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 _811-02277_
Value Line Income and Growth 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, 2017
Date of reporting period: December 31, 2017
Item I. Reports to Stockholders
A copy of the Annual Report to Stockholders for the period ended 12/31/17 is included with this Form.
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Value Line Premier Growth Fund, Inc.
(VALSX)
Investor Class (VLIFX)
Institutional Class (VLMIX)
Investor Class (VALIX)
Institutional Class (VLIIX)
Investor Class (VALLX)
Institutional Class (VLLIX)
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| Value Line Premier Growth Fund, Inc.: | | | |||||
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| Value Line Mid Cap Focused Fund, Inc.: | | | |||||
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| Value Line 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
(continued)
Issue | | | Shares | | | Value | | | Percentage of Net Assets | | |||||||||
Waste Connections, Inc. | | | | | 173,700 | | | | | $ | 12,322,278 | | | | | | 3.6% | | |
Mettler-Toledo International, Inc. | | | | | 17,700 | | | | | | 10,965,504 | | | | | | 3.2% | | |
Toro Co. (The) | | | | | 158,600 | | | | | | 10,345,478 | | | | | | 3.0% | | |
Roper Technologies, Inc. | | | | | 39,000 | | | | | | 10,101,000 | | | | | | 3.0% | | |
Teledyne Technologies, Inc. | | | | | 50,200 | | | | | | 9,093,730 | | | | | | 2.7% | | |
ANSYS, Inc. | | | | | 61,600 | | | | | | 9,091,544 | | | | | | 2.7% | | |
IDEXX Laboratories, Inc. | | | | | 57,400 | | | | | | 8,976,212 | | | | | | 2.6% | | |
Fiserv, Inc. | | | | | 68,400 | | | | | | 8,969,292 | | | | | | 2.6% | | |
AMETEK, Inc. | | | | | 103,750 | | | | | | 7,518,763 | | | | | | 2.2% | | |
Ultimate Software Group, Inc. (The) | | | | | 32,500 | | | | | | 7,092,475 | | | | | | 2.1% | | |
Total | | | | | | | | | | | | | | | | | 27.7% | | |
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Portfolio Highlights at December 31, 2017 (unaudited) (continued)
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| | | Average Annual Total Return | | |||
1 year ended 12/31/17 | | | | | 22.32% | | |
5 years ended 12/31/17 | | | | | 12.13% | | |
10 years ended 12/31/17 | | | | | 7.72% | | |
Schedule of Investments | December 31, 2017 |
| Shares | | | | | | Value | | ||||||
| COMMON STOCKS (95.9%) | | ||||||||||||
| CONSUMER DISCRETIONARY (7.3%) | | ||||||||||||
| | | | | | | DISTRIBUTION & WHOLESALE (1.3%) | | ||||||
| | | 112,000 | | | | LKQ Corp.* | | | | $ | 4,555,040 | | |
| | | | | | | RETAIL (6.0%) | | ||||||
| | | 7,400 | | | | AutoZone, Inc.* | | | | | 5,264,138 | | |
| | | 15,000 | | | | Dollar Tree, Inc.* | | | | | 1,609,650 | | |
| | | 16,200 | | | | Domino’s Pizza, Inc.(1) | | | | | 3,061,152 | | |
| | | 22,600 | | | | O'Reilly Automotive, Inc.*(1) | | | | | 5,436,204 | | |
| | | 65,600 | | | | TJX Companies, Inc. (The) | | | | | 5,015,776 | | |
| | | | | | | | | | | | 20,386,920 | | |
| | | | | | | | | | | | 24,941,960 | | |
| CONSUMER STAPLES (7.8%) | | ||||||||||||
| | | | | | | AGRICULTURE (0.9%) | | ||||||
| | | 44,184 | | | | British American Tobacco PLC ADR(1) | | | | | 2,959,886 | | |
| | | | | | | BEVERAGES (0.9%) | | ||||||
| | | 42,600 | | | | Brown-Forman Corp. Class B(1) | | | | | 2,925,342 | | |
| | | | | | | FOOD (2.3%) | | ||||||
| | | 64,000 | | | | General Mills, Inc.(1) | | | | | 3,794,560 | | |
| | | 96,000 | | | | Hormel Foods Corp.(1) | | | | | 3,493,440 | | |
| | | 5,000 | | | | McCormick & Co., Inc.(1) | | | | | 509,550 | | |
| | | | | | | | | | | | 7,797,550 | | |
| | | | | | | HOUSEHOLD PRODUCTS (2.3%) | | ||||||
| | | 134,800 | | | | Church & Dwight Co., Inc. | | | | | 6,762,916 | | |
| | | 10,300 | | | | Spectrum Brands Holdings, Inc.(1) | | | | | 1,157,720 | | |
| | | | | | | | | | | | 7,920,636 | | |
| | | | | | | RETAIL (1.4%) | | ||||||
| | | 26,000 | | | | Costco Wholesale Corp. | | | | | 4,839,120 | | |
| | | | | | | | | | | | 26,442,534 | | |
| FINANCIALS (5.1%) | | ||||||||||||
| | | | | | | BANKS (1.8%) | | ||||||
| | | 59,500 | | | | HDFC Bank Ltd. ADR | | | | | 6,049,365 | | |
| | | | | | | COMMERCIAL SERVICES (0.1%) | | ||||||
| | | 2,400 | | | | MarketAxess Holdings, Inc.(1) | | | | | 484,200 | | |
| | | | | | | DIVERSIFIED FINANCIAL SERVICES (0.1%) | | ||||||
| | | 8,000 | | | | E*TRADE Financial Corp.* | | | | | 396,560 | | |
| | | | | | | INSURANCE (2.5%) | | ||||||
| | | 3,000 | | | | Alleghany Corp.* | | | | | 1,788,270 | | |
| | | 45,000 | | | | Arch Capital Group, Ltd.* | | | | | 4,084,650 | | |
| Shares | | | | | | Value | | ||||||
| FINANCIALS (5.1%) (continued) | | ||||||||||||
| | | | | | | INSURANCE (2.5%) (continued) | | ||||||
| | | 1,800 | | | | Assurant, Inc. | | | | $ | 181,512 | | |
| | | 14,000 | | | | Chubb, Ltd. | | | | | 2,045,820 | | |
| | | 3,500 | | | | RenaissanceRe Holdings, Ltd.(1) | | | | | 439,565 | | |
| | | | | | | | | | | | 8,539,817 | | |
| | | | | | | REITS (0.6%) | | ||||||
| | | 23,200 | | | | Equity Lifestyle Properties, Inc. REIT | | | | | 2,065,264 | | |
| | | | | | | | | | | | 17,535,206 | | |
| HEALTHCARE (14.5%) | | ||||||||||||
| | | | | | | BIOTECHNOLOGY (2.7%) | | ||||||
| | | 33,800 | | | | Alexion Pharmaceuticals, Inc.* | | | | | 4,042,142 | | |
| | | 23,000 | | | | Illumina, Inc.* | | | | | 5,025,270 | | |
| | | | | | | | | | | | 9,067,412 | | |
| | | | | | | ELECTRONICS (3.2%) | | ||||||
| | | 17,700 | | | | Mettler-Toledo International, Inc.* | | | | | 10,965,504 | | |
| | | | | | | HEALTHCARE PRODUCTS (7.2%) | | ||||||
| | | 3,000 | | | | Align Technology, Inc.* | | | | | 666,570 | | |
| | | 11,474 | | | | Becton Dickinson & Co. | | | | | 2,456,129 | | |
| | | 61,000 | | | | Danaher Corp. | | | | | 5,662,020 | | |
| | | 20,100 | | | | DENTSPLY SIRONA, Inc. | | | | | 1,323,183 | | |
| | | 77,600 | | | | Henry Schein, Inc.*(1) | | | | | 5,422,688 | | |
| | | 57,400 | | | | IDEXX Laboratories, Inc.* | | | | | 8,976,212 | | |
| | | | | | | | | | | | 24,506,802 | | |
| | | | | | | PHARMACEUTICALS (0.8%) | | ||||||
| | | 54,000 | | | | Novo Nordisk A/S ADR | | | | | 2,898,180 | | |
| | | | | | | SOFTWARE (0.6%) | | ||||||
| | | 32,500 | | | | Cerner Corp.* | | | | | 2,190,175 | | |
| | | | | | | | | | | | 49,628,073 | | |
| INDUSTRIALS (32.6%) | | ||||||||||||
| | | | | | | AEROSPACE & DEFENSE (6.4%) | | ||||||
| | | 38,452 | | | | HEICO Corp.(1) | | | | | 3,627,946 | | |
| | | 15,800 | | | | Northrop Grumman Corp. | | | | | 4,849,178 | | |
| | | 6,000 | | | | Spirit AeroSystems Holdings, Inc. Class A | | | | | 523,500 | | |
| | | 50,200 | | | | Teledyne Technologies, Inc.* | | | | | 9,093,730 | | |
| | | 13,300 | | | | TransDigm Group, Inc.(1) | | | | | 3,652,446 | | |
| | | | | | | | | | | | 21,746,800 | | |
| Shares | | | | | | Value | | ||||||
| INDUSTRIALS (32.6%) (continued) | | ||||||||||||
| | | | | | | BUILDING MATERIALS (0.5%) | | ||||||
| | | 26,600 | | | | Fortune Brands Home & Security, Inc.(1) | | | | $ | 1,820,504 | | |
| | | | | | | COMMERCIAL SERVICES (3.6%) | | ||||||
| | | 5,700 | | | | Cintas Corp.(1) | | | | | 888,231 | | |
| | | 14,800 | | | | Equifax, Inc. | | | | | 1,745,216 | | |
| | | 66,152 | | | | IHS Markit, Ltd.* | | | | | 2,986,763 | | |
| | | 146,900 | | | | Rollins, Inc.(1) | | | | | 6,835,257 | | |
| | | | | | | | | | | | 12,455,467 | | |
| | | | | | | ELECTRICAL EQUIPMENT (3.8%) | | ||||||
| | | 25,300 | | | | Acuity Brands, Inc.(1) | | | | | 4,452,800 | | |
| | | 103,750 | | | | AMETEK, Inc. | | | | | 7,518,763 | | |
| | | 13,100 | | | | EnerSys | | | | | 912,153 | | |
| | | | | | | | | | | | 12,883,716 | | |
| | | | | | | ENVIRONMENTAL CONTROL (5.1%) | | ||||||
| | | 38,500 | | | | Republic Services, Inc. | | | | | 2,602,985 | | |
| | | 37,600 | | | | Stericycle, Inc.*(1) | | | | | 2,556,424 | | |
| | | 173,700 | | | | Waste Connections, Inc. | | | | | 12,322,278 | | |
| | | | | | | | | | | | 17,481,687 | | |
| | | | | | | HAND & MACHINE TOOLS (1.8%) | | ||||||
| | | 11,119 | | | | Lincoln Electric Holdings, Inc. | | | | | 1,018,278 | | |
| | | 28,500 | | | | Snap-on, Inc.(1) | | | | | 4,967,550 | | |
| | | | | | | | | | | | 5,985,828 | | |
| | | | | | | HOUSEWARES (3.0%) | | ||||||
| | | 158,600 | | | | Toro Co. (The) | | | | | 10,345,478 | | |
| | | | | | | MACHINERY DIVERSIFIED (4.7%) | | ||||||
| | | 12,900 | | | | Graco, Inc. | | | | | 583,338 | | |
| | | 31,850 | | | | IDEX Corp.(1) | | | | | 4,203,244 | | |
| | | 8,000 | | | | Middleby Corp. (The)* | | | | | 1,079,600 | | |
| | | 39,000 | | | | Roper Technologies, Inc. | | | | | 10,101,000 | | |
| | | | | | | | | | | | 15,967,182 | | |
| | | | | | | MISCELLANEOUS MANUFACTURERS (1.0%) | | ||||||
| | | 28,600 | | | | AO Smith Corp.(1) | | | | | 1,752,608 | | |
| | | 16,000 | | | | Carlisle Companies, Inc. | | | | | 1,818,400 | | |
| | | | | | | | | | | | 3,571,008 | | |
| | | | | | | TRANSPORTATION (2.7%) | | ||||||
| | | 62,800 | | | | Canadian National Railway Co. | | | | | 5,181,000 | | |
| | | 33,000 | | | | J.B. Hunt Transport Services, Inc. | | | | | 3,794,340 | | |
| | | 4,000 | | | | XPO Logistics, Inc.*(1) | | | | | 366,360 | | |
| | | | | | | | | | | | 9,341,700 | | |
| | | | | | | | | | | | 111,599,370 | | |
| Shares | | | | | | Value | | ||||||
| COMMON STOCKS (95.9%) (continued) | | ||||||||||||
| INFORMATION TECHNOLOGY (18.9%) | | ||||||||||||
| | | | | | | COMMERCIAL SERVICES (1.0%) | | ||||||
| | | 25,700 | | | | WEX, Inc.*(1) | | | | $ | 3,629,611 | | |
| | | | | | | COMPUTERS (2.0%) | | ||||||
| | | 44,000 | | | | Accenture PLC Class A | | | | | 6,735,960 | | |
| | | | | | | DIVERSIFIED FINANCIAL SERVICES (1.7%) | | ||||||
| | | 38,000 | | | | MasterCard, Inc. Class A | | | | | 5,751,680 | | |
| | | | | | | ELECTRONICS (2.1%) | | ||||||
| | | 78,400 | | | | Amphenol Corp. Class A(1) | | | | | 6,883,520 | | |
| | | 7,000 | | | | Trimble, Inc.*(1) | | | | | 284,480 | | |
| | | | | | | | | | | | 7,168,000 | | |
| | | | | | | SEMICONDUCTORS (0.1%) | | ||||||
| | | 1,500 | | | | IPG Photonics Corp.* | | | | | 321,195 | | |
| | | | | | | SOFTWARE (11.8%) | | ||||||
| | | 61,600 | | | | ANSYS, Inc.* | | | | | 9,091,544 | | |
| | | 4,000 | | | | Autodesk, Inc.* | | | | | 419,320 | | |
| | | 4,600 | | | | Broadridge Financial Solutions, Inc. | | | | | 416,668 | | |
| | | 17,000 | | | | Cadence Design Systems, Inc.* | | | | | 710,940 | | |
| | | 4,700 | | | | Fair Isaac Corp. | | | | | 720,040 | | |
| | | 68,400 | | | | Fiserv, Inc.* | | | | | 8,969,292 | | |
| | | 28,400 | | | | Intuit, Inc. | | | | | 4,480,952 | | |
| | | 1,800 | | | | Jack Henry & Associates, Inc.(1) | | | | | 210,528 | | |
| | | 62,000 | | | | Salesforce.com, Inc.* | | | | | 6,338,260 | | |
| | | 8,000 | | | | ServiceNow, Inc.* | | | | | 1,043,120 | | |
| | | 4,500 | | | | Tyler Technologies, Inc.* | | | | | 796,725 | | |
| | | 32,500 | | | | Ultimate Software Group, Inc. (The)*(1) | | | | | 7,092,475 | | |
| | | | | | | | | | | | 40,289,864 | | |
| Shares | | | | | | Value | | ||||||
| INFORMATION TECHNOLOGY (18.9%) (continued) | | ||||||||||||
| | | | | | | TELECOMMUNICATIONS (0.2%) | | ||||||
| | | 2,800 | | | | Arista Networks, Inc.*(1) | | | | $ | 659,624 | | |
| | | | | | | | | | | | 64,555,934 | | |
| MATERIALS (7.2%) | | ||||||||||||
| | | | | | | CHEMICALS (2.1%) | | ||||||
| | | 15,000 | | | | Air Products & Chemicals, Inc. | | | | | 2,461,200 | | |
| | | 40,000 | | | | FMC Corp.(1) | | | | | 3,786,400 | | |
| | | 2,300 | | | | NewMarket Corp. | | | | | 913,997 | | |
| | | | | | | | | | | | 7,161,597 | | |
| | | | | | | COMMERCIAL SERVICES (1.9%) | | ||||||
| | | 48,400 | | | | Ecolab, Inc. | | | | | 6,494,312 | | |
| | | | | | | HOUSEWARES (0.7%) | | ||||||
| | | 20,200 | | | | Scotts Miracle-Gro Co. (The)(1) | | | | | 2,161,198 | | |
| | | | | | | MISCELLANEOUS MANUFACTURERS (0.5%) | | ||||||
| | | 21,000 | | | | AptarGroup, Inc. | | | | | 1,811,880 | | |
| | | | | | | PACKAGING & CONTAINERS (2.0%) | | ||||||
| | | 98,800 | | | | Ball Corp.(1) | | | | | 3,739,580 | | |
| | | 13,800 | | | | Berry Global Group, Inc.* | | | | | 809,646 | | |
| | | 42,000 | | | | Crown Holdings, Inc.* | | | | | 2,362,500 | | |
| | | | | | | | | | | | 6,911,726 | | |
| | | | | | | | | | | | 24,540,713 | | |
| REAL ESTATE (1.3%) | | ||||||||||||
| | | | | | | REITS (1.3%) | | ||||||
| | | 31,600 | | | | American Tower Corp. REIT | | | | | 4,508,372 | | |
| TELECOMMUNICATION SERVICES (1.2%) | | ||||||||||||
| | | | | | | REITS (1.2%) | | ||||||
| | | 25,300 | | | | SBA Communications Corp. REIT* | | | | | 4,133,008 | | |
| Shares | | | | | | Value | | ||||||
| TOTAL COMMON STOCKS (Cost $136,491,623) (95.9%) | | | | $ | 327,885,170 | | | ||||||
| SHORT-TERM INVESTMENTS (3.2%) | | ||||||||||||
| | | | | | | MONEY MARKET FUNDS (3.2%) | | ||||||
| | | 5,516,350 | | | | State Street Institutional U.S. Government Money Market Fund, Premier Class | | | | | 5,516,350 | | |
| | | 5,500,439 | | | | State Street Navigator Securities Lending Government Money Market Portfolio(2) | | | | | 5,500,439 | | |
| TOTAL SHORT-TERM INVESTMENTS (Cost $11,016,789) (3.2%) | | | | | 11,016,789 | | | ||||||
| TOTAL INVESTMENT SECURITIES (99.1%) (Cost $147,508,412) | | | | $ | 338,901,959 | | | ||||||
| CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES (0.9%) | | | | | 3,154,364 | | | ||||||
| NET ASSETS (100%) | | | | $ | 342,056,323 | | |
Investments in Securities: | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Assets | | | | | | ||||||||||||||||||||
Common Stocks* | | | | $ | 327,885,170 | | | | | $ | — | | | | | $ | — | | | | | $ | 327,885,170 | | |
Short-Term Investments | | | | | 11,016,789 | | | | | | — | | | | | | — | | | | | | 11,016,789 | | |
Total Investments in Securities | | | | $ | 338,901,959 | | | | | $ | — | | | | | $ | — | | | | | $ | 338,901,959 | | |
(continued)
Issue | | | Shares | | | Value | | | Percentage of Net Assets | | |||||||||
IDEXX Laboratories, Inc. | | | | | 42,400 | | | | | $ | 6,630,512 | | | | | | 4.5% | | |
Teledyne Technologies, Inc. | | | | | 35,900 | | | | | | 6,503,285 | | | | | | 4.4% | | |
Waste Connections, Inc. | | | | | 91,650 | | | | | | 6,501,651 | | | | | | 4.4% | | |
Rollins, Inc. | | | | | 137,400 | | | | | | 6,393,222 | | | | | | 4.3% | | |
Mettler-Toledo International, Inc. | | | | | 9,700 | | | | | | 6,009,344 | | | | | | 4.0% | | |
Fiserv, Inc. | | | | | 43,400 | | | | | | 5,691,042 | | | | | | 3.8% | | |
Toro Co. (The) | | | | | 85,600 | | | | | | 5,583,688 | | | | | | 3.8% | | |
Roper Technologies, Inc. | | | | | 21,400 | | | | | | 5,542,600 | | | | | | 3.7% | | |
Amphenol Corp. | | | | | 62,100 | | | | | | 5,452,380 | | | | | | 3.7% | | |
ANSYS, Inc. | | | | | 36,200 | | | | | | 5,342,758 | | | | | | 3.6% | | |
Total | | | | | | | | | | | | | | | | | 40.2% | | |
![[MISSING IMAGE: tv484019_chrt-pie2.jpg]](https://capedge.com/proxy/N-CSR/0001144204-18-013934/tv484019_chrt-pie2.jpg)
![[MISSING IMAGE: tv484019_chrt-bar2.jpg]](https://capedge.com/proxy/N-CSR/0001144204-18-013934/tv484019_chrt-bar2.jpg)
Portfolio Highlights at December 31, 2017 (unaudited) (continued)
![[MISSING IMAGE: tv484019_chrt-line2.jpg]](https://capedge.com/proxy/N-CSR/0001144204-18-013934/tv484019_chrt-line2.jpg)
| | | Average Annual Total Return | | |||
Investor Class | | | | | | | |
1 year ended 12/31/17 | | | | | 19.84% | | |
5 years ended 12/31/17 | | | | | 14.09% | | |
10 years ended 12/31/17 | | | | | 5.03% | | |
Schedule of Investments | December 31, 2017 |
| Shares | | | | | | Value | | ||||||
| COMMON STOCKS (95.8%) | | ||||||||||||
| CONSUMER DISCRETIONARY (2.8%) | | ||||||||||||
| | | | | | | DISTRIBUTION & WHOLESALE (2.0%) | | ||||||
| | | 71,800 | | | | LKQ Corp.* | | | | $ | 2,920,106 | | |
| | | | | | | RETAIL (0.8%) | | ||||||
| | | 12,200 | | | | Advance Auto Parts, Inc. | | | | | 1,216,218 | | |
| | | | | | | | | | | | 4,136,324 | | |
| CONSUMER STAPLES (9.9%) | | ||||||||||||
| | | | | | | FOOD (5.4%) | | ||||||
| | | 31,000 | | | | J&J Snack Foods Corp. | | | | | 4,706,730 | | |
| | | 33,100 | | | | McCormick & Co., Inc. | | | | | 3,373,221 | | |
| | | | | | | | | | | | 8,079,951 | | |
| | | | | | | HOUSEHOLD PRODUCTS (2.1%) | | ||||||
| | | 62,000 | | | | Church & Dwight Co., Inc. | | | | | 3,110,540 | | |
| | | | | | | RETAIL (2.4%) | | ||||||
| | | 31,800 | | | | Casey’s General Stores, Inc.(1) | | | | | 3,559,692 | | |
| | | | | | | | | | | | 14,750,183 | | |
| FINANCIALS (4.0%) | | ||||||||||||
| | | | | | | INSURANCE (4.0%) | | ||||||
| | | 8,000 | | | | American Financial Group, Inc. | | | | | 868,320 | | |
| | | 55,900 | | | | Arch Capital Group, Ltd.* | | | | | 5,074,043 | | |
| | | | | | | | | | | | 5,942,363 | | |
| HEALTHCARE (13.5%) | | ||||||||||||
| | | | | | | ELECTRONICS (4.1%) | | ||||||
| | | 9,700 | | | | Mettler-Toledo International, Inc.* | | | | | 6,009,344 | | |
| | | | | | | HEALTHCARE PRODUCTS (9.4%) | | ||||||
| | | 8,225 | | | | Becton Dickinson & Co. | | | | | 1,760,588 | | |
| | | 26,700 | | | | Danaher Corp. | | | | | 2,478,294 | | |
| | | 45,400 | | | | Henry Schein, Inc.* | | | | | 3,172,552 | | |
| | | 42,400 | | | | IDEXX Laboratories, Inc.* | | | | | 6,630,512 | | |
| | | | | | | | | | | | 14,041,946 | | |
| | | | | | | | | | | | 20,051,290 | | |
| INDUSTRIALS (36.2%) | | ||||||||||||
| | | | | | | AEROSPACE & DEFENSE (10.0%) | | ||||||
| | | 47,478 | | | | HEICO Corp.(1) | | | | | 4,479,549 | | |
| | | 35,900 | | | | Teledyne Technologies, Inc.* | | | | | 6,503,285 | | |
| | | 14,100 | | | | TransDigm Group, Inc.(1) | | | | | 3,872,142 | | |
| | | | | | | | | | | | 14,854,976 | | |
| | | | | | | COMMERCIAL SERVICES (4.3%) | | ||||||
| | | 137,400 | | | | Rollins, Inc. | | | | | 6,393,222 | | |
| Shares | | | | | | Value | | ||||||
| INDUSTRIALS (36.2%) (continued) | | ||||||||||||
| | | | | | | ELECTRICAL EQUIPMENT (2.8%) | | ||||||
| | | 56,750 | | | | AMETEK, Inc. | | | | $ | 4,112,673 | | |
| | | | | | | ENVIRONMENTAL CONTROL (4.6%) | | ||||||
| | | 5,900 | | | | Stericycle, Inc.* | | | | | 401,141 | | |
| | | 91,650 | | | | Waste Connections, Inc. | | | | | 6,501,651 | | |
| | | | | | | | | | | | 6,902,792 | | |
| | | | | | | HAND & MACHINE TOOLS (2.5%) | | ||||||
| | | 21,400 | | | | Snap-on, Inc.(1) | | | | | 3,730,020 | | |
| | | | | | | HOUSEWARES (3.8%) | | ||||||
| | | 85,600 | | | | Toro Co. (The) | | | | | 5,583,688 | | |
| | | | | | | MACHINERY DIVERSIFIED (6.1%) | | ||||||
| | | 26,300 | | | | Middleby Corp. (The)* | | | | | 3,549,185 | | |
| | | 21,400 | | | | Roper Technologies, Inc. | | | | | 5,542,600 | | |
| | | | | | | | | | | | 9,091,785 | | |
| | | | | | | MISCELLANEOUS MANUFACTURERS (2.1%) | | ||||||
| | | 27,500 | | | | Carlisle Companies, Inc. | | | | | 3,125,375 | | |
| | | | | | | | | | | | 53,794,531 | | |
| | | | | | | INFORMATION TECHNOLOGY (25.6%) | | ||||||
| | | | | | | COMMERCIAL SERVICES (2.8%) | | ||||||
| | | 34,400 | | | | Gartner, Inc.* | | | | | 4,236,360 | | |
| | | | | | | COMPUTERS (1.1%) | | ||||||
| | | 30,000 | | | | CGI Group, Inc. Class A*(1) | | | | | 1,629,900 | | |
| | | | | | | ELECTRONICS (3.7%) | | ||||||
| | | 62,100 | | | | Amphenol Corp. Class A | | | | | 5,452,380 | | |
| | | | | | | SOFTWARE (18.0%) | | ||||||
| | | 36,200 | | | | ANSYS, Inc.* | | | | | 5,342,758 | | |
| | | 43,400 | | | | Fiserv, Inc.* | | | | | 5,691,042 | | |
| | | 37,800 | | | | Jack Henry & Associates, Inc. | | | | | 4,421,088 | | |
| | | 96,800 | | | | Open Text Corp. | | | | | 3,452,856 | | |
| | | 20,600 | | | | Tyler Technologies, Inc.* | | | | | 3,647,230 | | |
| | | 19,700 | | | | Ultimate Software Group, Inc. (The)*(1) | | | | | 4,299,131 | | |
| | | | | | | | | | | | 26,854,105 | | |
| | | | | | | | | | | | 38,172,745 | | |
| MATERIALS (3.8%) | | ||||||||||||
| | | | | | | COMMERCIAL SERVICES (2.1%) | | ||||||
| | | 23,000 | | | | Ecolab, Inc. | | | | | 3,086,140 | | |
| | | | | | | PACKAGING & CONTAINERS (1.7%) | | ||||||
| | | 68,800 | | | | Ball Corp. | | | | | 2,604,080 | | |
| | | | | | | | | | | | 5,690,220 | | |
| TOTAL COMMON STOCKS (Cost $85,531,052) (95.8%) | | | | | 142,537,656 | | |
| Shares | | | | | | Value | | ||||||
| SHORT-TERM INVESTMENTS (4.8%) | | ||||||||||||
| | | | | | | MONEY MARKET FUNDS (4.8%) | | ||||||
| | | 2,559,021 | | | | State Street Institutional U.S. Government Money Market Fund, Premier Class | | | | $ | 2,559,021 | | |
| | | 4,559,956 | | | | State Street Navigator Securities Lending Government Money Market Portfolio(2) | | | | | 4,559,956 | | |
| TOTAL SHORT-TERM INVESTMENTS (Cost $7,118,977) (4.8%) | | | | | 7,118,977 | | | ||||||
| TOTAL INVESTMENT SECURITIES (100.6%) (Cost $92,650,029) | | | | $ | 149,656,633 | | | ||||||
| EXCESS OF LIABILITIES OVER CASH AND OTHER ASSETS (-0.6%) | | | | | (892,252) | | | ||||||
| NET ASSETS (100%) | | | | $ | 148,764,381 | | |
Investments in Securities: | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Assets | | | | | | ||||||||||||||||||||
Common Stocks* | | | | $ | 142,537,656 | | | | | $ | — | | | | | $ | — | | | | | $ | 142,537,656 | | |
Short-Term Investments | | | | | 7,118,977 | | | | | | — | | | | | | — | | | | | | 7,118,977 | | |
Total Investments in Securities | | | | $ | 149,656,633 | | | | | $ | — | | | | | $ | — | | | | | $ | 149,656,633 | | |
Issue | | | Shares | | | Value | | | Percentage of Net Assets | | |||||||||
Alexion Pharmaceuticals, Inc. | | | | | 168,000 | | | | | $ | 20,091,120 | | | | | | 5.0% | | |
Activision Blizzard, Inc. | | | | | 205,000 | | | | | | 12,980,600 | | | | | | 3.2% | | |
Facebook, Inc. | | | | | 72,000 | | | | | | 12,705,120 | | | | | | 3.2% | | |
Visa, Inc. | | | | | 108,000 | | | | | | 12,314,160 | | | | | | 3.1% | | |
Celgene Corp. | | | | | 102,000 | | | | | | 10,644,720 | | | | | | 2.7% | | |
Alphabet, Inc. | | | | | 10,000 | | | | | | 10,534,000 | | | | | | 2.6% | | |
Bank of America Corp. | | | | | 330,000 | | | | | | 9,741,600 | | | | | | 2.4% | | |
Vertex Pharmaceuticals, Inc. | | | | | 63,000 | | | | | | 9,441,180 | | | | | | 2.4% | | |
JPMorgan Chase & Co. | | | | | 72,000 | | | | | | 7,699,680 | | | | | | 1.9% | | |
Amazon.com, Inc. | | | | | 6,400 | | | | | | 7,484,608 | | | | | | 1.9% | | |
Total | | | | | | | | | | | | | | | | | 28.4% | | |
![[MISSING IMAGE: tv484019_chrt-pie3.jpg]](https://capedge.com/proxy/N-CSR/0001144204-18-013934/tv484019_chrt-pie3.jpg)
![[MISSING IMAGE: tv484019_chrt-bar3.jpg]](https://capedge.com/proxy/N-CSR/0001144204-18-013934/tv484019_chrt-bar3.jpg)
Portfolio Highlights at December 31, 2017 (unaudited) (continued)
![[MISSING IMAGE: tv484019_chrt-line3.jpg]](https://capedge.com/proxy/N-CSR/0001144204-18-013934/tv484019_chrt-line3.jpg)
| | | Average Annual Total Return | | |||
Investor Class | | | |||||
1 year ended 12/31/17 | | | | | 23.86% | | |
5 years ended 12/31/17 | | | | | 10.79% | | |
10 years ended 12/31/17 | | | | | 6.93% | | |
Institutional Class | | | |||||
1 year ended 12/31/17 | | | | | 24.31% | | |
Schedule of Investments | December 31, 2017 |
| Shares | | | | | | Value | | ||||||
| COMMON STOCKS (85.1%) | | ||||||||||||
| CONSUMER DISCRETIONARY (15.4%) | | ||||||||||||
| | | | | | | APPAREL (0.7%) | | ||||||
| | | 45,000 | | | | NIKE, Inc. Class B | | | | $ | 2,814,750 | | |
| | | | | | | AUTO MANUFACTURERS (0.8%) | | ||||||
| | | 11,000 | | | | Tesla, Inc.*(1) | | | | | 3,424,850 | | |
| | | | | | | ENTERTAINMENT (2.6%) | | ||||||
| | | 127,000 | | | | Lions Gate Entertainment Corp. Class A*(1) | | | | | 4,293,870 | | |
| | | 28,000 | | | | Vail Resorts, Inc. | | | | | 5,949,160 | | |
| | | | | | | | | | | | 10,243,030 | | |
| | | | | | | HOME BUILDERS (0.6%) | | ||||||
| | | 48,000 | | | | Toll Brothers, Inc. | | | | | 2,304,960 | | |
| | | | | | | INTERNET (3.6%) | | ||||||
| | | 6,400 | | | | Amazon.com, Inc.* | | | | | 7,484,608 | | |
| | | 18,000 | | | | Expedia, Inc. | | | | | 2,155,860 | | |
| | | 26,000 | | | | Netflix, Inc.* | | | | | 4,990,960 | | |
| | | | | | | | | | | | 14,631,428 | | |
| | | | | | | MEDIA (1.9%) | | ||||||
| | | 98,000 | | | | Comcast Corp. Class A | | | | | 3,924,900 | | |
| | | 34,000 | | | | Walt Disney Co. (The) | | | | | 3,655,340 | | |
| | | | | | | | | | | | 7,580,240 | | |
| | | | | | | RETAIL (5.2%) | | ||||||
| | | 23,000 | | | | Home Depot, Inc. | | | | | 4,359,190 | | |
| | | 69,000 | | | | Starbucks Corp. | | | | | 3,962,670 | | |
| | | 83,000 | | | | TJX Companies, Inc. (The) | | | | | 6,346,180 | | |
| | | 27,000 | | | | Ulta Salon, Cosmetics & Fragrance, Inc.* | | | | | 6,038,820 | | |
| | | | | | | | | | | | 20,706,860 | | |
| | | | | | | | | | | | 61,706,118 | | |
| CONSUMER STAPLES (3.7%) | | ||||||||||||
| | | | | | | BEVERAGES (1.9%) | | ||||||
| | | 17,000 | | | | Constellation Brands, Inc. Class A | | | | | 3,885,690 | | |
| | | 58,000 | | | | Monster Beverage Corp.* | | | | | 3,670,820 | | |
| | | | | | | | | | | | 7,556,510 | | |
| | | | | | | COSMETICS & PERSONAL CARE (1.8%) | | ||||||
| | | 145,000 | | | | elf Beauty, Inc.*(1) | | | | | 3,234,950 | | |
| | | 30,000 | | | | Estee Lauder Companies, Inc. (The) Class A | | | | | 3,817,200 | | |
| | | | | | | | | | | | 7,052,150 | | |
| | | | | | | | | | | | 14,608,660 | | |
| ENERGY (4.2%) | | ||||||||||||
| | | | | | | OIL & GAS (4.2%) | | ||||||
| | | 85,000 | | | | Anadarko Petroleum Corp. | | | | | 4,559,400 | | |
| Shares | | | | | | Value | | ||||||
| ENERGY (4.2%) (continued) | | ||||||||||||
| | | | | | | OIL & GAS (4.2%) (continued) | | ||||||
| | | 35,000 | | | | Diamondback Energy, Inc.* | | | | $ | 4,418,750 | | |
| | | 25,000 | | | | Pioneer Natural Resources Co. | | | | | 4,321,250 | | |
| | | 54,000 | | | | Schlumberger Ltd. | | | | | 3,639,060 | | |
| | | | | | | | | | | | 16,938,460 | | |
| FINANCIALS (10.8%) | | ||||||||||||
| | | | | | | BANKS (6.1%) | | ||||||
| | | 330,000 | | | | Bank of America Corp. | | | | | 9,741,600 | | |
| | | 95,000 | | | | Citigroup, Inc. | | | | | 7,068,950 | | |
| | | 72,000 | | | | JPMorgan Chase & Co. | | | | | 7,699,680 | | |
| | | | | | | | | | | | 24,510,230 | | |
| | | | | | | DIVERSIFIED FINANCIAL SERVICES (4.7%) | | ||||||
| | | 7,000 | | | | BlackRock, Inc. | | | | | 3,595,970 | | |
| | | 185,000 | | | | Blackstone Group L.P. (The) | | | | | 5,923,700 | | |
| | | 105,000 | | | | Charles Schwab Corp. (The) | | | | | 5,393,850 | | |
| | | 107,000 | | | | Invesco Ltd. | | | | | 3,909,780 | | |
| | | | | | | | | | | | 18,823,300 | | |
| | | | | | | | | | | | 43,333,530 | | |
| HEALTHCARE (23.5%) | | ||||||||||||
| | | | | | | BIOTECHNOLOGY (15.1%) | | ||||||
| | | 168,000 | | | | Alexion Pharmaceuticals, Inc.* | | | | | 20,091,120 | | |
| | | 19,000 | | | | Biogen, Inc.* | | | | | 6,052,830 | | |
| | | 48,000 | | | | BioMarin Pharmaceutical, Inc.*(1) | | | | | 4,280,160 | | |
| | | 102,000 | | | | Celgene Corp.* | | | | | 10,644,720 | | |
| | | 87,000 | | | | Exact Sciences Corp.* | | | | | 4,570,980 | | |
| | | 33,000 | | | | Intercept Pharmaceuticals, Inc.*(1) | | | | | 1,927,860 | | |
| | | 75,000 | | | | Juno Therapeutics, Inc.*(1) | | | | | 3,428,250 | | |
| | | 63,000 | | | | Vertex Pharmaceuticals, Inc.* | | | | | 9,441,180 | | |
| | | | | | | | | | | | 60,437,100 | | |
| | | | | | | HEALTHCARE PRODUCTS (2.9%) | | ||||||
| | | 55,000 | | | | Edwards Lifesciences Corp.* | | | | | 6,199,050 | | |
| | | 30,000 | | | | Medtronic PLC | | | | | 2,422,500 | | |
| | | 40,000 | | | | Nevro Corp.*(1) | | | | | 2,761,600 | | |
| | | | | | | | | | | | 11,383,150 | | |
| | | | | | | PHARMACEUTICALS (4.7%) | | ||||||
| | | 48,000 | | | | DexCom, Inc.*(1) | | | | | 2,754,720 | | |
| | | 37,000 | | | | Jazz Pharmaceuticals PLC* | | | | | 4,982,050 | | |
| | | 94,000 | | | | Pfizer, Inc. | | | | | 3,404,680 | | |
| Shares | | | | | | Value | | ||||||
| HEALTHCARE (23.5%) (continued) | | ||||||||||||
| | | | | | | PHARMACEUTICALS (4.7%) (continued) | | ||||||
| | | 53,000 | | | | TESARO, Inc.*(1) | | | | $ | 4,392,110 | | |
| | | 47,000 | | | | Zoetis, Inc. | | | | | 3,385,880 | | |
| | | | | | | | | | | | 18,919,440 | | |
| | | | | | | SOFTWARE (0.8%) | | ||||||
| | | 48,000 | | | | Medidata Solutions, Inc.* | | | | | 3,041,760 | | |
| | | | | | | | | | | | 93,781,450 | | |
| INDUSTRIALS (0.8%) | | ||||||||||||
| | | | | | | AIRLINES (0.8%) | | ||||||
| | | 58,000 | | | | Delta Air Lines, Inc. | | | | | 3,248,000 | | |
| INFORMATION TECHNOLOGY (25.9%) | | ||||||||||||
| | | | | | | COMMERCIAL SERVICES (1.5%) | | ||||||
| | | 82,000 | | | | PayPal Holdings, Inc.* | | | | | 6,036,840 | | |
| | | | | | | COMPUTERS (1.4%) | | ||||||
| | | 34,000 | | | | Apple, Inc. | | | | | 5,753,820 | | |
| | | | | | | DIVERSIFIED FINANCIAL SERVICES (3.1%) | | ||||||
| | | 108,000 | | | | Visa, Inc. Class A (1) | | | | | 12,314,160 | | |
| | | | | | | INTERNET (10.0%) | | ||||||
| | | 36,000 | | | | Alibaba Group Holding, Ltd. ADR*(1) | | | | | 6,207,480 | | |
| | | 10,000 | | | | Alphabet, Inc. Class A* | | | | | 10,534,000 | | |
| | | 72,000 | | | | Facebook, Inc. Class A* | | | | | 12,705,120 | | |
| | | 80,000 | | | | GrubHub, Inc.*(1) | | | | | 5,744,000 | | |
| | | 139,000 | | | | Zendesk, Inc.* | | | | | 4,703,760 | | |
| | | | | | | | | | | | 39,894,360 | | |
| | | | | | | SEMICONDUCTORS (2.4%) | | ||||||
| | | 24,000 | | | | BROADCOM, Ltd. | | | | | 6,165,600 | | |
| | | 73,000 | | | | Intel Corp. | | | | | 3,369,680 | | |
| | | | | | | | | | | | 9,535,280 | | |
| | | | | | | SOFTWARE (6.6%) | | ||||||
| | | 205,000 | | | | Activision Blizzard, Inc. | | | | | 12,980,600 | | |
| | | 24,000 | | | | Adobe Systems, Inc.* | | | | | 4,205,760 | | |
| | | 35,000 | | | | Salesforce.com, Inc.* | | | | | 3,578,050 | | |
| | | 42,000 | | | | ServiceNow, Inc.* | | | | | 5,476,380 | | |
| | | | | | | | | | | | 26,240,790 | | |
| | | | | | | TELECOMMUNICATIONS (0.9%) | | ||||||
| | | 92,000 | | | | Cisco Systems, Inc. | | | | | 3,523,600 | | |
| | | | | | | | | | | | 103,298,850 | | |
| REAL ESTATE (0.8%) | | ||||||||||||
| | | | | | | REITS (0.8%) | | ||||||
| | | 22,000 | | | | American Tower Corp. REIT | | | | | 3,138,740 | | |
| TOTAL COMMON STOCKS (Cost $264,807,183) (85.1%) | | | | | 340,053,808 | | |
| Principal Amount | | | | | | Value | | ||||||
| ASSET-BACKED SECURITIES (0.5%) | | ||||||||||||
| | $ | 250,000 | | | | CarMax Auto Owner Trust, Series 2015-1, Class A4, 1.83%, 7/15/20 | | | | $ | 249,423 | | |
| | | 121,036 | | | | CarMax Auto Owner Trust, Series 2015-4, Class A3, 1.56%, 11/16/20 | | | | | 120,680 | | |
| | | 150,000 | | | | Chrysler Capital Auto Receivables Trust, Series 2016-AA, Class A4, 1.96%, 1/18/22(2) | | | | | 149,655 | | |
| | | 100,000 | | | | Citibank Credit Card Issuance Trust, Series 2014-A8, Class A8, 1.73%, 4/9/20 | | | | | 100,000 | | |
| | | 150,000 | | | | Citibank Credit Card Issuance Trust, Series 2014-A1, Class A1, 2.88%, 1/23/23 | | | | | 152,693 | | |
| | | 250,000 | | | | Ford Credit Auto Owner Trust/Ford Credit, Series 2014-1, Class A, 2.26%, 11/15/25(2) | | | | | 250,508 | | |
| | | 250,000 | | | | GMF Floorplan Owner Revolving Trust, Series 2016-1, Class B, 2.41%, 5/17/21(2) | | | | | 250,029 | | |
| | | 460,000 | | | | Hyundai Auto Lease Securitization Trust, Series 2017-B, Class A3, 1.97%, 7/15/20(2) | | | | | 458,724 | | |
| | | 100,000 | | | | Synchrony Credit Card Master Note Trust, Series 2012-2, Class A, 2.22%, 1/15/22 | | | | | 100,129 | | |
| | | 100,000 | | | | Synchrony Credit Card Master Note Trust, Series 2015-1, Class A, 2.37%, 3/15/23 | | | | | 100,309 | | |
| TOTAL ASSET-BACKED SECURITIES (Cost $1,947,064) (0.5%) | | | | | 1,932,150 | | | ||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES (0.9%) | | ||||||||||||
| | | 100,000 | | | | COMM Mortgage Trust, Series 2014-UBS2, Class AM, 4.20%, 3/10/47 | | | | | 105,083 | | |
| | | 94,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K715, Class A2, 2.86%, 1/25/21 | | | | | 95,362 | | |
| Principal Amount | | | | | | Value | | ||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES (0.9%) (continued) | | ||||||||||||
| | $ | 250,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K033, Class A2, 3.06%, 7/25/23(3) | | | | $ | 256,741 | | |
| | | 250,000 | | | | FREMF Mortgage Trust, Series 2013-K24, Class B, 3.50%, 11/25/45(2)(3) | | | | | 253,621 | | |
| | | 59,835 | | | | FREMF Mortgage Trust, Series 2013-KF02, Class B, 1-month LIBOR + 3.00%, 4.37%, 12/25/45(2)(3) | | | | | 60,077 | | |
| | | 120,000 | | | | FREMF Mortgage Trust, Series 2013-K713, Class B, 3.17%, 4/25/46(2)(3) | | | | | 120,656 | | |
| | | 250,000 | | | | FREMF Mortgage Trust, Series 2014-K717, Class B, 3.63%, 11/25/47(2)(3) | | | | | 255,056 | | |
| | | 184,680 | | | | GNMA, Series 2013-12, Class AB, 1.83%, 11/16/52 | | | | | 175,972 | | |
| | | 250,000 | | | | GNMA, Series 2013-12, Class B, 2.11%, 11/16/52(3) | | | | | 235,057 | | |
| | | 237,158 | | | | GS Mortgage Securities Trust, Series 2012-GCJ7, Class A4, 3.38%, 5/10/45 | | | | | 242,592 | | |
| | | 100,000 | | | | Morgan Stanley Capital I Trust, Series 2012-C4, Class A4, 3.24%, 3/15/45 | | | | | 101,996 | | |
| | | 110,566 | | | | Thornburg Mortgage Securities Trust, Series 2005-1, Class A3, 3.19%, 4/25/45(3) | | | | | 111,032 | | |
| | | 250,000 | | | | UBS-Barclays Commercial Mortgage Trust, Series 2012-C4, Class A5, 2.85%, 12/10/45 | | | | | 250,880 | | |
| | | 385,000 | | | | UBS-Barclays Commercial Mortgage Trust, Series 2013-C5, Class A4, 3.18%, 3/10/46 | | | | | 391,949 | | |
| | | 150,000 | | | | Wells Fargo Commercial Mortgage Trust, Series 2015-C26, Class A2, 2.66%, 2/15/48 | | | | | 150,636 | | |
| Principal Amount | | | | | | Value | | ||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES (0.9%) (continued) | | ||||||||||||
| | $ | 200,000 | | | | Wells Fargo Commercial Mortgage Trust, Series 2015-NXS1, Class A2, 2.63%, 5/15/48 | | | | $ | 201,046 | | |
| | | 100,000 | | | | Wells Fargo Commercial Mortgage Trust, Series 2015-C29, Class ASB, 3.40%, 6/15/48 | | | | | 102,787 | | |
| | | 243,605 | | | | Wells Fargo Commercial Mortgage Trust, Series 2017-C40, Class A1, 2.11%, 10/15/50 | | | | | 242,154 | | |
| | | 200,000 | | | | WFRBS Commercial Mortgage Trust, Series 2011-C5, Class A4, 3.67%, 11/15/44 | | | | | 207,013 | | |
| TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $3,640,879) (0.9%) | | | | | 3,559,710 | | | ||||||
| CORPORATE BONDS & NOTES (5.6%) | | ||||||||||||
| BASIC MATERIALS (0.2%) | | ||||||||||||
| | | | | | | CHEMICALS (0.1%) | | ||||||
| | | 225,000 | | | | Celanese U.S. Holdings LLC Guaranteed Notes | | | | | 239,827 | | |
| | | 100,000 | | | | International Flavors & Fragrances, Inc. Senior Unsecured Notes | | | | | 106,380 | | |
| | | 200,000 | | | | LYB International Finance B.V. Guaranteed Notes | | | | | 209,357 | | |
| | | | | | | | | | | | 555,564 | | |
| | | | | | | IRON & STEEL (0.0%) | | ||||||
| | | 100,000 | | | | Vale Overseas, Ltd. Guaranteed Notes(1) | | | | | 103,400 | | |
| | | | | | | MINING (0.1%) | | ||||||
| | | 150,000 | | | | Glencore Funding LLC Guaranteed Notes(1)(2) | | | | | 155,175 | | |
| | | 100,000 | | | | Kinross Gold Corp. Guaranteed Notes | | | | | 109,625 | | |
| | | | | | | | | | | | 264,800 | | |
| | | | | | | | | | | | 923,764 | | |
| COMMUNICATIONS (0.7%) | | ||||||||||||
| | | | | | | INTERNET (0.2%) | | ||||||
| | | 175,000 | | | | Alibaba Group Holding, Ltd. Senior Unsecured Notes(1) | | | | | 181,538 | | |
| | | 155,000 | | | | Amazon.com, Inc. Senior Unsecured Notes | | | | | 181,928 | | |
| Principal Amount | | | | | | Value | | ||||||
| CORPORATE BONDS & NOTES (5.6%) (continued) | | ||||||||||||
| COMMUNICATIONS (0.7%) (continued) | | ||||||||||||
| | $ | 150,000 | | | | Expedia, Inc. Guaranteed Notes | | | | $ | 157,088 | | |
| | | 150,000 | | | | Netflix, Inc. Senior Unsecured Notes | | | | | 159,563 | | |
| | | | | | | | | | | | 680,117 | | |
| | | | | | | MEDIA (0.3%) | | ||||||
| | | 200,000 | | | | CBS Corp. Guaranteed Notes | | | | | 205,796 | | |
| | | 125,000 | | | | Charter Communications Operating LLC/Charter Communications Operating Capital Senior Secured Notes | | | | | 132,898 | | |
| | | 60,000 | | | | Comcast Corp. Guaranteed Notes | | | | | 61,441 | | |
| | | 145,000 | | | | Comcast Corp. Guaranteed Notes | | | | | 148,368 | | |
| | | 150,000 | | | | Discovery Communications LLC Guaranteed Notes(1) | | | | | 160,021 | | |
| | | 100,000 | | | | Grupo Televisa S.A.B. Senior Unsecured Notes(1) | | | | | 122,988 | | |
| | | 200,000 | | | | Scripps Networks Interactive, Inc. Senior Unsecured Notes | | | | | 199,971 | | |
| | | 100,000 | | | | Time Warner, Inc. Guaranteed Notes | | | | | 100,224 | | |
| | | 100,000 | | | | Time Warner, Inc. Guaranteed Notes | | | | | 99,906 | | |
| | | | | | | | | | | | 1,231,613 | | |
| | | | | | | TELECOMMUNICATIONS (0.2%) | | ||||||
| | | 150,000 | | | | AT&T, Inc. Senior Unsecured Notes | | | | | 153,617 | | |
| | | 263,000 | | | | AT&T, Inc. Senior Unsecured Notes(2) | | | | | 262,265 | | |
| | | 100,000 | | | | Hughes Satellite Systems Corp. Senior Secured Notes | | | | | 102,000 | | |
| | | 250,000 | | | | Telefonica Emisiones SAU Guaranteed Notes | | | | | 262,824 | | |
| | | 250,000 | | | | Verizon Communications, Inc. Senior Unsecured Notes | | | | | 262,207 | | |
| | | | | | | | | | | | 1,042,913 | | |
| | | | | | | | | | | | 2,954,643 | | |
| CONSUMER, CYCLICAL (0.6%) | | ||||||||||||
| | | | | | | AUTO MANUFACTURERS (0.2%) | | ||||||
| | | 300,000 | | | | Ford Motor Credit Co. LLC Senior Unsecured Notes | | | | | 300,037 | | |
| Principal Amount | | | | | | Value | | ||||||
| CONSUMER, CYCLICAL (0.6%) (continued) | | ||||||||||||
| | | | | | | AUTO MANUFACTURERS (0.2%) (continued) | | ||||||
| | $ | 200,000 | | | | General Motors Co. Senior Unsecured Notes(1) | | | | $ | 218,147 | | |
| | | 200,000 | | | | General Motors Financial Co., Inc. Guaranteed Notes | | | | | 202,259 | | |
| | | 100,000 | | | | Nissan Motor Acceptance Corp. Senior Unsecured Notes(2) | | | | | 100,119 | | |
| | | | | | | | | | | | 820,562 | | |
| | | | | | | AUTO PARTS & EQUIPMENT (0.1%) | | ||||||
| | | 175,000 | | | | Goodyear Tire & Rubber Co. (The) Guaranteed Notes | | | | | 180,443 | | |
| | | 100,000 | | | | Magna International, Inc. Senior Unsecured Notes | | | | | 106,276 | | |
| | | 125,000 | | | | Tenneco, Inc. Guaranteed Notes | | | | | 128,125 | | |
| | | | | | | | | | | | 414,844 | | |
| | | | | | | HOME BUILDERS (0.1%) | | ||||||
| | | 100,000 | | | | CalAtlantic Group, Inc. Guaranteed Notes | | | | | 107,520 | | |
| | | 150,000 | | | | D.R. Horton, Inc. Guaranteed Notes | | | | | 154,296 | | |
| | | 150,000 | | | | PulteGroup, Inc. Guaranteed Notes | | | | | 154,500 | | |
| | | 100,000 | | | | Toll Brothers Finance Corp. Guaranteed Notes | | | | | 104,500 | | |
| | | | | | | | | | | | 520,816 | | |
| | | | | | | HOUSEWARES (0.1%) | | ||||||
| | | 29,000 | | | | Newell Brands, Inc. Senior Unsecured Notes | | | | | 29,099 | | |
| | | 50,000 | | | | Newell Brands, Inc. Senior Unsecured Notes | | | | | 59,614 | | |
| | | 100,000 | | | | Newell Brands, Inc. Senior Unsecured Notes | | | | | 102,365 | | |
| | | | | | | | | | | | 191,078 | | |
| | | | | | | LEISURE TIME (0.0%) | | ||||||
| | | 100,000 | | | | Royal Caribbean Cruises, Ltd. Senior Unsecured Notes | | | | | 109,816 | | |
| | | | | | | LODGING (0.0%) | | ||||||
| | | 100,000 | | | | Wyndham Worldwide Corp. Senior Unsecured Notes | | | | | 98,947 | | |
| | | | | | | RETAIL (0.1%) | | ||||||
| | | 100,000 | | | | CVS Health Corp. Senior Unsecured Notes | | | | | 98,508 | | |
| Principal Amount | | | | | | Value | | ||||||
| CONSUMER, CYCLICAL (0.6%) (continued) | | ||||||||||||
| | | | | | | RETAIL (0.1%) (continued) | | ||||||
| | $ | 100,000 | | | | McDonald’s Corp. MTN Senior Unsecured Notes | | | | $ | 108,841 | | |
| | | | | | | | | | | | 207,349 | | |
| | | | | | | | | | | | 2,363,412 | | |
| CONSUMER, NON-CYCLICAL (0.8%) | | ||||||||||||
| | | | | | | BEVERAGES (0.1%) | | ||||||
| | | 150,000 | | | | Anheuser-Busch InBev Finance, Inc. Guaranteed Notes | | | | | 173,848 | | |
| | | 250,000 | | | | Constellation Brands, Inc. Guaranteed Notes | | | | | 258,424 | | |
| | | | | | | | | | | | 432,272 | | |
| | | | | | | BIOTECHNOLOGY (0.1%) | | ||||||
| | | 200,000 | | | | Gilead Sciences, Inc. Senior Unsecured Notes | | | | | 200,935 | | |
| | | | | | | COMMERCIAL SERVICES (0.1%) | | ||||||
| | | 100,000 | | | | Service Corp. International Senior Unsecured Notes | | | | | 102,375 | | |
| | | 150,000 | | | | Total System Services, Inc. Senior Unsecured Notes | | | | | 162,284 | | |
| | | 100,000 | | | | United Rentals North America, Inc. Guaranteed Notes | | | | | 105,250 | | |
| | | | | | | | | | | | 369,909 | | |
| | | | | | | FOOD (0.1%) | | ||||||
| | | 150,000 | | | | JM Smucker Co. (The) Guaranteed Notes | | | | | 159,046 | | |
| | | 100,000 | | | | Kellogg Co. Senior Unsecured Notes | | | | | 99,262 | | |
| | | 150,000 | | | | Sysco Corp. Guaranteed Notes | | | | | 155,973 | | |
| | | 100,000 | | | | Tyson Foods, Inc. Senior Unsecured Notes | | | | | 102,396 | | |
| | | | | | | | | | | | 516,677 | | |
| | | | | | | HEALTHCARE PRODUCTS (0.0%) | | ||||||
| | | 100,000 | | | | Edwards Lifesciences Corp. Senior Unsecured Notes | | | | | 100,674 | | |
| | | | | | | HEALTHCARE SERVICES (0.2%) | | ||||||
| | | 100,000 | | | | Anthem, Inc. Senior Unsecured Notes | | | | | 101,933 | | |
| | | 200,000 | | | | HCA, Inc. Guaranteed Notes | | | | | 207,000 | | |
| | | 150,000 | | | | LifePoint Health, Inc. Guaranteed Notes(1) | | | | | 153,000 | | |
| | | 100,000 | | | | NYU Hospitals Center Secured Notes | | | | | 114,270 | | |
| Principal Amount | | | | | | Value | | ||||||
| CORPORATE BONDS & NOTES (5.6%) (continued) | | ||||||||||||
| CONSUMER, NON-CYCLICAL (0.8%) (continued) | | ||||||||||||
| | | | | | | HEALTHCARE SERVICES (0.2%) (continued) | | ||||||
| | $ | 100,000 | | | | Quest Diagnostics, Inc. Senior Unsecured Notes | | | | $ | 101,152 | | |
| | | 100,000 | | | | UnitedHealth Group, Inc. Senior Unsecured Notes | | | | | 114,097 | | |
| | | | | | | | | | | | 791,452 | | |
| | | | | | | PHARMACEUTICALS (0.2%) | | ||||||
| | | 200,000 | | | | AbbVie, Inc. Senior Unsecured Notes | | | | | 224,255 | | |
| | | 100,000 | | | | Actavis Funding SCS Guaranteed Notes | | | | | 100,079 | | |
| | | 175,000 | | | | Express Scripts Holding Co. Guaranteed Notes | | | | | 186,450 | | |
| | | 100,000 | | | | Shire Acquisitions Investments Ireland DAC Guaranteed Notes | | | | | 98,308 | | |
| | | | | | | | | | | | 609,092 | | |
| | | | | | | | | | | | 3,021,011 | | |
| ENERGY (0.7%) | | ||||||||||||
| | | | | | | OIL & GAS (0.4%) | | ||||||
| | | 100,000 | | | | Chevron Corp. Senior Unsecured Notes | | | | | 99,777 | | |
| | | 150,000 | | | | Concho Resources, Inc. Guaranteed Notes | | | | | 163,114 | | |
| | | 200,000 | | | | Devon Energy Corp. Senior Unsecured Notes | | | | | 211,779 | | |
| | | 100,000 | | | | EQT Corp. Senior Unsecured Notes | | | | | 99,303 | | |
| | | 150,000 | | | | Marathon Oil Corp. Senior Unsecured Notes | | | | | 152,691 | | |
| | | 150,000 | | | | Murphy Oil Corp. Senior Unsecured Notes | | | | | 153,375 | | |
| | | 150,000 | | | | Occidental Petroleum Corp. Senior Unsecured Notes | | | | | 170,043 | | |
| | | 50,000 | | | | Occidental Petroleum Corp. Senior Unsecured Notes | | | | | 51,206 | | |
| | | 200,000 | | | | Phillips 66 Guaranteed Notes | | | | | 212,567 | | |
| | | 125,000 | | | | Shell International Finance B.V. Guaranteed Notes | | | | | 121,080 | | |
| | | 175,000 | | | | Valero Energy Corp. Senior Unsecured Notes | | | | | 230,635 | | |
| | | | | | | | | | | | 1,665,570 | | |
| Principal Amount | | | | | | Value | | ||||||
| ENERGY (0.7%) (continued) | | ||||||||||||
| | | | | | | PIPELINES (0.3%) | | ||||||
| | $ | 150,000 | | | | Energy Transfer Partners L.P. Senior Unsecured Notes | | | | $ | 161,852 | | |
| | | 200,000 | | | | Enterprise Products Operating LLC Guaranteed Notes | | | | | 219,625 | | |
| | | 125,000 | | | | Magellan Midstream Partners L.P. Senior Unsecured Notes | | | | | 126,515 | | |
| | | 250,000 | | | | MPLX L.P. Senior Unsecured Notes | | | | | 256,059 | | |
| | | 250,000 | | | | Spectra Energy Partners L.P. Senior Unsecured Notes | | | | | 271,794 | | |
| | | 100,000 | | | | Williams Partners L.P. Senior Unsecured Notes | | | | | 100,208 | | |
| | | | | | | | | | | | 1,136,053 | | |
| | | | | | | | | | | | 2,801,623 | | |
| FINANCIAL (2.0%) | | ||||||||||||
| | | | | | | BANKS (0.9%) | | ||||||
| | | 250,000 | | | | Australia & New Zealand Banking Group Ltd. Subordinated Notes (1)(2) | | | | | 262,282 | | |
| | | 100,000 | | | | Banco Bilbao Vizcaya Argentaria S.A. Senior Unsecured Notes | | | | | 100,792 | | |
| | | 100,000 | | | | Bancolombia S.A. Senior Unsecured Notes | | | | | 108,150 | | |
| | | 350,000 | | | | Bank of America Corp. MTN Subordinated Notes | | | | | 368,575 | | |
| | | 100,000 | | | | Barclays PLC Senior Unsecured Notes | | | | | 103,496 | | |
| | | 100,000 | | | | BPCE S.A. Guaranteed Notes | | | | | 100,281 | | |
| | | 250,000 | | | | Capital One Financial Corp. Senior Unsecured Notes | | | | | 256,828 | | |
| | | 174,000 | | | | Citigroup, Inc. Subordinated Notes | | | | | 205,438 | | |
| | | 200,000 | | | | Cooperatieve Rabobank UA Guaranteed Notes | | | | | 208,520 | | |
| | | 150,000 | | | | Fifth Third Bancorp Senior Unsecured Notes | | | | | 151,585 | | |
| | | 100,000 | | | | Goldman Sachs Group, Inc. (The) Subordinated Notes | | | | | 133,864 | | |
| | | 250,000 | | | | Morgan Stanley Subordinated Notes | | | | | 269,206 | | |
| | | 250,000 | | | | Morgan Stanley Senior Unsecured Notes | | | | | 252,256 | | |
| Principal Amount | | | | | | Value | | ||||||
| FINANCIAL (2.0%) (continued) | | ||||||||||||
| | | | | | | BANKS (0.9%) (continued) | | ||||||
| | $ | 300,000 | | | | PNC Financial Services Group, Inc. (The) Senior Unsecured Notes | | | | $ | 308,023 | | |
| | | 100,000 | | | | Santander Holdings USA, Inc. Senior Unsecured Notes | | | | | 99,947 | | |
| | | 250,000 | | | | Societe Generale S.A. Senior Unsecured Notes | | | | | 269,258 | | |
| | | 150,000 | | | | Wells Fargo & Co. Senior Unsecured Notes | | | | | 151,126 | | |
| | | 250,000 | | | | Wells Fargo & Co. MTN Senior Unsecured Notes | | | | | 258,140 | | |
| | | | | | | | | | | | 3,607,767 | | |
| | | | | | | DIVERSIFIED FINANCIAL SERVICES (0.5%) | | ||||||
| | | 210,000 | | | | Ally Financial, Inc. Senior Unsecured Notes | | | | | 214,683 | | |
| | | 250,000 | | | | American Express Co. Senior Unsecured Notes(3) | | | | | 250,326 | | |
| | | 100,000 | | | | BlackRock, Inc., Series 2 Senior Unsecured Notes | | | | | 105,159 | | |
| | | 250,000 | | | | Discover Financial Services Senior Unsecured Notes | | | | | 255,371 | | |
| | | 250,000 | | | | International Lease Finance Corp. Senior Secured Notes(2) | | | | | 257,967 | | |
| | | 250,000 | | | | Nomura Holdings, Inc. GMTN Senior Unsecured Notes | | | | | 251,870 | | |
| | | 250,000 | | | | ORIX Corp. Senior Unsecured Notes | | | | | 249,203 | | |
| | | 200,000 | | | | Stifel Financial Corp. Senior Unsecured Notes | | | | | 204,864 | | |
| | | 150,000 | | | | Synchrony Financial Senior Unsecured Notes | | | | | 151,043 | | |
| | | 100,000 | | | | Synchrony Financial Senior Unsecured Notes | | | | | 102,541 | | |
| | | | | | | | | | | | 2,043,027 | | |
| | | | | | | INSURANCE (0.2%) | | ||||||
| | | 250,000 | | | | American International Group, Inc. Senior Unsecured Notes | | | | | 271,846 | | |
| | | 250,000 | | | | Berkshire Hathaway, Inc. Senior Unsecured Notes(1) | | | | | 262,474 | | |
| | | 100,000 | | | | CNA Financial Corp. Senior Unsecured Notes | | | | | 104,076 | | |
| Principal Amount | | | | | | Value | | ||||||
| CORPORATE BONDS & NOTES (5.6%) (continued) | | ||||||||||||
| FINANCIAL (2.0%) (continued) | | ||||||||||||
| | | | | | | INSURANCE (0.2%) (continued) | | ||||||
| | $ | 150,000 | | | | XLIT Ltd. Guaranteed Notes | | | | $ | 164,631 | | |
| | | | | | | | | | | | 803,027 | | |
| | | | | | | REITS (0.4%) | | ||||||
| | | 53,000 | | | | American Tower Corp. Senior Unsecured Notes | | | | | 52,072 | | |
| | | 150,000 | | | | AvalonBay Communities, Inc. GMTN Senior Unsecured Notes | | | | | 153,725 | | |
| | | 125,000 | | | | Crown Castle International Corp. Senior Unsecured Notes | | | | | 131,236 | | |
| | | 100,000 | | | | Digital Realty Trust L.P. Guaranteed Notes | | | | | 107,283 | | |
| | | 250,000 | | | | EPR Properties Guaranteed Notes | | | | | 266,027 | | |
| | | 100,000 | | | | Hospitality Properties Trust Senior Unsecured Notes | | | | | 105,093 | | |
| | | 100,000 | | | | Host Hotels & Resorts L.P. Senior Unsecured Notes | | | | | 107,679 | | |
| | | 150,000 | | | | Iron Mountain, Inc. Guaranteed Notes(2) | | | | | 150,000 | | |
| | | 100,000 | | | | iStar, Inc. Senior Unsecured Notes | | | | | 100,625 | | |
| | | 100,000 | | | | Weyerhaeuser Co. Senior Unsecured Notes | | | | | 125,341 | | |
| | | 100,000 | | | | Weyerhaeuser Co. Senior Unsecured Notes | | | | | 108,370 | | |
| | | | | | | | | | | | 1,407,451 | | |
| | | | | | | | | | | | 7,861,272 | | |
| INDUSTRIAL (0.2%) | | ||||||||||||
| | | | | | | BUILDING MATERIALS (0.0%) | | ||||||
| | | 20,000 | | | | Masco Corp. Senior Unsecured Notes | | | | | 21,809 | | |
| | | | | | | ELECTRONICS (0.0%) | | ||||||
| | | 135,000 | | | | Allegion US Holding Co., Inc. Guaranteed Notes | | | | | 133,489 | | |
| | | | | | | MISCELLANEOUS MANUFACTURERS (0.1%) | | ||||||
| | | 250,000 | | | | Textron, Inc. Senior Unsecured Notes | | | | | 259,150 | | |
| | | | | | | PACKAGING & CONTAINERS (0.1%) | | ||||||
| | | 150,000 | | | | Ball Corp. Guaranteed Notes | | | | | 163,125 | | |
| Principal Amount | | | | | | Value | | ||||||
| INDUSTRIAL (0.2%) (continued) | | ||||||||||||
| | | | | | | PACKAGING & CONTAINERS (0.1%) (continued) | | ||||||
| | $ | 250,000 | | | | Packaging Corp. of America Senior Unsecured Notes | | | | $ | 256,341 | | |
| | | | | | | | | | | | 419,466 | | |
| | | | | | | | | | | | 833,914 | | |
| TECHNOLOGY (0.1%) | | ||||||||||||
| | | | | | | SEMICONDUCTORS (0.0%) | | ||||||
| | | 100,000 | | | | Intel Corp. Senior Unsecured Notes | | | | | 110,180 | | |
| | | | | | | SOFTWARE (0.1%) | | ||||||
| | | 125,000 | | | | Cadence Design Systems, Inc. Senior Unsecured Notes | | | | | 132,615 | | |
| | | 100,000 | | | | j2 Cloud Services LLC/j2 Global Co-Obligor, Inc. Guaranteed Notes(2) | | | | | 105,250 | | |
| | | 100,000 | | | | Microsoft Corp. Senior Unsecured Notes | | | | | 117,210 | | |
| | | 100,000 | | | | VMware, Inc. Senior Unsecured Notes(1) | | | | | 100,948 | | |
| | | | | | | | | | | | 456,023 | | |
| | | | | | | | | | | | 566,203 | | |
| UTILITIES (0.3%) | | ||||||||||||
| | | | | | | ELECTRIC (0.3%) | | ||||||
| | | 150,000 | | | | Consolidated Edison Co. of New York, Inc. Senior Unsecured Notes | | | | | 172,513 | | |
| | | 100,000 | | | | Exelon Generation Co. LLC Senior Unsecured Notes | | | | | 104,741 | | |
| | | 250,000 | | | | Florida Power & Light Co. | | | | | 274,115 | | |
| | | 175,000 | | | | ITC Holdings Corp. Senior Unsecured Notes | | | | | 173,999 | | |
| | | 100,000 | | | | Pacific Gas & Electric Co. Senior Unsecured Notes | | | | | 97,359 | | |
| | | 100,000 | | | | PSEG Power LLC Guaranteed Notes | | | | | 106,595 | | |
| | | 100,000 | | | | Southern Co. (The) Senior Unsecured Notes | | | | | 100,049 | | |
| | | | | | | | | | | | 1,029,371 | | |
| | | | | | | GAS (0.0%) | | ||||||
| | | 150,000 | | | | National Fuel Gas Co. Senior Unsecured Notes | | | | | 160,891 | | |
| | | | | | | | | | | | 1,190,262 | | |
| TOTAL CORPORATE BONDS & NOTES (Cost $21,928,350) (5.6%) | | | | | 22,516,104 | | |
| Principal Amount | | | | | | Value | | ||||||
| FOREIGN GOVERNMENT OBLIGATIONS (0.3%) | | ||||||||||||
| | $ | 250,000 | | | | Export-Import Bank of Korea, Senior Unsecured Notes, 3.00%, 11/1/22 | | | | $ | 248,679 | | |
| | | 100,000 | | | | Indonesia Government International Bond, Senior Unsecured Notes, 4.13%, 1/15/25(2) | | | | | 103,817 | | |
| | | 250,000 | | | | Mexico Government International Bond, Senior Unsecured Notes, 4.15%, 3/28/27(1) | | | | | 259,250 | | |
| | | 100,000 | | | | Panama Government International Bond, Senior Unsecured Notes, 4.00%, 9/22/24 | | | | | 106,350 | | |
| | | 125,000 | | | | Peruvian Government International Bond, Senior Unsecured Notes, 4.13%, 8/25/27(1) | | | | | 135,813 | | |
| | | 150,000 | | | | Petroleos Mexicanos, Guaranteed Notes, 6.75%, 9/21/47 | | | | | 156,577 | | |
| | | 250,000 | | | | Republic of Poland Government International Bond, Senior Unsecured Notes, 4.00%, 1/22/24 | | | | | 266,595 | | |
| TOTAL FOREIGN GOVERNMENT OBLIGATIONS (Cost $1,244,979) (0.3%) | | | | | 1,277,081 | | | ||||||
| LONG-TERM MUNICIPAL SECURITIES (0.4%) | | ||||||||||||
| | | | | | | CALIFORNIA (0.1%) | | ||||||
| | | 80,000 | | | | Los Angeles County Public Works Financing Authority, Build America Bonds, Revenue Bonds, 5.84%, 8/1/21 | | | | | 88,752 | | |
| | | 50,000 | | | | University of California Regents Medical Center Pooled Revenue, Revenue Bonds, Build America Bonds, Series H, 6.40%, 5/15/31 | | | | | 63,257 | | |
| | | 100,000 | | | | Yuba Levee Financing Authority, Revenue Bonds, Series B, (BAM), 3.33%, 9/1/23 | | | | | 103,331 | | |
| | | | | | | | | | | | 255,340 | | |
| Principal Amount | | | | | | Value | | ||||||
| LONG-TERM MUNICIPAL SECURITIES (0.4%) (continued) | | ||||||||||||
| | | | | | | FLORIDA (0.0%) | | ||||||
| | $ | 75,000 | | | | Florida State Department of Environmental Protection Revenue, Build America Bonds, Revenue Bonds, Series B, 5.31%, 7/1/18 | | | | $ | 76,317 | | |
| | | | | | | NEW YORK (0.2%) | | ||||||
| | | 185,000 | | | | Metropolitan Transportation Authority, Build America Bonds, Revenue Bonds, Ser. C-1, 5.12%, 11/15/19 | | | | | 193,947 | | |
| | | 100,000 | | | | New York City Transitional Finance Authority Future Tax Secured Revenue, Build America Bonds, Revenue Bonds, 4.53%, 11/1/22 | | | | | 108,776 | | |
| | | 200,000 | | | | New York City Transitional Finance Authority Future Tax Secured Revenue, Subordinate Bonds, Revenue Bonds, 2.63%, 2/1/23 | | | | | 200,010 | | |
| | | 250,000 | | | | New York City Transitional Finance Authority Future Tax Secured Revenue, Subordinate Bonds, Revenue Bonds, 3.00%, 2/1/26 | | | | | 249,762 | | |
| | | | | | | | | | | | 752,495 | | |
| | | | | | | TEXAS (0.1%) | | ||||||
| | | 250,000 | | | | Dallas Independent School District Qualified School Construction Notes, General Obligation Limited, 5.05%, 8/15/33 | | | | | 278,990 | | |
| | | 250,000 | | | | Tarrant County Cultural Education Facilities Finance Corp., Revenue Bonds, Baylor Health Care System Project, Series C, 4.45%, 11/15/43 | | | | | 255,723 | | |
| | | | | | | | | | | | 534,713 | | |
| TOTAL LONG-TERM MUNICIPAL SECURITIES (Cost $1,584,274) (0.4%) | | | | | 1,618,865 | | |
| Principal Amount | | | | | | Value | | ||||||
| U.S. GOVERNMENT AGENCY OBLIGATIONS (2.4%) | | ||||||||||||
| | $ | 250,000 | | | | FHLB, 1.63%, 2/27/19 | | | | $ | 249,204 | | |
| | | 242,583 | | | | FHLMC, Series 4151, Class PA, 2.00%, 1/15/33 | | | | | 236,209 | | |
| | | 35,671 | | | | FHLMC Gold PC Pool #A46044, 5.00%, 7/1/35 | | | | | 38,549 | | |
| | | 114,984 | | | | FHLMC Gold PC Pool #A47613, 5.00%, 11/1/35 | | | | | 124,221 | | |
| | | 29,835 | | | | FHLMC Gold PC Pool #A89430, 4.50%, 10/1/39 | | | | | 31,756 | | |
| | | 98,026 | | | | FHLMC Gold PC Pool #C09055, 4.00%, 12/1/43 | | | | | 102,658 | | |
| | | 159,559 | | | | FHLMC Gold PC Pool #J17969, 3.00%, 2/1/27 | | | | | 162,556 | | |
| | | 42,099 | | | | FHLMC Gold Pool #A84814, 4.50%, 3/1/39 | | | | | 44,844 | | |
| | | 39,013 | | | | FHLMC Gold Pool #A96997, 4.50%, 2/1/41 | | | | | 41,622 | | |
| | | 170,518 | | | | FHLMC Gold Pool #A97264, 4.00%, 2/1/41 | | | | | 179,026 | | |
| | | 264,227 | | | | FHLMC Gold Pool #C09027, 3.00%, 2/1/43 | | | | | 265,724 | | |
| | | 48,657 | | | | FHLMC Gold Pool #G08521, 3.00%, 1/1/43 | | | | | 48,933 | | |
| | | 354,547 | | | | FHLMC Gold Pool #J13314, 3.50%, 10/1/25 | | | | | 366,451 | | |
| | | 107,178 | | | | FHLMC Gold Pool #Q06884, 3.50%, 3/1/42 | | | | | 110,605 | | |
| | | 86,558 | | | | FHLMC Gold Pool #Q11077, 3.50%, 9/1/42 | | | | | 89,326 | | |
| | | 488,601 | | | | FHLMC Gold Pool #Q41084, 3.50%, 6/1/46 | | | | | 502,492 | | |
| | | 38,196 | | | | FNMA Pool #254733, 5.00%, 4/1/23 | | | | | 41,006 | | |
| | | 283,318 | | | | FNMA Pool #254954, 4.50%, 10/1/23 | | | | | 301,665 | | |
| | | 148,948 | | | | FNMA Pool #745275, 5.00%, 2/1/36 | | | | | 161,798 | | |
| | | 18,670 | | | | FNMA Pool #832199, 4.50%, 7/1/35 | | | | | 19,943 | | |
| | | 157,346 | | | | FNMA Pool #844809, 5.00%, 11/1/35 | | | | | 170,833 | | |
| | | 3,506 | | | | FNMA Pool #910242, 5.00%, 3/1/37 | | | | | 3,769 | | |
| Principal Amount | | | | | | Value | | ||||||
| U.S. GOVERNMENT AGENCY OBLIGATIONS (2.4%) (continued) | | ||||||||||||
| | $ | 23,621 | | | | FNMA Pool #973333, 4.50%, 2/1/38 | | | | $ | 25,207 | | |
| | | 4,921 | | | | FNMA Pool #975116, 5.00%, 5/1/38 | | | | | 5,301 | | |
| | | 84,306 | | | | FNMA Pool #AA0466, 4.50%, 2/1/39 | | | | | 89,905 | | |
| | | 5,116 | | | | FNMA Pool #AB1259, 5.00%, 7/1/40 | | | | | 5,518 | | |
| | | 227,511 | | | | FNMA Pool #AB1796, 3.50%, 11/1/40 | | | | | 234,922 | | |
| | | 50,933 | | | | FNMA Pool #AB2660, 3.50%, 5/1/21 | | | | | 52,587 | | |
| | | 77,439 | | | | FNMA Pool #AB3218, 3.50%, 7/1/31 | | | | | 80,098 | | |
| | | 301,866 | | | | FNMA Pool #AB3900, 3.00%, 11/1/26 | | | | | 308,303 | | |
| | | 11,371 | | | | FNMA Pool #AB3943, 4.00%, 11/1/41 | | | | | 11,940 | | |
| | | 97,733 | | | | FNMA Pool #AC5822, 4.50%, 5/1/40 | | | | | 104,568 | | |
| | | 153,957 | | | | FNMA Pool #AD7128, 4.50%, 7/1/40 | | | | | 164,984 | | |
| | | 101,427 | | | | FNMA Pool #AD8529, 4.50%, 8/1/40 | | | | | 108,732 | | |
| | | 50,640 | | | | FNMA Pool #AH3226, 5.00%, 2/1/41 | | | | | 54,517 | | |
| | | 164,120 | | | | FNMA Pool #AH4493, 4.50%, 2/1/41 | | | | | 175,962 | | |
| | | 109,671 | | | | FNMA Pool #AI1019, 4.50%, 5/1/41 | | | | | 117,515 | | |
| | | 14,472 | | | | FNMA Pool #AK6513, 4.00%, 3/1/42 | | | | | 15,200 | | |
| | | 415,088 | | | | FNMA Pool #AL0657, 5.00%, 8/1/41 | | | | | 448,352 | | |
| | | 32,565 | | | | FNMA Pool #AL3192, 5.00%, 5/1/42 | | | | | 35,175 | | |
| | | 298,976 | | | | FNMA Pool #AQ1853, 3.00%, 11/1/42 | | | | | 300,592 | | |
| | | 151,333 | | | | FNMA Pool #AS0560, 4.50%, 9/1/43 | | | | | 161,331 | | |
| | | 92,712 | | | | FNMA Pool #AS1529, 3.00%, 1/1/29 | | | | | 94,632 | | |
| | | 60,549 | | | | FNMA Pool #AS3789, 4.50%, 11/1/44 | | | | | 64,720 | | |
| | | 106,073 | | | | FNMA Pool #AS4503, 3.00%, 2/1/30 | | | | | 108,271 | | |
| | | 199,738 | | | | FNMA Pool #AS4928, 3.50%, 5/1/45 | | | | | 205,184 | | |
| | | 92,873 | | | | FNMA Pool #AS6205, 3.50%, 11/1/45 | | | | | 95,405 | | |
| | | 246,758 | | | | FNMA Pool #AS7188, 4.00%, 5/1/46 | | | | | 258,164 | | |
| | | 51,739 | | | | FNMA Pool #AT8849, 4.00%, 6/1/43 | | | | | 54,296 | | |
| | | 150,145 | | | | FNMA Pool #AU1847, 3.00%, 9/1/43 | | | | | 150,910 | | |
| Principal Amount | | | | | | Value | | ||||||
| LONG-TERM MUNICIPAL SECURITIES (0.4%) (continued) | | ||||||||||||
| U.S. GOVERNMENT AGENCY OBLIGATIONS (2.4%) (continued) | | ||||||||||||
| | $ | 143,004 | | | | FNMA Pool #AU3621, 3.00%, 7/1/43 | | | | $ | 143,769 | | |
| | | 322,693 | | | | FNMA Pool #AU5409, 3.00%, 8/1/43 | | | | | 322,857 | | |
| | | 92,142 | | | | FNMA Pool #AU5653, 4.00%, 9/1/43 | | | | | 96,622 | | |
| | | 124,415 | | | | FNMA Pool #AU6562, 3.50%, 12/1/43 | | | | | 127,901 | | |
| | | 71,271 | | | | FNMA Pool #AU7025, 3.00%, 11/1/43 | | | | | 71,633 | | |
| | | 110,588 | | | | FNMA Pool #AV3310, 4.50%, 1/1/44 | | | | | 117,853 | | |
| | | 49,567 | | | | FNMA Pool #AX1138, 3.50%, 9/1/44 | | | | | 50,919 | | |
| | | 155,251 | | | | FNMA Pool #AY2728, 2.50%, 2/1/30 | | | | | 155,550 | | |
| | | 182,342 | | | | FNMA Pool #AZ2276, 4.00%, 6/1/45 | | | | | 190,725 | | |
| | | 232,243 | | | | FNMA Pool #BA6555, 3.00%, 1/1/46 | | | | | 232,361 | | |
| | | 19,985 | | | | FNMA Pool #MA0406, 4.50%, 5/1/30 | | | | | 21,328 | | |
| | | 42,514 | | | | FNMA Pool #MA0577, 3.50%, 11/1/20 | | | | | 43,894 | | |
| | | 220,883 | | | | FNMA REMIC Trust Series 2013-18, Class AE, 2.00%, 3/25/28 | | | | | 215,859 | | |
| | | 93,832 | | | | GNMA I Pool #539285, 3.00%, 5/15/42 | | | | | 94,914 | | |
| | | 45,572 | | | | GNMA I Pool #744842, 3.00%, 5/15/42 | | | | | 45,962 | | |
| | | 131,021 | | | | GNMA II Pool #MA1520, 3.00%, 12/20/43 | | | | | 132,870 | | |
| | | 210,271 | | | | GNMA II Pool #MA1521, 3.50%, 12/20/43 | | | | | 218,546 | | |
| | | 379,195 | | | | GNMA II Pool #MA1839, 4.00%, 4/20/44 | | | | | 398,324 | | |
| | | 47,308 | | | | GNMA II Pool #MA2445, 3.50%, 12/20/44 | | | | | 48,980 | | |
| TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $9,644,673) (2.4%) | | | | | 9,556,348 | | | ||||||
| U.S. TREASURY OBLIGATIONS (1.5%) | | ||||||||||||
| | | 25,000 | | | | U.S. Treasury Bonds, 5.25%, 2/15/29 | | | | | 31,838 | | |
| | | 70,000 | | | | U.S. Treasury Bonds, 4.38%, 2/15/38 | | | | | 89,482 | | |
| | | 450,000 | | | | U.S. Treasury Bonds, 3.13%, 11/15/41 | | | | | 483,768 | | |
| Principal Amount | | | | | | Value | | ||||||
| | $ | 250,000 | | | | U.S. Treasury Bonds, 2.75%, 8/15/42 | | | | $ | 251,738 | | |
| | | 600,000 | | | | U.S. Treasury Bonds, 2.88%, 5/15/43 | | | | | 616,945 | | |
| | | 200,000 | | | | U.S. Treasury Bonds, 3.75%, 11/15/43 | | | | | 238,305 | | |
| | | 100,000 | | | | U.S. Treasury Bonds, 3.63%, 2/15/44 | | | | | 116,887 | | |
| | | 200,000 | | | | U.S. Treasury Bonds, 3.38%, 5/15/44 | | | | | 224,430 | | |
| | | 100,000 | | | | U.S. Treasury Bonds, 3.13%, 8/15/44 | | | | | 107,480 | | |
| | | 150,000 | | | | U.S. Treasury Notes, 0.75%, 9/30/18 | | | | | 148,934 | | |
| | | 100,000 | | | | U.S. Treasury Notes, 1.38%, 2/28/19 | | | | | 99,457 | | |
| | | 100,000 | | | | U.S. Treasury Notes, 1.50%, 5/31/19 | | | | | 99,500 | | |
| | | 200,000 | | | | U.S. Treasury Notes, 1.63%, 12/31/19 | | | | | 198,953 | | |
| | | 300,000 | | | | U.S. Treasury Notes, 3.63%, 2/15/20 | | | | | 310,746 | | |
| | | 200,000 | | | | U.S. Treasury Notes, 1.38%, 4/30/20 | | | | | 197,523 | | |
| | | 150,000 | | | | U.S. Treasury Notes, 2.25%, 4/30/21 | | | | | 150,996 | | |
| | | 50,000 | | | | U.S. Treasury Notes, 1.63%, 8/15/22 | | | | | 48,832 | | |
| | | 600,000 | | | | U.S. Treasury Notes, 2.00%, 11/30/22(1) | | | | | 594,539 | | |
| | | 150,000 | | | | U.S. Treasury Notes, 2.00%, 2/15/23 | | | | | 148,459 | | |
| | | 300,000 | | | | U.S. Treasury Notes, 2.00%, 4/30/24 | | | | | 294,586 | | |
| | | 250,000 | | | | U.S. Treasury Notes, 2.13%, 7/31/24 | | | | | 247,031 | | |
| | | 300,000 | | | | U.S. Treasury Notes, 2.38%, 8/15/24 | | | | | 300,961 | | |
| | | 250,000 | | | | U.S. Treasury Notes, 2.13%, 5/15/25 | | | | | 246,182 | | |
| | | 100,000 | | | | U.S. Treasury Notes, 2.25%, 11/15/25 | | | | | 99,121 | | |
| | | 750,000 | | | | U.S. Treasury Notes, 2.25%, 8/15/27 | | | | | 739,453 | | |
| TOTAL U.S. TREASURY OBLIGATIONS (Cost $5,902,535) (1.5%) | | | | | 6,086,146 | | |
| Shares | | | | | | Value | | ||||||
| SHORT-TERM INVESTMENTS (7.8%) | | ||||||||||||
| | | | | | | MONEY MARKET FUNDS (7.8%) | | ||||||
| | | 12,374,375 | | | | State Street Institutional U.S. Government Money Market Fund, Premier Class | | | | | 12,374,375 | | |
| Shares | | | | | | Value | | ||||||
| | | | | | | MONEY MARKET FUNDS (7.8%) (continued) | | ||||||
| | | 18,814,498 | | | | State Street Navigator Securities Lending Government Money Market Portfolio(4) | | | | $ | 18,814,498 | | |
| TOTAL SHORT-TERM INVESTMENTS (Cost $31,188,873) (7.8%) | | | | | 31,188,873 | | | ||||||
| TOTAL INVESTMENT SECURITIES (104.5%) (Cost $341,888,810) | | | | $ | 417,789,085 | | | ||||||
| EXCESS OF LIABILITIES OVER CASH AND OTHER ASSETS (-4.5%) | | | | | (18,169,659) | | | ||||||
| NET ASSETS (100%) | | | | $ | 399,619,426 | | |
Investments in Securities: | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Assets | | | | | | ||||||||||||||||||||
Common Stocks* | | | | $ | 340,053,808 | | | | | $ | — | | | | | $ | — | | | | | $ | 340,053,808 | | |
Asset-Backed Securities | | | | | — | | | | | | 1,932,150 | | | | | | — | | | | | | 1,932,150 | | |
Commercial Mortgage-Backed Securities | | | | | — | | | | | | 3,559,710 | | | | | | — | | | | | | 3,559,710 | | |
Corporate Bonds & Notes* | | | | | — | | | | | | 22,516,104 | | | | | | — | | | | | | 22,516,104 | | |
Foreign Government Obligations | | | | | — | | | | | | 1,277,081 | | | | | | — | | | | | | 1,277,081 | | |
Long-Term Municipal Securities* | | | | | — | | | | | | 1,618,865 | | | | | | — | | | | | | 1,618,865 | | |
U.S. Government Agency Obligations | | | | | — | | | | | | 9,556,348 | | | | | | — | | | | | | 9,556,348 | | |
U.S. Treasury Obligations | | | | | — | | | | | | 6,086,146 | | | | | | — | | | | | | 6,086,146 | | |
Short-Term Investments | | | | | 31,188,873 | | | | | | — | | | | | | — | | | | | | 31,188,873 | | |
Total Investments in Securities | | | | $ | 371,242,681 | | | | | $ | 46,546,404 | | | | | $ | — | | | | | $ | 417,789,085 | | |
|
Portfolio Highlights at December 31, 2017 (unaudited)
Issue | | | Shares | | | Value | | | Percentage of Net Assets | | |||||||||
Alexion Pharmaceuticals, Inc. | | | | | 160,000 | | | | | $ | 19,134,400 | | | | | | 7.0% | | |
Facebook, Inc. | | | | | 92,000 | | | | | | 16,234,320 | | | | | | 5.9% | | |
Activision Blizzard, Inc. | | | | | 240,000 | | | | | | 15,196,800 | | | | | | 5.5% | | |
Amazon.com, Inc. | | | | | 12,400 | | | | | | 14,501,428 | | | | | | 5.3% | | |
Alphabet, Inc. | | | | | 13,000 | | | | | | 13,694,200 | | | | | | 5.0% | | |
Visa, Inc. | | | | | 105,000 | | | | | | 11,972,100 | | | | | | 4.4% | | |
Celgene Corp. | | | | | 105,000 | | | | | | 10,957,800 | | | | | | 4.0% | | |
Alibaba Group Holding, Ltd. ADR | | | | | 62,000 | | | | | | 10,690,660 | | | | | | 3.9% | | |
Vertex Pharmaceuticals, Inc. | | | | | 70,000 | | | | | | 10,490,200 | | | | | | 3.8% | | |
PayPal Holdings, Inc. | | | | | 117,000 | | | | | | 8,613,540 | | | | | | 3.1% | | |
Total | | | | | | | | | | | | | | | | | 47.9% | | |
![[MISSING IMAGE: tv484019_chrt-pie4.jpg]](https://capedge.com/proxy/N-CSR/0001144204-18-013934/tv484019_chrt-pie4.jpg)
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| | | Average Annual Total Return | | |||
Investor Class | | | |||||
1 year ended 12/31/17 | | | | | 33.79% | | |
5 years ended 12/31/17 | | | | | 16.59% | | |
10 years ended 12/31/17 | | | | | 7.43% | | |
Institutional Class | | | |||||
1 year ended 12/31/17 | | | | | 33.96% | | |
Schedule of Investments
| Shares | | | | | | Value | | ||||||
| COMMON STOCKS (100.3%) | | ||||||||||||
| CONSUMER DISCRETIONARY (16.3%) | | ||||||||||||
| | | | | | | APPAREL (1.0%) | | ||||||
| | | 45,000 | | | | NIKE, Inc. Class B | | | | $ | 2,814,750 | | |
| | | | | | | AUTO MANUFACTURERS (1.1%) | | ||||||
| | | 10,000 | | | | Tesla, Inc.*(1) | | | | | 3,113,500 | | |
| | | | | | | INTERNET (9.0%) | | ||||||
| | | 12,400 | | | | Amazon.com, Inc.* | | | | | 14,501,428 | | |
| | | 36,000 | | | | Netflix, Inc.* | | | | | 6,910,560 | | |
| | | 1,800 | | | | Priceline Group, Inc. (The)* | | | | | 3,127,932 | | |
| | | | | | | | | | | | 24,539,920 | | |
| | | | | | | RETAIL (5.2%) | | ||||||
| | | 56,000 | | | | Starbucks Corp. | | | | | 3,216,080 | | |
| | | 75,000 | | | | TJX Companies, Inc. (The) | | | | | 5,734,500 | | |
| | | 24,000 | | | | Ulta Salon, Cosmetics & Fragrance, Inc.* | | | | | 5,367,840 | | |
| | | | | | | | | | | | 14,318,420 | | |
| | | | | | | | | | | | 44,786,590 | | |
| CONSUMER STAPLES (4.8%) | | ||||||||||||
| | | | | | | BEVERAGES (3.6%) | | ||||||
| | | 24,000 | | | | Constellation Brands, Inc. Class A | | | | | 5,485,680 | | |
| | | 70,000 | | | | Monster Beverage Corp.* | | | | | 4,430,300 | | |
| | | | | | | | | | | | 9,915,980 | | |
| | | | | | | COSMETICS & PERSONAL CARE (1.2%) | | ||||||
| | | 26,000 | | | | Estee Lauder Companies, Inc. (The) Class A | | | | | 3,308,240 | | |
| | | | | | | | | | | | 13,224,220 | | |
| ENERGY (2.7%) | | ||||||||||||
| | | | | | | OIL & GAS (2.7%) | | ||||||
| | | 35,000 | | | | Diamondback Energy, Inc.* | | | | | 4,418,750 | | |
| | | 17,000 | | | | Pioneer Natural Resources Co. | | | | | 2,938,450 | | |
| | | | | | | | | | | | 7,357,200 | | |
| FINANCIALS (5.3%) | | ||||||||||||
| | | | | | | BANKS (2.6%) | | ||||||
| | | 240,000 | | | | Bank of America Corp. | | | | | 7,084,800 | | |
| | | | | | | DIVERSIFIED FINANCIAL SERVICES (2.7%) | | ||||||
| | | 104,000 | | | | Blackstone Group L.P. (The) | | | | | 3,330,080 | | |
| | | 80,000 | | | | Charles Schwab Corp. (The) | | | | | 4,109,600 | | |
| | | | | | | | | | | | 7,439,680 | | |
| | | | | | | | | | | | 14,524,480 | | |
| Shares | | | | | | Value | | ||||||
| HEALTHCARE (30.9%) | | ||||||||||||
| | | | | | | BIOTECHNOLOGY (22.3%) | | ||||||
| | | 160,000 | | | | Alexion Pharmaceuticals, Inc. * | | | | $ | 19,134,400 | | |
| | | 20,000 | | | | Biogen, Inc.* | | | | | 6,371,400 | | |
| | | 55,000 | | | | BioMarin Pharmaceutical, Inc. * | | | | | 4,904,350 | | |
| | | 105,000 | | | | Celgene Corp.* | | | | | 10,957,800 | | |
| | | 88,000 | | | | Exact Sciences Corp.*(1) | | | | | 4,623,520 | | |
| | | 33,000 | | | | Intercept Pharmaceuticals, Inc.*(1) | | | | | 1,927,860 | | |
| | | 60,000 | | | | Juno Therapeutics, Inc.*(1) | | | | | 2,742,600 | | |
| | | 70,000 | | | | Vertex Pharmaceuticals, Inc.* | | | | | 10,490,200 | | |
| | | | | | | | | | | | 61,152,130 | | |
| | | | | | | HEALTHCARE PRODUCTS (3.1%) | | ||||||
| | | 46,000 | | | | Edwards Lifesciences Corp.* | | | | | 5,184,660 | | |
| | | 46,000 | | | | Nevro Corp.* | | | | | 3,175,840 | | |
| | | | | | | | | | | | 8,360,500 | | |
| | | | | | | PHARMACEUTICALS (4.4%) | | ||||||
| | | 54,000 | | | | DexCom, Inc.*(1) | | | | | 3,099,060 | | |
| | | 32,000 | | | | Jazz Pharmaceuticals PLC* | | | | | 4,308,800 | | |
| | | 55,000 | | | | TESARO, Inc.*(1) | | | | | 4,557,850 | | |
| | | | | | | | | | | | 11,965,710 | | |
| | | | | | | SOFTWARE (1.1%) | | ||||||
| | | 48,000 | | | | Medidata Solutions, Inc.* | | | | | 3,041,760 | | |
| | | | | | | | | | | | 84,520,100 | | |
| INFORMATION TECHNOLOGY (40.3%) | | ||||||||||||
| | | | | | | COMMERCIAL SERVICES (3.2%) | | ||||||
| | | 117,000 | | | | PayPal Holdings, Inc.* | | | | | 8,613,540 | | |
| | | | | | | COMPUTERS (0.9%) | | ||||||
| | | 36,000 | | | | Cognizant Technology Solutions Corp. Class A | | | | | 2,556,720 | | |
| | | | | | | DIVERSIFIED FINANCIAL SERVICES (4.4%) | | ||||||
| | | 105,000 | | | | Visa, Inc. Class A | | | | | 11,972,100 | | |
| | | | | | | INTERNET (18.7%) | | ||||||
| | | 62,000 | | | | Alibaba Group Holding, Ltd. ADR*(1) | | | | | 10,690,660 | | |
| | | 13,000 | | | | Alphabet, Inc. Class A* | | | | | 13,694,200 | | |
| | | 92,000 | | | | Facebook, Inc. Class A * | | | | | 16,234,320 | | |
| | | 78,000 | | | | GrubHub, Inc.*(1) | | | | | 5,600,400 | | |
| Shares | | | | | | Value | | ||||||
| INFORMATION TECHNOLOGY (40.3%) (continued) | | ||||||||||||
| | | | | | | INTERNET (18.7%) (continued) | | ||||||
| | | 150,000 | | | | Zendesk, Inc.* | | | | $ | 5,076,000 | | |
| | | | | | | | | | | | 51,295,580 | | |
| | | | | | | SEMICONDUCTORS (1.8%) | | ||||||
| | | 19,000 | | | | BROADCOM, Ltd. | | | | | 4,881,100 | | |
| | | | | | | SOFTWARE (11.3%) | | ||||||
| | | 240,000 | | | | Activision Blizzard, Inc. | | | | | 15,196,800 | | |
| | | 27,000 | | | | Adobe Systems, Inc.* | | | | | 4,731,480 | | |
| | | 44,000 | | | | Salesforce.com, Inc.* | | | | | 4,498,120 | | |
| | | 50,000 | | | | ServiceNow, Inc.* | | | | | 6,519,500 | | |
| | | | | | | | | | | | 30,945,900 | | |
| | | | | | | | | | | | 110,264,940 | | |
| TOTAL COMMON STOCKS (Cost $195,333,257) (100.3%) | | | | | 274,677,530 | | | ||||||
| SHORT-TERM INVESTMENT (3.7%) | | ||||||||||||
| | | | | | | MONEY MARKET FUND (3.7%) | | ||||||
| | | 10,126,558 | | | | State Street Navigator Securities Lending Government Money Market Portfolio(2) | | | | | 10,126,558 | | |
| TOTAL SHORT-TERM INVESTMENT (Cost $10,126,558) (3.7%) | | | | | 10,126,558 | | | ||||||
| TOTAL INVESTMENT SECURITIES (104.0%) (Cost $205,459,815) | | | | $ | 284,804,088 | | | ||||||
| EXCESS OF LIABILITIES OVER CASH AND OTHER ASSETS (-4.0%) | | | | | (10,932,046) | | | ||||||
| NET ASSETS (100%) | | | | $ | 273,872,042 | | |
Investments in Securities: | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Assets | | | | | | ||||||||||||||||||||
Common Stocks* | | | | $ | 274,677,530 | | | | | $ | — | | | | | $ | — | | | | | $ | 274,677,530 | | |
Short-Term Investment | | | | | 10,126,558 | | | | | | — | | | | | | — | | | | | | 10,126,558 | | |
Total Investments in Securities | | | | $ | 284,804,088 | | | | | $ | — | | | | | $ | — | | | | | $ | 284,804,088 | | |
at December 31, 2017
| | | 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* | | | | $ | 338,901,959 | | | | | $ | 149,656,633 | | | | | $ | 417,789,085 | | | | | $ | 284,804,088 | | |
Receivable for securities sold | | | | | 11,326,834 | | | | | | 5,561,717 | | | | | | 681,059 | | | | | | — | | |
Dividends and interest receivable | | | | | 245,357 | | | | | | 73,981 | | | | | | 488,794 | | | | | | 9,000 | | |
Receivable for capital shares sold | | | | | 38,256 | | | | | | 11,578 | | | | | | 648,729 | | | | | | 115,586 | | |
Prepaid expenses | | | | | 19,097 | | | | | | 25,051 | | | | | | 27,607 | | | | | | 22,163 | | |
Receivable for securities lending income | | | | | 4,446 | | | | | | 1,304 | | | | | | 36,263 | | | | | | 5,393 | | |
Total Assets | | | | | 350,535,949 | | | | | | 155,330,264 | | | | | | 419,671,537 | | | | | | 284,956,230 | | |
Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Payable upon return of securities on loan (See Note 1J) | | | | | 5,500,439 | | | | | | 4,559,956 | | | | | | 18,814,498 | | | | | | 10,126,558 | | |
Payable for securities purchased | | | | | 2,559,395 | | | | | | 1,779,587 | | | | | | — | | | | | | — | | |
Payable for capital shares redeemed | | | | | 29,242 | | | | | | 62,626 | | | | | | 669,300 | | | | | | 238,519 | | |
Due to custodian | | | | | — | | | | | | — | | | | | | 143,612 | | | | | | 455,735 | | |
Accrued expenses: | | | | | | ||||||||||||||||||||
Advisory fee | | | | | 217,499 | | | | | | 81,799 | | | | | | 220,455 | | | | | | 131,672 | | |
Service and distribution plan fees | | | | | 72,500 | | | | | | 31,354 | | | | | | 83,363 | | | | | | 57,609 | | |
Directors’ fees and expenses | | | | | 591 | | | | | | 319 | | | | | | 363 | | | | | | 609 | | |
Other | | | | | 99,960 | | | | | | 50,242 | | | | | | 120,520 | | | | | | 73,486 | | |
Total Liabilities | | | | | 8,479,626 | | | | | | 6,565,883 | | | | | | 20,052,111 | | | | | | 11,084,188 | | |
Net Assets | | | | $ | 342,056,323 | | | | | $ | 148,764,381 | | | | | $ | 399,619,426 | | | | | $ | 273,872,042 | | |
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) | | | | $ | 10,330,885 | | | | | $ | 7,753,584 | | | | | $ | 40,148,870 | | | | | $ | 9,560,272 | | |
Additional paid-in capital | | | | | 124,464,255 | | | | | | 78,442,226 | | | | | | 278,034,059 | | | | | | 179,738,564 | | |
Undistributed/(distributions in excess of) net investment income | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Accumulated net realized gain on investments and foreign currency | | | | | 15,867,273 | | | | | | 5,561,967 | | | | | | 5,536,222 | | | | | | 5,228,933 | | |
Net unrealized appreciation/(depreciation) of: | | | | | | ||||||||||||||||||||
Investments and foreign currency translations | | | | | 191,393,910 | | | | | | 57,006,604 | | | | | | 75,900,275 | | | | | | 79,344,273 | | |
Net Assets | | | | $ | 342,056,323 | | | | | $ | 148,764,381 | | | | | $ | 399,619,426 | | | | | $ | 273,872,042 | | |
Net Asset Value Per Share | | | | | | | | | | | | | | | | | | | | | | | | | |
Investor Class | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Assets | | | | $ | 342,056,323 | | | | | $ | 147,669,386 | | | | | $ | 392,868,970 | | | | | $ | 272,191,400 | | |
Shares Outstanding | | | | | 10,330,885 | | | | | | 7,696,559 | | | | | | 39,466,694 | | | | | | 9,501,619 | | |
Net Asset Value, Offering and Redemption Price per Outstanding Share | | | | $ | 33.11 | | | | | $ | 19.19 | | | | | $ | 9.95 | | | | | $ | 28.65 | | |
Institutional Class | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Assets | | | | $ | — | | | | | $ | 1,094,995(1) | | | | | $ | 6,750,456 | | | | | $ | 1,680,642 | | |
Shares Outstanding | | | | | — | | | | | | 57,025(1) | | | | | | 682,176 | | | | | | 58,653 | | |
Net Asset Value, Offering and Redemption Price per Outstanding Share | | | | $ | — | | | | | $ | 19.20(1) | | | | | $ | 9.90 | | | | | $ | 28.65 | | |
* Includes securities on loan of | | | | $ | 54,958,838 | | | | | $ | 16,174,447 | | | | | $ | 45,312,056 | | | | | $ | 34,254,524 | | |
Cost of investments | | | | $ | 147,508,412 | | | | | $ | 92,650,029 | | | | | $ | 341,888,810 | | | | | $ | 205,459,815 | | |
(1) | Commenced operations on August 12, 2017. |
| | | 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 $34,019, $14,407, $0 and $0, respectively) | | | | $ | 3,081,684 | | | | | $ | 1,202,080 | | | | | $ | 4,274,485 | | | | | $ | 945,157 | | |
Interest | | | | | 21,853 | | | | | | 12,703 | | | | | | 1,422,487 | | | | | | 6,161 | | |
Securities lending income | | | | | 26,214 | | | | | | 10,044 | | | | | | 158,193 | | | | | | 67,626 | | |
Total Income | | | | | 3,129,751 | | | | | | 1,224,827 | | | | | | 5,855,165 | | | | | | 1,018,944 | | |
Expenses: | | | | | | ||||||||||||||||||||
Advisory fees | | | | | 2,478,520 | | | | | | 995,102 | | | | | | 2,421,756 | | | | | | 1,920,689 | | |
Service and distribution plan fees | | | | | 826,174 | | | | | | 362,626 | | | | | | 902,663 | | | | | | 635,995 | | |
Sub-transfer agent fees | | | | | 62,053 | | | | | | 15,040 | | | | | | 69,397 | | | | | | 17,273 | | |
Auditing and legal fees | | | | | 193,373 | | | | | | 90,991 | | | | | | 192,300 | | | | | | 145,674 | | |
Transfer agent fees | | | | | 172,968 | | | | | | 132,468 | | | | | | 183,485 | | | | | | 166,912 | | |
Directors’ fees and expenses | | | | | 60,040 | | | | | | 19,313 | | | | | | 48,993 | | | | | | 34,231 | | |
Custody and accounting fees | | | | | 54,537 | | | | | | 25,522 | | | | | | 113,911 | | | | | | 45,730 | | |
Printing and postage | | | | | 51,349 | | | | | | 37,177 | | | | | | 51,730 | | | | | | 32,153 | | |
Insurance fees | | | | | 22,356 | | | | | | 9,567 | | | | | | 21,705 | | | | | | 15,365 | | |
Registration and filing fees | | | | | 21,145 | | | | | | 26,345 | | | | | | 28,701 | | | | | | 30,740 | | |
Tax service fees | | | | | 13,014 | | | | | | 5,692 | | | | | | 14,345 | | | | | | 10,213 | | |
Other | | | | | 26,027 | | | | | | 13,793 | | | | | | 31,282 | | | | | | 20,774 | | |
Total Expenses Before Fees Waived (See Note 5) | | | | | 3,981,556 | | | | | | 1,733,636 | | | | | | 4,080,268 | | | | | | 3,075,749 | | |
Less: Service and Distribution Plan Fees Waived | | | | | — | | | | | | — | | | | | | — | | | | | | (139,260) | | |
Less: Advisory Fees Waived | | | | | — | | | | | | (16,358) | | | | | | (29,265) | | | | | | (89,666) | | |
Less: Sub-Transfer Agent Fees Waived | | | | | — | | | | | | (6) | | | | | | (236) | | | | | | (29) | | |
Net Expenses | | | | | 3,981,556 | | | | | | 1,717,272 | | | | | | 4,050,767 | | | | | | 2,846,794 | | |
Net Investment Income/(Loss) | | | | | (851,805) | | | | | | (492,445) | | | | | | 1,804,398 | | | | | | (1,827,850) | | |
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Exchange Transactions: | | | | | | ||||||||||||||||||||
Net Realized Gain/(Loss) From: | | | | | | ||||||||||||||||||||
Investments | | | | | 34,548,515 | | | | | | 7,769,856 | | | | | | 21,519,254 | | | | | | 21,429,155 | | |
Foreign currency translations | | | | | (136) | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | 34,548,379 | | | | | | 7,769,856 | | | | | | 21,519,254 | | | | | | 21,429,155 | | |
Change in Net Unrealized Appreciation/(Depreciation) of: | | | | | | ||||||||||||||||||||
Investments | | | | | 32,411,046 | | | | | | 18,697,461 | | | | | | 51,649,709 | | | | | | 51,409,377 | | |
Foreign currency transactions | | | | | 575 | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | 32,411,621 | | | | | | 18,697,461 | | | | | | 51,649,709 | | | | | | 51,409,377 | | |
Net Realized Gain and Change in Net Unrealized Appreciation/(Depreciation) on Investments and Foreign Exchange Transactions | | | | | 66,960,000 | | | | | | 26,467,317 | | | | | | 73,168,963 | | | | | | 72,838,532 | | |
Net Increase in Net Assets from Operations | | | | $ | 66,108,195 | | | | | $ | 25,974,872 | | | | | $ | 74,973,361 | | | | | $ | 71,010,682 | | |
| | | Value Line Premier Growth Fund, Inc. | | | Value Line Mid Cap Focused Fund, Inc. | ||||||||||||||||||
| | | Year Ended December 31, 2017 | | | Year Ended December 31, 2016 | | | Year Ended December 31, 2017 | | | Year Ended December 31, 2016 | ||||||||||||
Operations: | | | | | | | | | | |||||||||||||||
Net investment loss | | | | $ | (851,805) | | | | | $ | (618,799) | | | | | $ | (492,445) | | �� | | | $ | (359,368) | |
Net realized gain on investments and foreign currency | | | | | 34,548,379 | | | | | | 20,580,398 | | | | | | 7,769,856 | | | | | | 6,545,313 | |
Change in net unrealized appreciation/(depreciation) on investments and foreign currency translations | | | | | 32,411,621 | | | | | | 683,763 | | | | | | 18,697,461 | | | | | | 7,113,626 | |
Net increase in net assets from operations | | | | | 66,108,195 | | | | | | 20,645,362 | | | | | | 25,974,872 | | | | | | 13,299,571 | |
Distributions to Shareholders from: | | | | | | | | | | |||||||||||||||
Net investment income | | | | | | | | | | |||||||||||||||
Investor Class | | | | | — | | | | | | — | | | | | | — | | | | | | — | |
Institutional Class | | | | | — | | | | | | — | | | | | | — | | | | | | — | |
Net realized gain from investment transactions | | | | | | | | | | |||||||||||||||
Investor Class | | | | | (22,912,326) | | | | | | (19,959,942) | | | | | | (2,343,621) | | | | | | (2,944,129) | |
Institutional Class | | | | | — | | | | | | — | | | | | | (17,322)(1) | | | | | | — | |
Total distributions | | | | | (22,912,326) | | | | | | (19,959,942) | | | | | | (2,360,943) | | | | | | (2,944,129) | |
Share Transactions: | | | | | | | | | | |||||||||||||||
Proceeds from sale of shares | | | | | | | | | | |||||||||||||||
Investor Class | | | | | 9,120,288 | | | | | | 10,280,848 | | | | | | 8,516,948 | | | | | | 32,072,841 | |
Institutional Class | | | | | — | | | | | | — | | | | | | 1,023,752(1) | | | | | | — | |
Proceeds from reinvestment of dividends and distributions to shareholders | | | | | | | | | | |||||||||||||||
Investor Class | | | | | 22,041,732 | | | | | | 19,188,248 | | | | | | 2,228,642 | | | | | | 2,805,248 | |
Institutional Class | | | | | — | | | | | | — | | | | | | 17,322(1) | | | | | | — | |
Cost of shares redeemed | | | | | | | | | | |||||||||||||||
Investor Class | | | | | (40,995,529) | | | | | | (51,586,015) | | | | | | (20,666,260) | | | | | | (30,070,455) | |
Institutional Class | | | | | — | | | | | | — | | | | | | — | | | | | | — | |
Net increase/(decrease) in net assets from capital share transactions | | | | | (9,833,509) | | | | | | (22,116,919) | | | | | | (8,879,596) | | | | | | 4,807,634 | |
Total increase/(decrease) in net assets | | | | | 33,362,360 | | | | | | (21,431,499) | | | | | | 14,734,333 | | | | | | 15,163,076 | |
Net Assets: | | | | | | |||||||||||||||||||
Beginning of year | | | | | 308,693,963 | | | | | | 330,125,462 | | | | | | 134,030,048 | | | | | | 118,866,972 | |
End of year | | | | $ | 342,056,323 | | | | | $ | 308,693,963 | | | | | $ | 148,764,381 | | | | | $ | 134,030,048 | |
Undistributed/(distributions in excess of) net investment income included in net assets, at end of year | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | |
Capital Share Transactions: | | | | | | | | | | |||||||||||||||
Shares sold | | | | | | | | ��� | | |||||||||||||||
Investor Class | | | | | 285,715 | | | | | | 347,233 | | | | | | 471,107 | | | | | | 2,008,529 | |
Institutional Class | | | | | — | | | | | | — | | | | | | 56,126(1) | | | | | | — | |
Shares issued to shareholders in reinvestment of dividends and distributions | | | | | | | | | | |||||||||||||||
Investor Class | | | | | 663,714 | | | | | | 655,560 | | | | | | 115,774 | | | | | | 170,532 | |
Institutional Class | | | | | — | | | | | | — | | | | | | 899(1) | | | | | | — | |
Shares redeemed | | | | | | | | | | |||||||||||||||
Investor Class | | | | | (1,266,122) | | | | | | (1,764,444) | | | | | | (1,126,841) | | | | | | (1,871,701) | |
Institutional Class | | | | | — | | | | | | — | | | | | | — | | | | | | — | |
Net increase (decrease) | | | | | (316,693) | | | | | | (761,651) | | | | | | (482,935) | | | | | | 307,360 |
| | Value Line Income and Growth Fund, Inc. | | | Value Line Larger Companies Focused Fund, Inc. | |||||||||||||||||||
| | Year Ended December 31, 2017 | | | Year Ended December 31, 2016 | | | Year Ended December 31, 2017 | | | Year Ended December 31, 2016 | |||||||||||||
Operations: | | | | | | |||||||||||||||||||
Net investment loss | | | | $ | 1,804,398 | | | | | $ | 654,214 | | | | | $ | (1,827,850) | | | | | $ | (1,371,262) | |
Net realized gain on investments and foreign currency | | | | | 21,519,254 | | | | | | 12,719,726 | | | | | | 21,429,155 | | | | | | 30,662,481 | |
Change in net unrealized appreciation/(depreciation) on investments and foreign currency translations | | | | | 51,649,709 | | | | | | (6,237,899) | | | | | | 51,409,377 | | | | | | (29,089,253) | |
Net increase in net assets from operations | | | | | 74,973,361 | | | | | | 7,136,041 | | | | | | 71,010,682 | | | | | | 201,966 | |
Distributions to Shareholders from: | | | | | | | | | | |||||||||||||||
Net investment income | | | | | | | | | | |||||||||||||||
Investor Class | | | | | (1,946,288) | | | | | | (643,036) | | | | | | — | | | | | | — | |
Institutional Class | | | | | (40,592) | | | | | | (2,140) | | | | | | — | | | | | | — | |
Net realized gain from investment transactions | | | | | | | | | | |||||||||||||||
Investor Class | | | | | (18,989,991) | | | | | | (16,159,283) | | | | | | (19,571,353) | | | | | | (27,146,882) | |
Institutional Class | | | | | (328,234) | | | | | | (55,920) | | | | | | (120,372) | | | | | | (50,291) | |
Total distributions | | | | | (21,305,105) | | | | | | (16,860,379) | | | | | | (19,691,725) | | | | | | (27,197,173) | |
Share Transactions: | | | | | | |||||||||||||||||||
Proceeds from sale of shares | | | | | | |||||||||||||||||||
Investor Class | | | | | 92,630,410 | | | | | | 22,785,623 | | | | | | 19,224,664 | | | | | | 6,598,828 | |
Institutional Class | | | | | 6,476,607 | | | | | | 1,412,757 | | | | | | 7,623,944 | | | | | | 291,422 | |
Proceeds from reinvestment of dividends and distributions to shareholders | | | | | | |||||||||||||||||||
Investor Class | | | | | 19,731,130 | | | | | | 15,695,103 | | | | | | 18,930,393 | | | | | | 26,090,045 | |
Institutional Class | | | | | 325,581 | | | | | | 58,060 | | | | | | 120,372 | | | | | | 50,291 | |
Cost of shares redeemed | | | | | | |||||||||||||||||||
Investor Class | | | | | (75,505,855) | | | | | | (76,243,039) | | | | | | (31,895,162) | | | | | | (24,144,856) | |
Institutional Class | | | | | (1,398,304) | | | | | | (549,575) | | | | | | (6,526,863) | | | | | | — | |
Net increase/(decrease) in net assets from capital share transactions | | | | | 42,259,569 | | | | | | (36,841,071) | | | | | | 7,477,348 | | | | | | 8,885,730 | |
Total increase/(decrease) in net assets | | | | | 95,927,825 | | | | | | (46,565,409) | | | | | | 58,796,305 | | | | | | (18,109,477) | |
Net Assets: | | | | | | |||||||||||||||||||
Beginning of year | | | | | 303,691,601 | | | | | | 350,257,010 | | | | | | 215,075,737 | | | | | | 233,185,214 | |
End of year | | | | $ | 399,619,426 | | | | | $ | 303,691,601 | | | | | $ | 273,872,042 | | | | | $ | 215,075,737 | |
Undistributed/(distributions in excess of) net investment income included in net assets, at end of year | | | | $ | — | | | | | $ | 60,440 | | | | | $ | — | | | | | $ | — | |
Capital Share Transactions: | | | | | | | | | | |||||||||||||||
Shares sold | | | | | | |||||||||||||||||||
Investor Class | | | | | 9,575,418 | | | | | | 2,577,553 | | | | | | 661,187 | | | | | | 259,527 | |
Institutional Class | | | | | 662,936 | | | | | | 168,585 | | | | | | 250,990 | | | | | | 11,395 | |
Shares issued to shareholders in reinvestment of dividends and distributions | | | | | | |||||||||||||||||||
Investor Class | | | | | 1,973,382 | | | | | | 1,831,848 | | | | | | 655,712 | | | | | | 1,119,264 | |
Institutional Class | | | | | 32,713 | | | | | | 6,817 | | | | | | 4,168 | | | | | | 2,160 | |
Shares redeemed | | | | | | |||||||||||||||||||
Investor Class | | | | | (7,754,363) | | | | | | (8,885,626) | | | | | | (1,127,067) | | | | | | (945,122) | |
Institutional Class | | | | | (138,584) | | | | | | (61,590) | | | | | | (213,903) | | | | | | — | |
Net increase (decrease) | | | | | 4,351,502 | | | | | | (4,362,413) | | | | | | 231,087 | | | | | | 447,224 |
Financial Highlights
| | | Value Line Premier Growth Fund, Inc. Investor Class Years Ended December 31, | | |||||||||||||||||||||||||||
| | | 2017 | | | 2016 | | | 2015 | | | 2014 | | | 2013 | | |||||||||||||||
Net asset value, beginning of year | | | | $ | 28.99 | | | | | $ | 28.93 | | | | | $ | 33.84 | | | | | $ | 33.99 | | | | | $ | 28.84 | | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss) | | | | | (0.08) | | | | | | 0.00(1) | | | | | | (0.07) | | | | | | 0.01 | | | | | | 0.00(1) | | |
Net gains on securities (both realized and unrealized) | | | | | 6.56 | | | | | | 2.04 | | | | | | 0.14 | | | | | | 2.29 | | | | | | 7.64 | | |
Total from investment operations | | | | | 6.48 | | | | | | 2.04 | | | | | | 0.07 | | | | | | 2.30 | | | | | | 7.64 | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | — | | | | | | — | | | | | | — | | | | | | (0.01) | | | | | | — | | |
Distributions from net realized gains | | | | | (2.36) | | | | | | (1.98) | | | | | | (4.98) | | | | | | (2.44) | | | | | | (2.49) | | |
Total distributions | | | | | (2.36) | | | | | | (1.98) | | | | | | (4.98) | | | | | | (2.45) | | | | | | (2.49) | | |
Net asset value, end of year | | | | $ | 33.11 | | | | | $ | 28.99 | | | | | $ | 28.93 | | | | | $ | 33.84 | | | | | $ | 33.99 | | |
Total return | | | | | 22.32% | | | | | | 7.00% | | | | | | 0.25% | | | | | | 6.75% | | | | | | 26.56% | | |
Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year (in thousands) | | | | $ | 342,056 | | | | | $ | 308,694 | | | | | $ | 330,125 | | | | | $ | 379,205 | | | | | $ | 402,073 | | |
Ratio of gross expenses to average net assets | | | | | 1.20% | | | | | | 1.21% | | | | | | 1.23% | | | | | | 1.23% | | | | | | 1.24% | | |
Ratio of net expenses to average net assets | | | | | 1.20% | | | | | | 1.21% | | | | | | 1.23% | | | | | | 1.23% | | | | | | 1.24% | | |
Ratio of net investment income/(loss) to average net assets | | | | | (0.26)% | | | | | | (0.20)% | | | | | | (0.26)% | | | | | | 0.01% | | | | | | (0.02)% | | |
Portfolio turnover rate | | | | | 3% | | | | | | 7% | | | | | | 12% | | | | | | 9% | | | | | | 11% | | |
| | | Value Line Mid Cap Focused Fund, Inc. Investor Class Years Ended December 31, | | |||||||||||||||||||||||||||
| | | 2017 | | | 2016 | | | 2015 | | | 2014 | | | 2013 | | |||||||||||||||
Net asset value, beginning of year | | | | $ | 16.27 | | | | | $ | 14.99 | | | | | $ | 14.56 | | | | | $ | 13.50 | | | | | $ | 10.36 | | |
Income/(loss) from investment operations: | | | | | | | |||||||||||||||||||||||||
Net investment income/(loss) | | | | | 0.00 | | | | | | 0.00(1) | | | | | | (0.08) | | | | | | (0.01) | | | | | | 0.01 | | |
Net gains on securities (both realized and unrealized) | | | | | 3.23 | | | | | | 1.64 | | | | | | 0.51 | | | | | | 1.08 | | | | | | 3.19 | | |
Total from investment operations | | | | | 3.23 | | | | | | 1.64 | | | | | | 0.43 | | | | | | 1.07 | | | | | | 3.20 | | |
Less distributions: | | | | | | | |||||||||||||||||||||||||
Dividends from net investment income | | | | | — | | | | | | — | | | | | | — | | | | | | (0.01) | | | | | | (0.06) | | |
Distributions from net realized gains | | | | | (0.31) | | | | | | (0.36) | | | | | | — | | | | | | — | | | | | | — | | |
Total distributions | | | | | (0.31) | | | | | | (0.36) | | | | | | — | | | | | | (0.01) | | | | | | (0.06) | | |
Net asset value, end of year | | | | $ | 19.19 | | | | | $ | 16.27 | | | | | $ | 14.99 | | | | | $ | 14.56 | | | | | $ | 13.50 | | |
Total return | | | | | 19.84% | | | | | | 10.94% | | | | | | 2.95% | | | | | | 7.90% | | | | | | 30.86% | | |
Ratios/Supplemental Data: | | | | | | | |||||||||||||||||||||||||
Net assets, end of year (in thousands) | | | | $ | 147,669 | | | | | $ | 134,030 | | | | | $ | 118,867 | | | | | $ | 125,330 | | | | | $ | 125,268 | | |
Ratio of gross expenses to average net assets | | | | | 1.18% | | | | | | 1.21% | | | | | | 1.24% | | | | | | 1.23% | | | | | | 1.26% | | |
Ratio of net expenses to average net assets | | | | | 1.18% | | | | | | 1.21% | | | | | | 1.24% | | | | | | 1.23% | | | | | | 1.12% | | |
Ratio of net investment income/(loss) to average net assets | | | | | (0.34)% | | | | | | (0.28)% | | | | | | (0.53)% | | | | | | (0.06)% | | | | | | 0.05% | | |
Portfolio turnover rate | | | | | 2% | | | | | | 20% | | | | | | 17% | | | | | | 61% | | | | | | 7% | | |
| | | Value Line Mid Cap Focused Fund, Inc. Institutional Class Period Ended December 31, | | |||||||||||||||
| | | 2017(1) | | | | | | | | | | | | | | |||
Net asset value, beginning of period | | | | $ | 18.25 | | | | | | | | | | | | | | |
Income/(loss) from investment operations: | | | | | | | | | | | | ||||||||
Net investment income | | | | | 0.00 | | | | | | | ||||||||
Net gains on securities (both realized and unrealized) | | | | | 1.26 | | | | | | | ||||||||
Total from investment operations | | | | | 1.26 | | | | | | | ||||||||
Less distributions: | | | | | | | |||||||||||||
Distributions from net realized gains | | | | | (0.31) | | | | | | | ||||||||
Total distributions | | | | | (0.31) | | | | | | | ||||||||
Net asset value, end of year | | | | $ | 19.20 | | | | | | | ||||||||
Total return | | | | | 6.89%(2) | | | | | | | ||||||||
Ratios/Supplemental Data: | | | | | | | |||||||||||||
Net assets, end of year (in thousands) | | | | $ | 1,095 | | | | | | | ||||||||
Ratio of gross expenses to average net assets(3) | | | | | 5.61%(5) | | | | | | | ||||||||
Ratio of net expenses to average net assets(4) | | | | | 0.93%(5) | | | | | | | ||||||||
Ratio of net investment loss to average net assets(4) | | | | | (0.12)%(5) | | | | | | | ||||||||
Portfolio turnover rate | | | | | 2%(2) | | | | | | |
Financial Highlights
| | | Value Line Income and Growth Fund, Inc. Investor Class Years Ended December 31, | | |||||||||||||||||||||||||||
| | | 2017 | | | 2016 | | | 2015 | | | 2014 | | | 2013 | | |||||||||||||||
Net asset value, beginning of year | | | | $ | 8.48 | | | | | $ | 8.72 | | | | | $ | 9.40 | | | | | $ | 9.82 | | | | | $ | 8.67 | | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | | | 0.05 | | | | | | 0.02 | | | | | | 0.06 | | | | | | 0.12 | | | | | | 0.12 | | |
Net gains/(losses) on securities (both realized and unrealized) | | | | | 1.97 | | | | | | 0.23 | | | | | | (0.14) | | | | | | 0.92 | | | | | | 1.57 | | |
Total from investment operations | | | | | 2.02 | | | | | | 0.25 | | | | | | (0.08) | | | | | | 1.04 | | | | | | 1.69 | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | (0.05) | | | | | | (0.02) | | | | | | (0.06) | | | | | | (0.11) | | | | | | (0.12) | | |
Distributions from net realized gains | | | | | (0.50) | | | | | | (0.47) | | | | | | (0.54) | | | | | | (1.35) | | | | | | (0.42) | | |
Total distributions | | | | | (0.55) | | | | | | (0.49) | | | | | | (0.60) | | | | | | (1.46) | | | | | | (0.54) | | |
Net asset value, end of year | | | | $ | 9.95 | | | | | $ | 8.48 | | | | | $ | 8.72 | | | | | $ | 9.40 | | | | | $ | 9.82 | | |
Total return | | | | | 23.86% | | | | | | 2.80% | | | | | | (0.86)% | | | | | | 10.62% | | | | | | 19.55% | | |
Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year (in thousands) | | | | $ | 392,869 | | | | | $ | 302,636 | | | | | $ | 350,159 | | | | | $ | 372,707 | | | | | $ | 330,698 | | |
Ratio of gross expenses to average net assets | | | | | 1.11% | | | | | | 1.16% | | | | | | 1.15% | | | | | | 1.15% | | | | | | 1.16% | | |
Ratio of net expenses to average net assets | | | | | 1.11% | | | | | | 1.16% | | | | | | 1.15% | | | | | | 1.12% | | | | | | 1.11% | | |
Ratio of net investment income to average net assets | | | | | 0.49% | | | | | | 0.22% | | | | | | 0.67% | | | | | | 1.17% | | | | | | 1.26% | | |
Portfolio turnover rate | | | | | 88% | | | | | | 53% | | | | | | 45% | | | | | | 57% | | | | | | 27% | | |
| | | Value Line Income and Growth Fund, Inc. Institutional Class | | |||||||||||||||
| | | Years Ended December 31, | | | Period Ended December 31, 2015(1) | | ||||||||||||
| | | 2017 | | | 2016 | | ||||||||||||
Net asset value, beginning of year | | | | $ | 8.43 | | | | | $ | 8.65 | | | | | $ | 9.50 | | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss) | | | | | 0.07 | | | | | | 0.02 | | | | | | (0.07) | | |
Net gains/(losses) on securities (both realized and unrealized) | | | | | 1.98 | | | | | | 0.25 | | | | | | (0.24) | | |
Total from investment operations | | | | | 2.05 | | | | | | 0.27 | | | | | | (0.31) | | |
Less distributions: | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | (0.08) | | | | | | (0.02) | | | | | | — | | |
Distributions from net realized gains | | | | | (0.50) | | | | | | (0.47) | | | | | | (0.54) | | |
Total distributions | | | | | (0.58) | | | | | | (0.49) | | | | | | (0.54) | | |
Net asset value, end of year | | | | $ | 9.90 | | | | | $ | 8.43 | | | | | $ | 8.65 | | |
Total return | | | | | 24.31% | | | | | | 3.06% | | | | | | (3.29)%(2) | | |
Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | |
Net assets, end of year (in thousands) | | | | $ | 6,750 | | | | | $ | 1,055 | | | | | $ | 98 | | |
Ratio of gross expenses to average net assets(3) | | | | | 1.63% | | | | | | 4.82% | | | | | | 6.19%(5) | | |
Ratio of net expenses to average net assets(4) | | | | | 0.86% | | | | | | 0.90% | | | | | | 6.19%(5) | | |
Ratio of net investment income/(loss) to average net assets(4) | | | | | 0.58% | | | | | | 0.43% | | | | | | (5.02)%(5) | | |
Portfolio turnover rate | | | | | 88% | | | | | | 53% | | | | | | 45%(2) | | |
| | | Value Line Larger Companies Focused Fund, Inc. Investor Class Years Ended December 31, | | |||||||||||||||||||||||||||
| | | 2017 | | | 2016 | | | 2015 | | | 2014 | | | 2013 | | |||||||||||||||
Net asset value, beginning of year | | | | $ | 23.05 | | | | | $ | 26.25 | | | | | $ | 25.28 | | | | | $ | 25.57 | | | | | $ | 19.78 | | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss) | | | | | (0.19) | | | | | | 0.00(1) | | | | | | (0.14) | | | | | | (0.01) | | | | | | 0.13 | | |
Net gains on securities (both realized and unrealized) | | | | | 8.00 | | | | | | 0.10 | | | | | | 2.63 | | | | | | 3.23 | | | | | | 5.81 | | |
Total from investment operations | | | | | 7.81 | | | | | | 0.10 | | | | | | 2.49 | | | | | | 3.22 | | | | | | 5.94 | | |
Redemption fees | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 0.00 | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | — | | | | | | — | | | | | | — | | | | | | (0.11) | | | | | | (0.15) | | |
Distributions from net realized gains | | | | | (2.21) | | | | | | (3.30) | | | | | | (1.52) | | | | | | (3.40) | | | | | | — | | |
Total distributions | | | | | (2.21) | | | | | | (3.30) | | | | | | (1.52) | | | | | | (3.51) | | | | | | (0.15) | | |
Net asset value, end of year | | | | $ | 28.65 | | | | | $ | 23.05 | | | | | $ | 26.25 | | | | | $ | 25.28 | | | | | $ | 25.57 | | |
Total return | | | | | 33.79% | | | | | | 0.24% | | | | | | 9.88% | | | | | | 12.41% | | | | | | 30.05% | | |
Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year (in thousands) | | | | $ | 272,191 | | | | | $ | 214,675 | | | | | $ | 233,085 | | | | | $ | 220,548 | | | | | $ | 211,508 | | |
Ratio of gross expenses to average net assets(2) | | | | | 1.19% | | | | | | 1.23% | | | | | | 1.23% | | | | | | 1.23% | | | | | | 1.25% | | |
Ratio of net expenses to average net assets(3) | | | | | 1.11% | | | | | | 1.13% | | | | | | 1.13% | | | | | | 1.13% | | | | | | 1.06% | | |
Ratio of net investment income/(loss) to average net assets(3) | | | | | (0.71)% | | | | | | (0.62)% | | | | | | (0.55)% | | | | | | (0.07)% | | | | | | 0.48% | | |
Portfolio turnover rate | | | | | 35% | | | | | | 47% | | | | | | 37% | | | | | | 89% | | | | | | 8% | | |
| | | Value Line Larger Companies Focused Fund, Inc. Institutional Class | | |||||||||||||||
| | | Years Ended December 31, | | | Period Ended December 31, 2015(1) | | ||||||||||||
| | | 2017 | | | 2016 | | ||||||||||||
Net asset value, beginning of year | | | | $ | 23.02 | | | | | $ | 26.18 | | | | | $ | 27.91 | | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss) | | | | | (0.19) | | | | | | 0.00(2) | | | | | | (0.09) | | |
Net gains/(losses) on securities (both realized and unrealized) | | | | | 8.03 | | | | | | 0.14 | | | | | | (0.12) | | |
Total from investment operations | | | | | 7.84 | | | | | | 0.14 | | | | | | (0.21) | | |
Less distributions: | | | | | | | | | | | | | | | | | | | |
Distributions from net realized gains | | | | | (2.21) | | | | | | (3.30) | | | | | | (1.52) | | |
Total distributions | | | | | (2.21) | | | | | | (3.30) | | | | | | (1.52) | | |
Net asset value, end of year | | | | $ | 28.65 | | | | | $ | 23.02 | | | | | $ | 26.18 | | |
Total return | | | | | 33.96% | | | | | | 0.40% | | | | | | (0.73)%(3) | | |
Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | |
Net assets, end of year (in thousands) | | | | $ | 1,681 | | | | | $ | 401 | | | | | $ | 101 | | |
Ratio of gross expenses to average net assets(4) | | | | | 2.73% | | | | | | 17.29% | | | | | | 2.70%(6) | | |
Ratio of net expenses to average net assets(5) | | | | | 0.94% | | | | | | 0.98% | | | | | | 2.70%(6) | | |
Ratio of net investment loss to average net assets(5) | | | | | (0.67)% | | | | | | (0.49)% | | | | | | (2.16)%(6) | | |
Portfolio turnover rate | | | | | 35% | | | | | | 47% | | | | | | 37%(3) | | |
| | | Year Ended December 31, 2017 | | | Year Ended December 31, 2016 | | ||||||
Value Line Premier Growth Fund, Inc. | | | | ||||||||||
Dividends per share from net investment income | | | | $ | — | | | | | $ | — | | |
Distributions per share from net realized gains | | | | $ | 2.3579 | | | | | $ | 1.9843 | | |
Value Line Mid Cap Focused Fund, Inc. | | | | ||||||||||
Investor Class: | | | | ||||||||||
Dividends per share from net investment income | | | | $ | — | | | | | $ | — | | |
Distributions per share from net realized gains | | | | $ | 0.3086 | | | | | $ | 0.3642 | | |
Value Line Mid Cap Focused Fund, Inc. | | | | ||||||||||
Institutional Class*: | | | | ||||||||||
Dividends per share from net investment income | | | | $ | — | | | | | | | | |
Distributions per share from net realized gains | | | | $ | 0.3086 | | | | | | | | |
Value Line Income and Growth Fund, Inc. | | | | ||||||||||
Investor Class: | | | | ||||||||||
Dividends per share from net investment income | | | | $ | 0.0518 | | | | | $ | 0.0176 | | |
Distributions per share from net realized gains | | | | $ | 0.5027 | | | | | $ | 0.4703 | | |
Institutional Class: | | | | ||||||||||
Dividends per share from net investment income | | | | $ | 0.0772 | | | | | $ | 0.0185 | | |
Distributions per share from net realized gains | | | | $ | 0.5027 | | | | | $ | 0.4703 | | |
Value Line Larger Companies Focused Fund, Inc. | | | | ||||||||||
Investor Class: | | | | ||||||||||
Dividends per share from net investment income | | | | $ | — | | | | | $ | — | | |
Distributions per share from net realized gains | | | | $ | 2.2063 | | | | | $ | 3.3004 | | |
Institutional Class: | | | | ||||||||||
Dividends per share from net investment income | | | | $ | — | | | | | $ | — | | |
Distributions per share from net realized gains | | | | $ | 2.2063 | | | | | $ | 3.3004 | | |
| | | Investor Class | | | Institutional Class* | | | Total | | |||||||||
Value Line Mid Cap Focused Fund, Inc. | | | | | |||||||||||||||
Registration and filing fees | | | | $ | 19,721 | | | | | $ | 6,624 | | | | | $ | 26,345 | | |
Transfer agent fees | | | | | 122,742 | | | | | | 9,726 | | | | | | 132,468 | | |
Sub-transfer agent fees | | | | | 15,034 | | | | | | 6 | | | | | | 15,040 | | |
Other | | | | | 13,468 | | | | | | 325 | | | | | | 13,793 | | |
| | | Investor Class | | | Institutional Class | | | Total | | |||||||||
Value Line Income and Growth Fund, Inc. | | | | | |||||||||||||||
Registration and filing fees | | | | $ | 18,328 | | | | | $ | 10,373 | | | | | $ | 28,701 | | |
Transfer agent fees | | | | | 162,975 | | | | | | 20,510 | | | | | | 183,485 | | |
Sub-transfer agent fees | | | | | 69,161 | | | | | | 236 | | | | | | 69,397 | | |
Other | | | | | 30,297 | | | | | | 985 | | | | | | 31,282 | | |
| | | Investor Class | | | Institutional Class | | | Total | | |||||||||
Value Line Larger Companies Focused Fund, Inc. | | | | | |||||||||||||||
Registration and filing fees | | | | $ | 19,511 | | | | | $ | 11,229 | | | | | $ | 30,740 | | |
Transfer agent fees | | | | | 147,215 | | | | | | 19,697 | | | | | | 166,912 | | |
Sub-transfer agent fees | | | | | 17,244 | | | | | | 29 | | | | | | 17,273 | | |
Other | | | | | 19,800 | | | | | | 974 | | | | | | 20,774 | | |
Fund | | | Value of Securities Loaned | | | Value of Collateral* | | | Total Collateral (including Calculated Mark)** | | |||||||||
Value Line Premier Growth Fund, Inc. | | | | $ | 54,958,838 | | | | | $ | 56,290,423 | | | | | $ | 56,136,263 | | |
Value Line Mid Cap Focused Fund, Inc. | | | | | 16,174,447 | | | | | | 16,525,244 | | | | | | 16,507,055 | | |
Value Line Income and Growth Fund, Inc. | | | | | 45,312,056 | | | | | | 46,803,019 | | | | | | 46,306,274 | | |
Value Line Larger Companies Focused Fund, Inc. | | | | | 34,254,524 | | | | | | 35,430,850 | | | | | | 34,994,263 | | |
| | | Remaining Contractual Maturity of the Agreements As of December 31, 2017 | | |||||||||||||||||||||||||||
Value Line Premier Growth Fund, Inc. | | | Overnight and Continuous | | | <30 days | | | Between 30 & 90 days | | | >90 days | | | Total | | |||||||||||||||
Securities Lending Transactions | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stock | | | | $ | 5,500,439 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 5,500,439 | | |
Total Borrowings | | | | $ | 5,500,439 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 5,500,439 | | |
Gross amount of recognized liabilities for securities lending transactions | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 5,500,439 | | |
| | | Remaining Contractual Maturity of the Agreements As of December 31, 2017 | | |||||||||||||||||||||||||||
Value Line Mid Cap Focused Fund, Inc. | | | Overnight and Continuous | | | <30 days | | | Between 30 & 90 days | | | >90 days | | | Total | | |||||||||||||||
Securities Lending Transactions | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stock | | | | $ | 4,559,956 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 4,559,956 | | |
Total Borrowings | | | | $ | 4,559,956 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 4,559,956 | | |
Gross amount of recognized liabilities for securities lending transactions | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 4,559,956 | | |
| | | Remaining Contractual Maturity of the Agreements As of December 31, 2017 | | | | | |||||||||||||||||||||||||||||||||
Value Line Income and Growth Fund, Inc. | | | Overnight and Continuous | | | <30 days | | | Between 30 & 90 days | | | >90 days | | | Total | | | | | |||||||||||||||||||||
Securities Lending Transactions | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Common Stock | | | | $ | 17,044,853 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 17,044,853 | | | | | | ||||||
Corporate Bonds & Notes | | | | | 1,162,145 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,162,145 | | | | | | ||||||
U.S. Treasury Obligations | | | | | 607,500 | | | | | | | | | | | | | | | | | | | | | | | | 607,500 | | | | | | | | | | | |
Total Borrowings | | | | $ | 18,814,498 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 18,814,498 | | | | | | ||||||
Gross amount of recognized liabilities for securities lending transactions | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 18,814,498 | | | | | |
| | | Remaining Contractual Maturity of the Agreements As of December 31, 2017 | | |||||||||||||||||||||||||||
Value Line Larger Companies Focused Fund, Inc. | | | Overnight and Continuous | | | <30 days | | | Between 30 & 90 days | | | >90 days | | | Total | | |||||||||||||||
Securities Lending Transactions | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stock | | | | $ | 10,126,558 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 10,126,558 | | |
Total Borrowings | | | | $ | 10,126,558 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 10,126,558 | | |
Gross amount of recognized liabilities for securities lending transactions | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 10,126,558 | | |
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. | | | | $ | 10,397,513 | | | | | $ | 44,820,659 | | | | | $ | — | | | | | $ | — | | |
Value Line Mid Cap Focused Fund, Inc. | | | | | 2,311,952 | | | | | | 11,828,517 | | | | | | — | | | | | | — | | |
Value Line Income and Growth Fund, Inc. | | | | | 341,884,021 | | | | | | 315,474,612 | | | | | | 3,656,253 | | | | | | 2,952,179 | | |
Value Line Larger Companies Focused Fund, Inc. | | | | | 90,005,936 | | | | | | 102,299,416 | | | | | | — | | | | | | — | | |
Fund | | | Cost of investments for tax purposes | | | Gross tax unrealized appreciation | | | Gross tax unrealized depreciation | | | Net tax unrealized appreciation (depreciation) on investments | | | Undistributed ordinary income | | | Undistributed long-term gain | | ||||||||||||||||||
Value Line Premier Growth Fund, Inc. | | | | $ | 147,508,425 | | | | | $ | 192,072,714 | | | | | $ | (679,180) | | | | | $ | 191,393,534 | | | | | $ | — | | | | | $ | 15,867,286 | | |
Value Line Mid Cap Focused Fund, Inc. | | | | | 92,664,803 | | | | | | 58,194,197 | | | | | | (1,202,367) | | | | | | 56,991,830 | | | | | | — | | | | | | 5,576,741 | | |
Value Line Income and Growth Fund, Inc. | | | | | 342,943,092 | | | | | | 89,963,425 | | | | | | (15,117,432) | | | | | | 74,845,993 | | | | | | 2,624,709 | | | | | | 3,965,795 | | |
Value Line Larger Companies Focused Fund, Inc. | | | | | 205,844,748 | | | | | | 89,720,022 | | | | | | (10,760,682) | | | | | | 78,959,340 | | | | | | 751,320 | | | | | | 4,862,546 | | |
Fund | | | Undistributed Net Investment Income/(Loss) | | | Accumulated Net Realized Gains/(Losses) | | | Additional Paid-In Capital | | |||||||||
Value Line Premier Growth Fund, Inc. | | | | $ | 851,805 | | | | | $ | 136 | | | | | $ | (851,941) | | |
Value Line Mid Cap Focused Fund, Inc. | | | | | 492,445 | | | | | | — | | | | | | (492,445) | | |
Value Line Income and Growth Fund, Inc. | | | | | 122,042 | | | | | | (26,362) | | | | | | (95,680) | | |
Value Line Larger Companies Focused Fund, Inc. | | | | | 1,827,850 | | | | | | (1,827,845) | | | | | | (5) | | |
| | | Year Ended December 31, 2017 Distributions Paid from | | |||||||||||||||
Fund | | | Ordinary Income | | | Long-Term Capital Gain | | | Total Distributions Paid | | |||||||||
Value Line Premier Growth Fund, Inc. | | | | $ | — | | | | | $ | 22,912,326 | | | | | $ | 22,912,326 | | |
Value Line Mid Cap Focused Fund, Inc. | | | | | — | | | | | | 2,360,943 | | | | | | 2,360,943 | | |
Value Line Income and Growth Fund, Inc. | | | | | 7,990,871 | | | | | | 13,314,234 | | | | | | 21,305,105 | | |
Value Line Larger Companies Focused Fund, Inc. | | | | | 6,201,566 | | | | | | 13,490,159 | | | | | | 19,691,725 | | |
| | | Year Ended December 31,2016 Distributions Paid from | | |||||||||||||||
Fund | | | Ordinary Income | | | Long-Term Capital Gain | | | Total Distributions Paid | | |||||||||
Value Line Premier Growth Fund, Inc. | | | | $ | — | | | | | $ | 19,959,942 | | | | | $ | 19,959,942 | | |
Value Line Mid Cap Focused Fund, Inc. | | | | | — | | | | | | 2,944,129 | | | | | | 2,944,129 | | |
Value Line Income and Growth Fund, Inc. | | | | | 645,176 | | | | | | 16,215,203 | | | | | | 16,860,379 | | |
Value Line Larger Companies Focused Fund, Inc. | | | | | 591,153 | | | | | | 26,606,020 | | | | | | 27,197,173 | | |
Fund | | | Advisory Fee | | |||
Value Line Premier Growth Fund, Inc. | | | | $ | 2,478,520 | | |
Value Line Mid Cap Focused Fund, Inc. | | | | | 995,102 | | |
Value Line Income and Growth Fund, Inc | | | | | 2,421,756 | | |
Value Line Larger Companies Focused Fund, Inc | | | | | 1,920,689 | | |
Fund | | | Distribution & Service Fees | | | Waived Amount | | ||||||
Value Line Premier Growth Fund, Inc. | | | | $ | 826,174 | | | | | $ | — | | |
Value Line Mid Cap Focused Fund, Inc. | | | | | 362,626 | | | | | | — | | |
Value Line Income and Growth Fund, Inc | | | | | 902,663 | | | | | | — | | |
Value Line Larger Companies Focused Fund, Inc | | | | | 635,995 | | | | | | 139,260 | | |
Fund | | | Sub TA Fees | | | Waived Amount | | ||||||
Value Line Premier Growth Fund, Inc. | | | | $ | 62,053 | | | | | $ | — | | |
Value Line Mid Cap Focused Fund, Inc. | | | | | 15,040 | | | | | | 6 | | |
Value Line Income and Growth Fund, Inc. | | | | | 69,397 | | | | | | 236 | | |
Value Line Larger Companies Focused Fund, Inc. | | | | | 17,273 | | | | | | 29 | | |
Fund | | | Expiration | | | Fees Waived and Reimbursed by the Adviser | | | Fees Waived and Reimbursed by the Distributor | | ||||||
Value Line Mid Cap Focused Fund Inc. | | | December 31, 2020 | | | | $ | 16,358 | | | | | $ | — | | |
Value Line Income and Growth Fund, Inc. | | | December 31, 2019 | | | | | 38,957 | | | | | | — | | |
Value Line Income and Growth Fund, Inc. | | | December 31, 2020 | | | | | 29,265 | | | | | | — | | |
Value Line Larger Companies Focused Fund, Inc. | | | December 31, 2018 | | | | | — | | | | | | 229,171 | | |
Value Line Larger Companies Focused Fund, Inc. | | | December 31, 2019 | | | | | 39,574 | | | | | | 220,270 | | |
Value Line Larger Companies Focused Fund, Inc. | | | December 31, 2020 | | | | | 89,666 | | | | | | 139,260 | | |
New York, New York
February 27, 2018
| | | Beginning Account Value July 1, 2017 | | | Ending Account Value December 31, 2017 | | | Expenses Paid During Period* | | | Annualized Expense Ratio | | ||||||||||||
Actual | | | | | | ||||||||||||||||||||
Value Line Premier Growth Fund, Inc. – Investor Class | | | | $ | 1,000.00 | | | | | $ | 1,086.70 | | | | | $ | 6.31 | | | | | | 1.20% | | |
Value Line Mid Cap Focused Fund, Inc. – Investor Class | | | | | 1,000.00 | | | | | | 1,069.00 | | | | | | 6.15 | | | | | | 1.18 | | |
Value Line Mid Cap Focused Fund, Inc. – Institutional Class** | | | | | 1,000.00 | | | | | | 1,068.90 | | | | | | 3.74 | | | | | | 0.93 | | |
Value Line Income and Growth Fund, Inc. – Investor Class | | | | | 1,000.00 | | | | | | 1,083.70 | | | | | | 5.83 | | | | | | 1.11 | | |
Value Line Income and Growth Fund, Inc. – Institutional Class | | | | | 1,000.00 | | | | | | 1,085.70 | | | | | | 4.52 | | | | | | 0.86 | | |
Value Line Larger Companies Focused Fund, Inc. – Investor Class | | | | | 1,000.00 | | | | | | 1,099.80 | | | | | | 5.98 | | | | | | 1.13 | | |
Value Line Larger Companies Focused Fund, Inc. – Institutional Class | | | | | 1,000.00 | | | | | | 1,100.60 | | | | | | 4.98 | | | | | | 0.94 | | |
Hypothetical (5% return before expenses) | | | | | | ||||||||||||||||||||
Value Line Premier Growth Fund, Inc. – Investor Class | | | | $ | 1,000.00 | | | | | $ | 1,019.16 | | | | | $ | 6.11 | | | | | | 1.20% | | |
Value Line Mid Cap Focused Fund, Inc. – Investor Class | | | | | 1,000.00 | | | | | | 1,019.26 | | | | | | 6.01 | | | | | | 1.18 | | |
Value Line Mid Cap Focused Fund, Inc. – Institutional Class** | | | | | 1,000.00 | | | | | | 1,015.83 | | | | | | 3.65 | | | | | | 0.93 | | |
Value Line Income and Growth Fund, Inc. – Investor Class | | | | | 1,000.00 | | | | | | 1,019.61 | | | | | | 5.65 | | | | | | 1.11 | | |
Value Line Income and Growth Fund, Inc. – Institutional Class | | | | | 1,000.00 | | | | | | 1,020.87 | | | | | | 4.38 | | | | | | 0.86 | | |
Value Line Larger Companies Focused Fund, Inc. – Investor Class | | | | | 1,000.00 | | | | | | 1,019.51 | | | | | | 5.75 | | | | | | 1.13 | | |
Value Line Larger Companies Focused Fund, Inc. – Institutional Class | | | | | 1,000.00 | | | | | | 1,020.47 | | | | | | 4.79 | | | | | | 0.94 | | |
Fund | | | % of Qualifying Dividend Income | | | % of Dividends Eligible for the Corporate Dividends Received Deduction | | | Long-Term Capital Gains | | |||||||||
Value Line Premier Growth Fund, Inc. | | | | | 0.00% | | | | | | 0.00% | | | | | $ | 22,912,326 | | |
Value Line Mid Cap Focused Fund, Inc. | | | | | 0.00% | | | | | | 0.00% | | | | | | 2,360,943 | | |
Value Line Income and Growth Fund, Inc. | | | | | 44.53% | | | | | | 44.53% | | | | | | 13,314,234 | | |
Value Line Larger Companies Focused Fund, Inc. | | | | | 25.29% | | | | | | 25.29% | | | | | | 13,490,159 | | |
Name, Address, and Age | | | Position | | | Length of Time Served | | | Principal Occupations During the Past 5 Years | | | Number of Portfolios in Fund Complex Overseen by Director | | | Other Directorships Held by Director During the Past 5 Years | |
Interested Director* | | | | | | | ||||||||||
Mitchell E. Appel Age: 47 | | | Director | | | Since 2010 | | | President of each of the Value Line Funds since June 2008; Chief Financial Officer of the Distributor since April 2008 and President since February 2009; President of the Adviser since February 2009, Trustee since December 2010 and Treasurer since January 2011. | | | 11 | | | Forethought Variable Insurance Trust (September 2013-present) | |
Non-Interested Directors | | |||||||||||||||
Joyce E. Heinzerling Age: 61 | | | Director | | | Since 2008 | | | Managing Member, Meridian Fund Advisers LLC (consultants). | | | 11 | | | None | |
James E. Hillman Age: 61 | | | Director (Chair of the Board of the Value Line Funds since April 2016) | | | Since 2015 | | | Chief Financial Officer, Notre Dame School of Manhattan since 2011; Director and Principal Financial Officer, Merrill Lynch Global Wealth Management, 2006-2011. | | | 11 | | | Miller/Howard Funds Trust; Miller/Howard High Income Equity Fund (2014 to present) | |
Michael Kuritzkes Age: 57 | | | Director | | | Since 2015 | | | Consultant, Coronado Advisors LLC since June 2014; Executive Vice President and General Counsel, Harbinger Group Inc. (public holding company), 2013-2014; Executive Vice President and General Counsel, Digital First Media, LLC, 2012-2013; Executive Vice President and General Counsel, Philadelphia Media LLC, 2010-2012. | | | 11 | | | None | |
Paul Craig Roberts Age: 79 | | | Director | | | Since 1983 | | | Chairman, Institute for Political Economy. | | | 11 | | | None | |
Nancy-Beth Sheerr Age: 69 | | | Director | | | Since 1996 | | | Independent Trustee and Managing Member, NBS Consulting LLC since November 2014; Senior Financial Adviser, Veritable, L.P. (investment advisor) until December 2013. | | | 11 | | | None | |
Officers | | | | | | | ||||||||||
Mitchell E. Appel Age: 47 | | | President | | | Since 2008 | | | President of each of the Value Line Funds since June 2008; Chief Financial Officer of the Distributor since April 2008 and President since February 2009; President of the Adviser since February 2009, Trustee since December 2010 and Treasurer since January 2011. | | | |
Name, Address, and Age | | | Position | | | Length of Time Served | | | Principal Occupations During the Past 5 Years | | | | | | | | ||||||
Michael J. Wagner Age: 67 | | | Chief Compliance Officer | | | Since 2009 | | | Chief Compliance Officer of each of the Value Line Funds since 2009; President of Northern Lights Compliance Services, LLC (formerly Fund Compliance Services, LLC) (2006-present). | | | | ||||||||||
Emily D. Washington Age: 39 | | | Treasurer and Chief Financial Officer; Secretary | | | Since 2009 | | | Treasurer and Chief Financial Officer (Principal Financial and Accounting Officer) of each of the Value Line Funds since 2008 and Secretary since 2010; Secretary of the Adviser since 2011 | | | |
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Item 2. Code of Ethics
(a) The Registrant has adopted a Code of Ethics that applies to its principal executive officer, and principal financial officer and principal accounting officer.
(f) Pursuant to item 12(a), the Registrant is attaching as an exhibit a copy of its Code of Ethics that applies to its principal executive officer, and principal financial officer and principal accounting officer.
Item 3. Audit Committee Financial Expert.
((a)(1)The Registrant has an Audit Committee Financial Expert serving on its Audit Committee.
(2) The Registrant’s Board has designated both James Hillman and Michael Kuritzkes, members of the Registrant’s Audit Committee, as the Registrant’s Audit Committee Financial Experts. Mr. Hillman and Mr. Kuritzkes are independent directors. Mr. Hillman currently serves as the Chief Financial Officer at Notre Dame School of Manhattan since 2011. Mr. Kuritzkes currently serves as a consultant at Coronado Advisors LLC since June 2014 and previously served as Executive Vice President and General Counsel at Harbinger Group, Inc. (2013 – 2014)
A person who is designated as an “audit committee financial expert” shall not make such person an "expert" for any purpose, including without limitation under Section 11 of the Securities Act of 1933 or under applicable fiduciary laws, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities that are greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and Board of Trustees in the absence of such designation or identification.
Item 4. Principal Accountant Fees and Services
(a) | Audit Fees 2017 - $36,184 |
Audit Fees 2016 - $68,014
(b) | Audit-Related fees – None. |
(c) | Tax Preparation Fees 2017 - $14,345 |
Tax Preparation Fees 2016 - $34,361
(d) | All Other Fees – None |
(e) (1) | Audit Committee Pre-Approval Policy. All services to be performed for the Registrant by PricewaterhouseCoopers LLP must be pre-approved by the audit committee. All services performed were pre-approved by the committee. |
(e) (2) Not applicable.
(f) Not applicable.
(g) | Aggregate Non-Audit Fees 2017 - None |
Aggregate Non-Audit Fees 2016 - None
(h) Not applicable.
Item 5. Audit Committee of Listed Registrants
Not Applicable.
Item 6. Investments
Not Applicable
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not Applicable
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not Applicable
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not Applicable
Item 10 Submission of Matters to a Vote of Security Holders
Not Applicable
Item 11 Controls and Procedures
(a) | The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in rule 30a-2(c) under the Act (17 CFR 270.30a-2(c) ) based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report, are appropriately designed to ensure that material information relating to the registrant is made known to such officers and are operating effectively. |
(b) | The registrant’s principal executive officer and principal financial officer have determined that there have been no significant changes in the registrant’s internal controls or in other factors that could significantly affect these controls subsequent to the date of their evaluation, including corrective actions with regard to significant deficiencies and material weaknesses. |
Item 12. Exhibits.
(a) | Code of Business Conduct and Ethics for Principal Executive and Senior Financial Officers attached hereto as Exhibit 99.COE |
(b) | (1) Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2) attached hereto as Exhibit 99.CERT. |
(2) Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto as Exhibit 99.906.CERT.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
By | /s/ Mitchell E. Appel | |
Mitchell E. Appel, President |
Date: | March 9, 2018 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ Mitchell E. Appel | |
Mitchell E. Appel, President, Principal Executive Officer |
By: | /s/ Emily D. Washington | |
Emily D. Washington, Treasurer, Principal Financial Officer |
Date: | March 9, 2018 |