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 _811-03835_
Value Line Centurion 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, 2020
Date of reporting period: June 30, 2020
Item I. Reports to Stockholders.
A copy of the Semi-Annual Report to Stockholders for the period ended 6/30/20 is included with this Form.
To Contractowners
Portfolio Manager
Long-term growth
of capital
November 15, 1983
June 30, 2020:
$139,440,658
Composition at
June 30, 2020:
(Percentage of Total
Net Assets)
To Contractowners
To Contractowners
President of the Value Line Funds
To Contractowners
To Contractowners
To Contractowners
| | Issue | | | Shares | | | Value | | | Percentage of Net Assets | | | |||||||||
| | Rollins, Inc. | | | | | 143,000 | | | | | $ | 6,061,770 | | | | | | 4.3% | | | |
| | Roper Technologies, Inc. | | | | | 15,400 | | | | | | 5,979,204 | | | | | | 4.3% | | | |
| | Mettler-Toledo International, Inc. | | | | | 7,400 | | | | | | 5,961,070 | | | | | | 4.3% | | | |
| | AutoZone, Inc. | | | | | 5,000 | | | | | | 5,640,600 | | | | | | 4.0% | | | |
| | Fiserv, Inc. | | | | | 51,200 | | | | | | 4,998,144 | | | | | | 3.6% | | | |
| | IDEXX Laboratories, Inc. | | | | | 15,000 | | | | | | 4,952,400 | | | | | | 3.6% | | | |
| | Teledyne Technologies, Inc. | | | | | 15,500 | | | | | | 4,819,725 | | | | | | 3.5% | | | |
| | Waste Connections, Inc. | | | | | 51,300 | | | | | | 4,811,427 | | | | | | 3.5% | | | |
| | Church & Dwight Co., Inc. | | | | | 61,600 | | | | | | 4,761,680 | | | | | | 3.4% | | | |
| | ANSYS, Inc. | | | | | 15,800 | | | | | | 4,609,334 | | | | | | 3.3% | | | |
Sector Weightings—Percentage of Total Investment Securities*
To Contractowners
| | | | | YTD | | | 1 Yr | | | 3 Yrs | | | 5 Yrs | | | 10 Yrs | | | Since Inception 11/15/1983 | | | ||||||||||||||||||
| | Value Line Centurion Fund, Inc. | | | | | (2.75%) | | | | | | 1.55% | | | | | | 12.08% | | | | | | 10.51% | | | | | | 13.92% | | | | | | 8.86% | | | |
| | S&P 500® Index | | | | | (3.08%) | | | | | | 7.51% | | | | | | 10.73% | | | | | | 10.73% | | | | | | 13.99% | | | | | | 10.95% | | | |
To Contractowners
| | | | | Beginning Account Value January 1, 2020 | | | Ending Account Value June 30, 2020 | | | Expenses Paid During Period* | | | Annualized Expense Ratio | | | ||||||||||||
| | Actual | | | | $ | 1,000.00 | | | | | $ | 972.50 | | | | | $ | 4.32 | | | | | | 0.88% | | | |
| | Hypothetical (5% return before expenses) | | | | $ | 1,000.00 | | | | | $ | 1,020.49 | | | | | $ | 4.42 | | | | | | 0.88% | | | |
| Shares | | | | | | Value | | ||||||
| Common Stocks — 95.8% | | ||||||||||||
| Consumer Discretionary — 9.5% | | ||||||||||||
| Retail — 9.5% | | ||||||||||||
| | | 5,000 | | | | AutoZone, Inc.* | | | | $ | 5,640,600 | | |
| | | 4,900 | | | | Domino’s Pizza, Inc. | | | | | 1,810,256 | | |
| | | 5,200 | | | | O’Reilly Automotive, Inc.* | | | | | 2,192,684 | | |
| | | 72,800 | | | | TJX Companies, Inc. (The) | | | | | 3,680,768 | | |
| | | | | | | | | | | | 13,324,308 | | |
| Consumer Staples — 6.8% | | ||||||||||||
| Food — 2.0% | | ||||||||||||
| | | 21,500 | | | | J&J Snack Foods Corp. | | | | | 2,733,295 | | |
| Household Products — 3.4% | | ||||||||||||
| | | 61,600 | | | | Church & Dwight Co., Inc. | | | | | 4,761,680 | | |
| Retail — 1.4% | | ||||||||||||
| | | 13,100 | | | | Casey’s General Stores, Inc. | | | | | 1,958,712 | | |
| | | | | | | | | | | | 9,453,687 | | |
| Financials — 4.0% | | ||||||||||||
| Insurance — 4.0% | | ||||||||||||
| | | 3,000 | | | | Alleghany Corp. | | | | | 1,467,420 | | |
| | | 15,000 | | | | American Financial Group, Inc. | | | | | 951,900 | | |
| | | 10,200 | | | | Arch Capital Group, Ltd.* | | | | | 292,230 | | |
| | | 10,000 | | | | Berkley (W.R.) Corp. | | | | | 572,900 | | |
| | | 13,500 | | | | RenaissanceRe Holdings, Ltd. | | | | | 2,308,905 | | |
| | | | | | | | | | | | 5,593,355 | | |
| Healthcare — 11.2% | | ||||||||||||
| Electronics — 4.3% | | ||||||||||||
| | | 7,400 | | | | Mettler-Toledo International, Inc.* | | | | | 5,961,070 | | |
| Healthcare Products — 5.3% | | ||||||||||||
| | | 2,600 | | | | Cooper Cos., Inc. (The) | | | | | 737,464 | | |
| | | 10,700 | | | | DENTSPLY SIRONA, Inc. | | | | | 471,442 | | |
| | | 20,600 | | | | Henry Schein, Inc.* | | | | | 1,202,834 | | |
| | | 15,000 | | | | IDEXX Laboratories, Inc.* | | | | | 4,952,400 | | |
| | | | | | | | | | | | 7,364,140 | | |
| Healthcare Services — 1.6% | | ||||||||||||
| | | 5,000 | | | | Chemed Corp. | | | | | 2,255,350 | | |
| | | | | | | | | | | | 15,580,560 | | |
| Industrials — 36.5% | | ||||||||||||
| Aerospace & Defense — 9.2% | | ||||||||||||
| | | 41,033 | | | | HEICO Corp. | | | | | 4,088,939 | | |
| | | 7,000 | | | | Northrop Grumman Corp. | | | | | 2,152,080 | | |
| | | 6,000 | | ��� | | Spirit AeroSystems Holdings, Inc. Class A | | | | | 143,640 | | |
| | | 15,500 | | | | Teledyne Technologies, Inc.* | | | | | 4,819,725 | | |
| | | 3,600 | | | | TransDigm Group, Inc. | | | | | 1,591,380 | | |
| | | | | | | | | | | | 12,795,764 | | |
| Commercial Services — 9.0% | | ||||||||||||
| | | 3,500 | | | | Cintas Corp. | | | | | 932,260 | | |
| Shares | | | | | | Value | | ||||||
| Commercial Services — 9.0% (Continued) | | ||||||||||||
| | | 20,500 | | | | Equifax, Inc. | | | | $ | 3,523,540 | | |
| | | 27,030 | | | | IHS Markit, Ltd. | | | | | 2,040,765 | | |
| | | 143,000 | | | | Rollins, Inc.(1) | | | | | 6,061,770 | | |
| | | | | | | | | | | | 12,558,335 | | |
| Electrical Equipment — 2.9% | | ||||||||||||
| | | 45,000 | | | | AMETEK, Inc. | | | | | 4,021,650 | | |
| Electronics — 4.3% | | ||||||||||||
| | | 15,400 | | | | Roper Technologies, Inc. | | | | | 5,979,204 | | |
| Environmental Control — 5.0% | | ||||||||||||
| | | 26,000 | | | | Republic Services, Inc. | | | | | 2,133,300 | | |
| | | 51,300 | | | | Waste Connections, Inc. | | | | | 4,811,427 | | |
| | | | | | | | | | | | 6,944,727 | | |
| Housewares — 1.8% | | ||||||||||||
| | | 38,000 | | | | Toro Co. (The) | | | | | 2,520,920 | | |
| Machinery Diversified — 2.2% | | ||||||||||||
| | | 19,200 | | | | IDEX Corp. | | | | | 3,034,368 | | |
| Miscellaneous Manufacturers — 1.3% | | ||||||||||||
| | | 16,000 | | | | Carlisle Companies, Inc. | | | | | 1,914,720 | | |
| Transportation — 0.8% | | ||||||||||||
| | | 9,000 | | | | J.B. Hunt Transport Services, Inc. | | | | | 1,083,060 | | |
| | | | | | | | | | | | 50,852,748 | | |
| Information Technology — 17.5% | | ||||||||||||
| Commercial Services — 1.9% | | ||||||||||||
| | | 4,700 | | | | Automatic Data Processing, Inc. | | | | | 699,783 | | |
| | | 6,900 | | | | Gartner, Inc.* | | | | | 837,177 | | |
| | | 6,600 | | | | WEX, Inc.* | | | | | 1,089,066 | | |
| | | | | | | | | | | | 2,626,026 | | |
| Software — 15.6% | | ||||||||||||
| | | 15,800 | | | | ANSYS, Inc.* | | | | | 4,609,334 | | |
| | | 5,500 | | | | Blackbaud, Inc. | | | | | 313,940 | | |
| | | 11,600 | | | | Broadridge Financial Solutions, Inc. | | | | | 1,463,804 | | |
| | | 25,000 | | | | Cadence Design Systems, Inc.* | | | | | 2,399,000 | | |
| | | 5,200 | | | | Fair Isaac Corp.* | | | | | 2,173,808 | | |
| | | 51,200 | | | | Fiserv, Inc.* | | | | | 4,998,144 | | |
| | | 10,600 | | | | Jack Henry & Associates, Inc. | | | | | 1,950,718 | | |
| | | 49,600 | | | | Open Text Corp.(1) | | | | | 2,107,008 | | |
| | | 4,900 | | | | Tyler Technologies, Inc.* | | | | | 1,699,712 | | |
| | | | | | | | | | | | 21,715,468 | | |
| | | | | | | | | | | | 24,341,494 | | |
| Materials — 8.5% | | ||||||||||||
| Chemicals — 4.7% | | ||||||||||||
| | | 17,000 | | | | Ecolab, Inc. | | | | | 3,382,150 | | |
| | | 32,600 | | | | FMC Corp. | | | | | 3,247,612 | | |
| | | | | | | | | | | | 6,629,762 | | |
| Miscellaneous Manufacturers — 1.7% | | ||||||||||||
| | | 21,000 | | | | AptarGroup, Inc. | | | | | 2,351,580 | | |
| Shares | | | | | | Value | | ||||||
| Common Stocks — 95.8% (Continued) | | ||||||||||||
| Packaging & Containers — 2.1% | | ||||||||||||
| | | 42,400 | | | | Ball Corp. | | | | $ | 2,946,376 | | |
| | | | | | | | | | | | 11,927,718 | | |
| Real Estate — 1.8% | | ||||||||||||
| REITS — 1.8% | | ||||||||||||
| | | 8,000 | | | | American Tower Corp. REIT | | | | | 2,068,320 | | |
| | | 8,000 | | | | Equity Lifestyle Properties, Inc. REIT | | | | | 499,840 | | |
| | | | | | | | | | | | 2,568,160 | | |
| Total Common Stocks (Cost $58,112,870) | | | | | 133,642,030 | | | ||||||
| Short-Term Investments — 5.9% | | ||||||||||||
| Money Market Funds — 5.9% | | ||||||||||||
| | | 6,024,830 | | | | State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.116%(2) | | | | | 6,024,830 | | |
| | | 2,157,600 | | | | State Street Navigator Securities Lending Government Money Market Portfolio(3) | | | | | 2,157,600 | | |
| | | | | | | | | | | | 8,182,430 | | |
| Shares | | | | | | Value | | |||
| Short-Term Investments — 5.9% (Continued) | | |||||||||
| Total Short-Term Investments (Cost $8,182,430) | | | | $ | 8,182,430 | | | |||
| Total Investments — 101.7% (Cost $66,295,300) | | | | $ | 141,824,460 | | | |||
| Excess Of Liabilities Over Cash And Other Assets — (1.7)% | | | | | (2,383,802) | | | |||
| Net Assets — 100.0% | | | | $ | 139,440,658 | | |
Investments in Securities: | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stocks* | | | | $ | 133,642,030 | | | | | $ | — | | | | | $ | — | | | | | $ | 133,642,030 | | |
Short-Term Investments | | | | | 8,182,430 | | | | | | — | | | | | | — | | | | | | 8,182,430 | | |
Total Investments in Securities | | | | $ | 141,824,460 | | | | | $ | — | | | | | $ | — | | | | | $ | 141,824,460 | | |
June 30, 2020 (unaudited)
| ASSETS: | | | | | | | |
| Investment securities, at value (Cost – $66,295,300) (securities on loan, at value, $6,573,091) | | | | $ | 141,824,460 | | |
| Dividends and interest receivable | | | | | 88,304 | | |
| Prepaid expenses | | | | | 3,981 | | |
| Receivable for capital shares sold | | | | | 1,286 | | |
| Receivable for securities lending income | | | | | 704 | | |
| Other receivables | | | | | 22,082 | | |
| Total Assets | | | | | 141,940,817 | | |
| LIABILITIES: | | | | | | | |
| Payable upon return of securities on loan (See Note 1H) | | | | | 2,157,600 | | |
| Payable for capital shares redeemed | | | | | 194,322 | | |
| Accrued expenses: | | | | | | | |
| Advisory fee | | | | | 52,155 | | |
| Service and distribution plan fees | | | | | 31,307 | | |
| Directors’ fees and expenses | | | | | 979 | | |
| Other | | | | | 63,796 | | |
| Total Liabilities | | | | | 2,500,159 | | |
| Net Assets | | | | $ | 139,440,658 | | |
| NET ASSETS CONSIST OF: | | | | | | | |
| Capital stock, at $1.00 par value (authorized 50,000,000, outstanding 4,335,401 shares) | | | | $ | 4,335,401 | | |
| Additional paid-in capital | | | | | 24,274,621 | | |
| Total Distributable Earnings (Loss) | | | | | 110,830,636 | | |
| Net Assets | | | | $ | 139,440,658 | | |
| Net Asset Value Per Outstanding Share ($139,440,658 ÷ 4,335,401 shares outstanding) | | | | $ | 32.16 | | |
June 30, 2020 (unaudited)
| INVESTMENT INCOME: | | ||||||
| Dividends (net of foreign withholding tax of $6,459) | | | | $ | 549,501 | | |
| Securities lending income (Net) | | | | | 4,553 | | |
| Interest | | | | | 2,712 | | |
| Total Income | | | | | 556,766 | | |
| Expenses: | | | | | | | |
| Advisory fees | | | | | 309,419 | | |
| Service and distribution plan fees | | | | | 275,780 | | |
| Custody and accounting fees | | | | | 30,184 | | |
| Auditing and legal fees | | | | | 24,985 | | |
| Fund administration fees | | | | | 15,415 | | |
| Directors’ fees and expenses | | | | | 9,609 | | |
| Printing and postage fees | | | | | 6,597 | | |
| Compliance and tax service fees | | | | | 5,842 | | |
| Insurance fees | | | | | 3,533 | | |
| Registration and filing fees | | | | | 957 | | |
| Other | | | | | 9,807 | | |
| Total Expenses Before Fees Waived (See Note 5) | | | | | 692,128 | | |
| Less: Service and Distribution Plan Fees Waived | | | | | (88,256) | | |
| Net Expenses | | | | | 603,872 | | |
| Net Investment Loss | | | | | (47,106) | | |
| Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Exchange Transactions: | | | | | | | |
| Net Realized Gain/(Loss) From: | | | | | | | |
| Investments | | | | | 9,044,636 | | |
| Foreign currency transactions | | | | | (243) | | |
| | | | | | 9,044,393 | | |
| Change in Net Unrealized Appreciation/(Depreciation) of: | | | | | | | |
| Investments | | | | | (13,269,561) | | |
| Foreign currency translations | | | | | (159) | | |
| | | | | | (13,269,720) | | |
| Net Realized Gain/(Loss) and Change in Net Unrealized Appreciation/(Depreciation) on Investments and Foreign Exchange Transactions | | | | | (4,225,327) | | |
| Net Decrease in Net Assets from Operations | | | | $ | (4,272,433) | | |
| | | Six Months Ended June 30, 2020 (unaudited) | | | Year Ended December 31, 2019 | | ||||||
Operations: | | | | | | | | | | | | | |
Net investment income/(loss) | | | | $ | (47,106) | | | | | $ | 131,220 | | |
Net realized gain on investments and foreign currency | | | | | 9,044,393 | | | | | | 26,213,157 | | |
Change in net unrealized appreciation/(depreciation) on investments and foreign currency translations | | | | | (13,269,720) | | | | | | 13,593,679 | | |
Net increase/(decrease) in net assets from operations | | | | | (4,272,433) | | | | | | 39,938,056 | | |
Distributions to Shareholders from: | | | | | | | | | | | | | |
Distributable Earnings | | | | | — | | | | | | (8,913,738) | | |
Share Transactions: | | | | | | | | | | | | | |
Proceeds from sale of shares | | | | | 764,308 | | | | | | 1,693,892 | | |
Proceeds from reinvestment of distributions to shareholders | | | | | — | | | | | | 8,913,738 | | |
Cost of shares redeemed | | | | | (6,727,095) | | | | | | (16,207,792) | | |
Net decrease in net assets from capital share transactions | | | | | (5,962,787) | | | | | | (5,600,162) | | |
Total increase/(decrease) in net assets | | | | | (10,235,220) | | | | | | 25,424,156 | | |
NET ASSETS: | | | | | | | | | | | | | |
Beginning of period | | | | | 149,675,878 | | | | | | 124,251,722 | | |
End of period | | | | $ | 139,440,658 | | | | | $ | 149,675,878 | | |
| | | Six Months Ended June 30, 2020 (unaudited) | | | Years Ended December 31, | | ||||||||||||||||||||||||||||||
| 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | | |||||||||||||||||||||||
Net asset value, beginning of period | | | | $ | 33.07 | | | | | $ | 26.39 | | | | | $ | 26.39 | | | | | $ | 22.09 | | | | | $ | 20.71 | | | | | $ | 20.56 | | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss) | | | | | (0.01)(1)(2) | | | | | | 0.03 | | | | | | 0.02 | | | | | | 0.06 | | | | | | 0.05 | | | | | | 0.05 | | |
Net gains/(losses) on securities (both realized and unrealized) | | | | | (0.90) | | | | | | 8.64 | | | | | | 0.04 | | | | | | 4.29 | | | | | | 1.37 | | | | | | 0.17 | | |
Total from investment operations | | | | | (0.91) | | | | | | 8.67 | | | | | | 0.06 | | | | | | 4.35 | | | | | | 1.42 | | | | | | 0.22 | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | — | | | | | | (0.01) | | | | | | (0.06) | | | | | | (0.05) | | | | | | (0.04) | | | | | | (0.07) | | |
Distributions from net realized gains | | | | | — | | | | | | (1.98) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total distributions | | | | | — | | | | | | (1.99) | | | | | | (0.06) | | | | | | (0.05) | | | | | | (0.04) | | | | | | (0.07) | | |
Net asset value, end of period | | | | $ | 32.16 | | | | | $ | 33.07 | | | | | $ | 26.39 | | | | | $ | 26.39 | | | | | $ | 22.09 | | | | | $ | 20.71 | | |
Total return* | | | | | (2.75)%(3) | | | | | | 33.07% | | | | | | 0.23% | | | | | | 19.71% | | | | | | 6.86% | | | | | | 1.08% | | |
Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | | | $ | 139,441 | | | | | $ | 149,676 | | | | | $ | 124,252 | | | | | $ | 140,804 | | | | | $ | 132,726 | | | | | $ | 134,249 | | |
Ratio of gross expenses to average net assets(4) | | | | | 1.00%(5) | | | | | | 1.01% | | | | | | 1.03% | | | | | | 1.01% | | | | | | 1.04% | | | | | | 1.04% | | |
Ratio of net expenses to average net assets(6) | | | | | 0.88%(5) | | | | | | 0.87% | | | | | | 0.89% | | | | | | 0.88% | | | | | | 0.90% | | | | | | 0.90% | | |
Ratio of net investment income/(loss) to average net assets | | | | | (0.07)%(5)(7) | | | | | | 0.09% | | | | | | 0.06% | | | | | | 0.23% | | | | | | 0.21% | | | | | | 0.18% | | |
Portfolio turnover rate | | | | | 6%(3) | | | | | | 15% | | | | | | 3% | | | | | | 1% | | | | | | 4% | | | | | | 5% | | |
June 30, 2020 (unaudited)
June 30, 2020 (unaudited)
June 30, 2020 (unaudited)
| Value of Securities Loaned | | | Value of Collateral* | | | Total Collateral (including Calculated Mark)** | |
| $6,573,091 | | | $6,635,273 | | | $6,714,290 | |
| | | Remaining Contractual Maturity of the Agreements As of June 30, 2020 | | |||||||||||||||||||||||||||
| | | Overnight and Continuous | | | <30 days | | | Between 30 & 90 days | | | >90 days | | | Total | | |||||||||||||||
Securities Lending Transactions | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stocks | | | | $ | 2,157,600 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 2,157,600 | | |
Total Borrowings | | | | $ | 2,157,600 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 2,157,600 | | |
Gross amount of recognized liabilities for securities lending transactions | | | | $ | 2,157,600 | | | ||||||||||||||||||||||||
|
June 30, 2020 (unaudited)
| | | Six Months Ended June 30, 2020 (unaudited) | | | Year Ended December 31, 2019 | | ||||||
Shares sold | | | | | 24,835 | | | | | | 52,961 | | |
Shares issued to shareholders in reinvestment of dividends and distributions | | | | | — | | | | | | 276,566 | | |
Shares redeemed | | | | | (215,556) | | | | | | (511,198) | | |
Net decrease | | | | | (190,721) | | | | | | (181,671) | | |
| Purchases of Investment Securities | | | Sales of Investment Securities | | | | | | | |
| $8,536,867 | | | $15,703,427 | | | | | | | |
| Purchases of Investment Securities | | | Sales of Investment Securities | | | Realized Gain (Loss) | | | | |
| $2,263,670 | | | $ — | | | $ — | | | | |
June 30, 2020 (unaudited)
| Cost of Investments for Tax Purposes | | | Gross Tax Unrealized Appreciation | | | Gross Tax Unrealized Depreciation | | | Net Tax Unrealized Appreciation (Depreciation) on Investments | |
| $66,295,300 | | | $78,895,747 | | | $(3,366,587) | | | $75,529,160 | |
| Undistributed Ordinary Income | | | Undistributed Long-term Gain | | | Other Timing Differences | | | Unrealized Appreciation | | | Capital Loss Carryforwards | | | Late Year Deferrals | |
| $125,626 | | | $26,203,905 | | | $159 | | | $88,773,379 | | | $— | | | $— | |
| | | 2019 | | | 2018 | | ||||||
Ordinary income | | | | $ | 85,994 | | | | | $ | 317,206 | | |
Long-term capital gain | | | | | 8,827,744 | | | | | | — | | |
| | | | $ | 8,913,738 | | | | | $ | 317,206 | | |
OF THE INVESTMENT ADVISORY AGREEMENT FOR
VALUE LINE CENTURION FUND, INC.
Item 2. Code of Ethics
Not Applicable.
Item 3. Audit Committee Financial Expert
Not Applicable.
Item 4. Principal Accountant Fees and Services
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. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not Applicable
Item 13. Exhibits.
(a) | (1) Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2) attached hereto as Exhibit 99.CERT. |
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: 8/25/20
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/ Christopher W. Roleke | |
Christopher W. Roleke, Treasurer, Principal Financial Officer |
Date: 8/25/20