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 Capital Appreciation 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, 2018
Date of reporting period:December 31, 2018
Item 1.Reports to Stockholders
A copy of the Annual Report to Stockholders for the period ended 12/31/18 is included with this Form.
(VALSX)
Investor Class (VLIFX)
Institutional Class (VLMIX)
Investor Class (VALIX)
Investor Class (VALLX)
| | | | | 3 | | | |
| Value Line Premier Growth Fund, Inc.: | | | |||||
| | | | | 7 | | | |
| | | | | 9 | | | |
| | | | | 11 | | | |
| Value Line Mid Cap Focused Fund, Inc.: | | | |||||
| | | | | 13 | | | |
| | | | | 15 | | | |
| | | | | 17 | | | |
| Value Line Capital Appreciation Fund, Inc.: | | | |||||
| | | | | 19 | | | |
| | | | | 22 | | | |
| | | | | 24 | | | |
| Value Line Larger Companies Focused Fund, Inc.: | | | |||||
| | | | | 31 | | | |
| | | | | 33 | | | |
| | | | | 35 | | | |
| | | | | 37 | | | |
| | | | | 38 | | | |
| | | | | 39 | | | |
| | | | | 42 | | | |
| | | | | 46 | | | |
| | | | | 56 | | | |
| | | | | 57 | | | |
| | | | | 58 | | | |
| | | | | 59 | | |
President of the Value Line Funds
(continued)
Issue | | | Shares | | | Value | | | Percentage of Net Assets | | |||||||||
Waste Connections, Inc. | | | | | 173,700 | | | | | $ | 12,897,225 | | | | | | 4.1% | | |
Teledyne Technologies, Inc. | | | | | 50,200 | | | | | | 10,394,914 | | | | | | 3.3% | | |
Roper Technologies, Inc. | | | | | 39,000 | | | | | | 10,394,280 | | | | | | 3.3% | | |
IDEXX Laboratories, Inc. | | | | | 55,400 | | | | | | 10,305,508 | | | | | | 3.3% | | |
Fiserv, Inc. | | | | | 136,800 | | | | | | 10,053,432 | | | | | | 3.2% | | |
Mettler-Toledo International, Inc. | | | | | 17,700 | | | | | | 10,010,766 | | | | | | 3.2% | | |
HEICO Corp. | | | | | 120,081 | | | | | | 9,303,876 | | | | | | 2.9% | | |
Church & Dwight Co., Inc. | | | | | 134,800 | | | | | | 8,864,448 | | | | | | 2.8% | | |
Toro Co. (The) | | | | | 158,600 | | | | | | 8,862,568 | | | | | | 2.8% | | |
ANSYS, Inc. | | | | | 61,600 | | | | | | 8,805,104 | | | | | | 2.8% | | |
Portfolio Highlights at December 31, 2018 (unaudited) (continued)
| | | Average Annual Total Return | | | Growth of an Assumed Investment of $10,000 | | ||||||
1 year ended 12/31/18 | | | | | 1.39% | | | | | $ | 10,139 | | |
5 years ended 12/31/18 | | | | | 7.27% | | | | | $ | 14,203 | | |
10 years ended 12/31/18 | | | | | 13.55% | | | | | $ | 35,639 | | |
Schedule of Investments | December 31, 2018 |
| Shares | | | | | | Value | | ||||||
| COMMON STOCKS (98.8%) | | ||||||||||||
| COMMUNICATION SERVICES (1.3%) | | ||||||||||||
| | | | | | | REITS (1.3%) | | ||||||
| | | 25,300 | | | | SBA Communications Corp. REIT* | | | | $ | 4,095,817 | | |
| CONSUMER DISCRETIONARY (6.9%) | | ||||||||||||
| | | | | | | DISTRIBUTION & WHOLESALE (0.3%) | | ||||||
| | | 44,300 | | | | LKQ Corp.* | | | | | 1,051,239 | | |
| | | | | | | RETAIL (6.6%) | | ||||||
| | | 4,100 | | | | AutoZone, Inc.* | | | | | 3,437,194 | | |
| | | 16,200 | | | | Domino’s Pizza, Inc.(1) | | | | | 4,017,438 | | |
| | | 22,600 | | | | O’Reilly Automotive, Inc.* | | | | | 7,781,858 | | |
| | | 123,200 | | | | TJX Companies, Inc. (The) | | | | | 5,511,968 | | |
| | | | | | | | | | | | 20,748,458 | | |
| | | | | | | | | | | | 21,799,697 | | |
| CONSUMER STAPLES (4.3%) | | ||||||||||||
| | | | | | | BEVERAGES (0.2%) | | ||||||
| | | 11,850 | | | | Brown-Forman Corp. Class B | | | | | 563,823 | | |
| | | | | | | FOOD (0.2%) | | ||||||
| | | 5,000 | | | | McCormick & Co., Inc.(1) | | | | | 696,200 | | |
| | | | | | | HOUSEHOLD PRODUCTS (2.8%) | | ||||||
| | | 134,800 | | | | Church & Dwight Co., Inc. | | | | | 8,864,448 | | |
| | | | | | | RETAIL (1.1%) | | ||||||
| | | 17,000 | | | | Costco Wholesale Corp. | | | | | 3,463,070 | | |
| | | | | | | | | | | | 13,587,541 | | |
| FINANCIALS (3.6%) | | ||||||||||||
| | | | | | | BANKS (1.6%) | | ||||||
| | | 48,500 | | | | HDFC Bank Ltd. ADR | | | | | 5,024,115 | | |
| | | | | | | COMMERCIAL SERVICES (0.1%) | | ||||||
| | | 2,400 | | | | MarketAxess Holdings, Inc. | | | | | 507,144 | | |
| | | | | | | INSURANCE (1.9%) | | ||||||
| | | 3,000 | | | | Alleghany Corp. | | | | | 1,869,960 | | |
| | | 135,000 | | | | Arch Capital Group, Ltd.* | | | | | 3,607,200 | | |
| | | 3,500 | | | | RenaissanceRe Holdings, Ltd. | | | | | 467,950 | | |
| | | | | | | | | | | | 5,945,110 | | |
| | | | | | | | | | | | 11,476,369 | | |
| HEALTHCARE (15.4%) | | ||||||||||||
| | | | | | | BIOTECHNOLOGY (2.9%) | | ||||||
| | | 33,800 | | | | Alexion Pharmaceuticals, Inc.* | | | | | 3,290,768 | | |
| | | 19,600 | | | | Illumina, Inc.* | | | | | 5,878,628 | | |
| | | | | | | | | | | | 9,169,396 | | |
| Shares | | | | | | Value | | ||||||
| HEALTHCARE (15.4%) (continued) | | ||||||||||||
| | | | | | | ELECTRONICS (3.2%) | | ||||||
| | | 17,700 | | | | Mettler-Toledo International, Inc.* | | | | $ | 10,010,766 | | |
| | | | | | | HEALTH CARE SERVICES (1.2%) | | ||||||
| | | 10,600 | | | | Chemed Corp. | | | | | 3,002,768 | | |
| | | 16,200 | | | | Encompass Health Corp. | | | | | 999,540 | | |
| | | | | | | | | | | | 4,002,308 | | |
| | | | | | | HEALTHCARE PRODUCTS (8.1%) | | ||||||
| | | 3,000 | | | | Align Technology, Inc.* | | | | | 628,290 | | |
| | | 11,474 | | | | Becton Dickinson & Co. | | | | | 2,585,322 | | |
| | | 57,600 | | | | Danaher Corp. | | | | | 5,939,712 | | |
| | | 77,600 | | | | Henry Schein, Inc.*(1) | | | | | 6,093,152 | | |
| | | 55,400 | | | | IDEXX Laboratories, Inc.* | | | | | 10,305,508 | | |
| | | | | | | | | | | | 25,551,984 | | |
| | | | | | | | | | | | 48,734,454 | | |
| INDUSTRIALS (33.7%) | | ||||||||||||
| | | | | | | AEROSPACE & DEFENSE (9.0%) | | ||||||
| | | 120,081 | | | | HEICO Corp.(1) | | | | | 9,303,876 | | |
| | | 15,800 | | | | Northrop Grumman Corp. | | | | | 3,869,420 | | |
| | | 6,000 | | | | Spirit AeroSystems Holdings, Inc. Class A | | | | | 432,540 | | |
| | | 50,200 | | | | Teledyne Technologies, Inc.* | | | | | 10,394,914 | | |
| | | 13,300 | | | | TransDigm Group, Inc. *(1) | | | | | 4,522,798 | | |
| | | | | | | | | | | | 28,523,548 | | |
| | | | | | | COMMERCIAL SERVICES (4.6%) | | ||||||
| | | 12,200 | | | | Cintas Corp. | | | | | 2,049,478 | | |
| | | 14,800 | | | | Equifax, Inc. | | | | | 1,378,324 | | |
| | | 66,152 | | | | IHS Markit, Ltd.* | | | | | 3,173,311 | | |
| | | 220,350 | | | | Rollins, Inc.(1) | | | | | 7,954,635 | | |
| | | | | | | | | | | | 14,555,748 | | |
| | | | | | | ELECTRICAL EQUIPMENT (2.4%) | | ||||||
| | | 103,750 | | | | AMETEK, Inc. | | | | | 7,023,875 | | |
| | | 6,300 | | | | EnerSys | | | | | 488,943 | | |
| | | | | | | | | | | | 7,512,818 | | |
| | | | | | | ENVIRONMENTAL CONTROL (4.9%) | | ||||||
| | | 38,500 | | | | Republic Services, Inc. | | | | | 2,775,465 | | |
| | | 173,700 | | | | Waste Connections, Inc. | | | | | 12,897,225 | | |
| | | | | | | | | | | | 15,672,690 | | |
| | | | | | | HAND & MACHINE TOOLS (1.6%) | | ||||||
| | | 11,119 | | | | Lincoln Electric Holdings, Inc. | | | | | 876,733 | | |
| | | 28,500 | | | | Snap-on, Inc. | | | | | 4,140,765 | | |
| | | | | | | | | | | | 5,017,498 | | |
| Shares | | | | | | Value | | ||||||
| INDUSTRIALS (33.7%) (continued) | | ||||||||||||
| | | | | | | HOUSEWARES (2.8%) | | ||||||
| | | 158,600 | | | | Toro Co. (The) | | | | $ | 8,862,568 | | |
| | | | | | | MACHINERY DIVERSIFIED (5.0%) | | ||||||
| | | 12,900 | | | | Graco, Inc. | | | | | 539,865 | | |
| | | 31,850 | | | | IDEX Corp. | | | | | 4,021,381 | | |
| | | 8,000 | | | | Middleby Corp. (The)*(1) | | | | | 821,840 | | |
| | | 39,000 | | | | Roper Technologies, Inc. | | | | | 10,394,280 | | |
| | | | | | | | | | | | 15,777,366 | | |
| | | | | | | MISCELLANEOUS MANUFACTURERS (1.1%) | | ||||||
| | | 41,600 | | | | AO Smith Corp. | | | | | 1,776,320 | | |
| | | 15,700 | | | | Carlisle Companies, Inc. | | | | | 1,578,164 | | |
| | | | | | | | | | | | 3,354,484 | | |
| | | | | | | TRANSPORTATION (2.3%) | | ||||||
| | | 56,000 | | | | Canadian National Railway Co. | | | | | 4,150,160 | | |
| | | 33,000 | | | | J.B. Hunt Transport Services, Inc. | | | | | 3,070,320 | | |
| | | | | | | | | | | | 7,220,480 | | |
| | | | | | | | | | | | 106,497,200 | | |
| INFORMATION TECHNOLOGY (25.2%) | | ||||||||||||
| | | | | | | COMMERCIAL SERVICES (1.4%) | | ||||||
| | | 6,300 | | | | Gartner, Inc.* | | | | | 805,392 | | |
| | | 25,700 | | | | WEX, Inc.* | | | | | 3,599,542 | | |
| | | | | | | | | | | | 4,404,934 | | |
| | | | | | | COMPUTERS (2.1%) | | ||||||
| | | 42,000 | | | | Accenture PLC Class A | | | | | 5,922,420 | | |
| | | 11,500 | | | | CGI Group, Inc. Class A*(1) | | | | | 703,685 | | |
| | | | | | | | | | | | 6,626,105 | | |
| | | | | | | DIVERSIFIED FINANCIAL SERVICES (1.3%) | | ||||||
| | | 22,000 | | | | MasterCard, Inc. Class A | | | | | 4,150,300 | | |
| | | | | | | ELECTRICAL EQUIPMENT (0.5%) | | ||||||
| | | 8,500 | | | | Littelfuse, Inc. | | | | | 1,457,580 | | |
| | | | | | | ELECTRONICS (2.0%) | | ||||||
| | | 78,400 | | | | Amphenol Corp. Class A | | | | | 6,351,968 | | |
| | | | | | | SOFTWARE (17.7%) | | ||||||
| | | 61,600 | | | | ANSYS, Inc.* | | | | | 8,805,104 | | |
| | | 13,400 | | | | Broadridge Financial Solutions, Inc. | | | | | 1,289,750 | | |
| | | 72,000 | | | | Cadence Design Systems, Inc.* | | | | | 3,130,560 | | |
| | | 7,800 | | | | Fair Isaac Corp.* | | | | | 1,458,600 | | |
| | | 136,800 | | | | Fiserv, Inc.*(1) | | | | | 10,053,432 | | |
| | | 28,400 | | | | Intuit, Inc. | | | | | 5,590,540 | | |
| | | 25,500 | | | | Jack Henry & Associates, Inc. | | | | | 3,226,260 | | |
| | | 62,000 | | | | Salesforce.com, Inc.* | | | | | 8,492,140 | | |
| Shares | | | | | | Value | | ||||||
| COMMON STOCKS (98.8%) (continued) | | ||||||||||||
| INFORMATION TECHNOLOGY (25.2%) (continued) | | ||||||||||||
| | | | | | | SOFTWARE (17.7%) (continued) | | ||||||
| | | 8,000 | | | | ServiceNow, Inc.* | | | | $ | 1,424,400 | | |
| | | 16,800 | | | | Synopsys, Inc.* | | | | | 1,415,232 | | |
| | | 16,500 | | | | Tyler Technologies, Inc.* | | | | | 3,066,030 | | |
| | | 32,500 | | | | Ultimate Software Group, Inc. (The)* | | | | | 7,958,275 | | |
| | | | | | | | | | | | 55,910,323 | | |
| | | | | | | TELECOMMUNICATIONS (0.2%) | | ||||||
| | | 2,800 | | | | Arista Networks, Inc.* | | | | | 589,960 | | |
| | | | | | | | | | | | 79,491,170 | | |
| MATERIALS (6.1%) | | ||||||||||||
| | | | | | | CHEMICALS (0.9%) | | ||||||
| | | 7,000 | | | | Air Products & Chemicals, Inc. | | | | | 1,120,350 | | |
| | | 22,000 | | | | FMC Corp. | | | | | 1,627,120 | | |
| | | | | | | | | | | | 2,747,470 | | |
| | | | | | | COMMERCIAL SERVICES (2.3%) | | ||||||
| | | 48,400 | | | | Ecolab, Inc. | | | | | 7,131,740 | | |
| Shares | | | | | | Value | | ||||||
| MATERIALS (6.1%) (continued) | | ||||||||||||
| | | | | | | HOUSEWARES (0.4%) | | ||||||
| | | 20,200 | | | | Scotts Miracle-Gro Co. (The)(1) | | | | $ | 1,241,492 | | |
| | | | | | | MISCELLANEOUS MANUFACTURERS (0.6%) | | ||||||
| | | 21,000 | | | | AptarGroup, Inc. | | | | | 1,975,470 | | |
| | | | | | | PACKAGING & CONTAINERS (1.9%) | | ||||||
| | | 98,800 | | | | Ball Corp. | | | | | 4,542,824 | | |
| | | 38,000 | | | | Crown Holdings, Inc.*(1) | | | | | 1,579,660 | | |
| | | | | | | | | | | | 6,122,484 | | |
| | | | | | | | | | | | 19,218,656 | | |
| REAL ESTATE (2.3%) | | ||||||||||||
| | | | | | | REITS (2.3%) | | ||||||
| | | 31,600 | | | | American Tower Corp. REIT | | | | | 4,998,804 | | |
| | | 23,200 | | | | Equity Lifestyle Properties, Inc. REIT | | | | | 2,253,416 | | |
| | | | | | | | | | | | 7,252,220 | | |
| | | | | | | | | | | | 7,252,220 | | |
| Shares | | | | | | Value | | ||||||
| TOTAL COMMON STOCKS (Cost $135,745,024) (98.8%) | | | | $ | 312,153,124 | | | ||||||
| SHORT-TERM INVESTMENT (1.0%) | | ||||||||||||
| | | | | | | MONEY MARKET FUND (1.0%) | | ||||||
| | | 3,133,673 | | | | State Street Institutional Liquid Reserves Fund | | | | | 3,133,673 | | |
| TOTAL SHORT-TERM INVESTMENTS (Cost $3,133,468) (1.0%) | | | | | 3,133,673 | | | ||||||
| TOTAL INVESTMENT SECURITIES (99.8%) (Cost $138,878,492) | | | | $ | 315,286,797 | | | ||||||
| CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES (0.2%) | | | | | 641,178 | | | ||||||
| NET ASSETS (100%) | | | | $ | 315,927,975 | | |
Investments in Securities: | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stocks* | | | | $ | 312,153,124 | | | | | $ | — | | | | | $ | — | | | | | $ | 312,153,124 | | |
Short-Term Investment | | | | | 3,133,673 | | | | | | — | | | | | | — | | | | | | 3,133,673 | | |
Total Investments in Securities | | | | $ | 315,286,797 | | | | | $ | — | | | | | $ | — | | | | | $ | 315,286,797 | | |
(continued)
Issue | | | Shares | | | Value | | | Percentage of Net Assets | | |||||||||
Lennox International, Inc. | | | | | 45,200 | | | | | $ | 9,892,472 | | | | | | 5.3% | | |
TransDigm Group, Inc. | | | | | 26,800 | | | | | | 9,113,608 | | | | | | 4.9% | | |
ANSYS, Inc. | | | | | 63,100 | | | | | | 9,019,514 | | | | | | 4.8% | | |
Mettler-Toledo International, Inc. | | | | | 15,600 | | | | | | 8,823,048 | | | | | | 4.7% | | |
Teledyne Technologies, Inc. | | | | | 41,500 | | | | | | 8,593,405 | | | | | | 4.6% | | |
HEICO Corp. | | | | | 104,983 | | | | | | 8,134,083 | | | | | | 4.4% | | |
Rollins, Inc. | | | | | 206,700 | | | | | | 7,461,870 | | | | | | 4.0% | | |
Ball Corp. | | | | | 154,800 | | | | | | 7,117,704 | | | | | | 3.8% | | |
Waste Connections, Inc. | | | | | 92,950 | | | | | | 6,901,537 | | | | | | 3.7% | | |
IDEXX Laboratories, Inc. | | | | | 35,000 | | | | | | 6,510,700 | | | | | | 3.5% | | |
Portfolio Highlights at December 31, 2018 (unaudited) (continued)
| | | Average Annual Total Return | | | Growth of an Assumed Investment of $10,000 | | ||||||
Investor Class | | | | ||||||||||
1 year ended 12/31/18 | | | | | 4.72% | | | | | $ | 10,472 | | |
5 years ended 12/31/18 | | | | | 9.11% | | | | | $ | 15,464 | | |
10 years ended 12/31/18 | | | | | 12.92% | | | | | $ | 33,714 | | |
Schedule of Investments | December 31, 2018 |
| Shares | | | | | | Value | | ||||||
| COMMON STOCKS (97.9%) | | ||||||||||||
| CONSUMER DISCRETIONARY (1.0%) | | ||||||||||||
| | | | | | | RETAIL (1.0%) | | ||||||
| | | 12,200 | | | | Advance Auto Parts, Inc. | | | | $ | 1,921,012 | | |
| CONSUMER STAPLES (8.0%) | | ||||||||||||
| | | | | | | FOOD (5.2%) | | ||||||
| | | 34,000 | | | | J&J Snack Foods Corp. | | | | | 4,916,060 | | |
| | | 33,500 | | | | McCormick & Co., Inc. (1) | | | | | 4,664,540 | | |
| | | | | | | | | | | | 9,580,600 | | |
| | | | | | | HOUSEHOLD PRODUCTS (2.8%) | | ||||||
| | | 80,000 | | | | Church & Dwight Co., Inc. | | | | | 5,260,800 | | |
| | | | | | | | | | | | 14,841,400 | | |
| FINANCIALS (6.1%) | | ||||||||||||
| | | | | | | INSURANCE (6.1%) | | ||||||
| | | 53,000 | | | | American Financial Group, Inc. | | | | | 4,798,090 | | |
| | | 167,700 | | | | Arch Capital Group, Ltd. * | | | | | 4,480,944 | | |
| | | 29,200 | | | | Berkley (W.R.) Corp. | | | | | 2,158,172 | | |
| | | | | | | | | | | | 11,437,206 | | |
| | | | | | | | | | | | 11,437,206 | | |
| HEALTHCARE (14.2%) | | ||||||||||||
| | | | | | | ELECTRONICS (4.7%) | | ||||||
| | | 15,600 | | | | Mettler-Toledo International, Inc.* | | | | | 8,823,048 | | |
| | | | | | | HEALTHCARE PRODUCTS (7.9%) | | ||||||
| | | 8,224 | | | | Becton Dickinson & Co. | | | | | 1,853,032 | | |
| | | 26,700 | | | | Danaher Corp. | | | | | 2,753,304 | | |
| | | 45,400 | | | | Henry Schein, Inc.*(1) | | | | | 3,564,808 | | |
| | | 35,000 | | | | IDEXX Laboratories, Inc.* | | | | | 6,510,700 | | |
| | | | | | | | | | | | 14,681,844 | | |
| | | | | | | HEALTHCARE SERVICES (1.6%) | | ||||||
| | | 10,200 | | | | Chemed Corp. | | | | | 2,889,456 | | |
| | | | | | | | | | | | 26,394,348 | | |
| INDUSTRIALS (37.9%) | | ||||||||||||
| | | | | | | AEROSPACE & DEFENSE (13.9%) | | ||||||
| | | 104,983 | | | | HEICO Corp. | | | | | 8,134,083 | | |
| | | 41,500 | | | | Teledyne Technologies, Inc.* | | | | | 8,593,405 | | |
| | | 26,800 | | | | TransDigm Group, Inc. *(1) | | | | | 9,113,608 | | |
| | | | | | | | | | | | 25,841,096 | | |
| | | | | | | BUILDING MATERIALS (5.3%) | | ||||||
| | | 45,200 | | | | Lennox International, Inc. | | | | | 9,892,472 | | |
| Shares | | | | | | Value | | ||||||
| INDUSTRIALS (37.9%) (continued) | | ||||||||||||
| | | | | | | COMMERCIAL SERVICES (4.0%) | | ||||||
| | | 206,700 | | | | Rollins, Inc.(1) | | | | $ | 7,461,870 | | |
| | | | | | | ELECTRICAL EQUIPMENT (2.1%) | | ||||||
| | | 56,750 | | | | AMETEK, Inc. | | | | | 3,841,975 | | |
| | | | | | | ENVIRONMENTAL CONTROL (3.7%) | | ||||||
| | | 92,950 | | | | Waste Connections, Inc. | | | | | 6,901,537 | | |
| | | | | | | HAND & MACHINE TOOLS (1.4%) | | ||||||
| | | 17,900 | | | | Snap-on, Inc. | | | | | 2,600,691 | | |
| | | | | | | HOUSEWARES (2.6%) | | ||||||
| | | 85,600 | | | | Toro Co. (The) | | | | | 4,783,328 | | |
| | | | | | | MACHINERY DIVERSIFIED (3.5%) | | ||||||
| | | 8,200 | | | | Middleby Corp. (The)*(1) | | | | | 842,386 | | |
| | | 21,400 | | | | Roper Technologies, Inc. | | | | | 5,703,528 | | |
| | | | | | | | | | | | 6,545,914 | | |
| | | | | | | MISCELLANEOUS MANUFACTURERS (1.4%) | | ||||||
| | | 26,700 | | | | Carlisle Companies, Inc. | | | | | 2,683,884 | | |
| | | | | | | | | | | | 70,552,767 | | |
| INFORMATION TECHNOLOGY (25.1%) | | ||||||||||||
| | | | | | | COMMERCIAL SERVICES (3.4%) | | ||||||
| | | 49,200 | | | | Gartner, Inc.* | | | | | 6,289,728 | | |
| | | | | | | COMPUTERS (1.9%) | | ||||||
| | | 57,000 | | | | CGI Group, Inc. Class A *(1) | | | | | 3,487,830 | | |
| | | | | | | ELECTRONICS (2.7%) | | ||||||
| | | 62,100 | | | | Amphenol Corp. Class A | | | | | 5,031,342 | | |
| | | | | | | SOFTWARE (17.1%) | | ||||||
| | | 63,100 | | | | ANSYS, Inc.* | | | | | 9,019,514 | | |
| | | 86,800 | | | | Fiserv, Inc.* | | | | | 6,378,932 | | |
| | | 37,800 | | | | Jack Henry & Associates, Inc. | | | | | 4,782,456 | | |
| | | 93,700 | | | | Open Text Corp. | | | | | 3,054,620 | | |
| | | 20,600 | | | | Tyler Technologies, Inc.* | | | | | 3,827,892 | | |
| | | 19,700 | | | | Ultimate Software Group, Inc. (The)* | | | | | 4,823,939 | | |
| | | | | | | | | | | | 31,887,353 | | |
| | | | | | | | | | | | 46,696,253 | | |
| MATERIALS (5.6%) | | ||||||||||||
| | | | | | | COMMERCIAL SERVICES (1.8%) | | ||||||
| | | 23,000 | | | | Ecolab, Inc. | | | | | 3,389,050 | | |
| | | | | | | PACKAGING & CONTAINERS (3.8%) | | ||||||
| | | 154,800 | | | | Ball Corp. | | | | | 7,117,704 | | |
| | | | | | | | | | | | 10,506,754 | | |
| TOTAL COMMON STOCKS (Cost $123,608,532) (97.9%) | | | | | 182,349,740 | | |
| Shares | | | | | | Value | | ||||||
| SHORT-TERM INVESTMENT (1.6%) | | ||||||||||||
| | | | | | | MONEY MARKET FUND (1.6%) | | ||||||
| | | 3,003,089 | | | | State Street Institutional Liquid Reserves Fund | | | | $ | 3,003,089 | | |
| TOTAL SHORT-TERM INVESTMENTS (Cost $3,002,789) (1.6%) | | | | | 3,003,089 | | | ||||||
| TOTAL INVESTMENT SECURITIES (99.5%) (Cost $126,611,321) | | | | $ | 185,352,829 | | | ||||||
| CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES (0.5%) | | | | | 927,277 | | | ||||||
| NET ASSETS (100%) | | | | $ | 186,280,106 | | |
Investments in Securities: | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stocks* | | | | $ | 182,349,740 | | | | | $ | — | | | | | $ | — | | | | | $ | 182,349,740 | | |
Short-Term Investment | | | | | 3,003,089 | | | | | | — | | | | | | — | | | | | | 3,003,089 | | |
Total Investments in Securities | | | | $ | 185,352,829 | | | | | $ | — | | | | | $ | — | | | | | $ | 185,352,829 | | |
Portfolio Highlights at December 31, 2018 (unaudited)
Issue | | | Shares | | | Value | | | Percentage of Net Assets | | |||||||||
Alexion Pharmaceuticals, Inc. | | | | | 170,000 | | | | | $ | 16,551,200 | | | | | | 4.1% | | |
Celgene Corp. | | | | | 210,000 | | | | | | 13,458,900 | | | | | | 3.4% | | |
Visa, Inc. | | | | | 93,000 | | | | | | 12,270,420 | | | | | | 3.1% | | |
Alphabet, Inc. | | | | | 11,700 | | | | | | 12,226,032 | | | | | | 3.1% | | |
Amazon.com, Inc. | | | | | 8,000 | | | | | | 12,015,760 | | | | | | 3.0% | | |
Exelixis, Inc. | | | | | 540,000 | | | | | | 10,621,800 | | | | | | 2.7% | | |
Activision Blizzard, Inc. | | | | | 218,000 | | | | | | 10,152,260 | | | | | | 2.5% | | |
Alibaba Group Holding, Ltd. ADR | | | | | 72,000 | | | | | | 9,869,040 | | | | | | 2.5% | | |
Facebook, Inc. | | | | | 75,000 | | | | | | 9,831,750 | | | | | | 2.5% | | |
Exact Sciences Corp. | | | | | 134,000 | | | | | | 8,455,400 | | | | | | 2.1% | | |
| | | Average Annual Total Return | | | Growth of an Assumed Investment of $10,000 | | ||||||
Investor Class | | | | ||||||||||
1 year ended 12/31/18 | | | | | -2.71% | | | | | $ | 9,729 | | |
5 years ended 12/31/18 | | | | | 6.32% | | | | | $ | 13,585 | | |
10 years ended 12/31/18 | | | | | 9.25% | | | | | $ | 24,221 | | |
Institutional Class | | | | | | | | | |||||
1 year ended 12/31/18 | | | | | -2.61% | | | | | $ | 9,739 | | |
Schedule of Investments
| Shares | | | | | | Value | | ||||||
| COMMON STOCKS (84.0%) | | ||||||||||||
| COMMUNICATION SERVICES (15.6%) | | ||||||||||||
| | | | | | | ENTERTAINMENT (1.1%) | | ||||||
| | | 265,000 | | | | Lions Gate Entertainment Corp. Class A | | | | $ | 4,266,500 | | |
| | | | | | | INTERNET (8.9%) | | ||||||
| | | 11,700 | | | | Alphabet, Inc. Class A* | | | | | 12,226,032 | | |
| | | 75,000 | | | | Facebook, Inc. Class A* | | | | | 9,831,750 | | |
| | | 30,000 | | | | Netflix, Inc.* | | | | | 8,029,800 | | |
| | | 135,000 | | | | Tencent Holdings, Ltd. ADR(1) | | | | | 5,328,450 | | |
| | | | | | | | | | | | 35,416,032 | | |
| | | | | | | MEDIA (1.6%) | | ||||||
| | | 90,000 | | | | Comcast Corp. Class A | | | | | 3,064,500 | | |
| | | 31,000 | | | | Walt Disney Co. (The) | | | | | 3,399,150 | | |
| | | | | | | | | | | | 6,463,650 | | |
| | | | | | | SOFTWARE (4.0%) | | ||||||
| | | 218,000 | | | | Activision Blizzard, Inc. | | | | | 10,152,260 | | |
| | | 75,000 | | | | Electronic Arts, Inc.* | | | | | 5,918,250 | | |
| | | | | | | | | | | | 16,070,510 | | |
| | | | | | | | | | | | 62,216,692 | | |
| CONSUMER DISCRETIONARY (12.5%) | | ||||||||||||
| | | | | | | ENTERTAINMENT (1.8%) | | ||||||
| | | 35,000 | | | | Vail Resorts, Inc. | | | | | 7,378,700 | | |
| | | | | | | INTERNET (7.0%) | | ||||||
| | | 72,000 | | | | Alibaba Group Holding, Ltd. ADR* | | | | | 9,869,040 | | |
| | | 8,000 | | | | Amazon.com, Inc.* | | | | | 12,015,760 | | |
| | | 82,000 | | | | GrubHub, Inc.*(1) | | | | | 6,298,420 | | |
| | | | | | | | | | | | 28,183,220 | | |
| | | | | | | RETAIL (3.7%) | | ||||||
| | | 19,000 | | | | Home Depot, Inc. | | | | | 3,264,580 | | |
| | | 55,000 | | | | Starbucks Corp. | | | | | 3,542,000 | | |
| | | 88,000 | | | | TJX Companies, Inc. (The) | | | | | 3,937,120 | | |
| | | 16,000 | | | | Ulta Salon, Cosmetics & Fragrance, Inc.* | | | | | 3,917,440 | | |
| | | | | | | | | | | | 14,661,140 | | |
| | | | | | | | | | | | 50,223,060 | | |
| CONSUMER STAPLES (2.6%) | | ||||||||||||
| | | | | | | BEVERAGES (1.6%) | | ||||||
| | | 41,000 | | | | Constellation Brands, Inc. Class A | | | | | 6,593,620 | | |
| | | | | | | COSMETICS & PERSONAL CARE (1.0%) | | ||||||
| | | 30,000 | | | | Estee Lauder Companies, Inc. (The) Class A | | | | | 3,903,000 | | |
| | | | | | | | | | | | 10,496,620 | | |
| Shares | | | | | | Value | | | | ||||||||||
| ENERGY (2.9%) | | | | | | | | ||||||||||||
| | | | | | | OIL & GAS (2.9%) | | | | ||||||||||
| | | 70,000 | | | | Anadarko Petroleum Corp. | | | | $ | 3,068,800 | | | | | ||||
| | | 60,000 | | | | Diamondback Energy, Inc.(1) | | | | | 5,562,000 | | | | | ||||
| | | 22,000 | | | | Pioneer Natural Resources Co. | | | | | 2,893,440 | | | | | ||||
| | | | | | | | | | | | 11,524,240 | | | | | ||||
| | | | | | | | | | | | 11,524,240 | | | | | ||||
| FINANCIALS (6.7%) | | | | ||||||||||||||||
| | | | | | | BANKS (4.0%) | | | | ||||||||||
| | | 260,000 | | | | Bank of America Corp. | | | | | 6,406,400 | | | | | ||||
| | | 85,000 | | | | Citigroup, Inc. | | | | | 4,425,100 | | | | | ||||
| | | 52,000 | | | | JPMorgan Chase & Co. | | | | | 5,076,240 | | | | | ||||
| | | | | | | | | | | | 15,907,740 | | | | | ||||
| | | | | | | DIVERSIFIED FINANCIAL SERVICES (2.7%) | | | | ||||||||||
| | | 8,000 | | | | BlackRock, Inc. | | | | | 3,142,560 | | | | | ||||
| | | 160,000 | | | | Blackstone Group L.P. (The) | | | | | 4,769,600 | | | | | ||||
| | | 72,000 | | | | Charles Schwab Corp. (The) | | | | | 2,990,160 | | | | | ||||
| | | | | | | | | | | | 10,902,320 | | | | | ||||
| | | | | | | | | | | | 26,810,060 | | | | | ||||
| HEALTHCARE (24.3%) | | | | ||||||||||||||||
| | | | | | | BIOTECHNOLOGY (19.4%) | | | | ||||||||||
| | | 170,000 | | | | Alexion Pharmaceuticals, Inc.* | | | | | 16,551,200 | | | | | ||||
| | | 580,000 | | | | Amarin Corp. PLC ADR*(1) | | | | | 7,893,800 | | | | | ||||
| | | 17,000 | | | | Biogen, Inc.* | | | | | 5,115,640 | | | | | ||||
| | | 60,000 | | | | BioMarin Pharmaceutical, Inc.*(1) | | | | | 5,109,000 | | | | | ||||
| | | 210,000 | | | | Celgene Corp.* | | | | | 13,458,900 | | | | | ||||
| | | 134,000 | | | | Exact Sciences Corp.*(1) | | | | | 8,455,400 | | | | | ||||
| | | 540,000 | | | | Exelixis, Inc.* | | | | | 10,621,800 | | | | | ||||
| | | 40,000 | | | | Intercept Pharmaceuticals, Inc.*(1) | | | | | 4,031,600 | | | | | ||||
| | | 38,000 | | | | Vertex Pharmaceuticals, Inc.* | | | | | 6,296,980 | | | | | ||||
| | | | | | | | | | | | 77,534,320 | | | | | ||||
| | | | | | | HEALTHCARE PRODUCTS (1.2%) | | | | ||||||||||
| | | 31,000 | | | | Edwards Lifesciences Corp.* | | | | | 4,748,270 | | | | | ||||
| | | | | | | PHARMACEUTICALS (2.4%) | | | | ||||||||||
| | | 33,000 | | | | DexCom, Inc.* | | | | | 3,953,400 | | | | | ||||
| | | 18,000 | | | | Jazz Pharmaceuticals PLC* | | | | | 2,231,280 | | | | |
| Shares | | | | | | Value | | | | ||||||||||
| HEALTHCARE (24.3%) (continued) | | | | ||||||||||||||||
| | | | | | | PHARMACEUTICALS (2.4%) (continued) | | | | ||||||||||
| | | 40,000 | | | | Zoetis, Inc. | | | | $ | 3,421,600 | | | | | ||||
| | | | | | | | | | | | 9,606,280 | | | | | ||||
| | | | | | | SOFTWARE (1.3%) | | | | ||||||||||
| | | 77,000 | | | | Medidata Solutions, Inc.* | | | | | 5,191,340 | | | | | ||||
| | | | | | | | | | | | 97,080,210 | | | | | ||||
| INDUSTRIALS (0.9%) | | | | ||||||||||||||||
| | | | | | | AIRLINES (0.9%) | | | | ||||||||||
| | | 70,000 | | | | Delta Air Lines, Inc. | | | | | 3,493,000 | | | | | ||||
| INFORMATION TECHNOLOGY (17.8%) | | | | ||||||||||||||||
| | | | | | | COMMERCIAL SERVICES (1.8%) | | | | ||||||||||
| | | 84,000 | | | | PayPal Holdings, Inc.* | | | | | 7,063,560 | | | | | ||||
| | | | | | | COMPUTERS (1.1%) | | | | ||||||||||
| | | 29,000 | | | | Apple, Inc. | | | | | 4,574,460 | | | | | ||||
| | | | | | | DIVERSIFIED FINANCIAL SERVICES (3.1%) | | | | ||||||||||
| | | 93,000 | | | | Visa, Inc. Class A(1) | | | | | 12,270,420 | | | | | ||||
| | | | | | | INTERNET (1.6%) | | | | ||||||||||
| | | 110,000 | | | | Zendesk, Inc.* | | | | | 6,420,700 | | | | | ||||
| | | | | | | SEMICONDUCTORS (4.2%) | | | | ||||||||||
| | | 14,000 | | | | Broadcom, Inc. | | | | | 3,559,920 | | | | | ||||
| | | 105,000 | | | | Micron Technology, Inc.* | | | | | 3,331,650 | | | | | ||||
| | | 38,000 | | | | NVIDIA Corp. | | | | | 5,073,000 | | | | | ||||
| | | 64,000 | | | | NXP Semiconductors N.V. | | | | | 4,689,920 | | | | | ||||
| | | | | | | | | | | | 16,654,490 | | | | | ||||
| | | | | | | SOFTWARE (5.2%) | | | | ||||||||||
| | | 19,000 | | | | Adobe, Inc.* | | | | | 4,298,560 | | | | | ||||
| | | 33,000 | | | | Salesforce.com, Inc.* | | | | | 4,520,010 | | | | | ||||
| | | 34,000 | | | | ServiceNow, Inc.* | | | | | 6,053,700 | | | | | ||||
| | | 58,000 | | | | Splunk, Inc.* | | | | | 6,081,300 | | | | | ||||
| | | | | | | | | | | | 20,953,570 | | | | | ||||
| | | | | | | TELECOMMUNICATIONS (0.8%) | | | | ||||||||||
| | | 73,000 | | | | Cisco Systems, Inc. | | | | | 3,163,090 | | | | | ||||
| | | | | | | | | | | | 71,100,290 | | | | | | | | |
| REAL ESTATE (0.7%) | | | | ||||||||||||||||
| | | | | | | REITS (0.7%) | | | | ||||||||||
| | | 17,000 | | | | American Tower Corp. REIT | | | | | 2,689,230 | | | | | ||||
| TOTAL COMMON STOCKS (Cost $312,495,884) (84.0%) | | | | | 335,633,402 | | | | |
| Principal Amount | | | | | | Value | | ||||||
| ASSET-BACKED SECURITIES (1.1%) | | ||||||||||||
| | $ | 400,000 | | | | Capital One Multi-Asset Execution Trust, Series 2016-A4, Class A4, 1.33%, 6/15/22 | | | | $ | 395,958 | | |
| | | 152,864 | | | | CarMax Auto Owner Trust, Series 2015-1, Class A4, 1.83%, 7/15/20 | | | | | 152,419 | | |
| | | 35,002 | | | | CarMax Auto Owner Trust, Series 2015-4, Class A3, 1.56%, 11/16/20 | | | | | 34,873 | | |
| | | 208,000 | | | | Chase Issuance Trust, Series 2012-A7, Class A7, 2.16%, 9/15/24 | | | | | 201,825 | | |
| | | 150,000 | | | | Chrysler Capital Auto Receivables Trust, Series 2016-AA, Class A4, 1.96%, 1/18/22(2) | | | | | 149,576 | | |
| | | 350,000 | | | | Citibank Credit Card Issuance Trust, Series 2016-A1, Class A1, 1.75%, 11/19/21 | | | | | 346,286 | | |
| | | 150,000 | | | | Citibank Credit Card Issuance Trust, Series 2014-A1, Class A1, 2.88%, 1/23/23 | | | | | 149,919 | | |
| | | 250,000 | | | | Ford Credit Auto Owner Trust/Ford Credit, Series 2014-1, Class A, 2.26%, 11/15/25(2) | | | | | 249,231 | | |
| | | 750,000 | | | | Ford Credit Floorplan Master Owner Trust A, Series 2017-2, Class A1, 2.16%, 9/15/22 | | | | | 738,885 | | |
| | | 250,000 | | | | GM Financial Automobile Leasing Trust, Series 2017-3, Class A4, 2.12%, 9/20/21 | | | | | 247,655 | | |
| | | 250,000 | | | | GMF Floorplan Owner Revolving Trust, Series 2016-1, Class B, 2.41%, 5/17/21(2) | | | | | 249,223 | | |
| | | 200,000 | | | | GMF Floorplan Owner Revolving Trust, Series 2017-2, Class A1, 2.13%, 7/15/22(2) | | | | | 197,182 | | |
| | | 460,000 | | | | Hyundai Auto Lease Securitization Trust, Series 2017-B, Class A3, 1.97%, 7/15/20(2) | | | | | 457,502 | | |
| Principal Amount | | | | | | Value | | ||||||
| | $ | 875,000 | | | | Nissan Auto Receivables Owner Trust, Series 2017-A, Class A3, 1.74%, 8/16/21 | | | | $ | 866,860 | | |
| | | 100,000 | | | | World Omni Auto Receivables Trust, Series 2018-A, Class A3, 2.50%, 4/17/23 | | | | | 99,282 | | |
| TOTAL ASSET-BACKED SECURITIES (Cost $4,539,537) (1.1%) | | | | | 4,536,676 | | | ||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES (1.5%) | | ||||||||||||
| | | 350,000 | | | | Citigroup Commercial Mortgage Trust, Series 2014-GC25, Class AAB, 3.37%, 10/10/47 | | | | | 353,022 | | |
| | | 100,000 | | | | COMM Mortgage Trust, Series 2014-UBS2, Class AM, 4.20%, 3/10/47 | | | | | 101,277 | | |
| | | 94,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K715, Class A2, 2.86%, 1/25/21 | | | | | 93,744 | | |
| | | 100,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K029, Class A2, 3.32%, 2/25/23(3) | | | | | 101,447 | | |
| | | 250,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K033, Class A2, 3.06%, 7/25/23(3) | | | | | 251,083 | | |
| | | 250,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K034, Class A2, 3.53%, 7/25/23(3) | | | | | 255,845 | | |
| | | 250,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K726, Class A2, 2.91%, 4/25/24 | | | | | 248,937 | | |
| | | 250,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K728, Class A2, 3.06%, 8/25/24(3) | | | | | 250,677 | | |
| Principal Amount | | | | | | Value | | ||||||
| | $ | 580,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K040, Class A2, 3.24%, 9/25/24 | | | | $ | 585,901 | | |
| | | 250,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K047, Class A2, 3.33%, 5/25/25(3) | | | | | 253,342 | | |
| | | 100,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K062, Class A2, 3.41%, 12/25/26 | | | | | 101,107 | | |
| | | 250,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K074, Class A2, 3.60%, 1/25/28 | | | | | 255,132 | | |
| | | 250,000 | | | | FREMF Mortgage Trust, Series 2013-K24, Class B, 3.50%, 11/25/45(2)(3) | | | | | 249,409 | | |
| | | 120,000 | | | | FREMF Mortgage Trust, Series 2013-K713, Class B, 3.15%, 4/25/46(2)(3) | | | | | 119,742 | | |
| | | 250,000 | | | | FREMF Mortgage Trust, Series 2014-K717, Class B, 3.63%, 11/25/47(2)(3) | | | | | 252,389 | | |
| | | 178,785 | | | | GNMA, Series 2013-12, Class AB, 1.83%, 11/16/52 | | | | | 166,305 | | |
| | | 150,000 | | | | GNMA, Series 2013-12, Class B, 2.11%, 11/16/52(3) | | | | | 136,495 | | |
| | | 229,156 | | | | GS Mortgage Securities Trust, Series 2012-GCJ7, Class A4, 3.38%, 5/10/45 | | | | | 230,123 | | |
| | | 250,000 | | | | Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C20, Class A4, 3.25%, 2/15/48 | | | | | 246,440 | | |
| | | 250,000 | | | | UBS-Barclays Commercial Mortgage Trust, Series 2012-C4, Class A5, 2.85%, 12/10/45 | | | | | 247,172 | | |
| | | 385,000 | | | | UBS-Barclays Commercial Mortgage Trust, Series 2013-C5, Class A4, 3.18%, 3/10/46 | | | | | 384,905 | | |
| Principal Amount | | | | | | Value | | ||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES (1.5%) (continued) | | ||||||||||||
| | $ | 150,000 | | | | Wells Fargo Commercial Mortgage Trust, Series 2015-C26, Class A2, 2.66%, 2/15/48 | | | | $ | 148,824 | | |
| | | 200,000 | | | | Wells Fargo Commercial Mortgage Trust, Series 2015-NXS1, Class A2, 2.63%, 5/15/48 | | | | | 199,008 | | |
| | | 349,000 | | | | Wells Fargo Commercial Mortgage Trust, Series 2016-LC24, Class A4, 2.94%, 10/15/49 | | | | | 332,795 | | |
| | | 203,545 | | | | Wells Fargo Commercial Mortgage Trust, Series 2017-C40, Class A1, 2.11%, 10/15/50 | | | | | 200,421 | | |
| | | 200,000 | | | | WFRBS Commercial Mortgage Trust, Series 2011-C5, Class A4, 3.67%, 11/15/44 | | | | | 202,091 | | |
| TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $6,060,734) (1.5%) | | | | | 5,967,633 | | | ||||||
| CORPORATE BONDS & NOTES (3.9%) | | ||||||||||||
| BASIC MATERIALS (0.1%) | | ||||||||||||
| | | | | | | CHEMICALS (0.1%) | | ||||||
| | | 225,000 | | | | Celanese U.S. Holdings LLC, Guaranteed Notes, 4.63%, 11/15/22 | | | | | 231,263 | | |
| | | 200,000 | | | | LYB International Finance B.V., Guaranteed Notes, 4.00%, 7/15/23 | | | | | 200,959 | | |
| | | | | | | | | | | | 432,222 | | |
| | | | | | | IRON & STEEL (0.0%) | | ||||||
| | | 52,000 | | | | Vale Overseas, Ltd., Guaranteed Notes, 4.38%, 1/11/22(1) | | | | | 52,910 | | |
| | | | | | | | | | | | 485,132 | | |
| COMMUNICATIONS (0.5%) | | ||||||||||||
| | | | | | | INTERNET (0.1%) | | ||||||
| | | 255,000 | | | | Amazon.com, Inc., Senior Unsecured Notes, 4.80%, 12/5/34 | | | | | 273,141 | | |
| | | 175,000 | | | | Netflix, Inc., Senior Unsecured Notes, 5.75%, 3/1/24 | | | | | 177,406 | | |
| | | | | | | | | | | | 450,547 | | |
| Principal Amount | | | | | | Value | | ||||||
| COMMUNICATIONS (0.5%) (continued) | | ||||||||||||
| | | | | | | MEDIA (0.2%) | | ||||||
| | $ | 175,000 | | | | Charter Communications Operating LLC/Charter Communications Operating Capital, Senior Secured Notes, 4.91%, 7/23/25 | | | | $ | 174,013 | | |
| | | 250,000 | | | | Comcast Corp., Guaranteed Notes, 3.95%, 10/15/25 | | | | | 252,959 | | |
| | | 100,000 | | | | Discovery Communications LLC, Guaranteed Notes, 4.90%, 3/11/26(1) | | | | | 100,737 | | |
| | | 200,000 | | | | Warner Media LLC, Guaranteed Notes, 3.80%, 2/15/27 | | | | | 187,661 | | |
| | | | | | | | | | | | 715,370 | | |
| | | | | | | TELECOMMUNICATIONS (0.2%) | | ||||||
| | | 150,000 | | | | AT&T, Inc., Senior Unsecured Notes, 3.80%, 3/1/24(1) | | | | | 148,487 | | |
| | | 250,000 | | | | Telefonica Emisiones S.A., Guaranteed Notes, 5.88%, 7/15/19 | | | | | 252,995 | | |
| | | 250,000 | | | | Verizon Communications, Inc., Senior Unsecured Notes, 4.50%, 8/10/33 | | | | | 246,772 | | |
| | | | | | | | | | | | 648,254 | | |
| | | | | | | | | | | | 1,814,171 | | |
| CONSUMER, CYCLICAL (0.2%) | | ||||||||||||
| | | | | | | AUTO MANUFACTURERS (0.1%) | | ||||||
| | | 200,000 | | | | General Motors Financial Co., Inc., Guaranteed Notes, 3.15%, 1/15/20 | | | | | 198,790 | | |
| | | | | | | AUTO PARTS & EQUIPMENT (0.0%) | | ||||||
| | | 175,000 | | | | Dana, Inc., Senior Unsecured Notes, 5.50%, 12/15/24 | | | | | 162,750 | | |
| | | | | | | HOME BUILDERS (0.1%) | | ||||||
| | | 150,000 | | | | D.R. Horton, Inc., Guaranteed Notes, 4.00%, 2/15/20 | | | | | 150,283 | | |
| | | 150,000 | | | | PulteGroup, Inc., Guaranteed Notes, 4.25%, 3/1/21 | | | | | 148,875 | | |
| | | 100,000 | | | | Toll Brothers Finance Corp., Guaranteed Notes, 4.88%, 11/15/25(1) | | | | | 93,500 | | |
| | | | | | | | | | | | 392,658 | | |
| Principal Amount | | | | | | Value | | ||||||
| CONSUMER, CYCLICAL (0.2%) (continued) | | ||||||||||||
| | | | | | | LODGING (0.0%) | | ||||||
| | $ | 150,000 | | | | Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., Guaranteed Notes, 4.63%, 4/1/25 | | | | $ | 142,125 | | |
| | | | | | | | | | | | 896,323 | | |
| CONSUMER, NON-CYCLICAL (0.4%) | | ||||||||||||
| | | | | | | BEVERAGES (0.0%) | | ||||||
| | | 150,000 | | | | Constellation Brands, Inc., Guaranteed Notes, 5.25%, 11/15/48 | | | | | 150,521 | | |
| | | | | | | BIOTECHNOLOGY (0.1%) | | ||||||
| | | 200,000 | | | | Gilead Sciences, Inc., Senior Unsecured Notes, 2.35%, 2/1/20 | | | | | 198,658 | | |
| | | | | | | COMMERCIAL SERVICES (0.1%) | | ||||||
| | | 150,000 | | | | Service Corp. International, Senior Unsecured Notes, 5.38%, 1/15/22 | | | | | 150,375 | | |
| | | 150,000 | | | | Total System Services, Inc., Senior Unsecured Notes, 4.80%, 4/1/26 | | | | | 151,167 | | |
| | | 100,000 | | | | United Rentals North America, Inc., Guaranteed Notes, 5.50%, 5/15/27 | | | | | 92,750 | | |
| | | | | | | | | | | | 394,292 | | |
| | | | | | | HEALTHCARE PRODUCTS (0.0%) | | ||||||
| | | 85,000 | | | | Abbott Laboratories, Senior Unsecured Notes, 3.75%, 11/30/26 | | | | | 83,946 | | |
| | | | | | | HEALTHCARE SERVICES (0.1%) | | ||||||
| | | 100,000 | | | | HCA, Inc., Guaranteed Notes, 5.38%, 2/1/25 | | | | | 97,500 | | |
| | | 100,000 | | | | NYU Langone Hospitals, Secured Notes, 4.78%, 7/1/44 | | | | | 105,573 | | |
| | | 100,000 | | | | UnitedHealth Group, Inc., Senior Unsecured Notes, 4.63%, 11/15/41 | | | | | 104,452 | | |
| | | | | | | | | | | | 307,525 | | |
| | | | | | | PHARMACEUTICALS (0.1%) | | ||||||
| | | 250,000 | | | | CVS Health Corp., Senior Unsecured Notes, 3.35%, 3/9/21 | | | | | 249,286 | | |
| Principal Amount | | | | | | Value | | ||||||
| CORPORATE BONDS & NOTES (3.9%) (continued) | | ||||||||||||
| CONSUMER, NON-CYCLICAL (0.4%) (continued) | | ||||||||||||
| | | | | | | PHARMACEUTICALS (0.1%) (continued) | | ||||||
| | $ | 175,000 | | | | Express Scripts Holding Co., Guaranteed Notes, 4.75%, 11/15/21 | | | | $ | 180,010 | | |
| | | | | | | | | | | | 429,296 | | |
| | | | | | | | | | | | 1,564,238 | | |
| ENERGY (0.5%) | | ||||||||||||
| | | | | | | OIL & GAS (0.3%) | | ||||||
| | | 250,000 | | | | Continental Resources, Inc., Guaranteed Notes, 4.50%, 4/15/23 | | | | | 246,044 | | |
| | | 150,000 | | | | EQT Corp., Senior Unsecured Notes, 2.50%, 10/1/20 | | | | | 146,676 | | |
| | | 150,000 | | | | Marathon Oil Corp., Senior Unsecured Notes, 3.85%, 6/1/25 | | | | | 140,717 | | |
| | | 200,000 | | | | Marathon Petroleum Corp., Senior Unsecured Notes, 5.13%, 12/15/26(2) | | | | | 204,862 | | |
| | | 150,000 | | | | Murphy Oil Corp., Senior Unsecured Notes, 5.75%, 8/15/25 | | | | | 140,113 | | |
| | | 200,000 | | | | Phillips 66, Guaranteed Notes, 4.30%, 4/1/22 | | | | | 205,326 | | |
| | | 175,000 | | | | Valero Energy Corp., Senior Unsecured Notes, 6.63%, 6/15/37 | | | | | 191,737 | | |
| | | | | | | | | | | | 1,275,475 | | |
| | | | | | | PIPELINES (0.2%) | | ||||||
| | | 150,000 | | | | Energy Transfer Partners L.P., Guaranteed Notes, 9.00%, 4/15/19 | | | | | 152,532 | | |
| | | 200,000 | | | | Enterprise Products Operating LLC, Guaranteed Notes, 4.85%, 8/15/42 | | | | | 192,575 | | |
| | | 125,000 | | | | Magellan Midstream Partners L.P., Senior Unsecured Notes, 4.25%, 9/15/46 | | | | | 113,735 | | |
| | | 250,000 | | | | MPLX L.P., Senior Unsecured Notes, 4.13%, 3/1/27 | | | | | 238,028 | | |
| | | | | | | | | | | | 696,870 | | |
| | | | | | | | | | | | 1,972,345 | | |
| Principal Amount | | | | | | Value | | ||||||
| FINANCIAL (1.6%) | | ||||||||||||
| | | | | | | BANKS (0.7%) | | ||||||
| | $ | 150,000 | | | | Australia & New Zealand Banking Group Ltd., Subordinated Notes, 4.50%, 3/19/24(2) | | | | $ | 149,905 | | |
| | | 100,000 | | | | Banco Bilbao Vizcaya Argentaria S.A., Senior Unsecured Notes, 3.00%, 10/20/20 | | | | | 98,627 | | |
| | | 150,000 | | | | Bank of America Corp. GMTN, Senior Unsecured Notes, 3.50%, 4/19/26 | | | | | 144,350 | | |
| | | 150,000 | | | | Citigroup, Inc., Subordinated Notes, 5.30%, 5/6/44 | | | | | 149,488 | | |
| | | 150,000 | | | | Fifth Third Bancorp, Senior Unsecured Notes, 2.88%, 7/27/20 | | | | | 149,135 | | |
| | | 100,000 | | | | Goldman Sachs Group, Inc. (The), Subordinated Notes, 6.75%, 10/1/37 | | | | | 112,928 | | |
| | | 200,000 | | | | ING Groep N.V., Senior Unsecured Notes, 4.10%, 10/2/23 | | | | | 199,879 | | |
| | | 250,000 | | | | Kreditanstalt fuer Wiederaufbau, Guaranteed Notes, 2.63%, 4/12/21 | | | | | 250,132 | | |
| | | 250,000 | | | | Morgan Stanley, Subordinated Notes, 4.88%, 11/1/22 | | | | | 257,623 | | |
| | | 250,000 | | | | Morgan Stanley, Senior Unsecured Notes, 2.80%, 6/16/20 | | | | | 248,376 | | |
| | | 200,000 | | | | PNC Financial Services Group, Inc. (The), Senior Unsecured Notes, 3.30%, 3/8/22 | | | | | 199,558 | | |
| | | 100,000 | | | | Santander Holdings USA, Inc., Senior Unsecured Notes, 2.65%, 4/17/20 | | | | | 98,706 | | |
| | | 250,000 | | | | Societe Generale S.A., Senior Unsecured Notes, 5.20%, 4/15/21 | | | | | 260,381 | | |
| | | 250,000 | | | | Svenska Handelsbanken AB, Guaranteed Notes, 3.35%, 5/24/21 | | | | | 249,864 | | |
| | | 250,000 | | | | Wells Fargo & Co. MTN, Senior Unsecured Notes, 3.50%, 3/8/22 | | | | | 249,168 | | |
| | | | | | | | | | | | 2,818,120 | | |
| Principal Amount | | | | | | Value | | ||||||
| FINANCIAL (1.6%) (continued) | | ||||||||||||
| | | | | | | DIVERSIFIED FINANCIAL SERVICES (0.4%) | | ||||||
| | $ | 200,000 | | | | Aircastle, Ltd., Senior Unsecured Notes, 4.40%, 9/25/23 | | | | $ | 196,705 | | |
| | | 210,000 | | | | Ally Financial, Inc., Senior Unsecured Notes, 4.13%, 2/13/22 | | | | | 203,962 | | |
| | | 200,000 | | | | BlackRock, Inc., Series 2, Senior Unsecured Notes, 5.00%, 12/10/19 | | | | | 203,587 | | |
| | | 175,000 | | | | CIT Group, Inc., Senior Unsecured Notes, 5.00%, 8/15/22 | | | | | 172,594 | | |
| | | 250,000 | | | | Discover Financial Services, Senior Unsecured Notes, 3.95%, 11/6/24 | | | | | 246,674 | | |
| | | 150,000 | | | | ORIX Corp., Senior Unsecured Notes, 3.25%, 12/4/24 | | | | | 145,344 | | |
| | | 200,000 | | | | Stifel Financial Corp., Senior Unsecured Notes, 4.25%, 7/18/24 | | | | | 202,256 | | |
| | | 150,000 | | | | Synchrony Financial, Senior Unsecured Notes, 3.00%, 8/15/19 | | | | | 149,010 | | |
| | | | | | | | | | | | 1,520,132 | | |
| | | | | | | INSURANCE (0.2%) | | ||||||
| | | 250,000 | | | | American International Group, Inc., Senior Unsecured Notes, 4.88%, 6/1/22 | | | | | 259,382 | | |
| | | 250,000 | | | | Berkshire Hathaway, Inc., Senior Unsecured Notes, 3.75%, 8/15/21(1) | | | | | 255,433 | | |
| | | 200,000 | | | | Prudential Financial, Inc., Junior Subordinated Notes, 3-month LIBOR + 2.67%, 5.70%, 9/15/48(3) | | | | | 186,000 | | |
| | | | | | | | | | | | 700,815 | | |
| | | | | | | REITS (0.3%) | | ||||||
| | | 200,000 | | | | AvalonBay Communities, Inc. GMTN, Senior Unsecured Notes, 3.45%, 6/1/25 | | | | | 196,691 | | |
| | | 100,000 | | | | Digital Realty Trust L.P., Guaranteed Notes, 5.25%, 3/15/21 | | | | | 103,262 | | |
| | | 200,000 | | | | EPR Properties, Guaranteed Notes, 5.25%, 7/15/23 | | | | | 206,240 | | |
| Principal Amount | | | | | | Value | | ||||||
| CORPORATE BONDS & NOTES (3.9%) (continued) | | ||||||||||||
| FINANCIAL (1.6%) (continued) | | ||||||||||||
| | | | | | | REITS (0.3%) (continued) | | ||||||
| | $ | 200,000 | | | | Hospitality Properties Trust, Senior Unsecured Notes, 4.65%, 3/15/24 | | | | $ | 199,406 | | |
| | | 100,000 | | | | Host Hotels & Resorts L.P., Senior Unsecured Notes, 5.25%, 3/15/22 | | | | | 103,466 | | |
| | | 100,000 | | | | iStar, Inc., Senior Unsecured Notes, 5.25%, 9/15/22(1) | | | | | 93,490 | | |
| | | 150,000 | | | | Welltower, Inc., Senior Unsecured Notes, 4.25%, 4/15/28 | | | | | 148,487 | | |
| | | 100,000 | | | | Weyerhaeuser Co., Senior Unsecured Notes, 6.95%, 10/1/27 | | | | | 117,208 | | |
| | | 100,000 | | | | Weyerhaeuser Co., Senior Unsecured Notes, 7.38%, 10/1/19 | | | | | 102,753 | | |
| | | | | | | | | | | | 1,271,003 | | |
| | | | | | | | | | | | 6,310,070 | | |
| INDUSTRIAL (0.2%) | | ||||||||||||
| | | | | | | AEROSPACE & DEFENSE (0.1%) | | ||||||
| | | 250,000 | | | | Harris Corp., Senior Unsecured Notes, 4.40%, 6/15/28 | | | | | 248,867 | | |
| | | | | | | ELECTRONICS (0.0%) | | ||||||
| | | 100,000 | | | | Corning, Inc., Senior Unsecured Notes, 5.35%, 11/15/48 | | | | | 101,443 | | |
| | | | | | | MACHINERY DIVERSIFIED (0.0%) | | ||||||
| | | 200,000 | | | | Briggs & Stratton Corp., Guaranteed Notes, 6.88%, 12/15/20 | | | | | 203,250 | | |
| | | | | | | MISCELLANEOUS MANUFACTURERS (0.1%) | | ||||||
| | | 250,000 | | | | Textron, Inc., Senior Unsecured Notes, 3.88%, 3/1/25 | | | | | 243,689 | | |
| | | | | | | PACKAGING & CONTAINERS (0.0%) | | ||||||
| | | 150,000 | | | | Packaging Corp. of America, Senior Unsecured Notes, 3.65%, 9/15/24 | | | | | 147,399 | | |
| | | | | | | | | | | | 944,648 | | |
| TECHNOLOGY (0.1%) | | ||||||||||||
| | | | | | | COMPUTERS (0.0%) | | ||||||
| | | 100,000 | | | | Apple, Inc., Senior Unsecured Notes, 3.75%, 11/13/47 | | | | | 91,893 | | |
| Principal Amount | | | | | | Value | | ||||||
| TECHNOLOGY (0.1%) (continued) | | ||||||||||||
| | | | | | | SOFTWARE (0.1%) | | ||||||
| | $ | 125,000 | | | | Cadence Design Systems, Inc., Senior Unsecured Notes, 4.38%, 10/15/24 | | | | $ | 126,109 | | |
| | | 100,000 | | | | j2 Cloud Services LLC/j2 Global Co-Obligor, Inc., Guaranteed Notes, 6.00%, 7/15/25(2) | | | | | 97,750 | | |
| | | 200,000 | | | | Microsoft Corp., Senior Unsecured Notes, 4.45%, 11/3/45 | | | | | 212,128 | | |
| | | | | | | | | | | | 435,987 | | |
| | | | | | | | | | | | 527,880 | | |
| UTILITIES (0.3%) | | ||||||||||||
| | | | | | | ELECTRIC (0.2%) | | ||||||
| | | 200,000 | | | | CenterPoint Energy, Inc., Senior Unsecured Notes, 4.25%, 11/1/28 | | | | | 202,670 | | |
| | | 150,000 | | | | Consolidated Edison Co. of New York, Inc., Senior Unsecured Notes, 4.50%, 12/1/45 | | | | | 151,289 | | |
| | | 100,000 | | | | Exelon Generation Co. LLC, Senior Unsecured Notes, 5.20%, 10/1/19 | | | | | 101,288 | | |
| | | 250,000 | | | | Florida Power & Light Co., 4.05%, 6/1/42 | | | | | 249,205 | | |
| | | 175,000 | | | | ITC Holdings Corp., Senior Unsecured Notes, 3.25%, 6/30/26 | | | | | 164,653 | | |
| | | | | | | | | | | | 869,105 | | |
| | | | | | | GAS (0.1%) | | ||||||
| | | 150,000 | | | | National Fuel Gas Co., Senior Unsecured Notes, 5.20%, 7/15/25 | | | | | 152,234 | | |
| | | | | | | | | | | | 1,021,339 | | |
| TOTAL CORPORATE BONDS & NOTES (Cost $15,830,773) (3.9%) | | | | | 15,536,146 | | | ||||||
| FOREIGN GOVERNMENT OBLIGATIONS (0.2%) | | ||||||||||||
| | | 200,000 | | | | European Bank for Reconstruction & Development GMTN, Senior Unsecured Notes, 2.75%, 3/7/23 | | | | | 200,504 | | |
| | | 250,000 | | | | Export-Import Bank of Korea, Senior Unsecured Notes, 3.00%, 11/1/22 | | | | | 246,394 | | |
| Principal Amount | | | | | | Value | | ||||||
| | $ | 150,000 | | | | Mexico Government International Bond, Senior Unsecured Notes, 4.15%, 3/28/27 | | | | $ | 145,037 | | |
| | | 150,000 | | | | Panama Government International Bond, Senior Unsecured Notes, 4.00%, 9/22/24 | | | | | 151,276 | | |
| | | 125,000 | | | | Peruvian Government International Bond, Senior Unsecured Notes, 4.13%, 8/25/27(1) | | | | | 129,063 | | |
| TOTAL FOREIGN GOVERNMENT OBLIGATIONS (Cost $890,486) (0.2%) | | | | | 872,274 | | | ||||||
| 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 | | | | | 85,746 | | |
| | | 50,000 | | | | University of California Regents Medical Center Pooled Revenue, Revenue Bonds, Build America Bonds, Series H, 6.40%, 5/15/31 | | | | | 60,185 | | |
| | | 100,000 | | | | Yuba Levee Financing Authority, Revenue Bonds, Series B, (BAM), 3.33%, 9/1/23 | | | | | 101,852 | | |
| | | | | | | | | | | | 247,783 | | |
| | | | | | | NEW YORK (0.2%) | | ||||||
| | | 185,000 | | | | Metropolitan Transportation Authority, Build America Bonds, Revenue Bonds, Ser. C-1, 5.12%, 11/15/19 | | | | | 188,382 | | |
| | | 100,000 | | | | New York City Transitional Finance Authority Future Tax Secured Revenue, Build America Bonds, Revenue Bonds, 4.53%, 11/1/22 | | | | | 104,510 | | |
| | | 200,000 | | | | New York City Transitional Finance Authority Future Tax Secured Revenue, Subordinate Bonds, Revenue Bonds, 2.63%, 2/1/23 | | | | | 197,166 | | |
| Principal Amount | | | | | | Value | | ||||||
| LONG-TERM MUNICIPAL SECURITIES (0.4%) (continued) | | ||||||||||||
| | | | | | | NEW YORK (0.2%) (continued) | | ||||||
| | $ | 250,000 | | | | New York City Transitional Finance Authority Future Tax Secured Revenue, Subordinate Bonds, Revenue Bonds, 3.00%, 2/1/26 | | | | $ | 242,500 | | |
| | | 135,000 | | | | New York Municipal Bond Bank Agency Revenue, Revenue Bonds, Build America Bonds, Ser. D2, 6.64%, 4/1/25 | | | | | 155,620 | | |
| | | | | | | | | | | | 888,178 | | |
| | | | | | | TEXAS (0.1%) | | ||||||
| | | 250,000 | | | | Dallas Independent School District Qualified School Construction Notes, General Obligation Limited, 5.05%, 8/15/33 | | | | | 270,793 | | |
| | | 250,000 | | | | Tarrant County Cultural Education Facilities Finance Corp., Revenue Bonds, Baylor Health Care System Project, Series C, 4.45%, 11/15/43 | | | | | 259,435 | | |
| | | | | | | | | | | | 530,228 | | |
| TOTAL LONG-TERM MUNICIPAL SECURITIES (Cost $1,651,668) (0.4%) | | | | | 1,666,189 | | | ||||||
| U.S. GOVERNMENT AGENCY OBLIGATIONS (2.6%) | | ||||||||||||
| | | 230,000 | | | | FHLB, 3.25%, 3/8/24 | | | | | 235,160 | | |
| | | 250,000 | | | | FHLB, 3.00%, 10/12/21 | | | | | 253,189 | | |
| | | 250,000 | | | | FHLB, 1.63%, 2/27/19 | | | | | 249,677 | | |
| | | 203,543 | | | | FHLMC, Series 4151, Class PA, 2.00%, 1/15/33 | | | | | 196,213 | | |
| | | 750,000 | | | | FHLMC, 6.25%, 7/15/32 | | | | | 1,001,437 | | |
| | | 82,750 | | | | FHLMC Gold PC Pool #A47613, 5.00%, 11/1/35 | | | | | 87,839 | | |
| | | 84,245 | | | | FHLMC Gold PC Pool #C09055, 4.00%, 12/1/43 | | | | | 86,214 | | |
| | | 125,879 | | | | FHLMC Gold PC Pool #J17969, 3.00%, 2/1/27 | | | | | 126,374 | | |
| | | 148,597 | | | | FHLMC Gold Pool #A97264, 4.00%, 2/1/41 | | | | | 152,897 | | |
| | | 236,176 | | | | FHLMC Gold Pool #C09027, 3.00%, 2/1/43 | | | | | 232,142 | | |
| Principal Amount | | | | | | Value | | ||||||
| | $ | 43,832 | | | | FHLMC Gold Pool #G08521, 3.00%, 1/1/43 | | | | $ | 43,083 | | |
| | | 278,908 | | | | FHLMC Gold Pool #J13314, 3.50%, 10/1/25 | | | | | 282,508 | | |
| | | 96,901 | | | | FHLMC Gold Pool #Q06884, 3.50%, 3/1/42 | | | | | 97,620 | | |
| | | 69,545 | | | | FHLMC Gold Pool #Q11077, 3.50%, 9/1/42 | | | | | 69,802 | | |
| | | 87,228 | | | | FHLMC Gold Pool #Q34167, 4.00%, 6/1/45 | | | | | 89,112 | | |
| | | 419,869 | | | | FHLMC Gold Pool #Q41084, 3.50%, 6/1/46 | | | | | 421,034 | | |
| | | 250,000 | | | | FNMA, 2.38%, 1/19/23 | | | | | 248,129 | | |
| | | 206,102 | | | | FNMA Pool #254954, 4.50%, 10/1/23 | | | | | 213,382 | | |
| | | 121,848 | | | | FNMA Pool #745275, 5.00%, 2/1/36 | | | | | 129,391 | | |
| | | 122,515 | | | | FNMA Pool #844809, 5.00%, 11/1/35 | | | | | 130,046 | | |
| | | 71,174 | | | | FNMA Pool #AA0466, 4.50%, 2/1/39 | | | | | 74,522 | | |
| | | 202,878 | | | | FNMA Pool #AB1796, 3.50%, 11/1/40 | | | | | 204,461 | | |
| | | 70,746 | | | | FNMA Pool #AB3218, 3.50%, 7/1/31 | | | | | 71,187 | | |
| | | 239,842 | | | | FNMA Pool #AB3900, 3.00%, 11/1/26 | | | | | 240,588 | | |
| | | 87,020 | | | | FNMA Pool #AC5822, 4.50%, 5/1/40 | | | | | 91,148 | | |
| | | 132,010 | | | | FNMA Pool #AD7128, 4.50%, 7/1/40 | | | | | 138,273 | | |
| | | 86,211 | | | | FNMA Pool #AD8529, 4.50%, 8/1/40 | | | | | 90,301 | | |
| | | 588 | | | | FNMA Pool #AH3226, 5.00%, 2/1/41 | | | | | 625 | | |
| | | 145,248 | | | | FNMA Pool #AH4493, 4.50%, 2/1/41 | | | | | 152,138 | | |
| | | 94,687 | | | | FNMA Pool #AI1019, 4.50%, 5/1/41 | | | | | 99,048 | | |
| | | 338,570 | | | | FNMA Pool #AL0657, 5.00%, 8/1/41 | | | | | 359,411 | | |
| | | 263,819 | | | | FNMA Pool #AQ1853, 3.00%, 11/1/42 | | | | | 259,569 | | |
| | | 131,230 | | | | FNMA Pool #AS0560, 4.50%, 9/1/43 | | | | | 136,645 | | |
| | | 75,735 | | | | FNMA Pool #AS1529, 3.00%, 1/1/29 | | | | | 75,786 | | |
| | | 43,436 | | | | FNMA Pool #AS3789, 4.50%, 11/1/44 | | | | | 45,193 | | |
| | | 93,167 | | | | FNMA Pool #AS4503, 3.00%, 2/1/30 | | | | | 93,229 | | |
| | | 175,412 | | | | FNMA Pool #AS4928, 3.50%, 5/1/45 | | | | | 176,040 | | |
| Principal Amount | | | | | | Value | | ||||||
| | $ | 80,159 | | | | FNMA Pool #AS6205, 3.50%, 11/1/45 | | | | $ | 80,420 | | |
| | | 221,897 | | | | FNMA Pool #AS7188, 4.00%, 5/1/46 | | | | | 226,417 | | |
| | | 352,886 | | | | FNMA Pool #AS9459, 4.50%, 4/1/47 | | | | | 365,585 | | |
| | | 45,544 | | | | FNMA Pool #AT8849, 4.00%, 6/1/43 | | | | | 46,807 | | |
| | | 133,097 | | | | FNMA Pool #AU1847, 3.00%, 9/1/43 | | | | | 130,791 | | |
| | | 116,745 | | | | FNMA Pool #AU3621, 3.00%, 7/1/43 | | | | | 114,716 | | |
| | | 300,611 | | | | FNMA Pool #AU5409, 3.00%, 8/1/43 | | | | | 293,090 | | |
| | | 79,843 | | | | FNMA Pool #AU5653, 4.00%, 9/1/43 | | | | | 81,975 | | |
| | | 115,867 | | | | FNMA Pool #AU6562, 3.50%, 12/1/43 | | | | | 116,538 | | |
| | | 66,013 | | | | FNMA Pool #AU7025, 3.00%, 11/1/43 | | | | | 64,869 | | |
| | | 79,058 | | | | FNMA Pool #AV3310, 4.50%, 1/1/44 | | | | | 81,874 | | |
| | | 141,851 | | | | FNMA Pool #AY2728, 2.50%, 2/1/30 | | | | | 138,896 | | |
| | | 143,744 | | | | FNMA Pool #AZ2276, 4.00%, 6/1/45 | | | | | 146,617 | | |
| | | 204,731 | | | | FNMA Pool #BA6555, 3.00%, 1/1/46 | | | | | 199,671 | | |
| | | 139,887 | | | | FNMA Pool #BD8211, 4.00%, 4/1/47 | | | | | 142,643 | | |
| | | 295,903 | | | | FNMA Pool #BK2040, 4.00%, 5/1/48 | | | | | 301,699 | | |
| | | 174,363 | | | | FNMA REMIC Trust Series 2013-18, Class AE, 2.00%, 3/25/28 | | | | | 168,739 | | |
| | | 80,846 | | | | GNMA I Pool #539285, 3.00%, 5/15/42 | | | | | 79,929 | | |
| | | 113,777 | | | | GNMA II Pool #MA1520, 3.00%, 12/20/43 | | | | | 112,984 | | |
| | | 175,918 | | | | GNMA II Pool #MA1521, 3.50%, 12/20/43 | | | | | 177,921 | | |
| | | 310,918 | | | | GNMA II Pool #MA1839, 4.00%, 4/20/44 | | | | | 320,734 | | |
| | | 492,140 | | | | GNMA II Pool #MA4836, 3.00%, 11/20/47 | | | | | 484,780 | | |
| TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $10,738,005) (2.6%) | | | | | 10,531,108 | | | ||||||
| U.S. TREASURY OBLIGATIONS (2.2%) | | ||||||||||||
| | | 520,000 | | | | U.S. Treasury Bonds, 4.38%, 2/15/38 | | | | | 636,980 | | |
| | | 350,000 | | | | U.S. Treasury Bonds, 3.50%, 2/15/39 | | | | | 382,826 | | |
| | | 1,587,000 | | | | U.S. Treasury Bonds, 2.75%, 8/15/42 | | | | | 1,519,180 | | |
| | | 840,000 | | | | U.S. Treasury Bonds, 3.00%, 2/15/48 | | | | | 835,505 | | |
| Principal Amount | | | | | | Value | | ||||||
| U.S. TREASURY OBLIGATIONS (2.2%) (continued) | | ||||||||||||
| | $ | 435,000 | | | | U.S. Treasury Notes, 1.38%, 4/30/20 | | | | $ | 428,305 | | |
| | | 300,000 | | | | U.S. Treasury Notes, 1.75%, 2/28/22 | | | | | 293,461 | | |
| | | 800,000 | | | | U.S. Treasury Notes, 2.00%, 11/30/22 | | | | | 785,437 | | |
| | | 1,549,000 | | | | U.S. Treasury Notes, 2.13%, 7/31/24 | | | | | 1,515,297 | | |
| | | 500,000 | | | | U.S. Treasury Notes, 3.00%, 9/30/25 | | | | | 512,832 | | |
| | | 1,232,000 | | | | U.S. Treasury Notes, 2.25%, 8/15/27 | | | | | 1,192,297 | | |
| | | 600,000 | | | | U.S. Treasury Notes, 2.75%, 2/15/28 | | | | | 603,094 | | |
| TOTAL U.S. TREASURY OBLIGATIONS (Cost $8,623,466) (2.2%) | | | | | 8,705,214 | | |
| Shares | | | | | | Value | | ||||||
| SHORT-TERM INVESTMENTS (5.2%) | | ||||||||||||
| | | | | | | MONEY MARKET FUNDS (5.2%) | | ||||||
| | | 12,877,280 | | | | State Street Institutional Liquid Reserves Fund | | | | | 12,877,280 | | |
| Shares | | | | | | Value | | ||||||
| | | | | | | MONEY MARKET FUNDS (5.2%) (continued) | | ||||||
| | $ | 7,729,812 | | | | State Street Navigator Securities Lending Government Money Market Portfolio(4) | | | | $ | 7,729,812 | | |
| TOTAL SHORT-TERM INVESTMENTS (Cost $20,606,309) (5.2%) | | | | | 20,607,092 | | | ||||||
| TOTAL INVESTMENT SECURITIES (101.1%) (Cost $381,436,862) | | | | $ | 404,055,734 | | | ||||||
| EXCESS OF LIABILITIES OVER CASH AND OTHER ASSETS (-1.1%) | | | | | (4,429,507) | | | ||||||
| NET ASSETS (100%) | | | | $ | 399,626,227 | | |
Investments in Securities: | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stocks* | | | | $ | 335,633,402 | | | | | $ | — | | | | | $ | — | | | | | $ | 335,633,402 | | |
Asset-Backed Securities | | | | | — | | | | | | 4,536,676 | | | | | | — | | | | | | 4,536,676 | | |
Commercial Mortgage-Backed Securities | | | | | — | | | | | | 5,967,633 | | | | | | — | | | | | | 5,967,633 | | |
Corporate Bonds & Notes* | | | | | — | | | | | | 15,536,146 | | | | | | — | | | | | | 15,536,146 | | |
Foreign Government Obligations | | | | | — | | | | | | 872,274 | | | | | | — | | | | | | 872,274 | | |
Long-Term Municipal Securities* | | | | | — | | | | | | 1,666,189 | | | | | | — | | | | | | 1,666,189 | | |
U.S. Government Agency Obligations | | | | | — | | | | | | 10,531,108 | | | | | | — | | | | | | 10,531,108 | | |
U.S. Treasury Obligations | | | | | — | | | | | | 8,705,214 | | | | | | — | | | | | | 8,705,214 | | |
Short-Term Investments | | | | | 20,607,092 | | | | | | — | | | | | | — | | | | | | 20,607,092 | | |
Total Investments in Securities | | | | $ | 356,240,494 | | | | | $ | 47,815,240 | | | | | $ | — | | | | | $ | 404,055,734 | | |
|
Portfolio Highlights at December 31, 2018 (unaudited)
Issue | | | Shares | | | Value | | | Percentage of Net Assets | | |||||||||
Amazon.com, Inc. | | | | | 10,300 | | | | | $ | 15,470,291 | | | | | | 6.1% | | |
Visa, Inc. | | | | | 95,000 | | | | | | 12,534,300 | | | | | | 4.9% | | |
Activision Blizzard, Inc. | | | | | 225,000 | | | | | | 10,478,250 | | | | | | 4.1% | | |
Alphabet, Inc. | | | | | 9,700 | | | | | | 10,136,112 | | | | | | 4.0% | | |
Facebook, Inc. | | | | | 77,000 | | | | | | 10,093,930 | | | | | | 4.0% | | |
PayPal Holdings, Inc. | | | | | 117,000 | | | | | | 9,838,530 | | | | | | 3.9% | | |
Alexion Pharmaceuticals, Inc. | | | | | 101,000 | | | | | | 9,833,360 | | | | | | 3.9% | | |
Alibaba Group Holding, Ltd. ADR | | | | | 67,000 | | | | | | 9,183,690 | | | | | | 3.6% | | |
Netflix, Inc. | | | | | 34,000 | | | | | | 9,100,440 | | | | | | 3.6% | | |
Exelixis, Inc. | | | | | 460,000 | | | | | | 9,048,200 | | | | | | 3.6% | | |
Portfolio Highlights at December 31, 2018 (unaudited) (continued)
| | | Average Annual Total Return | | | Growth of an Assumed Investment of $10,000 | | ||||||
Investor Class | | | | | | | | | |||||
1 year ended 12/31/18 | | | | | 1.30% | | | | | $ | 10,130 | | |
5 years ended 12/31/18 | | | | | 10.91% | | | | | $ | 16,782 | | |
10 years ended 12/31/18 | | | | | 12.86% | | | | | $ | 33,518 | | |
Institutional Class | | | | | | | | | |||||
1 year ended 12/31/18 | | | | | 1.55% | | | | | $ | 10,155 | | |
Schedule of Investments | December 31, 2018 |
| Shares | | | | | | Value | | ||||||
| COMMON STOCKS (98.0%) | | ||||||||||||
| COMMUNICATION SERVICES (19.0%) | | ||||||||||||
| | | | | | | ENTERTAINMENT (1.3%) | | ||||||
| | | 195,000 | | | | Lions Gate Entertainment Corp. Class A(1) | | | | $ | 3,139,500 | | |
| | | | | | | INTERNET (13.6%) | | ||||||
| | | 9,700 | | | | Alphabet, Inc. Class A* | | | | | 10,136,112 | | |
| | | 77,000 | | | | Facebook, Inc. Class A* | | | | | 10,093,930 | | |
| | | 34,000 | | | | Netflix, Inc.* | | | | | 9,100,440 | | |
| | | 135,000 | | | | Tencent Holdings, Ltd. ADR(1) | | | | | 5,328,450 | | |
| | | | | | | | | | | | 34,658,932 | | |
| | | | | | | SOFTWARE (4.1%) | | ||||||
| | | 225,000 | | | | Activision Blizzard, Inc. | | | | | 10,478,250 | | |
| | | | | | | | | | | | 48,276,682 | | |
| CONSUMER DISCRETIONARY (18.8%) | | ||||||||||||
| | | | | | | ENTERTAINMENT (2.2%) | | ||||||
| | | 27,000 | | | | Vail Resorts, Inc. | | | | | 5,692,140 | | |
| | | | | | | INTERNET (12.9%) | | ||||||
| | | 67,000 | | | | Alibaba Group Holding, Ltd. ADR* | | | | | 9,183,690 | | |
| | | 10,300 | | | | Amazon.com, Inc.* | | | | | 15,470,291 | | |
| | | 1,500 | | | | Booking Holdings, Inc.* | | | | | 2,583,630 | | |
| | | 72,000 | | | | GrubHub, Inc.*(1) | | | | | 5,530,320 | | |
| | | | | | | | | | | | 32,767,931 | | |
| | | | | | | RETAIL (3.7%) | | ||||||
| | | 43,000 | | | | Starbucks Corp. | | | | | 2,769,200 | | |
| | | 71,000 | | | | TJX Companies, Inc. (The) | | | | | 3,176,540 | | |
| | | 14,000 | | | | Ulta Salon, Cosmetics & Fragrance, Inc.* | | | | | 3,427,760 | | |
| | | | | | | | | | | | 9,373,500 | | |
| | | | | | | | | | | | 47,833,571 | | |
| CONSUMER STAPLES (3.2%) | | ||||||||||||
| ��� | | | | | | BEVERAGES (2.0%) | | ||||||
| | | 31,000 | | | | Constellation Brands, Inc. Class A | | | | | 4,985,420 | | |
| | | | | | | COSMETICS & PERSONAL CARE (1.2%) | | ||||||
| | | 24,000 | | | | Estee Lauder Companies, Inc. (The) Class A | | | | | 3,122,400 | | |
| | | | | | | | | | | | 8,107,820 | | |
| ENERGY (2.4%) | | ||||||||||||
| | | | | | | OIL & GAS (2.4%) | | ||||||
| | | 45,000 | | | | Diamondback Energy, Inc.(1) | | | | | 4,171,500 | | |
| | | 15,000 | | | | Pioneer Natural Resources Co. | | | | | 1,972,800 | | |
| | | | | | | | | | | | 6,144,300 | | |
| | | | | | | | | | | | 6,144,300 | | |
| Shares | | | | | | Value | | ||||||
| FINANCIALS (4.1%) | | ||||||||||||
| | | | | | | BANKS (1.8%) | | ||||||
| | | 185,000 | | | | Bank of America Corp. | | | | $ | 4,558,400 | | |
| | | | | | | DIVERSIFIED FINANCIAL SERVICES (2.3%) | | ||||||
| | | 120,000 | | | | Blackstone Group L.P. (The) | | | | | 3,577,200 | | |
| | | 55,000 | | | | Charles Schwab Corp. (The) | | | | | 2,284,150 | | |
| | | | | | | | | | | | 5,861,350 | | |
| | | | | | | | | | | | 10,419,750 | | |
| HEALTHCARE (28.2%) | | ||||||||||||
| | | | | | | BIOTECHNOLOGY (22.8%) | | ||||||
| | | 101,000 | | | | Alexion Pharmaceuticals, Inc.* | | | | | 9,833,360 | | |
| | | 520,000 | | | | Amarin Corp. PLC ADR* | | | | | 7,077,200 | | |
| | | 15,000 | | | | Biogen, Inc.* | | | | | 4,513,800 | | |
| | | 40,000 | | | | BioMarin Pharmaceutical, Inc.*(1) | | | | | 3,406,000 | | |
| | | 133,000 | | | | Celgene Corp.* | | | | | 8,523,970 | | |
| | | 85,000 | | | | Exact Sciences Corp.*(1) | | | | | 5,363,500 | | |
| | | 460,000 | | | | Exelixis, Inc.* | | | | | 9,048,200 | | |
| | | 33,000 | | | | Intercept Pharmaceuticals, Inc.*(1) | | | | | 3,326,070 | | |
| | | 41,000 | | | | Vertex Pharmaceuticals, Inc.* | | | | | 6,794,110 | | |
| | | | | | | | | | | | 57,886,210 | | |
| | | | | | | HEALTHCARE PRODUCTS (1.5%) | | ||||||
| | | 25,000 | | | | Edwards Lifesciences Corp.* | | | | | 3,829,250 | | |
| | | | | | | PHARMACEUTICALS (2.4%) | | ||||||
| | | 33,000 | | | | DexCom, Inc.* | | | | | 3,953,400 | | |
| | | 18,000 | | | | Jazz Pharmaceuticals PLC* | | | | | 2,231,280 | | |
| | | | | | | | | | | | 6,184,680 | | |
| | | | | | | SOFTWARE (1.5%) | | ||||||
| | | 57,000 | | | | Medidata Solutions, Inc.* | | | | | 3,842,940 | | |
| | | | | | | | | | | | 71,743,080 | | |
| INFORMATION TECHNOLOGY (22.3%) | | ||||||||||||
| | | | | | | COMMERCIAL SERVICES (3.9%) | | ||||||
| | | 117,000 | | | | PayPal Holdings, Inc.* | | | | | 9,838,530 | | |
| | | | | | | DIVERSIFIED FINANCIAL SERVICES (4.9%) | | ||||||
| | | 95,000 | | | | Visa, Inc. Class A(1) | | | | | 12,534,300 | | |
| | | | | | | INTERNET (2.5%) | | ||||||
| | | 110,000 | | | | Zendesk, Inc.* | | | | | 6,420,700 | | |
| Shares | | | | | | Value | | ||||||
| INFORMATION TECHNOLOGY (22.3%) (continued) | | ||||||||||||
| | | | | | | SEMICONDUCTORS (2.8%) | | ||||||
| | | 30,000 | | | | NVIDIA Corp. | | | | $ | 4,005,000 | | |
| | | 44,000 | | | | NXP Semiconductors N.V. | | | | | 3,224,320 | | |
| | | | | | | | | | | | 7,229,320 | | |
| | | | | | | SOFTWARE (8.2%) | | ||||||
| | | 20,000 | | | | Adobe, Inc.* | | | | | 4,524,800 | | |
| | | 38,000 | | | | Salesforce.com, Inc.* | | | | | 5,204,860 | | |
| | | 36,000 | | | | ServiceNow, Inc.* | | | | | 6,409,800 | | |
| | | 44,000 | | | | Splunk, Inc.* | | | | | 4,613,400 | | |
| | | | | | | | | | | | 20,752,860 | | |
| | | | | | | | | | | | 56,775,710 | | |
| TOTAL COMMON STOCKS (Cost $197,029,604) (98.0%) | | | | | 249,300,913 | | | ||||||
| SHORT-TERM INVESTMENTS (4.3%) | | ||||||||||||
| | | | | | | MONEY MARKET FUNDS (4.3%) | | ||||||
| | | 5,432,793 | | | | State Street Institutional Liquid Reserves Fund | | | | | 5,432,793 | | |
| | | 5,512,115 | | | | State Street Navigator Securities Lending Government Money Market Portfolio(2) | | | | | 5,512,115 | | |
| TOTAL SHORT-TERM INVESTMENTS (Cost $10,944,367) (4.3%) | | | | | 10,944,908 | | | ||||||
| TOTAL INVESTMENT SECURITIES (102.3%) (Cost $207,973,971) | | | | $ | 260,245,821 | | | ||||||
| EXCESS OF LIABILITIES OVER CASH AND OTHER ASSETS (-2.3%) | | | | | (5,808,828) | | | ||||||
| NET ASSETS (100%) | | | | $ | 254,436,993 | | |
Investments in Securities: | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stocks* | | | | $ | 249,300,913 | | | | | $ | — | | | | | $ | — | | | | | $ | 249,300,913 | | |
Short-Term Investments | | | | | 10,944,908 | | | | | | — | | | | | | — | | | | | | 10,944,908 | | |
Total Investments in Securities | | | | $ | 260,245,821 | | | | | $ | — | | | | | $ | — | | | | | $ | 260,245,821 | | |
| | | Value Line Premier Growth Fund, Inc. | | | Value Line Mid Cap Focused Fund, Inc. | | | Value Line Capital Appreciation Fund, Inc. | | | Value Line Larger Companies Focused Fund, Inc. | | ||||||||||||
Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments in securities, at value* | | | | $ | 315,286,797 | | | | | $ | 185,352,829 | | | | | $ | 404,055,734 | | | | | $ | 260,245,821 | | |
Cash | | | | | — | | | | | | 155,345 | | | | | | — | | | | | | — | | |
Receivable for securities sold | | | | | 1,341,328 | | | | | | — | | | | | | 2,657,474 | | | | | | — | | |
Receivable for capital shares sold | | | | | 318,597 | | | | | | 1,200,178 | | | | | | 977,205 | | | | | | 4,825 | | |
Dividends and interest receivable | | | | | 217,638 | | | | | | 151,936 | | | | | | 510,817 | | | | | | 58,614 | | |
Prepaid expenses | | | | | 26,304 | | | | | | 36,456 | | | | | | 46,183 | | | | | | 26,993 | | |
Receivable for securities lending income | | | | | 1,996 | | | | | | 1,436 | | | | | | 4,986 | | | | | | 5,124 | | |
Prepaid directors’ fees and expenses | | | | | 523 | | | | | | 566 | | | | | | — | | | | | | — | | |
Other receivables | | | | | — | | | | | | — | | | | | | 2,719 | | | | | | — | | |
Total Assets | | | | | 317,193,183 | | | | | | 186,898,746 | | | | | | 408,255,118 | | | | | | 260,341,377 | | |
Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Payable upon return of securities on loan (See Note 1J) | | | | | — | | | | | | — | | | | | | 7,729,812 | | | | | | 5,512,115 | | |
Payable for capital shares redeemed | | | | | 853,321 | | | | | | 243,022 | | | | | | 403,544 | | | | | | 79,714 | | |
Payable for securities purchased | | | | | — | | | | | | 155,345 | | | | | | — | | | | | | — | | |
Accrued expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Advisory fee | | | | | 201,643 | | | | | | 95,119 | | | | | | 225,486 | | | | | | 146,135 | | |
Service and distribution plan fees | | | | | 69,108 | | | | | | 38,511 | | | | | | 84,059 | | | | | | 55,655 | | |
Sub-transfer agent fees | | | | | 5,631 | | | | | | 2,227 | | | | | | 11,166 | | | | | | 1,797 | | |
Directors’ fees and expenses | | | | | — | | | | | | — | | | | | | 287 | | | | | | 202 | | |
Other | | | | | 135,505 | | | | | | 84,416 | | | | | | 174,537 | | | | | | 108,766 | | |
Total Liabilities | | | | | 1,265,208 | | | | | | 618,640 | | | | | | 8,628,891 | | | | | | 5,904,384 | | |
Net Assets | | | | $ | 315,927,975 | | | | | $ | 186,280,106 | | | | | $ | 399,626,227 | | | | | $ | 254,436,993 | | |
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) | | | | $ | 10,369,134 | | | | | $ | 9,748,842 | | | | | $ | 44,718,141 | | | | | $ | 10,039,601 | | |
Additional paid-in capital | | | | | 120,684,170 | | | | | | 118,008,650 | | | | | | 320,342,025 | | | | | | 187,414,771 | | |
Total Distributable Earnings (Loss) | | | | | 184,874,671 | | | | | | 58,522,614 | | | | | | 34,566,061 | | | | | | 56,982,621 | | |
Net Assets | | | | $ | 315,927,975 | | | | | $ | 186,280,106 | | | | | $ | 399,626,227 | | | | | $ | 254,436,993 | | |
Net Asset Value Per Share | | | | | | | | | | | | | | | | | | | | | | | | | |
Investor Class | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Assets | | | | $ | 315,927,975 | | | | | $ | 184,515,485 | | | | | $ | 375,157,625 | | | | | $ | 253,199,434 | | |
Shares Outstanding | | | | | 10,369,134 | | | | | | 9,656,810 | | | | | | 41,967,286 | | | | | | 9,990,888 | | |
Net Asset Value, Offering and Redemption Price per Outstanding Share | | | | $ | 30.47 | | | | | $ | 19.11 | | | | | $ | 8.94 | | | | | $ | 25.34 | | |
Institutional Class | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Assets | | | | $ | — | | | | | $ | 1,764,621 | | | | | $ | 24,468,602 | | | | | $ | 1,237,559 | | |
Shares Outstanding | | | | | — | | | | | | 92,032 | | | | | | 2,750,855 | | | | | | 48,713 | | |
Net Asset Value, Offering and Redemption Price per Outstanding Share | | | | $ | — | | | | | $ | 19.17 | | | | | $ | 8.89 | | | | | $ | 25.41 | | |
* Includes securities on loan of | | | | $ | 28,619,672 | | | | | $ | 25,186,726 | | | | | $ | 42,967,994 | | | | | $ | 34,961,693 | | |
Cost of investments | | | | $ | 138,878,492 | | | | | $ | 126,611,321 | | | | | $ | 381,436,862 | | | | | $ | 207,973,971 | | |
for the Year Ended December 31, 2018
| | | Value Line Premier Growth Fund, Inc. | | | Value Line Mid Cap Focused Fund, Inc. | | | Value Line Capital Appreciation Fund, Inc. | | | Value Line Larger Companies Focused Fund, Inc. | | ||||||||||||
Investment Income: | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends (net of foreign withholding tax of $34,764, $16,368, $13,651 and $8,858, respectively) | | | | $ | 2,499,842 | | | | | $ | 1,055,142 | | | | | $ | 3,169,094 | | | | | $ | 1,002,321 | | |
Interest | | | | | 154,439 | | | | | | 68,921 | | | | | | 1,665,418 | | | | | | 23,510 | | |
Securities lending income | | | | | 45,769 | | | | | | 18,804 | | | | | | 170,415 | | | | | | 90,595 | | |
Total Income | | | | | 2,700,050 | | | | | | 1,142,867 | | | | | | 5,004,927 | | | | | | 1,116,426 | | |
Expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Advisory fees | | | | | 2,526,305 | | | | | | 999,654 | | | | | | 2,935,140 | | | | | | 2,104,460 | | |
Service and distribution plan fees | | | | | 864,402 | | | | | | 391,574 | | | | | | 1,091,394 | | | | | | 724,080 | | |
Sub-transfer agent fees | | | | | 70,180 | | | | | | 18,811 | | | | | | 120,718 | | | | | | 21,763 | | |
Transfer agent fees | | | | | 186,045 | | | | | | 158,057 | | | | | | 214,229 | | | | | | 168,914 | | |
Auditing and legal fees | | | | | 171,431 | | | | | | 75,425 | | | | | | 257,672 | | | | | | 142,177 | | |
Custody and accounting fees | | | | | 97,460 | | | | | | 68,497 | | | | | | 145,235 | | | | | | 91,048 | | |
Directors’ fees and expenses | | | | | 62,170 | | | | | | 27,693 | | | | | | 83,270 | | | | | | 52,820 | | |
Printing and postage fees | | | | | 57,235 | | | | | | 41,644 | | | | | | 74,941 | | | | | | 36,179 | | |
Compliance and tax service fees | | | | | 33,046 | | | | | | 14,786 | | | | | | 42,933 | | | | | | 27,805 | | |
Fund administration fees | | | | | 36,900 | | | | | | 46,900 | | | | | | 46,900 | | | | | | 46,900 | | |
Registration and filing fees | | | | | 31,415 | | | | | | 41,866 | | | | | | 46,936 | | | | | | 39,426 | | |
Insurance fees | | | | | 21,401 | | | | | | 9,452 | | | | | | 25,334 | | | | | | 17,379 | | |
Other | | | | | 3,729 | | | | | | 4,329 | | | | | | 4,660 | | | | | | 4,425 | | |
Total Expenses Before Fees Waived (See Note 5) | | | | | 4,161,719 | | | | | | 1,898,688 | | | | | | 5,089,362 | | | | | | 3,477,376 | | |
Less: Advisory Fees Waived | | | | | — | | | | | | (39,541) | | | | | | (39,771) | | | | | | (135,240) | | |
Less: Sub-Transfer Agent Fees Waived | | | | | — | | | | | | (39) | | | | | | (796) | | | | | | (59) | | |
Net Expenses | | | | | 4,161,719 | | | | | | 1,859,108 | | | | | | 5,048,795 | | | | | | 3,342,077 | | |
Net Investment Loss | | | | | (1,461,669) | | | | | | (716,241) | | | | | | (43,868) | | | | | | (2,225,651) | | |
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Exchange Transactions: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Realized Gain From: | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments | | | | | 22,154,286 | | | | | | 3,311,940 | | | | | | 37,629,756 | | | | | | 34,227,507 | | |
Foreign currency translations | | | | �� | 236 | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | 22,154,522 | | | | | | 3,311,940 | | | | | | 37,629,756 | | | | | | 34,227,507 | | |
Change in Net Unrealized Appreciation/(Depreciation) of: | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments | | | | | (14,985,242) | | | | | | 1,734,904 | | | | | | (53,281,403) | | | | | | (27,072,423) | | |
Foreign currency transactions | | | | | (363) | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | (14,985,605) | | | | | | 1,734,904 | | | | | | (53,281,403) | | | | | | (27,072,423) | | |
Net Realized Gain and Change in Net Unrealized Appreciation/(Depreciation) on Investments and Foreign Exchange Transactions | | | | | 7,168,917 | | | | | | 5,046,844 | | | | | | (15,651,647) | | | | | | 7,155,084 | | |
Increase/(Decrease) in Net Assets from Operations | | | | $ | 5,707,248 | | | | | $ | 4,330,603 | | | | | $ | (15,695,515) | | | | | $ | 4,929,433 | | |
| | | Value Line Premier Growth Fund, Inc. | | | Value Line Mid Cap Focused Fund, Inc. | |||||||||||||||||
| | | Year Ended December 31, 2018 | | | Year Ended December 31, 2017 | | | Year Ended December 31, 2018 | | | Year Ended December 31, 2017 | |||||||||||
Operations: | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss) | | | | $ | (1,461,669) | | | | | $ | (851,805) | | | | | $ | (716,241) | | | | | $ | (492,445) |
Net realized gain on investments and foreign currency | | | | | 22,154,522 | | | | | | 34,548,379 | | | | | | 3,311,940 | | | | | | 7,769,856 |
Change in net unrealized appreciation/(depreciation) on investments and foreign currency translations | | | | | (14,985,605) | | | | | | 32,411,621 | | | | | | 1,734,904 | | | | | | 18,697,461 |
Net increase/(decrease) in net assets from operations | | | | | 5,707,248 | | | | | | 66,108,195 | | | | | | 4,330,603 | | | | | | 25,974,872 |
Distributions to Shareholders from: | | | | | | | | | | | | | | | | | | | | | | | |
Investor Class | | | | | (29,555,193) | | | | | | (22,912,326)* | | | | | | (9,010,918) | | | | | | (2,343,621)* |
Institutional Class | | | | | — | | | | | | — | | | | | | (82,835) | | | | | | (17,322)(1)* |
| | | | | (29,555,193) | | | | | | (22,912,326) | | | | | | (9,093,753) | | | | | | (2,360,943) |
Share Transactions: | | | | | | | | | | | | | | | | | | | | | | | |
Proceeds from sale of shares | | | | | | | | | | | | | | | | | | | | | | | |
Investor Class | | | | | 13,313,615 | | | | | | 9,120,288 | | | | | | 53,308,459 | | | | | | 8,516,948 |
Institutional Class | | | | | — | | | | | | — | | | | | | 665,770 | | | | | | 1,023,752(1) |
Proceeds from reinvestment of dividends to shareholders | | | | | | | | | | | | | | | | | | | | | | | |
Investor Class | | | | | 28,206,130 | | | | | | 22,041,732 | | | | | | 8,658,397 | | | | | | 2,228,642 |
Institutional Class | | | | | — | | | | | | — | | | | | | 82,361 | | | | | | 17,322(1) |
Cost of shares redeemed | | | | | | | | | | | | | | | | | | | | | | | |
Investor Class | | | | | (43,800,148) | | | | | | (40,995,529) | | | | | | (20,414,978) | | | | | | (20,666,260) |
Institutional Class | | | | | — | | | | | | — | | | | | | (21,134) | | | | | | — |
Net increase/(decrease) in net assets from capital share transactions | | | | | (2,280,403) | | | | | | (9,833,509) | | | | | | 42,278,875 | | | | | | (8,879,596) |
Total increase/(decrease) in net assets | | | | | (26,128,348) | | | | | | 33,362,360 | | | | | | 37,515,725 | | | | | | 14,734,333 |
NET ASSETS: | | | | | | | | | | | | | | | | | | | | | | | |
Beginning of year | | | | | 342,056,323 | | | | | | 308,693,963 | | | | | | 148,764,381 | | | | | | 134,030,048 |
End of year | | | | $ | 315,927,975 | | | | | $ | 342,056,323† | | | | | $ | 186,280,106 | | | | | $ | 148,764,381† |
Capital Share Transactions: | | | | | | | | | | | | | | | | | | | | | | | |
Shares sold | | | | | | | | | | | | | | | | | | | | | | | |
Investor Class | | | | | 380,092 | | | | | | 285,715 | | | | | | 2,511,769 | | | | | | 471,107 |
Institutional Class | | | | | — | | | | | | — | | | | | | 31,778 | | | | | | 56,126(1) |
Shares issued to shareholders in reinvestment of dividends and distributions | | | | | | | | | | | | | | | | | | | | | | | |
Investor Class | | | | | 929,996 | | | | | | 663,714 | | | | | | 456,185 | | | | | | 115,774 |
Institutional Class | | | | | — | | | | | | — | | | | | | 4,326 | | | | | | 899(1) |
Shares redeemed | | | | | | | | | | | | | | | | | | | | | | | |
Investor Class | | | | | (1,271,839) | | | | | | (1,266,122) | | | | | | (1,007,703) | | | | | | (1,126,841) |
Institutional Class | | | | | — | | | | | | — | | | | | | (1,097) | | | | | | — |
Net increase (decrease) | | | | | 38,249 | | | | | | (316,693) | | | | | | 1,995,258 | | | | | | (482,935) |
| | | Value Line Capital Appreciation Fund, Inc. | | | Value Line Larger Companies Focused Fund, Inc. | |||||||||||||||||
| | | Year Ended December 31, 2018 | | | Year Ended December 31, 2017 | | | Year Ended December 31, 2018 | | | Year Ended December 31, 2017 | |||||||||||
Operations: | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss) | | | | $ | (43,868) | | | | | $ | 1,804,398 | | | | | $ | (2,225,651) | | | | | $ | (1,827,850) |
Net realized gain on investments and foreign currency | | | | | 37,629,756 | | | | | | 21,519,254 | | | | | | 34,227,507 | | | | | | 21,429,155 |
Change in net unrealized appreciation/(depreciation) on investments and foreign currency translations | | | | | (53,281,403) | | | | | | 51,649,709 | | | | | | (27,072,423) | | | | | | 51,409,377 |
Net increase/(decrease) in net assets from operations | | | | | (15,695,515) | | | | | | 74,973,361 | | | | | | 4,929,433 | | | | | | 71,010,682 |
Distributions to Shareholders from: | | | | | | | | | | | | | | | | | | | | | | | |
Investor Class | | | | | (29,292,010) | | | | | | (20,936,279)* | | | | | | (32,360,640) | | | | | | (19,571,353)* |
Institutional Class | | | | | (1,883,013) | | | | | | (368,826)* | | | | | | (159,446) | | | | | | (120,372)* |
| | | | | (31,175,023) | | | | | | (21,305,105) | | | | | | (32,520,086) | | | | | | (19,691,725) |
Share Transactions: | | | | | | | | | | | | | | | | | | | | | | | |
Proceeds from sale of shares | | | | | | | | | | | | | | | | | | | | | | | |
Investor Class | | | | | 114,081,473 | | | | | | 92,630,410 | | | | | | 11,260,595 | | | | | | 19,224,664 |
Institutional Class | | | | | 41,939,651 | | | | | | 6,476,607 | | | | | | 756,533 | | | | | | 7,623,944 |
Proceeds from reinvestment of dividends to shareholders | | | | | | | | | | | | | | | | | | | | | | | |
Investor Class | | | | | 27,627,143 | | | | | | 19,731,130 | | | | | | 31,330,662 | | | | | | 18,930,393 |
Institutional Class | | | | | 1,802,885 | | | | | | 325,581 | | | | | | 143,466 | | | | | | 120,372 |
Cost of shares redeemed | | | | | | | | | | | | | | | | | | | | | | | |
Investor Class | | | | | (116,341,590) | | | | | | (75,505,855) | | | | | | (34,133,732) | | | | | | (31,895,162) |
Institutional Class | | | | | (22,232,223) | | | | | | (1,398,304) | | | | | | (1,201,920) | | | | | | (6,526,863) |
Net increase/(decrease) in net assets from capital share transactions | | | | | 46,877,339 | | | | | | 42,259,569 | | | | | | 8,155,604 | | | | | | 7,477,348 |
Total increase/(decrease) in net assets | | | | | 6,801 | | | | | | 95,927,825 | | | | | | (19,435,049) | | | | | | 58,796,305 |
NET ASSETS: | | | | | | | | | | | | | | | | | | | | | | | |
Beginning of year | | | | | 399,619,426 | | | | | | 303,691,601 | | | | | | 273,872,042 | | | | | | 215,075,737 |
End of year | | | | $ | 399,626,227 | | | | | $ | 399,619,426† | | | | | $ | 254,436,993 | | | | | $ | 273,872,042† |
Capital Share Transactions: | | | | | | | | | | | | | | | | | | | | | | | |
Shares sold | | | | | | | | | | | | | | | | | | | | | | | |
Investor Class | | | | | 10,674,620 | | | | | | 9,575,418 | | | | | | 346,239 | | | | | | 661,187 |
Institutional Class | | | | | 3,963,576 | | | | | | 662,936 | | | | | | 23,474 | | | | | | 250,990 |
Shares issued to shareholders in reinvestment of dividends and distributions | | | | | | | | | | | | | | | | | | | | | | | |
Investor Class | | | | | 3,087,148 | | | | | | 1,973,382 | | | | | | 1,239,350 | | | | | | 655,712 |
Institutional Class | | | | | 202,394 | | | | | | 32,713 | | | | | | 5,662 | | | | | | 4,168 |
Shares redeemed | | | | | | | | | | | | | | | | | | | | | | | |
Investor Class | | | | | (11,261,176) | | | | | | (7,754,363) | | | | | | (1,096,320) | | | | | | (1,127,067) |
Institutional Class | | | | | (2,097,291) | | | | | | (138,584) | | | | | | (39,076) | | | | | | (213,903) |
Net increase (decrease) | | | | | 4,569,271 | | | | | | 4,351,502 | | | | | | 479,329 | | | | | | 231,087 |
| Value Line Premier Growth Fund, Inc. | | | | | | | |
| Investor Class: | | | | | | | |
| Net realized gain | | | | $ | (22,912,326) | | |
| Value Line Mid Cap Focused Fund, Inc. | | | | | | | |
| Investor Class: | | | | | | | |
| Net realized gain | | | | $ | (2,343,621) | | |
| Institutional Class: | | | | | | | |
| Net realized gain | | | | $ | (17,322)(1) | | |
| Value Line Capital Appreciation, Inc. | | | | | | | |
| Investor Class: | | | | | | | |
| Net investment income | | | | $ | (1,946,288) | | |
| Net realized gain | | | | $ | (18,989,991) | | |
| Institutional Class: | | | | | | | |
| Net investment income | | | | $ | (40,592) | | |
| Net realized gain | | | | $ | (328,234) | | |
| Value Line Larger Companies Focused Fund, Inc. | | | | | | | |
| Investor Class: | | | | | | | |
| Net realized gain | | | | $ | (19,571,353) | | |
| Institutional Class: | | | | | | | |
| Net realized gain | | | | $ | (120,372) | | |
Financial Highlights
| | | Value Line Premier Growth Fund, Inc. Investor Class Years Ended December 31, | | |||||||||||||||||||||||||||
| | | 2018 | | | 2017 | | | 2016 | | | 2015 | | | 2014 | | |||||||||||||||
Net asset value, beginning of year | | | | $ | 33.11 | | | | | $ | 28.99 | | | | | $ | 28.93 | | | | | $ | 33.84 | | | | | $ | 33.99 | | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss) | | | | | (0.14) | | | | | | (0.08) | | | | | | 0.00(1) | | | | | | (0.07) | | | | | | 0.01 | | |
Net gains/(losses) on securities (both realized and unrealized) | | | | | 0.58 | | | | | | 6.56 | | | | | | 2.04 | | | | | | 0.14 | | | | | | 2.29 | | |
Total from investment operations | | | | | 0.44 | | | | | | 6.48 | | | | | | 2.04 | | | | | | 0.07 | | | | | | 2.30 | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (0.01) | | |
Distributions from net realized gains | | | | | (3.08) | | | | | | (2.36) | | | | | | (1.98) | | | | | | (4.98) | | | | | | (2.44) | | |
Total distributions | | | | | (3.08) | | | | | | (2.36) | | | | | | (1.98) | | | | | | (4.98) | | | | | | (2.45) | | |
Net asset value, end of year | | | | $ | 30.47 | | | | | $ | 33.11 | | | | | $ | 28.99 | | | | | $ | 28.93 | | | | | $ | 33.84 | | |
Total return | | | | | 1.39% | | | | | | 22.32% | | | | | | 7.00% | | | | | | 0.25% | | | | | | 6.75% | | |
Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year (in thousands) | | | | $ | 315,928 | | | | | $ | 342,056 | | | | | $ | 308,694 | | | | | $ | 330,125 | | | | | $ | 379,205 | | |
Ratio of gross expenses to average net assets | | | | | 1.20% | | | | | | 1.20% | | | | | | 1.21% | | | | | | 1.23% | | | | | | 1.23% | | |
Ratio of net expenses to average net assets | | | | | 1.20% | | | | | | 1.20% | | | | | | 1.21% | | | | | | 1.23% | | | | | | 1.23% | | |
Ratio of net investment income/(loss) to average net assets | | | | | (0.42)% | | | | | | (0.26)% | | | | | | (0.20)% | | | | | | (0.26)% | | | | | | 0.01% | | |
Portfolio turnover rate | | | | | 8% | | | | | | 3% | | | | | | 7% | | | | | | 12% | | | | | | 9% | | |
| | | Value Line Mid Cap Focused Fund, Inc. Investor Class Years Ended December 31, | | |||||||||||||||||||||||||||
| | | 2018 | | | 2017 | | | 2016 | | | 2015 | | | 2014 | | |||||||||||||||
Net asset value, beginning of year | | | | $ | 19.19 | | | | | $ | 16.27 | | | | | $ | 14.99 | | | | | $ | 14.56 | | | | | $ | 13.50 | | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss) | | | | | (0.07) | | | | | | 0.00(1) | | | | | | 0.00(1) | | | | | | (0.08) | | | | | | (0.01) | | |
Net gains/(losses) on securities (both realized and unrealized) | | | | | 0.97 | | | | | | 3.23 | | | | | | 1.64 | | | | | | 0.51 | | | | | | 1.08 | | |
Total from investment operations | | | | | 0.90 | | | | | | 3.23 | | | | | | 1.64 | | | | | | 0.43 | | | | | | 1.07 | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (0.01) | | |
Distributions from net realized gains | | | | | (0.98) | | | | | | (0.31) | | | | | | (0.36) | | | | | | — | | | | | | — | | |
Total distributions | | | | | (0.98) | | | | | | (0.31) | | | | | | (0.36) | | | | | | — | | | | | | (0.01) | | |
Net asset value, end of year | | | | $ | 19.11 | | | | | $ | 19.19 | | | | | $ | 16.27 | | | | | $ | 14.99 | | | | | $ | 14.56 | | |
Total return | | | | | 4.72% | | | | | | 19.84% | | | | | | 10.94% | | | | | | 2.95% | | | | | | 7.90% | | |
Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year (in thousands) | | | | $ | 184,515 | | | | | $ | 147,669 | | | | | $ | 134,030 | | | | | $ | 118,867 | | | | | $ | 125,330 | | |
Ratio of gross expenses to average net assets | | | | | 1.18% | | | | | | 1.18% | | | | | | 1.21% | | | | | | 1.24% | | | | | | 1.23% | | |
Ratio of net expenses to average net assets | | | | | 1.18% | | | | | | 1.18% | | | | | | 1.21% | | | | | | 1.24% | | | | | | 1.23% | | |
Ratio of net investment loss to average net assets | | | | | (0.46)% | | | | | | (0.34)% | | | | | | (0.28)% | | | | | | (0.53)% | | | | | | (0.06)% | | |
Portfolio turnover rate | | | | | 10% | | | | | | 2% | | | | | | 20% | | | | | | 17% | | | | | | 61% | | |
| | | Value Line Mid Cap Focused Fund, Inc. Institutional Class | | | | | |||||||||||||||
| | | Year Ended December 31, | | | Period Ended December 31, | | | | | | | | | | | ||||||
| | | 2018 | | | 2017(1) | | | | | | | | | | | ||||||
Net asset value, beginning of year | | | | $ | 19.20 | | | | | $ | 18.25 | | | | | | | | | | | |
Income/(loss) from investment operations: | | | | | | | ||||||||||||||||
Net investment income/(loss) | | | | | (0.04) | | | | | | 0.00(2) | | | | | | | | | | | |
Net gains/(losses) on securities (both realized and unrealized) | | | | | 0.99 | | | | | | 1.26 | | | | | | ||||||
Total from investment operations | | | | | 0.95 | | | | | | 1.26 | | | | | | ||||||
Less distributions: | | | | | | | ||||||||||||||||
Distributions from net realized gains | | | | | (0.98) | | | | | | (0.31) | | | | | | | | | | | |
Total distributions | | | | | (0.98) | | | | | | (0.31) | | | | | | | | | | | |
Net asset value, end of year | | | | $ | 19.17 | | | | | $ | 19.20 | | | | | | | | | | | |
Total return | | | | | 4.98% | | | | | | 6.89%(3) | | | | | | | | | | | |
Ratios/Supplemental Data: | | | | | | | ||||||||||||||||
Net assets, end of year (in thousands) | | | | $ | 1,765 | | | | | $ | 1,095 | | | | | | | | | | | |
Ratio of gross expenses to average net assets(5) | | | | | 3.97% | | | | | | 5.61%(4) | | | | | | ||||||
Ratio of net expenses to average net assets(6) | | | | | 0.93% | | | | | | 0.93%(4) | | | | | | ||||||
Ratio of net investment income/(loss) to average net assets(6) | | | | | (0.19)% | | | | | | (0.12)%(4) | | | | | | ||||||
Portfolio turnover rate | | | | | 10% | | | | | | 2%(3) | | | | | |
Financial Highlights
| | | Value Line Capital Appreciation Fund, Inc. Investor Class Years Ended December 31, | | |||||||||||||||||||||||||||
| | | 2018 | | | 2017 | | | 2016 | | | 2015 | | | 2014 | | |||||||||||||||
Net asset value, beginning of year | | | | $ | 9.95 | | | | | $ | 8.48 | | | | | $ | 8.72 | | | | | $ | 9.40 | | | | | $ | 9.82 | | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | | | 0.00(1) | | | | | | 0.05 | | | | | | 0.02 | | | | | | 0.06 | | | | | | 0.12 | | |
Net gains/(losses) on securities (both realized and unrealized) | | | | | (0.27) | | | | | | 1.97 | | | | | | 0.23 | | | | | | (0.14) | | | | | | 0.92 | | |
Total from investment operations | | | | | (0.27) | | | | | | 2.02 | | | | | | 0.25 | | | | | | (0.08) | | | | | | 1.04 | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | (0.01) | | | | | | (0.05) | | | | | | (0.02) | | | | | | (0.06) | | | | | | (0.11) | | |
Distributions from net realized gains | | | | | (0.73) | | | | | | (0.50) | | | | | | (0.47) | | | | | | (0.54) | | | | | | (1.35) | | |
Total distributions | | | | | (0.74) | | | | | | (0.55) | | | | | | (0.49) | | | | | | (0.60) | | | | | | (1.46) | | |
Net asset value, end of year | | | | $ | 8.94 | | | | | $ | 9.95 | | | | | $ | 8.48 | | | | | $ | 8.72 | | | | | $ | 9.40 | | |
Total return | | | | | (2.71)% | | | | | | 23.86% | | | | | | 2.80% | | | | | | (0.86)% | | | | | | 10.62% | | |
Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year (in thousands) | | | | $ | 375,158 | | | | | $ | 392,869 | | | | | $ | 302,636 | | | | | $ | 350,159 | | | | | $ | 372,707 | | |
Ratio of gross expenses to average net assets | | | | | 1.12% | | | | | | 1.11% | | | | | | 1.16% | | | | | | 1.15% | | | | | | 1.15% | | |
Ratio of net expenses to average net assets | | | | | 1.12% | | | | | | 1.11% | | | | | | 1.16% | | | | | | 1.15% | | | | | | 1.12% | | |
Ratio of net investment income/(loss) to average net assets | | | | | (0.02)% | | | | | | 0.49% | | | | | | 0.22% | | | | | | 0.67% | | | | | | 1.17% | | |
Portfolio turnover rate | | | | | 86% | | | | | | 88% | | | | | | 53% | | | | | | 45% | | | | | | 57% | | |
| | | Value Line Capital Appreciation Fund, Inc. Institutional Class Years Ended December 31, | | | |||||||||||||||||||||||
| | | 2018 | | | 2017 | | | 2016 | | | 2015(1) | | | | | ||||||||||||
Net asset value, beginning of year | | | | $ | 9.90 | | | | | $ | 8.43 | | | | | $ | 8.65 | | | | | $ | 9.50 | | | | | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss) | | | | | 0.04 | | | | | | 0.07 | | | | | | 0.02 | | | | | | (0.07) | | | | | |
Net gains/(losses) on securities (both realized and unrealized) | | | | | (0.30) | | | | | | 1.98 | | | | | | 0.25 | | | | | | (0.24) | | | | | |
Total from investment operations | | | | | (0.26) | | | | | | 2.05 | | | | | | 0.27 | | | | | | (0.31) | | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | (0.02) | | | | | | (0.08) | | | | | | (0.02) | | | | | | — | | | | | |
Distributions from net realized gains | | | | | (0.73) | | | | | | (0.50) | | | | | | (0.47) | | | | | | (0.54) | | | | | |
Total distributions | | | | | (0.75) | | | | | | (0.58) | | | | | | (0.49) | | | | | | (0.54) | | | | | |
Net asset value, end of year | | | | $ | 8.89 | | | | | $ | 9.90 | | | | | $ | 8.43 | | | | | $ | 8.65 | | | | | |
Total return | | | | | (2.61)% | | | | | | 24.31% | | | | | | 3.06% | | | | | | (3.29)%(2) | | | | | |
Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year (in thousands) | | | | $ | 24,469 | | | | | $ | 6,750 | | | | | $ | 1,055 | | | | | $ | 98 | | | | | |
Ratio of gross expenses to average net assets(3) | | | | | 1.08% | | | | | | 1.63% | | | | | | 4.82% | | | | | | 6.19%(4) | | | | | |
Ratio of net expenses to average net assets(5) | | | | | 0.87% | | | | | | 0.86% | | | | | | 0.90% | | | | | | 6.19%(4) | | | | | |
Ratio of net investment income/(loss) to average net assets(5) | | | | | 0.19% | | | | | | 0.58% | | | | | | 0.43% | | | | | | (5.02)%(4) | | | | | |
Portfolio turnover rate | | | | | 86% | | | | | | 88% | | | | | | 53% | | | | | | 45%(2) | | | | | |
| | | Value Line Larger Companies Focused Fund, Inc. Investor Class Years Ended December 31, | | |||||||||||||||||||||||||||
| | | 2018 | | | 2017 | | | 2016 | | | 2015 | | | 2014 | | |||||||||||||||
Net asset value, beginning of year | | | | $ | 28.65 | | | | | $ | 23.05 | | | | | $ | 26.25 | | | | | $ | 25.28 | | | | | $ | 25.57 | | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss) | | | | | (0.22) | | | | | | (0.19) | | | | | | 0.00(1) | | | | | | (0.14) | | | | | | (0.01) | | |
Net gains/(losses) on securities (both realized and unrealized) | | | | | 0.58 | | | | | | 8.00 | | | | | | 0.10 | | | | | | 2.63 | | | | | | 3.23 | | |
Total from investment operations | | | | | 0.36 | | | | | | 7.81 | | | | | | 0.10 | | | | | | 2.49 | | | | | | 3.22 | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (0.11) | | |
Distributions from net realized gains | | | | | (3.67) | | | | | | (2.21) | | | | | | (3.30) | | | | | | (1.52) | | | | | | (3.40) | | |
Total distributions | | | | | (3.67) | | | | | | (2.21) | | | | | | (3.30) | | | | | | (1.52) | | | | | | (3.51) | | |
Net asset value, end of year | | | | $ | 25.34 | | | | | $ | 28.65 | | | | | $ | 23.05 | | | | | $ | 26.25 | | | | | $ | 25.28 | | |
Total return | | | | | 1.30% | | | | | | 33.79% | | | | | | 0.24% | | | | | | 9.88% | | | | | | 12.41% | | |
Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year (in thousands) | | | | $ | 253,199 | | | | | $ | 272,191 | | | | | $ | 214,675 | | | | | $ | 233,085 | | | | | $ | 220,548 | | |
Ratio of gross expenses to average net assets(2) | | | | | 1.18% | | | | | | 1.19% | | | | | | 1.23% | | | | | | 1.23% | | | | | | 1.23% | | |
Ratio of net expenses to average net assets(3) | | | | | 1.15% | | | | | | 1.11% | | | | | | 1.13% | | | | | | 1.13% | | | | | | 1.13% | | |
Ratio of net investment loss to average net assets | | | | | (0.77)% | | | | | | (0.71)% | | | | | | (0.62)% | | | | | | (0.55)% | | | | | | (0.07)% | | |
Portfolio turnover rate | | | | | 36% | | | | | | 35% | | | | | | 47% | | | | | | 37% | | | | | | 89% | | |
| | | Value Line Larger Companies Focused Fund, Inc. Institutional Class | | |||||||||||||||||||||
| | | Years Ended December 31, | | | Period Ended December 31, 2015(1) | | ||||||||||||||||||
| | | 2018 | | | 2017 | | | 2016 | | |||||||||||||||
Net asset value, beginning of year | | | | $ | 28.65 | | | | | $ | 23.02 | | | | | $ | 26.18 | | | | | $ | 27.91 | | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss) | | | | | (0.14) | | | | | | (0.19) | | | | | | 0.00(2) | | | | | | (0.09) | | |
Net gains/(losses) on securities (both realized and unrealized) | | | | | 0.57 | | | | | | 8.03 | | | | | | 0.14 | | | | | | (0.12) | | |
Total from investment operations | | | | | 0.43 | | | | | | 7.84 | | | | | | 0.14 | | | | | | (0.21) | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | | |
Distributions from net realized gains | | | | | (3.67) | | | | | | (2.21) | | | | | | (3.30) | | | | | | (1.52) | | |
Total distributions | | | | | (3.67) | | | | | | (2.21) | | | | | | (3.30) | | | | | | (1.52) | | |
Net asset value, end of year | | | | $ | 25.41 | | | | | $ | 28.65 | | | | | $ | 23.02 | | | | | $ | 26.18 | | |
Total return | | | | | 1.55% | | | | | | 33.96% | | | | | | 0.40% | | | | | | (0.73)%(3) | | |
Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year (in thousands) | | | | $ | 1,238 | | | | | $ | 1,681 | | | | | $ | 401 | | | | | $ | 101 | | |
Ratio of gross expenses to average net assets(4) | | | | | 3.92% | | | | | | 2.73% | | | | | | 17.29% | | | | | | 2.70%(5) | | |
Ratio of net expenses to average net assets(6) | | | | | 0.93% | | | | | | 0.94% | | | | | | 0.98% | | | | | | 2.70%(5) | | |
Ratio of net investment loss to average net assets(6) | | | | | (0.58)% | | | | | | (0.67)% | | | | | | (0.49)% | | | | | | (2.16)%(5) | | |
Portfolio turnover rate | | | | | 36% | | | | | | 35% | | | | | | 47% | | | | | | 37%(3) | | |
| | | Year Ended December 31, 2018 | | | Year Ended December 31, 2017 | | ||||||
Value Line Premier Growth Fund, Inc. | | | | | | | | | | | | | |
Dividends per share from net investment income | | | | $ | — | | | | | $ | — | | |
Distributions per share from net realized gains | | | | $ | 3.0850 | | | | | $ | 2.3579 | | |
Value Line Mid Cap Focused Fund, Inc. Investor Class: | | | | | | | | | | | | | |
Dividends per share from net investment income | | | | $ | — | | | | | $ | — | | |
Distributions per share from net realized gains | | | | $ | 0.9787 | | | | | $ | 0.3086 | | |
Institutional Class*: | | | | | | | | | | | | | |
Dividends per share from net investment income | | | | $ | — | | | | | $ | — | | |
Distributions per share from net realized gains | | | | $ | 0.9787 | | | | | $ | 0.3086 | | |
Value Line Capital Appreciation Fund, Inc. Investor Class: | | | | | | | | | | | | | |
Dividends per share from net investment income | | | | $ | 0.0057 | | | | | $ | 0.0518 | | |
Distributions per share from net realized gains | | | | $ | 0.7345 | | | | | $ | 0.5027 | | |
Institutional Class: | | | | | | | | | | | | | |
Dividends per share from net investment income | | | | $ | 0.0184 | | | | | $ | 0.0772 | | |
Distributions per share from net realized gains | | | | $ | 0.7345 | | | | | $ | 0.5027 | | |
Value Line Larger Companies Focused Fund, Inc. | | | | | | | | | | | | | |
Investor Class: | | | | | | | | | | | | | |
Dividends per share from net investment income | | | | $ | — | | | | | $ | — | | |
Distributions per share from net realized gains | | | | $ | 3.6747 | | | | | $ | 2.2063 | | |
Institutional Class: | | | | | | | | | | | | | |
Dividends per share from net investment income | | | | $ | — | | | | | $ | — | | |
Distributions per share from net realized gains | | | | $ | 3.6747 | | | | | $ | 2.2063 | | |
| | | Investor Class | | | Institutional Class | | | Total | | |||||||||
Value Line Mid Cap Focused Fund, Inc. | | | | | | | | | | | | | | | | | | | |
Registration and filing fees | | | | $ | 20,419 | | | | | $ | 21,447 | | | | | $ | 41,866 | | |
Transfer agent fees | | | | | 139,084 | | | | | | 18,973 | | | | | | 158,057 | | |
Sub-transfer agent fees | | | | | 18,772 | | | | | | 39 | | | | | | 18,811 | | |
Other | | | | | 3,703 | | | | | | 626 | | | | | | 4,329 | | |
| | | Investor Class | | | Institutional Class | | | Total | | |||||||||
Value Line Capital Appreciation Fund, Inc. | | | | | | | | | | | | | | | | | | | |
Registration and filing fees | | | | $ | 26,180 | | | | | $ | 20,756 | | | | | $ | 46,936 | | |
Transfer agent fees | | | | | 181,429 | | | | | | 32,780 | | | | | | 214,229 | | |
Sub-transfer agent fees | | | | | 119,922 | | | | | | 796 | | | | | | 120,718 | | |
Other | | | | | 3,907 | | | | | | 753 | | | | | | 4,660 | | |
| | | Investor Class | | | Institutional Class | | | Total | | |||||||||
Value Line Larger Companies Focused Fund, Inc. | | | | | | | | | | | | | | | | | | | |
Registration and filing fees | | | | $ | 22,226 | | | | | $ | 17,200 | | | | | $ | 39,426 | | |
Transfer agent fees | | | | | 149,563 | | | | | | 19,351 | | | | | | 168,914 | | |
Sub-transfer agent fees | | | | | 21,703 | | | | | | 59 | | | | | | 21,763 | | |
Other | | | | | 3,812 | | | | | | 613 | | | | | | 4,425 | | |
Fund | | | Value of Securities Loaned | | | Value of Collateral* | | | Total Collateral (including Calculated Mark)** | | |||||||||
Value Line Premier Growth Fund, Inc. | | | | $ | 28,619,672 | | | | | $ | 28,984,978 | | | | | $ | 29,255,078 | | |
Value Line Mid Cap Focused Fund, Inc. | | | | | 25,186,726 | | | | | | 25,453,640 | | | | | | 25,746,758 | | |
Value Line Capital Appreciation Fund, Inc. | | | | | 42,967,994 | | | | | | 43,091,323 | | | | | | 43,929,211 | | |
Value Line Larger Companies Focused Fund, Inc. | | | | | 34,961,693 | | | | | | 35,090,466 | | | | | | 35,736,941 | | |
| | | Remaining Contractual Maturity of the Agreements As of December 31, 2018 | | |||||||||||||||||||||||||||
Value Line Capital Appreciation Fund, Inc. | | | Overnight and Continuous | | | <30 days | | | Between 30 & 90 days | | | >90 days | | | Total | | |||||||||||||||
Securities Lending Transactions | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stock | | | | $ | 7,236,624 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 7,236,624 | | |
Corporate Bonds & Notes | | | | | 493,188 | | | | | | — | | | | | | — | | | | | | — | | | | | | 493,188 | | |
Total Borrowings | | | | $ | 7,729,812 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 7,729,812 | | |
Gross amount of recognized liabilities for securities lending transactions | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 7,729,812 | | |
| | | Remaining Contractual Maturity of the Agreements As of December 31, 2018 | | |||||||||||||||||||||||||||
Value Line Larger Companies Focused Fund, Inc. | | | Overnight and Continuous | | | <30 days | | | Between 30 & 90 days | | | >90 days | | | Total | | |||||||||||||||
Securities Lending Transactions | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stock | | | | $ | 5,512,115 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 5,512,115 | | |
Total Borrowings | | | | $ | 5,512,115 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 5,512,115 | | |
Gross amount of recognized liabilities for securities lending transactions | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 5,512,115 | | |
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. | | | | $ | 25,976,680 | | | | | $ | 48,877,581 | | | | | $ | — | | | | | $ | — | | |
Value Line Mid Cap Focused Fund, Inc. | | | | | 49,555,184 | | | | | | 14,791,525 | | | | | | — | | | | | | — | | |
Value Line Capital Appreciation Fund, Inc. | | | | | 374,754,856 | | | | | | 379,911,239 | | | | | | 15,030,414 | | | | | | 7,653,160 | | |
Value Line Larger Companies Focused Fund, Inc. | | | | | 104,653,357 | | | | | | 137,143,965 | | | | | | — | | | | | | — | | |
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. | | | | $ | 138,878,675 | | | | | $ | 179,509,443 | | | | | $ | (3,101,321) | | | | | $ | 176,408,122 | | | | | $ | — | | | | | $ | 8,466,549 | | |
Value Line Mid Cap Focused Fund, Inc. | | | | | 126,627,320 | | | | | | 60,772,620 | | | | | | (2,047,111) | | | | | | 58,725,509 | | | | | | — | | | | | | — | | |
Value Line Capital Appreciation Fund, Inc. | | | | | 382,676,231 | | | | | | 66,908,541 | | | | | | (45,529,038) | | | | | | 21,379,503 | | | | | | 3,505,479 | | | | | | 9,681,079 | | |
Value Line Larger Companies Focused Fund, Inc. | | | | | 208,131,522 | | | | | | 73,399,476 | | | | | | (21,285,177) | | | | | | 52,114,299 | | | | | | 739,702 | | | | | | 4,128,620 | | |
Fund | | | Amount | | |||
Value Line Premier Growth Fund, Inc. | | | | $ | — | | |
Value Line Mid Cap Focused Fund, Inc. | | | | | 202,895 | | |
Value Line Capital Appreciation Fund, Inc. | | | | | — | | |
Value Line Larger Companies Focused Fund, Inc. | | | | | — | | |
Fund | | | Undistributed Net Investment Income/(Loss) | | | Accumulated Net Realized Gains/(Losses) | | | Additional Paid-In Capital | | |||||||||
Value Line Premier Growth Fund, Inc. | | | | $ | 1,461,669 | | | | | $ | (236) | | | | | $ | (1,461,433) | | |
Value Line Mid Cap Focused Fund, Inc. | | | | | 716,241 | | | | | | 952 | | | | | | (717,193) | | |
Value Line Capital Appreciation Fund, Inc. | | | | | 304,863 | | | | | | (304,761) | | | | | | (102) | | |
Value Line Larger Companies Focused Fund, Inc. | | | | | 2,225,651 | | | | | | (2,225,583) | | | | | | (68) | | |
| | | Year Ended December 31, 2018 Distributions Paid from | | |||||||||||||||
Fund | | | Ordinary Income | | | Long-Term Capital Gain | | | Total Distributions Paid | | |||||||||
Value Line Premier Growth Fund, Inc. | | | | $ | — | | | | | $ | 29,555,193 | | | | | $ | 29,555,193 | | |
Value Line Mid Cap Focused Fund, Inc. | | | | | — | | | | | | 9,093,753 | | | | | | 9,093,753 | | |
Value Line Capital Appreciation Fund, Inc. | | | | | 6,273,856 | | | | | | 24,901,167 | | | | | | 31,175,023 | | |
Value Line Larger Companies Focused Fund, Inc. | | | | | 4,766,766 | | | | | | 27,753,320 | | | | | | 32,520,086 | | |
| | | 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 Capital Appreciation 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 | | |
Fund | | | Advisory Fee | | |||
Value Line Premier Growth Fund, Inc. | | | | $ | 2,526,305 | | |
Value Line Mid Cap Focused Fund, Inc. | | | | | 999,654 | | |
Value Line Capital Appreciation Fund, Inc | | | | | 2,935,140 | | |
Value Line Larger Companies Focused Fund, Inc | | | | | 2,104,460 | | |
Fund | | | Distribution & Service Fees | | |||
Value Line Premier Growth Fund, Inc. | | | | $ | 864,402 | | |
Value Line Mid Cap Focused Fund, Inc. | | | | | 391,574 | | |
Value Line Capital Appreciation Fund, Inc | | | | | 1,091,394 | | |
Value Line Larger Companies Focused Fund, Inc | | | | | 724,080 | | |
Fund | | | Sub TA Fees | | | Waived Amount | | ||||||
Value Line Premier Growth Fund, Inc. | | | | $ | 70,180 | | | | | $ | — | | |
Value Line Mid Cap Focused Fund, Inc. | | | | | 18,811 | | | | | | 39 | | |
Value Line Capital Appreciation Fund, Inc. | | | | | 120,718 | | | | | | 796 | | |
Value Line Larger Companies Focused Fund, Inc. | | | | | 21,763 | | | | | | 59 | | |
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 Mid Cap Focused Fund Inc. | | | December 31, 2021 | | | | | 39,541 | | | | |||||
Value Line Capital Appreciation Fund, Inc. | | | December 31, 2019 | | | | | 38,957 | | | | | | — | | |
Value Line Capital Appreciation Fund, Inc. | | | December 31, 2020 | | | | | 29,265 | | | | | | — | | |
Value Line Capital Appreciation Fund, Inc. | | | December 31, 2021 | | | | | 39,771 | | | | | | — | | |
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 | | |
Value Line Larger Companies Focused Fund, Inc. | | | December 31, 2021 | | | | | 135,240 | | | | | | — | | |
New York, New York
February 22, 2019
| | | Beginning Account Value July 1, 2018 | | | Ending Account Value December 31, 2018 | | | Expenses Paid During Period* | | | Annualized Expense Ratio | | ||||||||||||
Actual | | | | | | | | | | | | | | | | | | | | | | | | | |
Value Line Premier Growth Fund, Inc. – Investor Class | | | | $ | 1,000.00 | | | | | $ | 958.60 | | | | | $ | 5.92 | | | | | | 1.20% | | |
Value Line Mid Cap Focused Fund, Inc. – Investor Class | | | | | 1,000.00 | | | | | | 989.40 | | | | | | 5.97 | | | | | | 1.19 | | |
Value Line Mid Cap Focused Fund, Inc. – Institutional Class | | | | | 1,000.00 | | | | | | 990.00 | | | | | | 4.71 | | | | | | 0.94 | | |
Value Line Capital Appreciation Fund, Inc. – Investor Class | | | | | 1,000.00 | | | | | | 896.60 | | | | | | 5.35 | | | | | | 1.12 | | |
Value Line Capital Appreciation Fund, Inc. – Institutional Class | | | | | 1,000.00 | | | | | | 897.00 | | | | | | 4.16 | | | | | | 0.87 | | |
Value Line Larger Companies Focused Fund, Inc. – Investor Class | | | | | 1,000.00 | | | | | | 884.10 | | | | | | 5.46 | | | | | | 1.15 | | |
Value Line Larger Companies Focused Fund, Inc. – Institutional Class | | | | | 1,000.00 | | | | | | 885.10 | | | | | | 4.42 | | | | | | 0.93 | | |
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 | | | | | | 1,019.21 | | | | | | 6.06 | | | | | | 1.19 | | |
Value Line Mid Cap Focused Fund, Inc. – Institutional Class | | | | | 1,000.00 | | | | | | 1,020.47 | | | | | | 4.79 | | | | | | 0.94 | | |
Value Line Capital Appreciation Fund, Inc. – Investor Class | | | | | 1,000.00 | | | | | | 1,019.56 | | | | | | 5.70 | | | | | | 1.12 | | |
Value Line Capital Appreciation Fund, Inc. – Institutional Class | | | | | 1,000.00 | | | | | | 1,020.82 | | | | | | 4.43 | | | | | | 0.87 | | |
Value Line Larger Companies Focused Fund, Inc. – Investor Class | | | | | 1,000.00 | | | | | | 1,019.41 | | | | | | 5.85 | | | | | | 1.15 | | |
Value Line Larger Companies Focused Fund, Inc. – Institutional Class | | | | | 1,000.00 | | | | | | 1,020.52 | | | | | | 4.74 | | | | | | 0.93 | | |
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% | | | | | $ | 29,555,193 | | |
Value Line Mid Cap Focused Fund, Inc. | | | | | 0.00% | | | | | | 0.00% | | | | | | 9,093,753 | | |
Value Line Capital Appreciation Fund, Inc. | | | | | 39.17% | | | | | | 39.17% | | | | | | 24,901,167 | | |
Value Line Larger Companies Focused Fund, Inc. | | | | | 16.53% | | | | | | 16.53% | | | | | | 27,753,320 | | |
Name, Address, and Age | | | Position | | | Length of Time Served | | | Principal Occupations During the Past 5 Years | | | Number of Fund Portfolios in Fund Complex Overseen by Director | | | Other Directorships Held by Director During the Past 5 Years | |
Interested Director* | | | | | | | | | | | | | | | | |
Mitchell E. Appel Age: 48 | | | Director | | | Since 2010 | | | President of each of the Value Line Funds since June 2008; Chief Financial Officer of the Distributor since April 2008 and President since February 2009; President of the Adviser since February 2009, Trustee since December 2010 and Treasurer since January 2011. | | | 11 | | | Forethought Variable Insurance Trust | |
Non-Interested Directors | | | | | | | | | | | | | | |||
Joyce E. Heinzerling Age: 62 | | | Director | | | Since 2008 | | | Managing Member, Meridian Fund Advisers LLC (consultants). | | | 11 | | | None | |
James E. Hillman Age: 62 | | | 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 | |
Michael Kuritzkes Age: 58 | | | Director | | | Since 2015 | | | Consultant, Coronado Advisors LLC since June 2014; Executive Vice President and General Counsel, Harbinger Group Inc. (public holding company), 2013 – 2014. | | | 11 | | | None | |
Paul Craig Roberts Age: 80 | | | Director | | | Since 2000 | | | Chairman, Institute for Political Economy. | | | 11 | | | None | |
Nancy-Beth Sheerr Age: 70 | | | Director | | | Since 1996 | | | Independent Trustee and Managing Member, NBS Consulting LLC since November 2014; Senior Financial Adviser, Veritable, L.P. (investment advisor) until December 2013. | | | 11 | | | None | |
Name, Address, and Age | | | Position | | | Length of Time Served | | | Principal Occupations During the Past 5 Years | | ||||||
Officers | | | | | | | | | | | | | | | | |
Mitchell E. Appel Age: 48 | | | President | | | Since 2008 | | | President of each of the Value Line Funds since June 2008; Chief Financial Officer of the Distributor since April 2008 and President since February 2009; President of the Adviser since February 2009, Trustee since December 2010 and Treasurer since January 2011. | | ||||||
Michael J. Wagner Age: 68 | | | 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: 40 | | | 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. | |
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 2018 - $78,691 |
Audit Fees 2017 - $36,184
(b) Audit-Related fees – None.
(c) | Tax Preparation Fees 2018 - $16,580 |
Tax Preparation Fees 2017 - $14,345
(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 2018 - None |
Aggregate Non-Audit Fees 2017 - None
(h) Not applicable.
Item 5.Audit Committee of Listed Registrants
Not Applicable.
Item 6.Investments
Not Applicable
Item 7.Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not Applicable
Item 8.Portfolio Managers of Closed-End Management Investment Companies
Not Applicable
Item 9.Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not Applicable
Item 10. Submission of Matters to a Vote of Security Holders
Not Applicable
Item 11. Controls and Procedures
(a) | The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in rule 30a-2(c) under the Act (17 CFR 270.30a-2(c) ) based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report, are appropriately designed to ensure that material information relating to the registrant is made known to such officers and are operating effectively. |
(b) | The registrant’s principal executive officer and principal financial officer have determined that there have been no significant changes in the registrant’s internal controls or in other factors that could significantly affect these controls subsequent to the date of their evaluation, including corrective actions with regard to significant deficiencies and material weaknesses. |
Item 12.Exhibits.
(a) | Code of Business Conduct and Ethics for Principal Executive and Senior Financial Officers attached hereto as Exhibit 100.COE |
(b) | (1) Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2) attached hereto as Exhibit 99.CERT. |
(2) Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto as Exhibit 99.906.CERT.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
By: /s/ Mitchell E. Appel
Mitchell E. Appel, President
Date: March 8, 2019
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 8, 2019