,816 | | | | | | 2,502,351 | | | | | | 1,736,025 | | | | | | 13,817,241 | | |
Foreign currency translations | | | | | (1,635) | | | | | | 145 | | | | | | — | | | | | | — | | |
| | | | | 11,388,181 | | | | | | 2,502,496 | | | | | | 1,736,025 | | | | | | 13,817,241 | | |
Change in Net Unrealized Appreciation/ (Depreciation) of: | | | | | | ||||||||||||||||||||
Investments | | | | | 2,441,951 | | | | | | 7,108,841 | | | | | | (8,849,294) | | | | | | (22,751,507) | | |
Foreign currency transactions | | | | | (91) | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | 2,441,860 | | | | | | 7,108,841 | | | | | | (8,849,294) | | | | | | (22,751,507) | | |
Net Realized Gain/(Loss) on Investments and Foreign Exchange Transactions | | | | | 13,830,041 | | | | | | 9,611,337 | | | | | | (7,113,269) | | | | | | (8,934,266) | | |
Increase/(Decrease) in Net Assets from Operations | | | | $ | 13,380,899 | | | | | $ | 9,272,756 | | | | | $ | (6,616,688) | | | | | $ | (9,549,176) | | |
for the Six Months Ended June 30, 2016 (unaudited) and
for the Year Ended December 31, 2015
| | | Value Line Premier Growth Fund, Inc. | | |||||||||
| | | Six Months Ended June 30, 2016 | | | Year Ended December 31, 2015 | | ||||||
Operations: | | | | | | | | | | | | | |
Net investment income/(loss) | | | | $ | (449,142) | | | | | $ | (944,365) | | |
Net realized gain on investments and foreign currency | | | | | 11,388,181 | | | | | | 35,819,543 | | |
Change in net unrealized appreciation/(depreciation) on investments and foreign currency translations | | | | | 2,441,860 | | | | | | (33,075,870) | | |
Net increase/(decrease) in net assets from operations | | | | | 13,380,899 | | | | | | 1,799,308 | | |
Distributions to Shareholders from: | | | | ||||||||||
Net investment income | | | | ||||||||||
Investor Class | | | | | — | | | | | | — | | |
Institutional Class(1) | | | | | — | | | | | | — | | |
Net realized gain from investment transactions | | | | ||||||||||
Investor Class | | | | | — | | | | | | (49,267,213) | | |
Institutional Class(1) | | | | | — | | | | | | — | | |
Total distributions | | | | | — | | | | | | (49,267,213) | | |
Share Transactions: | | | | ||||||||||
Proceeds from sale of shares | | | | ||||||||||
Investor Class | | | | | 5,255,734 | | | | | | 11,916,182 | | |
Institutional Class(1) | | | | | — | | | | | | — | | |
Proceeds from reinvestment of dividends and distributions to shareholders | | | | ||||||||||
Investor Class | | | | | — | | | | | | 47,402,765 | | |
Institutional Class(1) | | | | | — | | | | | | — | | |
Cost of shares redeemed | | | | ||||||||||
Investor Class | | | | | (29,439,479) | | | | | | (60,930,342) | | |
Institutional Class(1) | | | | | — | | | | | | — | | |
Net increase/(decrease) in net assets from capital share transactions | | | | | (24,183,745) | | | | | | (1,611,395) | | |
Total increase/(decrease) in net assets | | | | | (10,802,846) | | | | | | (49,079,300) | | |
Net Assets: | | | | ||||||||||
Beginning of period | | | | | 330,125,462 | | | | | | 379,204,762 | | |
End of period | | | | $ | 319,322,616 | | | | | $ | 330,125,462 | | |
Distributions in excess of net investment income included in net assets, at end of period | | | | $ | (449,142) | | | | | $ | — | | |
Capital Share Transactions: | | | | ||||||||||
Shares sold | | | | ||||||||||
Investor Class | | | | | 183,408 | | | | | | 348,852 | | |
Institutional Class(1) | | | | | — | | | | | | — | | |
Shares issued to shareholders in reinvestment of dividends and distributions | | | | ||||||||||
Investor Class | | | | | — | | | | | | 1,643,647 | | |
Institutional Class(1) | | | | | — | | | | | | — | | |
Shares redeemed | | | | ||||||||||
Investor Class | | | | | (1,042,438) | | | | | | (1,790,435) | | |
Institutional Class(1) | | | | | — | | | | | | — | | |
Net increase (decrease) | | | | | (859,030) | | | | | | 202,064 | | |
|
| | | Value Line Mid Cap Focused Fund, Inc. | | | | Value Line Income and Growth Fund, Inc. | | | | Value Line Larger Companies Focused Fund, Inc. | | | |||||||||||||||||||||||||||||
| | | Six Months Ended June 30, 2016 | | | Year Ended December 31, 2015 | | | | Six Months Ended June 30, 2016 | | | Year Ended December 31, 2015 | | | | Six Months Ended June 30, 2016 | | | Year Ended December 31, 2015 | | | ||||||||||||||||||||
Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Net investment income/(loss) | | | | $ | (338,581) | | | | | $ | (653,392) | | | | | | $ | 496,581 | | | | | $ | 2,525,506 | | | | | | $ | (614,910) | | | | | $ | (1,259,113) | | | | ||
Net realized gain on investments and foreign currency | | | | | 2,502,496 | | | | | | 3,950,927 | | | | | | | 1,736,025 | | | | | | 23,180,638 | | | | | | | 13,817,241 | | | | | | 8,666,812 | | | | ||
Change in net unrealized appreciation/(depreciation) on investments and foreign currency translations | | | | | 7,108,841 | | | | | | 411,269 | | | | | | | (8,849,294) | | | | | | (29,777,087) | | | | | | | (22,751,507) | | | | | | 14,051,769 | | | | ||
Net increase/(decrease) in net assets from operations | | | | | 9,272,756 | | | | | | 3,708,804 | | | | | | | (6,616,688) | | | | | | (4,070,943) | | | | | | | (9,549,176) | | | | | | 21,459,468 | | | | ||
Distributions to Shareholders from: | | | | | | | | | ||||||||||||||||||||||||||||||||||
Net investment income | | | | | | | | | ||||||||||||||||||||||||||||||||||
Investor Class | | | | | — | | | | | | — | | | | | | | (563,009) | | | | | | (2,398,422) | | | | | | | — | | | | | | — | | | | ||
Institutional Class | | | | | — | | | | | | — | | | | | | | (1,853) | | | | | | — | | | | | | | — | | | | | | — | | | | ||
Net realized gain from investment transactions | | | | | | | | | ||||||||||||||||||||||||||||||||||
Investor Class | | | | | — | | | | | | — | | | | | | | — | | | | | | (20,611,890) | | | | | | | — | | | | | | (12,827,989) | | | | ||
Institutional Class(1) | | | | | — | | | | | | — | | | | | | | — | | | | | | (5,734) | | | | | | | — | | | | | | (5,527) | | | | ||
Total distributions | | | | | — | | | | | | — | | | | | | | (564,862) | | | | | | (23,016,046) | | | | | | | — | | | | | | (12,833,516) | | | | ||
Share Transactions: | | | | | | | | | ||||||||||||||||||||||||||||||||||
Proceeds from sale of shares | | | | | | | | | ||||||||||||||||||||||||||||||||||
Investor Class | | | | | 15,662,846 | | | | | | 2,876,372 | | | | | | | 6,807,590 | | | | | | 68,999,864 | | | | | | | 3,228,039 | | | | | | 9,408,323 | | | | ||
Institutional Class(1) | | | | | — | | | | | | — | | | | | | | 1,031,158 | | | | | | 100,000 | | | | | | | 132,000 | | | | | | 100,000 | | | | ||
Proceeds from reinvestment of dividends and distributions to shareholders | | | | | | | | | ||||||||||||||||||||||||||||||||||
Investor Class | | | | | — | | | | | | — | | | | | | | 515,671 | | | | | | 21,497,928 | | | | | | | — | | | | | | 12,288,591 | | | | ||
Institutional Class(1) | | | | | — | | | | | | — | | | | | | | 1,853 | | | | | | 5,734 | | | | | | | — | | | | | | 5,527 | | | | ||
Cost of shares redeemed | | | | | | | | | ||||||||||||||||||||||||||||||||||
Investor Class | | | | | (5,443,036) | | | | | | (13,047,858) | | | | | | | (45,089,359) | | | | | | (85,966,678) | | | | | | | (10,447,282) | | | | | | (17,790,762) | | | | ||
Institutional Class | | | | | — | | | | | | — | | | | | | | (16,440) | | | | | | — | | | | | | | — | | | | | | — | | | | ||
Net increase/(decrease) in net assets from capital share transactions | | | | | 10,219,810 | | | | | | (10,171,486) | | | | | | | (36,749,527) | | | | | | 4,636,848 | | | | | | | (7,087,243) | | | | | | 4,011,679 | | | | ||
Total increase/(decrease) in net assets | | | | | 19,492,566 | | | | | | (6,462,682) | | | | | | | (43,931,077) | | | | | | (22,450,141) | | | | | | | (16,636,419) | | | | | | 12,637,631 | | | | | |
Net Assets: | | | | | | | | | ||||||||||||||||||||||||||||||||||
Beginning of period 118,866,972 | | | | | 118,866,972 | | | | | | 125,329,654 | | | | | | | 350,257,010 | | | | | | 372,707,151 | | | | | | | 233,185,214 | | | | | | 220,547,583 | | | | ||
End of period | | | | $ | 138,359,538 | | | | | $ | 118,866,972 | | | | | | $ | 306,325,933 | | | | | $ | 350,257,010 | | | | | | $ | 216,548,795 | | | | | $ | 233,185,214 | | | | ||
Distributions in excess of net investment income included in net assets, at end of period | | | | $ | (338,633) | | | | | $ | (52) | | | | | | $ | (68,281) | | | | | $ | — | | | | | | $ | (614,910) | | | | | $ | — | | | | ||
Capital Share Transactions: | | | | | | | | | ||||||||||||||||||||||||||||||||||
Shares sold | | | | | | | | | ||||||||||||||||||||||||||||||||||
Investor Class | | | | | 1,011,802 | | | | | | 191,338 | | | | | | | 814,896 | | | | | | 7,270,730 | | | | | | | 133,994 | | | | | | 346,690 | | | | ||
Institutional Class | | | | | — | | | | | | — | | | | | | | 126,329 | | | | | | 10,638 | | | | | | | 5,538 | | | | | | 3,631 | | | | ||
Shares issued to shareholders in reinvestment of dividends and distributions | | | | | | | | | ||||||||||||||||||||||||||||||||||
Investor Class | | | | | — | | | | | | — | | | | | | | 61,171 | | | | | | 2,454,598 | | | | | | | — | | | | | | 469,747 | | | | ||
Institutional Class | | | | | — | | | | | | — | | | | | | | 222 | | | | | | 661 | | | | | | | — | | | | | | 212 | | | | ||
Shares redeemed | | | | | | | | | ||||||||||||||||||||||||||||||||||
Investor Class | | | | | (357,525) | | | | | | (872,463) | | | | | | | (5,393,706) | | | | | | (9,238,315) | | | | | | | (431,546) | | | | | | (662,900) | | | | ||
Institutional Class | | | | | — | | | | | | — | | | | | | | (2,006) | | | | | | — | | | | | | | — | | | | | | — | | | | ||
Net increase (decrease) | | | | | 654,277 | | | | | | (681,125) | | | | | | | (4,393,094) | | | | | | 498,312 | | | | | | | (292,014) | | | | | | 157,380 | | | | ||
|
| | | Income/(loss) from investment operations: | | | | Less distributions | | ||||||||||||||||||||||||||||||||||||||||||
| | | Net Asset value beginning of year | | | Net investment income/ (loss) | | | Net gains/ (losses) on securities (both realized and unrealized) | | | Total from investment operations | | | Redemption fees | | | | Dividends from net investment income | | | Distributions from net realized gains | | | Total distributions | | ||||||||||||||||||||||||
Value Line Premier Growth Fund, Inc. | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||
Investor Class | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||
Period ended June 30, 2016(1) | | | | | 28.93 | | | | | | (0.05) | | | | | | 1.39 | | | | | | 1.34 | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | |
Year ended December 31, 2015 | | | | | 33.84 | | | | | | (0.07) | | | | | | 0.14 | | | | | | 0.07 | | | | | | — | | | | | | | — | | | | | | (4.98) | | | | | | (4.98) | | |
Year ended December 31, 2014 | | | | | 33.99 | | | | | | 0.01 | | | | | | 2.29 | | | | | | 2.30 | | | | | | — | | | | | | | (0.01) | | | | | | (2.44) | | | | | | (2.45) | | |
Year ended December 31, 2013 | | | | | 28.84 | | | | | | 0.00(2) | | | | | | 7.64 | | | | | | 7.64 | | | | | | — | | | | | | | — | | | | | | (2.49) | | | | | | (2.49) | | |
Year ended December 31, 2012 | | | | | 26.48 | | | | | | 0.09 | | | | | | 4.59 | | | | | | 4.68 | | | | | | — | | | | | | | (0.09) | | | | | | (2.23) | | | | | | (2.32) | | |
Year ended December 31, 2011 | | | | | 26.82 | | | | | | (0.08) | | | | | | 1.30 | | | | | | 1.22 | | | | | | — | | | | | | | — | | | | | | (1.56) | | | | | | (1.56) | | |
Value Line Mid Cap Focused Fund, Inc. | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||
Investor Class | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||
Period ended June 30, 2016(1) | | | | | 14.99 | | | | | | (0.03) | | | | | | 1.16 | | | | | | 1.13 | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | |
Year ended December 31, 2015 | | | | | 14.56 | | | | | | (0.08) | | | | | | 0.51 | | | | | | 0.43 | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | |
Year ended December 31, 2014 | | | | | 13.50 | | | | | | (0.01) | | | | | | 1.08 | | | | | | 1.07 | | | | | | — | | | | | | | (0.01) | | | | | | — | | | | | | (0.01) | | |
Year ended December 31, 2013 | | | | | 10.36 | | | | | | 0.01 | | | | | | 3.19 | | | | | | 3.20 | | | | | | — | | | | | | | (0.06) | | | | | | — | | | | | | (0.06) | | |
Year ended December 31, 2012 | | | | | 9.04 | | | | | | 0.05 | | | | | | 1.27 | | | | | | 1.32 | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | |
Year ended December 31, 2011 | | | | | 8.55 | | | | | | (0.00)(2) | | | | | | 0.49 | | | | | | 0.49 | | | | | | — | | | | | | | (0.00)(2) | | | | | | — | | | | | | (0.00)(2) | | |
Value Line Income and Growth Fund, Inc. | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||
Investor Class | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||
Period ended June 30, 2016(1) | | | | | 8.72 | | | | | | 0.02 | | | | | | (0.16) | | | | | | (0.14) | | | | | | — | | | | | | | (0.02) | | | | | | — | | | | | | (0.02) | | |
Year ended December 31, 2015 | | | | | 9.40 | | | | | | 0.06 | | | | | | (0.14) | | | | | | (0.08) | | | | | | — | | | | | | | (0.06) | | | | | | (0.54) | | | | | | (0.60) | | |
Year ended December 31, 2014 | | | | | 9.82 | | | | | | 0.12 | | | | | | 0.92 | | | | | | 1.04 | | | | | | — | | | | | | | (0.11) | | | | | | (1.35) | | | | | | (1.46) | | |
Year ended December 31, 2013 | | | | | 8.67 | | | | | | 0.12 | | | | | | 1.57 | | | | | | 1.69 | | | | | | — | | | | | | | (0.12) | | | | | | (0.42) | | | | | | (0.54) | | |
Year ended December 31, 2012 | | | | | 8.27 | | | | | | 0.13 | | | | | | 0.74 | | | | | | 0.87 | | | | | | — | | | | | | | (0.13) | | | | | | (0.34) | | | | | | (0.47) | | |
Year ended December 31, 2011 | | | | | 8.46 | | | | | | 0.11 | | | | | | (0.19) | | | | | | (0.08) | | | | | | — | | | | | | | (0.11) | | | | | | — | | | | | | (0.11) | | |
Institutional Class | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||
Period ended June 30, 2016(1) | | | | | 8.65 | | | | | | (0.06) | | | | | | (0.10) | | | | | | (0.16) | | | | | | — | | | | | | | (0.02) | | | | | | — | | | | | | (0.02) | | |
Period ended December 31, 2015(3) | | | | | 9.50 | | | | | | (0.07) | | | | | | (0.24) | | | | | | (0.31) | | | | | | — | | | | | | | — | | | | | | (0.54) | | | | | | (0.54) | | |
Value Line Larger Companies Focused Fund, Inc. | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||
Investor Class | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||
Period ended June 30, 2016(1) | | | | | 26.25 | | | | | | 0.00 | | | | | | (1.04) | | | | | | (1.04) | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | |
Year ended December 31, 2015 | | | | | 25.28 | | | | | | (0.14) | | | | | | 2.63 | | | | | | 2.49 | | | | | | — | | | | | | | — | | | | | | (1.52) | | | | | | (1.52) | | |
Year ended December 31, 2014 | | | | | 25.57 | | | | | | (0.01) | | | | | | 3.23 | | | | | | 3.22 | | | | | | — | | | | | | | (0.11) | | | | | | (3.40) | | | | | | (3.51) | | |
Year ended December 31, 2013 | | | | | 19.78 | | | | | | 0.13 | | | | | | 5.81 | | | | | | 5.94 | | | | | | 0.00 | | | | | | | (0.15) | | | | | | — | | | | | | (0.15) | | |
Year ended December 31, 2012 | | | | | 17.34 | | | | | | 0.16 | | | | | | 2.40 | | | | | | 2.56 | | | | | | 0.00 | | | | | | | (0.12) | | | | | | — | | | | | | (0.12) | | |
Year ended December 31, 2011 | | | | | 17.47 | | | | | | 0.12 | | | | | | (0.17) | | | | | | (0.05) | | | | | | 0.00 | | | | | | | (0.08) | | | | | | — | | | | | | (0.08) | | |
Institutional Class | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||
Period ended June 30, 2016(1) | | | | | 26.18 | | | | | | (0.37) | | | | | | (0.65) | | | | | | (1.02) | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | |
Period ended December 31, 2015(3) | | | | | 27.91 | | | | | | (0.09) | | | | | | (0.12) | | | | | | (0.21) | | | | | | — | | | | | | | — | | | | | | (1.52) | | | | | | (1.52) | | |
| | | Ratios/Supplemental Data: | | ||||||||||||||||||||||||||||||||||||||||||
| | | Net asset value end of year | | | Total return | | | Net assets, end of year (in thousands) | | | Ratio of gross expenses to average net assets* | | | Ratio of net expenses to average net assets** | | | Ratio of net investment income/(loss) to average net assets | | | Portfolio turnover rate | | | |||||||||||||||||||||||
Value Line Premier Growth Fund, Inc. | | | | | | | | | | |||||||||||||||||||||||||||||||||||||
Investor Class | | | | | | | | | | |||||||||||||||||||||||||||||||||||||
Period ended June 30, 2016(1) | | | | | 30.27 | | | | | | 4.63%(4) | | | | | | 319,323 | | | | | | 1.27%(5) | | | | | | 1.27%(5) | | | | | | (0.29)%(5) | | | | | | 4%(4) | | | | ||
Year ended December 31, 2015 | | | | | 28.93 | | | | | | 0.25% | | | | | | 330,125 | | | | | | 1.23% | | | | | | 1.23% | | | | | | (0.26)% | | | | | | 12% | | | | ||
Year ended December 31, 2014 | | | | | 33.84 | | | | | | 6.75% | | | | | | 379,205 | | | | | | 1.23% | | | | | | 1.23% | | | | | | 0.01% | | | | | | 9% | | | | ||
Year ended December 31, 2013 | | | | | 33.99 | | | | | | 26.56% | | | | | | 402,073 | | | | | | 1.24% | | | | | | 1.24% | | | | | | (0.02)% | | | | | | 11% | | | | ||
Year ended December 31, 2012 | | | | | 28.84 | | | | | | 17.80% | | | | | | 337,436 | | | | | | 1.25% | | | | | | 1.25% | | | | | | 0.28% | | | | | | 15% | | | | ||
Year ended December 31, 2011 | | | | | 26.48 | | | | | | 4.59% | | | | | | 298,428 | | | | | | 1.24% | | | | | | 1.24% | | | | | | (0.28)% | | | | | | 20% | | | | ||
Value Line Mid Cap Focused Fund, Inc. | | | | | | | | | | |||||||||||||||||||||||||||||||||||||
Investor Class | | | | | | | | | | |||||||||||||||||||||||||||||||||||||
Period ended June 30, 2016(1) | | | | | 16.12 | | | | | | 7.54%(4) | | | | | | 138,360 | | | | | | 1.23%(5) | | | | | | 1.23%(5) | | | | | | (0.56)%(5) | | | | | | 5%(4) | | | | ||
Year ended December 31, 2015 | | | | | 14.99 | | | | | | 2.95% | | | | | | 118,867 | | | | | | 1.24% | | | | | | 1.24% | | | | | | (0.53)% | | | | | | 17% | | | | ||
Year ended December 31, 2014 | | | | | 14.56 | | | | | | 7.90% | | | | | | 125,330 | | | | | | 1.23% | | | | | | 1.23% | | | | | | (0.06)% | | | | | | 61% | | | | ||
Year ended December 31, 2013 | | | | | 13.50 | | | | | | 30.86% | | | | | | 125,268 | | | | | | 1.26% | | | | | | 1.12% | | | | | | 0.05% | | | | | | 7% | | | | ||
Year ended December 31, 2012 | | | | | 10.36 | | | | | | 14.60% | | | | | | 109,798 | | | | | | 1.28% | | | | | | 1.03% | | | | | | 0.46% | | | | | | 6% | | | | ||
Year ended December 31, 2011 | | | | | 9.04 | | | | | | 5.75% | | | | | | 133,336 | | | | | | 1.29% | | | | | | 0.94% | | | | | | (0.02)% | | | | | | 18% | | | | ||
Value Line Income and Growth Fund, Inc. | | | | | | | | | | |||||||||||||||||||||||||||||||||||||
Investor Class | | | | | | | | | | |||||||||||||||||||||||||||||||||||||
Period ended June 30, 2016(1) | | | | | 8.56 | | | | | | (1.66)%(4) | | | | | | 306,326 | | | | | | 1.18%(5) | | | | | | 1.18%(5) | | | | | | 0.38%(5) | | | | | | 23%(4) | | | | ||
Year ended December 31, 2015 | | | | | 8.72 | | | | | | (0.86)% | | | | | | 350,159 | | | | | | 1.15% | | | | | | 1.15% | | | | | | 0.67% | | | | | | 45% | | | | ||
Year ended December 31, 2014 | | | | | 9.40 | | | | | | 10.62% | | | | | | 372,707 | | | | | | 1.15% | | | | | | 1.12% | | | | | | 1.17% | | | | | | 57% | | | | ||
Year ended December 31, 2013 | | | | | 9.82 | | | | | | 19.55% | | | | | | 330,698 | | | | | | 1.16% | | | | | | 1.11% | | | | | | 1.26% | | | | | | 27% | | | | ||
Year ended December 31, 2012 | | | | | 8.67 | | | | | | 10.62% | | | | | | 295,705 | | | | | | 1.19% | | | | | | 1.14% | | | | | | 1.48% | | | | | | 31% | | | | ||
Year ended December 31, 2011 | | | | | 8.27 | | | | | | (0.90)% | | | | | | 306,227 | | | | | | 1.20% | | | | | | 1.15% | | | | | | 1.25% | | | | | | 57% | | | | ||
Institutional Class | | | | | | | | | | |||||||||||||||||||||||||||||||||||||
Period ended June 30, 2016(1) | | | | | 8.51 | | | | | | (1.42)%(4) | | | | | | 1,156 | | | | | | 6.35%(5) | | | | | | 0.93%(5) | | | | | | (4.40)%(5) | | | | | | 23%(4) | | | | ||
Period ended December 31, 2015(3) | | | | | 8.65 | | | | | | (3.29)%(4) | | | | | | 98 | | | | | | 6.19%(5) | | | | | | 6.19%(5) | | | | | | (4.40)%(5) | | | | | | 45%(4) | | | | ||
Value Line Larger Companies Focused Fund, Inc. | | | | | | | | | | |||||||||||||||||||||||||||||||||||||
Investor Class | | | | | | | | | | |||||||||||||||||||||||||||||||||||||
Period ended June 30, 2016(1) | | | | | 25.21 | | | | | | (3.96)%(4) | | | | | | 216,549 | | | | | | 1.23%(5) | | | | | | 1.13%(5) | | | | | | 0.38%(5) | | | | | | 20%(4) | | | | ||
Year ended December 31, 2015 | | | | | 26.25 | | | | | | 9.88% | | | | | | 233,085 | | | | | | 1.23% | | | | | | 1.13% | | | | | | (0.55)% | | | | | | 37% | | | | ||
Year ended December 31, 2014 | | | | | 25.28 | | | | | | 12.41% | | | | | | 220,548 | | | | | | 1.23% | | | | | | 1.13% | | | | | | (0.07)% | | | | | | 89% | | | | ||
Year ended December 31, 2013 | | | | | 25.57 | | | | | | 30.05% | | | | | | 211,508 | | | | | | 1.25% | | | | | | 1.06% | | | | | | 0.48% | | | | | | 8% | | | | ||
Year ended December 31, 2012 | | | | | 19.78 | | | | | | 14.82% | | | | | | 184,243 | | | | | | 1.27% | | | | | | 1.02% | | | | | | 0.72% | | | | | | 17% | | | | ||
Year ended December 31, 2011 | | | | | 17.34 | | | | | | (0.27)% | | | | | | 178,783 | | | | | | 1.25% | | | | | | 1.00% | | | | | | 0.60% | | | | | | 30% | | | | ||
Institutional Class | | | | | | | | | | |||||||||||||||||||||||||||||||||||||
Period ended June 30, 2016(1) | | | | | 25.16 | | | | | | (3.90)%(4) | | | | | | 236 | | | | | | 24.84%(5) | | | | | | 0.98%(5) | | | | | | 0.61%(5) | | | | | | 20%(4) | | | | ||
Period ended December 31, 2015(3) | | | | | 26.18 | | | | | | (0.73)%(3) | | | | | | 101 | | | | | | 2.70%(5) | | | | | | 2.70%(5) | | | | | | (2.16)%(5) | | | | | | 37%(4) | | | |
| | | Six Months Ended June 30, 2016 (unaudited) | | | Year Ended December 31, 2015 | | ||||||
Value Line Premier Growth Fund, Inc. | | | | ||||||||||
Dividends per share from net investment income | | | | $ | 0.0000 | | | | | $ | 0.0000 | | |
Distributions per share from net realized gains | | | | $ | 0.0000 | | | | | $ | 4.9787 | | |
Value Line Mid Cap Focused Fund, Inc. | | | | ||||||||||
Dividends per share from net investment income | | | | $ | 0.0000 | | | | | $ | 0.0000 | | |
Distributions per share from net realized gains | | | | $ | 0.0000 | | | | | $ | 0.0000 | | |
Value Line Income and Growth Fund, Inc. | | | | ||||||||||
Investor Class: | | | | ||||||||||
Dividends per share from net investment income | | | | $ | 0.0153 | | | | | $ | 0.0596 | | |
Distributions per share from net realized gains | | | | $ | 0.0000 | | | | | $ | 0.5390 | | |
Institutional Class*: | | | | ||||||||||
Dividends per share from net investment income | | | | $ | 0.0168 | | | | | $ | 0.0000 | | |
Distributions per share from net realized gains | | | | $ | 0.0000 | | | | | $ | 0.5390 | | |
Value Line Larger Companies Focused Fund, Inc. | | | | ||||||||||
Investor Class: | | | | ||||||||||
Dividends per share from net investment income | | | | $ | 0.0000 | | | | | $ | 0.0000 | | |
Distributions per share from net realized gains | | | | $ | 0.0000 | | | | | $ | 1.5221 | | |
Institutional Class*: | | | | ||||||||||
Dividends per share from net investment income | | | | $ | 0.0000 | | | | | $ | 0.0000 | | |
Distributions per share from net realized gains | | | | $ | 0.0000 | | | | | $ | 1.5221 | | |
Fund | | | Value of Securities Loaned | | | Value of Collateral | | | Total Collateral (including Calculated Mark)* | | |||||||||
Value Line Premier Growth Fund, Inc. | | | | $ | 5,156,120 | | | | | $ | 5,205,900 | | | | | $ | 5,263,800 | | |
Value Line Mid Cap Focused Fund, Inc. | | | | | 2,356,783 | | | | | | 2,331,770 | | | | | | 2,405,284 | | |
Value Line Income and Growth Fund, Inc. | | | | | 19,085,474 | | | | | | 19,590,178 | | | | | | 19,523,797 | | |
Value Line Larger Companies Focused Fund, Inc. | | | | | 16,967,126 | | | | | | 17,073,750 | | | | | | 17,350,734 | | |
| | | Remaining Contractual Maturity of the Agreements As of June 30, 2016 | | |||||||||||||||||||||||||||
Value Line Premier Growth Fund, Inc. | | | Overnight and Continuous | | | <30 days | | | Between 30 & 90 days | | | >90 Days | | | Total | | |||||||||||||||
Securities Lending Transactions | | | | | | | |||||||||||||||||||||||||
Common Stocks | | | | $ | 5,205,900 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 5,205,900 | | |
Total Borrowings | | | | $ | 5,205,900 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 5,205,900 | | |
Gross amount of recognized liabilities for securities lending transactions | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 5,205,900 | | |
| | | Remaining Contractual Maturity of the Agreements As of June 30, 2016 | | |||||||||||||||||||||||||||
Value Line Mid Cap Focused Fund, Inc. | | | Overnight and Continuous | | | <30 days | | | Between 30 & 90 days | | | >90 days | | | Total | | |||||||||||||||
Securities Lending Transactions | | | | | | | |||||||||||||||||||||||||
Common Stocks | | | | $ | 2,331,770 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 2,331,770 | | |
Total Borrowings | | | | $ | 2,331,770 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 2,331,770 | | |
Gross amount of recognized liabilities for securities lending transactions | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 2,331,770 | | |
| | | Remaining Contractual Maturity of the Agreements As of June 30, 2016 | |||||||||||||||||||||||||||
Value Line Income and Growth Fund, Inc. | | | Overnight and Continuous | | | <30 days | | | Between 30 & 90 days | | | >90 days | | | Total | |||||||||||||||
Securities Lending Transactions | | | | | | | ||||||||||||||||||||||||
Common Stocks | | | | $ | 14,960,737 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 14,960,737 | |
Corporate Bonds & Notes | | | | | 4,343,828 | | | | | | — | | | | | | — | | | | | | — | | | | | | 4,343,828 | |
Foreign Government Obligations | | | | | 285,613 | | | | | | — | | | | | | — | | | | | | — | | | | | | 285,613 | |
Total | | | | $ | 19,590,178 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 19,590,178 | |
Total Borrowings | | | | $ | 19,590,178 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 19,590,178 | |
Gross amount of recognized liabilities for securities lending transactions | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 19,590,178 |
| | | Remaining Contractual Maturity of the Agreements As of June 30, 2016 | |||||||||||||||||||||||||||
Value Line Larger Companies Focused Fund, Inc. | | | Overnight and Continuous | | | <30 days | | | Between 30 & 90 days | | | >90 days | | | Total | |||||||||||||||
Securities Lending Transactions | | | | | | | ||||||||||||||||||||||||
Common Stocks | | | | $ | 17,073,750 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 17,073,750 | |
Total Borrowings | | | | $ | 17,073,750 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 17,073,750 | |
Gross amount of recognized liabilities for securities lending transactions | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 17,073,750 |
Fund | | | Purchases of Investment Securities | | | Sales of Investment Securities | | | Purchases of U.S. Government Agency Obligations | | | Sales of U.S. Government Agency Obligations | | ||||||||||||
Value Line Premier Growth Fund, Inc. | | | | $ | 12,136,327 | | | | | $ | 41,173,294 | | | | | $ | — | | | | | $ | — | | |
Value Line Mid Cap Focused Fund, Inc. | | | | | 14,004,831 | | | | | | 6,128,301 | | | | | | — | | | | | | — | | |
Value Line Income and Growth Fund, Inc. | ��� | | | | 71,185,006 | | | | | | 68,507,430 | | | | | | 728,061 | | | | | | 12,559,006 | | |
Value Line Larger Companies Focused Fund, Inc. | | | | | 44,034,755 | | | | | | 52,408,533 | | | | | | — | | | | | | — | | |
Fund | | | Cost of investments for tax purposes | | | Gross tax unrealized appreciation | | | Gross tax unrealized depreciation | | | Net tax unrealized appreciation/ (depreciation) on investments | | ||||||||||||
Value Line Premier Growth Fund, Inc. | | | | $ | 162,890,588 | | | | | $ | 162,743,925 | | | | | $ | (2,003,444) | | | | | $ | 160,740,481 | | |
Value Line Mid Cap Focused Fund, Inc. | | | | | 101,963,978 | | | | | | 39,241,821 | | | | | | (937,463) | | | | | | 38,304,358 | | |
Value Line Income and Growth Fund, Inc. | | | | | 303,698,225 | | | | | | 38,743,364 | | | | | | (17,104,193) | | | | | | 21,639,171 | | |
Value Line Larger Companies Focused Fund, Inc. | | | | | 201,262,758 | | | | | | 45,924,812 | | | | | | (11,652,170) | | | | | | 34,272,642 | | |
Fund | | | Advisory Fee | ||
Value Line Premier Growth Fund, Inc. | | | | $ | 1,167,583 |
Value Line Mid Cap Focused Fund, Inc. | | | | | 418,187 |
Value Line Income and Growth Fund, Inc. | | | | | 1,055,903 |
Value Line Larger Companies Focused Fund, Inc. | | | | | 800,218 |
Fund | | | Distribution & Service Fees | | | Waived Amount | | ||||||
Value Line Premier Growth Fund, Inc. | | | | $ | 389,194 | | | | | $ | — | | |
Value Line Mid Cap Focused Fund, Inc. | | | | | 151,278 | | | | | | — | | |
Value Line Income and Growth Fund, Inc. | | | | | 395,655 | | | | | | — | | |
Value Line Larger Companies Focused Fund, Inc. | | | | | 266,519 | | | | | | 106,607 | | |
Fund | | | Sub TA Fees | | |||
Value Line Premier Growth Fund, Inc. | | | | $ | 36,618 | | |
Value Line Mid Cap Focused Fund, Inc. | | | | | 3,231 | | |
Value Line Income and Growth Fund, Inc. | | | | | 30,100 | | |
Value Line Larger Companies Focused Fund, Inc. | | | | | 6,228 | | |
Fund | | | Expiration | | | Fees Waived and Reimbursed by the Adviser | | |||
Value Line Income and Growth Fund, Inc. | | | December 31, 2019 | | | | $ | 19,553 | | |
Value Line Larger Companies Focused Fund, Inc. | | | December 31, 2019 | | | | | 20,990 | | |
| | | Beginning Account Value January 1, 2016 | | | Ending Account Value June 30, 2016 | | | Expenses Paid During Period* | | | Annualized Expense Ratio | | ||||||||||||
Actual | | | | | | ||||||||||||||||||||
Value Line Premier Growth Fund, Inc. – Investor Class | | | | $ | 1,000.00 | | | | | $ | 1,046.30 | | | | | $ | 6.46 | | | | | | 1.27% | | |
Value Line Mid Cap Focused Fund, Inc. – Investor Class | | | | | 1,000.00 | | | | | | 1,075.40 | | | | | | 6.35 | | | | | | 1.23 | | |
Value Line Income and Growth Fund, Inc. – Investor Class | | | | | 1,000.00 | | | | | | 983.40 | | | | | | 5.82 | | | | | | 1.18 | | |
Value Line Income and Growth Fund, Inc. – Institutional Class | | | | | 1,000.00 | | | | | | 985.80 | | | | | | 4.59 | | | | | | 0.93 | | |
Value Line Larger Companies Focused Fund, Inc. – Investor Class | | | | | 1,000.00 | | | | | | 960.40 | | | | | | 5.51 | | | | | | 1.13 | | |
Value Line Larger Companies Focused Fund, Inc. – Institutional Class | | | | | 1,000.00 | | | | | | 961.00 | | | | | | 4.78 | | | | | | 0.98 | | |
Hypothetical (5% return before expenses) | | | | | | ||||||||||||||||||||
Value Line Premier Growth Fund, Inc. – Investor Class | | | | $ | 1,000.00 | | | | | $ | 1,018.55 | | | | | $ | 3.67 | | | | | | 1.27% | | |
Value Line Mid Cap Focused Fund, Inc. – Investor Class | | | | | 1,000.00 | | | | | | 1,018.75 | | | | | | 6.17 | | | | | | 1.23 | | |
Value Line Income and Growth Fund, Inc. – Investor Class | | | | | 1,000.00 | | | | | | 1,019.00 | | | | | | 5.92 | | | | | | 1.18 | | |
Value Line Income and Growth Fund, Inc. – Institutional Class | | | | | 1,000.00 | | | | | | 1,020.24 | | | | | | 4.67 | | | | | | 0.93 | | |
Value Line Larger Companies Focused Fund, Inc. – Investor Class | | | | | 1,000.00 | | | | | | 1,019.24 | | | | | | 5.67 | | | | | | 1.13 | | |
Value Line Larger Companies Focused Fund, Inc. – Institutional Class | | | | | 1,000.00 | | | | | | 1,019.99 | | | | | | 4.92 | | | | | | 0.98 | | |
THE INVESTMENT ADVISORY AGREEMENTS FOR VALUE LINE MID CAP FOCUSED FUND, INC.,
VALUE LINE INCOME AND GROWTH FUND, INC., VALUE LINE LARGER COMPANIES FOCUSED FUND, INC., AND VALUE LINE PREMIER GROWTH FUND, INC.
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![[MISSING IMAGE: t1601849_vlbcover.jpg]](https://capedge.com/proxy/N-CSRS/0001571049-16-018136/t1601849_vlbcover.jpg)
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Item 5. Audit Committee of Listed Registrants
Not Applicable.
Item 6. Investments
Not Applicable
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not Applicable
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not Applicable
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not Applicable
Item 10. Submission of Matters to a Vote of Security Holders
Not Applicable
Item 11. Controls and Procedures.
(a) | The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in rule 30a-2(c) under the Act (17 CFR 270.30a-2(c) ) based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report, are appropriately designed to ensure that material information relating to the registrant is made known to such officers and are operating effectively. |
(b) | The registrant’s principal executive officer and principal financial officer have determined that there have been no significant changes in the registrant’s internal controls or in other factors that could significantly affect these controls subsequent to the date of their evaluation, including corrective actions with regard to significant deficiencies and material weaknesses. |
Item 12. Exhibits.
(a) | (1) Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2) attached hereto as Exhibit 99.CERT. |
(2) Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto as Exhibit 99.906.CERT.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
By | /s/ Mitchell E. Appel | |
Mitchell E. Appel, President |
Date: | September 8, 2016 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ Mitchell E. Appel | |
Mitchell E. Appel, President, Principal Executive Officer |
By: | /s/ Emily D. Washington | |
Emily D. Washington, Treasurer, Principal Financial Officer |
Date: | September 8, 2016 |