Value Line Larger Companies Focused Fund, Inc.
Schedule of Investments (unaudited)
| Shares | | | | | | Value | |
| COMMON STOCKS 99.6% | | | | |
| | | | COMMUNICATION SERVICES 18.6% | | | | |
| | | | INTERNET 14.4% | | | | |
| | 6,400 | | | Alphabet, Inc. Class A(1) | | $ | 17,110,528 | |
| | 44,000 | | | Facebook, Inc. Class A(1) | | | 14,933,160 | |
| | 23,000 | | | Netflix, Inc. (1) | | | 14,037,820 | |
| | 77,000 | | | Tencent Holdings Ltd. ADR (2) | | | 4,602,290 | |
| | 115,000 | | | Twitter, Inc. (1) | | | 6,944,850 | |
| | | | | | | | 57,628,648 | |
| | | | MEDIA 1.2% | | | | |
| | 28,000 | | | Walt Disney Co. (1) | | | 4,736,760 | |
| | | | SOFTWARE 3.0% | | | | |
| | 155,000 | | | Activision Blizzard, Inc. | | | 11,995,450 | |
| | | | | | | | 74,360,858 | |
| | | | CONSUMER DISCRETIONARY 14.2% | | | | |
| | | | ENTERTAINMENT 1.5% | | | | |
| | 125,000 | | | DraftKings, Inc. Class A(1)(2) | | | 6,020,000 | |
| | | | INTERNET 7.4% | | | | |
| | 44,000 | | | Alibaba Group Holding Ltd. ADR (1) | | | 6,514,200 | |
| | 7,000 | | | Amazon.com, Inc. (1) | | | 22,995,280 | |
| | | | | | | | 29,509,480 | |
| | | | LEISURE TIME 2.1% | | | | |
| | 95,000 | | | Peloton Interactive, Inc. Class A(1) | | | 8,269,750 | |
| | | | RETAIL 3.2% | | | | |
| | 56,000 | | | Starbucks Corp. | | | 6,177,360 | |
| | 18,000 | | | Ulta Beauty, Inc. (1) | | | 6,496,560 | |
| | | | | | | | 12,673,920 | |
| | | | | | | | 56,473,150 | |
| | | | CONSUMER STAPLES 1.1% | | | | |
| | | | BEVERAGES 1.1% | | | | |
| | 21,000 | | | Constellation Brands, Inc. Class A | | | 4,424,490 | |
| | | | ENERGY 1.9% | | | | |
| | | | OIL & GAS 1.9% | | | | |
| | 78,000 | | | Diamondback Energy, Inc. | | | 7,384,260 | |
| | | | FINANCIALS 1.9% | | | | |
| | | | DIVERSIFIED FINANCIAL SERVICES 1.9% | | | | |
| | 66,000 | | | Blackstone, Inc. Class A | | | 7,678,440 | |
| | | | HEALTHCARE 22.0% | | | | |
| | | | BIOTECHNOLOGY 18.0% | | | | |
| | 1,200,000 | | | Amarin Corp. PLC ADR (1)(2) | | | 6,120,000 | |
| | 15,000 | | | Biogen, Inc. (1) | | | 4,244,850 | |
| | 117,000 | | | Biohaven Pharmaceutical Holding Co. Ltd. (1) | | | 16,252,470 | |
| | 130,000 | | | Exact Sciences Corp. (1) | | | 12,408,500 | |
| | 770,000 | | | Exelixis, Inc. (1) | | | 16,277,800 | |
| | 190,000 | | | Global Blood Therapeutics, Inc. (1) | | | 4,841,200 | |
| | 260,000 | | | Intercept Pharmaceuticals, Inc. (1)(2) | | | 3,861,000 | |
| | 44,000 | | | Vertex Pharmaceuticals, Inc. (1) | | | 7,981,160 | |
| | | | | | | | 71,986,980 | |
| | | | HEALTHCARE PRODUCTS 1.6% | | | | |
| | 55,000 | | | Edwards Lifesciences Corp. (1) | | | 6,226,550 | |
| | | | PHARMACEUTICALS 2.4% | | | | |
| | 17,500 | | | DexCom, Inc. (1) | | | 9,570,050 | |
| | | | | | | | 87,783,580 | |
| | | | INDUSTRIALS 2.7% | | | | |
| | | | INTERNET 2.7% | | | | |
| | 200,000 | | | Lyft, Inc. Class A (1) | | | 10,718,000 | |
| | | | INFORMATION TECHNOLOGY 37.2% | | | | |
| | | | COMMERCIAL SERVICES 4.2% | | | | |
| | 64,000 | | | PayPal Holdings, Inc. (1) | | | 16,653,440 | |
| | | | COMPUTERS 3.9% | | | | |
| | 60,000 | | | Apple, Inc. | | | 8,490,000 | |
| | 28,000 | | | Crowdstrike Holdings, Inc. Class A (1) | | | 6,881,840 | |
| | | | | | | | 15,371,840 | |
| | | | DIVERSIFIED FINANCIAL SERVICES 3.4% | | | | |
| | 61,000 | | | Visa, Inc. Class A | | | 13,587,750 | |
| | | | INTERNET 2.7% | | | | |
| | 8,000 | | | Shopify, Inc. Class A (1) | | | 10,846,240 | |
| | | | SEMICONDUCTORS 6.0% | | | | |
| | 74,000 | | | NVIDIA Corp. | | | 15,329,840 | |
| | 68,000 | | | QUALCOMM, Inc. | | | 8,770,640 | |
| | | | | | | | 24,100,480 | |
| | | | SOFTWARE 17.0% | | | | |
| | 12,000 | | | Adobe, Inc. (1) | | | 6,908,640 | |
| | 30,000 | | | Microsoft Corp. | | | 8,457,600 | |
| | 25,000 | | | RingCentral, Inc. Class A (1) | | | 5,437,500 | |
| | 40,000 | | | Salesforce.com, Inc. (1) | | | 10,848,800 | |
| | 20,000 | | | ServiceNow, Inc. (1) | | | 12,445,400 | |
| | 54,000 | | | Splunk, Inc. (1) | | | 7,814,340 | |
| | 26,000 | | | Twilio, Inc. Class A (1) | | | 8,295,300 | |
September 30, 2021
| Shares | | | | | | Value | |
| | 30,000 | | | Workday, Inc. Class A (1) | | $ | 7,496,700 | |
| | | | | | | | 67,704,280 | |
| | | | | | | | 148,264,030 | |
TOTAL COMMON STOCKS
(Cost $238,782,755) | | | 397,086,808 | |
| | | | | |
| SHORT-TERM INVESTMENTS 0.9% | | | | |
| | | | | |
| | | | MONEY MARKET FUNDS 0.9% | | | | |
| | 2,064,217 | | | State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.03% (3) | | | 2,064,217 | |
| | 1,650,815 | | | State Street Navigator Securities Lending Government Money Market Portfolio (4) | | | 1,650,815 | |
| | | | | | | | 3,715,032 | |
TOTAL SHORT-TERM INVESTMENTS
(Cost $3,715,032) | | | 3,715,032 | |
| | | | | |
TOTAL INVESTMENT IN SECURITIES 100.5%
(Cost $242,497,787) | | $ | 400,801,840 | |
| | | | | |
| EXCESS OF LIABILITIES OVER CASH AND OTHER ASSETS (0.5%) | | | (2,009,574 | ) |
| | | | | |
| NET ASSETS (5) 100% | | $ | 398,792,266 | |
| (1) | Non-income producing. |
| (2) | A portion or all of the security was held on loan. As of September 30, 2021, the market value of the securities on loan was $15,893,358. |
| (3) | Rate reflects 7 day yield as of September 30, 2021. |
| (4) | Securities with an aggregate market value of $15,893,358 were out on loan in exchange for collateral including $1,650,815 of cash collateral as of September 30, 2021. The collateral was invested in a cash collateral reinvestment vehicle. |
| (5) | For federal income tax purposes, the aggregate cost was $242,497,787, aggregate gross unrealized appreciation was $183,027,528, aggregate gross unrealized depreciation was $24,723,475 and the net unrealized appreciation was $158,304,053. |
| ADR | American Depositary Receipt. |
The Fund follows fair valuation accounting standards (FASB ASC 820-10) which establishes a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion of changes in valuation techniques and related inputs during the period. These inputs are summarized in the three broad levels listed below:
| • Level 1 – | Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access at the measurement date; |
| • Level 2 – | Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly, including inputs in markets that are not considered to be active; |
| |
| • Level 3 – | Inputs that are unobservable. |
Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following table summarizes the inputs used to value the Fund's investments in securities as of September 30, 2021:
| Investments in Securities: | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Assets | | | | | | | | | | | | |
| Common Stocks* | | $ | 397,086,808 | | | $ | — | | | $ | — | | | $ | 397,086,808 | |
| Short-Term Investments | | | 3,715,032 | | | | — | | | | — | | | | 3,715,032 | |
| Total Investments in Securities | | $ | 400,801,840 | | | $ | — | | | $ | — | | | $ | 400,801,840 | |
* See Schedule of Investments for further breakdown by category.
An investment asset’s or liability’s level within the fair value hierarchy is based on the lowest level input, individually or in aggregate, that is significant to fair value measurement. The objective of fair value measurement remains the same even when there is a significant decrease in the volume and level of activity for an asset or liability and regardless of the valuation techniques used.
During the period ended September 30, 2021, there were no Level 3 investments.
