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- 04471_
Value Line Core Bond Fund
(Exact name of registrant as specified in charter)
7 Times Square, Suite 1606, 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 period end: December 31, 2021
Date of reporting period: December 31, 2021
Explanatory Note
The Registrant is filing this amendment to its Form N-CSR for the period ended December 31, 2021, originally filed with the Securities and Exchange Commission on February 28, 2022 (Accession Number 0001104659-22-027829). The purpose of this amendment is to update Items 4(e)(1), 11(b) and Item 4(d) of the registrant’s certifications required by Item 13(a)(2).
Items 11(b) and 4(d) are amended to reflect the correct full period covered by the report. Item 4(e)(1) is amended to reflect the correct response of “Not Applicable” related to this disclosure.
Item I Reports to Stockholders
a) A copy of the Annual Report to Stockholders for the period ended 12/31/21 is included with this Form.
| | | | | 3 | | | |
| Value Line Select Growth Fund, Inc.: | | | | | | | |
| | | | | 7 | | | |
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| Value Line Mid Cap Focused Fund, Inc.: | | | | | | | |
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| Value Line Capital Appreciation Fund, Inc.: | | | | | | | |
| | | | | 19 | | | |
| | | | | 22 | | | |
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| Value Line Larger Companies Focused Fund, Inc.: | | | | | | | |
| | | | | 32 | | | |
| | | | | 34 | | | |
| | | | | 36 | | | |
| Value Line Core Bond Fund: | | | | | | | |
| | | | | 38 | | | |
| | | | | 40 | | | |
| | | | | 42 | | | |
| | | | | 49 | | | |
| | | | | 51 | | | |
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| | | | | 74 | | | |
| | | | | | |
President of the Value Line Funds
period?
Issue | | | Shares | | | Value | | | Percentage of Net Assets | | |||||||||
Accenture PLC | | | | | 89,900 | | | | | $ | 37,268,045 | | | | | | 7.4% | | |
Danaher Corp. | | | | | 107,900 | | | | | | 35,500,179 | | | | | | 7.1% | | |
Thermo Fisher Scientific, Inc. | | | | | 52,000 | | | | | | 34,696,480 | | | | | | 6.9% | | |
MasterCard, Inc. | | | | | 70,900 | | | | | | 25,475,788 | | | | | | 5.1% | | |
Cintas Corp. | | | | | 57,177 | | | | | | 25,339,131 | | | | | | 5.0% | | |
Roper Technologies, Inc. | | | | | 49,000 | | | | | | 24,101,140 | | | | | | 4.8% | | |
Salesforce.com, Inc. | | | | | 90,400 | | | | | | 22,973,352 | | | | | | 4.6% | | |
Intuit, Inc. | | | | | 34,400 | | | | | | 22,126,768 | | | | | | 4.4% | | |
Costco Wholesale Corp. | | | | | 37,400 | | | | | | 21,231,980 | | | | | | 4.2% | | |
S&P Global, Inc. | | | | | 44,000 | | | | | | 20,764,920 | | | | | | 4.1% | | |
Investor Class | | | 1 Yr | | | 5 Yrs | | | 10 Yrs | | | Since Inception 5/30/1956 | | ||||||||||||
Value Line Select Growth Fund, Inc. | | | | | 24.16% | | | | | | 20.96% | | | | | | 16.02% | | | | | | 10.08% | | |
S&P 500® Index* | | | | | 28.71% | | | | | | 18.47% | | | | | | 16.55% | | | | | | 7.36% | | |
Institutional Class | | | 1 Yr | | | | | | | | | Since Inception 5/1/2020 | | ||||||
Value Line Select Growth Fund, Inc. | | | | | 24.47% | | | | | | | | | | | | 34.40% | | |
S&P 500® Index* | | | | | 28.71% | | | | | | | | | | | | 33.47% | | |
Schedule of Investments | December 31, 2021 |
| Shares | | | | | | Value | | | ||||||||
| COMMON STOCKS 97.8% | | | ||||||||||||||
| CONSUMER DISCRETIONARY 1.9% | | | ||||||||||||||
| | | | | | | RETAIL 1.9% | | | ||||||||
| | | 123,200 | | | | TJX Cos., Inc. | | | | $ | 9,353,344 | | | | ||
| CONSUMER STAPLES 4.2% | | | ||||||||||||||
| | | | | | | RETAIL 4.2% | | | ||||||||
| | | 37,400 | | | | Costco Wholesale Corp. | | | | | 21,231,980 | | | | ||
| FINANCIALS 5.4% | | | ||||||||||||||
| | | | | | | COMMERCIAL SERVICES 4.1% | | | ||||||||
| | | 44,000 | | | | S&P Global, Inc. | | | | | 20,764,920 | | | | ||
| | | | | | | DIVERSIFIED FINANCIAL SERVICES 0.6% | | | ||||||||
| | | 22,000 | | | | Intercontinental Exchange, Inc. | | | | | 3,008,940 | | | | ||
| | | | | | | INSURANCE 0.7% | | | ||||||||
| | | 11,200 | | | | Aon PLC Class A | | | | | 3,366,272 | | | | ||
| | | | | | | | | | | | 27,140,132 | | | | ||
| HEALTHCARE 18.8% | | | ||||||||||||||
| | | | | | | ELECTRONICS 0.7% | | | | | ||||||
| | | 2,100 | | | | Mettler-Toledo International, Inc.(1) | | | | | 3,564,141 | | | | ||
| | | | | | | HEALTHCARE PRODUCTS 18.1% | | | ||||||||
| | | 107,900 | | | | Danaher Corp. | | | | | 35,500,179 | | | | ||
| | | 24,400 | | | | IDEXX Laboratories, Inc.(1) | | | | | 16,066,424 | | | | ||
| | | 18,000 | | | | Stryker Corp. | | | | | 4,813,560 | | | | ||
| | | 52,000 | | | | Thermo Fisher Scientific, Inc. | | | | | 34,696,480 | | | | ||
| | | | | | | | | | | | 91,076,643 | | | | ||
| | | | | | | | | | | | 94,640,784 | | | | ||
| INDUSTRIALS 25.0% | | | ||||||||||||||
| | | | | | | AEROSPACE & DEFENSE 3.7% | | | ||||||||
| | | 31,602 | | | | HEICO Corp. | | | | | 4,557,641 | | | | ||
| | | 22,400 | | | | TransDigm Group, Inc.(1) | | | | | 14,252,672 | | | | ||
| | | | | | | | | | | | 18,810,313 | | | | ||
| | | | | | | COMMERCIAL SERVICES 6.8% | | | ||||||||
| | | 57,177 | | | | Cintas Corp. | | | | | 25,339,131 | | | | ||
| | | 66,152 | | | | IHS Markit Ltd. | | | | | 8,792,924 | | | | ||
| | | | | | | | | | | | 34,132,055 | | | | ||
| | | | | | | ENVIRONMENTAL CONTROL 6.0% | | | ||||||||
| | | 81,800 | | | | Republic Services, Inc. | | | | | 11,407,010 | | | | ||
| | | 136,700 | | | | Waste Connections, Inc. | | | | | 18,628,109 | | | | ||
| | | | | | | | | | | | 30,035,119 | | | |
| Shares | | | | | | Value | | | ||||||||
| INDUSTRIALS 25.0% (continued) | | | ||||||||||||||
| | | | | | | SOFTWARE 4.8% | | | ||||||||
| | | 49,000 | | | | Roper Technologies, Inc. | | | | $ | 24,101,140 | | | | ||
| | | | | | | TRANSPORTATION 3.7% | | | ||||||||
| | | 72,800 | | | | Union Pacific Corp. | | | | | 18,340,504 | | | | ||
| | | | | | | | | | | | 125,419,131 | | | | ||
| INFORMATION TECHNOLOGY 40.1% | | | ||||||||||||||
| | | | | | | AEROSPACE & DEFENSE 3.6% | | | ||||||||
| | | 41,400 | | | | Teledyne Technologies, Inc.(1) | | | | | 18,087,246 | | | | ||
| | | | | | | COMPUTERS 7.4% | | | ||||||||
| | | 89,900 | | | | Accenture PLC Class A | | | | | 37,268,045 | | | | ||
| | | | | | | DIVERSIFIED FINANCIAL SERVICES 5.1% | | | ||||||||
| | | 70,900 | | | | MasterCard, Inc. Class A | | | | | 25,475,788 | | | | ||
| | | | | | | SOFTWARE 24.0% | | | ||||||||
| | | 18,000 | | | | Adobe, Inc.(1) | | | | | 10,207,080 | | | | ||
| | | 12,400 | | | | ANSYS, Inc.(1) | | | | | 4,973,888 | | | | ||
| | | 72,000 | | | | Cadence Design Systems, Inc.(1) | | | | | 13,417,200 | | | | ||
| | | 54,600 | | | | Fidelity National Information Services, Inc. | | | | | 5,959,590 | | | | ||
| | | 140,800 | | | | Fiserv, Inc.(1) | | | | | 14,613,632 | | | | ||
| | | 34,400 | | | | Intuit, Inc. | | | | | 22,126,768 | | | | ||
| | | 90,400 | | | | Salesforce.com, Inc.(1) | | | | | 22,973,352 | | | | ||
| | | 28,639 | | | | ServiceNow, Inc.(1) | | | | | 18,589,861 | | | | ||
| | | 20,800 | | | | Synopsys, Inc.(1) | | | | | 7,664,800 | | | | ||
| | | | | | | | | | | | 120,526,171 | | | | ||
| | | | | | | | | | | | 201,357,250 | | | | ||
| MATERIALS 1.8% | | | ||||||||||||||
| | | | | | | CHEMICALS 1.8% | | | ||||||||
| | | 38,800 | | | | Ecolab, Inc. | | | | | 9,102,092 | | | | ||
| REAL ESTATE 0.6% | | | ||||||||||||||
| | | | | | | REITS 0.6% | | | | | ||||||
| | | 10,600 | | | | American Tower Corp. REIT | | | | | 3,100,500 | | | | ||
| TOTAL COMMON STOCKS (Cost $197,824,713) | | | | | 491,345,213 | | | |
| Shares | | | | | | Value | | ||||||
| SHORT-TERM INVESTMENT 2.3% | | ||||||||||||
| MONEY MARKET FUND 2.3% | | ||||||||||||
| | | 11,510,396 | | | | State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.03%(2) | | | | $ | 11,510,396 | | |
| TOTAL SHORT-TERM INVESTMENTS (Cost $11,510,396) | | | | | 11,510,396 | | | ||||||
| TOTAL INVESTMENTS IN SECURITIES 100.1% (Cost $209,335,109) | | | | $ | 502,855,609 | | | ||||||
| EXCESS OF LIABILITIES OVER CASH AND OTHER ASSETS (0.1%) | | | | | (455,558) | | | ||||||
| NET ASSETS 100% | | | | $ | 502,400,051 | | |
Investments in Securities: | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stocks* | | | | $ | 491,345,213 | | | | | $ | — | | | | | $ | — | | | | | $ | 491,345,213 | | |
Short-Term Investment | | | | | 11,510,396 | | | | | | — | | | | | | — | | | | | | 11,510,396 | | |
Total Investments in Securities | | | | $ | 502,855,609 | | | | | $ | — | | | | | $ | — | | | | | $ | 502,855,609 | | |
period?
(continued)
Issue | | | Shares | | | Value | | | Percentage of Net Assets | | |||||||||
Pool Corp. | | | | | 53,600 | | | | | $ | 30,337,600 | | | | | | 6.1% | | |
Teledyne Technologies, Inc. | | | | | 64,500 | | | | | | 28,179,405 | | | | | | 5.7% | | |
Cadence Design Systems, Inc. | | | | | 149,600 | | | | | | 27,877,960 | | | | | | 5.6% | | |
Tyler Technologies, Inc. | | | | | 45,300 | | | | | | 24,369,135 | | | | | | 4.9% | | |
Gartner, Inc. | | | | | 72,800 | | | | | | 24,338,496 | | | | | | 4.9% | | |
Church & Dwight Co., Inc. | | | | | 217,600 | | | | | | 22,304,000 | | | | | | 4.5% | | |
Mettler-Toledo International, Inc. | | | | | 12,800 | | | | | | 21,724,288 | | | | | | 4.4% | | |
American Financial Group, Inc. | | | | | 154,992 | | | | | | 21,283,501 | | | | | | 4.3% | | |
Lennox International, Inc. | | | | | 61,800 | | | | | | 20,045,448 | | | | | | 4.1% | | |
Chemed Corp. | | | | | 37,700 | | | | | | 19,944,808 | | | | | | 4.0% | | |
| | | 1 Yr | | | 3 Yrs | | | 5 Yrs | | | 10 Yrs | | | Since Inception 3/1/1950 | | |||||||||||||||
Investor Class | | | | | | | |||||||||||||||||||||||||
Value Line Mid Cap Focused Fund, Inc. | | | | | 19.88% | | | | | | 24.84% | | | | | | 19.55% | | | | | | 16.26% | | | | | | 10.35% | | |
S&P 500® Index* | | | | | 28.71% | | | | | | 26.07% | | | | | | 18.47% | | | | | | 16.55% | | | | | | 8.14% | | |
| | | 1 Yr | | | 3 Yrs | | | | | | | | | Since Inception 8/14/2017 | | |||||||||
Institutional Class | | | | | | | |||||||||||||||||||
Value Line Mid Cap Focused Fund, Inc. | | | | | 20.24% | | | | | | 25.18% | | | | | | | | | | | | 19.72% | | |
S&P 500® Index* | | | | | 28.71% | | | | | | 26.07% | | | | | | | | | | | | 16.49% | | |
Schedule of Investments | December 31, 2021 |
| Shares | | | | | | Value | | | ||||||||
| COMMON STOCKS 97.1% | | | ||||||||||||||
| CONSUMER DISCRETIONARY 9.6% | | | ||||||||||||||
| | | | | | | DISTRIBUTION & WHOLESALE 6.1% | | | ||||||||
| | | 53,600 | | | | Pool Corp. | | | | $ | 30,337,600 | | | | ||
| | | | | | | ENTERTAINMENT 3.5% | | | ||||||||
| | | 72,195 | | | | Churchill Downs, Inc. | | | | | 17,391,775 | | | | ||
| | | | | | | | | | | | 47,729,375 | | | | ||
| | | | | | | | | |||||||||
| CONSUMER STAPLES 6.4% | | | ||||||||||||||
| | | | | | | FOOD 1.9% | | | ||||||||
| | | 59,800 | | | | J&J Snack Foods Corp. | | | | | 9,446,008 | | | | ||
| | | | | | | HOUSEHOLD PRODUCTS 4.5% | | | ||||||||
| | | 217,600 | | | | Church & Dwight Co., Inc. | | | | | 22,304,000 | | | | ||
| | | | | | | | | | | | 31,750,008 | | | | ||
| FINANCIALS 11.5% | | | ||||||||||||||
| | | | | | | INSURANCE 11.5% | | | ||||||||
| | | 154,992 | | | | American Financial Group, Inc. | | | | | 21,283,501 | | | | ||
| | | 409,400 | | | | Arch Capital Group, Ltd.(1) | | | | | 18,197,830 | | | | ||
| | | 214,192 | | | | Berkley (W.R.) Corp. | | | | | 17,647,279 | | | | ||
| | | | | | | | | | | | 57,128,610 | | | | ||
| HEALTHCARE 9.9% | | | ||||||||||||||
| | | | | | | ELECTRONICS 4.4% | | | | | ||||||
| | | 12,800 | | | | Mettler-Toledo International, Inc.(1) | | | | | 21,724,288 | | | | ||
| | | | | | | HEALTHCARE PRODUCTS 1.5% | | | ||||||||
| | | 17,200 | | | | Cooper Cos., Inc. | | | | | 7,205,768 | | | | ||
| | | | | | | HEALTHCARE SERVICES 4.0% | | | ||||||||
| | | 37,700 | | | | Chemed Corp. | | | | | 19,944,808 | | | | ||
| | | | | | | | | | | | 48,874,864 | | | | ||
| INDUSTRIALS 19.8% | | | ||||||||||||||
| | | | | | | AEROSPACE & DEFENSE 5.6% | | | ||||||||
| | | 67,583 | | | | HEICO Corp. | | | | | 9,746,820 | | | | ||
| | | 28,400 | | | | TransDigm Group, Inc.(1) | | | | | 18,070,352 | | | | ||
| | | | | | | | | | | | 27,817,172 | | | | ||
| | | | | | | BUILDING MATERIALS 4.1% | | | ||||||||
| | | 61,800 | | | | Lennox International, Inc. | | | | | 20,045,448 | | | | ||
| | | | | | | COMMERCIAL SERVICES 2.1% | | | ||||||||
| | | 310,049 | | | | Rollins, Inc. | | | | | 10,606,776 | | | |
| Shares | | | | | | Value | | | ||||||||
| INDUSTRIALS 19.8% (continued) | | | ||||||||||||||
| | | | | | | ENGINEERING & CONSTRUCTION 2.7% | | | ||||||||
| | | 114,600 | | | | Exponent, Inc. | | | | $ | 13,377,258 | | | | ||
| | | | | | | ENVIRONMENTAL CONTROL 3.2% | | | ||||||||
| | | 115,750 | | | | Waste Connections, Inc. | | | | | 15,773,253 | | | | ||
| | | | | | | SOFTWARE 2.1% | | | ||||||||
| | | 21,400 | | | | Roper Technologies, Inc. | | | | | 10,525,804 | | | | ||
| | | | | | | | | | | | 98,145,711 | | | | ||
| INFORMATION TECHNOLOGY 33.8% | | | ||||||||||||||
| | | | | | | AEROSPACE & DEFENSE 5.7% | | | | | ||||||
| | | 64,500 | | | | Teledyne Technologies, Inc.(1) | | | | | 28,179,405 | | | | ||
| | | | | | | COMMERCIAL SERVICES 4.9% | | | ||||||||
| | | 72,800 | | | | Gartner, Inc.(1) | | | | | 24,338,496 | | | | ||
| | | | | | | COMPUTERS 2.5% | | | ||||||||
| | | 136,400 | | | | CGI, Inc.(1) | | | | | 12,071,400 | | | | ||
| | | | | | | SOFTWARE 20.7% | | | ||||||||
| | | 45,400 | | | | ANSYS, Inc.(1) | | | | | 18,210,848 | | | | ||
| | | 149,600 | | | | Cadence Design Systems, Inc.(1) | | | | | 27,877,960 | | | | ||
| | | 39,900 | | | | Fair Isaac Corp.(1) | | | | | 17,303,433 | | | | ||
| | | 35,800 | | | | Fiserv, Inc.(1) | | | | | 3,715,682 | | | | ||
| | | 66,708 | | | | Jack Henry & Associates, Inc. | | | | | 11,139,569 | | | | ||
| | | 45,300 | | | | Tyler Technologies, Inc.(1) | | | | | 24,369,135 | | | | ||
| | | | | | | | | | | | 102,616,627 | | | | ||
| | | | | | | | | | | | 167,205,928 | | | | ||
| MATERIALS 2.9% | | | ||||||||||||||
| | | | | | | PACKAGING & CONTAINERS 2.9% | | | ||||||||
| | | 100,700 | | | | AptarGroup, Inc. | | | | | 12,333,736 | | | | ||
| | | 21,892 | | | | Ball Corp. | | | | | 2,107,543 | | | | ||
| | | | | | | | | | | | 14,441,279 | | | | ||
| | | | | | | | | | | | 14,441,279 | | | | ||
| REAL ESTATE 3.2% | | | ||||||||||||||
| | | 183,300 | | | | Equity Lifestyle Properties, Inc. REIT | | | | | 16,068,078 | | | | ||
| TOTAL COMMON STOCKS (Cost $267,084,014) | | | | | 481,343,853 | | | |
| Shares | | | | | | Value | | ||||||
| SHORT-TERM INVESTMENT 2.8% | | ||||||||||||
| | | | | | | MONEY MARKET FUND 2.8% | | ||||||
| | | 13,768,491 | | | | State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.03%(2) | | | | $ | 13,768,491 | | |
| TOTAL SHORT-TERM INVESTMENTS (Cost $13,768,491) | | | | | 13,768,491 | | | ||||||
| TOTAL INVESTMENTS IN SECURITIES 99.9% (Cost $280,852,505) | | | | $ | 495,112,344 | | | ||||||
| CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES 0.1% | | | | | 343,654 | | | ||||||
| NET ASSETS 100% | | | | $ | 495,455,998 | | |
Investments in Securities: | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stocks* | | | | $ | 481,343,853 | | | | | $ | — | | | | | $ | — | | | | | $ | 481,343,853 | | |
Short-Term Investment | | | | | 13,768,491 | | | | | | — | | | | | | — | | | | | | 13,768,491 | | |
Total Investments in Securities | | | | $ | 495,112,344 | | | | | $ | — | | | | | $ | — | | | | | $ | 495,112,344 | | |
(continued)
period?
Issue | | | Shares | | | Value | | | Percentage of Net Assets | | |||||||||
Amazon.com, Inc. | | | | | 7,000 | | | | | $ | 23,340,380 | | | | | | 3.3% | | |
Bank of America Corp. | | | | | 490,000 | | | | | | 21,800,100 | | | | | | 3.1% | | |
Exelixis, Inc. | | | | | 1,150,000 | | | | | | 21,022,000 | | | | | | 3.0% | | |
Biohaven Pharmaceutical Holding Co. Ltd. | | | | | 145,000 | | | | | | 19,982,450 | | | | | | 2.9% | | |
Meta Platforms, Inc. | | | | | 54,000 | | | | | | 18,162,900 | | | | | | 2.6% | | |
Apple, Inc. | | | | | 101,000 | | | | | | 17,934,570 | | | | | | 2.6% | | |
Exact Sciences Corp. | | | | | 225,000 | | | | | | 17,511,750 | | | | | | 2.5% | | |
Alphabet, Inc. | | | | | 6,000 | | | | | | 17,382,240 | | | | | | 2.5% | | |
Micron Technology, Inc. | | | | | 185,000 | | | | | | 17,232,750 | | | | | | 2.5% | | |
QUALCOMM, Inc. | | | | | 93,000 | | | | | | 17,006,910 | | | | | | 2.5% | | |
| Common Stock Sectors — Percentage of Common Stocks* | | | Bonds & Notes Sectors — Percentage of All Bonds & Notes* | |
| | | |
| | | 1 Yr | | | 5 Yrs | | | 10 Yrs | | | Since Inception 10/1/1952 | | ||||||||||||
Investor Class | | | | | | ||||||||||||||||||||
Value Line Capital Appreciation Fund, Inc. | | | | | 6.79% | | | | | | 16.64% | | | | | | 12.40% | | | | | | 10.32% | | |
60/40 S&P 500® Index/Bloomberg US Aggregate Bond Index** | | | | | 16.61% | | | | | | 12.51% | | | | | | 11.09% | | | | | | 7.59% | | |
S&P 500® Index* | | | | | 28.71% | | | | | | 18.47% | | | | | | 16.55% | | | | | | 7.91% | | |
| | | 1 Yr | | | 5 Yrs | | | | | | Since Inception 11/2/2015 | | |||||||||
Institutional Class | | | | | | |||||||||||||||||
Value Line Capital Appreciation Fund, Inc. | | | | | 7.13% | | | | | | 16.97% | | | | | | | | | 13.49% | | |
60/40 S&P 500® Index/Bloomberg US Aggregate Bond Index** | | | | | 16.61% | | | | | | 12.51% | | | | | | | | | 9.92% | | |
S&P 500® Index* | | | | | 28.71% | | | | | | 18.47% | | | | | | | | | 14.40% | | |
Schedule of Investments
| Shares | | | | | | Value | | ||||||
| COMMON STOCKS 83.9% | | ||||||||||||
| COMMUNICATION SERVICES 11.8% | | ||||||||||||
| | | | | | | INTERNET 9.8% | | ||||||
| | | 6,000 | | | | Alphabet, Inc. Class A(1) | | | | $ | 17,382,240 | | |
| | | 54,000 | | | | Meta Platforms, Inc. Class A(1) | | | | | 18,162,900 | | |
| | | 16,000 | | | | Netflix, Inc.(1) | | | | | 9,639,040 | | |
| | | 40,000 | | | | Roku, Inc.(1) | | | | | 9,128,000 | | |
| | | 160,000 | | | | Snap, Inc. Class A(1) | | | | | 7,524,800 | | |
| | | 150,000 | | | | Twitter, Inc.(1) | | | | | 6,483,000 | | |
| | | | | | | | | | | | 68,319,980 | | |
| | | | | | | MEDIA 0.7% | | ||||||
| | | 30,000 | | | | Walt Disney Co.(1) | | | | | 4,646,700 | | |
| | | | | | | SOFTWARE 1.3% | | ||||||
| | | 138,000 | | | | Activision Blizzard, Inc. | | | | | 9,181,140 | | |
| | | | | | | | | | | | 82,147,820 | | |
| CONSUMER DISCRETIONARY 13.1% | | ||||||||||||
| | | | | | | AUTO MANUFACTURERS 1.3% | | ||||||
| | | 8,500 | | | | Tesla, Inc.(1) | | | | | 8,982,630 | | |
| | | | | | | ENTERTAINMENT 1.4% | | ||||||
| | | 185,000 | | | | DraftKings, Inc. Class A(1) | | | | | 5,081,950 | | |
| | | 14,000 | | | | Vail Resorts, Inc. | | | | | 4,590,600 | | |
| | | | | | | | | | | | 9,672,550 | | |
| | | | | | | HOME BUILDERS 1.3% | | ||||||
| | | 80,000 | | | | Lennar Corp. Class A | | | | | 9,292,800 | | |
| | | | | | | INTERNET 4.1% | | ||||||
| | | 45,000 | | | | Alibaba Group Holding Ltd. ADR(1) | | | | | 5,345,550 | | |
| | | 7,000 | | | | Amazon.com, Inc.(1) | | | | | 23,340,380 | | |
| | | | | | | | | | | | 28,685,930 | | |
| | | | | | | LEISURE TIME 0.9% | | ||||||
| | | 180,000 | | | | Peloton Interactive, Inc. Class A(1) | | | | | 6,436,800 | | |
| | | | | | | LODGING 1.0% | | ||||||
| | | 42,000 | | | | Hilton Worldwide Holdings, Inc.(1) | | | | | 6,551,580 | | |
| | | | | | | RETAIL 3.1% | | ||||||
| | | 13,000 | | | | Home Depot, Inc. | | | | | 5,395,130 | | |
| | | 54,000 | | | | Starbucks Corp. | | | | | 6,316,380 | | |
| | | 23,000 | | | | Ulta Beauty, Inc.(1) | | | | | 9,483,820 | | |
| | | | | | | | | | | | 21,195,330 | | |
| | | | | | | | | | | | 90,817,620 | | |
| CONSUMER STAPLES 0.8% | | ||||||||||||
| | | | | | | BEVERAGES 0.8% | | ||||||
| | | 21,000 | | | | Constellation Brands, Inc. Class A | | | | | 5,270,370 | | |
Shares | | | | | | Value | | |||||||
ENERGY 3.3% | | |||||||||||||
| | | | | | | OIL & GAS 3.3% | | ||||||
| | | 125,000 | | | | Diamondback Energy, Inc. | | | | $ | 13,481,250 | | |
| | | 50,000 | | | | Pioneer Natural Resources Co. | | | | | 9,094,000 | | |
| | | | | | | | | | | | 22,575,250 | | |
FINANCIALS 8.9% | | |||||||||||||
| | | | | | | BANKS 6.8% | | ||||||
| | | 490,000 | | | | Bank of America Corp. | | | | | 21,800,100 | | |
| | | 175,000 | | | | Citigroup, Inc. | | | | | 10,568,250 | | |
| | | 95,000 | | | | JPMorgan Chase & Co. | | | | | 15,043,250 | | |
| | | | | | | | | | | | 47,411,600 | | |
| | | | | | | DIVERSIFIED FINANCIAL SERVICES 1.2% | | ||||||
| | | 63,000 | | | | Blackstone, Inc. Class A | | | | | 8,151,570 | | |
| | | | | | | INTERNET 0.9% | | ||||||
| | | 350,000 | | | | Robinhood Markets, Inc. Class A(1)(2) | | | | | 6,216,000 | | |
| | | | | | | | | | | | 61,779,170 | | |
HEALTHCARE 13.6% | | |||||||||||||
| | | | | | | BIOTECHNOLOGY 10.0% | | ||||||
| | | 1,700,000 | | | | Amarin Corp. PLC ADR(1)(2) | | | | | 5,729,000 | | |
| | | 145,000 | | | | Biohaven Pharmaceutical Holding Co. Ltd.(1) | | | | | 19,982,450 | | |
| | | 1,150,000 | | | | Exelixis, Inc.(1) | | | | | 21,022,000 | | |
| | | 290,000 | | | | Global Blood Therapeutics, Inc.(1) | | | | | 8,488,300 | | |
| | | 270,000 | | | | Intercept Pharmaceuticals, Inc.(1)(2) | | | | | 4,398,300 | | |
| | | 44,000 | | | | Vertex Pharmaceuticals, Inc.(1) | | | | | 9,662,400 | | |
| | | | | | | | | | | | 69,282,450 | | |
| | | | | | | HEALTHCARE PRODUCTS 2.5% | | ||||||
| | | 225,000 | | | | Exact Sciences Corp.(1) | | | | | 17,511,750 | | |
| | | | | | | PHARMACEUTICALS 1.1% | | ||||||
| | | 14,000 | | | | DexCom, Inc.(1) | | | | | 7,517,300 | | |
| | | | | | | | | | | | 94,311,500 | | |
INDUSTRIALS 4.4% | | |||||||||||||
| | | | | | | AIRLINES 1.2% | | ||||||
| | | 210,000 | | | | Delta Air Lines, Inc.(1) | | | | | 8,206,800 | | |
| | | | | | | INTERNET 3.2% | | ||||||
| | | 300,000 | | | | Lyft, Inc. Class A(1) | | | | | 12,819,000 | | |
| | | 220,000 | | | | Uber Technologies, Inc.(1) | | | | | 9,224,600 | | |
| | | | | | | | | | | | 22,043,600 | | |
| | | | | | | | | | | | 30,250,400 | | |
| Shares | | | | | | Value | | ||||||
| INFORMATION TECHNOLOGY 27.3% | | ||||||||||||
| | | | | | | COMMERCIAL SERVICES 1.4% | | ||||||
| | | 53,000 | | | | PayPal Holdings, Inc.(1) | | | | $ | 9,994,740 | | |
| | | | | | | COMPUTERS 3.7% | | ||||||
| | | 101,000 | | | | Apple, Inc. | | | | | 17,934,570 | | |
| | | 38,000 | | | | Crowdstrike Holdings, Inc. Class A(1) | | | | | 7,780,500 | | |
| | | | | | | | | | | | 25,715,070 | | |
| | | | | | | DIVERSIFIED FINANCIAL SERVICES 2.0% | | ||||||
| | | 65,000 | | | | Visa, Inc. Class A | | | | | 14,086,150 | | |
| | | | | | | INTERNET 1.4% | | ||||||
| | | 7,000 | | | | Shopify, Inc. Class A(1) | | | | | 9,641,730 | | |
| | | | | | | SEMICONDUCTORS 9.6% | | ||||||
| | | 13,500 | | | | Broadcom, Inc. | | | | | 8,983,035 | | |
| | | 185,000 | | | | Micron Technology, Inc. | | | | | 17,232,750 | | |
| | | 44,000 | | | | NVIDIA Corp. | | | | | 12,940,840 | | |
| | | 44,000 | | | | NXP Semiconductors NV | | | | | 10,022,320 | | |
| | | 93,000 | | | | QUALCOMM, Inc. | | | | | 17,006,910 | | |
| | | | | | | | | | | | 66,185,855 | | |
| | | | | | | SOFTWARE 9.2% | | ||||||
| | | 10,000 | | | | Adobe, Inc.(1) | | | | | 5,670,600 | | |
| | | 36,000 | | | | Microsoft Corp. | | | | | 12,107,520 | | |
| | | 37,000 | | | | RingCentral, Inc. Class A(1) | | | | | 6,931,950 | | |
| | | 39,000 | | | | Salesforce.com, Inc.(1) | | | | | 9,911,070 | | |
| | | 12,000 | | | | ServiceNow, Inc.(1) | | | | | 7,789,320 | | |
| | | 56,500 | | | | Splunk, Inc.(1) | | | | | 6,538,180 | | |
| | | 30,000 | | | | Twilio, Inc. Class A(1) | | | | | 7,900,200 | | |
| | | 24,000 | | | | Workday, Inc. Class A(1) | | | | | 6,556,320 | | |
| | | | | | | | | | | | 63,405,160 | | |
| | | | | | | | | | | | 189,028,705 | | |
| REAL ESTATE 0.7% | | ||||||||||||
| | | | | | | REITS 0.7% | | ||||||
| | | 17,000 | | | | American Tower Corp. REIT | | | | | 4,972,500 | | |
| TOTAL COMMON STOCKS (Cost $420,849,254) | | | | | 581,153,335 | | |
| Principal Amount | | | | | | Value | | ||||||
| ASSET-BACKED SECURITIES 0.3% | | ||||||||||||
| | $ | 208,000 | | | | Chase Issuance Trust, Series 2012-A7, Class A7, 2.16%, 9/15/24 | | | | $ | 210,520 | | |
| | | 200,000 | | | | Ford Credit Auto Owner Trust, Series 2018-2, Class A, 3.47%, 1/15/30(3) | | | | | 207,817 | | |
| | | 500,000 | | | | Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.19%, 7/15/31(3) | | | | | 526,881 | | |
| | | 500,000 | | | | GM Financial Consumer Automobile Receivables Trust, Series 2020-1, Class A4, 1.90%, 3/17/25 | | | | | 506,465 | | |
| | | 500,000 | | | | Toyota Auto Loan Extended Note Trust, Series 2019-1A, Class A, 2.56%, 11/25/31(3) | | | | | 516,360 | | |
| | | 150,000 | | | | Toyota Auto Loan Extended Note Trust, Series 2020-1A, Class A, 1.35%, 5/25/33(3) | | | | | 149,623 | | |
| TOTAL ASSET-BACKED SECURITIES (Cost $2,172,388) | | | | | 2,117,666 | | | ||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES 0.9% | | ||||||||||||
| | | 250,000 | | | | BANK, Series 2019-BN17, Class A4, 3.71%, 4/15/52 | | | | | 275,841 | | |
| | | 300,000 | | | | BANK, Series 2021-BN33, Class A3, 2.02%, 5/15/64 | | | | | 296,052 | | |
| | | 198,867 | | | | Citigroup Commercial Mortgage Trust, Series 2014-GC25, Class AAB, 3.37%, 10/10/47 | | | | | 204,638 | | |
| | | 100,000 | | | | COMM Mortgage Trust, Series 2014-UBS2, Class AM, 4.20%, 3/10/47 | | | | | 104,582 | | |
| | | 544,312 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K728, Class A2, 3.06%, 8/25/24(4) | | | | | 567,826 | | |
| | | 100,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K731, Class A2, 3.60%, 2/25/25(4) | | | | | 105,692 | | |
| Principal Amount | | | | | | Value | | ||||||
| | $ | 350,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K052, Class A2, 3.15%, 11/25/25 | | | | $ | 372,095 | | |
| | | 250,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K055, Class A2, 2.67%, 3/25/26 | | | | | 262,245 | | |
| | | 100,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K062, Class A2, 3.41%, 12/25/26 | | | | | 108,905 | | |
| | | 100,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K063, Class A2, 3.43%, 1/25/27(4) | | | | | 108,932 | | |
| | | 255,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K064, Class A2, 3.22%, 3/25/27 | | | | | 275,781 | | |
| | | 150,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K065, Class A2, 3.24%, 4/25/27 | | | | | 162,674 | | |
| | | 250,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K074, Class A2, 3.60%, 1/25/28 | | | | | 278,537 | | |
| | | 100,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K075, Class A2, 3.65%, 2/25/28(4) | | | | | 111,697 | | |
| | | 250,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K084, Class A2, 3.78%, 10/25/28(4) | | | | | 282,897 | | |
| | | 100,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K089, Class A2, 3.56%, 1/25/29 | | | | | 111,948 | | |
| Principal Amount | | | | | | Value | | ||||||
| | $ | 767,595 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K101, Class A1, 2.19%, 7/25/29 | | | | $ | 795,028 | | |
| | | 250,000 | | | | FREMF Mortgage Trust, Series 2013-K24, Class B, 3.51%, 11/25/45(3)(4) | | | | | 254,453 | | |
| | | 137,654 | | | | GNMA, Series 2013-12, Class AB, 1.83%, 11/16/52 | | | | | 137,581 | | |
| | | 150,000 | | | | GNMA, Series 2013-12, Class B, 2.06%, 11/16/52(4) | | | | | 150,142 | | |
| | | 25,760 | | | | GS Mortgage Securities Trust, Series 2012-GCJ7, Class A4, 3.38%, 5/10/45 | | | | | 25,754 | | |
| | | 200,000 | | | | Morgan Stanley Capital I Trust, Series 2019-H6, Class A4, 3.42%, 6/15/52 | | | | | 216,522 | | |
| | | 250,000 | | | | UBS-Barclays Commercial Mortgage Trust, Series 2012-C4, Class A5, 2.85%, 12/10/45 | | | | | 251,829 | | |
| | | 385,000 | | | | UBS-Barclays Commercial Mortgage Trust, Series 2013-C5, Class A4, 3.18%, 3/10/46 | | | | | 390,331 | | |
| | | 27,378 | | | | Wells Fargo Commercial Mortgage Trust, Series 2015-NXS1, Class A2, 2.63%, 5/15/48 | | | | | 27,368 | | |
| | | 200,000 | | | | Wells Fargo Commercial Mortgage Trust, Series 2015-C28, Class A4, 3.54%, 5/15/48 | | | | | 211,613 | | |
| | | 22,979 | | | | Wells Fargo Commercial Mortgage Trust, Series 2017-C40, Class A1, 2.11%, 10/15/50 | | | | | 23,003 | | |
| | | 150,000 | | | | Wells Fargo Commercial Mortgage Trust, Series 2019-C50, Class ASB, 3.64%, 5/15/52 | | | | | 161,326 | | |
| TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $6,254,680) | | | | | 6,275,292 | | |
| Principal Amount | | | | | | Value | | ||||||
| CORPORATE BONDS & NOTES 4.3% | | ||||||||||||
| BASIC MATERIALS 0.2% | | ||||||||||||
| | | | | | | CHEMICALS 0.1% | | ||||||
| | $ | 175,000 | | | | Celanese U.S. Holdings LLC, Guaranteed Notes, 4.63%, 11/15/22(2) | | | | $ | 180,633 | | |
| | | 150,000 | | | | Ecolab, Inc., Senior Unsecured Notes, 1.30%, 1/30/31(2) | | | | | 140,766 | | |
| | | 175,000 | | | | Nutrien Ltd., Senior Unsecured Notes, 4.20%, 4/1/29 | | | | | 197,574 | | |
| | | 200,000 | | | | Westlake Chemical Corp., Senior Unsecured Notes, 3.60%, 8/15/26 | | | | | 214,529 | | |
| | | | | | | | | | | | 733,502 | | |
| | | | | | | IRON & STEEL 0.0% | | ||||||
| | | 150,000 | | | | ArcelorMittal SA, Senior Unsecured Notes, 4.25%, 7/16/29(2) | | | | | 164,387 | | |
| | | 190,000 | | | | Steel Dynamics, Inc., Senior Unsecured Notes, 3.25%, 1/15/31 | | | | | 200,543 | | |
| | | | | | | | | | | | 364,930 | | |
| | | | | | | MINING 0.1% | | ||||||
| | | 150,000 | | | | Freeport-McMoRan, Inc., 4.63%, 8/1/30 | | | | | 160,875 | | |
| | | 145,000 | | | | Rio Tinto Finance USA PLC, Guaranteed Notes, 4.13%, 8/21/42 | | | | | 173,857 | | |
| | | 195,000 | | | | Teck Resources Ltd., Senior Unsecured Notes, 6.13%, 10/1/35 | | | | | 253,142 | | |
| | | | | | | | | | | | 587,874 | | |
| | | | | | | | | | | | 1,686,306 | | |
| COMMUNICATIONS 0.3% | | ||||||||||||
| | | | | | | INTERNET 0.1% | | ||||||
| | | 190,000 | | | | Netflix, Inc., Senior Unsecured Notes, 4.88%, 4/15/28 | | | | | 216,600 | | |
| | | 150,000 | | | | VeriSign, Inc., Senior Unsecured Notes, 2.70%, 6/15/31 | | | | | 150,750 | | |
| | | | | | | | | | | | 367,350 | | |
| | | | | | | MEDIA 0.1% | | ||||||
| | | 175,000 | | | | Charter Communications Operating LLC/Charter Communications Operating Capital, Senior Secured Notes, 4.91%, 7/23/25 | | | | | 192,589 | | |
| | | 175,000 | | | | Comcast Corp., Guaranteed Notes, 3.95%, 10/15/25 | | | | | 191,138 | | |
| Principal Amount | | | | | | Value | | ||||||
| COMMUNICATIONS 0.3% (continued) | | ||||||||||||
| | | | | | | MEDIA 0.1% (continued) | | ||||||
| | $ | 150,000 | | | | Discovery Communications LLC, Guaranteed Notes, 4.90%, 3/11/26 | | | | $ | 167,245 | | |
| | | 150,000 | | | | Walt Disney Co., Guaranteed Notes, 2.65%, 1/13/31(2) | | | | | 156,206 | | |
| | | | | | | | | | | | 707,178 | | |
| | | | | | | TELECOMMUNICATIONS 0.1% | | ||||||
| | | 228,000 | | | | AT&T, Inc., Senior Unsecured Notes, 2.55%, 12/1/33 | | | | | 223,307 | | |
| | | 200,000 | | | | Motorola Solutions, Inc., Senior Unsecured Notes, 4.60%, 5/23/29 | | | | | 228,696 | | |
| | | 250,000 | | | | Verizon Communications, Inc., Senior Unsecured Notes, 4.50%, 8/10/33 | | | | | 294,288 | | |
| | | 150,000 | | | | Vodafone Group PLC, Senior Unsecured Notes, 4.25%, 9/17/50(2) | | | | | 173,744 | | |
| | | | | | | | | | | | 920,035 | | |
| | | | | | | | | | | | 1,994,563 | | |
| CONSUMER, CYCLICAL 0.4% | | ||||||||||||
| | | | | | | APPAREL 0.0% | | ||||||
| | | 150,000 | | | | NIKE, Inc., Senior Unsecured Notes, 2.38%, 11/1/26 | | | | | 156,815 | | |
| | | | | | | AUTO MANUFACTURERS 0.1% | | ||||||
| | | 150,000 | | | | American Honda Finance Corp., Senior Unsecured Notes, 1.00%, 9/10/25 | | | | | 147,662 | | |
| | | 150,000 | | | | Cummins, Inc., Senior Unsecured Notes, 1.50%, 9/1/30 | | | | | 142,083 | | |
| | | 195,000 | | | | Ford Motor Credit Co. LLC, Senior Unsecured Notes, 3.38%, 11/13/25 | | | | | 202,589 | | |
| | | 200,000 | | | | General Motors Financial Co., Inc., Guaranteed Notes, 3.70%, 5/9/23 | | | | | 205,978 | | |
| | | | | | | | | | | | 698,312 | | |
| | | | | | | HOME BUILDERS 0.1% | | ||||||
| | | 225,000 | | | | D.R. Horton, Inc., Guaranteed Notes, 2.50%, 10/15/24 | | | | | 231,563 | | |
| | | 200,000 | | | | Lennar Corp., Guaranteed Notes, 4.88%, 12/15/23 | | | | | 212,031 | | |
| | | 162,000 | | | | PulteGroup, Inc., Guaranteed Notes, 5.00%, 1/15/27(2) | | | | | 184,000 | | |
| | | | | | | | | | | | 627,594 | | |
| Principal Amount | | | | | | Value | | ||||||
| CONSUMER, CYCLICAL 0.4% (continued) | | ||||||||||||
| | | | | | | HOME FURNISHINGS 0.1% | | ||||||
| | $ | 200,000 | | | | Whirlpool Corp., Senior Unsecured Notes, 4.75%, 2/26/29 | | | | $ | 231,064 | | |
| | | | | | | HOUSEWARES 0.0% | | ||||||
| | | 175,000 | | | | Newell Brands, Inc., Senior Unsecured Notes, 4.70%, 4/1/26 | | | | | 190,794 | | |
| | | | | | | RETAIL 0.1% | | ||||||
| | | 175,000 | | | | AutoZone, Inc., Senior Unsecured Notes, 3.75%, 6/1/27 | | | | | 191,160 | | |
| | | 200,000 | | | | Costco Wholesale Corp., Senior Unsecured Notes, 1.75%, 4/20/32 | | | | | 194,563 | | |
| | | 175,000 | | | | Dollar General Corp., Senior Unsecured Notes, 3.50%, 4/3/30 | | | | | 189,295 | | |
| | | 200,000 | | | | O’Reilly Automotive, Inc., Senior Unsecured Notes, 3.60%, 9/1/27 | | | | | 216,307 | | |
| | | | | | | | | | | | 791,325 | | |
| | | | | | | | | | | | 2,695,904 | | |
| CONSUMER, NON-CYCLICAL 0.9% | | ||||||||||||
| | | | | | | AGRICULTURE 0.0% | | ||||||
| | | 150,000 | | | | Bunge Ltd. Finance Corp., Guaranteed Notes, 3.25%, 8/15/26 | | | | | 158,307 | | |
| | | | | | | BEVERAGES 0.1% | | ||||||
| | | 150,000 | | | | Anheuser-Busch InBev Worldwide, Inc., Guaranteed Notes, 4.90%, 1/23/31(2) | | | | | 180,309 | | |
| | | 150,000 | | | | Coca-Cola Femsa SAB de CV, Guaranteed Notes, 2.75%, 1/22/30 | | | | | 153,414 | | |
| | | 175,000 | | | | Constellation Brands, Inc., Guaranteed Notes, 5.25%, 11/15/48 | | | | | 230,101 | | |
| | | 100,000 | | | | PepsiCo, Inc., Senior Unsecured Notes, 2.88%, 10/15/49 | | | | | 105,262 | | |
| | | | | | | | | | | | 669,086 | | |
| | | | | | | BIOTECHNOLOGY 0.1% | | ||||||
| | | 150,000 | | | | Amgen, Inc., Senior Unsecured Notes, 2.20%, 2/21/27(2) | | | | | 153,632 | | |
| | | 150,000 | | | | Illumina, Inc., Senior Unsecured Notes, 2.55%, 3/23/31 | | | | | 150,126 | | |
| Principal Amount | | | | | | Value | | ||||||
| CORPORATE BONDS & NOTES 4.3% (continued) | | ||||||||||||
| CONSUMER, NON-CYCLICAL 0.9% (continued) | | ||||||||||||
| | | | | | | BIOTECHNOLOGY 0.1% (continued) | | ||||||
| | $ | 175,000 | | | | Regeneron Pharmaceuticals, Inc., Senior Unsecured Notes, 1.75%, 9/15/30 | | | | $ | 165,671 | | |
| | | | | | | | | | | | 469,429 | | |
| | | | | | | COMMERCIAL SERVICES 0.1% | | ||||||
| | | 200,000 | | | | Global Payments, Inc., Senior Unsecured Notes, 2.90%, 5/15/30 | | | | | 203,833 | | |
| | | 150,000 | | | | Global Payments, Inc., Senior Unsecured Notes, 4.80%, 4/1/26 | | | | | 166,606 | | |
| | | 200,000 | | | | PayPal Holdings, Inc., Senior Unsecured Notes, 2.65%, 10/1/26 | | | | | 210,068 | | |
| | | | | | | | | | | | 580,507 | | |
| | | | | | | FOOD 0.1% | | ||||||
| | | 175,000 | | | | Conagra Brands, Inc., Senior Unsecured Notes, 1.38%, 11/1/27 | | | | | 167,251 | | |
| | | 200,000 | | | | Kroger Co., Senior Unsecured Notes, 2.65%, 10/15/26(2) | | | | | 207,932 | | |
| | | 125,000 | | | | Mondelez International, Inc., Senior Unsecured Notes, 1.50%, 2/4/31(2) | | | | | 117,358 | | |
| | | | | | | | | | | | 492,541 | | |
| | | | | | | HEALTHCARE PRODUCTS 0.0% | | ||||||
| | | 150,000 | | | | Abbott Laboratories, Senior Unsecured Notes, 3.75%, 11/30/26 | | | | | 165,849 | | |
| | | 175,000 | | | | Baxter International, Inc., 1.73%, 4/1/31(1)(2) | | | | | 165,922 | | |
| | | | | | | | | | | | 331,771 | | |
| | | | | | | HEALTHCARE SERVICES 0.2% | | ||||||
| | | 185,000 | | | | Anthem, Inc., Senior Unsecured Notes, 3.35%, 12/1/24 | | | | | 195,478 | | |
| | | 175,000 | | | | Centene Corp., Senior Unsecured Notes, 4.63%, 12/15/29 | | | | | 188,731 | | |
| | | 150,000 | | | | HCA, Inc., Guaranteed Notes, 5.38%, 2/1/25 | | | | | 164,850 | | |
| | | 200,000 | | | | Humana, Inc., Senior Unsecured Notes, 3.95%, 3/15/27 | | | | | 218,701 | | |
| Principal Amount | | | | | | Value | | | ||||||||
| CONSUMER, NON-CYCLICAL 0.9% (continued) | | | ||||||||||||||
| | | | | | | HEALTHCARE SERVICES 0.2% (continued) | | | ||||||||
| | $ | 200,000 | | | | Laboratory Corp. of America Holdings, Senior Unsecured Notes, 2.95%, 12/1/29 | | | | $ | 208,255 | | | | ||
| | | 175,000 | | | | UnitedHealth Group, Inc., Senior Unsecured Notes, 4.63%, 11/15/41 | | | | | 220,385 | | | | ||
| | | | | | | | | | | | 1,196,400 | | | | ||
| | | | | | | HOUSEHOLD PRODUCTS 0.0% | | | | | ||||||
| | | 200,000 | | | | Clorox Co., Senior Unsecured Notes, 1.80%, 5/15/30 | | | | | 194,029 | | | | ||
| | | | | | | PHARMACEUTICALS 0.3% | | | ||||||||
| | | 190,000 | | | | AbbVie, Inc., Senior Unsecured Notes, 2.95%, 11/21/26 | | | | | 200,324 | | | | ||
| | | 200,000 | | | | AstraZeneca PLC, Senior Unsecured Notes, 1.38%, 8/6/30 | | | | | 189,023 | | | | ||
| | | 200,000 | | | | Becton Dickinson and Co., Senior Unsecured Notes, 3.70%, 6/6/27 | | | | | 218,090 | | | | ||
| | | 150,000 | | | | CVS Health Corp., Senior Unsecured Notes, 1.75%, 8/21/30 | | | | | 143,099 | | | | ||
| | | 150,000 | | | | Johnson & Johnson, Senior Unsecured Notes, 1.30%, 9/1/30(2) | | | | | 144,686 | | | | ||
| | | 175,000 | | | | Merck & Co., Inc., Senior Unsecured Notes, 3.90%, 3/7/39 | | | | | 205,897 | | | | ||
| | | 150,000 | | | | Novartis Capital Corp., Guaranteed Notes, 2.75%, 8/14/50(2) | | | | | 152,102 | | | | ||
| | | 190,000 | | | | Takeda Pharmaceutical Co. Ltd., Senior Unsecured Notes, 3.03%, 7/9/40 | | | | | 193,749 | | | | ||
| | | 200,000 | | | | Utah Acquisition Sub, Inc., Guaranteed Notes, 3.95%, 6/15/26 | | | | | 215,748 | | | | ||
| | | 200,000 | | | | Zoetis, Inc., Senior Unsecured Notes, 4.50%, 11/13/25 | | | | | 220,266 | | | | ||
| | | | | | | | | | | | 1,882,984 | | | | ||
| | | | | | | | | | | | 5,975,054 | | | | ||
| ENERGY 0.4% | | | ||||||||||||||
| | | | | | | OIL & GAS 0.2% | | | ||||||||
| | | 175,000 | | | | Canadian Natural Resources Ltd., Senior Unsecured Notes, 2.05%, 7/15/25 | | | | | 176,750 | | | |
| Principal Amount | | | | | | Value | | ||||||
| ENERGY 0.4% (continued) | | ||||||||||||
| | | | | | | OIL & GAS 0.2% (continued) | | ||||||
| | $ | 175,000 | | | | Diamondback Energy, Inc., Guaranteed Notes, 2.88%, 12/1/24 | | | | $ | 181,587 | | |
| | | 185,000 | | | | EOG Resources, Inc., Senior Unsecured Notes, 4.38%, 4/15/30(2) | | | | | 213,983 | | |
| | | 140,000 | | | | Hess Corp., Senior Unsecured Notes, 4.30%, 4/1/27 | | | | | 152,558 | | |
| | | 100,000 | | | | Marathon Petroleum Corp., Senior Unsecured Notes, 5.13%, 12/15/26(2) | | | | | 113,869 | | |
| | | 150,000 | | | | Occidental Petroleum Corp., Senior Unsecured Notes, 5.50%, 12/1/25 | | | | | 166,312 | | |
| | | 150,000 | | | | Phillips 66, Guaranteed Notes, 3.90%, 3/15/28 | | | | | 162,687 | | |
| | | 150,000 | | | | Shell International Finance B.V., Guaranteed Notes, 2.38%, 11/7/29 | | | | | 153,353 | | |
| | | 175,000 | | | | Suncor Energy, Inc., Senior Unsecured Notes, 3.10%, 5/15/25 | | | | | 182,891 | | |
| | | 150,000 | | | | TotalEnergies Capital International SA, Guaranteed Notes, 3.46%, 2/19/29 | | | | | 162,632 | | |
| | | | | | | | | | | | 1,666,622 | | |
| | | | | | | OIL & GAS SERVICES 0.0% | | ||||||
| | | 175,000 | | | | Schlumberger Finance Canada Ltd., Guaranteed Notes, 1.40%, 9/17/25(2) | | | | | 174,433 | | |
| | | | | | | PIPELINES 0.2% | | ||||||
| | | 175,000 | | | | Boardwalk Pipelines LP, Guaranteed Notes, 4.95%, 12/15/24 | | | | | 189,682 | | |
| | | 100,000 | | | | Enbridge, Inc., Guaranteed Notes, 2.50%, 8/1/33 | | | | | 98,279 | | |
| | | 175,000 | | | | Enterprise Products Operating LLC, Guaranteed Notes, 4.85%, 8/15/42 | | | | | 209,539 | | |
| | | 200,000 | | | | Kinder Morgan, Inc., Guaranteed Notes, 4.30%, 3/1/28 | | | | | 222,401 | | |
| | | 125,000 | | | | Magellan Midstream Partners LP, Senior Unsecured Notes, 4.25%, 9/15/46 | | | | | 139,332 | | |
| Principal Amount | | | | | | Value | | ||||||
| CORPORATE BONDS & NOTES 4.3% (continued) | | ||||||||||||
| ENERGY 0.4% (continued) | | ||||||||||||
| | | | | | | PIPELINES 0.2% (continued) | | ||||||
| | $ | 175,000 | | | | TransCanada PipeLines Ltd., Senior Unsecured Notes, 4.25%, 5/15/28 | | | | $ | 195,295 | | |
| | | | | | | | | | | | 1,054,528 | | |
| | | | | | | | | | | | 2,895,583 | | |
| FINANCIAL 1.2% | | ||||||||||||
| | | | | | | BANKS 0.6% | | ||||||
| | | 175,000 | | | | Barclays PLC, Senior Unsecured Notes, 4.34%, 1/10/28 | | | | | 191,175 | | |
| | | 150,000 | | | | Citigroup, Inc., Senior Unsecured Notes, (3-month LIBOR + 0.90%), 3.35%, 4/24/25(4) | | | | | 156,650 | | |
| | | 185,000 | | | | Citigroup, Inc., Subordinated Notes, 5.30%, 5/6/44 | | | | | 242,108 | | |
| | | 200,000 | | | | Goldman Sachs Group, Inc., Senior Unsecured Notes, 3.75%, 2/25/26(2) | | | | | 215,485 | | |
| | | 200,000 | | | | HSBC Holdings PLC, Senior Unsecured Notes, 3.90%, 5/25/26 | | | | | 215,808 | | |
| | | 175,000 | | | | ING Groep NV, Senior Unsecured Notes, 3.95%, 3/29/27 | | | | | 191,404 | | |
| | | 150,000 | | | | ING Groep NV, Senior Unsecured Notes, 4.10%, 10/2/23 | | | | | 157,907 | | |
| | | 150,000 | | | | JPMorgan Chase & Co., Senior Unsecured Notes, (3-month LIBOR + 1.38%), 3.96%, 11/15/48(4) | | | | | 176,538 | | |
| | | 250,000 | | | | JPMorgan Chase & Co., Subordinated Notes, 4.13%, 12/15/26 | | | | | 275,898 | | |
| | | 200,000 | | | | KeyCorp, Senior Unsecured Notes, 2.55%, 10/1/29 | | | | | 204,967 | | |
| | | 225,000 | | | | Lloyds Banking Group PLC, Senior Unsecured Notes, 3.90%, 3/12/24 | | | | | 237,710 | | |
| | | 250,000 | | | | Morgan Stanley, Subordinated Notes, 4.88%, 11/1/22 | | | | | 258,432 | | |
| | | 200,000 | | | | Morgan Stanley, Series F, Senior Unsecured Notes, 3.88%, 4/29/24 | | | | | 212,056 | | |
| | | 200,000 | | | | National Australia Bank Ltd., Senior Unsecured Notes, 2.50%, 7/12/26(2) | | | | | 208,967 | | |
| Principal Amount | | | | | | Value | | ||||||
| FINANCIAL 1.2% (continued) | | ||||||||||||
| | | | | | | BANKS 0.6% (continued) | | ||||||
| | $ | 150,000 | | | | Northern Trust Corp., Senior Unsecured Notes, 3.15%, 5/3/29 | | | | $ | 161,609 | | |
| | | 150,000 | | | | PNC Bank NA, Subordinated Notes, 2.95%, 1/30/23 | | | | | 153,361 | | |
| | | 225,000 | | | | Royal Bank of Canada, Subordinated Notes, 4.65%, 1/27/26 | | | | | 249,641 | | |
| | | 150,000 | | | | Toronto-Dominion Bank, Senior Unsecured Notes, 1.15%, 6/12/25 | | | | | 148,804 | | |
| | | 150,000 | | | | US Bancorp, Subordinated Notes, 3.60%, 9/11/24 | | | | | 159,353 | | |
| | | 150,000 | | | | Zions Bancorp NA, Subordinated Notes, 3.25%, 10/29/29 | | | | | 155,218 | | |
| | | | | | | | | | | | 3,973,091 | | |
| | | | | | | DIVERSIFIED FINANCIAL SERVICES 0.1% | | ||||||
| | | 175,000 | | | | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Guaranteed Notes, 1.75%, 1/30/26 | | | | | 171,730 | | |
| | | 200,000 | | | | Air Lease Corp., Senior Unsecured Notes, 3.63%, 4/1/27 | | | | | 209,902 | | |
| | | 150,000 | | | | Ally Financial, Inc., Senior Unsecured Notes, 5.13%, 9/30/24 | | | | | 163,927 | | |
| | | 150,000 | | | | BlackRock, Inc., Senior Unsecured Notes, 2.40%, 4/30/30(2) | | | | | 154,514 | | |
| | | 185,000 | | | | Discover Financial Services, Senior Unsecured Notes, 3.95%, 11/6/24 | | | | | 196,790 | | |
| | | | | | | | | | | | 896,863 | | |
| | | | | | | INSURANCE 0.2% | | ||||||
| | | 175,000 | | | | Aflac, Inc., Senior Unsecured Notes, 3.60%, 4/1/30(2) | | | | | 193,089 | | |
| | | 190,000 | | | | Allstate Corp., Senior Unsecured Notes, 1.45%, 12/15/30 | | | | | 179,823 | | |
| | | 150,000 | | | | Berkshire Hathaway Finance Corp., Guaranteed Notes, 1.85%, 3/12/30(2) | | | | | 148,740 | | |
| | | 175,000 | | | | Hartford Financial Services Group, Inc., Senior Unsecured Notes, 2.80%, 8/19/29(2) | | | | | 181,641 | | |
| Principal Amount | | | | | | Value | | ||||||
| FINANCIAL 1.2% (continued) | | ||||||||||||
| | | | | | | INSURANCE 0.2% (continued) | | ||||||
| | $ | 175,000 | | | | PartnerRe Finance B LLC, Guaranteed Notes, 3.70%, 7/2/29 | | | | $ | 190,531 | | |
| | | 150,000 | | | | Principal Financial Group, Inc., Guaranteed Notes, 3.70%, 5/15/29 | | | | | 165,689 | | |
| | | 200,000 | | | | Prudential Financial, Inc., Junior Subordinated Notes, (3-month LIBOR + 2.67%), 5.70%, 9/15/48(2)(4) | | | | | 224,229 | | |
| | | 100,000 | | | | Reinsurance Group of America, Inc., Senior Unsecured Notes, 3.90%, 5/15/29 | | | | | 109,441 | | |
| | | | | | | | | | | | 1,393,183 | | |
| | | | | | | REITS 0.3% | | ||||||
| | | 150,000 | | | | American Tower Corp., Senior Unsecured Notes, 2.95%, 1/15/25 | | | | | 155,823 | | |
| | | 200,000 | | | | AvalonBay Communities, Inc., Senior Unsecured Notes, 2.45%, 1/15/31(2) | | | | | 205,209 | | |
| | | 200,000 | | | | Digital Realty Trust LP, Guaranteed Notes, 3.60%, 7/1/29 | | | | | 216,664 | | |
| | | 125,000 | | | | Equinix, Inc., Senior Unsecured Notes, 2.50%, 5/15/31 | | | | | 125,057 | | |
| | | 200,000 | | | | Essex Portfolio LP, Guaranteed Notes, 3.00%, 1/15/30 | | | | | 209,804 | | |
| | | 200,000 | | | | Kimco Realty Corp., 2.25%, 12/1/31 | | | | | 195,115 | | |
| | | 200,000 | | | | Life Storage LP, Guaranteed Notes, 2.20%, 10/15/30 | | | | | 196,651 | | |
| | | 200,000 | | | | Prologis LP, Senior Unsecured Notes, 2.25%, 4/15/30 | | | | | 201,219 | | |
| | | 175,000 | | | | Sabra Health Care LP, Guaranteed Notes, 3.90%, 10/15/29 | | | | | 183,393 | | |
| | | 250,000 | | | | Welltower, Inc., Senior Unsecured Notes, 4.25%, 4/15/28 | | | | | 280,242 | | |
| | | | | | | | | | | | 1,969,177 | | |
| | | | | | | | | | | | 8,232,314 | | |
| INDUSTRIAL 0.4% | | ||||||||||||
| | | | | | | AEROSPACE & DEFENSE 0.1% | | ||||||
| | | 200,000 | | | | L3Harris Technologies, Inc., Senior Unsecured Notes, 4.40%, 6/15/28 | | | | | 224,652 | | |
| Principal Amount | | | | | | Value | | ||||||
| CORPORATE BONDS & NOTES 4.3% (continued) | | ||||||||||||
| INDUSTRIAL 0.4% (continued) | | ||||||||||||
| | | | | | | AEROSPACE & DEFENSE 0.1% (continued) | | ||||||
| | $ | 125,000 | | | | Raytheon Technologies Corp., Senior Unsecured Notes, 4.13%, 11/16/28 | | | | $ | 139,931 | | |
| | | 170,000 | | | | Teledyne Technologies, Inc., Senior Unsecured Notes, 1.60%, 4/1/26(2) | | | | | 168,425 | | |
| | | | | | | | | | | | 533,008 | | |
| | | | | | | BUILDING MATERIALS 0.1% | | ||||||
| | | 125,000 | | | | Masco Corp., Senior Unsecured Notes, 2.00%, 10/1/30 | | | | | 120,128 | | |
| | | 150,000 | | | | Owens Corning, Senior Unsecured Notes, 3.95%, 8/15/29 | | | | | 164,479 | | |
| | | 150,000 | | | | Vulcan Materials Co., Senior Unsecured Notes, 3.50%, 6/1/30 | | | | | 162,174 | | |
| | | | | | | | | | | | 446,781 | | |
| | | | | | | ELECTRONICS 0.1% | | ||||||
| | | 175,000 | | | | Amphenol Corp., 2.20%, 9/15/31 | | | | | 171,235 | | |
| | | 200,000 | | | | Flex Ltd., Senior Unsecured Notes, 4.75%, 6/15/25 | | | | | 217,654 | | |
| | | 150,000 | | | | Honeywell International, Inc., Senior Unsecured Notes, 1.95%, 6/1/30 | | | | | 149,290 | | |
| | | 150,000 | | | | Jabil, Inc., Senior Unsecured Notes, 3.60%, 1/15/30 | | | | | 161,452 | | |
| | | | | | | | | | | | 699,631 | | |
| | | | | | | MACHINERY DIVERSIFIED 0.0% | | ||||||
| | | 175,000 | | | | John Deere Capital Corp., Senior Unsecured Notes, 2.45%, 1/9/30 | | | | | 180,426 | | |
| | | | | | | MISCELLANEOUS MANUFACTURERS 0.1% | | ||||||
| | | 250,000 | | | | Textron, Inc., Senior Unsecured Notes, 3.88%, 3/1/25 | | | | | 267,104 | | |
| | | 200,000 | | | | Trane Technologies Luxembourg Finance SA, Guaranteed Notes, 3.80%, 3/21/29 | | | | | 218,648 | | |
| | | | | | | | | | | | 485,752 | | |
| | | | | | | PACKAGING & CONTAINERS 0.0% | | ||||||
| | | 140,000 | | | | Ball Corp., Guaranteed Notes, 4.88%, 3/15/26 | | | | | 154,210 | | |
| Principal Amount | | | | | | Value | | ||||||
| INDUSTRIAL 0.4% (continued) | | ||||||||||||
| | | | | | | PACKAGING & CONTAINERS 0.0% (continued) | | ||||||
| | $ | 100,000 | | | | WRKCo, Inc., Guaranteed Notes, 3.90%, 6/1/28 | | | | $ | 109,566 | | |
| | | | | | | | | | | | 263,776 | | |
| | | | | | | TRANSPORTATION 0.0% | | ||||||
| | | 100,000 | | | | CSX Corp., Senior Unsecured Notes, 3.35%, 9/15/49 | | | | | 106,022 | | |
| | | 150,000 | | | | United Parcel Service, Inc., Senior Unsecured Notes, 2.50%, 9/1/29 | | | | | 155,135 | | |
| | | | | | | | | | | | 261,157 | | |
| | | | | | | | | | | | 2,870,531 | | |
| TECHNOLOGY 0.3% | | ||||||||||||
| | | | | | | COMPUTERS 0.1% | | ||||||
| | | 175,000 | | | | Dell International LLC / EMC Corp., 4.90%, 10/1/26 | | | | | 197,214 | | |
| | | 150,000 | | | | HP, Inc., Senior Unsecured Notes, 3.00%, 6/17/27(2) | | | | | 157,847 | | |
| | | 175,000 | | | | NetApp, Inc., Senior Unsecured Notes, 1.88%, 6/22/25 | | | | | 176,372 | | |
| | | 200,000 | | | | Western Digital Corp., 3.10%, 2/1/32 | | | | | 201,460 | | |
| | | | | | | | | | | | 732,893 | | |
| | | | | | | SEMICONDUCTORS 0.1% | | ||||||
| | | 175,000 | | | | Analog Devices, Inc., 2.80%, 10/1/41 | | | | | 177,523 | | |
| | | 200,000 | | | | KLA Corp., Senior Unsecured Notes, 4.10%, 3/15/29 | | | | | 225,946 | | |
| | | 175,000 | | | | NVIDIA Corp., Senior Unsecured Notes, 2.85%, 4/1/30 | | | | | 186,058 | | |
| | | 175,000 | | | | Xilinx, Inc., Senior Unsecured Notes, 2.38%, 6/1/30(2) | | | | | 177,409 | | |
| | | | | | | | | | | | 766,936 | | |
| | | | | | | SOFTWARE 0.1% | | ||||||
| | | 175,000 | | | | Adobe, Inc., Senior Unsecured Notes, 2.30%, 2/1/30 | | | | | 179,040 | | |
| | | 175,000 | | | | Electronic Arts, Inc., Senior Unsecured Notes, 4.80%, 3/1/26 | | | | | 195,199 | | |
| | | 150,000 | | | | Roper Technologies, Inc., Senior Unsecured Notes, 2.00%, 6/30/30 | | | | | 144,360 | | |
| | | 170,000 | | | | salesforce.com, Inc., Senior Unsecured Notes, 2.70%, 7/15/41 | | | | | 170,285 | | |
| | | | | | | | | | | | 688,884 | | |
| | | | | | | | | | | | 2,188,713 | | |
| Principal Amount | | | | | | Value | | ||||||
| UTILITIES 0.2% | | ||||||||||||
| | | | | | | ELECTRIC 0.1% | | ||||||
| | $ | 100,000 | | | | Consolidated Edison Co. of New York, Inc., Senior Unsecured Notes, 4.50%, 12/1/45 | | | | $ | 118,446 | | |
| | | 200,000 | | | | Dominion Energy, Inc., Senior Unsecured Notes, 4.25%, 6/1/28 | | | | | 223,059 | | |
| | | 150,000 | | | | DTE Electric Co., 3.95%, 3/1/49 | | | | | 177,885 | | |
| | | 125,000 | | | | Nevada Power Co., Series DD, 2.40%, 5/1/30(2) | | | | | 125,734 | | |
| | | 150,000 | | | | Pinnacle West Capital Corp., Senior Unsecured Notes, 1.30%, 6/15/25(2) | | | | | 147,603 | | |
| | | 150,000 | | | | WEC Energy Group, Inc., Senior Unsecured Notes, 1.80%, 10/15/30 | | | | | 141,691 | | |
| | | | | | | | | | | | 934,418 | | |
| | | | | | | GAS 0.1% | | ||||||
| | | 225,000 | | | | National Fuel Gas Co., Senior Unsecured Notes, 5.20%, 7/15/25 | | | | | 246,631 | | |
| | | | | | | WATER 0.0% | | ||||||
| | | 175,000 | | | | American Water Capital Corp., Senior Unsecured Notes, 3.75%, 9/1/28 | | | | | 192,076 | | |
| | | | | | | | | | | | 1,373,125 | | |
| TOTAL CORPORATE BONDS & NOTES (Cost $29,516,428) | | | | | 29,912,093 | | | ||||||
| FOREIGN GOVERNMENT OBLIGATIONS 0.0% | | ||||||||||||
| | | 150,000 | | | | Panama Government International Bond, Senior Unsecured Notes, 4.00%, 9/22/24 | | | | | 159,226 | | |
| TOTAL FOREIGN GOVERNMENT OBLIGATIONS (Cost $151,875) | | | | | 159,226 | | | ||||||
| LONG-TERM MUNICIPAL SECURITIES 0.4% | | ||||||||||||
| | | | | | | CALIFORNIA 0.1% | | ||||||
| | | 150,000 | | | | City of Pasadena CA, Refunding Revenue Bonds, Ser. B, 2.77%, 5/1/34 | | | | | 154,676 | | |
| | | 100,000 | | | | Municipal Improvement Corp. of Los Angeles Revenue Bonds, Series C, 1.88%, 11/1/30 | | | | | 97,610 | | |
| Principal Amount | | | | | | Value | | ||||||
| LONG-TERM MUNICIPAL SECURITIES 0.4% (continued) | | ||||||||||||
| | | | | | | CALIFORNIA 0.1% (continued) | | ||||||
| | $ | 100,000 | | | | San Marcos California Unified School District, Refunding Revenue Bonds, 3.17%, 8/1/38 | | | | $ | 103,954 | | |
| | | | | | | | | | | | 356,240 | | |
| | | | | | | COLORADO 0.0% | | ||||||
| | | 125,000 | | | | Regional Transportation District Sales Tax Revenue, Revenue Bonds, Ser. A, 2.29%, 11/1/35 | | | | | 120,786 | | |
| | | | | | | DELAWARE 0.0% | | ||||||
| | | 225,000 | | | | County of Sussex DE, General Obligation Limited, Series B, GO, 1.21%, 3/15/29 | | | | | 218,433 | | |
| | | | | | | MASSACHUSETTS 0.1% | | ||||||
| | | 175,000 | | | | Massachusetts School Building Authority, Refunding Revenue Bonds, Ser. B, 3.40%, 10/15/40 | | | | | 183,139 | | |
| | | 275,000 | | | | Massachusetts Water Resources Authority, Green Bonds, Refunding Revenue Bonds, Ser. F, 3.10%, 8/1/39 | | | | | 284,941 | | |
| | | | | | | | | | | | 468,080 | | |
| | | | | | | NEW YORK 0.1% | | ||||||
| | | 250,000 | | | | New York City Transitional Finance Authority Future Tax Secured Revenue, Subordinate Bonds, Revenue Bonds, 3.00%, 2/1/26 | | | | | 261,902 | | |
| | | 135,000 | | | | New York Municipal Bond Bank Agency Revenue, Revenue Bonds, Build America Bonds, Ser. D2, 6.64%, 4/1/25 | | | | | 146,159 | | |
| | | | | | | | | | | | 408,061 | | |
| | | | | | | RHODE ISLAND 0.0% | | ||||||
| | | 150,000 | | | | Narragansett Bay Commission, Wastewater System, Revenue Refunding Bonds, 2.46%, 9/1/35 | | | | | 150,274 | | |
| | | | | | | TEXAS 0.1% | | ||||||
| | | 175,000 | | | | City of Houston TX Combined Utility System Revenue, Refunding Revenue Bonds, Series D, 1.97%, 11/15/34 | | | | | 165,191 | | |
| Principal Amount | | | | | | Value | | ||||||
| | | | | | | TEXAS 0.1% (continued) | | ||||||
| | $ | 250,000 | | | | Dallas Independent School District Qualified School Construction Notes, General Obligation Limited, 5.05%, 8/15/33 | | | | $ | 270,231 | | |
| | | 250,000 | | | | Tarrant County Cultural Education Facilities Finance Corp., Revenue Bonds, Baylor Health Care System Project, Series C, 4.45%, 11/15/43 | | | | | 306,489 | | |
| | | 150,000 | | | | Tyler Independent School District, Texas Unlimited Tax, Refunding Revenue Bonds, PSF-GTD Insured, 1.68%, 2/15/32 | | | | | 145,459 | | |
| | | | | | | | | | | | 887,370 | | |
| | | | | | | VIRGINIA 0.0% | | ||||||
| | | 170,000 | | | | Fairfax County Economic Development Authority, Series C, 2.43%, 10/1/34 | | | | | 171,529 | | |
| TOTAL LONG-TERM MUNICIPAL SECURITIES (Cost $2,729,599) | | | | | 2,780,773 | | | ||||||
| U.S. GOVERNMENT AGENCY OBLIGATIONS 0.1% | | ||||||||||||
| | | 230,000 | | | | FHLB, 3.25%, 3/8/24 | | | | | 242,020 | | |
| | | 250,000 | | | | FNMA, 2.38%, 1/19/23 | | | | | 255,135 | | |
| TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $481,152) | | | | | 497,155 | | | ||||||
| RESIDENTIAL MORTGAGE-BACKED SECURITIES 2.3% | | ||||||||||||
| | | 97,393 | | | | FHLMC, Series 4151, Class PA, 2.00%, 1/15/33 | | | | | 99,514 | | |
| | | 7,610 | | | | FHLMC Gold PC Pool #A47613, 5.00%, 11/1/35 | | | | | 8,600 | | |
| | | 102,405 | | | | FHLMC Gold Pool #C09027, 3.00%, 2/1/43 | | | | | 108,209 | | |
| | | 999,071 | | | | FHLMC Pool #QD2419, 3.00%, 12/1/51 | | | | | 1,045,607 | | |
| | | 627,102 | | | | FHLMC Pool #SD8093, 3.50%, 9/1/50 | | | | | 660,196 | | |
| | | 1,418,425 | | | | FHLMC Pool #SD8108, 3.00%, 11/1/50 | | | | | 1,471,269 | | |
| | | 2,437,525 | | | | FHLMC Pool #SD8128, 2.00%, 2/1/51 | | | | | 2,433,403 | | |
| | | 344 | | | | FNMA Pool #AH3226, 5.00%, 2/1/41 | | | | | 389 | | |
| | | 145,382 | | | | FNMA Pool #AL0657, 5.00%, 8/1/41 | | | | | 164,735 | | |
| Principal Amount | | | | | | Value | | ||||||
| | $ | 119,954 | | | | FNMA Pool #AQ1853, 3.00%, 11/1/42 | | | | $ | 126,005 | | |
| | | 117,261 | | | | FNMA Pool #AU5409, 3.00%, 8/1/43 | | | | | 121,572 | | |
| | | 685,810 | | | | FNMA Pool #CA5540, 3.00%, 4/1/50 | | | | | 721,428 | | |
| | | 232,223 | | | | FNMA Pool #FM2202, 4.00%, 12/1/48 | | | | | 247,250 | | |
| | | 416,079 | | | | FNMA Pool #FM4140, 2.50%, 9/1/50 | | | | | 427,904 | | |
| | | 1,065,909 | | | | FNMA Pool #FM8461, MBS, 2.00%, 7/1/36 | | | | | 1,093,382 | | |
| | | 943,534 | | | | FNMA Pool #FM9508, MBS, 2.50%, 10/1/36 | | | | | 982,125 | | |
| | | 192,470 | | | | FNMA Pool #FM9760, 3.50%, 11/1/51 | | | | | 204,058 | | |
| | | 143,650 | | | | FNMA Pool #MA4077, 2.00%, 7/1/50 | | | | | 143,407 | | |
| | | 1,275,811 | | | | FNMA Pool #MA4119, 2.00%, 9/1/50 | | | | | 1,273,654 | | |
| | | 1,492,455 | | | | FNMA Pool #MA4159, 2.50%, 10/1/50 | | | | | 1,524,860 | | |
| | | 234,889 | | | | FNMA Pool #MA4222, 3.50%, 12/1/50 | | | | | 247,631 | | |
| | | 64,166 | | | | FNMA REMIC Trust Series 2013-18, Class AE, 2.00%, 3/25/28 | | | | | 65,364 | | |
| | | 66,027 | | | | GNMA II Pool #MA1521, 3.50%, 12/20/43 | | | | | 70,607 | | |
| | | 118,777 | | | | GNMA II Pool #MA1839, 4.00%, 4/20/44 | | | | | 128,491 | | |
| | | 134,289 | | | | GNMA II Pool #MA4836, 3.00%, 11/20/47 | | | | | 140,218 | | |
| | | 330,088 | | | | GNMA II Pool #MA7054, 3.50%, 12/20/50 | | | | | 344,368 | | |
| | | 2,181,161 | | | | GNMA II Pool #MA7651, 3.50%, 10/20/51 | | | | | 2,281,912 | | |
| | | | | | | | | | | | 16,136,158 | | |
| TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES (Cost $16,357,315) | | | | | 16,136,158 | | | ||||||
| U.S. TREASURY OBLIGATIONS 2.3% | | ||||||||||||
| | | 520,000 | | | | U.S. Treasury Bonds, 4.38%, 2/15/38 | | | | | 718,148 | | |
| | | 1,307,000 | | | | U.S. Treasury Bonds, 2.75%, 8/15/42 | | | | | 1,494,013 | | |
| | | 960,000 | | | | U.S. Treasury Bonds, 3.00%, 2/15/48 | | | | | 1,176,338 | | |
| | | 1,388,000 | | | | U.S. Treasury Bonds, 2.25%, 8/15/49 | | | | | 1,491,937 | | |
| | | 500,000 | | | | U.S. Treasury Notes, 2.25%, 11/15/24 | | | | | 518,496 | | |
| | | 2,640,000 | | | | U.S. Treasury Notes, 0.50%, 3/31/25 | | | | | 2,596,997 | | |
| | | 1,260,000 | | | | U.S. Treasury Notes, 3.00%, 9/30/25 | | | | | 1,346,576 | | |
| | | 1,280,000 | | | | U.S. Treasury Notes, 0.63%, 3/31/27 | | | | | 1,238,150 | | |
| | | 662,000 | | | | U.S. Treasury Notes, 2.25%, 8/15/27 | | | | | 694,945 | | |
| Principal Amount | | | | | | Value | | ||||||
| U.S. TREASURY OBLIGATIONS 2.3% (continued) | | ||||||||||||
| | $ | 1,285,000 | | | | U.S. Treasury Notes, 1.25%, 3/31/28 | | | | $ | 1,274,610 | | |
| | | 1,180,000 | | | | U.S. Treasury Notes, 1.63%, 8/15/29 | | | | | 1,198,207 | | |
| | | 500,000 | | | | U.S. Treasury Notes, 1.50%, 2/15/30 | | | | | 503,066 | | |
| | | 1,580,000 | | | | U.S. Treasury Notes, 1.13%, 2/15/31 | | | | | 1,535,130 | | |
| TOTAL U.S. TREASURY OBLIGATIONS (Cost $15,356,342) | | | | | 15,786,613 | | |
| Shares | | | | | | Value | | ||||||
| SHORT-TERM INVESTMENTS 6.5% | | ||||||||||||
| | | | | | | MONEY MARKET FUNDS 6.5% | | ||||||
| | | 35,235,318 | | | | State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.03%(5) | | | | | 35,235,318 | | |
| | | 9,834,660 | | | | State Street Navigator Securities Lending Government Money Market Portfolio(6) | | | | | 9,834,660 | | |
| | | | | | | | | | | | 45,069,978 | | |
| TOTAL SHORT-TERM INVESTMENTS (Cost $45,069,978) | | | | | 45,069,978 | | | ||||||
| TOTAL INVESTMENTS IN SECURITIES 101.0% (Cost $538,939,011) | | | | $ | 699,888,289 | | | ||||||
| EXCESS OF LIABILITIES OVER CASH AND OTHER ASSETS (1.0%) | | | | | (7,011,001) | | | ||||||
| NET ASSETS 100% | | | | $ | 692,877,288 | | |
Investments in Securities: | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stocks* | | | | $ | 581,153,335 | | | | | $ | — | | | | | $ | — | | | | | $ | 581,153,335 | | |
Asset-Backed Securities | | | | | — | | | | | | 2,117,666 | | | | | | — | | | | | | 2,117,666 | | |
Commercial Mortgage-Backed Securities | | | | | — | | | | | | 6,275,292 | | | | | | — | | | | | | 6,275,292 | | |
Corporate Bonds & Notes* | | | | | — | | | | | | 29,912,093 | | | | | | — | | | | | | 29,912,093 | | |
Foreign Government Obligations | | | | | — | | | | | | 159,226 | | | | | | — | | | | | | 159,226 | | |
Long-Term Municipal Securities* | | | | | — | | | | | | 2,780,773 | | | | | | — | | | | | | 2,780,773 | | |
U.S. Government Agency Obligations | | | | | — | | | | | | 497,155 | | | | | | — | | | | | | 497,155 | | |
Residential Mortgage-Backed Securities | | | | | — | | | | | | 16,136,158 | | | | | | — | | | | | | 16,136,158 | | |
U.S. Treasury Obligations | | | | | — | | | | | | 15,786,613 | | | | | | — | | | | | | 15,786,613 | | |
Short-Term Investments | | | | | 45,069,978 | | | | | | — | | | | | | — | | | | | | 45,069,978 | | |
Total Investments in Securities | | | | $ | 626,223,313 | | | | | $ | 73,664,976 | | | | | $ | — | | | | | $ | 699,888,289 | | |
period?
Issue | | | Shares | | | Value | | | Percentage of Net Assets | | |||||||||
Amazon.com, Inc. | | | | | 7,000 | | | | | $ | 23,340,380 | | | | | | 6.2% | | |
NVIDIA Corp. | | | | | 54,000 | | | | | | 15,881,940 | | | | | | 4.2% | | |
Alphabet, Inc. | | | | | 5,300 | | | | | | 15,354,312 | | | | | | 4.1% | | |
Biohaven Pharmaceutical Holding Co. Ltd. | | | | | 107,000 | | | | | | 14,745,670 | | | | | | 3.9% | | |
Exelixis, Inc. | | | | | 770,000 | | | | | | 14,075,600 | | | | | | 3.7% | | |
Meta Platforms, Inc. | | | | | 40,000 | | | | | | 13,454,000 | | | | | | 3.6% | | |
Netflix, Inc. | | | | | 22,000 | | | | | | 13,253,680 | | | | | | 3.5% | | |
QUALCOMM, Inc. | | | | | 70,000 | | | | | | 12,800,900 | | | | | | 3.4% | | |
PayPal Holdings, Inc. | | | | | 64,000 | | | | | | 12,069,120 | | | | | | 3.2% | | |
Exact Sciences Corp. | | | | | 155,000 | | | | | | 12,063,650 | | | | | | 3.2% | | |
| | | 1 Yr | | | 5 Yrs | | | 10 Yrs | | | Since Inception 3/20/1972 | | ||||||||||||
Investor Class | | | | | | ||||||||||||||||||||
Value Line Larger Companies Focused Fund, Inc. | | | | | 2.89% | | | | | | 20.67% | | | | | | 16.81% | | | | | | 11.08% | | |
S&P 500® Index** | | | | | 28.71% | | | | | | 18.47% | | | | | | 16.55% | | | | | | 7.91% | | |
| | | 1 Yr | | | 5 Yrs | | | | | | Since Inception 11/1/2015 | | |||||||||
Institutional Class | | | | | | |||||||||||||||||
Value Line Larger Companies Focused Fund, Inc. | | | | | 3.12% | | | | | | 20.92% | | | | | | | | | 16.60% | | |
S&P 500® Index* | | | | | 28.71% | | | | | | 18.47% | | | | | | | | | 14.40% | | |
Schedule of Investments
| Shares | | | | | | Value | | | | | ||||||
| COMMON STOCKS 99.3% | | | ||||||||||||||
| COMMUNICATION SERVICES 19.6% | | | ||||||||||||||
| | | | | | | INTERNET 15.8% | | | ||||||||
| | | 5,300 | | | | Alphabet, Inc. Class A(1) | | | | $ | 15,354,312 | | | | ||
| | | 40,000 | | | | Meta Platforms, Inc. Class A(1) | | | | | 13,454,000 | | | | ||
| | | 22,000 | | | | Netflix, Inc.(1) | | | | | 13,253,680 | | | | ||
| | | 28,000 | | | | Roku, Inc.(1) | | | | | 6,389,600 | | | | ||
| | | 130,000 | | | | Snap, Inc. Class A(1) | | | | | 6,113,900 | | | | ||
| | | 115,000 | | | | Twitter, Inc.(1) | | | | | 4,970,300 | | | | ||
| | | | | | | | | | | | 59,535,792 | | | | ||
| | | | | | | MEDIA 1.1% | | | ||||||||
| | | 26,000 | | | | Walt Disney Co.(1) | | | | | 4,027,140 | | | | ||
| | | | | | | SOFTWARE 2.7% | | | ||||||||
| | | 150,000 | | | | Activision Blizzard, Inc. | | | | | 9,979,500 | | | | ||
| | | | | | | | | | | | 73,542,432 | | | | ||
| CONSUMER DISCRETIONARY 14.8% | | | ||||||||||||||
| | | | | | | AUTO MANUFACTURERS 1.5% | | | ||||||||
| | | 5,500 | | | | Tesla, Inc.(1) | | | | | 5,812,290 | | | | ||
| | | | | | | ENTERTAINMENT 1.1% | | | ||||||||
| | | 145,000 | | | | DraftKings, Inc. Class A (1)(2) | | | | | 3,983,150 | | | | ||
| | | | | | | INTERNET 7.6% | | | ||||||||
| | | 44,000 | | | | Alibaba Group Holding Ltd. ADR(1) | | | | | 5,226,760 | | | | ||
| | | 7,000 | | | | Amazon.com, Inc.(1) | | | | | 23,340,380 | | | | ||
| | | | | | | | | | | | 28,567,140 | | | | ||
| | | | | | | LEISURE TIME 1.4% | | | ||||||||
| | | 150,000 | | | | Peloton Interactive, Inc. Class A(1) | | | | | 5,364,000 | | | | ||
| | | | | | | RETAIL 3.2% | | | ||||||||
| | | 45,000 | | | | Starbucks Corp. | | | | | 5,263,650 | | | | ||
| | | 16,500 | | | | Ulta Beauty, Inc.(1) | | | | | 6,803,610 | | | | ||
| | | | | | | | | | | | 12,067,260 | | | | ||
| | | | | | | | | | | | 55,793,840 | | | | ||
| ENERGY 2.4% | | | ||||||||||||||
| | | | | | | OIL & GAS 2.4% | | | ||||||||
| | | 83,000 | | | | Diamondback Energy, Inc. | | | | | 8,951,550 | | | | ||
| FINANCIALS 3.1% | | | ||||||||||||||
| | | | | | | DIVERSIFIED FINANCIAL SERVICES 1.9% | | | ||||||||
| | | 54,000 | | | | Blackstone, Inc. Class A | | | | | 6,987,060 | | | | ||
| | | | | | | INTERNET 1.2% | | | ||||||||
| | | 260,000 | | | | Robinhood Markets, Inc. Class A(1)(2) | | | | | 4,617,600 | | | | ||
| | | | | | | | | | | | 11,604,660 | | | |
| Shares | | | | | | Value | | | | | ||||||
| HEALTHCARE 18.0% | | | ||||||||||||||
| | | | | | | BIOTECHNOLOGY 13.2% | | | ||||||||
| | | 1,200,000 | | | | Amarin Corp. PLC ADR(1)(2) | | | | $ | 4,044,000 | | | | ||
| | | 107,000 | | | | Biohaven Pharmaceutical Holding Co. Ltd.(1) | | | | | 14,745,670 | | | | ||
| | | 770,000 | | | | Exelixis, Inc.(1) | | | | | 14,075,600 | | | | ||
| | | 210,000 | | | | Global Blood Therapeutics, Inc.(1) | | | | | 6,146,700 | | | | ||
| | | 180,000 | | | | Intercept Pharmaceuticals, Inc.(1)(2) | | | | | 2,932,200 | | | | ||
| | | 36,000 | | | | Vertex Pharmaceuticals, Inc.(1) | | | | | 7,905,600 | | | | ||
| | | | | | | | | | | | 49,849,770 | | | | ||
| | | | | | | HEALTHCARE PRODUCTS 3.2% | | | ||||||||
| | | 155,000 | | | | Exact Sciences Corp.(1) | | | | | 12,063,650 | | | | ||
| | | | | | | PHARMACEUTICALS 1.6% | | | ||||||||
| | | 11,000 | | | | DexCom, Inc.(1) | | | | | 5,906,450 | | | | ||
| | | | | | | | | | | | 67,819,870 | | | | ||
| INDUSTRIALS 4.9% | | | ||||||||||||||
| | | | | | | INTERNET 4.9% | | | ||||||||
| | | 240,000 | | | | Lyft, Inc. Class A(1) | | | | | 10,255,200 | | | | ||
| | | 195,000 | | | | Uber Technologies, Inc. (1) | | | | | 8,176,350 | | | | ||
| | | | | | | | | | | | 18,431,550 | | | | ||
| | | | | | | | | | | | 18,431,550 | | | | ||
| INFORMATION TECHNOLOGY 36.5% | | | ||||||||||||||
| | | | | | | COMMERCIAL SERVICES 3.2% | | | ||||||||
| | | 64,000 | | | | PayPal Holdings, Inc.(1) | | | | | 12,069,120 | | | | ||
| | | | | | | COMPUTERS 4.2% | | | ||||||||
| | | 56,000 | | | | Apple, Inc. | | | | | 9,943,920 | | | | ||
| | | 28,000 | | | | Crowdstrike Holdings, Inc. Class A(1) | | | | | 5,733,000 | | | | ||
| | | | | | | | | | | | 15,676,920 | | | | ||
| | | | | | | DIVERSIFIED FINANCIAL SERVICES 3.2% | | | ||||||||
| | | 55,000 | | | | Visa, Inc. Class A | | | | | 11,919,050 | | | | ||
| | | | | | | INTERNET 2.7% | | | ||||||||
| | | 7,400 | | | | Shopify, Inc. Class A(1) | | | | | 10,192,686 | | | | ||
| | | | | | | SEMICONDUCTORS 7.6% | | | ||||||||
| | | 54,000 | | | | NVIDIA Corp. | | | | | 15,881,940 | | | | ||
| | | 70,000 | | | | QUALCOMM, Inc. | | | | | 12,800,900 | | | | ||
| | | | | | | | | | | | 28,682,840 | | | | ||
| | | | | | | SOFTWARE 15.6% | | | ||||||||
| | | 9,000 | | | | Adobe, Inc.(1) | | | | | 5,103,540 | | | | ||
| | | 30,000 | | | | Microsoft Corp. | | | | | 10,089,600 | | | | ||
| | | 25,000 | | | | RingCentral, Inc. Class A(1) | | | | | 4,683,750 | | | |
| Shares | | | | | | Value | | | | | ||||||
| INFORMATION TECHNOLOGY 36.5% (continued) | | | ||||||||||||||
| | | | | | | SOFTWARE 15.6% (continued) | | | ||||||||
| | | 35,000 | | | | Salesforce.com, Inc.(1) | | | | $ | 8,894,550 | | | | ||
| | | 16,500 | | | | ServiceNow, Inc.(1) | | | | | 10,710,315 | | | | ||
| | | 54,000 | | | | Splunk, Inc.(1) | | | | | 6,248,880 | | | | ||
| | | 26,000 | | | | Twilio, Inc. Class A(1) | | | | | 6,846,840 | | | | ||
| | | 23,000 | | | | Workday, Inc. Class A (1) | | | | | 6,283,140 | | | | ||
| | | | | | | | | | | | 58,860,615 | | | | ||
| | | | | | | | | | | | 137,401,231 | | | | ||
| TOTAL COMMON STOCKS (Cost $242,849,131) | | | | | 373,545,133 | | | | ||||||||
| SHORT-TERM INVESTMENTS 3.0% | | | ||||||||||||||
| | | | | | | MONEY MARKET FUNDS 3.0% | | | ||||||||
| | | 3,322,255 | | | | State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.03%(3) | | | | | 3,322,255 | | | | ||
| | | 8,079,565 | | | | State Street Navigator Securities Lending Government Money Market Portfolio(4) | | | | | 8,079,565 | | | | ||
| | | | | | | | | | | | 11,401,820 | | | | ||
| TOTAL SHORT-TERM INVESTMENTS (Cost $11,401,820) | | | | | 11,401,820 | | | | ||||||||
| TOTAL INVESTMENTS IN SECURITIES 102.3% (Cost $254,250,951) | | | | $ | 384,946,953 | | | | ||||||||
| EXCESS OF LIABILITIES OVER CASH AND OTHER ASSETS (2.3%) | | | | | (8,535,943) | | | | ||||||||
| NET ASSETS 100% | | | | $ | 376,411,010 | | | |
Investments in Securities: | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stocks* | | | | $ | 373,545,133 | | | | | $ | — | | | | | $ | — | | | | | $ | 373,545,133 | | |
Short-Term Investments | | | | | 11,401,820 | | | | | | — | | | | | | — | | | | | | 11,401,820 | | |
Total Investments in Securities | | | | $ | 384,946,953 | | | | | $ | — | | | | | $ | — | | | | | $ | 384,946,953 | | |
12-month reporting period?
Issue | | | Shares | | | Value | | | Percentage of Net Assets | | |||||||||
U.S. Treasury Bonds, 2.25%, 8/15/49 | | | | | 1,756,000 | | | | | $ | 1,887,494 | | | | | | 3.8% | | |
U.S. Treasury Notes, 2.25%, 11/15/24 | | | | | 1,185,000 | | | | | | 1,228,836 | | | | | | 2.4% | | |
FNMA Pool #CB0856, 3.00%, 6/1/51 | | | | | 891,710 | | | | | | 925,909 | | | | | | 1.8% | | |
U.S. Treasury Notes, 2.75%, 2/15/28 | | | | | 790,000 | | | | | | 854,496 | | | | | | 1.7% | | |
U.S. Treasury Bonds, 3.00%, 2/15/48 | | | | | 654,000 | | | | | | 801,380 | | | | | | 1.6% | | |
U.S. Treasury Note, 0.13%, 8/31/23 | | | | | 800,000 | | | | | | 793,031 | | | | | | 1.6% | | |
U.S. Treasury Notes, 1.50%, 8/15/26 | | | | | 620,000 | | | | | | 627,387 | | | | | | 1.2% | | |
Tarrant County Cultural Education Facilities Finance Corp., Revenue Bonds, Baylor Health Care System Project, Series C, 4.45%, 11/15/43 | | | | | 500,000 | | | | | | 612,977 | | | | | | 1.2% | | |
U.S. Treasury Notes, 1.50%, 2/15/30 | | | | | 600,000 | | | | | | 603,680 | | | | | | 1.2% | | |
U.S. Treasury Bonds, 4.38%, 2/15/38 | | | | | 425,000 | | | | | | 586,948 | | | | | | 1.2% | | |
| | | Percentage of Total Investments In Securities* | | |||
Less than 4% | | | | | 75.4% | | |
4 – 4.99% | | | | | 20.0% | | |
5 – 5.99% | | | | | 4.1% | | |
6 – 6.99% | | | | | 0.5% | | |
Total | | | | | 100.0% | | |
| | | 1 Yr | | | 5 Yrs | | | 10 Yrs | | |||||||||
Value Line Core Bond Fund | | | | | (2.18%) | | | | | | 2.77% | | | | | | 2.83% | | |
Bloomberg US Aggregate Bond Index | | | | | (1.54%) | | | | | | 3.57% | | | | | | 2.90% | | |
Schedule of Investments
| Principal Amount | | | | | | Value | | ||||||
| ASSET-BACKED SECURITIES 1.9% | | ||||||||||||
| | $ | 100,000 | | | | Chase Issuance Trust, Series 2012-A7, Class A7, 2.16%, 9/15/24 | | | | $ | 101,212 | | |
| | | 220,000 | | | | Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.19%, 7/15/31(1) | | | | | 231,828 | | |
| | | 150,000 | | | | Ford Credit Floorplan Master Owner Trust, Series 2019-2, Class A, 3.06%, 4/15/26 | | | | | 156,323 | | |
| | | 30,332 | | | | Mercedes-Benz Auto Lease Trust, Series 2020-A, Class A3, 1.84%, 12/15/22 | | | | | 30,413 | | |
| | | 450,000 | | | | Toyota Auto Loan Extended Note Trust, Series 2020-1A, Class A, 1.35%, 5/25/33(1) | | | | | 448,870 | | |
| TOTAL ASSET-BACKED SECURITIES (Cost $992,824) | | | | | 968,646 | | | ||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES 8.4% | | ||||||||||||
| | | 250,000 | | | | BANK, Series 2017-BNK8, Class A4, 3.49%, 11/15/50 | | | | | 270,571 | | |
| | | 150,000 | | | | BANK, Series 2019-BN17, Class A4, 3.71%, 4/15/52 | | | | | 165,505 | | |
| | | 198,867 | | | | Citigroup Commercial Mortgage Trust, Series 2014-GC25, Class AAB, 3.37%, 10/10/47 | | | | | 204,638 | | |
| | | 150,000 | | | | COMM Mortgage Trust, Series 2014-UBS2, Class AM, 4.20%, 3/10/47 | | | | | 156,873 | | |
| | | 180,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K058, Class A2, 2.65%, 8/25/26 | | | | | 189,373 | | |
| | | 250,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K061, Class A2, 3.35%, 11/25/26(2) | | | | | 271,137 | | |
| Principal Amount | | | | | | Value | | ||||||
| | $ | 200,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K063, Class A2, 3.43%, 1/25/27(2) | | | | $ | 217,863 | | |
| | | 300,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K069, Class A2, 3.19%, 9/25/27(2) | | | | | 326,039 | | |
| | | 250,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K071, Class A2, 3.29%, 11/25/27 | | | | | 273,358 | | |
| | | 200,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K092, Class A2, 3.30%, 4/25/29 | | | | | 221,070 | | |
| | | 450,000 | | | | FHLMC Multifamily Structured Pass-Through Certificates, Series K103, Class A2, 2.65%, 11/25/29 | | | | | 479,887 | | |
| | | 250,000 | | | | FREMF Mortgage Trust, Series 2013-K24, Class B, 3.51%, 11/25/45(1)(2) | | | | | 254,453 | | |
| | | 150,000 | | | | FREMF Mortgage Trust, Series 2013-K34, Class B, 3.73%, 9/25/46(1)(2) | | | | | 155,389 | | |
| | | 200,000 | | | | FREMF Mortgage Trust, Series 2015-K43, Class B, 3.73%, 2/25/48(1)(2) | | | | | 211,299 | | |
| | | 192,715 | | | | GNMA, Series 2013-12, Class AB, 1.83%, 11/16/52 | | | | | 192,614 | | |
| | | 175,705 | | | | GNMA, Series 2012-125, Class AB, 2.11%, 2/16/53(2) | | | | | 176,240 | | |
| | | 26,275 | | | | GS Mortgage Securities Trust, Series 2012-GCJ7, Class A4, 3.38%, 5/10/45 | | | | | 26,270 | | |
| Principal Amount | | | | | | Value | | ||||||
| | $ | 12,744 | | | | GS Mortgage Securities Trust, Series 2015-GC32, Class A2, 3.06%, 7/10/48 | | | | $ | 12,888 | | |
| | | 43,291 | | | | Sequoia Mortgage Trust, Series 2004-8, Class A1, (1-month LIBOR + 0.70%), 0.45%, 9/20/34(2) | | | | | 42,041 | | |
| | | 180,000 | | | | Wells Fargo Commercial Mortgage Trust, Series 2016-C34, Class A4, 3.10%, 6/15/49 | | | | | 186,961 | | |
| | | 22,980 | | | | Wells Fargo Commercial Mortgage Trust, Series 2017-C40, Class A1, 2.11%, 10/15/50 | | | | | 23,003 | | |
| | | 100,000 | | | | Wells Fargo Commercial Mortgage Trust, Series 2019-C50, Class ASB, 3.64%, 5/15/52 | | | | | 107,551 | | |
| | | 65,740 | | | | Wells Fargo Commercial Mortgage Trust, Series 2015-NXS2, Class ASB, 3.46%, 7/15/58 | | | | | 67,909 | | |
| TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $4,194,216) | | | | | 4,232,932 | | | ||||||
| CORPORATE BONDS & NOTES 41.2% | | ||||||||||||
| BASIC MATERIALS 2.7% | | ||||||||||||
| | | | | | | CHEMICALS 0.9% | | ||||||
| | | 175,000 | | | | Celanese U.S. Holdings LLC, Guaranteed Notes, 4.63%, 11/15/22(3) | | | | | 180,632 | | |
| | | 150,000 | | | | Ecolab, Inc., Senior Unsecured Notes, 1.30%, 1/30/31(3) | | | | | 140,766 | | |
| | | 125,000 | | | | Nutrien Ltd., Senior Unsecured Notes, 4.20%, 4/1/29 | | | | | 141,125 | | |
| | | | | | | | | | | | 462,523 | | |
| | | | | | | IRON & STEEL 0.7% | | ||||||
| | | 135,000 | | | | ArcelorMittal SA, Senior Unsecured Notes, 4.25%, 7/16/29(3) | | | | | 147,948 | | |
| Principal Amount | | | | | | Value | | | | ||||||||||
| CORPORATE BONDS & NOTES 41.2% (continued) | | | | ||||||||||||||||
| BASIC MATERIALS 2.7% (continued) | | | | ||||||||||||||||
| | | | | | | IRON & STEEL 0.7% (continued) | | | | ||||||||||
| | $ | 165,000 | | | | Steel Dynamics, Inc., Senior Unsecured Notes, 3.25%, 1/15/31 | | | | $ | 174,156 | | | | | ||||
| | | | | | | | | | | | 322,104 | | | | | ||||
| | | | | | | MINING 1.1% | | | | ||||||||||
| | | 120,000 | | | | Freeport-McMoRan, Inc., 4.63%, 8/1/30 | | | | | 128,700 | | | | | ||||
| | | 140,000 | | | | Rio Tinto Finance USA PLC, Guaranteed Notes, 4.13%, 8/21/42 | | | | | 167,862 | | | | | ||||
| | | 200,000 | | | | Teck Resources Ltd., Senior Unsecured Notes, 6.13%, 10/1/35 | | | | | 259,633 | | | | | ||||
| | | | | | | | | | | | 556,195 | | | | | ||||
| | | | | | | | | | | | 1,340,822 | | | | | ||||
| COMMUNICATIONS 4.0% | | | | ||||||||||||||||
| | | | | | | INTERNET 0.6% | | | | ||||||||||
| | | 160,000 | | | | Netflix, Inc., Senior Unsecured Notes, 4.88%, 4/15/28 | | | | | 182,400 | | | | | ||||
| | | 125,000 | | | | VeriSign, Inc., Senior Unsecured Notes, 2.70%, 6/15/31 | | | | | 125,625 | | | | | ||||
| | | | | | | | | | | | 308,025 | | | | | ||||
| | | | | | | MEDIA 1.4% | | | | | | | | ||||||
| | | 175,000 | | | | Charter Communications Operating LLC/ Charter Communications Operating Capital, Senior Secured Notes, 4.91%, 7/23/25 | | | | | 192,588 | | | | | ||||
| | | 175,000 | | | | Comcast Corp., Guaranteed Notes, 4.15%, 10/15/28 | | | | | 198,824 | | | | | ||||
| | | 125,000 | | | | Discovery Communications LLC, Guaranteed Notes, 4.90%, 3/11/26 | | | | | 139,371 | | | | | ||||
| | | 175,000 | | | | Walt Disney Co., Guaranteed Notes, 2.65%, 1/13/31(3) | | | | | 182,241 | | | | | ||||
| | | | | | | | | | | | 713,024 | | | | | ||||
| | | | | | | TELECOMMUNICATIONS 2.0% | | | | ||||||||||
| | | 228,000 | | | | AT&T, Inc., Senior Unsecured Notes, 2.55%, 12/1/33 | | | | | 223,307 | | | | |
| Principal Amount | | | | | | Value | | ||||||
| COMMUNICATIONS 4.0% (continued) | | ||||||||||||
| | | | | | | TELECOMMUNICATIONS 2.0% (continued) | | ||||||
| | $ | 200,000 | | | | Motorola Solutions, Inc., Senior Unsecured Notes, 4.60%, 5/23/29 | | | | $ | 228,695 | | |
| | | 125,000 | | | | T-Mobile USA, Inc., Guaranteed Notes, 3.50%, 4/15/31 | | | | | 130,000 | | |
| | | 175,000 | | | | Verizon Communications, Inc., Senior Unsecured Notes, 4.50%, 8/10/33 | | | | | 206,002 | | |
| | | 175,000 | | | | Vodafone Group PLC, Senior Unsecured Notes, 4.25%, 9/17/50(3) | | | | | 202,702 | | |
| | | | | | | | | | | | 990,706 | | |
| | | | | | | | | | | | 2,011,755 | | |
| CONSUMER, CYCLICAL 3.3% | | ||||||||||||
| | | | | | | AUTO MANUFACTURERS 1.0% | | ||||||
| | | 100,000 | | | | American Honda Finance Corp., Senior Unsecured Notes, 1.00%, 9/10/25 | | | | | 98,441 | | |
| | | 185,000 | | | | Ford Motor Credit Co. LLC, Senior Unsecured Notes, 3.38%, 11/13/25 | | | | | 192,200 | | |
| | | 200,000 | | | | General Motors Financial Co., Inc., Guaranteed Notes, 3.70%, 5/9/23 | | | | | 205,978 | | |
| | | | | | | | | | | | 496,619 | | |
| | | | | | | HOME BUILDERS 1.3% | | ||||||
| | | 150,000 | | | | D.R. Horton, Inc., Guaranteed Notes, 2.50%, 10/15/24 | | | | | 154,375 | | |
| | | 200,000 | | | | Lennar Corp., Guaranteed Notes, 4.88%, 12/15/23 | | | | | 212,032 | | |
| | | 142,000 | | | | PulteGroup, Inc., Guaranteed Notes, 5.00%, 1/15/27(3) | | | | | 161,284 | | |
| | | 140,000 | | | | Toll Brothers Finance Corp., Guaranteed Notes, 4.88%, 11/15/25 | | | | | 154,525 | | |
| | | | | | | | | | | | 682,216 | | |
| | | | | | | HOUSEWARES 0.4% | | ||||||
| | | 165,000 | | | | Newell Brands, Inc., Senior Unsecured Notes, 4.70%, 4/1/26 | | | | | 179,891 | | |
| Principal Amount | | | | | | Value | | ||||||
| CONSUMER, CYCLICAL 3.3% (continued) | | ||||||||||||
| | | | | | | RETAIL 0.6% | | ||||||
| | $ | 150,000 | | | | AutoZone, Inc., Senior Unsecured Notes, 3.75%, 6/1/27 | | | | $ | 163,851 | | |
| | | 125,000 | | | | Dollar General Corp., Senior Unsecured Notes, 3.50%, 4/3/30 | | | | | 135,211 | | |
| | | | | | | | | | | | 299,062 | | |
| | | | | | | | | | | | 1,657,788 | | |
| CONSUMER, NON-CYCLICAL 8.3% | | ||||||||||||
| | | | | | | AGRICULTURE 0.2% | | ||||||
| | | 100,000 | | | | Bunge Ltd. Finance Corp., Guaranteed Notes, 3.25%, 8/15/26 | | | | | 105,538 | | |
| | | | | | | BEVERAGES 0.9% | | ||||||
| | | 125,000 | | | | Anheuser-Busch InBev Worldwide, Inc., Guaranteed Notes, 4.90%, 1/23/31 | | | | | 150,258 | | |
| | | 125,000 | | | | Coca-Cola Femsa SAB de CV, Guaranteed Notes, 2.75%, 1/22/30 | | | | | 127,845 | | |
| | | 150,000 | | | | Constellation Brands, Inc., Guaranteed Notes, 5.25%, 11/15/48 | | | | | 197,229 | | |
| | | | | | | | | | | | 475,332 | | |
| | | | | | | BIOTECHNOLOGY 1.0% | | ||||||
| | | 150,000 | | | | Amgen, Inc., Senior Unsecured Notes, 2.20%, 2/21/27(3) | | | | | 153,632 | | |
| | | 100,000 | | | | Gilead Sciences, Inc., Senior Unsecured Notes, 3.25%, 9/1/22 | | | | | 101,348 | | |
| | | 100,000 | | | | Illumina, Inc., Senior Unsecured Notes, 2.55%, 3/23/31 | | | | | 100,084 | | |
| | | 150,000 | | | | Regeneron Pharmaceuticals, Inc., Senior Unsecured Notes, 1.75%, 9/15/30 | | | | | 142,004 | | |
| | | | | | | | | | | | 497,068 | | |
| | | | | | | COMMERCIAL SERVICES 1.1% | | ||||||
| | | 100,000 | | | | Global Payments, Inc., Senior Unsecured Notes, 4.80%, 4/1/26 | | | | | 111,071 | | |
| | | 150,000 | | | | PayPal Holdings, Inc., Senior Unsecured Notes, 2.65%, 10/1/26 | | | | | 157,551 | | |
| Principal Amount | | | | | | Value | | ||||||
| CORPORATE BONDS & NOTES 41.2% (continued) | | ||||||||||||
| CONSUMER, NON-CYCLICAL 8.3% (continued) | | ||||||||||||
| | | | | | | COMMERCIAL SERVICES 1.1% (continued) | | ||||||
| | $ | 155,000 | | | | Service Corp. International, Senior Unsecured Notes, 4.00%, 5/15/31 | | | | $ | 156,938 | | |
| | | 125,000 | | | | United Rentals North America, Inc., Guaranteed Notes, 5.50%, 5/15/27 | | | | | 130,000 | | |
| | | | | | | | | | | | 555,560 | | |
| | | | | | | FOOD 0.6% | | ||||||
| | | 100,000 | | | | Conagra Brands, Inc., Senior Unsecured Notes, 1.38%, 11/1/27 | | | | | 95,572 | | |
| | | 175,000 | | | | Kroger Co., Senior Unsecured Notes, 2.65%, 10/15/26(3) | | | | | 181,940 | | |
| | | | | | | | | | | | 277,512 | | |
| | | | | | | HEALTHCARE PRODUCTS 0.5% | | ||||||
| | | 125,000 | | | | Abbott Laboratories, Senior Unsecured Notes, 3.75%, 11/30/26 | | | | | 138,207 | | |
| | | 100,000 | | | | Baxter International, Inc., 1.73%, 4/1/31 | | | | | 94,813 | | |
| | | | | | | | | | | | 233,020 | | |
| | | | | | | HEALTHCARE SERVICES 1.5% | | ||||||
| | | 125,000 | | | | Centene Corp., Senior Unsecured Notes, 4.63%, 12/15/29 | | | | | 134,807 | | |
| | | 150,000 | | | | HCA, Inc., Guaranteed Notes, 5.38%, 2/1/25 | | | | | 164,850 | | |
| | | 150,000 | | | | Humana, Inc., Senior Unsecured Notes, 3.95%, 3/15/27 | | | | | 164,026 | | |
| | | 150,000 | | | | Laboratory Corp. of America Holdings, Senior Unsecured Notes, 2.95%, 12/1/29 | | | | | 156,191 | | |
| | | 125,000 | | | | UnitedHealth Group, Inc., Senior Unsecured Notes, 4.63%, 11/15/41 | | | | | 157,418 | | |
| | | | | | | | | | | | 777,292 | | |
| | | | | | | HOUSEHOLD PRODUCTS 0.4% | | ||||||
| | | 175,000 | | | | Clorox Co., Senior Unsecured Notes, 3.05%, 9/15/22 | | | | | 176,991 | | |
| Principal Amount | | | | | | Value | | ||||||
| CONSUMER, NON-CYCLICAL 8.3% (continued) | | ||||||||||||
| | | | | | | PHARMACEUTICALS 2.1% | | ||||||
| | $ | 100,000 | | | | AbbVie, Inc., Senior Unsecured Notes, 2.95%, 11/21/26 | | | | $ | 105,434 | | |
| | | 125,000 | | | | AstraZeneca PLC, Senior Unsecured Notes, 1.38%, 8/6/30 | | | | | 118,139 | | |
| | | 150,000 | | | | Becton Dickinson and Co., Senior Unsecured Notes, 3.70%, 6/6/27 | | | | | 163,568 | | |
| | | 165,000 | | | | Merck & Co., Inc., Senior Unsecured Notes, 3.90%, 3/7/39 | | | | | 194,132 | | |
| | | 150,000 | | | | Novartis Capital Corp., Guaranteed Notes, 2.75%, 8/14/50(3) | | | | | 152,102 | | |
| | | 140,000 | | | | Takeda Pharmaceutical Co. Ltd., Senior Unsecured Notes, 3.03%, 7/9/40 | | | | | 142,762 | | |
| | | 165,000 | | | | Utah Acquisition Sub, Inc., Guaranteed Notes, 3.95%, 6/15/26 | | | | | 177,992 | | |
| | | | | | | | | | | | 1,054,129 | | |
| | | | | | | | | | | | 4,152,442 | | |
| ENERGY 4.5% | | ||||||||||||
| | | | | | | OIL & GAS 2.4% | | ||||||
| | | 150,000 | | | | Canadian Natural Resources Ltd., Senior Unsecured Notes, 2.05%, 7/15/25 | | | | | 151,500 | | |
| | | 125,000 | | | | Diamondback Energy, Inc., Guaranteed Notes, 2.88%, 12/1/24 | | | | | 129,705 | | |
| | | 140,000 | | | | EOG Resources, Inc., Senior Unsecured Notes, 4.38%, 4/15/30(3) | | | | | 161,933 | | |
| | | 135,000 | | | | Hess Corp., Senior Unsecured Notes, 4.30%, 4/1/27 | | | | | 147,109 | | |
| | | 150,000 | | | | Occidental Petroleum Corp., Senior Unsecured Notes, 5.50%, 12/1/25 | | | | | 166,312 | | |
| | | 150,000 | | | | Shell International Finance B.V., Guaranteed Notes, 2.38%, 11/7/29 | | | | | 153,353 | | |
| | | 150,000 | | | | Suncor Energy, Inc., Senior Unsecured Notes, 3.10%, 5/15/25 | | | | | 156,763 | | |
| Principal Amount | | | | | | Value | | ||||||
| ENERGY 4.5% (continued) | | ||||||||||||
| | | | | | | OIL & GAS 2.4% (continued) | | ||||||
| | $ | 125,000 | | | | TotalEnergies Capital International SA, Guaranteed Notes, 3.46%, 2/19/29 | | | | $ | 135,527 | | |
| | | | | | | | | | | | 1,202,202 | | |
| | | | | | | OIL & GAS SERVICES 0.3% | | ||||||
| | | 150,000 | | | | Schlumberger Finance Canada Ltd., Guaranteed Notes, 1.40%, 9/17/25(3) | | | | | 149,514 | | |
| | | | | | | PIPELINES 1.8% | | ||||||
| | | 125,000 | | | | Boardwalk Pipelines LP, Guaranteed Notes, 4.95%, 12/15/24 | | | | | 135,488 | | |
| | | 150,000 | | | | Enbridge, Inc., Guaranteed Notes, 2.50%, 8/1/33 | | | | | 147,418 | | |
| | | 100,000 | | | | Enterprise Products Operating LLC, Guaranteed Notes, 4.85%, 8/15/42 | | | | | 119,737 | | |
| | | 200,000 | | | | Kinder Morgan, Inc., Guaranteed Notes, 4.30%, 3/1/28 | | | | | 222,401 | | |
| | | 125,000 | | | | Magellan Midstream Partners LP, Senior Unsecured Notes, 4.25%, 9/15/46 | | | | | 139,332 | | |
| | | 125,000 | | | | TransCanada PipeLines Ltd., Senior Unsecured Notes, 4.25%, 5/15/28 | | | | | 139,496 | | |
| | | | | | | | | | | | 903,872 | | |
| | | | | | | | | | | | 2,255,588 | | |
| FINANCIAL 11.9% | | ||||||||||||
| | | | | | | BANKS 5.4% | | ||||||
| | | 100,000 | | | | Barclays PLC, Senior Unsecured Notes, 4.34%, 1/10/28 | | | | | 109,243 | | |
| | | 125,000 | | | | CIT Group, Inc., Senior Unsecured Notes, (SOFR + 3.83%), 3.93%, 6/19/24(2)(3) | | | | | 129,053 | | |
| | | 150,000 | | | | Citigroup, Inc., Senior Unsecured Notes, (3-month LIBOR + 0.90%), 3.35%, 4/24/25(2) | | | | | 156,650 | | |
| | | 130,000 | | | | Citigroup, Inc., Subordinated Notes, 5.30%, 5/6/44 | | | | | 170,130 | | |
| | | 150,000 | | | | Comerica, Inc., Senior Unsecured Notes, 4.00%, 2/1/29 | | | | | 167,765 | | |
| Principal Amount | | | | | | Value | | ||||||
| CORPORATE BONDS & NOTES 41.2% (continued) | | ||||||||||||
| FINANCIAL 11.9% (continued) | | ||||||||||||
| | | | | | | BANKS 5.4% (continued) | | ||||||
| | $ | 100,000 | | | | Fifth Third Bancorp, Senior Unsecured Notes, 3.65%, 1/25/24 | | | | $ | 104,777 | | |
| | | 175,000 | | | | Goldman Sachs Group, Inc., Senior Unsecured Notes, 3.75%, 2/25/26(3) | | | | | 188,550 | | |
| | | 125,000 | | | | ING Groep NV, Senior Unsecured Notes, 3.95%, 3/29/27 | | | | | 136,717 | | |
| | | 200,000 | | | | JPMorgan Chase & Co., Subordinated Notes, 4.13%, 12/15/26 | | | | | 220,718 | | |
| | | 150,000 | | | | JPMorgan Chase & Co., Senior Unsecured Notes, (3-month LIBOR + 1.38%), 3.96%, 11/15/48(2) | | | | | 176,538 | | |
| | | 150,000 | | | | KeyCorp, Senior Unsecured Notes, 2.55%, 10/1/29 | | | | | 153,725 | | |
| | | 125,000 | | | | Lloyds Banking Group PLC, Senior Unsecured Notes, 3.90%, 3/12/24 | | | | | 132,061 | | |
| | | 150,000 | | | | Morgan Stanley, Subordinated Notes, 4.88%, 11/1/22 | | | | | 155,059 | | |
| | | 100,000 | | | | Morgan Stanley, Series F, Senior Unsecured Notes, 3.88%, 4/29/24 | | | | | 106,028 | | |
| | | 125,000 | | | | National Australia Bank Ltd., Senior Unsecured Notes, 2.50%, 7/12/26(3) | | | | | 130,605 | | |
| | | 125,000 | | | | PNC Bank NA, Subordinated Notes, 2.95%, 1/30/23 | | | | | 127,801 | | |
| | | 350,000 | | | | Zions Bancorp NA, Subordinated Notes, 3.25%, 10/29/29 | | | | | 362,176 | | |
| | | | | | | | | | | | 2,727,596 | | |
| | | | | | | DIVERSIFIED FINANCIAL SERVICES 2.1% | | ||||||
| | | 175,000 | | | | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Guaranteed Notes, 1.75%, 1/30/26 | | | | | 171,730 | | |
| | | 175,000 | | | | Air Lease Corp., Senior Unsecured Notes, 3.63%, 4/1/27 | | | | | 183,664 | | |
| Principal Amount | | | | | | Value | | ||||||
| FINANCIAL 11.9% (continued) | | ||||||||||||
| | | | | | | DIVERSIFIED FINANCIAL SERVICES 2.1% (continued) | | ||||||
| | $ | 150,000 | | | | Ally Financial, Inc., Senior Unsecured Notes, 5.13%, 9/30/24 | | | | $ | 163,927 | | |
| | | 100,000 | | | | BlackRock, Inc., Senior Unsecured Notes, 2.40%, 4/30/30(3) | | | | | 103,009 | | |
| | | 165,000 | | | | Discover Financial Services, Senior Unsecured Notes, 3.95%, 11/6/24 | | | | | 175,516 | | |
| | | 100,000 | | | | Stifel Financial Corp., Senior Unsecured Notes, 4.25%, 7/18/24 | | | | | 106,504 | | |
| | | 140,000 | | | | Synchrony Financial, Senior Unsecured Notes, 4.25%, 8/15/24 | | | | | 148,305 | | |
| | | | | | | | | | | | 1,052,655 | | |
| | | | | | | INSURANCE 1.4% | | ||||||
| | | 125,000 | | | | Aflac, Inc., Senior Unsecured Notes, 3.60%, 4/1/30(3) | | | | | 137,921 | | |
| | | 135,000 | | | | Allstate Corp., Senior Unsecured Notes, 1.45%, 12/15/30 | | | | | 127,769 | | |
| | | 200,000 | | | | CNA Financial Corp., Senior Unsecured Notes, 3.95%, 5/15/24 | | | | | 211,044 | | |
| | | 175,000 | | | | Prudential Financial, Inc., Junior Subordinated Notes, (3-month LIBOR + 2.67%), 5.70%, 9/15/48(2) | | | | | 196,200 | | |
| | | | | | | | | | | | 672,934 | | |
| | | | | | | REITS 3.0% | | ||||||
| | | 100,000 | | | | American Tower Corp., Senior Unsecured Notes, 2.95%, 1/15/25 | | | | | 103,882 | | |
| | | 125,000 | | | | AvalonBay Communities, Inc., Senior Unsecured Notes, 2.45%, 1/15/31(3) | | | | | 128,256 | | |
| | | 150,000 | | | | Crown Castle International Corp., Senior Unsecured Notes, 3.80%, 2/15/28 | | | | | 163,333 | | |
| | | 125,000 | | | | Digital Realty Trust LP, Guaranteed Notes, 3.60%, 7/1/29 | | | | | 135,415 | | |
| Principal Amount | | | | | | Value | | ||||||
| FINANCIAL 11.9% (continued) | | ||||||||||||
| | | | | | | REITS 3.0% (continued) | | ||||||
| | $ | 100,000 | | | | Duke Realty LP, Senior Unsecured Notes, 4.00%, 9/15/28 | | | | $ | 111,722 | | |
| | | 125,000 | | | | Equinix, Inc., Senior Unsecured Notes, 2.50%, 5/15/31 | | | | | 125,057 | | |
| | | 150,000 | | | | Kimco Realty Corp., 2.25%, 12/1/31 | | | | | 146,336 | | |
| | | 150,000 | | | | Life Storage LP, Guaranteed Notes, 2.20%, 10/15/30 | | | | | 147,488 | | |
| | | 125,000 | | | | Prologis LP, Senior Unsecured Notes, 2.25%, 4/15/30 | | | | | 125,762 | | |
| | | 130,000 | | | | Sabra Health Care LP, Guaranteed Notes, 3.90%, 10/15/29 | | | | | 136,235 | | |
| | | 175,000 | | | | Welltower, Inc., Senior Unsecured Notes, 4.25%, 4/15/28 | | | | | 196,169 | | |
| | | | | | | | | | | | 1,519,655 | | |
| | | | | | | | | | | | 5,972,840 | | |
| INDUSTRIAL 2.9% | | ||||||||||||
| | | | | | | AEROSPACE & DEFENSE 0.3% | | ||||||
| | | 120,000 | | | | Teledyne Technologies, Inc., Senior Unsecured Notes, 1.60%, 4/1/26 | | | | | 118,888 | | |
| | | | | | | BUILDING MATERIALS 0.9% | | ||||||
| | | 160,000 | | | | Masco Corp., Senior Unsecured Notes, 2.00%, 10/1/30 | | | | | 153,764 | | |
| | | 125,000 | | | | Owens Corning, Senior Unsecured Notes, 3.95%, 8/15/29 | | | | | 137,066 | | |
| | | 150,000 | | | | Vulcan Materials Co., Senior Unsecured Notes, 3.50%, 6/1/30 | | | | | 162,174 | | |
| | | | | | | | | | | | 453,004 | | |
| | | | | | | ELECTRONICS 0.6% | | ||||||
| | | 160,000 | | | | Amphenol Corp., 2.20%, 9/15/31 | | | | | 156,558 | | |
| | | 150,000 | | | | Flex Ltd., Senior Unsecured Notes, 4.75%, 6/15/25 | | | | | 163,240 | | |
| | | | | | | | | | | | 319,798 | | |
| | | | | | | MISCELLANEOUS MANUFACTURERS 0.8% | | ||||||
| | | 200,000 | | | | Textron, Inc., Senior Unsecured Notes, 3.88%, 3/1/25 | | | | | 213,683 | | |
| Principal Amount | | | | | | Value | | ||||||
| CORPORATE BONDS & NOTES 41.2% (continued) | | ||||||||||||
| INDUSTRIAL 2.9% (continued) | | ||||||||||||
| | | | | | | MISCELLANEOUS MANUFACTURERS 0.8% (continued) | | ||||||
| | $ | 150,000 | | | | Trane Technologies Luxembourg Finance SA, Guaranteed Notes, 4.50%, 3/21/49 | | | | $ | 186,217 | | |
| | | | | | | | | | | | 399,900 | | |
| | | | | | | PACKAGING & CONTAINERS 0.3% | | ||||||
| | | 150,000 | | | | Ball Corp., Guaranteed Notes, 4.88%, 3/15/26 | | | | | 165,225 | | |
| | | | | | | | | | | | 1,456,815 | | |
| TECHNOLOGY 2.4% | | ||||||||||||
| | | | | | | COMPUTERS 0.9% | | ||||||
| | | 125,000 | | | | Dell International LLC / EMC Corp., 4.90%, 10/1/26 | | | | | 140,867 | | |
| | | 150,000 | | | | HP, Inc., Senior Unsecured Notes, 3.00%, 6/17/27(3) | | | | | 157,848 | | |
| | | 150,000 | | | | Western Digital Corp., 3.10%, 2/1/32 | | | | | 151,095 | | |
| | | | | | | | | | | | 449,810 | | |
| | | | | | | SEMICONDUCTORS 0.6% | | ||||||
| | | 140,000 | | | | Analog Devices, Inc., 2.80%, 10/1/41 | | | | | 142,018 | | |
| | | 150,000 | | | | Xilinx, Inc., Senior Unsecured Notes, 2.38%, 6/1/30(3) | | | | | 152,064 | | |
| | | | | | | | | | | | 294,082 | | |
| | | | | | | SOFTWARE 0.9% | | ||||||
| | | 150,000 | | | | Adobe, Inc., Senior Unsecured Notes, 2.30%, 2/1/30 | | | | | 153,463 | | |
| | | 150,000 | | | | Electronic Arts, Inc., Senior Unsecured Notes, 4.80%, 3/1/26 | | | | | 167,313 | | |
| | | 170,000 | | | | salesforce.com, Inc., Senior Unsecured Notes, 2.70%, 7/15/41 | | | | | 170,285 | | |
| | | | | | | | | | | | 491,061 | | |
| | | | | | | | | | | | 1,234,953 | | |
| UTILITIES 1.2% | | ||||||||||||
| | | | | | | ELECTRIC 1.0% | | ||||||
| | | 100,000 | | | | Consolidated Edison Co. of New York, Inc., Senior Unsecured Notes, 4.50%, 12/1/45 | | | | | 118,446 | | |
| Principal Amount | | | | | | Value | | ||||||
| UTILITIES 1.2% (continued) | | ||||||||||||
| | | | | | | ELECTRIC 1.0% (continued) | | ||||||
| | $ | 100,000 | | | | Dominion Energy, Inc., Senior Unsecured Notes, 4.25%, 6/1/28 | | | | $ | 111,529 | | |
| | | 150,000 | | | | Duke Energy Carolinas LLC, 2.45%, 2/1/30 | | | | | 151,974 | | |
| | | 125,000 | | | | Pinnacle West Capital Corp., Senior Unsecured Notes, 1.30%, 6/15/25(3) | | | | | 123,003 | | |
| | | | | | | | | | | | 504,952 | | |
| | | | | | | GAS 0.2% | | ||||||
| | | 100,000 | | | | National Fuel Gas Co., Senior Unsecured Notes, 5.20%, 7/15/25 | | | | | 109,614 | | |
| | | | | | | | | | | | 614,566 | | |
| TOTAL CORPORATE BONDS & NOTES (Cost $20,317,398) | | | | | 20,697,569 | | | ||||||
| FOREIGN GOVERNMENT OBLIGATIONS 0.6% | | ||||||||||||
| | | 150,000 | | | | European Bank for Reconstruction & Development, Senior Unsecured Notes, 2.75%, 3/7/23 | | | | | 153,811 | | |
| | | 150,000 | | | | Panama Government International Bond, Senior Unsecured Notes, 4.00%, 9/22/24 | | | | | 159,226 | | |
| TOTAL FOREIGN GOVERNMENT OBLIGATIONS (Cost $302,027) | | | | | 313,037 | | | ||||||
| LONG-TERM MUNICIPAL SECURITIES 3.8% | | ||||||||||||
| | | | | | | CALIFORNIA 0.4% | | ||||||
| | | 200,000 | | | | San Marcos California Unified School District, Refunding Revenue Bonds, 3.17%, 8/1/38 | | | | | 207,908 | | |
| | | | | | | DISTRICT OF COLUMBIA 0.4% | | ||||||
| | | 200,000 | | | | District of Columbia Income Tax Secured Revenue Bonds, Build America Bonds, Ser. F, 4.91%, 12/1/23 | | | | | 215,312 | | |
| | | | | | | MICHIGAN 0.4% | | ||||||
| | | 200,000 | | | | Lincoln Consolidated School District, General Obligation Limited, Series B, 4.32%, 5/1/37 | | | | | 223,603 | | |
| Principal Amount | | | | | | Value | | ||||||
| | | | | | | OREGON 0.3% | | ||||||
| | $ | 145,000 | | | | State of Oregon, GO, 2.38%, 5/1/36 | | | | $ | 145,144 | | |
| | | | | | | RHODE ISLAND 0.2% | | ||||||
| | | 100,000 | | | | Narragansett Bay Commission, Wastewater System, Revenue Refunding Bonds, 2.46%, 9/1/35 | | | | | 100,183 | | |
| | | | | | | TEXAS 1.8% | | ||||||
| | | 250,000 | | | | Dallas Independent School District Qualified School Construction Notes, General Obligation Limited, 5.05%, 8/15/33 | | | | | 270,231 | | |
| | | 500,000 | | | | Tarrant County Cultural Education Facilities Finance Corp., Revenue Bonds, Baylor Health Care System Project, Series C, 4.45%, 11/15/43 | | | | | 612,977 | | |
| | | | | | | | | | | | 883,208 | | |
| | | | | | | WASHINGTON 0.3% | | ||||||
| | | 125,000 | | | | Grant County Public Utility District No 2 Priest Rapids Hydroelectric Project, Revenue Bonds, 3.31%, 1/1/43 | | | | | 128,438 | | |
| TOTAL LONG-TERM MUNICIPAL SECURITIES (Cost $1,752,559) | | | | | 1,903,796 | | | ||||||
| RESIDENTIAL MORTGAGE-BACKED SECURITIES 15.4% | | ||||||||||||
| | | | | | | MORTGAGE SECURITIES 15.4% | | ||||||
| | | 23,000 | | | | FHLMC Gold PC Pool #A29526, 5.00%, 1/1/35 | | | | | 25,059 | | |
| | | 110,382 | | | | FHLMC Gold PC Pool #C91749, 4.00%, 1/1/34 | | | | | 120,168 | | |
| | | 44,684 | | | | FHLMC Gold PC Pool #G06224, 3.50%, 1/1/41 | | | | | 48,090 | | |
| | | 22,963 | | | | FHLMC Gold PC Pool #J11587, 4.00%, 1/1/25 | | | | | 24,111 | | |
| | | 22,624 | | | | FHLMC Gold PC Pool #Q06307, 3.50%, 2/1/42 | | | | | 24,443 | | |
| | | 20,169 | | | | FHLMC Gold PC Pool #Q08656, 4.00%, 6/1/42 | | | | | 21,980 | | |
| Principal Amount | | | | | | Value | | ||||||
| RESIDENTIAL MORTGAGE-BACKED SECURITIES 15.4% (continued) | | ||||||||||||
| | | | | | | MORTGAGE SECURITIES 15.4% (continued) | | ||||||
| | $ | 46,149 | | | | FHLMC Gold PC Pool #Q08903, 3.50%, 6/1/42 | | | | $ | 49,877 | | |
| | | 149,576 | | | | FHLMC Gold PC Pool #Q14593, 3.00%, 1/1/43 | | | | | 158,169 | | |
| | | 180,007 | | | | FHLMC Gold Pool #Q34167, 4.00%, 6/1/45 | | | | | 197,302 | | |
| | | 104,502 | | | | FHLMC Gold Pool #Q57991, 4.00%, 8/1/48 | | | | | 111,286 | | |
| | | 243,329 | | | | FHLMC Pool #QB2958, 3.00%, 9/1/50 | | | | | 253,514 | | |
| | | 214,494 | | | | FHLMC Pool #QB3856, 2.00%, 9/1/50 | | | | | 214,131 | | |
| | | 210,467 | | | | FHLMC Pool #QB5314, 2.50%, 11/1/50 | | | | | 215,037 | | |
| | | 270,678 | | | | FHLMC Pool #QB8153, 2.50%, 1/1/51 | | | | | 277,067 | | |
| | | 204,379 | | | | FHLMC Pool #SB8078, 1.50%, 12/1/35 | | | | | 205,195 | | |
| | | 169,761 | | | | FHLMC Pool #SD8023, 2.50%, 11/1/49 | | | | | 173,447 | | |
| | | 537,923 | | | | FHLMC Pool #SD8098, 2.00%, 10/1/50 | | | | | 537,013 | | |
| | | 275,770 | | | | FHLMC Pool #SD8134, 2.00%, 3/1/51 | | | | | 275,304 | | |
| | | 227,051 | | | | FHLMC Pool #SD8163, 3.50%, 8/1/51 | | | | | 238,961 | | |
| | | 491,822 | | | | FHLMC Pool #SD8173, MBS, 2.50%, 10/1/51 | | | | | 502,964 | | |
| | | 59,896 | | | | FNMA Pool #AB2346, 4.50%, 2/1/41 | | | | | 66,203 | | |
| | | 49,366 | | | | FNMA Pool #AB5231, 2.50%, 5/1/27 | | | | | 51,273 | | |
| | | 51,038 | | | | FNMA Pool #AB5716, 3.00%, 7/1/27 | | | | | 53,546 | | |
| | | 70,626 | | | | FNMA Pool #AI4285, 5.00%, 6/1/41 | | | | | 79,376 | | |
| | | 43,392 | | | | FNMA Pool #AJ5888, 4.50%, 11/1/41 | | | | | 47,589 | | |
| | | 228,255 | | | | FNMA Pool #AR6394, 3.00%, 2/1/43 | | | | | 241,011 | | |
| | | 79,278 | | | | FNMA Pool #AS5892, 3.50%, 10/1/45 | | | | | 84,659 | | |
| | | 25,788 | | | | FNMA Pool #AS6102, 3.50%, 11/1/45 | | | | | 27,533 | | |
| | | 47,752 | | | | FNMA Pool #AS6205, 3.50%, 11/1/45 | | | | | 50,988 | | |
| | | 35,689 | | | | FNMA Pool #AS6385, 4.00%, 12/1/45 | | | | | 38,871 | | |
| | | 79,608 | | | | FNMA Pool #AS9562, 3.00%, 5/1/47 | | | | | 83,467 | | |
| Principal Amount | | | | | | Value | | ||||||
| | | | | | | MORTGAGE SECURITIES 15.4% (continued) | | ||||||
| | $ | 91,344 | | | | FNMA Pool #AU4279, 3.00%, 9/1/43 | | | | $ | 96,199 | | |
| | | 78,189 | | | | FNMA Pool #AV0703, 4.00%, 12/1/43 | | | | | 85,489 | | |
| | | 40,896 | | | | FNMA Pool #AW7362, 2.50%, 8/1/29 | | | | | 42,480 | | |
| | | 87,907 | | | | FNMA Pool #AX0416, 4.00%, 8/1/44 | | | | | 95,588 | | |
| | | 52,641 | | | | FNMA Pool #AY1670, 3.50%, 2/1/45 | | | | | 56,413 | | |
| | | 38,872 | | | | FNMA Pool #AY4195, 4.00%, 5/1/45 | | | | | 42,357 | | |
| | | 48,942 | | | | FNMA Pool #BA3885, 3.50%, 11/1/45 | | | | | 52,237 | | |
| | | 163,168 | | | | FNMA Pool #CA2320, 3.50%, 9/1/48 | | | | | 176,833 | | |
| | | 82,297 | | | | FNMA Pool #CA5540, 3.00%, 4/1/50 | | | | | 86,571 | | |
| | | 891,710 | | | | FNMA Pool #CB0856, 3.00%, 6/1/51 | | | | | 925,909 | | |
| | | 80,467 | | | | FNMA Pool #MA0641, 4.00%, 2/1/31 | | | | | 86,173 | | |
| | | 95,358 | | | | FNMA Pool #MA4012, 2.00%, 5/1/35 | | | | | 97,995 | | |
| | | 179,562 | | | | FNMA Pool #MA4077, 2.00%, 7/1/50 | | | | | 179,258 | | |
| | | 159,477 | | | | FNMA Pool #MA4119, 2.00%, 9/1/50 | | | | | 159,207 | | |
| | | 349,717 | | | | FNMA Pool #MA4208, 2.00%, 12/1/50 | | | | | 349,126 | | |
| | | 95,934 | | | | FNMA Pool #MA4355, 2.00%, 6/1/51 | | | | | 95,772 | | |
| | | 25,667 | | | | FNMA REMIC Trust Series 2013-18, Class AE, 2.00%, 3/25/28 | | | | | 26,146 | | |
| | | 13,798 | | | | GNMA, Series 2011-136, Class GB, 2.50%, 5/20/40 | | | | | 13,924 | | |
| | | 44,495 | | | | GNMA II Pool #5332, 4.00%, 3/20/42 | | | | | 48,490 | | |
| | | 180,011 | | | | GNMA II Pool #MA3937, 3.50%, 9/20/46 | | | | | 189,500 | | |
| | | 165,044 | | | | GNMA II Pool #MA7054, 3.50%, 12/20/50 | | | | | 172,184 | | |
| | | 148,716 | | | | GNMA II Pool #MA7651, 3.50%, 10/20/51 | | | | | 155,585 | | |
| TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES (Cost $7,761,559) | | | | | 7,731,070 | | | ||||||
| U.S. GOVERNMENT AGENCY OBLIGATIONS 2.1% | | ||||||||||||
| | | 250,000 | | | | FNMA, 2.38%, 1/19/23 | | | | | 255,135 | | |
| Principal Amount | | | | | | Value | | ||||||
| | $ | 250,000 | | | | FNMA, 2.63%, 9/6/24(3) | | | | $ | 261,578 | | |
| | | 540,000 | | | | FNMA, 1.88%, 9/24/26(3) | | | | | 555,017 | | |
| TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $1,021,153) | | | | | 1,071,730 | | | ||||||
| U.S. TREASURY OBLIGATIONS 22.5% | | ||||||||||||
| | | | | | | U.S. TREASURY NOTES & BONDS 22.5% | | ||||||
| | | 120,000 | | | | U.S. Treasury Bonds, 5.38%, 2/15/31 | | | | | 160,748 | | |
| | | 425,000 | | | | U.S. Treasury Bonds, 4.38%, 2/15/38 | | | | | 586,948 | | |
| | | 415,000 | | | | U.S. Treasury Bonds, 3.50%, 2/15/39 | | | | | 521,944 | | |
| | | 155,000 | | | | U.S. Treasury Bonds, 1.13%, 5/15/40 | | | | | 136,285 | | |
| | | 180,000 | | | | U.S. Treasury Bonds, 2.88%, 5/15/43 | | | | | 209,869 | | |
| | | 654,000 | | | | U.S. Treasury Bonds, 3.00%, 2/15/48 | | | | | 801,380 | | |
| | | 1,756,000 | | | | U.S. Treasury Bonds, 2.25%, 8/15/49 | | | | | 1,887,494 | | |
| | | 103,169 | | | | U.S. Treasury Inflation Indexed Note, 0.13%, 7/15/31 | | | | | 116,017 | | |
| | | 170,000 | | | | U.S. Treasury Notes, 1.38%, 6/30/23 | | | | | 172,025 | | |
| | | 500,000 | | | | U.S. Treasury Notes, 0.13%, 7/15/23 | | | | | 496,426 | | |
| | | 800,000 | | | | U.S. Treasury Notes, 0.13%, 8/31/23 | | | | | 793,031 | | |
| | | 590,000 | | | | U.S. Treasury Notes, 0.25%, 11/15/23 | | | | | 585,206 | | |
| | | 1,185,000 | | | | U.S. Treasury Notes, 2.25%, 11/15/24 | | | | | 1,228,836 | | |
| | | 620,000 | | | | U.S. Treasury Notes, 1.50%, 8/15/26 | | | | | 627,387 | | |
| | | 350,000 | | | | U.S. Treasury Notes, 0.75%, 8/31/26 | | | | | 342,371 | | |
| | | 350,000 | | | | U.S. Treasury Notes, 1.13%, 2/28/27 | | | | | 347,539 | | |
| | | 100,000 | | | | U.S. Treasury Notes, 0.63%, 11/30/27 | | | | | 95,855 | | |
| | | 790,000 | | | | U.S. Treasury Notes, 2.75%, 2/15/28 | | | | | 854,496 | | |
| | | 100,000 | | | | U.S. Treasury Notes, 1.25%, 6/30/28 | | | | | 99,059 | | |
| | | 250,000 | | | | U.S. Treasury Notes, 1.63%, 8/15/29 | | | | | 253,857 | | |
| | | 600,000 | | | | U.S. Treasury Notes, 1.50%, 2/15/30(3) | | | | | 603,680 | | |
| | | 390,000 | | | | U.S. Treasury Notes, 1.13%, 2/15/31(3) | | | | | 378,925 | | |
| TOTAL U.S. TREASURY NOTES & BONDS (Cost $11,108,193) | | | | | 11,299,378 | | |
| Shares | | | | | | Value | | ||||||
| SHORT-TERM INVESTMENTS 8.6% | | ||||||||||||
| | | | | | | MONEY MARKET FUNDS 8.6% | | ||||||
| | $ | 1,781,558 | | | | State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.03%(4) | | | | $ | 1,781,558 | | |
| | | 2,537,530 | | | | State Street Navigator Securities Lending Government Money Market Portfolio(5) | | | | | 2,537,530 | | |
| | | | | | | | | | | | 4,319,088 | | |
| Total Short-Term Investments (Cost $4,319,088) | | | | | 4,319,088 | | | ||||||
| TOTAL INVESTMENTS IN SECURITIES 104.5% (Cost $51,769,017) | | | | $ | 52,537,246 | | | ||||||
| EXCESS OF LIABILITIES OVER CASH AND OTHER ASSETS (4.5%) | | | | | (2,269,801) | | | ||||||
| NET ASSETS 100% | | | | $ | 50,267,445 | | |
Investments in Securities: | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Asset-Backed Securities | | | | $ | — | | | | | $ | 968,646 | | | | | $ | — | | | | | $ | 968,646 | | |
Commercial Mortgage-Backed Securities | | | | | — | | | | | | 4,232,932 | | | | | | — | | | | | | 4,232,932 | | |
Corporate Bonds & Notes* | | | | | — | | | | | | 20,697,569 | | | | | | — | | | | | | 20,697,569 | | |
Foreign Government Obligations | | | | | — | | | | | | 313,037 | | | | | | — | | | | | | 313,037 | | |
Long-Term Municipal Securities* | | | | | — | | | | | | 1,903,796 | | | | | | — | | | | | | 1,903,796 | | |
Residential Mortgage-Backed Securities | | | | | — | | | | | | 7,731,070 | | | | | | — | | | | | | 7,731,070 | | |
U.S. Government Agency Obligations | | | | | — | | | | | | 1,071,730 | | | | | | — | | | | | | 1,071,730 | | |
U.S. Treasury Obligations | | | | | — | | | | | | 11,299,378 | | | | | | — | | | | | | 11,299,378 | | |
Short-Term Investments | | | | | 4,319,088 | | | | | | — | | | | | | — | | | | | | 4,319,088 | | |
Total Investments in Securities | | | | $ | 4,319,088 | | | | | $ | 48,218,158 | | | | | $ | — | | | | | $ | 52,537,246 | | |
| | | Value Line Select 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* | | | | $ | 502,855,609 | | | | | $ | 495,112,344 | | | | | $ | 699,888,289 | | | | | $ | 384,946,953 | | |
Cash | | | | | — | | | | | | — | | | | | | 102,900 | | | | | | — | | |
Receivable for securities sold | | | | | 231,350 | | | | | | — | | | | | | 2,808,580 | | | | | | — | | |
Dividends and interest receivable | | | | | 128,790 | | | | | | 209,464 | | | | | | 518,254 | | | | | | 42 | | |
Prepaid expenses | | | | | 25,525 | | | | | | 27,827 | | | | | | 41,775 | | | | | | 19,476 | | |
Receivable for capital shares sold | | | | | 17,538 | | | | | | 710,748 | | | | | | 563,676 | | | | | | 1,334 | | |
Receivable for securities lending income | | | | | — | | | | | | 68 | | | | | | 9,940 | | | | | | 7,935 | | |
Total Assets | | | | | 503,258,812 | | | | | | 496,060,451 | | | | | | 703,933,414 | | | | | | 384,975,740 | | |
Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Payable for capital shares redeemed | | | | | 293,553 | | | | | | 163,952 | | | | | | 573,844 | | | | | | 79,819 | | |
Payable upon return of securities on loan (See Note 1(K)) | | | | | — | | | | | | — | | | | | | 9,834,660 | | | | | | 8,079,565 | | |
Accrued expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Advisory fee | | | | | 309,334 | | | | | | 246,863 | | | | | | 351,984 | | | | | | 225,591 | | |
Service and distribution plan fees | | | | | 102,103 | | | | | | 65,533 | | | | | | 107,904 | | | | | | 78,004 | | |
Printing fee payable | | | | | 54,123 | | | | | | 42,613 | | | | | | 55,825 | | | | | | 27,528 | | |
Auditing and legal fees payable | | | | | 45,854 | | | | | | 45,105 | | | | | | 59,779 | | | | | | 39,055 | | |
Sub-transfer agent fees | | | | | 549 | | | | | | 2,764 | | | | | | 12,563 | | | | | | 148 | | |
Directors’ fees and expenses | | | | | 3,741 | | | | | | 2,446 | | | | | | 3,753 | | | | | | 2,380 | | |
Other | | | | | 49,504 | | | | | | 35,177 | | | | | | 55,814 | | | | | | 32,640 | | |
Total Liabilities | | | | | 858,761 | | | | | | 604,453 | | | | | | 11,056,126 | | | | | | 8,564,730 | | |
Net Assets | | | | $ | 502,400,051 | | | | | $ | 495,455,998 | | | | | $ | 692,877,288 | | | | | $ | 376,411,010 | | |
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) | | | | $ | 12,416,169 | | | | | $ | 15,819,827 | | | | | $ | 55,913,283 | | | | | $ | 10,951,640 | | |
Additional paid-in capital | | | | | 183,783,624 | | | | | | 254,421,283 | | | | | | 448,847,072 | | | | | | 210,714,484 | | |
Distributable Earnings/(Loss) | | | | | 306,200,258 | | | | | | 225,214,888 | | | | | | 188,116,933 | | | | | | 154,744,886 | | |
Net Assets | | | | $ | 502,400,051 | | | | | $ | 495,455,998 | | | | | $ | 692,877,288 | | | | | $ | 376,411,010 | | |
Net Asset Value Per Share | | | | | | | | | | | | | | | | | | | | | | | | | |
Investor Class | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Assets | | | | $ | 486,660,593 | | | | | $ | 318,183,774 | | | | | $ | 508,548,527 | | | | | $ | 367,680,809 | | |
Shares Outstanding | | | | | 12,029,354 | | | | | | 10,184,159 | | | | | | 41,031,424 | | | | | | 10,700,701 | | |
Net Asset Value, Offering and Redemption Price per Outstanding Share | | | | $ | 40.46 | | | | | $ | 31.24 | | | | | $ | 12.39 | | | | | $ | 34.36 | | |
Institutional Class | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Assets | | | | $ | 15,739,458 | | | | | $ | 177,272,224 | | | | | $ | 184,328,761 | | | | | $ | 8,730,201 | | |
Shares Outstanding | | | | | 386,815 | | | | | | 5,635,668 | | | | | | 14,881,859 | | | | | | 250,939 | | |
Net Asset Value, Offering and Redemption Price per Outstanding Share | | | | $ | 40.69 | | | | | $ | 31.46 | | | | | $ | 12.39 | | | | | $ | 34.79 | | |
*Includes securities on loan of | | | | $ | — | | | | | $ | — | | | | | $ | 24,374,655 | | | | | $ | 15,532,967 | | |
Cost of investments | | | | $ | 209,335,109 | | | | | $ | 280,852,505 | | | | | $ | 538,939,011 | | | | | $ | 254,250,951 | | |
at December 31, 2021 (continued)
| | | Value Line Core Bond Fund | | |||
Assets: | | | | | | | |
Investments in securities, at value* | | | | $ | 52,537,246 | | |
Dividends and interest receivable | | | | | 293,306 | | |
Receivable for securities sold | | | | | 77,728 | | |
Prepaid expenses | | | | | 7,505 | | |
Receivable from Adviser | | | | | 7,072 | | |
Receivable for securities lending income | | | | | 462 | | |
Receivable for capital shares sold | | | | | 114 | | |
Total Assets | | | | | 52,923,433 | | |
Liabilities: | | | | | | | |
Payable upon return of securities on loan (See Note 1(K)) | | | | | 2,537,530 | | |
Payable for capital shares redeemed | | | | | 18,910 | | |
Dividends payable to shareholders | | | | | 4,639 | | |
Accrued expenses: | | | | | | | |
Service and distribution plan fees | | | | | 10,717 | | |
Printing fee payable | | | | | 35,497 | | |
Auditing and legal fees payable | | | | | 15,845 | | |
Directors’ fees and expenses | | | | | 938 | | |
Other | | | | | 31,912 | | |
Total Liabilities | | | | | 2,655,988 | | |
Net Assets | | | | $ | 50,267,445 | | |
Net assets consist of: | | | | | | | |
Capital stock, at $0.01 par value (authorized unlimited shares) | | | | $ | 33,258 | | |
Additional paid-in capital | | | | | 49,501,801 | | |
Total Distributable Earnings/(Loss) | | | | | 732,386 | | |
Net Assets | | | | $ | 50,267,445 | | |
Net Asset Value Per Share | | | | | | | |
Investor Class | | | |||||
Net Assets | | | | $ | 50,267,445 | | |
Shares Outstanding | | | | | 3,325,792 | | |
Net Asset Value, Offering and Redemption Price per Outstanding Share | | | | $ | 15.11 | | |
*Includes securities on loan of | | | | $ | 4,445,639 | | |
Cost of investments | | | | $ | 51,769,017 | | |
| | | Value Line Select 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 $18,474, $14,678, $16,959 and $0, respectively) | | | | $ | 2,403,854 | | | | | $ | 6,703,215 | | | | | $ | 3,478,036 | | | | | $ | 1,046,745 | | |
Interest | | | | | — | | | | | | — | | | | | | 1,588,683 | | | | | | — | | |
Securities lending income (Net) | | | | | — | | | | | | 577 | | | | | | 56,933 | | | | | | 42,345 | | |
Total Income | | | | | 2,403,854 | | | | | | 6,703,792 | | | | | | 5,123,652 | | | | | | 1,089,090 | | |
Expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Advisory fees | | | | | 3,487,387 | | | | | | 3,049,831 | | | | | | 4,745,560 | | | | | | 2,963,591 | | |
Service and distribution plan fees | | | | | 1,151,989 | | | | | | 809,311 | | | | | | 1,422,683 | | | | | | 993,713 | | |
Sub-transfer agent fees | | | | | 114,418 | | | | | | 220,552 | | | | | | 302,441 | | | | | | 29,010 | | |
Transfer agent fees | | | | | 109,566 | | | | | | 141,900 | | | | | | 146,132 | | | | | | 96,628 | | |
Auditing and legal fees | | | | | 97,159 | | | | | | 97,306 | | | | | | 149,272 | | | | | | 87,597 | | |
Registration and filing fees | | | | | 82,254 | | | | | | 119,049 | | | | | | 167,711 | | | | | | 78,562 | | |
Custody and accounting fees | | | | | 79,629 | | | | | | 80,978 | | | | | | 158,809 | | | | | | 82,474 | | |
Printing and postage fees | | | | | 62,788 | | | | | | 83,116 | | | | | | 81,077 | | | | | | 30,137 | | |
Directors’ fees and expenses | | | | | 49,774 | | | | | | 48,044 | | | | | | 76,063 | | | | | | 41,897 | | |
Fund administration fees | | | | | 33,054 | | | | | | 34,987 | | | | | | 38,973 | | | | | | 33,060 | | |
Compliance and tax service fees | | | | | 22,399 | | | | | | 24,955 | | | | | | 28,366 | | | | | | 20,471 | | |
Insurance fees | | | | | 11,546 | | | | | | 13,085 | | | | | | 18,946 | | | | | | 13,291 | | |
Other | | | | | 28,666 | | | | | | 26,002 | | | | | | 26,691 | | | | | | 26,386 | | |
Recoupment (See Note 5) | | | | | — | | | | | | 6,086 | | | | | | 3,346 | | | | | | 124,389 | | |
Total Expenses Before Fees Waived (See Note 5) | | | | | 5,330,629 | | | | | | 4,755,202 | | | | | | 7,366,070 | | | | | | 4,621,206 | | |
Less: Advisory Fees Waived | | | | | (22,388) | | | | | | (66,334) | | | | | | (92,294) | | | | | | (34,925) | | |
Net Expenses | | | | | 5,308,241 | | | | | | 4,688,868 | | | | | | 7,273,776 | | | | | | 4,586,281 | | |
Net Investment Income/(Loss) | | | | | (2,904,387) | | | | | | 2,014,924 | | | | | | (2,150,124) | | | | | | (3,497,191) | | |
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Exchange Transactions: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Realized Gain/(Loss) From: | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments in securities | | | | | 57,334,402 | | | | | | 31,663,035 | | | | | | 97,471,784 | | | | | | 64,101,538 | | |
Foreign currency transactions | | | | | (52) | | | | | | (39) | | | | | | — | | | | | | — | | |
| | | | | 57,334,350 | | | | | | 31,662,996 | | | | | | 97,471,784 | | | | | | 64,101,538 | | |
Change in Net Unrealized Appreciation/(Depreciation) of: | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments in securities | | | | | 49,064,383 | | | | | | 52,655,853 | | | | | | (48,869,940) | | | | | | (48,703,413) | | |
Net Realized Gain/(Loss) and Change in Net Unrealized Appreciation/(Depreciation) on Investments and Foreign Exchange Transactions | | | | | 106,398,733 | | | | | | 84,318,849 | | | | | | 48,601,844 | | | | | | 15,398,125 | | |
Net Increase/(Decrease) in Net Assets from Operations | | | | $ | 103,494,346 | | | | | $ | 86,333,773 | | | | | $ | 46,451,720 | | | | | $ | 11,900,934 | | |
for the Year Ended December 31, 2021 (continued)
| | | Value Line Core Bond Fund | | |||
Investment Income: | | | | | | | |
Interest | | | | $ | 1,101,973 | | |
Dividends | | | | | 527 | | |
Securities lending income (Net) | | | | | 2,760 | | |
Total Income | | | | $ | 1,105,260 | | |
Expenses: | | | | | | | |
Advisory fees | | | | | 180,148 | | |
Service and distribution plan fees | | | | | 128,225 | | |
Custody and accounting fees | | | | | 84,626 | | |
Registration and filing fees | | | | | 53,194 | | |
Transfer agent fees | | | | | 49,269 | | |
Printing and postage fees | | | | | 36,474 | | |
Fund administration fees | | | | | 35,106 | | |
Auditing and legal fees | | | | | 27,067 | | |
Compliance and tax service fees | | | | | 11,724 | | |
Directors’ fees and expenses | | | | | 5,777 | | |
Insurance fees | | | | | 1,496 | | |
Other | | | | | 19,261 | | |
Total Expenses Before Fees Waived (See Note 5) | | | | | 632,367 | | |
Less: Advisory Fees Waived | | | | | (170,756) | | |
Net Expenses | | | | | 461,611 | | |
Net Investment Income/(Loss) | | | | | 643,649 | | |
Net Realized and Unrealized Gain/(Loss) on Investments: | | | | | | | |
Net Realized Gain/(Loss) From: | | | | | | | |
Investments in securities | | | | | 746,870 | | |
Change in Net Unrealized Appreciation/(Depreciation) of: | | | | | | | |
Investments in securities | | | | | (2,524,966) | | |
Net Realized Gain/(Loss) and Change in Net Unrealized Appreciation/(Depreciation) on Investments | | | | | (1,778,096) | | |
Net Increase/(Decrease) in Net Assets from Operations | | | | $ | (1,134,447) | | |
| | | Value Line Select Growth Fund, Inc. | | | Value Line Mid Cap Focused Fund, Inc. | | ||||||||||||||||||
| | | Year Ended December 31, 2021 | | | Year Ended December 31, 2020 | | | Year Ended December 31, 2021 | | | Year Ended December 31, 2020 | | ||||||||||||
Operations: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss) | | | | $ | (2,904,387) | | | | | $ | (1,901,054) | | | | | $ | 2,014,924 | | | | | $ | (1,663,424) | | |
Net realized gain/(loss) on investments and foreign currency | | | | | 57,334,350 | | | | | | 113,804,307 | | | | | | 31,662,996 | | | | | | 29,616,854 | | |
Change in net unrealized appreciation/ (depreciation) on investments | | | | | 49,064,383 | | | | | | (23,302,668) | | | | | | 52,655,853 | | | | | | 48,617,215 | | |
Net increase/(decrease) in net assets from operations | | | | | 103,494,346 | | | | | | 88,600,585 | | | | | | 86,333,773 | | | | | | 76,570,645 | | |
Distributions to Shareholders from: | | | | | | | | | | | | | | | | | | | | | | | | | |
Investor Class | | | | | (62,882,917) | | | | | | (99,858,878) | | | | | | (24,345,686) | | | | | | (24,479,712) | | |
Institutional Class | | | | | (2,026,820) | | | | | | (2,667,066)(1) | | | | | | (14,087,041) | | | | | | (10,791,086) | | |
| | | | | (64,909,737) | | | | | | (102,525,944) | | | | | | (38,432,727) | | | | | | (35,270,798) | | |
Share Transactions: | | | | | | | | | | | | | | | | | | | | | | | | | |
Proceeds from sale of shares | | | | | | | | | | | | | | | | | | | | | | | | | |
Investor Class | | | | | 8,359,304 | | | | | | 27,762,538 | | | | | | 25,120,633 | | | | | | 114,237,141 | | |
Institutional Class | | | | | 3,785,420 | | | | | | 12,031,878(1) | | | | | | 58,387,787 | | | | | | 113,119,445 | | |
Proceeds from reinvestment of distributions to shareholders | | | | | | | | | | | | | | | | | | | | | | | | | |
Investor Class | | | | | 60,378,593 | | | | | | 94,686,711 | | | | | | 23,485,169 | | | | | | 22,681,152 | | |
Institutional Class | | | | | 1,959,861 | | | | | | 2,522,692(1) | | | | | | 11,167,392 | | | | | | 9,730,790 | | |
Cost of shares redeemed | | | | | | | | | | | | | | | | | | | | | | | | | |
Investor Class | | | | | (71,360,065) | | | | | | (144,955,330) | | | | | | (97,390,809) | | | | | | (207,662,644) | | |
Institutional Class | | | | | (3,076,911) | | | | | | (745,669)(1) | | | | | | (45,080,081) | | | | | | (36,340,588) | | |
Net increase/(decrease) in net assets from capital share transactions | | | | | 46,202 | | | | | | (8,697,180) | | | | | | (24,309,909) | | | | | | 15,765,296 | | |
Total increase/(decrease) in net assets | | | | | 38,630,811 | | | | | | (22,622,539) | | | | | | 23,591,137 | | | | | | 57,065,143 | | |
Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Beginning of year | | | | | 463,769,240 | | | | | | 486,391,779 | | | | | | 471,864,861 | | | | | | 414,799,718 | | |
End of year | | | | $ | 502,400,051 | | | | | $ | 463,769,240 | | | | | $ | 495,455,998 | | | | | $ | 471,864,861 | | |
Capital Share Transactions: | | | | | | | | | | | | | | | | | | | | | | | | | |
Shares sold | | | | | | | | | | | | | | | | | | | | | | | | | |
Investor Class | | | | | 210,330 | | | | | | 699,074 | | | | | | 846,682 | | | | | | 4,547,034 | | |
Institutional Class | | | | | 95,377 | | | | | | 268,809(1) | | | | | | 1,888,942 | | | | | | 4,311,246 | | |
Shares issued to shareholders in reinvestment of distributions | | | | | | | | | | | | | | | | | | | | | | | | | |
Investor Class | | | | | 1,550,953 | | | | | | 2,591,317 | | | | | | 781,797 | | | | | | 829,596 | | |
Institutional Class | | | | | 50,060 | | | | | | 68,869(1) | | | | | | 369,292 | | | | | | 354,621 | | |
Shares redeemed | | | | | | | | | | | | | | | | | | | | | | | | | |
Investor Class | | | | | (1,784,233) | | | | | | (3,732,892) | | | | | | (3,213,643) | | | | | | (8,255,594) | | |
Institutional Class | | | | | (76,924) | | | | | | (19,376)(1) | | | | | | (1,517,406) | | | | | | (1,391,238) | | |
| | | Value Line Capital Appreciation Fund, Inc. | | | Value Line Larger Companies Focused Fund, Inc. | | ||||||||||||||||||
| | | Year Ended December 31, 2021 | | | Year Ended December 31, 2020 | | | Year Ended December 31, 2021 | | | Year Ended December 31, 2020 | | ||||||||||||
Operations: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss) | | | | $ | (2,150,124) | | | | | $ | (1,321,964) | | | | | $ | (3,497,191) | | | | | $ | (2,829,123) | | |
Net realized gain/(loss) on investments and foreign currency | | | | | 97,471,784 | | | | | | 35,808,188 | | | | | | 64,101,538 | | | | | | 45,552,293 | | |
Change in net unrealized appreciation/(depreciation) on investments | | | | | (48,869,940) | | | | | | 116,307,321 | | | | | | (48,703,413) | | | | | | 86,710,387 | | |
Net increase/(decrease) in net assets from operations | | | | | 46,451,720 | | | | | | 150,793,545 | | | | | | 11,900,934 | | | | | | 129,433,557 | | |
Distributions to Shareholders from: | | | | | | | | | | | | | | | | | | | | | | | | | |
Investor Class | | | | | (50,677,807) | | | | | | (28,634,815) | | | | | | (46,615,262) | | | | | | (34,460,180) | | |
Institutional Class | | | | | (19,027,765) | | | | | | (6,230,165) | | | | | | (1,110,293) | | | | | | (548,169) | | |
| | | | | (69,705,572) | | | | | | (34,864,980) | | | | | | (47,725,555) | | | | | | (35,008,349) | | |
Share Transactions: | | | | | | | | | | | | | | | | | | | | | | | | | |
Proceeds from sale of shares | | | | | | | | | | | | | | | | | | | | | | | | | |
Investor Class | | | | | 83,958,492 | | | | | | 147,385,018 | | | | | | 7,115,657 | | | | | | 11,565,758 | | |
Institutional Class | | | | | 107,801,711 | | | | | | 92,959,782 | | | | | | 3,403,942 | | | | | | 4,510,155 | | |
Proceeds from reinvestment of distributions to shareholders | | | | | | | | | | | | | | | | | | | | | | | | | |
Investor Class | | | | | 47,963,683 | | | | | | 27,027,150 | | | | | | 44,533,789 | | | | | | 33,215,648 | | |
Institutional Class | | | | | 18,777,259 | | | | | | 6,175,863 | | | | | | 1,109,200 | | | | | | 547,360 | | |
Cost of shares redeemed | | | | | | | | | | | | | | | | | | | | | | | | | |
Investor Class | | | | | (170,967,310) | | | | | | (146,694,731) | | | | | | (43,567,784) | | | | | | (35,355,783) | | |
Institutional Class | | | | | (53,573,100) | | | | | | (20,087,905) | | | | | | (1,267,650) | | | | | | (1,111,162) | | |
Net increase/(decrease) in net assets from capital share transactions | | | | | 33,960,735 | | | | | | 106,765,177 | | | | | | 11,327,154 | | | | | | 13,371,976 | | |
Total increase/(decrease) in net assets | | | | | 10,706,883 | | | | | | 222,693,742 | | | | | | (24,497,467) | | | | | | 107,797,184 | | |
Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Beginning of year | | | | | 682,170,405 | | | | | | 459,476,663 | | | | | | 400,908,477 | | | | | | 293,111,293 | | |
End of year | | | | $ | 692,877,288 | | | | | $ | 682,170,405 | | | | | $ | 376,411,010 | | | | | $ | 400,908,477 | | |
Capital Share Transactions: | | | | | | | | | | | | | | | | | | | | | | | | | |
Shares sold | | | | | | | | | | | | | | | | | | | | | | | | | |
Investor Class | | | | | 6,223,284 | | | | | | 12,564,377 | | | | | | 175,164 | | | | | | 361,151 | | |
Institutional Class | | | | | 7,865,662 | | | | | | 7,674,211 | | | | | | 81,960 | | | | | | 117,977 | | |
Shares issued to shareholders in reinvestment of distributions | | | | | | | | | | | | | | | | | | | | | | | | | |
Investor Class | | | | | 3,996,974 | | | | | | 2,176,099 | | | | | | 1,338,960 | | | | | | 903,827 | | |
Institutional Class | | | | | 1,566,077 | | | | | | 497,251 | | | | | | 32,943 | | | | | | 14,766 | | |
Shares redeemed | | | | | | | | | | | | | | | | | | | | | | | | | |
Investor Class | | | | | (12,622,197) | | | | | | (13,030,041) | | | | | | (1,097,906) | | | | | | (1,061,527) | | |
Institutional Class | | | | | (4,002,527) | | | | | | (1,836,022) | | | | | | (32,498) | | | | | | (34,979) | | |
| | | Value Line Core Bond Fund | | |||||||||
| | | Year Ended December 31, 2021 | | | Year Ended December 31, 2020 | | ||||||
Operations: | | | | | | | | | | | | | |
Net investment income/(loss) | | | | $ | 643,649 | | | | | $ | 883,376 | | |
Net realized gain/(loss) on investments | | | | | 746,870 | | | | | | 969,002 | | |
Change in net unrealized appreciation/(depreciation) on investments | | | | | (2,524,966) | | | | | | 1,196,067 | | |
Net increase/(decrease) in net assets from operations | | | | | (1,134,447) | | | | | | 3,048,445 | | |
Distributions to Shareholders from: | | | | | | | | | | | | | |
Investor Class | | | | | (1,274,662) | | | | | | (1,025,857) | | |
Share Transactions (Investor Class): | | | | | | | | | | | | | |
Proceeds from sale of shares | | | | | 2,908,128 | | | | | | 3,523,006 | | |
Proceeds from reinvestment of distributions to shareholders | | | | | 1,178,008 | | | | | | 936,701 | | |
Cost of shares redeemed | | | | | (5,263,146) | | | | | | (6,604,784) | | |
Net decrease in net assets from capital share transactions | | | | | (1,177,010) | | | | | | (2,145,077) | | |
Total decrease in net assets | | | | | (3,586,119) | | | | | | (122,489) | | |
Net Assets: | | | | | | | | | | | | | |
Beginning of year | | | | | 53,853,564 | | | | | | 53,976,053 | | |
End of year | | | | $ | 50,267,445 | | | | | $ | 53,853,564 | | |
Capital Share Transactions (Investor Class): | | | | | | | | | | | | | |
Shares sold | | | | | 188,605 | | | | | | 225,921 | | |
Shares issued to shareholders in reinvestment of dividends | | | | | 76,945 | | | | | | 59,660 | | |
Shares redeemed | | | | | (340,454) | | | | | | (422,790) | | |
Net increase/(decrease) | | | | | (74,904) | | | | | | (137,209) | | |
Financial Highlights
| | | Value Line Select Growth Fund, Inc. Investor Class | | |||||||||||||||||||||||||||
| | | Years Ended December 31, | | |||||||||||||||||||||||||||
| | | 2021 | | | 2020 | | | 2019 | | | 2018 | | | 2017 | | |||||||||||||||
Net asset value, beginning of year | | | | $ | 37.49 | | | | | $ | 38.93 | | | | | $ | 30.47 | | | | | $ | 33.11 | | | | | $ | 28.99 | | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss) | | | | | (0.25)(1) | | | | | | (0.17)(1) | | | | | | (0.05)(1) | | | | | | (0.14) | | | | | | (0.08) | | |
Net gains/(losses) on securities (both realized and unrealized) | | | | | 9.08 | | | | | | 8.91 | | | | | | 11.16 | | | | | | 0.58 | | | | | | 6.56 | | |
Total from investment operations | | | | | 8.83 | | | | | | 8.74 | | | | | | 11.11 | | | | | | 0.44 | | | | | | 6.48 | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Distributions from net realized gains | | | | | (5.86) | | | | | | (10.18) | | | | | | (2.65) | | | | | | (3.08) | | | | | | (2.36) | | |
Total distributions | | | | | (5.86) | | | | | | (10.18) | | | | | | (2.65) | | | | | | (3.08) | | | | | | (2.36) | | |
Net asset value, end of year | | | | $ | 40.46 | | | | | $ | 37.49 | | | | | $ | 38.93 | | | | | $ | 30.47 | | | | | $ | 33.11 | | |
Total return | | | | | 24.16% | | | | | | 23.12% | | | | | | 36.59% | | | | | | 1.39% | | | | | | 22.32% | | |
Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year (in thousands) | | | | $ | 486,661 | | | | | $ | 451,806 | | | | | $ | 486,392 | | | | | $ | 315,928 | | | | | $ | 342,056 | | |
Ratio of expenses to average net assets | | | | | 1.13% | | | | | | 1.16% | | | | | | 1.16% | | | | | | 1.20% | | | | | | 1.20% | | |
Ratio of net investment income/(loss) to average net assets | | | | | (0.62)% | | | | | | (0.43)% | | | | | | (0.12)% | | | | | | (0.42)% | | | | | | (0.26)% | | |
Portfolio turnover rate | | | | | 3% | | | | | | 12% | | | | | | 17% | | | | | | 8% | | | | | | 3% | | |
| | | Value Line Select Growth Fund, Inc. Institutional Class | | | | | |||||||||||||||
| | | Year Ended December 31, | | | Period Ended December 31, | | | | | ||||||||||||
| | | 2021 | | | 2020(2) | | | | | | | | | | | ||||||
Net asset value, beginning of year | | | | $ | 37.58 | | | | | $ | 36.44 | | | | | | ||||||
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | ||||||
Net investment income/(loss)(1) | | | | | (0.15) | | | | | | 0.02 | | | | | | ||||||
Net gains/(losses) on securities (both realized and unrealized) | | | | | 9.12 | | | | | | 11.30 | | | | | | ||||||
Total from investment operations | | | | | 8.97 | | | | | | 11.32 | | | | | | ||||||
Less distributions: | | | | | | | | | | | | | | | | | ||||||
Distributions from net realized gains | | | | | (5.86) | | | | | | (10.18) | | | | | | ||||||
Total distributions | | | | | (5.86) | | | | | | (10.18) | | | | | | ||||||
Net asset value, end of year | | | | $ | 40.69 | | | | | $ | 37.58 | | | | | | ||||||
Total return | | | | | 24.47% | | | | | | 31.78%(3) | | | | | | ||||||
Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | ||||||
Net assets, end of year (in thousands) | | | | $ | 15,739 | | | | | $ | 11,963 | | | | | | ||||||
Ratio of gross expenses to average net assets | | | | | 1.04% | | | | | | 1.96%(4) | | | | | | ||||||
Ratio of net expenses to average net assets | | | | | 0.88% | | | | | | 0.91%(4) | | | | | | ||||||
Ratio of net investment income/(loss) to average net assets | | | | | (0.37)% | | | | | | 0.08%(4) | | | | | | ||||||
Portfolio turnover rate | | | | | 3% | | | | | | 12%(3) | | | | | |
| | | Value Line Mid Cap Focused Fund, Inc. Investor Class | | |||||||||||||||||||||||||||
| | | Years Ended December 31, | | |||||||||||||||||||||||||||
| | | 2021 | | | 2020 | | | 2019 | | | 2018 | | | 2017 | | |||||||||||||||
Net asset value, beginning of year | | | | $ | 28.29 | | | | | $ | 25.49 | | | | | $ | 19.11 | | | | | $ | 19.19 | | | | | $ | 16.27 | | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss) | | | | | 0.10(1)(2) | | | | | | (0.12)(1) | | | | | | 0.06(1)(3) | | | | | | (0.07) | | | | | | 0.00(4) | | |
Net gains/(losses) on securities (both realized and unrealized) | | | | | 5.42 | | | | | | 5.13 | | | | | | 6.68 | | | | | | 0.97 | | | | | | 3.23 | | |
Total from investment operations | | | | | 5.52 | | | | | | 5.01 | | | | | | 6.74 | | | | | | 0.90 | | | | | | 3.23 | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | — | | | | | | (0.02) | | | | | | (0.00)(4) | | | | | | — | | | | | | — | | |
Distributions from net realized gains | | | | | (2.57) | | | | | | (2.19) | | | | | | (0.36) | | | | | | (0.98) | | | | | | (0.31) | | |
Total distributions | | | | | (2.57) | | | | | | (2.21) | | | | | | (0.36) | | | | | | (0.98) | | | | | | (0.31) | | |
Net asset value, end of year | | | | $ | 31.24 | | | | | $ | 28.29 | | | | | $ | 25.49 | | | | | $ | 19.11 | | | | | $ | 19.19 | | |
Total return | | | | | 19.88% | | | | | | 19.96% | | | | | | 35.30% | | | | | | 4.72% | | | | | | 19.84% | | |
Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year (in thousands) | | | | $ | 318,184 | | | | | $ | 332,898 | | | | | $ | 373,341 | | | | | $ | 184,515 | | | | | $ | 147,669 | | |
Ratio of expenses to average net assets | | | | | 1.07% | | | | | | 1.10% | | | | | | 1.11% | | | | | | 1.18% | | | | | | 1.18% | | |
Ratio of net investment income/(loss) to average net assets | | | | | 0.33%(2) | | | | | | (0.46)% | | | | | | 0.27%(3) | | | | | | (0.46)% | | | | | | (0.34)% | | |
Portfolio turnover rate | | | | | 0%(5) | | | | | | 4% | | | | | | 19% | | | | | | 10% | | | | | | 2% | | |
| | | Value Line Mid Cap Focused Fund, Inc. Institutional Class | | |||||||||||||||||||||||||||
| | | Years Ended December 31, | | | Period Ended December 31, 2017(6) | | ||||||||||||||||||||||||
| | | 2021 | | | 2020 | | | 2019 | | | 2018 | | ||||||||||||||||||
Net asset value, beginning of year | | | | $ | 28.39 | | | | | $ | 25.59 | | | | | $ | 19.17 | | | | | $ | 19.20 | | | | | $ | 18.25 | | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss) | | | | | 0.19(1)(2) | | | | | | (0.04)(1) | | | | | | 0.20(1)(3) | | | | | | (0.04) | | | | | | 0.00(4) | | |
Net gains/(losses) on securities (both realized and unrealized) | | | | | 5.45 | | | | | | 5.14 | | | | | | 6.64 | | | | | | 0.99 | | | | | | 1.26 | | |
Total from investment operations | | | | | 5.64 | | | | | | 5.10 | | | | | | 6.84 | | | | | | 0.95 | | | | | | 1.26 | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | — | | | | | | (0.11) | | | | | | (0.06) | | | | | | — | | | | | | — | | |
Distributions from net realized gains | | | | | (2.57) | | | | | | (2.19) | | | | | | (0.36) | | | | | | (0.98) | | | | | | (0.31) | | |
Total distributions | | | | | (2.57) | | | | | | (2.30) | | | | | | (0.42) | | | | | | (0.98) | | | | | | (0.31) | | |
Net asset value, end of year | | | | $ | 31.46 | | | | | $ | 28.39 | | | | | $ | 25.59 | | | | | $ | 19.17 | | | | | $ | 19.20 | | |
Total return | | | | | 20.24% | | | | | | 20.24% | | | | | | 35.68% | | | | | | 4.98% | | | | | | 6.89%(7) | | |
Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year (in thousands) | | | | $ | 177,272 | | | | | $ | 138,967 | | | | | $ | 41,459 | | | | | $ | 1,765 | | | | | $ | 1,095 | | |
Ratio of gross expenses to average net assets | | | | | 0.86% | | | | | | 0.89% | | | | | | 1.04% | | | | | | 3.97% | | | | | | 5.61%(8) | | |
Ratio of net expenses to average net assets | | | | | 0.82% | | | | | | 0.85% | | | | | | 0.86% | | | | | | 0.93% | | | | | | 0.93%(8) | | |
Ratio of net investment income/(loss) to average net assets | | | | | 0.63%(2) | | | | | | (0.15)% | | | | | | 0.81%(3) | | | | | | (0.19)% | | | | | | (0.12)%(8) | | |
Portfolio turnover rate | | | | | 0%(5) | | | | | | 4% | | | | | | 19% | | | | | | 10% | | | | | | 2%(7) | | |
Financial Highlights
| | | Value Line Capital Appreciation Fund, Inc. Investor Class | | |||||||||||||||||||||||||||
| | | Years Ended December 31, | | |||||||||||||||||||||||||||
| | | 2021 | | | 2020 | | | 2019 | | | 2018 | | | 2017 | | |||||||||||||||
Net asset value, beginning of year | | | | $ | 12.90 | | | | | $ | 10.25 | | | | | $ | 8.94 | | | | | $ | 9.95 | | | | | $ | 8.48 | | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss) | | | | | (0.05)(1) | | | | | | (0.03)(1) | | | | | | (0.01)(1) | | | | | | 0.00(2) | | | | | | 0.05 | | |
Net gains/(losses) on securities (both realized and unrealized) | | | | | 0.88 | | | | | | 3.39 | | | | | | 2.32(3) | | | | | | (0.27) | | | | | | 1.97 | | |
Total from investment operations | | | | | 0.83 | | | | | | 3.36 | | | | | | 2.31 | | | | | | (0.27) | | | | | | 2.02 | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | (0.00)(2) | | | | | | — | | | | | | — | | | | | | (0.01) | | | | | | (0.05) | | |
Distributions from net realized gains | | | | | (1.34) | | | | | | (0.71) | | | | | | (1.00) | | | | | | (0.73) | | | | | | (0.50) | | |
Total distributions | | | | | (1.34) | | | | | | (0.71) | | | | | | (1.00) | | | | | | (0.74) | | | | | | (0.55) | | |
Net asset value, end of year | | | | $ | 12.39 | | | | | $ | 12.90 | | | | | $ | 10.25 | | | | | $ | 8.94 | | | | | $ | 9.95 | | |
Total return | | | | | 6.79% | | | | | | 33.03% | | | | | | 26.14% | | | | | | (2.71)% | | | | | | 23.86% | | |
Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year (in thousands) | | | | $ | 508,549 | | | | | $ | 560,243 | | | | | $ | 427,619 | | | | | $ | 375,158 | | | | | $ | 392,869 | | |
Ratio of expenses to average net assets | | | | | 1.05% | | | | | | 1.07% | | | | | | 1.09% | | | | | | 1.12% | | | | | | 1.11% | | |
Ratio of net investment income/(loss) to average net assets | | | | | (0.35)% | | | | | | (0.28)% | | | | | | (0.08)% | | | | | | (0.02)% | | | | | | 0.49% | | |
Portfolio turnover rate | | | | | 39% | | | | | | 51% | | | | | | 34% | | | | | | 86% | | | | | | 88% | | |
| | | Value Line Capital Appreciation Fund, Inc. Institutional Class | | |||||||||||||||||||||||||||
| | | Years Ended December 31, | | |||||||||||||||||||||||||||
| | | 2021 | | | 2020 | | | 2019 | | | 2018 | | | 2017 | | |||||||||||||||
Net asset value, beginning of year | | | | $ | 12.90 | | | | | $ | 10.22 | | | | | $ | 8.89 | | | | | $ | 9.90 | | | | | $ | 8.43 | | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss) | | | | | (0.01)(1) | | | | | | (0.01)(1) | | | | | | 0.02(1) | | | | | | 0.04 | | | | | | 0.07 | | |
Net gains/(losses) on securities (both realized and unrealized) | | | | | 0.88 | | | | | | 3.40 | | | | | | 2.31(3) | | | | | | (0.30) | | | | | | 1.98 | | |
Total from investment operations | | | | | 0.87 | | | | | | 3.39 | | | | | | 2.33 | | | | | | (0.26) | | | | | | 2.05 | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | (0.04) | | | | | | — | | | | | | — | | | | | | (0.02) | | | | | | (0.08) | | |
Distributions from net realized gains | | | | | (1.34) | | | | | | (0.71) | | | | | | (1.00) | | | | | | (0.73) | | | | | | (0.50) | | |
Total distributions | | | | | (1.38) | | | | | | (0.71) | | | | | | (1.00) | | | | | | (0.75) | | | | | | (0.58) | | |
Net asset value, end of year | | | | $ | 12.39 | | | | | $ | 12.90 | | | | | $ | 10.22 | | | | | $ | 8.89 | | | | | $ | 9.90 | | |
Total return | | | | | 7.13% | | | | | | 33.42% | | | | | | 26.51% | | | | | | (2.61)% | | | | | | 24.31% | | |
Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year (in thousands) | | | | $ | 184,329 | | | | | $ | 121,927 | | | | | $ | 31,858 | | | | | $ | 24,469 | | | | | $ | 6,750 | | |
Ratio of gross expenses to average net assets | | | | | 0.86% | | | | | | 0.89% | | | | | | 0.97% | | | | | | 1.08% | | | | | | 1.63% | | |
Ratio of net expenses to average net assets | | | | | 0.80% | | | | | | 0.82% | | | | | | 0.84% | | | | | | 0.87% | | | | | | 0.86% | | |
Ratio of net investment income/(loss) to average net assets | | | | | (0.10)% | | | | | | (0.06)% | | | | | | 0.17% | | | | | | 0.19% | | | | | | 0.58% | | |
Portfolio turnover rate | | | | | 39% | | | | | | 51% | | | | | | 34% | | | | | | 86% | | | | | | 88% | | |
| | | Value Line Larger Companies Focused Fund, Inc. Investor Class Years Ended December 31, | | |||||||||||||||||||||||||||
| | | 2021 | | | 2020 | | | 2019 | | | 2018 | | | 2017 | | |||||||||||||||
Net asset value, beginning of year | | | | $ | 38.35 | | | | | $ | 28.87 | | | | | $ | 25.34 | | | | | $ | 28.65 | | | | | $ | 23.05 | | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss) | | | | | (0.35)(1) | | | | | | (0.29)(1) | | | | | | (0.23)(1) | | | | | | (0.22) | | | | | | (0.19) | | |
Net gains/(losses) on securities (both realized and unrealized) | | | | | 1.29 | | | | | | 13.42 | | | | | | 6.64 | | | | | | 0.58 | | | | | | 8.00 | | |
Total from investment operations | | | | | 0.94 | | | | | | 13.13 | | | | | | 6.41 | | | | | | 0.36 | | | | | | 7.81 | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Distributions from net realized gains | | | | | (4.93) | | | | | | (3.65) | | | | | | (2.88) | | | | | | (3.67) | | | | | | (2.21) | | |
Total distributions | | | | | (4.93) | | | | | | (3.65) | | | | | | (2.88) | | | | | | (3.67) | | | | | | (2.21) | | |
Net asset value, end of year | | | | $ | 34.36 | | | | | $ | 38.35 | | | | | $ | 28.87 | | | | | $ | 25.34 | | | | | $ | 28.65 | | |
Total return | | | | | 2.89% | | | | | | 45.98% | | | | | | 25.67% | | | | | | 1.30% | | | | | | 33.79% | | |
Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year (in thousands) | | | | $ | 367,681 | | | | | $ | 394,389 | | | | | $ | 291,057 | | | | | $ | 253,199 | | | | | $ | 272,191 | | |
Ratio of gross expenses to average net assets | | | | | 1.14% | | | | | | 1.15% | | | | | | 1.16% | | | | | | 1.18% | | | | | | 1.19% | | |
Ratio of net expenses to average net assets | | | | | 1.14% | | | | | | 1.15% | | | | | | 1.15% | | | | | | 1.15% | | | | | | 1.11% | | |
Ratio of net investment income/(loss) to average net assets | | | | | (0.87)% | | | | | | (0.86)% | | | | | | (0.78)% | | | | | | (0.77)% | | | | | | (0.71)% | | |
Portfolio turnover rate | | | | | 27% | | | | | | 54% | | | | | | 29% | | | | | | 36% | | | | | | 35% | | |
| | | Value Line Larger Companies Focused Fund, Inc. Institutional Class Years Ended December 31, | | |||||||||||||||||||||||||||
| | | 2021 | | | 2020 | | | 2019 | | | 2018 | | | 2017 | | |||||||||||||||
Net asset value, beginning of year | | | | $ | 38.68 | | | | | $ | 29.03 | | | | | $ | 25.41 | | | | | $ | 28.65 | | | | | $ | 23.02 | | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss) | | | | | (0.26)(1) | | | | | | (0.21)(1) | | | | | | (0.15)(1) | | | | | | (0.14) | | | | | | (0.19) | | |
Net gains/(losses) on securities (both realized and unrealized) | | | | | 1.30 | | | | | | 13.51 | | | | | | 6.65 | | | | | | 0.57 | | | | | | 8.03 | | |
Total from investment operations | | | | | 1.04 | | | | | | 13.30 | | | | | | 6.50 | | | | | | 0.43 | | | | | | 7.84 | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Distributions from net realized gains | | | | | (4.93) | | | | | | (3.65) | | | | | | (2.88) | | | | | | (3.67) | | | | | | (2.21) | | |
Total distributions | | | | | (4.93) | | | | | | (3.65) | | | | | | (2.88) | | | | | | (3.67) | | | | | | (2.21) | | |
Net asset value, end of year | | | | $ | 34.79 | | | | | $ | 38.68 | | | | | $ | 29.03 | | | | | $ | 25.41 | | | | | $ | 28.65 | | |
Total return | | | | | 3.12% | | | | | | 46.36% | | | | | | 25.92% | | | | | | 1.55% | | | | | | 33.96% | | |
Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year (in thousands) | | | | $ | 8,730 | | | | | $ | 6,519 | | | | | $ | 2,054 | | | | | $ | 1,238 | | | | | $ | 1,681 | | |
Ratio of gross expenses to average net assets | | | | | 1.36% | | | | | | 1.80% | | | | | | 2.75% | | | | | ��� | 3.92% | | | | | | 2.73% | | |
Ratio of net expenses to average net assets | | | | | 0.90% | | | | | | 0.90% | | | | | | 0.90% | | | | | | 0.93% | | | | | | 0.94% | | |
Ratio of net investment loss to average net assets | | | | | (0.63)% | | | | | | (0.62)% | | | | | | (0.50)% | | | | | | (0.58)% | | | | | | (0.67)% | | |
Portfolio turnover rate | | | | | 27% | | | | | | 54% | | | | | | 29% | | | | | | 36% | | | | | | 35% | | |
Financial Highlights
| | | Value Line Core Bond Fund Investor Class Years Ended December 31, | | |||||||||||||||||||||||||||
| | | 2021 | | | 2020 | | | 2019 | | | 2018 | | | 2017 | | |||||||||||||||
Net asset value, beginning of year | | | | $ | 15.84 | | | | | $ | 15.26 | | | | | $ | 14.40 | | | | | $ | 14.94 | | | | | $ | 14.77 | | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income/(loss) | | | | | 0.19(1) | | | | | | 0.25(1) | | | | | | 0.36 | | | | | | 0.32 | | | | | | 0.34 | | |
Net gains/(losses) on securities (both realized and unrealized) | | | | | (0.53) | | | | | | 0.63 | | | | | | 0.86 | | | | | | (0.52) | | | | | | 0.17 | | |
Total from investment operations | | | | | (0.34) | | | | | | 0.88 | | | | | | 1.22 | | | | | | (0.20) | | | | | | 0.51 | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends from net investment income | | | | | (0.23) | | | | | | (0.30) | | | | | | (0.36) | | | | | | (0.34) | | | | | | (0.34) | | |
Distributions from net realized gains | | | | | (0.16) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total distributions | | | | | (0.39) | | | | | | (0.30) | | | | | | (0.36) | | | | | | (0.34) | | | | | | (0.34) | | |
Net asset value, end of year | | | | $ | 15.11 | | | | | $ | 15.84 | | | | | $ | 15.26 | | | | | $ | 14.40 | | | | | $ | 14.94 | | |
Total return | | | | | (2.18)% | | | | | | 5.77% | | | | | | 8.51% | | | | | | (1.31)% | | | | | | 3.47% | | |
Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year (in thousands) | | | | $ | 50,267 | | | ��� | | $ | 53,854 | | | | | $ | 53,976 | | | | | $ | 54,583 | | | | | $ | 61,586 | | |
Ratio of gross expenses to average net assets | | | | | 1.23% | | | | | | 1.19% | | | | | | 1.14% | | | | | | 1.21% | | | | | | 1.22% | | |
Ratio of net expenses to average net assets | | | | | 0.90% | | | | | | 0.90% | | | | | | 0.93% | | | | | | 0.99% | | | | | | 0.99% | | |
Ratio of net investment income/(loss) to average net assets | | | | | 1.25% | | | | | | 1.62% | | | | | | 2.26% | | | | | | 2.24% | | | | | | 2.01% | | |
Portfolio turnover rate | | | | | 71% | | | | | | 70% | | | | | | 39% | | | | | | 84% | | | | | | 35% | | |
Notes to Financial Statements | December 31, 2021 |
Fund | | | Investment Goal | |
Value Line Select Growth Fund, Inc. Value Line Mid Cap Focused Fund, Inc Value Line Capital Appreciation Fund, Inc. | | | The Fund seeks long-term capital growth. The Fund seeks long-term capital growth. The Fund seeks capital appreciation and income. | |
Value Line Larger Companies Focused Fund, Inc. | | | The Fund seeks long-term capital growth. | |
Value Line Core Bond Fund | | | The Fund seeks to maximize current income and secondarily capital appreciation. | |
| | | Investor Class | | | Institutional Class | | | Total | | |||||||||
Value Line Select Growth Fund, Inc. | | | | | | | | | | | | | | | | | | | |
Transfer agent fees | | | | $ | 109,350 | | | | | $ | 216 | | | | | $ | 109,566 | | |
Sub-transfer agent fees | | | | | 108,398 | | | | | | 6,020 | | | | | | 114,418 | | |
Registration and filing fees | | | | | 57,761 | | | | | | 24,493 | | | | | | 82,254 | | |
Other | | | | | 27,152 | | | | | | 1,514 | | | | | | 28,666 | | |
| | | Investor Class | | | Institutional Class | | | Total | | |||||||||
Value Line Mid Cap Focused Fund, Inc. | | | | | | | | | | | | | | | | | | | |
Transfer agent fees | | | | $ | 111,450 | | | | | $ | 30,450 | | | | | $ | 141,900 | | |
Sub-transfer agent fees | | | | | 111,402 | | | | | | 109,150 | | | | | | 220,552 | | |
Registration and filing fees | | | | | 67,349 | | | | | | 51,700 | | | | | | 119,049 | | |
Other | | | | | 17,525 | | | | | | 8,477 | | | | | | 26,002 | | |
| | | Investor Class | | | Institutional Class | | | Total | | |||||||||
Value Line Capital Appreciation Fund, Inc. | | | | | | | | | | | | | | | | | | | |
Transfer agent fees | | | | $ | 118,603 | | | | | $ | 27,529 | | | | | $ | 146,132 | | |
Sub-transfer agent fees | | | | | 193,994 | | | | | | 108,447 | | | | | | 302,441 | | |
Registration and filing fees | | | | | 93,911 | | | | | | 73,800 | | | | | | 167,711 | | |
Other | | | | | 20,298 | | | | | | 6,393 | | | | | | 26,691 | | |
| | | Investor Class | | | Institutional Class | | | Total | | |||||||||
Value Line Larger Companies Focused Fund, Inc. | | | | | | | | | | | | | | | | | | | |
Transfer agent fees | | | | $ | 94,395 | | | | | $ | 2,233 | | | | | $ | 96,628 | | |
Sub-transfer agent fees | | | | | 24,651 | | | | | | 4,359 | | | | | | 29,010 | | |
Registration and filing fees | | | | | 44,514 | | | | | | 34,048 | | | | | | 78,562 | | |
Other | | | | | 25,215 | | | | | | 1,171 | | | | | | 26,386 | | |
Fund | | | Value of Securities Loaned | | | Value of Collateral* | | ||||||
Value Line Capital Appreciation Fund, Inc. | | | | $ | 24,374,655 | | | | | $ | 25,402,277 | | |
Value Line Larger Companies Focused Fund, Inc. | | | | | 15,532,967 | | | | | | 16,286,025 | | |
Value Line Core Bond Fund | | | | | 4,445,639 | | | | | | 4,535,493 | | |
Fund | | | Purchases of Investment Securities Excluding U.S. Government Securities | | | Sales of Investment Securities Excluding U.S. Government Securities | | | Purchases of U.S. Government Obligations | | | Sales of U.S. Government Obligations | | ||||||||||||
Value Line Select Growth Fund, Inc. | | | | $ | 12,407,870 | | | | | $ | 76,738,511 | | | | | $ | — | | | | | $ | — | | |
Value Line Mid Cap Focused Fund, Inc. | | | | | 824,460 | | | | | | 62,562,042 | | | | | | — | | | | | | — | | |
Value Line Capital Appreciation Fund, Inc. | | | | | 242,914,006 | | | | | | 273,308,069 | | | | | | 27,914,030 | | | | | | 40,034,439 | | |
Value Line Larger Companies Focused Fund, Inc. | | | | | 107,343,624 | | | | | | 142,251,047 | | | | | | — | | | | | | — | | |
Value Line Core Bond Fund | | | | | 25,961,246 | | | | | | 30,762,202 | | | | | | 11,891,843 | | | | | | 5,543,081 | | |
Fund | | | Cost of Investments for Tax Purposes | | | Gross Tax Unrealized Appreciation | | | Gross Tax Unrealized Depreciation | | | Net Tax Unrealized Appreciation/ (Depreciation) on Investments | | ||||||||||||
Value Line Select Growth Fund, Inc. | | | | $ | 209,347,809 | | | | | $ | 294,578,365 | | | | | $ | (1,070,565) | | | | | $ | 293,507,800 | | |
Value Line Mid Cap Focused Fund, Inc. | | | | | 280,857,576 | | | | | | 214,254,768 | | | | | | — | | | | | | 214,254,768 | | |
Value Line Capital Appreciation Fund, Inc. | | | | | 545,398,959 | | | | | | 204,126,583 | | | | | | (49,637,253) | | | | | | 154,489,330 | | |
Value Line Larger Companies Focused Fund, Inc. | | | | | 256,287,274 | | | | | | 160,958,688 | | | | | | (32,299,009) | | | | | | 128,659,679 | | |
Value Line Core Bond Fund | | | | | 51,800,221 | | | | | | 1,222,390 | | | | | | (485,365) | | | | | | 737,025 | | |
Fund | | | Undistributed ordinary income | | | Undistributed long-term gain | | | Other Timing Differences | | | Unrealized Appreciation | | | Capital Loss Carryforwards | | | Late Year Deferrals | | | Distributable Earnings (Loss) | | |||||||||||||||||||||
Value Line Select Growth Fund, Inc. | | | | $ | — | | | | | $ | 12,692,458 | | | | | $ | — | | | | | $ | 293,507,800 | | | | | $ | — | | | | | $ | — | | | | | $ | 306,200,258 | | |
Value Line Mid Cap Focused Fund, Inc. | | | | | 694,794 | | | | | | 10,265,326 | | | | | | — | | | | | | 214,254,768 | | | | | | — | | | | | | — | | | | | | 225,214,888 | | |
Value Line Capital Appreciation Fund, Inc. | | | | | 67,477 | | | | | | 33,560,126 | | | | | | — | | | | | | 154,489,330 | | | | | | — | | | | | | — | | | | | | 188,116,933 | | |
Value Line Larger Companies Focused Fund, Inc. | | | | | — | | | | | | 26,085,207 | | | | | | — | | | | | | 128,659,679 | | | | | | — | | | | | | — | | | | | | 154,744,886 | | |
Value Line Core Bond Fund | | | | | — | | | | | | — | | | | | | (4,639) | | | | | | 737,025 | | | | | | — | | | | | | — | | | | | | 732,386 | | |
| | | Total Distributable Earnings/(Loss) | | | | | | | | |||||||||
Fund | | | Undistributed Net Investment Income/(Loss) | | | Accumulated Net Realized Gains/(Losses) | | | Additional Paid-In Capital | | |||||||||
Value Line Select Growth Fund, Inc. | | | | $ | 2,904,908 | | | | | $ | (470) | | | | | $ | (2,904,438) | | |
Value Line Mid Cap Focused Fund, Inc. | | | | | (1,311,367) | | | | | | 1,311,367 | | | | | | — | | |
Value Line Capital Appreciation Fund, Inc. | | | | | 2,864,500 | | | | | | (2,864,500) | | | | | | — | | |
Value Line Larger Companies Focused Fund, Inc. | | | | | 3,498,290 | | | | | | (3,498,290) | | | | | | — | | |
Value Line Core Bond Fund | | | | | 113,934 | | | | | | (8,426) | | | | | | (105,508) | | |
| | | Year Ended December 31, 2021 Distributions Paid from | | |||||||||||||||
Fund | | | Ordinary Income | | | Long-Term Capital Gain | | | Total Distributions Paid | | |||||||||
Value Line Select Growth Fund, Inc. | | | | $ | — | | | | | $ | 64,909,737 | | | | | $ | 64,909,737 | | |
Value Line Mid Cap Focused Fund, Inc. | | | | | 1,310,346 | | | | | | 37,122,381 | | | | | | 38,432,727 | | |
Value Line Capital Appreciation Fund, Inc. | | | | | 2,135,531 | | | | | | 67,570,041 | | | | | | 69,705,572 | | |
Value Line Larger Companies Focused Fund, Inc. | | | | | 354,428 | | | | | | 47,371,127 | | | | | | 47,725,555 | | |
Value Line Core Bond Fund | | | | | 770,855 | | | | | | 503,807 | | | | | | 1,274,662 | | |
| | | Year Ended December 31, 2020 Distributions Paid from | | |||||||||||||||
Fund | | | Ordinary Income | | | Long-Term Capital Gain | | | Total Distributions Paid | | |||||||||
Value Line Select Growth Fund, Inc. | | | | $ | — | | | | | $ | 102,525,944 | | | | | $ | 102,525,944 | | |
Value Line Mid Cap Focused Fund, Inc. | | | | | 1,320,659 | | | | | | 33,950,139 | | | | | | 35,270,798 | | |
Value Line Capital Appreciation Fund, Inc. | | | | | 3,173,616 | | | | | | 31,691,364 | | | | | | 34,864,980 | | |
Value Line Larger Companies Focused Fund, Inc. | | | | | 4,990,295 | | | | | | 30,018,054 | | | | | | 35,008,349 | | |
Value Line Core Bond Fund | | | | | 1,025,857 | | | | | | — | | | | | | 1,025,857 | | |
Fund | | | Advisory Fee | | |||
Value Line Select Growth Fund, Inc. | | | | $ | 3,487,387 | | |
Value Line Mid Cap Focused Fund, Inc. | | | | | 3,049,831 | | |
Value Line Capital Appreciation Fund, Inc | | | | | 4,745,560 | | |
Value Line Larger Companies Focused Fund, Inc | | | | | 2,963,591 | | |
Value Line Core Bond Fund | | | | | 180,148 | | |
Fund | | | Distribution & Service Fees | | |||
Value Line Select Growth Fund, Inc. | | | | $ | 1,151,989 | | |
Value Line Mid Cap Focused Fund, Inc. | | | | | 809,311 | | |
Value Line Capital Appreciation Fund, Inc | | | | | 1,422,683 | | |
Value Line Larger Companies Focused Fund, Inc | | | | | 993,713 | | |
Value Line Core Bond Fund | | | | | 128,225 | | |
Fund | | | Sub-transfer agency Fees | | |||
Value Line Select Growth Fund, Inc. | | | | $ | 114,418 | | |
Value Line Mid Cap Focused Fund, Inc. | | | | | 220,552 | | |
Value Line Capital Appreciation Fund, Inc. | | | | | 302,441 | | |
Value Line Larger Companies Focused Fund, Inc. | | | | | 29,010 | | |
Fund | | | Expiration for the 12 months ended | | | Fees Waived and Reimbursed by the Adviser | | |||
Value Line Select Growth Fund Inc. | | | December 31, 2022 | | | | $ | — | | |
Value Line Select Growth Fund Inc. | | | December 31, 2023 | | | | | 30,381 | | |
Value Line Select Growth Fund Inc. | | | December 31, 2024 | | | | | 22,388 | | |
Value Line Mid Cap Focused Fund Inc. | | | December 31, 2022 | | | | | 31,393 | | |
Value Line Mid Cap Focused Fund Inc. | | | December 31, 2023 | | | | | 18,207 | | |
Value Line Mid Cap Focused Fund Inc. | | | December 31, 2024 | | | | | 66,334 | | |
Value Line Capital Appreciation Fund, Inc. | | | December 31, 2022 | | | | | 38,979 | | |
Value Line Capital Appreciation Fund, Inc. | | | December 31, 2023 | | | | | 24,262 | | |
Value Line Capital Appreciation Fund, Inc. | | | December 31, 2024 | | | | | 92,294 | | |
Value Line Larger Companies Focused Fund, Inc. | | | December 31, 2022 | | | | | 37,563 | | |
Value Line Larger Companies Focused Fund, Inc. | | | December 31, 2023 | | | | | 23,040 | | |
Value Line Larger Companies Focused Fund, Inc. | | | December 31, 2024 | | | | | 34,925 | | |
Value Line Core Bond Fund | | | December 31, 2022 | | | | | 115,377 | | |
Value Line Core Bond Fund | | | December 31, 2023 | | | | | 159,451 | | |
Value Line Core Bond Fund | | | December 31, 2024 | | | | | 170,756 | | |
New York, New York
February 18, 2022
| | | Beginning Account Value July 1, 2021 | | | Ending Account Value December 31, 2021 | | | Expenses Paid During Period* | | | Annualized Expense Ratio | | ||||||||||||
Actual | | | | | | ||||||||||||||||||||
Value Line Select Growth Fund, Inc. — Investor Class | | | | $ | 1,000.00 | | | | | $ | 1,147.60 | | | | | $ | 6.06 | | | | | | 1.12% | | |
Value Line Select Growth Fund, Inc. — Institutional Class | | | | | 1,000.00 | | | | | | 1,149.00 | | | | | | 4.77 | | | | | | 0.88 | | |
Value Line Mid Cap Focused Fund, Inc. — Investor Class | | | | | 1,000.00 | | | | | | 1,111.20 | | | | | | 5.69 | | | | | | 1.07 | | |
Value Line Mid Cap Focused Fund, Inc. — Institutional Class | | | | | 1,000.00 | | | | | | 1,113.00 | | | | | | 4.37 | | | | | | 0.82 | | |
Value Line Capital Appreciation Fund, Inc. — Investor Class | | | | | 1,000.00 | | | | | | 983.30 | | | | | | 5.30 | | | | | | 1.06 | | |
Value Line Capital Appreciation Fund, Inc. — Institutional Class | | | | | 1,000.00 | | | | | | 985.00 | | | | | | 4.10 | | | | | | 0.82 | | |
Value Line Larger Companies Focused Fund, Inc. — Investor Class | | | | | 1,000.00 | | | | | | 945.50 | | | | | | 5.49 | | | | | | 1.12 | | |
Value Line Larger Companies Focused Fund, Inc. — Institutional Class | | | | | 1,000.00 | | | | | | 946.60 | | | | | | 4.42 | | | | | | 0.90 | | |
Value Line Core Bond Fund — Investor Class | | | | | 1,000.00 | | | | | | 993.70 | | | | | | 4.52 | | | | | | 0.90 | | |
Hypothetical (5% return before expenses) | | | | | | ||||||||||||||||||||
Value Line Select Growth Fund, Inc. — Investor Class | | | | $ | 1,000.00 | | | | | $ | 1,019.56 | | | | | $ | 5.70 | | | | | | 1.12% | | |
Value Line Select Growth Fund, Inc. — Institutional Class | | | | | 1,000.00 | | | | | | 1,020.77 | | | | | | 4.48 | | | | | | 0.88 | | |
Value Line Mid Cap Focused Fund, Inc. — Investor Class | | | | | 1,000.00 | | | | | | 1,019.81 | | | | | | 5.45 | | | | | | 1.07 | | |
Value Line Mid Cap Focused Fund, Inc. — Institutional Class | | | | | 1,000.00 | | | | | | 1,021.07 | | | | | | 4.18 | | | | | | 0.82 | | |
Value Line Capital Appreciation Fund, Inc. — Investor Class | | | | | 1,000.00 | | | | | | 1,019.86 | | | | | | 5.40 | | | | | | 1.06 | | |
Value Line Capital Appreciation Fund, Inc. — Institutional Class | | | | | 1,000.00 | | | | | | 1,021.07 | | | | | | 4.18 | | | | | | 0.82 | | |
Value Line Larger Companies Focused Fund, Inc. — Investor Class | | | | | 1,000.00 | | | | | | 1,019.56 | | | | | | 5.70 | | | | | | 1.12 | | |
Value Line Larger Companies Focused Fund, Inc. — Institutional Class | | | | | 1,000.00 | | | | | | 1,020.67 | | | | | | 4.58 | | | | | | 0.90 | | |
Value Line Core Bond Fund — Investor Class | | | | | 1,000.00 | | | | | | 1,020.67 | | | | | | 4.58 | | | | | | 0.90 | | |
Fund | | | % of Qualifying Dividend Income | | | % of Dividends Eligible for the Corporate Dividends Received Deduction | | | Long-Term Capital Gains | | |||||||||
Value Line Select Growth Fund, Inc. | | | | | 0% | | | | | | 0% | | | | | $ | 64,909,737 | | |
Value Line Mid Cap Focused Fund, Inc. | | | | | 100 | | | | | | 100 | | | | | | 37,122,381 | | |
Value Line Capital Appreciation Fund, Inc. | | | | | 90 | | | | | | 90 | | | | | | 67,570,041 | | |
Value Line Larger Companies Focused Fund, Inc. | | | | | 100 | | | | | | 100 | | | | | | 47,371,127 | | |
Value Line Core Bond Fund | | | | | 0 | | | | | | 0 | | | | | | 503,807 | | |
Name, Address, and Age | | | Position | | | Length of Time Served | | | Principal Occupations During the Past 5 Years | | | Number of Portfolios in Fund Complex Overseen by Director | | | Other Directorships Held by Director During the Past 5 Years | |
Interested Director* | | | | | | | | | | | | | | | | |
Mitchell E. Appel Age: 51 | | | Director | | | Since 2010 | | | President of each of the Value Line Funds; Trustee, CEO and Treasurer of the Adviser; President and Chief Financial Officer of the Distributor. | | | 9 | | | Forethought Variable Insurance Trust | |
Non-Interested Directors | | | | | | | | | | | | | | |||
Joyce E. Heinzerling Age: 65 | | | Director | | | Since 2008 | | | Retired. Managing Member, Meridian Fund Advisers LLC (consultants) until 2020. | | | 9 | | | KOP Therapeutics Corp (biotechnology) | |
James E. Hillman Age: 64 | | | 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. | | | 9 | | | Miller/Howard High Income Equity Fund | |
Paul Craig Roberts Age: 82 | | | Director | | | Since 1983 1984** | | | Chairman, Institute for Political Economy | | | 9 | | | None | |
Nancy-Beth Sheerr Age: 72 | | | Director | | | Since 1996 | | | Independent Trustee and Managing Member, NBS Consulting LLC since November 2014; Senior Financial Adviser, Veritable, L.P. (investment advisor) until 2013. | | | 9 | | | None | |
Name, Address, and Age | | | Position | | | Length of Time Served | | | Principal Occupations During the Past 5 Years | |
Officers | | | | | | | | | | |
Mitchell E. Appel Age: 51 | | | President | | | Since 2008 | | | President of each of the Value Line Funds; Trustee, CEO and Treasurer of the Adviser; President and Chief Financial Officer of the Distributor. | |
Christopher W. Roleke Age: 49 | | | Treasurer and Chief Financial Officer | | | Since 2020 | | | Treasurer and Chief Financial Officer (Principal Financial and Accounting Officer) of each of the Value Line Funds since April 2020; Managing Director and Fund Principal Financial Officer, Foreside Management Services, LLC, since 2011. | |
Michael J. Wagner Age: 71 | | | Chief Compliance Officer | | | Since 2009 | | | Chief Compliance Officer of each of the Value Line Funds since 2009; President of Northern Lights Compliance Services, LLC 2006 – 2019. | |
Emily D. Washington Age: 43 | | | Vice President and Secretary | | | Since 2008 | | | Vice President of each of the Value Line Funds since 2020 and Secretary since 2010; Treasurer and Chief Financial Officer of each of the Value Line Funds, 2008 – 2020. | |
Robert Scagnelli Age: 60 | | | Vice President | | | Since 2020 | | | Vice President of each of the Value Line Funds since 2020; Vice President of the Distributor and the Adviser since . | |
b) Not Applicable
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 James Hillman, member of the Registrant’s Audit Committee, as the Registrant’s Audit Committee Financial Expert. Mr. Hillman is an are independent director. Mr. Hillman currently serves as the Chief Financial Officer at Notre Dame School of Manhattan since 2011.
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 2021 - $19,942 |
Audit Fees 2020 - $20,560
(b) | Audit-Related fees – None. |
(c) | Tax Preparation 2021 - None |
Tax Preparation 2020 - None
(d) | All Other Fees – None |
(e) | (1) | Not applicable. | |
(e) | (2) | Not applicable. |
(f) | Not applicable. |
(g) | Aggregate Non-Audit 2021 - None |
Aggregate Non-Audit 2020 - 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 during the period covered by this report, 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) | 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. |
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: | June 14, 2022 |
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/ Jim Gallo | ||
Jim Gallo, Treasurer, Principal Financial Officer | |||
Date: | June 14, 2022 |