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, New York, N.Y. 10036
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: 212-907-1900
Date of fiscal year end: December 31, 2022
Date of reporting period: June 30, 2022
Item I. Reports to Stockholders.
(a) | A copy of the Semi-Annual Report to Stockholders for the period ended 6/30/22 is included with this Form. |
Semi-Annual Report |
June 30, 2022 |
(Unaudited) |
Value Line Small Cap Opportunities Fund, Inc. |
Investor Class (VLEOX) |
Institutional Class (VLEIX) |
Value Line Mid Cap Focused Fund, Inc. |
Investor Class (VLIFX) |
Institutional Class (VLMIX) |
Value Line Select Growth Fund, Inc. |
Investor Class (VALSX) |
Institutional Class (VILSX) |
Value Line Larger Companies Focused Fund, Inc. |
Investor Class (VALLX) |
Institutional Class (VLLIX) |
Value Line Asset Allocation Fund, Inc. |
Investor Class (VLAAX) |
Institutional Class (VLAIX) |
Value Line Capital Appreciation Fund, Inc. |
Investor Class (VALIX) |
Institutional Class (VLIIX) |
Value Line Core Bond Fund |
Investor Class (VAGIX) |
VLFunds.com/edelivery
• | Value Line Small Cap Opportunities Fund, Inc.* outpaced the category average return of its peers for the one-, three-, five- and 10-year periods ended June 30, 2022 (small growth category), as measured by Morningtar.1 Additionally, the Fund earned an overall five-star rating from Morningstar2 in the small growth category among 582 funds as of June 30, 2022 based on risk-adjusted returns. Morningstar gave the Fund an overall Risk rating of Low and an overall Return Rating of Above Average.i |
• | Value Line Mid Cap Focused Fund, Inc.* outpaced the category average return of its peers for the one-, three-, five- and ten-year periods ended June 30, 2022 (mid-cap growth category), as measured by Morningstar1 ranking in the top 15% of its peer category in each of those time periods. Additionally, the Fund earned an overall five-star rating from Morningstar2 in the mid-cap growth category among 532 funds as of June 30, 2022 based on risk-adjusted returns. Morningstar gave the Fund an overall Risk Rating of Low and an overall Return Rating of High.ii |
• | Value Line Select Growth Fund, Inc.* outpaced the category average return of its peers for the one-year and five-year periods ended June 30, 2022 (large growth category), as measured by Morningstar1,2. Morningstar gave the Fund an overall Risk Rating of Below Average.iii |
• | Value Line Asset Allocation Fund, Inc.* outpaced the category average return of its peers for the one-, five- and ten-year periods ended June 30, 2022 (allocation 50% to 70% equity category), as measured by Morningstar.1 Additionally, the Fund earned an overall four-star rating from Morningstar2 in the allocation 50% to 70% equity category among 709 funds as of June 30, 2022 based on risk-adjusted returns. Morningstar gave the Fund an overall Return Rating of Above Average.iv |
• | Value Line Core Bond Fund outpaced the category average return of its peers for the one-year period ended June 30, 2022 (intermediate core bond category), as measured by Morningstar.1,v |
President of the Value Line Funds
* | Data, rankings and ratings are based on the Investor Share Class of the Fund. |
1 | Morningstar, Inc. is an investment research and investment management firm headquartered in Chicago, Illinois, United States. |
2 | The Morningstar RatingTM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. |
i | For Value Line Small Cap Opportunities Fund, Inc.: Ranked by Morningstar in the 10th percentile for one-year (620 funds), 38th percentile for three-year (582 funds), 48th percentile for five-year (531 funds) and 28th percentile for 10-year (395 funds) periods ended June 30, 2022. All in the Morningstar small growth category. Five-star rating for 10-year (395 funds) and overall (582 funds) periods ended June 30, 2022 and four-star rating for 3-year (582 funds) and 5-year (531 funds) periods ended June 30, 2022. All in the Morningstar small growth category. Morningstar Risk: Low for the 3-year, 5-year, 10-year and overall periods ended June 30, 2022. Morningstar Return: Average for the 3-year and 5-year periods ended June 30, 2022; Above Average for the 10-year and overall periods ended June 30, 2022. |
ii | For Value Line Mid Cap Focused Fund, Inc.: Ranked by Morningstar in the 1st percentile for one -year (605 funds), 15th percentile for three-year (532 funds), 7th percentile for five-year (493 funds) and 9th percentile for ten-year (380 funds) periods ended June 30, 2022. All in the Morningstar mid-cap growth category. Five-star rating for 3-year (532 funds); 5-year (493 funds); 10-year (380 funds) and overall (532 funds) periods ended June 30, 2022. All in the Morningstar mid-cap growth category. Morningstar Risk: Low for the 3-year, 5-year, 10-year and overall periods ended June 30, 2022. Morningstar Return: Above Average for the 3-year period ended June 30, 2022; High for the 5-year, 10-year and overall periods ended June 30, 2022. |
iii | For Value Line Select Growth Fund, Inc.: Ranked by Morningstar in the 7th percentile for one-year (1248 funds), 61st percentile for three-year (1138 funds), 36th percentile for five year (1052 funds) and 66th percentile for ten-year (787 funds) periods ended June 30, 2022. All in the Morningstar large growth category. Morningstar Risk: Below Average for the 3-year, 5-year, 10-year and overall periods ended June 30, 2022. |
iv | For Value Line Asset Allocation Fund, Inc.: Ranked by Morningstar in the 43rd percentile for one-year (755 funds), 69th percentile for three-year (709 funds), 9th percentile for five-year (645 funds) and 10th percentile for 10-year (476 funds) periods ended June 30, 2022. All in the Morningstar allocation 50% to 70% equity category. Two-star rating for 3-year (709 funds) period ended June 30, 2022; five-star rating for 5-year (645 funds) and 10-year (476 funds) periods ended June 30, 2022; and four-star rating for overall (709 funds) period ended June 30, 2022. All in the allocation 50% to 70% equity category. Morningstar Return: Average for the 3-year period ended June 30, 2022; High for the 5-year and 10-year periods ended June 30, 2022; and Above Average for the overall period ended June 30, 2022. |
v | For Value Line Core Bond Fund: Ranked by Morningstar in the 42nd percentile for one-year (440 funds), 90th percentile for three-year (396 funds), 90th percentile for five-year (359 funds) and 70th percentile for 10-year (264 funds) periods ended June 30, 2022. All in the Morningstar intermediate core bond category. |
3 | The S&P 500® Index consists of 500 stocks that are traded on the New York Stock Exchange, American Stock Exchange and the NASDAQ national Market System and is representative of the broad stock market. The MSCI EAFE Index is an equity index that captures large-cap and mid-cap representation across 21 developed markets countries around the world, excluding the U.S. and Canada. The index covers approximately 85% of the free float-adjusted market capitalization in each country. The MSCI Emerging Markets Index captures large-cap and mid-cap representation across 27 emerging markets countries. The index covers approximately 85% of the free float-adjusted market capitalization in each country. The FTSE Russell indices are a broad range of U.S. indices that allow investors to track current and historical market performance by specific size, investment style and other market characteristics. These are unmanaged indices and do not reflect charges, expenses or taxes, and it is not possible to directly invest in these indices. |
4 | The Bloomberg US Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including U.S. Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM pass-throughs), ABS and CMBS. This is an unmanaged index and does not reflect charges, expenses or taxes, which are deducted from the Fund’s return. It is not possible to directly invest in this index. |
5 | A flattening yield curve is one in which the differential between yields on shorter-term and longer-term maturities narrows. A steepening yield curve is one in which longer-term yields are increasingly higher than shorter-term yields. |
1 | The Russell 2000® Index is representative of the smaller capitalization stocks traded in the United States. |
Ten Largest Holdings* | |||
Issue | Shares | Value | Percentage of Net Assets |
RLI Corp. | 131,900 | $15,378,221 | 4.2% |
Exponent, Inc. | 163,700 | 14,973,639 | 4.1% |
Churchill Downs, Inc. | 76,200 | 14,594,586 | 4.0% |
ExlService Holdings, Inc. | 86,200 | 12,699,846 | 3.5% |
SPS Commerce, Inc. | 104,500 | 11,813,725 | 3.2% |
ePlus, Inc. | 186,600 | 9,912,192 | 2.7% |
J&J Snack Foods Corp. | 69,900 | 9,762,234 | 2.7% |
RBC Bearings, Inc. | 52,500 | 9,709,875 | 2.6% |
Chemed Corp. | 19,000 | 8,918,410 | 2.4% |
Woodward, Inc. | 93,000 | 8,601,570 | 2.3% |
Asset Allocation — Percentage of Net Assets |
Sector Weightings — Percentage of Total Investments In Securities* |
* | Excludes short-term investments, if any. |
3 Mos | 1 Yr | 5 Yrs | 10 Yrs | Since Inception 6/23/1993 | |||||
Investor Class | |||||||||
Value Line Small Cap Opportunities Fund, Inc. | (12.57%) | (17.81%) | 8.16% | 11.25% | 10.97% | ||||
Russell 2000® Index*** | (17.20%) | (25.20%) | 5.17% | 9.35% | 8.64% | ||||
3 Mos | 1 Yr | 5 Yrs | Since Inception 11/2/2015 | ||||||
Institutional Class | |||||||||
Value Line Small Cap Opportunities Fund, Inc. | (12.52%) | (17.61%) | 8.43% | 9.08% | |||||
Russell 2000® Index*** | (17.20%) | (25.20%) | 5.17% | 7.05% |
** | The performance data quoted represent past performance and are no guarantee of future performance. The investment return and principal value of an investment will fluctuate so that an investment, when redeemed, may be worth more or less than its original cost. The performance data includes reinvestment of all dividends and distributions but does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. |
*** | The Russell 2000® Index is representative of the smaller capitalization stocks traded in the United States. |
Shares | Value | |
COMMON STOCKS 97.0% | ||
CONSUMER DISCRETIONARY 12.5% | ||
APPAREL 1.0% | ||
71,700 | Crocs, Inc.(1) | $ 3,489,639 |
AUTO PARTS & EQUIPMENT 0.5% | ||
16,500 | Visteon Corp.(1) | 1,709,070 |
COMMERCIAL SERVICES 1.0% | ||
89,900 | Monro, Inc. | 3,854,912 |
ENGINEERING & CONSTRUCTION 1.1% | ||
24,400 | TopBuild Corp.(1) | 4,078,704 |
ENTERTAINMENT 4.0% | ||
76,200 | Churchill Downs, Inc. | 14,594,586 |
HOME BUILDERS 1.8% | ||
20,800 | Cavco Industries, Inc.(1) | 4,076,592 |
24,000 | LCI Industries | 2,685,120 |
6,761,712 | ||
HOUSEHOLD PRODUCTS 1.0% | ||
23,000 | Helen of Troy Ltd.(1) | 3,735,430 |
LEISURE TIME 0.8% | ||
42,700 | Planet Fitness, Inc. Class A(1) | 2,904,027 |
RETAIL 1.3% | ||
12,500 | Signet Jewelers Ltd. | 668,250 |
34,600 | Texas Roadhouse, Inc. | 2,532,720 |
21,800 | Wingstop, Inc. | 1,629,986 |
4,830,956 | ||
45,959,036 | ||
CONSUMER STAPLES 3.7% | ||
COMMERCIAL SERVICES 0.3% | ||
6,800 | Medifast, Inc. | 1,227,468 |
FOOD 3.4% | ||
48,700 | Calavo Growers, Inc. | 2,031,764 |
69,900 | J&J Snack Foods Corp. | 9,762,234 |
5,600 | Lancaster Colony Corp. | 721,168 |
12,515,166 | ||
13,742,634 | ||
FINANCIALS 10.3% | ||
BANKS 3.2% | ||
206,496 | First Financial Bankshares, Inc. | 8,109,098 |
38,900 | Walker & Dunlop, Inc. | 3,747,626 |
11,856,724 | ||
DIVERSIFIED FINANCIALS 1.7% | ||
5,300 | LendingTree, Inc.(1) | 232,246 |
104,422 | Stifel Financial Corp. | 5,849,720 |
6,081,966 | ||
INSURANCE 5.4% | ||
18,200 | Primerica, Inc. | 2,178,358 |
131,900 | RLI Corp. | 15,378,221 |
27,300 | Selective Insurance Group, Inc. | 2,373,462 |
19,930,041 | ||
37,868,731 |
Shares | Value | |
COMMON STOCKS 97.0% (continued) | ||
HEALTHCARE 13.7% | ||
COMMERCIAL SERVICES 1.2% | ||
40,651 | AMN Healthcare Services, Inc.(1) | $ 4,459,821 |
HEALTHCARE PRODUCTS 5.7% | ||
22,700 | CONMED Corp. | 2,173,752 |
21,300 | ICU Medical, Inc.(1) | 3,501,507 |
20,300 | iRhythm Technologies, Inc.(1) | 2,193,009 |
220,462 | Neogen Corp.(1) | 5,310,930 |
56,200 | Omnicell, Inc.(1) | 6,392,750 |
5,574 | STERIS PLC | 1,149,080 |
20,721,028 | ||
HEALTHCARE SERVICES 6.8% | ||
19,000 | Chemed Corp. | 8,918,410 |
71,300 | Ensign Group, Inc. | 5,238,411 |
15,900 | Medpace Holdings, Inc.(1) | 2,379,753 |
77,800 | US Physical Therapy, Inc. | 8,495,760 |
25,032,334 | ||
50,213,183 | ||
INDUSTRIALS 31.6% | ||
AEROSPACE/DEFENSE 1.2% | ||
31,000 | Aerojet Rocketdyne Holdings, Inc.(1) | 1,258,600 |
50,300 | Mercury Systems, Inc.(1) | 3,235,799 |
4,494,399 | ||
BUILDING MATERIALS 4.6% | ||
123,700 | AAON, Inc. | 6,773,812 |
26,500 | Lennox International, Inc. | 5,474,635 |
64,000 | Trex Co., Inc.(1) | 3,482,880 |
41,000 | Zurn Water Solutions Corp. | 1,116,840 |
16,848,167 | ||
COMMERCIAL SERVICES 3.9% | ||
15,900 | ASGN, Inc.(1) | 1,434,975 |
36,200 | FTI Consulting, Inc.(1) | 6,546,770 |
21,200 | Insperity, Inc. | 2,116,396 |
53,700 | TriNet Group, Inc.(1) | 4,168,194 |
14,266,335 | ||
COMPUTERS 0.4% | ||
5,300 | CACI International, Inc. Class A(1) | 1,493,434 |
DISTRIBUTION/WHOLESALE 0.5% | ||
16,500 | SiteOne Landscape Supply, Inc.(1) | 1,961,355 |
ELECTRICAL EQUIPMENT 0.9% | ||
58,100 | EnerSys | 3,425,576 |
ELECTRONICS 2.3% | ||
93,000 | Woodward, Inc. | 8,601,570 |
ENGINEERING & CONSTRUCTION 4.5% | ||
16,000 | Dycom Industries, Inc.(1) | 1,488,640 |
163,700 | Exponent, Inc. | 14,973,639 |
16,462,279 | ||
FOOD SERVICE 1.0% | ||
198,800 | Healthcare Services Group, Inc. | 3,461,108 |
HAND/MACHINE TOOLS 0.3% | ||
9,141 | Regal Rexnord Corp. | 1,037,686 |
Shares | Value | |
COMMON STOCKS 97.0% (continued) | ||
INDUSTRIALS 31.6% (continued) | ||
MACHINERY - DIVERSIFIED 3.8% | ||
23,300 | Applied Industrial Technologies, Inc. | $ 2,240,761 |
13,500 | Kadant, Inc. | 2,461,725 |
37,600 | Toro Co. | 2,849,704 |
53,147 | Watts Water Technologies, Inc. Class A | 6,528,578 |
14,080,768 | ||
METAL FABRICATE/HARDWARE 2.6% | ||
52,500 | RBC Bearings, Inc.(1)(2) | 9,709,875 |
MISCELLANEOUS MANUFACTURERS 2.7% | ||
19,400 | Carlisle Cos., Inc. | 4,629,034 |
26,400 | EnPro Industries, Inc. | 2,162,952 |
27,600 | John Bean Technologies Corp. | 3,047,592 |
9,839,578 | ||
RETAIL 0.5% | ||
34,400 | Rush Enterprises, Inc. Class A | 1,658,080 |
TEXTILES 0.8% | ||
16,200 | Unifirst Corp. | 2,789,316 |
TRANSPORTATION 1.3% | ||
33,800 | Landstar System, Inc. | 4,915,196 |
TRUCKING & LEASING 0.3% | ||
11,500 | GATX Corp. | 1,082,840 |
116,127,562 | ||
INFORMATION TECHNOLOGY 20.2% | ||
COMMERCIAL SERVICES 0.6% | ||
36,600 | Alarm.com Holdings, Inc.(1) | 2,264,076 |
COMPUTERS 5.8% | ||
86,200 | ExlService Holdings, Inc.(1) | 12,699,846 |
35,900 | MAXIMUS, Inc. | 2,244,109 |
21,700 | Qualys, Inc.(1) | 2,737,238 |
51,400 | Rapid7, Inc.(1) | 3,433,520 |
21,114,713 | ||
ELECTRICAL EQUIPMENT 0.6% | ||
9,200 | Littelfuse, Inc. | 2,337,168 |
ELECTRONICS 1.2% | ||
51,100 | Itron, Inc.(1) | 2,525,873 |
21,400 | TD SYNNEX Corp. | 1,949,540 |
4,475,413 | ||
INTERNET 2.7% | ||
186,600 | ePlus, Inc.(1) | 9,912,192 |
MISCELLANEOUS MANUFACTURERS 0.6% | ||
26,200 | Fabrinet(1) | 2,124,820 |
SOFTWARE 8.7% | ||
10,300 | ACI Worldwide, Inc.(1) | 266,667 |
15,700 | Concentrix Corp. | 2,129,548 |
Shares | Value | |
COMMON STOCKS 97.0% (continued) | ||
INFORMATION TECHNOLOGY 20.2% (continued) | ||
SOFTWARE 8.7% (continued) | ||
54,700 | Everbridge, Inc.(1) | $ 1,525,583 |
83,900 | Five9, Inc.(1) | 7,646,646 |
47,100 | LivePerson, Inc.(1) | 665,994 |
104,500 | SPS Commerce, Inc.(1) | 11,813,725 |
76,400 | Workiva, Inc.(1) | 5,041,636 |
39,300 | Ziff Davis, Inc.(1) | 2,929,029 |
32,018,828 | ||
74,247,210 | ||
MATERIALS 5.0% | ||
CHEMICALS 2.3% | ||
30,300 | Balchem Corp. | 3,931,122 |
26,700 | Quaker Chemical Corp.(2) | 3,992,184 |
6,800 | Sensient Technologies Corp. | 547,808 |
8,471,114 | ||
PACKAGING & CONTAINERS 2.7% | ||
28,200 | AptarGroup, Inc. | 2,910,522 |
172,600 | Silgan Holdings, Inc. | 7,137,010 |
10,047,532 | ||
18,518,646 | ||
TOTAL COMMON STOCKS (Cost $221,627,638) | 356,677,002 | |
SHORT-TERM INVESTMENTS 3.6% | ||
MONEY MARKET FUNDS 3.6% | ||
11,588,499 | State Street Institutional U.S. Government Money Market Fund, Premier Class, 1.43%(3) | 11,588,499 |
1,508,943 | State Street Navigator Securities Lending Government Money Market Portfolio(4) | 1,508,943 |
13,097,442 | ||
TOTAL SHORT-TERM INVESTMENTS (Cost $13,097,442) | 13,097,442 | |
TOTAL INVESTMENTS IN SECURITIES 100.6% (Cost $234,725,080) | $369,774,444 | |
EXCESS OF LIABILITIES OVER CASH AND OTHER ASSETS (0.6)% | (2,039,071) | |
NET ASSETS 100.0% | $367,735,373 |
(1) | Non-income producing. |
(2) | A portion or all of the security was held on loan. As of June 30, 2022, the market value of the securities on loan was $3,388,891. |
(3) | Rate reflects 7 day yield as of June 30, 2022. |
(4) | Securities with an aggregate market value of $3,388,891 were out on loan in exchange for $1,508,943 of cash collateral as of June 30, 2022. The collateral was invested in a cash collateral reinvestment vehicle. |
Investments in Securities: | Level 1 | Level 2 | Level 3 | Total |
Assets | ||||
Common Stocks* | $356,677,002 | $— | $— | $356,677,002 |
Short-Term Investments | 13,097,442 | — | — | 13,097,442 |
Total Investments in Securities | $369,774,444 | $— | $— | $369,774,444 |
* | See Schedule of Investments for further breakdown by category. |
Ten Largest Holdings* | |||
Issue | Shares | Value | Percentage of Net Assets |
Teledyne Technologies, Inc. | 63,100 | $23,669,441 | 5.8% |
Cadence Design Systems, Inc. | 149,600 | 22,444,488 | 5.5% |
Berkley (W.R.) Corp. | 321,288 | 21,931,119 | 5.4% |
American Financial Group, Inc. | 154,992 | 21,514,440 | 5.3% |
Pool Corp. | 53,600 | 18,825,928 | 4.6% |
Arch Capital Group, Ltd. | 409,400 | 18,623,606 | 4.5% |
Chemed Corp. | 37,700 | 17,696,003 | 4.3% |
Gartner, Inc. | 72,800 | 17,605,224 | 4.3% |
Fair Isaac Corp. | 39,900 | 15,995,910 | 3.9% |
TransDigm Group, Inc. | 28,400 | 15,241,428 | 3.7% |
Asset Allocation — Percentage of Net Assets |
Sector Weightings — Percentage of Total Investments In Securities* |
* | Excludes short-term investments, if any. |
6 Mos | 1 Yr | 3 Yrs | 5 Yrs | 10 Yrs | Since Inception 3/1/1950 | ||||||
Investor Class | |||||||||||
Value Line Mid Cap Focused Fund, Inc. | (16.81%) | (7.55%) | 8.22% | 12.62% | 13.22% | 10.00% | |||||
S&P 500® Index*** | (19.96%) | (10.62%) | 10.60% | 11.31% | 12.96% | 9.73% | |||||
6 Mos | 1 Yr | 3 Yrs | Since Inception 8/14/2017 | ||||||||
Institutional Class | |||||||||||
Value Line Mid Cap Focused Fund, Inc. | (16.72%) | (7.31%) | 8.48% | 13.22% | |||||||
S&P 500® Index*** | (19.96%) | (10.62%) | 10.60% | 11.50% |
** | The performance data quoted represent past performance and are no guarantee of future performance. The investment return and principal value of an investment will fluctuate so that an investment, when redeemed, may be worth more or less than its original cost. The performance data includes reinvestments of all dividends and distributions but does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. |
*** | The S&P 500® Index is an unmanaged index that is representative of the larger-capitalization stocks traded in the United States. |
Shares | Value | |
COMMON STOCKS 95.8% | ||
CONSUMER DISCRETIONARY 8.0% | ||
DISTRIBUTION/WHOLESALE 4.6% | ||
53,600 | Pool Corp. | $ 18,825,928 |
ENTERTAINMENT 3.4% | ||
72,195 | Churchill Downs, Inc. | 13,827,508 |
32,653,436 | ||
CONSUMER STAPLES 2.0% | ||
FOOD 2.0% | ||
59,800 | J&J Snack Foods Corp. | 8,351,668 |
FINANCIALS 15.2% | ||
INSURANCE 15.2% | ||
154,992 | American Financial Group, Inc. | 21,514,440 |
409,400 | Arch Capital Group, Ltd.(1) | 18,623,606 |
321,288 | Berkley (W.R.) Corp. | 21,931,119 |
62,069,165 | ||
HEALTHCARE 10.9% | ||
ELECTRONICS 3.6% | ||
12,800 | Mettler-Toledo International, Inc.(1) | 14,704,256 |
HEALTHCARE PRODUCTS 3.0% | ||
17,200 | Cooper Cos., Inc. | 5,385,664 |
32,200 | STERIS PLC | 6,638,030 |
12,023,694 | ||
HEALTHCARE SERVICES 4.3% | ||
37,700 | Chemed Corp. | 17,696,003 |
44,423,953 | ||
INDUSTRIALS 20.4% | ||
AEROSPACE/DEFENSE 5.8% | ||
63,583 | HEICO Corp. | 8,337,003 |
28,400 | TransDigm Group, Inc.(1) | 15,241,428 |
23,578,431 | ||
BUILDING MATERIALS 3.1% | ||
61,800 | Lennox International, Inc. | 12,767,262 |
COMMERCIAL SERVICES 4.3% | ||
25,000 | Cintas Corp. | 9,338,250 |
231,049 | Rollins, Inc. | 8,068,231 |
17,406,481 | ||
ENGINEERING & CONSTRUCTION 3.0% | ||
134,900 | Exponent, Inc. | 12,339,303 |
ENVIRONMENTAL CONTROL 2.3% | ||
77,750 | Waste Connections, Inc. | 9,637,890 |
SOFTWARE 1.9% | ||
19,400 | Roper Technologies, Inc. | 7,656,210 |
83,385,577 |
Shares | Value | |
COMMON STOCKS 95.8% (continued) | ||
INFORMATION TECHNOLOGY 33.5% | ||
AEROSPACE/DEFENSE 5.8% | ||
63,100 | Teledyne Technologies, Inc.(1) | $ 23,669,441 |
COMMERCIAL SERVICES 4.3% | ||
72,800 | Gartner, Inc.(1) | 17,605,224 |
COMPUTERS 3.9% | ||
136,400 | CGI, Inc.(1) | 10,865,624 |
16,300 | EPAM Systems, Inc.(1) | 4,804,914 |
15,670,538 | ||
SOFTWARE 19.5% | ||
45,400 | ANSYS, Inc.(1) | 10,863,766 |
149,600 | Cadence Design Systems, Inc.(1) | 22,444,488 |
39,900 | Fair Isaac Corp.(1) | 15,995,910 |
35,800 | Fiserv, Inc.(1) | 3,185,126 |
66,708 | Jack Henry & Associates, Inc. | 12,008,774 |
45,300 | Tyler Technologies, Inc.(1) | 15,061,344 |
79,559,408 | ||
136,504,611 | ||
MATERIALS 2.6% | ||
PACKAGING & CONTAINERS 2.6% | ||
100,700 | AptarGroup, Inc. | 10,393,247 |
REAL ESTATE 3.2% | ||
REITS 3.2% | ||
183,300 | Equity Lifestyle Properties, Inc. REIT | 12,917,151 |
TOTAL COMMON STOCKS (Cost $274,106,790) | 390,698,808 | |
SHORT-TERM INVESTMENTS 4.0% | ||
MONEY MARKET FUNDS 4.0% | ||
16,451,808 | State Street Institutional U.S. Government Money Market Fund, Premier Class, 1.43%(2) | 16,451,808 |
TOTAL SHORT-TERM INVESTMENTS (Cost $16,451,808) | 16,451,808 | |
TOTAL INVESTMENTS IN SECURITIES 99.8% (Cost $290,558,598) | $407,150,616 | |
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES 0.2% | 745,143 | |
NET ASSETS 100.0% | $407,895,759 |
(1) | Non-income producing. |
(2) | Rate reflects 7 day yield as of June 30, 2022. |
REITs | Real Estate Investment Trusts. |
Investments in Securities: | Level 1 | Level 2 | Level 3 | Total |
Assets | ||||
Common Stocks* | $390,698,808 | $— | $— | $390,698,808 |
Short-Term Investments | 16,451,808 | — | — | 16,451,808 |
Total Investments in Securities | $407,150,616 | $— | $— | $407,150,616 |
* | See Schedule of Investments for further breakdown by category. |
Ten Largest Holdings* | |||
Issue | Shares | Value | Percentage of Net Assets |
Danaher Corp. | 103,700 | $26,290,024 | 7.3% |
Accenture PLC | 89,200 | 24,766,380 | 6.9% |
Thermo Fisher Scientific, Inc. | 43,000 | 23,361,040 | 6.5% |
Cintas Corp. | 57,177 | 21,357,325 | 5.9% |
S&P Global, Inc. | 62,773 | 21,158,267 | 5.9% |
Roper Technologies, Inc. | 43,069 | 16,997,181 | 4.7% |
Costco Wholesale Corp. | 35,300 | 16,918,584 | 4.7% |
MasterCard, Inc. | 49,900 | 15,742,452 | 4.4% |
Union Pacific Corp. | 72,800 | 15,526,784 | 4.3% |
Salesforce.com, Inc. | 90,400 | 14,919,616 | 4.1% |
Asset Allocation — Percentage of Net Assets |
Sector Weightings — Percentage of Total Investments In Securities* |
* | Excludes short-term investments, if any. |
6 Mos | 1 Yr | 5 Yrs | 10 Yrs | Since Inception 5/30/1956 | |||||
Investor Class | |||||||||
Value Line Select Growth Fund, Inc. | (23.01%) | (11.65%) | 12.11% | 12.01% | 9.57% | ||||
S&P 500® Index*** | (19.96%) | (10.62%) | 11.31% | 12.96% | 9.73% | ||||
6 Mos | 1 Yr | Since Inception 5/1/2020 | |||||||
Institutional Class | |||||||||
Value Line Select Growth Fund, Inc. | (22.90%) | (11.42%) | 11.43% | ||||||
S&P 500® Index*** | (19.96%) | (10.62%) | 11.50% |
** | The performance data quoted represent past performance and are no guarantee of future performance. The investment return and principal value of an investment will fluctuate so that an investment, when redeemed, may be worth more or less than its original cost. The performance data includes reinvestments of all dividends and distributions but does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. |
*** | The S&P 500® Index is an unmanaged index that is representative of the larger-capitalization stocks traded in the United States. |
Shares | Value | |
COMMON STOCKS 99.2% | ||
CONSUMER DISCRETIONARY 1.9% | ||
RETAIL 1.9% | ||
120,600 | TJX Cos., Inc. | $ 6,735,510 |
CONSUMER STAPLES 4.7% | ||
RETAIL 4.7% | ||
35,300 | Costco Wholesale Corp. | 16,918,584 |
FINANCIALS 11.3% | ||
COMMERCIAL SERVICES 5.9% | ||
62,773 | S&P Global, Inc. | 21,158,267 |
DIVERSIFIED FINANCIALS 2.7% | ||
103,989 | Intercontinental Exchange, Inc. | 9,779,126 |
INSURANCE 2.7% | ||
12,000 | Aon PLC Class A | 3,236,160 |
42,800 | Marsh & McLennan Cos., Inc. | 6,644,700 |
9,880,860 | ||
40,818,253 | ||
HEALTHCARE 17.4% | ||
ELECTRONICS 0.5% | ||
1,700 | Mettler-Toledo International, Inc.(1) | 1,952,909 |
HEALTHCARE PRODUCTS 16.9% | ||
103,700 | Danaher Corp. | 26,290,024 |
24,400 | IDEXX Laboratories, Inc.(1) | 8,557,812 |
13,000 | Stryker Corp. | 2,586,090 |
43,000 | Thermo Fisher Scientific, Inc. | 23,361,040 |
60,794,966 | ||
62,747,875 | ||
INDUSTRIALS 23.1% | ||
AEROSPACE/DEFENSE 3.4% | ||
22,400 | TransDigm Group, Inc.(1) | 12,021,408 |
COMMERCIAL SERVICES 5.9% | ||
57,177 | Cintas Corp. | 21,357,325 |
ENVIRONMENTAL CONTROL 4.8% | ||
81,800 | Republic Services, Inc. | 10,705,166 |
51,700 | Waste Connections, Inc. | 6,408,732 |
17,113,898 | ||
SOFTWARE 4.7% | ||
43,069 | Roper Technologies, Inc. | 16,997,181 |
TRANSPORTATION 4.3% | ||
72,800 | Union Pacific Corp. | 15,526,784 |
83,016,596 |
Shares | Value | |
COMMON STOCKS 99.2% (continued) | ||
INFORMATION TECHNOLOGY 39.1% | ||
AEROSPACE/DEFENSE 3.9% | ||
37,800 | Teledyne Technologies, Inc.(1) | $ 14,179,158 |
COMPUTERS 6.9% | ||
89,200 | Accenture PLC Class A | 24,766,380 |
DIVERSIFIED FINANCIALS 4.4% | ||
49,900 | MasterCard, Inc. Class A | 15,742,452 |
SOFTWARE 23.9% | ||
18,000 | Adobe, Inc.(1) | 6,589,080 |
12,400 | ANSYS, Inc.(1) | 2,967,196 |
72,000 | Cadence Design Systems, Inc.(1) | 10,802,160 |
54,600 | Fidelity National Information Services, Inc. | 5,005,182 |
140,800 | Fiserv, Inc.(1) | 12,526,976 |
34,400 | Intuit, Inc. | 13,259,136 |
90,400 | Salesforce.com, Inc.(1) | 14,919,616 |
28,639 | ServiceNow, Inc.(1) | 13,618,417 |
20,800 | Synopsys, Inc.(1) | 6,316,960 |
86,004,723 | ||
140,692,713 | ||
MATERIALS 1.7% | ||
CHEMICALS 1.7% | ||
38,800 | Ecolab, Inc. | 5,965,888 |
TOTAL COMMON STOCKS (Cost $193,422,738) | 356,895,419 | |
SHORT-TERM INVESTMENTS 0.9% | ||
MONEY MARKET FUNDS 0.9% | ||
3,285,367 | State Street Institutional U.S. Government Money Market Fund, Premier Class, 1.43%(2) | 3,285,367 |
TOTAL SHORT-TERM INVESTMENTS (Cost $3,285,367) | 3,285,367 | |
TOTAL INVESTMENTS IN SECURITIES 100.1% (Cost $196,708,105) | $360,180,786 | |
EXCESS OF LIABILITIES OVER CASH AND OTHER ASSETS (0.1)% | (407,041) | |
NET ASSETS 100.0% | $359,773,745 |
(1) | Non-income producing. |
(2) | Rate reflects 7 day yield as of June 30, 2022. |
Investments in Securities: | Level 1 | Level 2 | Level 3 | Total |
Assets | ||||
Common Stocks* | $356,895,419 | $— | $— | $356,895,419 |
Short-Term Investments | 3,285,367 | — | — | 3,285,367 |
Total Investments in Securities | $360,180,786 | $— | $— | $360,180,786 |
* | See Schedule of Investments for further breakdown by category. |
Ten Largest Holdings* | |||
Issue | Shares | Value | Percentage of Net Assets |
Visa, Inc. | 48,000 | $9,450,720 | 4.1% |
Amazon.com, Inc. | 87,000 | 9,240,270 | 4.0% |
Diamondback Energy, Inc. | 76,000 | 9,207,400 | 4.0% |
Alphabet, Inc. | 4,100 | 8,934,966 | 3.9% |
Meta Platforms, Inc. | 54,000 | 8,707,500 | 3.8% |
QUALCOMM, Inc. | 66,000 | 8,430,840 | 3.7% |
Exelixis, Inc. | 390,000 | 8,119,800 | 3.6% |
Microsoft Corp. | 29,000 | 7,448,070 | 3.3% |
Vertex Pharmaceuticals, Inc. | 26,000 | 7,326,540 | 3.2% |
Salesforce.com, Inc. | 38,000 | 6,271,520 | 2.7% |
Asset Allocation — Percentage of Net Assets |
Sector Weightings — Percentage of Total Investments In Securities* |
* | Excludes short-term investments, if any. |
6 Mos | 1 Yr | 5 Yrs | 10 Yrs | Since Inception 3/20/1972 | |||||
Investor Class | |||||||||
Value Line Larger Companies Focused Fund, Inc. | (36.41%) | (39.87%) | 5.99% | 10.79% | 9.97% | ||||
S&P 500® Index*** | (19.96%) | (10.62%) | 11.31% | 12.96% | 9.73% | ||||
6 Mos | 1 Yr | 5 Yrs | Since Inception 11/1/2015 | ||||||
Institutional Class | |||||||||
Value Line Larger Companies Focused Fund, Inc. | (36.33%) | (39.73%) | 6.22% | 7.71% | |||||
S&P 500® Index*** | (19.96%) | (10.62%) | 11.31% | 11.50% |
** | The performance data quoted represent past performance and are no guarantee of future performance. The investment return and principal value of an investment will fluctuate so that an investment, when redeemed, may be worth more or less than its original cost. The performance data includes reinvestments of all dividends and distributions but does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. |
*** | The S&P 500® Index is an unmanaged index that is representative of the larger-capitalization stocks traded in the United States. |
Shares | Value | |
COMMON STOCKS 99.3% | ||
COMMUNICATION SERVICES 15.0% | ||
INTERNET 13.9% | ||
4,100 | Alphabet, Inc. Class A(1) | $ 8,934,966 |
75,000 | Match Group, Inc.(1) | 5,226,750 |
54,000 | Meta Platforms, Inc. Class A(1) | 8,707,500 |
14,000 | Netflix, Inc.(1) | 2,448,180 |
43,000 | Roku, Inc.(1) | 3,532,020 |
210,000 | Snap, Inc. Class A(1) | 2,757,300 |
31,606,716 | ||
MEDIA 1.1% | ||
27,000 | Walt Disney Co.(1) | 2,548,800 |
34,155,516 | ||
CONSUMER DISCRETIONARY 15.1% | ||
AUTO MANUFACTURERS 3.3% | ||
100,000 | Rivian Automotive, Inc. Class A(1)(2) | 2,574,000 |
7,400 | Tesla, Inc.(1) | 4,983,308 |
7,557,308 | ||
ENTERTAINMENT 0.7% | ||
135,000 | DraftKings, Inc. Class A(1)(2) | 1,575,450 |
INTERNET 7.2% | ||
30,000 | Alibaba Group Holding Ltd. ADR(1) | 3,410,400 |
87,000 | Amazon.com, Inc.(1) | 9,240,270 |
2,200 | Booking Holdings, Inc.(1) | 3,847,778 |
16,498,448 | ||
LEISURE TIME 0.9% | ||
225,000 | Peloton Interactive, Inc. Class A(1)(2) | 2,065,500 |
RETAIL 3.0% | ||
11,000 | Lululemon Athletica, Inc.(1) | 2,998,710 |
10,000 | Ulta Beauty, Inc.(1) | 3,854,800 |
6,853,510 | ||
34,550,216 | ||
ENERGY 6.1% | ||
OIL & GAS 6.1% | ||
76,000 | Diamondback Energy, Inc. | 9,207,400 |
21,000 | Pioneer Natural Resources Co. | 4,684,680 |
13,892,080 | ||
FINANCIALS 7.5% | ||
BANKS 3.7% | ||
120,000 | Bank of America Corp. | 3,735,600 |
16,000 | Goldman Sachs Group, Inc. | 4,752,320 |
8,487,920 | ||
DIVERSIFIED FINANCIALS 2.7% | ||
47,000 | Blackstone, Inc. | 4,287,810 |
38,000 | Coinbase Global, Inc. Class A(1)(2) | 1,786,760 |
6,074,570 | ||
INTERNET 1.1% | ||
300,000 | Robinhood Markets, Inc. Class A(1)(2) | 2,466,000 |
17,028,490 | ||
HEALTHCARE 14.4% | ||
BIOTECHNOLOGY 10.5% | ||
1,200,000 | Amarin Corp. PLC ADR(1)(2) | 1,788,000 |
Shares | Value | |
COMMON STOCKS 99.3% (continued) | ||
HEALTHCARE 14.4% (continued) | ||
BIOTECHNOLOGY 10.5% (continued) | ||
390,000 | Exelixis, Inc.(1) | $ 8,119,800 |
145,000 | Global Blood Therapeutics, Inc.(1)(2) | 4,632,750 |
150,000 | Intercept Pharmaceuticals, Inc.(1)(2) | 2,071,500 |
26,000 | Vertex Pharmaceuticals, Inc.(1) | 7,326,540 |
23,938,590 | ||
HEALTHCARE PRODUCTS 2.2% | ||
125,000 | Exact Sciences Corp.(1) | 4,923,750 |
PHARMACEUTICALS 1.7% | ||
52,000 | DexCom, Inc.(1) | 3,875,560 |
32,737,900 | ||
INDUSTRIALS 4.9% | ||
AIRLINES 1.5% | ||
120,000 | Delta Air Lines, Inc.(1) | 3,476,400 |
INTERNET 3.4% | ||
140,000 | Lyft, Inc. Class A(1) | 1,859,200 |
290,000 | Uber Technologies, Inc.(1) | 5,933,400 |
7,792,600 | ||
11,269,000 | ||
INFORMATION TECHNOLOGY 36.3% | ||
COMMERCIAL SERVICES 2.6% | ||
85,000 | PayPal Holdings, Inc.(1) | 5,936,400 |
COMPUTERS 4.3% | ||
44,000 | Apple, Inc. | 6,015,680 |
22,000 | Crowdstrike Holdings, Inc. Class A(1) | 3,708,320 |
9,724,000 | ||
DIVERSIFIED FINANCIALS 4.1% | ||
48,000 | Visa, Inc. Class A | 9,450,720 |
INTERNET 2.4% | ||
45,000 | Okta, Inc.(1) | 4,068,000 |
47,000 | Shopify, Inc. Class A(1) | 1,468,280 |
5,536,280 | ||
SEMICONDUCTORS 9.6% | ||
50,000 | Advanced Micro Devices, Inc.(1) | 3,823,500 |
68,000 | Micron Technology, Inc. | 3,759,040 |
38,000 | NVIDIA Corp. | 5,760,420 |
66,000 | QUALCOMM, Inc. | 8,430,840 |
21,773,800 | ||
SOFTWARE 13.3% | ||
8,000 | Intuit, Inc. | 3,083,520 |
29,000 | Microsoft Corp. | 7,448,070 |
38,000 | Salesforce.com, Inc.(1) | 6,271,520 |
8,000 | ServiceNow, Inc.(1) | 3,804,160 |
40,000 | Splunk, Inc.(1) | 3,538,400 |
43,000 | Twilio, Inc. Class A(1) | 3,603,830 |
19,000 | Workday, Inc. Class A(1) | 2,652,020 |
30,401,520 | ||
82,822,720 | ||
TOTAL COMMON STOCKS (Cost $255,383,230) | 226,455,922 |
Shares | Value | |
SHORT-TERM INVESTMENTS 5.4% | ||
MONEY MARKET FUNDS 5.4% | ||
985,457 | State Street Institutional U.S. Government Money Market Fund, Premier Class, 1.43%(3) | $ 985,457 |
11,449,081 | State Street Navigator Securities Lending Government Money Market Portfolio(4) | 11,449,081 |
12,434,538 | ||
TOTAL SHORT-TERM INVESTMENTS (Cost $12,434,538) | 12,434,538 | |
TOTAL INVESTMENTS IN SECURITIES 104.7% (Cost $267,817,768) | $238,890,460 | |
EXCESS OF LIABILITIES OVER CASH AND OTHER ASSETS (4.7)% | (10,785,368) | |
NET ASSETS 100.0% | $228,105,092 |
(1) | Non-income producing. |
(2) | A portion or all of the security was held on loan. As of June 30, 2022, the market value of the securities on loan was $12,695,960. |
(3) | Rate reflects 7 day yield as of June 30, 2022. |
(4) | Securities with an aggregate market value of $12,695,960 were out on loan in exchange for collateral including $11,449,081 of cash collateral as of June 30, 2022. The collateral was invested in a cash collateral reinvestment vehicle. |
ADR | American Depositary Receipt. |
Investments in Securities: | Level 1 | Level 2 | Level 3 | Total |
Assets | ||||
Common Stocks* | $226,455,922 | $— | $— | $226,455,922 |
Short-Term Investments | 12,434,538 | — | — | 12,434,538 |
Total Investments in Securities | $238,890,460 | $— | $— | $238,890,460 |
* | See Schedule of Investments for further breakdown by category. |
* | ”Risk off,” or its opposite “risk on,” is an investment setting in which price behavior responds to and is driven by changes in investor risk tolerance. Risk on and risk off refer to changes in investment activity in response to global economic patterns. During periods when risk is perceived as low, the risk on/risk off theory states that investors tend to engage in higher risk investments. When risk is perceived to be high, investors have the tendency to gravitate toward lower risk investments. |
Ten Largest Holdings* | |||
Issue | Shares | Value | Percentage of Net Assets |
Danaher Corp. | 136,737 | $34,665,564 | 3.2% |
S&P Global, Inc. | 99,719 | 33,611,286 | 3.1% |
Thermo Fisher Scientific, Inc. | 60,000 | 32,596,800 | 3.0% |
Cintas Corp. | 82,900 | 30,965,637 | 2.8% |
Intuit, Inc. | 72,810 | 28,063,886 | 2.6% |
Intercontinental Exchange, Inc. | 289,913 | 27,263,418 | 2.5% |
Republic Services, Inc. | 192,627 | 25,209,096 | 2.3% |
Teledyne Technologies, Inc. | 65,300 | 24,494,683 | 2.2% |
Berkley (W.R.) Corp. | 332,256 | 22,679,795 | 2.1% |
Aon PLC | 83,700 | 22,572,216 | 2.0% |
Asset Allocation — Percentage of Net Assets |
Common Stock Sectors — Percentage of Common Stocks* |
Bonds & Notes Sectors — Percentage of All Bonds & Notes* |
* | Excludes short-term investments, if any. |
3 Mos | 1 Yr | 5 Yrs | 10 Yrs | Since Inception 8/24/1993 | |||||
Investor Class | |||||||||
Value Line Asset Allocation Fund, Inc. | (11.05%) | (11.27%) | 7.55% | 8.59% | 9.20% | ||||
60/40 S&P 500® Index/Bloomberg US Aggregate Bond*** | (11.54%) | (10.49%) | 7.14% | 8.40% | 7.66% | ||||
S&P 500® Index**** | (16.10%) | (10.62%) | 11.31% | 12.96% | 9.73% | ||||
3 Mos | 1 Yr | 5 Yrs | Since Inception 11/2/2015 | ||||||
Institutional Class | |||||||||
Value Line Asset Allocation Fund, Inc. | (11.00%) | (11.05%) | 7.82% | 7.82% | |||||
60/40 S&P 500® Index/Bloomberg US Aggregate Bond*** | (11.54%) | (10.49%) | 7.14% | 7.42% | |||||
S&P 500® Index**** | (16.10%) | (10.62%) | 11.31% | 11.50% |
** | The performance data quoted represent past performance and are no guarantee of future performance. The investment return and principal value of an investment will fluctuate so that an investment, when redeemed, may be worth more or less than its original cost. The performance data includes reinvestment of all dividends and distributions but does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. |
*** | The 60/40 S&P 500® Index/Bloomberg US Aggregate Bond Index is an unmanaged blended index which consists of a 60% weighting of the S&P 500® Index representative of the larger capitalization stocks traded in the United States and a 40% weighting of the Bloomberg US Aggregate Bond Index which is a broad-based benchmark that measures the investment grade, U.S. dollar denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, Mortgage Backed Securities (MBS) (agency fixed-rate and hybrid ARM pass-through’s), Asset Backed Securities (ABS), and Commercial Mortgage Backed Securities (CMBS). |
**** | The S&P 500®Index is an unmanaged index that is representative of the larger capitalization stocks traded in the United States. |
Shares | Value | |
COMMON STOCKS 68.5% | ||
CONSUMER DISCRETIONARY 2.2% | ||
DISTRIBUTION/WHOLESALE 1.1% | ||
34,800 | Pool Corp. | $ 12,222,804 |
RETAIL 1.1% | ||
219,294 | TJX Cos., Inc. | 12,247,570 |
24,470,374 | ||
CONSUMER STAPLES 1.3% | ||
RETAIL 1.3% | ||
30,000 | Costco Wholesale Corp. | 14,378,400 |
FINANCIALS 12.0% | ||
COMMERCIAL SERVICES 3.1% | ||
99,719 | S&P Global, Inc. | 33,611,286 |
DIVERSIFIED FINANCIALS 2.5% | ||
289,913 | Intercontinental Exchange, Inc. | 27,263,418 |
INSURANCE 6.4% | ||
70,100 | American Financial Group, Inc. | 9,730,581 |
83,700 | Aon PLC Class A | 22,572,216 |
234,400 | Arch Capital Group, Ltd.(1) | 10,662,856 |
332,256 | Berkley (W.R.) Corp. | 22,679,795 |
43,100 | RLI Corp. | 5,025,029 |
70,670,477 | ||
131,545,181 | ||
HEALTHCARE 10.7% | ||
BIOTECHNOLOGY 0.6% | ||
13,600 | Bio-Rad Laboratories, Inc. Class A(1) | 6,732,000 |
HEALTHCARE PRODUCTS 7.8% | ||
4,900 | Cooper Cos., Inc. | 1,534,288 |
136,737 | Danaher Corp. | 34,665,564 |
36,800 | IDEXX Laboratories, Inc.(1) | 12,906,864 |
19,371 | Stryker Corp. | 3,853,473 |
60,000 | Thermo Fisher Scientific, Inc. | 32,596,800 |
85,556,989 | ||
HEALTHCARE SERVICES 2.3% | ||
17,000 | Charles River Laboratories International, Inc.(1) | 3,637,490 |
33,700 | Chemed Corp. | 15,818,443 |
26,900 | IQVIA Holdings, Inc.(1) | 5,837,031 |
25,292,964 | ||
117,581,953 | ||
INDUSTRIALS 12.1% | ||
AEROSPACE/DEFENSE 1.9% | ||
38,400 | TransDigm Group, Inc.(1) | 20,608,128 |
BUILDING MATERIALS 0.2% | ||
9,500 | Lennox International, Inc. | 1,962,605 |
COMMERCIAL SERVICES 3.5% | ||
82,900 | Cintas Corp. | 30,965,637 |
45,600 | Verisk Analytics, Inc. | 7,892,904 |
38,858,541 | ||
DISTRIBUTION/WHOLESALE 0.5% | ||
56,500 | Copart, Inc.(1) | 6,139,290 |
Shares | Value | |
COMMON STOCKS 68.5% (continued) | ||
INDUSTRIALS 12.1% (continued) | ||
ENGINEERING & CONSTRUCTION 0.3% | ||
36,000 | Exponent, Inc. | $ 3,292,920 |
ENVIRONMENTAL CONTROL 2.3% | ||
192,627 | Republic Services, Inc. | 25,209,096 |
SOFTWARE 1.6% | ||
45,100 | Roper Technologies, Inc. | 17,798,715 |
TRANSPORTATION 1.8% | ||
91,300 | Union Pacific Corp. | 19,472,464 |
133,341,759 | ||
INFORMATION TECHNOLOGY 25.9% | ||
AEROSPACE/DEFENSE 2.2% | ||
65,300 | Teledyne Technologies, Inc.(1) | 24,494,683 |
COMMERCIAL SERVICES 0.4% | ||
18,700 | Gartner, Inc.(1) | 4,522,221 |
COMPUTERS 3.7% | ||
72,751 | Accenture PLC Class A | 20,199,315 |
155,100 | CGI, Inc.(1)(2) | 12,355,266 |
29,000 | EPAM Systems, Inc.(1) | 8,548,620 |
41,103,201 | ||
SEMICONDUCTORS 0.8% | ||
21,565 | Monolithic Power Systems, Inc. | 8,281,823 |
SOFTWARE 18.1% | ||
59,900 | Adobe, Inc.(1) | 21,926,994 |
24,700 | ANSYS, Inc.(1) | 5,910,463 |
147,600 | Cadence Design Systems, Inc.(1) | 22,144,428 |
51,600 | Fair Isaac Corp.(1) | 20,686,440 |
106,787 | Fidelity National Information Services, Inc. | 9,789,164 |
177,000 | Fiserv, Inc.(1) | 15,747,690 |
72,810 | Intuit, Inc. | 28,063,886 |
13,400 | Paycom Software, Inc.(1) | 3,753,608 |
81,000 | Salesforce.com, Inc.(1) | 13,368,240 |
45,925 | ServiceNow, Inc.(1) | 21,838,256 |
59,800 | Synopsys, Inc.(1) | 18,161,260 |
52,737 | Tyler Technologies, Inc.(1) | 17,533,998 |
198,924,427 | ||
TELECOMMUNICATIONS 0.7% | ||
34,100 | Motorola Solutions, Inc. | 7,147,360 |
284,473,715 | ||
MATERIALS 1.4% | ||
CHEMICALS 1.1% | ||
81,000 | Ecolab, Inc. | 12,454,560 |
PACKAGING & CONTAINERS 0.3% | ||
28,100 | AptarGroup, Inc. | 2,900,201 |
15,354,761 | ||
REAL ESTATE 1.1% | ||
REITS 1.1% | ||
174,700 | Equity Lifestyle Properties, Inc. REIT | 12,311,109 |
Shares | Value | |
COMMON STOCKS 68.5% (continued) | ||
UTILITIES 1.8% | ||
ELECTRIC 1.8% | ||
253,776 | NextEra Energy, Inc. | $ 19,657,489 |
TOTAL COMMON STOCKS (Cost $536,942,181) | 753,114,741 |
Principal Amount | Value | |
ASSET-BACKED SECURITIES 0.6% | ||
$1,500,000 | Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.19%, 7/15/31(3) | 1,476,835 |
1,500,000 | Ford Credit Auto Owner Trust, Series 2018-2, Class A, 3.47%, 1/15/30(3) | 1,495,284 |
1,000,000 | Ford Credit Auto Owner Trust, Series 2020-2, Class A, 1.06%, 4/15/33(3) | 905,364 |
95,880 | GM Financial Consumer Automobile Receivables Trust,Series 2019-4, Class A3, 1.75%, 7/16/24 | 95,634 |
1,500,000 | GM Financial Consumer Automobile Receivables Trust, Series 2020-1, Class A4, 1.90%, 3/17/25 | 1,475,999 |
46,108 | Nissan Auto Receivables Owner Trust, Series 2019-A, Class A3, 2.90%, 10/16/23 | 46,152 |
1,000,000 | Toyota Auto Loan Extended Note Trust, Series 2019-1A, Class A, 2.56%, 11/25/31(3) | 978,962 |
142,431 | Toyota Auto Receivables Owner Trust, Series 2019-A, Class A3, 2.91%, 7/17/23 | 142,479 |
TOTAL ASSET-BACKED SECURITIES (Cost $7,184,097) | 6,616,709 | |
COMMERCIAL MORTGAGE-BACKED SECURITIES 1.8% | ||
1,800,000 | FHLMC Multifamily Structured Pass-Through Certificates, Series K037, Class A2, 3.49%, 1/25/24 | 1,804,029 |
1,580,000 | FHLMC Multifamily Structured Pass-Through Certificates, Series K040, Class A2, 3.24%, 9/25/24 | 1,572,626 |
1,240,000 | FHLMC Multifamily Structured Pass-Through Certificates, Series K055, Class A2, 2.67%, 3/25/26 | 1,208,423 |
1,000,000 | FHLMC Multifamily Structured Pass-Through Certificates, Series K056, Class A2, 2.53%, 5/25/26 | 968,572 |
1,320,000 | FHLMC Multifamily Structured Pass-Through Certificates, Series K058, Class A2, 2.65%, 8/25/26 | 1,281,323 |
875,000 | FHLMC Multifamily Structured Pass-Through Certificates, Series K061, Class A2, 3.35%, 11/25/26(4) | 875,597 |
1,580,000 | FHLMC Multifamily Structured Pass-Through Certificates, Series K064, Class A2, 3.22%, 3/25/27 | 1,563,835 |
1,750,000 | FHLMC Multifamily Structured Pass-Through Certificates, Series K065, Class A2, 3.24%, 4/25/27 | 1,732,937 |
1,825,000 | FHLMC Multifamily Structured Pass-Through Certificates, Series K067, Class A2, 3.19%, 7/25/27 | 1,802,142 |
Principal Amount | Value | |
COMMERCIAL MORTGAGE-BACKED SECURITIES 1.8% (continued) | ||
$809,810 | FHLMC Multifamily Structured Pass-Through Certificates, Series K072, Class A1, 3.25%, 11/25/27 | $ 804,666 |
750,000 | FHLMC Multifamily Structured Pass-Through Certificates, Series K084, Class A2, 3.78%, 10/25/28(4) | 757,177 |
1,759,023 | FHLMC Multifamily Structured Pass-Through Certificates, Series K089, Class A1, 3.34%, 10/25/28 | 1,756,827 |
1,889,030 | FHLMC Multifamily Structured Pass-Through Certificates, Series K101, Class A1, 2.19%, 7/25/29 | 1,796,975 |
231,257 | FREMF Mortgage Trust, Series 2015-K43, Class B, 3.86%, 2/25/48(3)(4) | 227,669 |
150,000 | GNMA, Series 2013-12, Class B, 2.06%, 11/16/52(4) | 145,257 |
1,000,000 | Morgan Stanley Capital I Trust, Series 2021-L7, Class A4, 2.32%, 10/15/54 | 846,097 |
370,214 | UBS-Barclays Commercial Mortgage Trust, Series 2013-C5, Class A4, 3.18%, 3/10/46 | 368,376 |
3,882 | Wells Fargo Commercial Mortgage Trust, Series 2015-NXS1, Class A2, 2.63%, 5/15/48 | 3,878 |
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $21,358,805) | 19,516,406 | |
CORPORATE BONDS & NOTES 10.4% | ||
BASIC MATERIALS 0.7% | ||
CHEMICALS 0.3% | ||
1,000,000 | Celanese U.S. Holdings LLC, Guaranteed Notes, 4.63%, 11/15/22 | 1,006,315 |
1,175,000 | Nutrien Ltd., Senior Unsecured Notes, 4.20%, 4/1/29 | 1,143,757 |
1,050,000 | Westlake Corp., Senior Unsecured Notes, 3.60%, 8/15/26 | 1,023,456 |
3,173,528 | ||
IRON/STEEL 0.2% | ||
1,090,000 | ArcelorMittal SA, Senior Unsecured Notes, 4.25%, 7/16/29(2) | 1,036,960 |
1,200,000 | Steel Dynamics, Inc., Senior Unsecured Notes, 3.25%, 1/15/31 | 1,047,894 |
2,084,854 | ||
MINING 0.2% | ||
1,205,000 | Freeport-McMoRan, Inc., 4.63%, 8/1/30(2) | 1,117,975 |
1,080,000 | Rio Tinto Finance USA PLC, Guaranteed Notes, 4.13%, 8/21/42 | 999,075 |
2,117,050 | ||
7,375,432 | ||
COMMUNICATIONS 0.8% | ||
INTERNET 0.2% | ||
1,350,000 | Expedia Group, Inc., Guaranteed Notes, 3.25%, 2/15/30 | 1,127,722 |
1,155,000 | Netflix, Inc., Senior Unsecured Notes, 4.88%, 4/15/28 | 1,089,465 |
2,217,187 |
Principal Amount | Value | |
CORPORATE BONDS & NOTES 10.4% (continued) | ||
COMMUNICATIONS 0.8% (continued) | ||
MEDIA 0.2% | ||
$1,250,000 | Charter Communications Operating LLC/Charter Communications Operating Capital, Senior Secured Notes, 4.91%, 7/23/25 | $ 1,251,850 |
1,325,000 | Comcast Corp., Guaranteed Notes, 4.15%, 10/15/28 | 1,322,916 |
2,574,766 | ||
TELECOMMUNICATIONS 0.4% | ||
1,100,000 | AT&T, Inc., Senior Unsecured Notes, 2.55%, 12/1/33 | 895,243 |
1,100,000 | Motorola Solutions, Inc., Senior Unsecured Notes, 4.60%, 5/23/29 | 1,054,591 |
1,200,000 | T-Mobile USA, Inc., Guaranteed Notes, 3.50%, 4/15/31 | 1,043,400 |
1,225,000 | Vodafone Group PLC, Senior Unsecured Notes, 4.25%, 9/17/50 | 1,030,258 |
4,023,492 | ||
8,815,445 | ||
CONSUMER, CYCLICAL 0.8% | ||
AUTO MANUFACTURERS 0.2% | ||
1,300,000 | Cummins, Inc., Senior Unsecured Notes, 1.50%, 9/1/30 | 1,056,385 |
1,125,000 | Ford Motor Credit Co. LLC, Senior Unsecured Notes, 3.38%, 11/13/25 | 1,014,919 |
2,071,304 | ||
HOME BUILDERS 0.1% | ||
1,208,000 | PulteGroup, Inc., Guaranteed Notes, 5.00%, 1/15/27(2) | 1,209,404 |
HOME FURNISHINGS 0.1% | ||
1,200,000 | Whirlpool Corp., Senior Unsecured Notes, 4.75%, 2/26/29 | 1,202,502 |
LODGING 0.1% | ||
1,000,000 | Hyatt Hotels Corp., 1.80%, 10/1/24 | 946,120 |
RETAIL 0.3% | ||
1,250,000 | AutoZone, Inc., Senior Unsecured Notes, 3.75%, 6/1/27 | 1,212,971 |
1,300,000 | Costco Wholesale Corp., Senior Unsecured Notes, 1.75%, 4/20/32(2) | 1,072,792 |
1,225,000 | Dollar General Corp., Senior Unsecured Notes, 3.50%, 4/3/30 | 1,130,474 |
3,416,237 | ||
8,845,567 | ||
CONSUMER, NON-CYCLICAL 2.2% | ||
AGRICULTURE 0.1% | ||
1,200,000 | Bunge Ltd. Finance Corp., Guaranteed Notes, 3.25%, 8/15/26 | 1,142,768 |
BEVERAGES 0.2% | ||
1,200,000 | Anheuser-Busch InBev Worldwide, Inc., Guaranteed Notes, 4.90%, 1/23/31 | 1,233,370 |
1,250,000 | Diageo Capital PLC, 2.00%, 4/29/30(2) | 1,069,235 |
2,302,605 |
Principal Amount | Value | |
CORPORATE BONDS & NOTES 10.4% (continued) | ||
CONSUMER, NON-CYCLICAL 2.2% (continued) | ||
BIOTECHNOLOGY 0.2% | ||
$1,200,000 | Amgen, Inc., Senior Unsecured Notes, 2.20%, 2/21/27 | $ 1,105,030 |
1,225,000 | Regeneron Pharmaceuticals, Inc., Senior Unsecured Notes, 1.75%, 9/15/30 | 984,868 |
2,089,898 | ||
COMMERCIAL SERVICES 0.2% | ||
1,150,000 | Global Payments, Inc., Senior Unsecured Notes, 2.90%, 5/15/30 | 972,195 |
1,150,000 | PayPal Holdings, Inc., Senior Unsecured Notes, 2.65%, 10/1/26 | 1,091,937 |
2,064,132 | ||
FOOD 0.1% | ||
1,300,000 | Kroger Co., Senior Unsecured Notes, 2.65%, 10/15/26 | 1,217,669 |
HEALTHCARE PRODUCTS 0.1% | ||
1,200,000 | Baxter International, Inc., 1.73%, 4/1/31 | 952,011 |
HEALTHCARE SERVICES 0.5% | ||
1,350,000 | Centene Corp., Senior Unsecured Notes, 4.63%, 12/15/29 | 1,252,398 |
1,250,000 | Elevance Health, Inc., Senior Unsecured Notes, 3.35%, 12/1/24 | 1,234,002 |
1,200,000 | HCA, Inc., Guaranteed Notes, 5.38%, 2/1/25 | 1,200,336 |
1,125,000 | Laboratory Corp. of America Holdings, Senior Unsecured Notes, 2.95%, 12/1/29 | 992,431 |
1,200,000 | UnitedHealth Group, Inc., Senior Unsecured Notes, 4.63%, 11/15/41 | 1,186,413 |
5,865,580 | ||
PHARMACEUTICALS 0.8% | ||
1,310,000 | AbbVie, Inc., Senior Unsecured Notes, 2.95%, 11/21/26 | 1,242,530 |
1,300,000 | AstraZeneca PLC, Senior Unsecured Notes, 1.38%, 8/6/30 | 1,067,725 |
1,400,000 | Becton Dickinson and Co., Senior Unsecured Notes, 3.70%, 6/6/27 | 1,357,215 |
1,075,000 | CVS Health Corp., Senior Unsecured Notes, 1.75%, 8/21/30 | 863,242 |
1,250,000 | Merck & Co., Inc., Senior Unsecured Notes, 3.90%, 3/7/39 | 1,186,633 |
1,225,000 | Novartis Capital Corp., Guaranteed Notes, 2.75%, 8/14/50(2) | 960,858 |
1,050,000 | Takeda Pharmaceutical Co. Ltd., Senior Unsecured Notes, 3.03%, 7/9/40 | 812,081 |
1,100,000 | Utah Acquisition Sub, Inc., Guaranteed Notes, 3.95%, 6/15/26 | 1,037,531 |
8,527,815 | ||
24,162,478 | ||
ENERGY 0.8% | ||
OIL & GAS 0.4% | ||
1,100,000 | Canadian Natural Resources Ltd., Senior Unsecured Notes, 2.05%, 7/15/25 | 1,030,142 |
1,100,000 | EOG Resources, Inc., Senior Unsecured Notes, 4.38%, 4/15/30(2) | 1,106,825 |
Principal Amount | Value | |
CORPORATE BONDS & NOTES 10.4% (continued) | ||
ENERGY 0.8% (continued) | ||
OIL & GAS 0.4% (continued) | ||
$1,250,000 | Hess Corp., Senior Unsecured Notes, 4.30%, 4/1/27 | $ 1,220,236 |
1,025,000 | Occidental Petroleum Corp., Senior Unsecured Notes, 5.50%, 12/1/25 | 1,009,625 |
4,366,828 | ||
OIL & GAS SERVICES 0.1% | ||
1,275,000 | Schlumberger Finance Canada Ltd., Guaranteed Notes, 1.40%, 9/17/25(2) | 1,183,605 |
PIPELINES 0.3% | ||
1,275,000 | Boardwalk Pipelines LP, Guaranteed Notes, 4.95%, 12/15/24 | 1,284,649 |
1,150,000 | Enbridge, Inc., Guaranteed Notes, 2.50%, 8/1/33 | 932,437 |
1,125,000 | Enterprise Products Operating LLC, Guaranteed Notes, 4.85%, 8/15/42 | 1,036,179 |
3,253,265 | ||
8,803,698 | ||
FINANCIAL 3.3% | ||
BANKS 1.4% | ||
1,100,000 | Bank of America Corp. MTN, (SOFR + 1.33%), 2.84%, 4/2/26(4) | 1,085,496 |
1,025,000 | Barclays PLC, Senior Unsecured Notes, 4.34%, 1/10/28 | 981,075 |
1,153,000 | Citigroup, Inc., Subordinated Notes, 5.30%, 5/6/44 | 1,109,355 |
1,000,000 | Fifth Third Bancorp, Senior Unsecured Notes, 3.65%, 1/25/24 | 996,434 |
1,100,000 | Goldman Sachs Group, Inc., Senior Unsecured Notes, 3.75%, 2/25/26 | 1,079,484 |
1,200,000 | ING Groep NV, Senior Unsecured Notes, 3.95%, 3/29/27 | 1,157,909 |
1,320,000 | JPMorgan Chase & Co., Subordinated Notes, 4.13%, 12/15/26 | 1,309,881 |
1,100,000 | JPMorgan Chase & Co., Senior Unsecured Notes, (3-month LIBOR + 1.38%), 3.96%, 11/15/48(4) | 937,852 |
1,350,000 | KeyCorp, Senior Unsecured Notes, 2.55%, 10/1/29(2) | 1,173,869 |
1,100,000 | Lloyds Banking Group PLC, Senior Unsecured Notes, 3.90%, 3/12/24 | 1,093,563 |
1,475,000 | Morgan Stanley, Series F, Senior Unsecured Notes, 3.88%, 4/29/24 | 1,478,026 |
1,100,000 | Northern Trust Corp., 1.95%, 5/1/30(2) | 936,644 |
1,100,000 | Wells Fargo & Co., (SOFR + 1.32%), 2.30%, 4/25/26(4) | 1,081,245 |
1,250,000 | Zions Bancorp NA, Subordinated Notes, 3.25%, 10/29/29 | 1,090,164 |
15,510,997 | ||
DIVERSIFIED FINANCIALS 0.6% | ||
1,275,000 | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Guaranteed Notes, 1.75%, 1/30/26 | 1,115,635 |
1,350,000 | Air Lease Corp., Senior Unsecured Notes, 3.63%, 4/1/27 | 1,251,790 |
1,175,000 | Ally Financial, Inc., 4.75%, 6/9/27 | 1,129,960 |
Principal Amount | Value | |
CORPORATE BONDS & NOTES 10.4% (continued) | ||
FINANCIAL 3.3% (continued) | ||
DIVERSIFIED FINANCIALS 0.6% (continued) | ||
$1,125,000 | American Express Co., (SOFR + 0.72%), 1.82%, 5/3/24(4) | $ 1,116,910 |
1,275,000 | Charles Schwab Corp., (SOFR + 1.05%), 2.43%, 3/3/27(4) | 1,254,538 |
1,100,000 | Discover Financial Services, Senior Unsecured Notes, 3.95%, 11/6/24 | 1,084,714 |
6,953,547 | ||
INSURANCE 0.4% | ||
1,375,000 | Aflac, Inc., Senior Unsecured Notes, 3.60%, 4/1/30(2) | 1,305,165 |
1,150,000 | Allstate Corp., Senior Unsecured Notes, 1.45%, 12/15/30 | 916,095 |
1,250,000 | Hartford Financial Services Group, Inc., Senior Unsecured Notes, 2.80%, 8/19/29 | 1,117,037 |
1,175,000 | Prudential Financial, Inc., Junior Subordinated Notes, (3-month LIBOR + 2.67%), 5.70%, 9/15/48(2)(4) | 1,141,077 |
4,479,374 | ||
REITS 0.9% | ||
1,375,000 | AvalonBay Communities, Inc., Senior Unsecured Notes, 2.45%, 1/15/31 | 1,191,213 |
1,150,000 | Crown Castle International Corp., Senior Unsecured Notes, 3.80%, 2/15/28 | 1,086,780 |
1,150,000 | Duke Realty LP, Senior Unsecured Notes, 4.00%, 9/15/28 | 1,116,897 |
1,200,000 | Equinix, Inc., Senior Unsecured Notes, 2.50%, 5/15/31 | 981,578 |
1,150,000 | Essex Portfolio LP, Guaranteed Notes, 3.00%, 1/15/30 | 1,018,711 |
1,250,000 | Kimco Realty Corp., 2.25%, 12/1/31(2) | 1,007,765 |
1,125,000 | Life Storage LP, Guaranteed Notes, 2.20%, 10/15/30 | 903,994 |
1,100,000 | Prologis LP, Senior Unsecured Notes, 2.25%, 4/15/30 | 954,257 |
1,125,000 | Welltower, Inc., Senior Unsecured Notes, 4.25%, 4/15/28(2) | 1,093,497 |
9,354,692 | ||
36,298,610 | ||
INDUSTRIAL 0.8% | ||
AEROSPACE/DEFENSE 0.2% | ||
1,200,000 | L3Harris Technologies, Inc., Senior Unsecured Notes, 4.40%, 6/15/28 | 1,180,547 |
1,150,000 | Raytheon Technologies Corp., Senior Unsecured Notes, 4.13%, 11/16/28 | 1,136,982 |
2,317,529 | ||
BUILDING MATERIALS 0.1% | ||
1,025,000 | Masco Corp., Senior Unsecured Notes, 2.00%, 10/1/30 | 811,881 |
1,200,000 | Vulcan Materials Co., Senior Unsecured Notes, 3.50%, 6/1/30 | 1,090,550 |
1,902,431 | ||
ELECTRONICS 0.3% | ||
1,315,000 | Amphenol Corp., 2.20%, 9/15/31(2) | 1,076,494 |
Principal Amount | Value | |
CORPORATE BONDS & NOTES 10.4% (continued) | ||
INDUSTRIAL 0.8% (continued) | ||
ELECTRONICS 0.3% (continued) | ||
$1,200,000 | Flex Ltd., Senior Unsecured Notes, 4.75%,6/15/25 | $ 1,209,939 |
1,000,000 | Jabil, Inc., Senior Unsecured Notes, 3.60%, 1/15/30 | 892,992 |
3,179,425 | ||
MACHINERY - DIVERSIFIED 0.1% | ||
1,325,000 | John Deere Capital Corp., Senior Unsecured Notes, 2.45%, 1/9/30 | 1,188,925 |
TRANSPORTATION 0.1% | ||
1,250,000 | CSX Corp., Senior Unsecured Notes, 3.35%, 9/15/49 | 985,779 |
9,574,089 | ||
TECHNOLOGY 1.0% | ||
COMPUTERS 0.2% | ||
1,300,000 | Dell International LLC / EMC Corp., 4.90%, 10/1/26 | 1,302,090 |
1,350,000 | NetApp, Inc., Senior Unsecured Notes, 1.88%, 6/22/25 | 1,260,435 |
2,562,525 | ||
SEMICONDUCTORS 0.4% | ||
1,125,000 | Analog Devices, Inc., 2.80%, 10/1/41 | 885,863 |
1,100,000 | KLA Corp., Senior Unsecured Notes, 4.10%, 3/15/29 | 1,088,811 |
1,250,000 | NVIDIA Corp., Senior Unsecured Notes, 2.85%, 4/1/30 | 1,147,705 |
1,100,000 | Xilinx, Inc., Guaranteed Notes, 2.38%, 6/1/30 | 972,371 |
4,094,750 | ||
SOFTWARE 0.4% | ||
1,250,000 | Adobe, Inc., Senior Unsecured Notes, 2.30%, 2/1/30 | 1,106,504 |
1,150,000 | Electronic Arts, Inc., Senior Unsecured Notes, 4.80%, 3/1/26 | 1,175,222 |
1,100,000 | Roper Technologies, Inc., Senior Unsecured Notes, 2.00%, 6/30/30(2) | 888,028 |
1,210,000 | Salesforce, Inc., Senior Unsecured Notes, 2.70%, 7/15/41 | 940,518 |
4,110,272 | ||
10,767,547 | ||
TOTAL CORPORATE BONDS & NOTES (Cost $130,359,345) | 114,642,866 | |
LONG-TERM MUNICIPAL SECURITIES 0.7% | ||
CALIFORNIA 0.2% | ||
500,000 | City & County of San Francisco CA, General Obligation Limited, Series C, 2.60%, 6/15/37 | 409,880 |
500,000 | City of Pasadena CA, Refunding Revenue Bonds, Series B, 2.77%, 5/1/34 | 429,603 |
1,500,000 | San Diego Unified School District/CA, Series ZR1, GO, 2.61%, 7/1/36 | 1,239,391 |
450,000 | San Marcos California Unified School District, Refunding Revenue Bonds, 3.17%, 8/1/38 | 367,091 |
2,445,965 |
Principal Amount | Value | |
LONG-TERM MUNICIPAL SECURITIES 0.7% (continued) | ||
CONNECTICUT 0.1% | ||
$1,375,000 | Hartford County Metropolitan District Clean Water Project Revenue, Series B, 2.17%, 4/1/34 | $ 1,121,829 |
OREGON 0.2% | ||
1,100,000 | State of Oregon, Series C, GO, 2.38%, 5/1/36 | 887,475 |
1,085,000 | Tri-County Metropolitan Transportation District of Oregon, Series B, 2.50%, 9/1/30 | 989,202 |
500,000 | Tri-County Metropolitan Transportation District of Oregon, Series B, 2.86%, 9/1/41 | 402,147 |
2,278,824 | ||
TEXAS 0.2% | ||
1,325,000 | Texas Transportation Commission, GO, 5.00%, 4/1/28 | 1,421,984 |
TOTAL LONG-TERM MUNICIPAL SECURITIES (Cost $8,517,498) | 7,268,602 | |
RESIDENTIAL MORTGAGE-BACKED SECURITIES 6.8% | ||
51,634 | FHLMC, Series 4151, Class PA, 2.00%, 1/15/33 | 49,542 |
5,021 | FHLMC Gold PC Pool #G08488, 3.50%, 4/1/42 | 4,946 |
1,171,025 | FHLMC Pool #QB2462, 3.00%, 8/1/50 | 1,098,155 |
2,308,020 | FHLMC Pool #QB2958, 3.00%, 9/1/50 | 2,157,338 |
885,625 | FHLMC Pool #RA6817, 2.50%, 2/1/52 | 799,685 |
925,466 | FHLMC Pool #RB5022, 3.00%, 11/1/39 | 881,580 |
2,090,355 | FHLMC Pool #SB8078, 1.50%, 12/1/35 | 1,907,600 |
806,671 | FHLMC Pool #SD7514, 3.50%, 4/1/50 | 785,065 |
2,382,158 | FHLMC Pool #SD8108, 3.00%, 11/1/50 | 2,225,582 |
953,007 | FHLMC Pool #SD8196, 3.50%, 2/1/52 | 919,190 |
1,014,915 | FHLMC Pool #ZS4647, 3.50%, 1/1/46 | 993,861 |
13,320,000 | FNMA, 4.00%, 7/1/52 | 13,150,378 |
15,100,000 | FNMA, 4.50%, 7/1/52 | 15,177,270 |
1,565,516 | FNMA Pool #AS0516, 3.00%, 9/1/43 | 1,496,273 |
238,124 | FNMA Pool #AX9528, 3.50%, 2/1/45 | 233,603 |
35,817 | FNMA Pool #AZ6194, 3.50%, 10/1/45 | 35,172 |
1,419,355 | FNMA Pool #BM3634, 3.50%, 5/1/47 | 1,390,121 |
1,193,782 | FNMA Pool #BP5709, 2.50%, 5/1/50 | 1,079,660 |
909,917 | FNMA Pool #CA5540, 3.00%, 4/1/50 | 855,858 |
2,978,570 | FNMA Pool #FM2202, 4.00%, 12/1/48 | 2,980,617 |
1,221,334 | FNMA Pool #FM3254, 3.50%, 5/1/49 | 1,196,215 |
1,148,960 | FNMA Pool #FM4140, 2.50%, 9/1/50 | 1,043,664 |
1,282,827 | FNMA Pool #FM9509, 3.00%, 11/1/36 | 1,261,556 |
1,881,231 | FNMA Pool #FM9760, 3.50%, 11/1/51 | 1,815,625 |
2,217,362 | FNMA Pool #FM9834, 3.50%, 6/1/49 | 2,158,664 |
2,175,071 | FNMA Pool #FM9939, 4.00%, 1/1/52 | 2,149,987 |
1,031,113 | FNMA Pool #MA4055, 2.50%, 6/1/50 | 933,395 |
3,277,703 | FNMA Pool #MA4078, 2.50%, 7/1/50 | 2,961,751 |
1,557,098 | FNMA Pool #MA4222, 3.50%, 12/1/50 | 1,511,857 |
1,701,490 | FNMA Pool #MA4494, 3.00%, 12/1/51 | 1,590,909 |
2,741,647 | FNMA Pool #MA4495, 3.50%, 12/1/51 | 2,644,707 |
Principal Amount | Value | |
RESIDENTIAL MORTGAGE-BACKED SECURITIES 6.8% (continued) | ||
$30,299 | FNMA REMIC Trust Series 2013-18, Series 2013-18, Class AE, 2.00%, 3/25/28 | $ 29,456 |
45,190 | FNMA REMIC Trust Series 2013-41, Series 2013-41, Class WD, 2.00%, 11/25/42 | 42,476 |
8,811,457 | GNMA, Series 2021-98, Class 2021-IG, IO, 3.00%, 6/20/51 | 1,314,410 |
1,346,960 | GNMA II Pool #MA3937, 3.50%, 9/20/46 | 1,329,777 |
890,142 | GNMA II Pool #MA7054, 3.50%, 12/20/50 | 871,539 |
4,014,931 | GNMA II Pool #MA7651, 3.50%, 10/20/51 | 3,914,793 |
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES (Cost $80,238,002) | 74,992,277 | |
U.S. TREASURY OBLIGATIONS 7.8% | ||
3,170,000 | U.S. Treasury Bonds, 5.38%, 2/15/31 | 3,742,334 |
3,320,000 | U.S. Treasury Bonds, 4.38%, 2/15/38 | 3,881,158 |
11,380,000 | U.S. Treasury Bonds, 1.13%, 5/15/40 | 7,969,112 |
5,612,000 | U.S. Treasury Bonds, 2.88%, 5/15/43 | 5,146,818 |
6,319,000 | U.S. Treasury Bonds, 3.00%, 2/15/48 | 5,998,113 |
1,100,000 | U.S. Treasury Bonds, 2.25%, 8/15/49 | 910,078 |
7,000,000 | U.S. Treasury Notes, 0.25%, 4/15/23 | 6,858,086 |
5,305,000 | U.S. Treasury Notes, 2.38%, 8/15/24 | 5,239,516 |
5,615,000 | U.S. Treasury Notes, 2.25%, 11/15/24 | 5,523,098 |
9,400,000 | U.S. Treasury Notes, 0.38%, 11/30/25 | 8,595,492 |
3,000,000 | U.S. Treasury Notes, 2.63%, 12/31/25 | 2,961,094 |
7,075,000 | U.S. Treasury Notes, 1.63%, 5/15/26 | 6,713,235 |
7,400,000 | U.S. Treasury Notes, 0.63%, 11/30/27 | 6,509,688 |
5,750,000 | U.S. Treasury Notes, 2.75%, 2/15/28 | 5,659,033 |
10,000,000 | U.S. Treasury Notes, 1.63%, 8/15/29 | 9,123,437 |
1,100,000 | U.S. Treasury Notes, 1.13%, 2/15/31 | 947,547 |
TOTAL U.S. TREASURY OBLIGATIONS (Cost $96,388,305) | 85,777,839 |
Shares | Value | |
SHORT-TERM INVESTMENTS 6.3% | ||
MONEY MARKET FUNDS 6.3% | ||
62,180,868 | State Street Institutional U.S. Government Money Market Fund, Premier Class, 1.43%(5) | 62,180,869 |
7,557,555 | State Street Navigator Securities Lending Government Money Market Portfolio(6) | 7,557,555 |
69,738,424 | ||
TOTAL SHORT-TERM INVESTMENTS (Cost $69,738,423) | 69,738,424 | |
TOTAL INVESTMENTS IN SECURITIES 102.9% (Cost $950,726,656) | $1,131,667,864 | |
EXCESS OF LIABILITIES OVER CASH AND OTHER ASSETS (2.9)% | (32,336,226) | |
NET ASSETS 100.0% | $1,099,331,638 |
(1) | Non-income producing. |
(2) | A portion or all of the security was held on loan. As of June 30, 2022, the market value of the securities on loan was $11,488,277. |
(3) | Pursuant to Rule 144A under the Securities Act of 1933, this security can only be sold to qualified institutional investors. |
(4) | Floating or variable rate security. The rate disclosed is the rate in effect as of June 30, 2022. The information in parentheses represents the benchmark and reference rate for each relevant security and the rate adjusts based upon the reference rate and spread. The security may be further subject to interest rate floor and caps. For securities which do not indicate a reference rate and spread in their descriptions, the interest rate adjusts periodically based on current interest rates and, for mortgage-backed securities, prepayments in the underlying pool of assets. |
(5) | Rate reflects 7 day yield as of June 30, 2022. |
(6) | Securities with an aggregate market value of $11,488,277 were out on loan in exchange for $7,557,555 of cash collateral as of June 30, 2022. The collateral was invested in a cash collateral reinvestment vehicle. |
FHLMC | Federal Home Loan Mortgage Corp. |
FNMA | Federal National Mortgage Association. |
FREMF | Freddie Mac Multifamily. |
GNMA | Government National Mortgage Association. |
LIBOR | London Interbank Offered Rate. |
MTN | Medium Term Note. |
REITs | Real Estate Investment Trusts. |
REMIC | Real Estate Mortgage Investment Conduit. |
SOFR | Secured Overnight Financing Rate. |
Investments in Securities: | Level 1 | Level 2 | Level 3 | Total |
Assets | ||||
Common Stocks* | $753,114,741 | $ — | $— | $ 753,114,741 |
Asset-Backed Securities | — | 6,616,709 | — | 6,616,709 |
Commercial Mortgage-Backed Securities | — | 19,516,406 | — | 19,516,406 |
Corporate Bonds & Notes* | — | 114,642,866 | — | 114,642,866 |
Long-Term Municipal Securities* | — | 7,268,602 | — | 7,268,602 |
Residential Mortgage-Backed Securities | — | 74,992,277 | — | 74,992,277 |
U.S. Treasury Obligations | — | 85,777,839 | — | 85,777,839 |
Short-Term Investments | 69,738,424 | — | — | 69,738,424 |
Total Investments in Securities | $822,853,165 | $308,814,699 | $— | $1,131,667,864 |
* | See Schedule of Investments for further breakdown by category. |
* | "Risk off,” or its opposite “risk on,” is an investment setting in which price behavior responds to and is driven by changes in investor risk tolerance. Risk on and risk off refer to changes in investment activity in response to global economic patterns. During periods when risk is perceived as low, the risk on/risk off theory states that investors tend to engage in higher risk investments. When risk is perceived to be high, investors have the tendency to gravitate toward lower risk investments. |
Ten Largest Holdings* | |||
Issue | Shares | Value | Percentage of Net Assets |
QUALCOMM, Inc. | 92,000 | $11,752,080 | 2.7% |
Bank of America Corp. | 375,000 | 11,673,750 | 2.7% |
Diamondback Energy, Inc. | 96,000 | 11,630,400 | 2.7% |
Alphabet, Inc. | 5,200 | 11,332,152 | 2.6% |
Apple, Inc. | 82,000 | 11,211,040 | 2.6% |
Pioneer Natural Resources Co. | 50,000 | 11,154,000 | 2.5% |
Exelixis, Inc. | 530,000 | 11,034,600 | 2.5% |
Meta Platforms, Inc. | 68,000 | 10,965,000 | 2.5% |
JPMorgan Chase & Co. | 82,000 | 9,234,020 | 2.1% |
Amazon.com, Inc. | 86,000 | 9,134,060 | 2.1% |
Asset Allocation — Percentage of Net Assets |
Common Stock Sectors — Percentage of Common Stocks* |
Bonds & Notes Sectors — Percentage of All Bonds & Notes* |
* | Excludes short-term investments, if any. |
6 Mos | 1 Yr | 5 Yrs | 10 Yrs | Since Inception 10/1/1952 | |||||
Investor Class | |||||||||
Value Line Capital Appreciation Fund, Inc. | (28.81%) | (30.00%) | 6.11% | 8.14% | 9.71% | ||||
60/40 S&P 500® Index/Bloomberg US Aggregate Bond Index*** | (16.12%) | (10.49%) | 7.14% | 8.40% | 7.66% | ||||
S&P 500® Index**** | (19.96%) | (10.62%) | 11.31% | 12.96% | 9.73% | ||||
6 Mos | 1 Yr | 5 Yrs | Since Inception 11/2/2015 | ||||||
Institutional Class | |||||||||
Value Line Capital Appreciation Fund, Inc. | (28.81%) | (29.88%) | 6.36% | 6.83% | |||||
60/40 S&P 500® Index/Bloomberg US Aggregate Bond Index*** | (16.12%) | (10.49%) | 7.14% | 7.42% | |||||
S&P 500® Index**** | (19.96%) | (10.62%) | 11.31% | 11.50% |
** | The performance data quoted represent past performance and are no guarantee of future performance. The investment return and principal value of an investment will fluctuate so that an investment, when redeemed, may be worth more or less than its original cost. The performance data includes reinvestments of all dividends and distributions but does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. |
*** | The 60/40 S&P 500®Index/Bloomberg US Aggregate Bond Index is an unmanaged blended index which consists of a 60% weighting of the S&P 500® Index representative of the larger capitalization stocks traded in the United States and a 40% weighting of the Bloomberg US Aggregate Bond Index which is a broad-based benchmark that measures the investment grade, U.S. dollar denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, Mortgage Backed Securities (MBS) (agency fixed-rate and hybrid ARM pass-through’s), Asset Backed Securities (ABS), and Commercial Mortgage Backed Securities (CMBS). |
**** | The S&P 500® Index is an unmanaged index that is representative of the larger-capitalization stocks traded in the United States. |
Shares | Value | |
COMMON STOCKS 80.8% | ||
COMMUNICATION SERVICES 9.5% | ||
INTERNET 8.5% | ||
5,200 | Alphabet, Inc. Class A(1) | $ 11,332,152 |
75,000 | Match Group, Inc.(1) | 5,226,750 |
68,000 | Meta Platforms, Inc. Class A(1) | 10,965,000 |
18,000 | Netflix, Inc.(1) | 3,147,660 |
48,000 | Roku, Inc.(1) | 3,942,720 |
210,000 | Snap, Inc. Class A(1) | 2,757,300 |
37,371,582 | ||
MEDIA 1.0% | ||
44,000 | Walt Disney Co.(1) | 4,153,600 |
41,525,182 | ||
CONSUMER DISCRETIONARY 12.4% | ||
APPAREL 0.9% | ||
40,000 | NIKE, Inc. Class B | 4,088,000 |
AUTO MANUFACTURERS 1.4% | ||
9,500 | Tesla, Inc.(1) | 6,397,490 |
ENTERTAINMENT 1.0% | ||
185,000 | DraftKings, Inc. Class A(1) | 2,158,950 |
10,000 | Vail Resorts, Inc. | 2,180,500 |
4,339,450 | ||
INTERNET 4.0% | ||
33,000 | Alibaba Group Holding Ltd. ADR(1) | 3,751,440 |
86,000 | Amazon.com, Inc.(1) | 9,134,060 |
2,600 | Booking Holdings, Inc.(1) | 4,547,374 |
17,432,874 | ||
LEISURE TIME 0.5% | ||
235,000 | Peloton Interactive, Inc. Class A(1) | 2,157,300 |
LODGING 0.7% | ||
27,000 | Hilton Worldwide Holdings, Inc. | 3,008,880 |
RETAIL 3.9% | ||
11,000 | Home Depot, Inc. | 3,016,970 |
14,000 | Lululemon Athletica, Inc.(1) | 3,816,540 |
40,000 | Starbucks Corp. | 3,055,600 |
22,000 | Target Corp. | 3,107,060 |
11,000 | Ulta Beauty, Inc.(1) | 4,240,280 |
17,236,450 | ||
54,660,444 | ||
CONSUMER STAPLES 1.5% | ||
BEVERAGES 0.5% | ||
10,000 | Constellation Brands, Inc. Class A | 2,330,600 |
COSMETICS/PERSONAL CARE 1.0% | ||
17,000 | Estee Lauder Cos., Inc. Class A | 4,329,390 |
6,659,990 | ||
ENERGY 6.8% | ||
OIL & GAS 6.8% | ||
130,000 | Devon Energy Corp. | 7,164,300 |
96,000 | Diamondback Energy, Inc. | 11,630,400 |
50,000 | Pioneer Natural Resources Co. | 11,154,000 |
29,948,700 |
Shares | Value | |
COMMON STOCKS 80.8% (continued) | ||
FINANCIALS 10.2% | ||
BANKS 7.0% | ||
375,000 | Bank of America Corp. | $ 11,673,750 |
90,000 | Citigroup, Inc. | 4,139,100 |
20,000 | Goldman Sachs Group, Inc. | 5,940,400 |
82,000 | JPMorgan Chase & Co. | 9,234,020 |
30,987,270 | ||
DIVERSIFIED FINANCIALS 2.5% | ||
50,000 | Blackstone, Inc. | 4,561,500 |
49,000 | Coinbase Global, Inc. Class A(1)(2) | 2,303,980 |
77,000 | Interactive Brokers Group, Inc. Class A | 4,235,770 |
11,101,250 | ||
INTERNET 0.7% | ||
360,000 | Robinhood Markets, Inc. Class A(1) | 2,959,200 |
45,047,720 | ||
HEALTHCARE 11.4% | ||
BIOTECHNOLOGY 7.4% | ||
1,700,000 | Amarin Corp. PLC ADR(1)(2) | 2,533,000 |
530,000 | Exelixis, Inc.(1) | 11,034,600 |
235,000 | Global Blood Therapeutics, Inc.(1) | 7,508,250 |
245,000 | Intercept Pharmaceuticals, Inc.(1)(2) | 3,383,450 |
28,000 | Vertex Pharmaceuticals, Inc.(1) | 7,890,120 |
32,349,420 | ||
HEALTHCARE PRODUCTS 2.0% | ||
160,000 | Exact Sciences Corp.(1) | 6,302,400 |
12,000 | Insulet Corp.(1) | 2,615,280 |
8,917,680 | ||
PHARMACEUTICALS 2.0% | ||
60,000 | DexCom, Inc.(1) | 4,471,800 |
26,000 | Zoetis, Inc. | 4,469,140 |
8,940,940 | ||
50,208,040 | ||
INDUSTRIALS 4.5% | ||
AIRLINES 1.4% | ||
215,000 | Delta Air Lines, Inc.(1) | 6,228,550 |
ELECTRICAL EQUIPMENT 1.0% | ||
21,000 | Generac Holdings, Inc.(1) | 4,422,180 |
INTERNET 2.1% | ||
190,000 | Lyft, Inc. Class A(1) | 2,523,200 |
330,000 | Uber Technologies, Inc.(1) | 6,751,800 |
9,275,000 | ||
19,925,730 | ||
INFORMATION TECHNOLOGY 24.5% | ||
COMMERCIAL SERVICES 1.4% | ||
87,000 | PayPal Holdings, Inc.(1) | 6,076,080 |
COMPUTERS 3.6% | ||
82,000 | Apple, Inc. | 11,211,040 |
26,000 | Crowdstrike Holdings, Inc. Class A(1) | 4,382,560 |
15,593,600 | ||
DIVERSIFIED FINANCIALS 1.9% | ||
43,000 | Visa, Inc. Class A | 8,466,270 |
Shares | Value | |
COMMON STOCKS 80.8% (continued) | ||
INFORMATION TECHNOLOGY 24.5% (continued) | ||
INTERNET 1.4% | ||
51,000 | Okta, Inc.(1) | $ 4,610,400 |
54,000 | Shopify, Inc. Class A(1) | 1,686,960 |
6,297,360 | ||
SEMICONDUCTORS 8.2% | ||
70,000 | Advanced Micro Devices, Inc.(1) | 5,352,900 |
8,000 | Broadcom, Inc. | 3,886,480 |
105,000 | Micron Technology, Inc. | 5,804,400 |
33,000 | NVIDIA Corp. | 5,002,470 |
28,000 | NXP Semiconductors NV | 4,144,840 |
92,000 | QUALCOMM, Inc. | 11,752,080 |
35,943,170 | ||
SOFTWARE 8.0% | ||
12,000 | Intuit, Inc. | 4,625,280 |
34,000 | Microsoft Corp. | 8,732,220 |
35,000 | RingCentral, Inc. Class A(1) | 1,829,100 |
37,000 | Salesforce.com, Inc.(1) | 6,106,480 |
8,500 | ServiceNow, Inc.(1) | 4,041,920 |
40,000 | Splunk, Inc.(1) | 3,538,400 |
45,000 | Twilio, Inc. Class A(1) | 3,771,450 |
19,000 | Workday, Inc. Class A(1) | 2,652,020 |
35,296,870 | ||
107,673,350 | ||
TOTAL COMMON STOCKS (Cost $397,452,149) | 355,649,156 |
Principal Amount | Value | |
ASSET-BACKED SECURITIES 0.3% | ||
$208,000 | Chase Issuance Trust, Series 2012-A7, Class A7, 2.16%, 9/15/24 | 208,001 |
250,000 | Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.19%, 7/15/31(3) | 246,139 |
500,000 | GM Financial Consumer Automobile Receivables Trust, Series 2020-1, Class A4, 1.90%, 3/17/25 | 492,000 |
500,000 | Toyota Auto Loan Extended Note Trust, Series 2019-1A, Class A, 2.56%, 11/25/31(3) | 489,481 |
TOTAL ASSET-BACKED SECURITIES (Cost $1,529,429) | 1,435,621 | |
COMMERCIAL MORTGAGE-BACKED SECURITIES 0.9% | ||
100,000 | COMM Mortgage Trust, Series 2014-UBS2, Class AM, 4.20%, 3/10/47 | 99,199 |
350,000 | FHLMC Multifamily Structured Pass-Through Certificates, Series K052, Class A2, 3.15%, 11/25/25 | 347,850 |
250,000 | FHLMC Multifamily Structured Pass-Through Certificates, Series K055, Class A2, 2.67%, 3/25/26 | 243,634 |
255,000 | FHLMC Multifamily Structured Pass-Through Certificates, Series K064, Class A2, 3.22%, 3/25/27 | 252,391 |
Principal Amount | Value | |
COMMERCIAL MORTGAGE-BACKED SECURITIES 0.9% (continued) | ||
$250,000 | FHLMC Multifamily Structured Pass-Through Certificates, Series K074, Class A2, 3.60%, 1/25/28 | $ 251,210 |
250,000 | FHLMC Multifamily Structured Pass-Through Certificates, Series K084, Class A2, 3.78%, 10/25/28(4) | 252,392 |
755,612 | FHLMC Multifamily Structured Pass-Through Certificates, Series K101, Class A1, 2.19%, 7/25/29 | 718,790 |
540,386 | FHLMC Multifamily Structured Pass-Through Certificates, Series K728, Class A2, 3.06%, 8/25/24(4) | 537,437 |
250,000 | FREMF Mortgage Trust, Series 2013-K24, Class B, 3.61%, 11/25/45(3)(4) | 249,967 |
98,518 | GNMA, Series 2013-12, Class AB, 1.83%, 11/16/52 | 94,964 |
150,000 | GNMA, Series 2013-12, Class B, 2.06%, 11/16/52(4) | 145,257 |
147,809 | UBS-Barclays Commercial Mortgage Trust, Series 2012-C4, Class A5, 2.85%, 12/10/45 | 147,714 |
365,467 | UBS-Barclays Commercial Mortgage Trust, Series 2013-C5, Class A4, 3.18%, 3/10/46 | 363,653 |
200,000 | Wells Fargo Commercial Mortgage Trust, Series 2015-C28, Class A4, 3.54%, 5/15/48 | 196,174 |
2,588 | Wells Fargo Commercial Mortgage Trust, Series 2015-NXS1, Class A2, 2.63%, 5/15/48 | 2,585 |
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $4,168,557) | 3,903,217 | |
CORPORATE BONDS & NOTES 4.8% | ||
BASIC MATERIALS 0.3% | ||
CHEMICALS 0.1% | ||
200,000 | Celanese U.S. Holdings LLC, Guaranteed Notes, 4.63%, 11/15/22 | 201,263 |
175,000 | Nutrien Ltd., Senior Unsecured Notes, 4.20%, 4/1/29 | 170,347 |
200,000 | Westlake Corp., Senior Unsecured Notes, 3.60%, 8/15/26(2) | 194,944 |
566,554 | ||
IRON/STEEL 0.1% | ||
150,000 | ArcelorMittal SA, Senior Unsecured Notes, 4.25%, 7/16/29(2) | 142,701 |
190,000 | Steel Dynamics, Inc., Senior Unsecured Notes, 3.25%, 1/15/31 | 165,916 |
308,617 | ||
MINING 0.1% | ||
175,000 | Freeport-McMoRan, Inc., 4.63%, 8/1/30(2) | 162,361 |
185,000 | Rio Tinto Finance USA PLC, Guaranteed Notes, 4.13%, 8/21/42(2) | 171,138 |
333,499 | ||
1,208,670 | ||
COMMUNICATIONS 0.3% | ||
INTERNET 0.1% | ||
175,000 | Expedia Group, Inc., Guaranteed Notes, 3.25%, 2/15/30 | 146,186 |
Principal Amount | Value | |
CORPORATE BONDS & NOTES 4.8% (continued) | ||
COMMUNICATIONS 0.3% (continued) | ||
INTERNET 0.1% (continued) | ||
$175,000 | Netflix, Inc., Senior Unsecured Notes, 4.88%, 4/15/28 | $ 165,071 |
150,000 | VeriSign, Inc., Senior Unsecured Notes, 2.70%, 6/15/31(2) | 121,037 |
432,294 | ||
MEDIA 0.1% | ||
175,000 | Charter Communications Operating LLC/Charter Communications Operating Capital, Senior Secured Notes, 4.91%, 7/23/25 | 175,259 |
175,000 | Comcast Corp., Guaranteed Notes, 3.95%, 10/15/25 | 175,861 |
150,000 | Discovery Communications LLC, Guaranteed Notes, 4.90%, 3/11/26 | 150,815 |
501,935 | ||
TELECOMMUNICATIONS 0.1% | ||
200,000 | AT&T, Inc., Senior Unsecured Notes, 2.55%, 12/1/33 | 162,771 |
200,000 | Motorola Solutions, Inc., Senior Unsecured Notes, 4.60%, 5/23/29 | 191,744 |
175,000 | T-Mobile USA, Inc., Guaranteed Notes, 3.50%, 4/15/31(2) | 152,162 |
175,000 | Vodafone Group PLC, Senior Unsecured Notes, 4.25%, 9/17/50 | 147,180 |
653,857 | ||
1,588,086 | ||
CONSUMER, CYCLICAL 0.4% | ||
AUTO MANUFACTURERS 0.1% | ||
200,000 | Cummins, Inc., Senior Unsecured Notes, 1.50%, 9/1/30 | 162,521 |
195,000 | Ford Motor Credit Co. LLC, Senior Unsecured Notes, 3.38%, 11/13/25 | 175,919 |
200,000 | General Motors Financial Co., Inc., Guaranteed Notes, 3.70%, 5/9/23 | 199,954 |
538,394 | ||
HOME BUILDERS 0.1% | ||
200,000 | Lennar Corp., Guaranteed Notes, 4.88%, 12/15/23 | 201,202 |
187,000 | PulteGroup, Inc., Guaranteed Notes, 5.00%, 1/15/27(2) | 187,218 |
388,420 | ||
HOME FURNISHINGS 0.0% | ||
200,000 | Whirlpool Corp., Senior Unsecured Notes, 4.75%, 2/26/29 | 200,417 |
LODGING 0.0% | ||
200,000 | Hyatt Hotels Corp., 1.80%, 10/1/24 | 189,224 |
RETAIL 0.2% | ||
175,000 | AutoZone, Inc., Senior Unsecured Notes, 3.75%, 6/1/27 | 169,816 |
200,000 | Costco Wholesale Corp., Senior Unsecured Notes, 1.75%, 4/20/32(2) | 165,045 |
175,000 | Dollar General Corp., Senior Unsecured Notes, 3.50%, 4/3/30(2) | 161,496 |
Principal Amount | Value | |
CORPORATE BONDS & NOTES 4.8% (continued) | ||
CONSUMER, CYCLICAL 0.4% (continued) | ||
RETAIL 0.2% (continued) | ||
$200,000 | O'Reilly Automotive, Inc., Senior Unsecured Notes, 3.60%, 9/1/27(2) | $ 193,453 |
689,810 | ||
2,006,265 | ||
CONSUMER, NON-CYCLICAL 1.0% | ||
AGRICULTURE 0.0% | ||
175,000 | Bunge Ltd. Finance Corp., Guaranteed Notes, 3.25%, 8/15/26(2) | 166,654 |
BEVERAGES 0.1% | ||
200,000 | Anheuser-Busch InBev Worldwide, Inc., Guaranteed Notes, 4.90%, 1/23/31(2) | 205,561 |
175,000 | Constellation Brands, Inc., Guaranteed Notes, 5.25%, 11/15/48 | 172,805 |
175,000 | Diageo Capital PLC, 2.00%, 4/29/30 | 149,693 |
528,059 | ||
BIOTECHNOLOGY 0.1% | ||
150,000 | Amgen, Inc., Senior Unsecured Notes, 2.20%, 2/21/27(2) | 138,129 |
175,000 | Regeneron Pharmaceuticals, Inc., Senior Unsecured Notes, 1.75%, 9/15/30 | 140,695 |
278,824 | ||
COMMERCIAL SERVICES 0.1% | ||
200,000 | Global Payments, Inc., Senior Unsecured Notes, 2.90%, 5/15/30 | 169,077 |
200,000 | PayPal Holdings, Inc., Senior Unsecured Notes, 2.65%, 10/1/26(2) | 189,902 |
358,979 | ||
FOOD 0.0% | ||
200,000 | Kroger Co., Senior Unsecured Notes, 2.65%, 10/15/26 | 187,334 |
HEALTHCARE PRODUCTS 0.0% | ||
175,000 | Baxter International, Inc., 1.73%, 4/1/31(2) | 138,835 |
HEALTHCARE SERVICES 0.3% | ||
175,000 | Centene Corp., Senior Unsecured Notes, 4.63%, 12/15/29 | 162,348 |
185,000 | Elevance Health, Inc., Senior Unsecured Notes, 3.35%, 12/1/24 | 182,632 |
200,000 | HCA, Inc., Guaranteed Notes, 5.38%, 2/1/25 | 200,056 |
200,000 | Humana, Inc., Senior Unsecured Notes, 3.95%, 3/15/27 | 196,440 |
200,000 | Laboratory Corp. of America Holdings, Senior Unsecured Notes, 2.95%, 12/1/29 | 176,432 |
175,000 | UnitedHealth Group, Inc., Senior Unsecured Notes, 4.63%, 11/15/41 | 173,019 |
1,090,927 | ||
HOUSEHOLD PRODUCTS 0.0% | ||
200,000 | Clorox Co., Senior Unsecured Notes, 1.80%, 5/15/30(2) | 163,974 |
Principal Amount | Value | |
CORPORATE BONDS & NOTES 4.8% (continued) | ||
CONSUMER, NON-CYCLICAL 1.0% (continued) | ||
PHARMACEUTICALS 0.4% | ||
$190,000 | AbbVie, Inc., Senior Unsecured Notes, 2.95%, 11/21/26 | $ 180,214 |
200,000 | AstraZeneca PLC, Senior Unsecured Notes, 1.38%, 8/6/30(2) | 164,265 |
200,000 | Becton Dickinson and Co., Senior Unsecured Notes, 3.70%, 6/6/27 | 193,888 |
175,000 | CVS Health Corp., Senior Unsecured Notes, 1.75%, 8/21/30 | 140,528 |
175,000 | Merck & Co., Inc., Senior Unsecured Notes, 3.90%, 3/7/39 | 166,129 |
190,000 | Novartis Capital Corp., Guaranteed Notes, 2.75%, 8/14/50(2) | 149,031 |
190,000 | Takeda Pharmaceutical Co. Ltd., Senior Unsecured Notes, 3.03%, 7/9/40 | 146,948 |
200,000 | Utah Acquisition Sub, Inc., Guaranteed Notes, 3.95%, 6/15/26 | 188,642 |
200,000 | Zoetis, Inc., Senior Unsecured Notes, 4.50%, 11/13/25(2) | 202,769 |
1,532,414 | ||
4,446,000 | ||
ENERGY 0.5% | ||
OIL & GAS 0.2% | ||
175,000 | Canadian Natural Resources Ltd., Senior Unsecured Notes, 2.05%, 7/15/25(2) | 163,886 |
185,000 | EOG Resources, Inc., Senior Unsecured Notes,4.38%, 4/15/30 | 186,148 |
190,000 | Hess Corp., Senior Unsecured Notes, 4.30%, 4/1/27 | 185,476 |
150,000 | Occidental Petroleum Corp., Senior Unsecured Notes, 5.50%, 12/1/25 | 147,750 |
150,000 | TotalEnergies Capital International SA, Guaranteed Notes, 3.46%, 2/19/29 | 143,077 |
826,337 | ||
OIL & GAS SERVICES 0.1% | ||
175,000 | Schlumberger Finance Canada Ltd., Guaranteed Notes, 1.40%, 9/17/25(2) | 162,456 |
PIPELINES 0.2% | ||
175,000 | Boardwalk Pipelines LP, Guaranteed Notes, 4.95%, 12/15/24(2) | 176,325 |
200,000 | Enbridge, Inc., Guaranteed Notes, 2.50%, 8/1/33 | 162,163 |
175,000 | Enterprise Products Operating LLC, Guaranteed Notes, 4.85%, 8/15/42 | 161,183 |
200,000 | Kinder Morgan, Inc., Guaranteed Notes, 4.30%, 3/1/28(2) | 194,882 |
175,000 | Targa Resources Corp., 5.20%, 7/1/27 | 176,006 |
175,000 | TransCanada PipeLines Ltd., Senior Unsecured Notes, 4.25%, 5/15/28 | 170,574 |
1,041,133 | ||
2,029,926 | ||
FINANCIAL 1.5% | ||
BANKS 0.7% | ||
200,000 | Bank of America Corp. MTN, (SOFR + 1.33%), 2.84%, 4/2/26(4) | 197,363 |
Principal Amount | Value | |
CORPORATE BONDS & NOTES 4.8% (continued) | ||
FINANCIAL 1.5% (continued) | ||
BANKS 0.7% (continued) | ||
$175,000 | Barclays PLC, Senior Unsecured Notes, 4.34%, 1/10/28 | $ 167,501 |
150,000 | Citigroup, Inc., Senior Unsecured Notes, (3-month LIBOR + 0.90%), 3.35%, 4/24/25(4) | 147,157 |
185,000 | Citigroup, Inc., Subordinated Notes, 5.30%, 5/6/44(2) | 177,997 |
200,000 | Goldman Sachs Group, Inc., Senior Unsecured Notes, 3.75%, 2/25/26 | 196,270 |
200,000 | HSBC Holdings PLC, Senior Unsecured Notes, 3.90%, 5/25/26(2) | 195,700 |
175,000 | ING Groep NV, Senior Unsecured Notes, 3.95%, 3/29/27(2) | 168,862 |
200,000 | JPMorgan Chase & Co., Subordinated Notes, 4.13%, 12/15/26(2) | 198,467 |
150,000 | JPMorgan Chase & Co., Senior Unsecured Notes, (3-month LIBOR + 1.38%), 3.96%, 11/15/48(4) | 127,889 |
200,000 | KeyCorp, Senior Unsecured Notes, 2.55%, 10/1/29(2) | 173,907 |
225,000 | Lloyds Banking Group PLC, Senior Unsecured Notes, 3.90%, 3/12/24 | 223,683 |
200,000 | Morgan Stanley, Subordinated Notes, 4.88%, 11/1/22 | 201,412 |
200,000 | Morgan Stanley, Series F, Senior Unsecured Notes, 3.88%, 4/29/24(2) | 200,410 |
200,000 | Northern Trust Corp., 1.95%, 5/1/30(2) | 170,299 |
200,000 | PNC Bank NA, Subordinated Notes, 2.95%, 1/30/23 | 199,652 |
225,000 | Royal Bank of Canada, Subordinated Notes, 4.65%, 1/27/26 | 227,105 |
200,000 | Wells Fargo & Co., (SOFR + 1.32%), 2.30%, 4/25/26(4) | 196,590 |
150,000 | Zions Bancorp NA, Subordinated Notes, 3.25%, 10/29/29 | 130,820 |
3,301,084 | ||
DIVERSIFIED FINANCIALS 0.3% | ||
175,000 | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Guaranteed Notes, 1.75%, 1/30/26(2) | 153,127 |
200,000 | Air Lease Corp., Senior Unsecured Notes, 3.63%, 4/1/27 | 185,450 |
175,000 | Ally Financial, Inc., 4.75%, 6/9/27 | 168,292 |
200,000 | American Express Co., (SOFR + 0.72%), 1.82%, 5/3/24(4) | 198,562 |
200,000 | Charles Schwab Corp., (SOFR + 1.05%), 2.43%, 3/3/27(2)(4) | 196,790 |
185,000 | Discover Financial Services, Senior Unsecured Notes, 3.95%, 11/6/24 | 182,429 |
200,000 | Synchrony Financial, Senior Unsecured Notes, 4.25%, 8/15/24 | 198,935 |
1,283,585 | ||
INSURANCE 0.2% | ||
200,000 | Aflac, Inc., Senior Unsecured Notes, 3.60%, 4/1/30(2) | 189,842 |
Principal Amount | Value | |
CORPORATE BONDS & NOTES 4.8% (continued) | ||
FINANCIAL 1.5% (continued) | ||
INSURANCE 0.2% (continued) | ||
$190,000 | Allstate Corp., Senior Unsecured Notes, 1.45%, 12/15/30 | $ 151,355 |
175,000 | Hartford Financial Services Group, Inc., Senior Unsecured Notes, 2.80%, 8/19/29(2) | 156,385 |
200,000 | Prudential Financial, Inc., Junior Subordinated Notes, (3-month LIBOR + 2.67%), 5.70%, 9/15/48(2)(4) | 194,226 |
691,808 | ||
REITS 0.3% | ||
200,000 | AvalonBay Communities, Inc., Senior Unsecured Notes, 2.45%, 1/15/31 | 173,267 |
200,000 | Digital Realty Trust LP, Guaranteed Notes, 3.60%, 7/1/29(2) | 181,134 |
200,000 | Equinix, Inc., Senior Unsecured Notes, 2.50%, 5/15/31 | 163,596 |
200,000 | Essex Portfolio LP, Guaranteed Notes, 3.00%, 1/15/30 | 177,167 |
200,000 | Kimco Realty Corp., 2.25%, 12/1/31(2) | 161,243 |
200,000 | Life Storage LP, Guaranteed Notes, 2.20%, 10/15/30 | 160,710 |
200,000 | Prologis LP, Senior Unsecured Notes, 2.25%, 4/15/30 | 173,501 |
175,000 | Sabra Health Care LP, Guaranteed Notes, 3.90%, 10/15/29 | 154,813 |
175,000 | Welltower, Inc., Senior Unsecured Notes, 4.25%, 4/15/28(2) | 170,100 |
1,515,531 | ||
6,792,008 | ||
INDUSTRIAL 0.4% | ||
AEROSPACE/DEFENSE 0.1% | ||
200,000 | L3Harris Technologies, Inc., Senior Unsecured Notes, 4.40%, 6/15/28 | 196,758 |
175,000 | Raytheon Technologies Corp., Senior Unsecured Notes, 4.13%, 11/16/28 | 173,019 |
170,000 | Teledyne Technologies, Inc., Senior Unsecured Notes, 1.60%, 4/1/26 | 152,858 |
522,635 | ||
BUILDING MATERIALS 0.1% | ||
200,000 | Masco Corp., Senior Unsecured Notes, 2.00%, 10/1/30 | 158,416 |
200,000 | Vulcan Materials Co., Senior Unsecured Notes, 3.50%, 6/1/30 | 181,758 |
340,174 | ||
ELECTRONICS 0.1% | ||
175,000 | Amphenol Corp., 2.20%, 9/15/31(2) | 143,260 |
200,000 | Flex Ltd., Senior Unsecured Notes, 4.75%, 6/15/25(2) | 201,656 |
150,000 | Jabil, Inc., Senior Unsecured Notes, 3.60%, 1/15/30 | 133,949 |
478,865 | ||
MACHINERY - DIVERSIFIED 0.0% | ||
175,000 | John Deere Capital Corp., Senior Unsecured Notes, 2.45%, 1/9/30 | 157,028 |
Principal Amount | Value | |
CORPORATE BONDS & NOTES 4.8% (continued) | ||
INDUSTRIAL 0.4% (continued) | ||
MISCELLANEOUS MANUFACTURERS 0.1% | ||
$200,000 | Trane Technologies Luxembourg Finance SA, Guaranteed Notes, 3.80%, 3/21/29 | $ 187,670 |
1,686,372 | ||
TECHNOLOGY 0.4% | ||
COMPUTERS 0.1% | ||
190,000 | Dell International LLC / EMC Corp., 4.90%, 10/1/26 | 190,305 |
175,000 | NetApp, Inc., Senior Unsecured Notes, 1.88%, 6/22/25 | 163,390 |
353,695 | ||
SEMICONDUCTORS 0.2% | ||
175,000 | Analog Devices, Inc., 2.80%, 10/1/41(2) | 137,801 |
200,000 | KLA Corp., Senior Unsecured Notes, 4.10%, 3/15/29 | 197,966 |
175,000 | NVIDIA Corp., Senior Unsecured Notes, 2.85%, 4/1/30 | 160,679 |
175,000 | Xilinx, Inc., Guaranteed Notes, 2.38%, 6/1/30(2) | 154,695 |
651,141 | ||
SOFTWARE 0.1% | ||
175,000 | Adobe, Inc., Senior Unsecured Notes, 2.30%, 2/1/30 | 154,911 |
175,000 | Electronic Arts, Inc., Senior Unsecured Notes, 4.80%, 3/1/26(2) | 178,838 |
175,000 | Roper Technologies, Inc., Senior Unsecured Notes, 2.00%, 6/30/30(2) | 141,277 |
195,000 | Salesforce, Inc., Senior Unsecured Notes, 2.70%, 7/15/41 | 151,571 |
626,597 | ||
1,631,433 | ||
TOTAL CORPORATE BONDS & NOTES (Cost $24,029,064) | 21,388,760 | |
LONG-TERM MUNICIPAL SECURITIES 0.3% | ||
CALIFORNIA 0.0% | ||
150,000 | City of Pasadena CA, Refunding Revenue Bonds, Series B, 2.77%, 5/1/34 | 128,881 |
100,000 | San Marcos California Unified School District, Refunding Revenue Bonds, 3.17%, 8/1/38 | 81,576 |
210,457 | ||
MASSACHUSETTS 0.1% | ||
275,000 | Massachusetts Water Resources Authority, Green Bonds, Refunding Revenue Bonds, Series F, 3.10%, 8/1/39 | 234,618 |
NEW YORK 0.1% | ||
250,000 | New York City Transitional Finance Authority Future Tax Secured Revenue, Subordinate Bonds, Revenue Bonds, Series E-2, 3.00%, 2/1/26 | 245,431 |
TEXAS 0.1% | ||
175,000 | City of Houston TX Combined Utility System Revenue, Refunding Revenue Bonds, Series D, 1.97%, 11/15/34 | 133,844 |
Principal Amount | Value | |
LONG-TERM MUNICIPAL SECURITIES 0.3% (continued) | ||
TEXAS 0.1% (continued) | ||
$250,000 | Tarrant County Cultural Education Facilities Finance Corp., Revenue Bonds, Baylor Health Care System Project, Series C, Series C, 4.45%, 11/15/43 | $ 228,507 |
175,000 | Texas Transportation Commission, GO, 5.00%, 4/1/28 | 187,809 |
550,160 | ||
TOTAL LONG-TERM MUNICIPAL SECURITIES (Cost $1,419,248) | 1,240,666 | |
RESIDENTIAL MORTGAGE-BACKED SECURITIES 3.3% | ||
86,056 | FHLMC, Series 4151, Class PA, 2.00%, 1/15/33 | 82,570 |
7,056 | FHLMC Gold PC Pool #A47613, 5.00%, 11/1/35 | 7,400 |
91,981 | FHLMC Gold Pool #C09027, 3.00%, 2/1/43 | 88,110 |
965,033 | FHLMC Pool #QD2419, 3.00%, 12/1/51 | 910,796 |
196,806 | FHLMC Pool #RA6817, 2.50%, 2/1/52 | 177,708 |
516,160 | FHLMC Pool #SD8093, 3.50%, 9/1/50 | 500,787 |
1,231,325 | FHLMC Pool #SD8108, 3.00%, 11/1/50 | 1,150,391 |
3,500,000 | FNMA, 4.00%, 7/1/52 | 3,455,430 |
500,000 | FNMA, 4.50%, 7/1/52 | 502,559 |
338 | FNMA Pool #AH3226, 5.00%, 2/1/41 | 356 |
123,473 | FNMA Pool #AL0657, 5.00%, 8/1/41 | 130,079 |
106,327 | FNMA Pool #AQ1853, 3.00%, 11/1/42 | 101,797 |
115,488 | FNMA Pool #AU5409, 3.00%, 8/1/43 | 110,126 |
606,611 | FNMA Pool #CA5540, 3.00%, 4/1/50 | 570,572 |
173,702 | FNMA Pool #FM2202, 4.00%, 12/1/48 | 173,821 |
382,987 | FNMA Pool #FM4140, 2.50%, 9/1/50 | 347,888 |
1,007,129 | FNMA Pool #FM8461, 2.00%, 7/1/36 | 943,020 |
900,099 | FNMA Pool #FM9508, 2.50%, 10/1/36 | 866,255 |
144,710 | FNMA Pool #FM9760, 3.50%, 11/1/51 | 139,663 |
161,415 | FNMA Pool #FM9834, 3.50%, 6/1/49 | 157,142 |
1,359,016 | FNMA Pool #MA4159, 2.50%, 10/1/50 | 1,228,354 |
201,655 | FNMA Pool #MA4222, 3.50%, 12/1/50 | 195,796 |
50,498 | FNMA REMIC Trust Series 2013-18, Series 2013-18, Class AE, 2.00%, 3/25/28 | 49,094 |
1,468,576 | GNMA, Series 2021-98, Class 2021-IG, IO, 3.00%, 6/20/51 | 219,068 |
58,181 | GNMA II Pool #MA1521, 3.50%, 12/20/43 | 57,849 |
102,781 | GNMA II Pool #MA1839, 4.00%, 4/20/44 | 103,727 |
113,480 | GNMA II Pool #MA4836, 3.00%, 11/20/47 | 108,340 |
269,740 | GNMA II Pool #MA7054, 3.50%, 12/20/50 | 264,103 |
2,054,151 | GNMA II Pool #MA7651, 3.50%, 10/20/51 | 2,002,917 |
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES (Cost $15,793,939) | 14,645,718 | |
U.S. TREASURY OBLIGATIONS 3.5% | ||
520,000 | U.S. Treasury Bonds, 4.38%, 2/15/38 | 607,892 |
1,307,000 | U.S. Treasury Bonds, 2.75%, 8/15/42 | 1,179,057 |
1,125,000 | U.S. Treasury Bonds, 3.00%, 2/15/48 | 1,067,871 |
1,438,000 | U.S. Treasury Bonds, 2.25%, 8/15/49 | 1,189,720 |
650,000 | U.S. Treasury Notes, 2.25%, 11/15/24 | 639,361 |
2,640,000 | U.S. Treasury Notes, 0.50%, 3/31/25 | 2,466,441 |
1,260,000 | U.S. Treasury Notes, 3.00%, 9/30/25 | 1,259,557 |
Principal Amount | Value | |
U.S. TREASURY OBLIGATIONS 3.5% (continued) | ||
$1,280,000 | U.S. Treasury Notes, 0.63%, 3/31/27 | $ 1,144,400 |
912,000 | U.S. Treasury Notes, 2.25%, 8/15/27 | 877,373 |
1,435,000 | U.S. Treasury Notes, 1.25%, 3/31/28 | 1,298,507 |
1,500,000 | U.S. Treasury Notes, 1.63%, 8/15/29 | 1,368,516 |
775,000 | U.S. Treasury Notes, 1.50%, 2/15/30 | 697,470 |
2,000,000 | U.S. Treasury Notes, 1.13%, 2/15/31 | 1,722,812 |
TOTAL U.S. TREASURY OBLIGATIONS (Cost $17,018,731) | 15,518,977 |
Shares | Value | |
SHORT-TERM INVESTMENTS 8.9% | ||
MONEY MARKET FUNDS 8.9% | ||
31,467,760 | State Street Institutional U.S. Government Money Market Fund, Premier Class, 1.43%(5) | 31,467,760 |
7,550,418 | State Street Navigator Securities Lending Government Money Market Portfolio(6) | 7,550,418 |
39,018,178 | ||
TOTAL SHORT-TERM INVESTMENTS (Cost $39,018,178) | 39,018,178 | |
TOTAL INVESTMENTS IN SECURITIES 102.8% (Cost $500,429,295) | $452,800,293 | |
EXCESS OF LIABILITIES OVER CASH AND OTHER ASSETS (2.8)% | (12,416,128) | |
NET ASSETS 100.0% | $440,384,165 |
(1) | Non-income producing. |
(2) | A portion or all of the security was held on loan. As of June 30, 2022, the market value of the securities on loan was $11,679,604. |
(3) | Pursuant to Rule 144A under the Securities Act of 1933, this security can only be sold to qualified institutional investors. |
(4) | Floating or variable rate security. The rate disclosed is the rate in effect as of June 30, 2022. The information in parentheses represents the benchmark and reference rate for each relevant security and the rate adjusts based upon the reference rate and spread. The security may be further subject to interest rate floor and caps. For securities which do not indicate a reference rate and spread in their descriptions, the interest rate adjusts periodically based on current interest rates and, for mortgage-backed securities, prepayments in the underlying pool of assets. |
(5) | Rate reflects 7 day yield as of June 30, 2022. |
(6) | Securities with an aggregate market value of $11,679,604 were out on loan in exchange for $7,550,418 of cash collateral as of June 30, 2022. The collateral was invested in a cash collateral reinvestment vehicle. |
ADR | American Depositary Receipt. |
FHLMC | Federal Home Loan Mortgage Corp. |
FNMA | Federal National Mortgage Association. |
FREMF | Freddie Mac Multifamily. |
GNMA | Government National Mortgage Association. |
LIBOR | London Interbank Offered Rate. |
MTN | Medium Term Note. |
REMIC | Real Estate Mortgage Investment Conduit. |
SOFR | Secured Overnight Financing Rate. |
Investments in Securities: | Level 1 | Level 2 | Level 3 | Total |
Assets | ||||
Common Stocks* | $355,649,156 | $ — | $— | $355,649,156 |
Asset-Backed Securities | — | 1,435,621 | — | 1,435,621 |
Commercial Mortgage-Backed Securities | — | 3,903,217 | — | 3,903,217 |
Corporate Bonds & Notes* | — | 21,388,760 | — | 21,388,760 |
Long-Term Municipal Securities* | — | 1,240,666 | — | 1,240,666 |
Residential Mortgage-Backed Securities | — | 14,645,718 | — | 14,645,718 |
U.S. Treasury Obligations | — | 15,518,977 | — | 15,518,977 |
Short-Term Investments | 39,018,178 | — | — | 39,018,178 |
Total Investments in Securities | $394,667,334 | $58,132,959 | $— | $452,800,293 |
* | See Schedule of Investments for further breakdown by category. |
* | ”Risk off,” or its opposite “risk on,” is an investment setting in which price behavior responds to and is driven by changes in investor risk tolerance. Risk on and risk off refer to changes in investment activity in response to global economic patterns. During periods when risk is perceived as low, the risk on/risk off theory states that investors tend to engage in higher risk investments. When risk is perceived to be high, investors have the tendency to gravitate toward lower risk investments. |
Ten Largest Holdings* | |||
Issue | Shares | Value | Percentage of Net Assets |
FNMA, 4.00%, 7/1/52 | 2,130,000 | $2,102,876 | 4.8% |
U.S. Treasury Bonds, 2.25%, 8/15/49 | 1,806,000 | 1,494,183 | 3.4% |
FNMA, 4.50%, 7/1/52 | 1,250,000 | 1,256,396 | 2.9% |
FNMA Pool #FM9834, 3.50%, 6/1/49 | 1,250,967 | 1,217,851 | 2.8% |
U.S. Treasury Notes, 2.25%, 11/15/24 | 1,185,000 | 1,165,605 | 2.7% |
U.S. Treasury Bonds, 3.00%, 2/15/48 | 939,000 | 891,316 | 2.1% |
U.S. Treasury Notes, 2.75%, 2/15/28 | 790,000 | 777,502 | 1.8% |
FNMA Pool #CB0856, 3.00%, 6/1/51 | 789,253 | 737,617 | 1.7% |
U.S. Treasury Notes, 1.50%, 2/15/30 | 675,000 | 607,474 | 1.4% |
U.S. Treasury Notes, 1.50%, 8/15/26 | 620,000 | 583,018 | 1.3% |
Asset Allocation — Percentage of Net Assets |
Sector Weightings — Percentage of Total Investments In Securities* |
* | Excludes short-term investments, if any. |
Percentage of Total Investments In Securities* | |
Less than 4% | 72.0% |
4 - 4.99% | 25.0% |
5 - 5.99% | 3.0% |
Total | 100.0% |
* | Excludes short-term investments, if any. |
6 Mos | 1 Yr | 5 Yrs | 10 Yrs | ||||
Value Line Core Bond Fund | (9.93%) | (10.49%) | 0.19% | 1.26% | |||
Bloomberg US Aggregate Bond Index*** | (10.35%) | (10.29%) | 0.88% | 1.54% |
** | The performance data quoted represent past performance and are no guarantee of future performance. The investment return and principal value of an investment will fluctuate so that an investment, when redeemed, may be worth more or less than its original cost. The performance data includes reinvestments of all dividends and distributions but does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. |
*** | The Bloomberg US Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM passthrough’s), ABS and CMBS. This is an unmanaged index and does not reflect charges, expenses or taxes, which are deducted from the Fund’s return. It is not possible to directly invest in this Index. |
Principal Amount | Value | |
ASSET-BACKED SECURITIES 1.0% | ||
$100,000 | Chase Issuance Trust, Series 2012-A7, Class A7, 2.16%, 9/15/24 | $ 100,001 |
200,000 | Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.19%, 7/15/31(1) | 196,911 |
150,000 | Ford Credit Floorplan Master Owner Trust, Series 2019-2, Class A, 3.06%, 4/15/26 | 147,886 |
TOTAL ASSET-BACKED SECURITIES (Cost $477,066) | 444,798 | |
COMMERCIAL MORTGAGE-BACKED SECURITIES 5.7% | ||
150,000 | COMM Mortgage Trust, Series 2014-UBS2, Class AM, 4.20%, 3/10/47 | 148,799 |
180,000 | FHLMC Multifamily Structured Pass-Through Certificates, Series K058, Class A2, 2.65%, 8/25/26 | 174,726 |
250,000 | FHLMC Multifamily Structured Pass-Through Certificates, Series K061, Class A2, 3.35%, 11/25/26(2) | 250,170 |
200,000 | FHLMC Multifamily Structured Pass-Through Certificates, Series K063, Class A2, 3.43%, 1/25/27(2) | 199,676 |
300,000 | FHLMC Multifamily Structured Pass-Through Certificates, Series K069, Class A2, 3.19%, 9/25/27(2) | 295,933 |
200,000 | FHLMC Multifamily Structured Pass-Through Certificates, Series K092, Class A2, 3.30%, 4/25/29 | 197,590 |
450,000 | FHLMC Multifamily Structured Pass-Through Certificates, Series K103, Class A2, 2.65%, 11/25/29 | 425,167 |
250,000 | FREMF Mortgage Trust, Series 2013-K24, Class B, 3.61%, 11/25/45(1)(2) | 249,967 |
175,000 | FREMF Mortgage Trust, Series 2015-K43, Class B, 3.86%, 2/25/48(1)(2) | 172,284 |
153,120 | GNMA, Series 2012-125, Class AB, 2.11%, 2/16/53(2) | 140,214 |
137,925 | GNMA, Series 2013-12, Class AB, 1.83%, 11/16/52 | 132,949 |
12,744 | GS Mortgage Securities Trust, Series 2015-GC32, Class A2, 3.06%, 7/10/48 | 12,737 |
40,973 | Sequoia Mortgage Trust, Series 2004-8, Class A1, (1-month LIBOR + 0.70%), 2.30%, 9/20/34(2) | 37,169 |
55,350 | Wells Fargo Commercial Mortgage Trust, Series 2015-NXS2, Class ASB, 3.46%, 7/15/58 | 54,872 |
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $2,740,128) | 2,492,253 | |
CORPORATE BONDS & NOTES 35.4% | ||
BASIC MATERIALS 1.9% | ||
CHEMICALS 0.7% | ||
200,000 | Celanese U.S. Holdings LLC, Guaranteed Notes, 4.63%, 11/15/22 | 201,263 |
125,000 | Nutrien Ltd., Senior Unsecured Notes, 4.20%, 4/1/29 | 121,677 |
322,940 | ||
IRON/STEEL 0.6% | ||
135,000 | ArcelorMittal SA, Senior Unsecured Notes, 4.25%, 7/16/29(3) | 128,431 |
Principal Amount | Value | |
CORPORATE BONDS & NOTES 35.4% (continued) | ||
BASIC MATERIALS 1.9% (continued) | ||
IRON/STEEL 0.6% (continued) | ||
$165,000 | Steel Dynamics, Inc., Senior Unsecured Notes, 3.25%, 1/15/31 | $ 144,085 |
272,516 | ||
MINING 0.6% | ||
120,000 | Freeport-McMoRan, Inc., 4.63%, 8/1/30(3) | 111,333 |
140,000 | Rio Tinto Finance USA PLC, Guaranteed Notes, 4.13%, 8/21/42(3) | 129,510 |
240,843 | ||
836,299 | ||
COMMUNICATIONS 3.3% | ||
INTERNET 0.8% | ||
125,000 | Expedia Group, Inc., Guaranteed Notes, 3.25%, 2/15/30 | 104,419 |
120,000 | Netflix, Inc., Senior Unsecured Notes, 4.88%, 4/15/28 | 113,191 |
125,000 | VeriSign, Inc., Senior Unsecured Notes, 2.70%, 6/15/31 | 100,864 |
318,474 | ||
MEDIA 1.1% | ||
175,000 | Charter Communications Operating LLC/Charter Communications Operating Capital, Senior Secured Notes, 4.91%, 7/23/25 | 175,259 |
175,000 | Comcast Corp., Guaranteed Notes, 4.15%, 10/15/28 | 174,725 |
125,000 | Discovery Communications LLC, Guaranteed Notes, 4.90%, 3/11/26 | 125,679 |
475,663 | ||
TELECOMMUNICATIONS 1.4% | ||
190,000 | AT&T, Inc., Senior Unsecured Notes, 2.55%, 12/1/33 | 154,633 |
200,000 | Motorola Solutions, Inc., Senior Unsecured Notes, 4.60%, 5/23/29 | 191,744 |
150,000 | T-Mobile USA, Inc., Guaranteed Notes, 3.50%, 4/15/31 | 130,425 |
175,000 | Vodafone Group PLC, Senior Unsecured Notes, 4.25%, 9/17/50 | 147,179 |
623,981 | ||
1,418,118 | ||
CONSUMER, CYCLICAL 3.1% | ||
AUTO MANUFACTURERS 0.8% | ||
170,000 | Ford Motor Credit Co. LLC, Senior Unsecured Notes, 3.38%, 11/13/25 | 153,365 |
200,000 | General Motors Financial Co., Inc., Guaranteed Notes, 3.70%, 5/9/23 | 199,954 |
353,319 | ||
HOME BUILDERS 1.1% | ||
200,000 | Lennar Corp., Guaranteed Notes, 4.88%, 12/15/23 | 201,202 |
142,000 | PulteGroup, Inc., Guaranteed Notes, 5.00%, 1/15/27 | 142,165 |
Principal Amount | Value | |
CORPORATE BONDS & NOTES 35.4% (continued) | ||
CONSUMER, CYCLICAL 3.1% (continued) | ||
HOME BUILDERS 1.1% (continued) | ||
$140,000 | Toll Brothers Finance Corp., Guaranteed Notes, 4.88%, 11/15/25 | $ 136,349 |
479,716 | ||
LODGING 0.3% | ||
125,000 | Hyatt Hotels Corp., 1.80%, 10/1/24 | 118,265 |
RETAIL 0.9% | ||
150,000 | AutoZone, Inc., Senior Unsecured Notes, 3.75%, 6/1/27 | 145,557 |
150,000 | Dollar General Corp., Senior Unsecured Notes, 3.50%, 4/3/30(3) | 138,425 |
100,000 | O'Reilly Automotive, Inc., Senior Unsecured Notes, 3.60%, 9/1/27(3) | 96,727 |
380,709 | ||
1,332,009 | ||
CONSUMER, NON-CYCLICAL 6.9% | ||
AGRICULTURE 0.3% | ||
150,000 | Bunge Ltd. Finance Corp., Guaranteed Notes, 3.25%, 8/15/26 | 142,846 |
BEVERAGES 0.9% | ||
125,000 | Anheuser-Busch InBev Worldwide, Inc., Guaranteed Notes, 4.90%, 1/23/31 | 128,476 |
150,000 | Constellation Brands, Inc., Guaranteed Notes, 5.25%, 11/15/48 | 148,118 |
125,000 | Diageo Capital PLC, 2.00%, 4/29/30 | 106,924 |
383,518 | ||
BIOTECHNOLOGY 0.8% | ||
150,000 | Amgen, Inc., Senior Unsecured Notes, 2.20%, 2/21/27 | 138,129 |
100,000 | Gilead Sciences, Inc., Senior Unsecured Notes, 3.25%, 9/1/22 | 100,000 |
150,000 | Regeneron Pharmaceuticals, Inc., Senior Unsecured Notes, 1.75%, 9/15/30 | 120,596 |
358,725 | ||
COMMERCIAL SERVICES 0.6% | ||
150,000 | PayPal Holdings, Inc., Senior Unsecured Notes, 2.65%, 10/1/26 | 142,427 |
155,000 | Service Corp. International, Senior Unsecured Notes, 4.00%, 5/15/31 | 132,331 |
274,758 | ||
FOOD 0.4% | ||
175,000 | Kroger Co., Senior Unsecured Notes, 2.65%, 10/15/26 | 163,917 |
HEALTHCARE PRODUCTS 0.2% | ||
100,000 | Baxter International, Inc., 1.73%, 4/1/31 | 79,334 |
HEALTHCARE SERVICES 1.6% | ||
150,000 | Centene Corp., Senior Unsecured Notes, 4.63%, 12/15/29 | 139,155 |
150,000 | HCA, Inc., Guaranteed Notes, 5.38%, 2/1/25 | 150,042 |
150,000 | Humana, Inc., Senior Unsecured Notes, 3.95%, 3/15/27 | 147,330 |
Principal Amount | Value | |
CORPORATE BONDS & NOTES 35.4% (continued) | ||
CONSUMER, NON-CYCLICAL 6.9% (continued) | ||
HEALTHCARE SERVICES 1.6% (continued) | ||
$150,000 | Laboratory Corp. of America Holdings, Senior Unsecured Notes, 2.95%, 12/1/29 | $ 132,324 |
125,000 | UnitedHealth Group, Inc., Senior Unsecured Notes, 4.63%, 11/15/41 | 123,585 |
692,436 | ||
PHARMACEUTICALS 2.1% | ||
150,000 | AbbVie, Inc., Senior Unsecured Notes, 2.95%, 11/21/26 | 142,274 |
125,000 | AstraZeneca PLC, Senior Unsecured Notes, 1.38%, 8/6/30(3) | 102,666 |
150,000 | Becton Dickinson and Co., Senior Unsecured Notes, 3.70%, 6/6/27 | 145,416 |
165,000 | Merck & Co., Inc., Senior Unsecured Notes, 3.90%, 3/7/39 | 156,636 |
160,000 | Novartis Capital Corp., Guaranteed Notes, 2.75%, 8/14/50(3) | 125,500 |
140,000 | Takeda Pharmaceutical Co. Ltd., Senior Unsecured Notes, 3.03%, 7/9/40 | 108,277 |
165,000 | Utah Acquisition Sub, Inc., Guaranteed Notes, 3.95%, 6/15/26 | 155,630 |
936,399 | ||
3,031,933 | ||
ENERGY 3.9% | ||
OIL & GAS 1.6% | ||
150,000 | Canadian Natural Resources Ltd., Senior Unsecured Notes, 2.05%, 7/15/25 | 140,474 |
140,000 | EOG Resources, Inc., Senior Unsecured Notes, 4.38%, 4/15/30 | 140,869 |
135,000 | Hess Corp., Senior Unsecured Notes, 4.30%, 4/1/27 | 131,785 |
150,000 | Occidental Petroleum Corp., Senior Unsecured Notes, 5.50%, 12/1/25 | 147,750 |
125,000 | TotalEnergies Capital International SA, Guaranteed Notes, 3.46%, 2/19/29 | 119,231 |
680,109 | ||
OIL & GAS SERVICES 0.3% | ||
150,000 | Schlumberger Finance Canada Ltd., Guaranteed Notes, 1.40%, 9/17/25(3) | 139,248 |
PIPELINES 2.0% | ||
125,000 | Boardwalk Pipelines LP, Guaranteed Notes, 4.95%, 12/15/24 | 125,946 |
150,000 | Enbridge, Inc., Guaranteed Notes, 2.50%, 8/1/33 | 121,622 |
100,000 | Enterprise Products Operating LLC, Guaranteed Notes, 4.85%, 8/15/42 | 92,105 |
200,000 | Kinder Morgan, Inc., Guaranteed Notes, 4.30%, 3/1/28 | 194,882 |
125,000 | Magellan Midstream Partners LP, Senior Unsecured Notes, 4.25%, 9/15/46 | 104,991 |
125,000 | Targa Resources Corp., 5.20%, 7/1/27 | 125,719 |
Principal Amount | Value | |
CORPORATE BONDS & NOTES 35.4% (continued) | ||
ENERGY 3.9% (continued) | ||
PIPELINES 2.0% (continued) | ||
$125,000 | TransCanada PipeLines Ltd., Senior Unsecured Notes, 4.25%, 5/15/28 | $ 121,838 |
887,103 | ||
1,706,460 | ||
FINANCIAL 13.0% | ||
BANKS 6.0% | ||
200,000 | Bank of America Corp. MTN, (SOFR + 1.33%), 2.84%, 4/2/26(2) | 197,363 |
100,000 | Barclays PLC, Senior Unsecured Notes, 4.34%, 1/10/28 | 95,715 |
150,000 | Citigroup, Inc., Senior Unsecured Notes, (3-month LIBOR + 0.90%), 3.35%, 4/24/25(2) | 147,157 |
130,000 | Citigroup, Inc., Subordinated Notes, 5.30%, 5/6/44 | 125,079 |
125,000 | Fifth Third Bancorp, Senior Unsecured Notes, 3.65%, 1/25/24 | 124,554 |
150,000 | First-Citizens Bank & Trust Co., Senior Unsecured Notes, (SOFR + 3.83%), 3.93%, 6/19/24(2) | 149,098 |
175,000 | Goldman Sachs Group, Inc., Senior Unsecured Notes, 3.75%, 2/25/26 | 171,736 |
125,000 | ING Groep NV, Senior Unsecured Notes, 3.95%, 3/29/27 | 120,616 |
130,000 | JPMorgan Chase & Co., Subordinated Notes, 4.13%, 12/15/26(3) | 129,003 |
150,000 | JPMorgan Chase & Co., Senior Unsecured Notes, (3-month LIBOR + 1.38%), 3.96%, 11/15/48(2) | 127,889 |
150,000 | KeyCorp, Senior Unsecured Notes, 2.55%, 10/1/29(3) | 130,430 |
175,000 | Lloyds Banking Group PLC, Senior Unsecured Notes, 3.90%, 3/12/24 | 173,976 |
150,000 | Morgan Stanley, Subordinated Notes, 4.88%, 11/1/22 | 151,059 |
125,000 | Morgan Stanley, Series F, Senior Unsecured Notes, 3.88%, 4/29/24 | 125,256 |
150,000 | PNC Bank NA, Subordinated Notes, 2.95%, 1/30/23 | 149,739 |
200,000 | Wells Fargo & Co., (SOFR + 1.32%), 2.30%, 4/25/26(2) | 196,590 |
350,000 | Zions Bancorp NA, Subordinated Notes, 3.25%, 10/29/29 | 305,247 |
2,620,507 | ||
DIVERSIFIED FINANCIALS 2.9% | ||
175,000 | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Guaranteed Notes, 1.75%, 1/30/26(3) | 153,127 |
175,000 | Air Lease Corp., Senior Unsecured Notes, 3.63%, 4/1/27 | 162,269 |
150,000 | Ally Financial, Inc., 4.75%, 6/9/27 | 144,250 |
175,000 | American Express Co., (SOFR + 0.72%), 1.82%, 5/3/24(2) | 173,742 |
175,000 | Charles Schwab Corp., (SOFR + 1.05%), 2.43%, 3/3/27(2) | 172,191 |
Principal Amount | Value | |
CORPORATE BONDS & NOTES 35.4% (continued) | ||
FINANCIAL 13.0% (continued) | ||
DIVERSIFIED FINANCIALS 2.9% (continued) | ||
$165,000 | Discover Financial Services, Senior Unsecured Notes, 3.95%, 11/6/24 | $ 162,707 |
100,000 | Stifel Financial Corp., Senior Unsecured Notes, 4.25%, 7/18/24 | 100,152 |
190,000 | Synchrony Financial, Senior Unsecured Notes, 4.25%, 8/15/24 | 188,989 |
1,257,427 | ||
INSURANCE 1.4% | ||
150,000 | Aflac, Inc., Senior Unsecured Notes, 3.60%, 4/1/30(3) | 142,382 |
135,000 | Allstate Corp., Senior Unsecured Notes, 1.45%, 12/15/30 | 107,542 |
200,000 | CNA Financial Corp., Senior Unsecured Notes, 3.95%, 5/15/24 | 200,184 |
175,000 | Prudential Financial, Inc., Junior Subordinated Notes, (3-month LIBOR + 2.67%), 5.70%, 9/15/48(2)(3) | 169,947 |
620,055 | ||
REITS 2.7% | ||
125,000 | AvalonBay Communities, Inc., Senior Unsecured Notes, 2.45%, 1/15/31 | 108,292 |
150,000 | Crown Castle International Corp., Senior Unsecured Notes, 3.80%, 2/15/28 | 141,754 |
125,000 | Digital Realty Trust LP, Guaranteed Notes, 3.60%, 7/1/29 | 113,209 |
100,000 | Duke Realty LP, Senior Unsecured Notes, 4.00%, 9/15/28 | 97,121 |
150,000 | Equinix, Inc., Senior Unsecured Notes, 2.50%, 5/15/31 | 122,697 |
150,000 | Kimco Realty Corp., 2.25%, 12/1/31(3) | 120,932 |
150,000 | Life Storage LP, Guaranteed Notes, 2.20%, 10/15/30 | 120,533 |
125,000 | Prologis LP, Senior Unsecured Notes, 2.25%, 4/15/30 | 108,438 |
155,000 | Sabra Health Care LP, Guaranteed Notes, 3.90%, 10/15/29 | 137,120 |
125,000 | Welltower, Inc., Senior Unsecured Notes, 4.25%, 4/15/28(3) | 121,500 |
1,191,596 | ||
5,689,585 | ||
INDUSTRIAL 1.5% | ||
AEROSPACE/DEFENSE 0.3% | ||
120,000 | Teledyne Technologies, Inc., Senior Unsecured Notes, 1.60%, 4/1/26 | 107,900 |
BUILDING MATERIALS 0.6% | ||
160,000 | Masco Corp., Senior Unsecured Notes, 2.00%, 10/1/30 | 126,732 |
150,000 | Vulcan Materials Co., Senior Unsecured Notes, 3.50%, 6/1/30 | 136,319 |
263,051 | ||
ELECTRONICS 0.6% | ||
160,000 | Amphenol Corp., 2.20%, 9/15/31(3) | 130,980 |
Principal Amount | Value | |
CORPORATE BONDS & NOTES 35.4% (continued) | ||
INDUSTRIAL 1.5% (continued) | ||
ELECTRONICS 0.6% (continued) | ||
$150,000 | Flex Ltd., Senior Unsecured Notes, 4.75%, 6/15/25(3) | $ 151,243 |
282,223 | ||
653,174 | ||
TECHNOLOGY 1.5% | ||
COMPUTERS 0.3% | ||
135,000 | Dell International LLC / EMC Corp., 4.90%, 10/1/26 | 135,217 |
SEMICONDUCTORS 0.2% | ||
140,000 | Analog Devices, Inc., 2.80%, 10/1/41(3) | 110,241 |
SOFTWARE 1.0% | ||
150,000 | Adobe, Inc., Senior Unsecured Notes, 2.30%, 2/1/30 | 132,780 |
150,000 | Electronic Arts, Inc., Senior Unsecured Notes, 4.80%, 3/1/26 | 153,290 |
170,000 | Salesforce, Inc., Senior Unsecured Notes, 2.70%, 7/15/41 | 132,139 |
418,209 | ||
663,667 | ||
UTILITIES 0.3% | ||
ELECTRIC 0.3% | ||
150,000 | Duke Energy Carolinas LLC, 2.45%, 2/1/30 | 133,022 |
TOTAL CORPORATE BONDS & NOTES (Cost $17,284,899) | 15,464,267 | |
FOREIGN GOVERNMENT OBLIGATIONS 0.3% | ||
150,000 | European Bank for Reconstruction & Development, Senior Unsecured Notes, 2.75%, 3/7/23 | 150,018 |
TOTAL FOREIGN GOVERNMENT OBLIGATIONS (Cost $149,941) | 150,018 | |
LONG-TERM MUNICIPAL SECURITIES 2.4% | ||
CALIFORNIA 0.4% | ||
200,000 | San Marcos California Unified School District, Refunding Revenue Bonds, 3.17%, 8/1/38 | 163,152 |
CONNECTICUT 0.2% | ||
125,000 | Hartford County Metropolitan District Clean Water Project Revenue, Series B, 2.17%, 4/1/34 | 101,984 |
DISTRICT OF COLUMBIA 0.5% | ||
200,000 | District of Columbia Income Tax Secured Revenue Bonds, Build America Bonds, Series F, 4.91%, 12/1/23 | 204,988 |
OREGON 0.3% | ||
145,000 | State of Oregon, Series C, GO, 2.38%, 5/1/36 | 116,985 |
TEXAS 1.0% | ||
500,000 | Tarrant County Cultural Education Facilities Finance Corp., Revenue Bonds, Baylor Health Care System Project, Series C, Series C, 4.45%, 11/15/43 | 457,013 |
TOTAL LONG-TERM MUNICIPAL SECURITIES (Cost $1,182,247) | 1,044,122 |
Principal Amount | Value | |
U.S. GOVERNMENT AGENCY OBLIGATIONS 1.7% | ||
$250,000 | FNMA, 2.63%, 9/6/24(3) | $ 247,895 |
540,000 | FNMA, 1.88%, 9/24/26 | 514,505 |
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $773,804) | 762,400 | |
RESIDENTIAL MORTGAGE-BACKED SECURITIES 22.8% | ||
22,123 | FHLMC Gold PC Pool #A29526, 5.00%, 1/1/35 | 22,643 |
98,655 | FHLMC Gold PC Pool #C91749, 4.00%, 1/1/34 | 100,534 |
38,804 | FHLMC Gold PC Pool #G06224, 3.50%, 1/1/41 | 38,276 |
14,928 | FHLMC Gold PC Pool #J11587, 4.00%, 1/1/25 | 15,109 |
20,121 | FHLMC Gold PC Pool #Q06307, 3.50%, 2/1/42 | 19,827 |
19,849 | FHLMC Gold PC Pool #Q08656, 4.00%, 6/1/42 | 20,081 |
41,391 | FHLMC Gold PC Pool #Q08903, 3.50%, 6/1/42 | 40,775 |
138,717 | FHLMC Gold PC Pool #Q14593, 3.00%, 1/1/43 | 132,723 |
162,856 | FHLMC Gold Pool #Q34167, 4.00%, 6/1/45 | 164,353 |
67,581 | FHLMC Gold Pool #Q57991, 4.00%, 8/1/48 | 67,693 |
221,317 | FHLMC Pool #QB2958, 3.00%, 9/1/50 | 206,868 |
199,199 | FHLMC Pool #QB5314, 2.50%, 11/1/50 | 179,952 |
245,372 | FHLMC Pool #QB8153, 2.50%, 1/1/51 | 221,706 |
190,032 | FHLMC Pool #SB8078, 1.50%, 12/1/35 | 173,418 |
150,708 | FHLMC Pool #SD8023, 2.50%, 11/1/49 | 136,456 |
175,750 | FHLMC Pool #SD8163, 3.50%, 8/1/51 | 169,731 |
467,499 | FHLMC Pool #SD8173, 2.50%, 10/1/51 | 422,083 |
2,130,000 | FNMA, 4.00%, 7/1/52 | 2,102,876 |
1,250,000 | FNMA, 4.50%, 7/1/52 | 1,256,396 |
53,861 | FNMA Pool #AB2346, 4.50%, 2/1/41 | 55,653 |
41,387 | FNMA Pool #AB5231, 2.50%, 5/1/27 | 40,861 |
40,523 | FNMA Pool #AB5716, 3.00%, 7/1/27 | 40,393 |
54,183 | FNMA Pool #AI4285, 5.00%, 6/1/41 | 56,722 |
223,759 | FNMA Pool #AR6394, 3.00%, 2/1/43 | 214,243 |
67,200 | FNMA Pool #AS5892, 3.50%, 10/1/45 | 65,814 |
21,850 | FNMA Pool #AS6102, 3.50%, 11/1/45 | 21,400 |
40,175 | FNMA Pool #AS6205, 3.50%, 11/1/45 | 39,346 |
29,752 | FNMA Pool #AS6385, 4.00%, 12/1/45 | 29,996 |
72,696 | FNMA Pool #AS9562, 3.00%, 5/1/47 | 68,823 |
82,933 | FNMA Pool #AU4279, 3.00%, 9/1/43 | 79,316 |
67,862 | FNMA Pool #AV0703, 4.00%, 12/1/43 | 68,289 |
37,355 | FNMA Pool #AW7362, 2.50%, 8/1/29 | 36,694 |
77,854 | FNMA Pool #AX0416, 4.00%, 8/1/44 | 77,880 |
47,353 | FNMA Pool #AY1670, 3.50%, 2/1/45 | 46,532 |
31,034 | FNMA Pool #AY4195, 4.00%, 5/1/45 | 31,228 |
39,297 | FNMA Pool #BA3885, 3.50%, 11/1/45 | 38,429 |
152,337 | FNMA Pool #CA2320, 3.50%, 9/1/48 | 149,192 |
72,793 | FNMA Pool #CA5540, 3.00%, 4/1/50 | 68,469 |
789,253 | FNMA Pool #CB0856, 3.00%, 6/1/51 | 737,617 |
1,250,967 | FNMA Pool #FM9834, 3.50%, 6/1/49 | 1,217,851 |
70,370 | FNMA Pool #MA0641, 4.00%, 2/1/31 | 71,639 |
Principal Amount | Value | |
RESIDENTIAL MORTGAGE-BACKED SECURITIES 22.8% (continued) | ||
$85,409 | FNMA Pool #MA4012, 2.00%, 5/1/35 | $ 80,203 |
487,462 | FNMA Pool #MA4548, 2.50%, 2/1/52 | 439,817 |
20,199 | FNMA REMIC Trust Series 2013-18, Series 2013-18, Class AE, 2.00%, 3/25/28 | 19,638 |
10,539 | GNMA, Series 2011-136, Class GB, 2.50%, 5/20/40 | 10,481 |
1,468,576 | GNMA, Series 2021-98, Class 2021-IG, IO, 3.00%, 6/20/51 | 219,068 |
39,585 | GNMA II Pool #5332, 4.00%, 3/20/42 | 40,545 |
149,662 | GNMA II Pool #MA3937, 3.50%, 9/20/46 | 147,753 |
134,870 | GNMA II Pool #MA7054, 3.50%, 12/20/50 | 132,051 |
140,056 | GNMA II Pool #MA7651, 3.50%, 10/20/51 | 136,562 |
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES (Cost $10,625,710) | 9,974,005 | |
U.S. TREASURY OBLIGATIONS 24.9% | ||
120,000 | U.S. Treasury Bonds, 5.38%, 2/15/31 | 141,666 |
425,000 | U.S. Treasury Bonds, 4.38%, 2/15/38 | 496,835 |
450,000 | U.S. Treasury Bonds, 3.50%, 2/15/39 | 472,219 |
250,000 | U.S. Treasury Bonds, 1.13%, 5/15/40 | 175,068 |
380,000 | U.S. Treasury Bonds, 2.88%, 5/15/43 | 348,501 |
939,000 | U.S. Treasury Bonds, 3.00%, 2/15/48 | 891,316 |
1,806,000 | U.S. Treasury Bonds, 2.25%, 8/15/49 | 1,494,183 |
107,848 | U.S. Treasury Inflation Indexed Note, 0.13%, 7/15/31 | 102,929 |
500,000 | U.S. Treasury Notes, 0.13%, 7/15/23 | 485,781 |
550,000 | U.S. Treasury Notes, 0.13%, 8/31/23 | 532,297 |
590,000 | U.S. Treasury Notes, 0.25%, 11/15/23 | 568,912 |
1,185,000 | U.S. Treasury Notes, 2.25%, 11/15/24 | 1,165,605 |
200,000 | U.S. Treasury Notes, 3.00%, 9/30/25 | 199,930 |
620,000 | U.S. Treasury Notes, 1.50%, 8/15/26 | 583,018 |
350,000 | U.S. Treasury Notes, 0.75%, 8/31/26 | 319,033 |
350,000 | U.S. Treasury Notes, 1.13%, 2/28/27 | 321,111 |
100,000 | U.S. Treasury Notes, 0.63%, 11/30/27 | 87,969 |
790,000 | U.S. Treasury Notes, 2.75%, 2/15/28 | 777,502 |
175,000 | U.S. Treasury Notes, 1.25%, 6/30/28 | 157,705 |
500,000 | U.S. Treasury Notes, 1.63%, 8/15/29 | 456,172 |
675,000 | U.S. Treasury Notes, 1.50%, 2/15/30 | 607,474 |
575,000 | U.S. Treasury Notes, 1.13%, 2/15/31 | 495,309 |
TOTAL U.S. TREASURY OBLIGATIONS (Cost $12,018,587) | 10,880,535 |
Shares | Value | |
SHORT-TERM INVESTMENTS 16.2% | ||
MONEY MARKET FUNDS 16.2% | ||
5,814,484 | State Street Institutional U.S. Government Money Market Fund, Premier Class, 1.43%(4) | 5,814,484 |
Shares | Value | |
SHORT-TERM INVESTMENTS 16.2% (continued) | ||
MONEY MARKET FUNDS 16.2% (continued) | ||
1,271,737 | State Street Navigator Securities Lending Government Money Market Portfolio(5) | $ 1,271,738 |
7,086,222 | ||
TOTAL SHORT-TERM INVESTMENTS (Cost $7,086,222) | 7,086,222 | |
TOTAL INVESTMENTS IN SECURITIES 110.4% (Cost $52,338,604) | $48,298,620 | |
EXCESS OF LIABILITIES OVER CASH AND OTHER ASSETS (10.4)% | (4,550,959) | |
NET ASSETS 100.0% | $43,747,661 |
(1) | Pursuant to Rule 144A under the Securities Act of 1933, this security can only be sold to qualified institutional investors. |
(2) | Floating or variable rate security. The rate disclosed is the rate in effect as of June 30, 2022. The information in parentheses represents the benchmark and reference rate for each relevant security and the rate adjusts based upon the reference rate and spread. The security may be further subject to interest rate floor and caps. For securities which do not indicate a reference rate and spread in their descriptions, the interest rate adjusts periodically based on current interest rates and, for mortgage-backed securities, prepayments in the underlying pool of assets. |
(3) | A portion or all of the security was held on loan. As of June 30, 2022, the market value of the securities on loan was $2,076,051. |
(4) | Rate reflects 7 day yield as of June 30, 2022. |
(5) | Securities with an aggregate market value of $2,076,051 were out on loan in exchange for $1,271,738 of cash collateral as of June 30, 2022. The collateral was invested in a cash collateral reinvestment vehicle. |
FHLMC | Federal Home Loan Mortgage Corp. |
FNMA | Federal National Mortgage Association. |
FREMF | Freddie Mac Multifamily. |
GNMA | Government National Mortgage Association. |
LIBOR | London Interbank Offered Rate. |
MTN | Medium Term Note. |
REMIC | Real Estate Mortgage Investment Conduit. |
SOFR | Secured Overnight Financing Rate. |
Investments in Securities: | Level 1 | Level 2 | Level 3 | Total |
Assets | ||||
Asset-Backed Securities | $ — | $ 444,798 | $— | $ 444,798 |
Commercial Mortgage-Backed Securities | — | 2,492,253 | — | 2,492,253 |
Corporate Bonds & Notes* | — | 15,464,267 | — | 15,464,267 |
Foreign Government Obligations | — | 150,018 | — | 150,018 |
Long-Term Municipal Securities* | — | 1,044,122 | — | 1,044,122 |
U.S. Government Agency Obligations | — | 762,400 | — | 762,400 |
Residential Mortgage-Backed Securities | — | 9,974,005 | — | 9,974,005 |
U.S. Treasury Obligations | — | 10,880,535 | — | 10,880,535 |
Short-Term Investments | 7,086,222 | — | — | 7,086,222 |
Total Investments in Securities | $7,086,222 | $41,212,398 | $— | $48,298,620 |
* | See Schedule of Investments for further breakdown by category. |
Value Line Small Cap Opportunities Fund, Inc. | Value Line Mid Cap Focused Fund, Inc. | ||
Assets: | |||
Investments in securities, at value* | $369,774,444 | $407,150,616 | |
Dividends and interest receivable | 176,583 | 389,436 | |
Receivable for capital shares sold | 55,382 | 796,602 | |
Prepaid expenses | 49,087 | 117,685 | |
Receivable for securities lending income | 173 | — | |
Total Assets | 370,055,669 | 408,454,339 | |
Liabilities: | |||
Payable upon return of securities on loan (See Note 1(K)) | 1,508,943 | — | |
Payable for securities purchased | 236,118 | — | |
Payable for capital shares redeemed | 190,053 | 183,117 | |
Accrued expenses: | |||
Advisory fee | 227,843 | 213,747 | |
Service and distribution plan fees | 57,428 | 51,592 | |
Printing fee payable | 29,647 | 65,488 | |
Auditing and legal fees payable | 16,826 | 27,615 | |
Sub-transfer agent fees | 12,791 | — | |
Directors’ fees and expenses | 5,255 | — | |
Other | 35,392 | 17,021 | |
Total Liabilities | 2,320,296 | 558,580 | |
Net Assets | $367,735,373 | $407,895,759 | |
Net assets consist of: | |||
Capital stock, at $0.001 and $1.00 par value, respectively (authorized 300,000,000 and 50,000,000 shares, respectively) | $ 8,646 | $ 15,645,793 | |
Additional paid-in capital | 221,004,824 | 249,726,159 | |
Distributable Earnings/(Loss) | 146,721,903 | 142,523,807 | |
Net Assets | $367,735,373 | $407,895,759 | |
Net Asset Value Per Share | |||
Investor Class | |||
Net Assets | $276,523,644 | $248,978,896 | |
Shares Outstanding | 6,540,166 | 9,579,971 | |
Net Asset Value, Offering and Redemption Price per Outstanding Share | $ 42.28 | $ 25.99 | |
Institutional Class | |||
Net Assets | $ 91,211,729 | $158,916,863 | |
Shares Outstanding | 2,105,430 | 6,065,821 | |
Net Asset Value, Offering and Redemption Price per Outstanding Share | $ 43.32 | $ 26.20 | |
*Includes securities on loan of | $ 3,388,891 | $ — | |
Cost of investments | $234,725,080 | $290,558,598 |
Value Line Select Growth Fund, Inc. | Value Line Larger Companies Focused Fund, Inc. | ||
Assets: | |||
Investments in securities, at value* | $360,180,786 | $238,890,460 | |
Dividends and interest receivable | 117,657 | 2,872 | |
Prepaid expenses | 62,798 | 53,562 | |
Receivable for capital shares sold | 14,988 | 625 | |
Receivable for securities sold | — | 1,277,562 | |
Receivable for securities lending income | — | 8,258 | |
Total Assets | 360,376,229 | 240,233,339 | |
Liabilities: | |||
Payable for capital shares redeemed | 157,670 | 410 | |
Payable upon return of securities on loan (See Note 1(K)) | — | 11,449,081 | |
Payable for securities purchased | — | 389,898 | |
Accrued expenses: | |||
Advisory fee | 219,698 | 141,981 | |
Printing fee payable | 73,548 | 38,634 | |
Service and distribution plan fees | 73,446 | 48,829 | |
Auditing and legal fees payable | 31,314 | 29,772 | |
Sub-transfer agent fees | 2,902 | 1,727 | |
Directors’ fees and expenses | 2,761 | 3,705 | |
Other | 41,145 | 24,210 | |
Total Liabilities | 602,484 | 12,128,247 | |
Net Assets | $359,773,745 | $228,105,092 | |
Net assets consist of: | |||
Capital stock, at $1.00 par value (authorized 100,000,000 and 50,000,000 shares, respectively) | $ 11,546,036 | $ 10,437,758 | |
Additional paid-in capital | 155,124,515 | 196,687,275 | |
Distributable Earnings/(Loss) | 193,103,194 | 20,980,059 | |
Net Assets | $359,773,745 | $228,105,092 | |
Net Asset Value Per Share | |||
Investor Class | |||
Net Assets | $348,491,730 | $223,572,699 | |
Shares Outstanding | 11,186,423 | 10,233,153 | |
Net Asset Value, Offering and Redemption Price per Outstanding Share | $ 31.15 | $ 21.85 | |
Institutional Class | |||
Net Assets | $ 11,282,015 | $ 4,532,393 | |
Shares Outstanding | 359,613 | 204,605 | |
Net Asset Value, Offering and Redemption Price per Outstanding Share | $ 31.37 | $ 22.15 | |
*Includes securities on loan of | $ — | $ 12,695,960 | |
Cost of investments | $196,708,105 | $267,817,768 |
Value Line Asset Allocation Fund, Inc. | Value Line Capital Appreciation Fund, Inc. | ||
Assets: | |||
Investments in securities, at value* | $1,131,667,864 | $452,800,293 | |
Receivable for securities sold | 6,593,972 | 175,678 | |
Dividends and interest receivable | 2,398,283 | 429,307 | |
Receivable for capital shares sold | 281,783 | 92,481 | |
Prepaid expenses | 98,287 | 73,234 | |
Receivable for securities lending income | 3,059 | 11,192 | |
Total Assets | 1,141,043,248 | 453,582,185 | |
Liabilities: | |||
Payable for securities purchased | 28,612,638 | 4,841,679 | |
Payable upon return of securities on loan (See Note 1(K)) | 7,557,555 | 7,550,418 | |
Payable for capital shares redeemed | 4,510,635 | 269,363 | |
Accrued expenses: | |||
Advisory fee | 605,368 | 244,819 | |
Printing fee payable | 112,496 | 76,974 | |
Service and distribution plan fees | 85,160 | 69,003 | |
Sub-transfer agent fees | 64,837 | 45,917 | |
Custody and accounting fees payable | 56,765 | 30,008 | |
Auditing and legal fees payable | 44,081 | 44,475 | |
Directors’ fees and expenses | 3,839 | 4,390 | |
Other | 58,236 | 20,974 | |
Total Liabilities | 41,711,610 | 13,198,020 | |
Net Assets | $1,099,331,638 | $440,384,165 | |
Net assets consist of: | |||
Capital stock, at $0.001 and $1.00 par value, respectively (authorized 300,000,000 and 75,000,000 shares, respectively) | $ 28,834 | $ 49,934,617 | |
Additional paid-in capital | 869,552,195 | 391,928,403 | |
Distributable Earnings/(Loss) | 229,750,609 | (1,478,855) | |
Net Assets | $1,099,331,638 | $440,384,165 | |
Net Asset Value Per Share | |||
Investor Class | |||
Net Assets | $ 403,889,129 | $316,602,369 | |
Shares Outstanding | 10,613,216 | 35,905,482 | |
Net Asset Value, Offering and Redemption Price per Outstanding Share | $ 38.06 | $ 8.82 | |
Institutional Class | |||
Net Assets | $ 695,442,509 | $123,781,796 | |
Shares Outstanding | 18,220,418 | 14,029,136 | |
Net Asset Value, Offering and Redemption Price per Outstanding Share | $ 38.17 | $ 8.82 | |
*Includes securities on loan of | $ 11,488,277 | $ 11,679,604 | |
Cost of investments | $ 950,726,656 | $500,429,295 |
Value Line Core Bond Fund | |
Assets: | |
Investments in securities, at value* | $48,298,620 |
Dividends and interest receivable | 264,184 |
Receivable for securities sold | 150,581 |
Prepaid expenses | 26,126 |
Receivable for securities lending income | 635 |
Total Assets | 48,740,146 |
Liabilities: | |
Payable for securities purchased | 3,608,964 |
Payable upon return of securities on loan (See Note 1(K)) | 1,271,738 |
Payable for capital shares redeemed | 19,391 |
Dividends payable to shareholders | 4,788 |
Accrued expenses: | |
Printing fee payable | 42,556 |
Custody and accounting fees payable | 15,408 |
Auditing and legal fees payable | 9,713 |
Advisory fee | 9,694 |
Directors’ fees and expenses | 725 |
Other | 9,508 |
Total Liabilities | 4,992,485 |
Net Assets | $43,747,661 |
Net assets consist of: | |
Capital stock, at $0.01 par value (authorized unlimited shares) | $ 323,831 |
Additional paid-in capital | 47,986,607 |
Distributable Earnings/(Loss) | (4,562,777) |
Net Assets | $43,747,661 |
Net Asset Value Per Share | |
Investor Class | |
Net Assets | $43,747,661 |
Shares Outstanding | 3,238,313 |
Net Asset Value, Offering and Redemption Price per Outstanding Share | $ 13.51 |
*Includes securities on loan of | $ 2,076,051 |
Cost of investments | $52,338,604 |
Value Line Small Cap Opportunities Fund, Inc. | Value Line Mid Cap Focused Fund, Inc. | Value Line Select Growth Fund, Inc. | |||||
Period Ended June 30, 2022 (unaudited)* | Year Ended March 31, 2022 | Six Months Ended June 30, 2022 (unaudited) | Six Months Ended June 30, 2022 (unaudited) | ||||
Investment Income: | |||||||
Dividends (net of foreign withholding tax of $0, $0, $6,657 and $5,618, respectively) | $ 726,005 | $ 3,244,177 | $ 2,852,716 | $ 1,242,341 | |||
Interest | — | — | — | — | |||
Securities lending income (Net) | 1,481 | 11,700 | — | 10 | |||
Total Income | 727,486 | 3,255,877 | 2,852,716 | 1,242,351 | |||
Expenses: | |||||||
Advisory fees | 748,046 | 3,744,753 | 1,402,208 | 1,510,235 | |||
Service and distribution plan fees | 184,202 | 934,585 | 345,400 | 498,972 | |||
Sub-transfer agent fees | 79,488 | 291,688 | 56,201 | 51,631 | |||
Auditing and legal fees | 17,827 | 136,403 | 57,970 | 58,180 | |||
Custody and accounting fees | 17,552 | 78,975 | 39,137 | 39,079 | |||
Directors’ fees and expenses | 15,749 | 54,719 | 24,388 | 25,487 | |||
Transfer agent fees | 11,959 | 61,184 | 61,680 | 52,217 | |||
Registration and filing fees | 10,103 | 108,544 | 21,176 | 18,885 | |||
Compliance and tax service fees | 5,887 | 25,254 | 11,451 | 11,786 | |||
Fund administration fees | 5,297 | 33,399 | 15,413 | 15,213 | |||
Insurance fees | 4,645 | 16,013 | — | — | |||
Printing and postage fees | 2,835 | 50,977 | 37,669 | 28,954 | |||
Other | 15,820 | 33,141 | 15,941 | 16,701 | |||
Recoupment (See Note 5) | 812 | 4,119 | 3,446 | — | |||
Total Expenses Before Fees Waived (See Note 5) | 1,120,222 | 5,573,754 | 2,092,080 | 2,327,340 | |||
Less: Advisory Fees Waived | (22,848) | (59,591) | (9,660) | (9,990) | |||
Net Expenses | 1,097,374 | 5,514,163 | 2,082,420 | 2,317,350 | |||
Net Investment Income/(Loss) | (369,888) | (2,258,286) | 770,296 | (1,074,999) | |||
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Exchange Transactions: | |||||||
Net Realized Gain/(Loss) From: | |||||||
Investments in securities | 13,633,293 | 19,499,476 | 14,206,338 | 18,025,645 | |||
Foreign currency transactions | — | — | 106 | 109 | |||
13,633,293 | 19,499,476 | 14,206,444 | 18,025,754 | ||||
Change in Net Unrealized Appreciation/(Depreciation) of: | |||||||
Investments in securities | (70,127,034) | (31,182,773) | (97,667,821) | (130,047,819) | |||
Net Realized Gain/(Loss) and Change in Net Unrealized Appreciation/(Depreciation) on Investments and Foreign Exchange Transactions | (56,493,741) | (11,683,297) | (83,461,377) | (112,022,065) | |||
Net Increase/(Decrease) in Net Assets from Operations | $(56,863,629) | $(13,941,583) | $(82,691,081) | $(113,097,064) |
* | For the three month period ended June 30, 2022. See Note 6 of Notes to Financial Statements. |
Value Line Larger Companies Focused Fund, Inc. | Value Line Asset Allocation Fund, Inc. | Value Line Capital Appreciation Fund, Inc. | |||||
Six Months Ended June 30, 2022 (unaudited) | Period Ended June 30, 2022 (unaudited)* | Year Ended March 31, 2022 | Six Months Ended June 30, 2022 (unaudited) | ||||
Investment Income: | |||||||
Dividends (net of foreign withholding tax of $0, $0, $14,874 and $9,633, respectively) | $ 819,349 | $ 2,212,228 | $ 8,669,334 | $ 2,641,509 | |||
Interest | — | 1,795,265 | 10,315,536 | 705,354 | |||
Securities lending income (Net) | 46,422 | 7,763 | 17,647 | 63,050 | |||
Total Income | 865,771 | 4,015,256 | 19,002,517 | 3,409,913 | |||
Expenses: | |||||||
Advisory fees | 1,074,867 | 1,945,487 | 10,788,128 | 1,804,132 | |||
Service and distribution plan fees | 362,094 | 275,916 | 1,517,266 | 505,531 | |||
Auditing and legal fees | 46,629 | 39,763 | 429,316 | 77,727 | |||
Transfer agent fees | 45,323 | 70,805 | 318,380 | 68,975 | |||
Custody and accounting fees | 38,214 | 61,844 | 272,989 | 75,309 | |||
Directors’ fees and expenses | 20,795 | 46,579 | 177,676 | 37,122 | |||
Sub-transfer agent fees | 16,133 | 193,193 | 884,864 | 164,165 | |||
Printing and postage fees | 15,802 | 29,168 | 232,888 | 40,373 | |||
Fund administration fees | 15,193 | 7,527 | 31,000 | 15,453 | |||
Registration and filing fees | 12,426 | 24,596 | 106,416 | 38,989 | |||
Compliance and tax service fees | 10,055 | 14,735 | 64,079 | 14,781 | |||
Insurance fees | — | 16,762 | 67,662 | — | |||
Other | 15,472 | 17,760 | 54,062 | 17,409 | |||
Recoupment (See Note 5) | — | — | 44,117 | — | |||
Total Expenses Before Fees Waived (See Note 5) | 1,673,003 | 2,744,135 | 14,988,843 | 2,859,966 | |||
Less: Advisory Fees Waived | (9,244) | (54,782) | (75,103) | (42,155) | |||
Net Expenses | 1,663,759 | 2,689,353 | 14,913,740 | 2,817,811 | |||
Net Investment Income/(Loss) | (797,988) | 1,325,903 | 4,088,777 | 592,102 | |||
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Exchange Transactions: | |||||||
Net Realized Gain/(Loss) From: | |||||||
Investments in securities | 26,656,471 | 10,569,845 | 100,796,623 | 18,390,390 | |||
Foreign currency transactions | — | — | 108 | — | |||
26,656,471 | 10,569,845 | 100,796,731 | 18,390,390 | ||||
Change in Net Unrealized Appreciation/(Depreciation) of: | |||||||
Investments in securities | (159,623,310) | (164,440,616) | (5,767,838) | (208,578,280) | |||
Net Realized Gain/(Loss) and Change in Net Unrealized Appreciation/(Depreciation) on Investments and Foreign Exchange Transactions | (132,966,839) | (153,870,771) | 95,028,893 | (190,187,890) | |||
Net Increase/(Decrease) in Net Assets from Operations | $(133,764,827) | $(152,544,868) | $ 99,117,670 | $(189,595,788) |
* | For the three month period ended June 30, 2022. See Note 6 of Notes to Financial Statements. |
Value Line Core Bond Fund | |
Six Months Ended June 30, 2022 (unaudited) | |
Investment Income: | |
Interest | $ 497,733 |
Dividends | 8,145 |
Securities lending income (Net) | 2,693 |
Total Income | 508,571 |
Expenses: | |
Advisory fees | 80,082 |
Service and distribution plan fees | 57,640 |
Custody and accounting fees | 41,138 |
Transfer agent fees | 20,034 |
Printing and postage fees | 17,589 |
Fund administration fees | 15,053 |
Auditing and legal fees | 13,868 |
Registration and filing fees | 6,876 |
Compliance and tax service fees | 4,937 |
Directors’ fees and expenses | 2,712 |
Other | 12,228 |
Total Expenses Before Fees Waived (See Note 5) | 272,157 |
Less: Advisory Fees Waived | (7,015) |
Less: Service and Distribution Plan Fees Waived | (57,640) |
Net Expenses | 207,502 |
Net Investment Income/(Loss) | 301,069 |
Net Realized and Unrealized Gain/(Loss) on Investments: | |
Net Realized Gain/(Loss) From: | |
Investments in securities | (449,952) |
Change in Net Unrealized Appreciation/(Depreciation) of: | |
Investments in securities | (4,808,213) |
Net Realized Gain/(Loss) and Change in Net Unrealized Appreciation/(Depreciation) on Investments | (5,258,165) |
Net Increase/(Decrease) in Net Assets from Operations | $(4,957,096) |
Value Line Small Cap Opportunities Fund, Inc. | |||||
Period Ended June 30, 2022 (unaudited)* | Year Ended March 31, 2022 | Year Ended March 31, 2021 | |||
Operations: | |||||
Net investment income/(loss) | $ (369,888) | $ (2,258,286) | $ (1,855,354) | ||
Net realized gain/(loss) on investments and foreign currency | 13,633,293 | 19,499,476 | 33,419,795 | ||
Change in net unrealized appreciation/(depreciation) on investments | (70,127,034) | (31,182,773) | 175,151,252 | ||
Net increase/(decrease) in net assets from operations | (56,863,629) | (13,941,583) | 206,715,693 | ||
Distributions to Shareholders from: | |||||
Investor Class | — | (21,858,560) | (28,345,129) | ||
Institutional Class | — | (7,681,925) | (7,140,153) | ||
— | (29,540,485) | (35,485,282) | |||
Share Transactions: | |||||
Proceeds from sale of shares | |||||
Investor Class | 1,641,296 | 12,595,498 | 21,645,736 | ||
Institutional Class | 5,710,198 | 42,828,529 | 66,713,652 | ||
Proceeds from reinvestment of distributions to shareholders | |||||
Investor Class | — | 21,567,199 | 27,953,375 | ||
Institutional Class | — | 7,626,154 | 7,078,152 | ||
Cost of shares redeemed | |||||
Investor Class | (12,677,668) | (60,555,544) | (105,369,156) | ||
Institutional Class | (25,123,231) | (31,534,058) | (22,780,842) | ||
Net increase/(decrease) in net assets from capital share transactions | (30,449,405) | (7,472,222) | (4,759,083) | ||
Total increase/(decrease) in net assets | (87,313,034) | (50,954,290) | 166,471,328 | ||
Net Assets: | |||||
Beginning of period | 455,048,407 | 506,002,697 | 339,531,369 | ||
End of period | $367,735,373 | $455,048,407 | $ 506,002,697 | ||
Capital Share Transactions: | |||||
Shares sold | |||||
Investor Class | 37,260 | 234,434 | 469,015 | ||
Institutional Class | 126,939 | 791,942 | 1,347,984 | ||
Shares issued to shareholders in reinvestment of distributions | |||||
Investor Class | — | 406,698 | 579,105 | ||
Institutional Class | — | 140,548 | 143,865 | ||
Shares redeemed | |||||
Investor Class | (289,169) | (1,129,530) | (2,335,052) | ||
Institutional Class | (578,006) | (576,331) | (491,075) |
* | For the three month period ended June 30, 2022. See Note 6 of Notes to Financial Statements. |
Value Line Mid Cap Focused Fund, Inc. | Value Line Select Growth Fund, Inc. | ||||||
Six Months Ended June 30, 2022 (unaudited) | Year Ended December 31, 2021 | Six Months Ended June 30, 2022 (unaudited) | Year Ended December 31, 2021 | ||||
Operations: | |||||||
Net investment income/(loss) | $ 770,296 | $ 2,014,924 | $ (1,074,999) | $ (2,904,387) | |||
Net realized gain/(loss) on investments and foreign currency | 14,206,444 | 31,662,996 | 18,025,754 | 57,334,350 | |||
Change in net unrealized appreciation/(depreciation) on investments | (97,667,821) | 52,655,853 | (130,047,819) | 49,064,383 | |||
Net increase/(decrease) in net assets from operations | (82,691,081) | 86,333,773 | (113,097,064) | 103,494,346 | |||
Distributions to Shareholders from: | |||||||
Investor Class | — | (24,345,686) | — | (62,882,917) | |||
Institutional Class | — | (14,087,041) | — | (2,026,820) | |||
— | (38,432,727) | — | (64,909,737) | ||||
Share Transactions: | |||||||
Proceeds from sale of shares | |||||||
Investor Class | 13,284,307 | 25,120,633 | 7,686,235 | 8,359,304 | |||
Institutional Class | 42,507,100 | 58,387,787 | 711,813 | 3,785,420 | |||
Proceeds from reinvestment of distributions to shareholders | |||||||
Investor Class | — | 23,485,169 | — | 60,378,593 | |||
Institutional Class | — | 11,167,392 | — | 1,959,861 | |||
Cost of shares redeemed | |||||||
Investor Class | (29,678,318) | (97,390,809) | (36,227,168) | (71,360,065) | |||
Institutional Class | (30,982,247) | (45,080,081) | (1,700,122) | (3,076,911) | |||
Net increase/(decrease) in net assets from capital share transactions | (4,869,158) | (24,309,909) | (29,529,242) | 46,202 | |||
Total increase/(decrease) in net assets | (87,560,239) | 23,591,137 | (142,626,306) | 38,630,811 | |||
Net Assets: | |||||||
Beginning of period | 495,455,998 | 471,864,861 | 502,400,051 | 463,769,240 | |||
End of period | $407,895,759 | $495,455,998 | $ 359,773,745 | $502,400,051 | |||
Capital Share Transactions: | |||||||
Shares sold | |||||||
Investor Class | 472,759 | 846,682 | 212,642 | 210,330 | |||
Institutional Class | 1,524,388 | 1,888,942 | 20,224 | 95,377 | |||
Shares issued to shareholders in reinvestment of distributions | |||||||
Investor Class | — | 781,797 | — | 1,550,953 | |||
Institutional Class | — | 369,292 | — | 50,060 | |||
Shares redeemed | |||||||
Investor Class | (1,076,947) | (3,213,643) | (1,055,574) | (1,784,233) | |||
Institutional Class | (1,094,235) | (1,517,406) | (47,425) | (76,924) |
Value Line Larger Companies Focused Fund, Inc. | |||
Six Months Ended June 30, 2022 (unaudited) | Year Ended December 31, 2021 | ||
Operations: | |||
Net investment income/(loss) | $ (797,988) | $ (3,497,191) | |
Net realized gain/(loss) on investments | 26,656,471 | 64,101,538 | |
Change in net unrealized appreciation/(depreciation) on investments | (159,623,310) | (48,703,413) | |
Net increase/(decrease) in net assets from operations | (133,764,827) | 11,900,934 | |
Distributions to Shareholders from: | |||
Investor Class | — | (46,615,262) | |
Institutional Class | — | (1,110,293) | |
— | (47,725,555) | ||
Share Transactions: | |||
Proceeds from sale of shares | |||
Investor Class | 1,316,632 | 7,115,657 | |
Institutional Class | 941,310 | 3,403,942 | |
Proceeds from reinvestment of distributions to shareholders | |||
Investor Class | — | 44,533,789 | |
Institutional Class | — | 1,109,200 | |
Cost of shares redeemed | |||
Investor Class | (14,525,457) | (43,567,784) | |
Institutional Class | (2,273,576) | (1,267,650) | |
Net increase/(decrease) in net assets from capital share transactions | (14,541,091) | 11,327,154 | |
Total decrease in net assets | (148,305,918) | (24,497,467) | |
Net Assets: | |||
Beginning of period | 376,411,010 | 400,908,477 | |
End of period | $ 228,105,092 | $376,411,010 | |
Capital Share Transactions: | |||
Shares sold | |||
Investor Class | 46,191 | 175,164 | |
Institutional Class | 30,260 | 81,960 | |
Shares issued to shareholders in reinvestment of distributions | |||
Investor Class | — | 1,338,960 | |
Institutional Class | — | 32,943 | |
Shares redeemed | |||
Investor Class | (513,739) | (1,097,906) | |
Institutional Class | (76,594) | (32,498) |
Value Line Asset Allocation Fund, Inc. | |||||
Period Ended June 30, 2022 (unaudited)* | Year Ended March 31, 2022 | Year Ended March 31, 2021 | |||
Operations: | |||||
Net investment income/(loss) | $ 1,325,903 | $ 4,088,777 | $ 2,679,167 | ||
Net realized gain/(loss) on investments and foreign currency | 10,569,845 | 100,796,731 | 50,014,581 | ||
Change in net unrealized appreciation/(depreciation) on investments | (164,440,616) | (5,767,838) | 276,713,547 | ||
Net increase/(decrease) in net assets from operations | (152,544,868) | 99,117,670 | 329,407,295 | ||
Distributions to Shareholders from: | |||||
Investor Class | — | (36,991,741) | (3,732,902) | ||
Institutional Class | — | (78,180,633) | (10,865,809) | ||
— | (115,172,374) | (14,598,711) | |||
Share Transactions: | |||||
Proceeds from sale of shares | |||||
Investor Class | 4,438,214 | 74,629,812 | 329,926,335 | ||
Institutional Class | 22,239,375 | 255,362,228 | 914,837,092 | ||
Proceeds from reinvestment of distributions to shareholders | |||||
Investor Class | — | 35,510,337 | 3,514,074 | ||
Institutional Class | — | 76,064,513 | 10,601,974 | ||
Cost of shares redeemed | |||||
Investor Class | (45,713,603) | (232,929,799) | (468,183,225) | ||
Institutional Class | (148,793,960) | (559,927,173) | (418,658,111) | ||
Net increase/(decrease) in net assets from capital share transactions | (167,829,974) | (351,290,082) | 372,038,139 | ||
Total increase/(decrease) in net assets | (320,374,842) | (367,344,786) | 686,846,723 | ||
Net Assets: | |||||
Beginning of period | 1,419,706,480 | 1,787,051,266 | 1,100,204,543 | ||
End of period | $1,099,331,638 | $1,419,706,480 | $1,787,051,266 | ||
Capital Share Transactions: | |||||
Shares sold | |||||
Investor Class | 112,354 | 1,628,720 | 8,221,048 | ||
Institutional Class | 559,414 | 5,536,165 | 22,177,562 | ||
Shares issued to shareholders in reinvestment of distributions | |||||
Investor Class | — | 783,720 | 81,514 | ||
Institutional Class | — | 1,676,134 | 245,473 | ||
Shares redeemed | |||||
Investor Class | (1,165,606) | (5,153,267) | (11,177,926) | ||
Institutional Class | (3,799,735) | (12,705,212) | (9,830,184) |
* | For the three month period ended June 30, 2022. See Note 6 of Notes to Financial Statements. |
Value Line Capital Appreciation Fund, Inc. | |||
Six Months Ended June 30, 2022 (unaudited) | Year Ended December 31, 2021 | ||
Operations: | |||
Net investment income/(loss) | $ 592,102 | $ (2,150,124) | |
Net realized gain/(loss) on investments | 18,390,390 | 97,471,784 | |
Change in net unrealized appreciation/(depreciation) on investments | (208,578,280) | (48,869,940) | |
Net increase/(decrease) in net assets from operations | (189,595,788) | 46,451,720 | |
Distributions to Shareholders from: | |||
Investor Class | — | (50,677,807) | |
Institutional Class | — | (19,027,765) | |
— | (69,705,572) | ||
Share Transactions: | |||
Proceeds from sale of shares | |||
Investor Class | 8,720,314 | 83,958,492 | |
Institutional Class | 27,627,008 | 107,801,711 | |
Proceeds from reinvestment of distributions to shareholders | |||
Investor Class | — | 47,963,683 | |
Institutional Class | — | 18,777,259 | |
Cost of shares redeemed | |||
Investor Class | (63,152,293) | (170,967,310) | |
Institutional Class | (36,092,364) | (53,573,100) | |
Net increase/(decrease) in net assets from capital share transactions | (62,897,335) | 33,960,735 | |
Total increase/(decrease) in net assets | (252,493,123) | 10,706,883 | |
Net Assets: | |||
Beginning of period | 692,877,288 | 682,170,405 | |
End of period | $ 440,384,165 | $ 692,877,288 | |
Capital Share Transactions: | |||
Shares sold | |||
Investor Class | 800,434 | 6,223,284 | |
Institutional Class | 2,596,192 | 7,865,662 | |
Shares issued to shareholders in reinvestment of distributions | |||
Investor Class | — | 3,996,974 | |
Institutional Class | — | 1,566,077 | |
Shares redeemed | |||
Investor Class | (5,926,376) | (12,622,197) | |
Institutional Class | (3,448,915) | (4,002,527) |
Value Line Core Bond Fund | |||
Six Months Ended June 30, 2022 (unaudited) | Year Ended December 31, 2021 | ||
Operations: | |||
Net investment income/(loss) | $ 301,069 | $ 643,649 | |
Net realized gain/(loss) on investments | (449,952) | 746,870 | |
Change in net unrealized appreciation/(depreciation) on investments | (4,808,213) | (2,524,966) | |
Net increase/(decrease) in net assets from operations | (4,957,096) | (1,134,447) | |
Distributions to Shareholders from: | |||
Investor Class | (338,067) | (1,274,662) | |
Share Transactions (Investor Class): | |||
Proceeds from sale of shares | 987,154 | 2,908,128 | |
Proceeds from reinvestment of distributions to shareholders | 312,221 | 1,178,008 | |
Cost of shares redeemed | (2,523,996) | (5,263,146) | |
Net increase/(decrease) in net assets from capital share transactions | (1,224,621) | (1,177,010) | |
Total decrease in net assets | (6,519,784) | (3,586,119) | |
Net Assets: | |||
Beginning of period | 50,267,445 | 53,853,564 | |
End of period | $43,747,661 | $50,267,445 | |
Capital Share Transactions (Investor Class): | |||
Shares sold | 67,399 | 188,605 | |
Shares issued to shareholders in reinvestment of dividends | 22,231 | 76,945 | |
Shares redeemed | (177,109) | (340,454) |
Value Line Small Cap Opportunities Fund, Inc. Investor Class | |||||||||||
Period Ended June 30, | Years Ended March 31, | ||||||||||
2022 (unaudited)* | 2022 | 2021 | 2020 | 2019 | 2018 | ||||||
Net asset value, beginning of period | $ 48.36 | $ 53.12 | $ 34.69 | $ 48.31 | $ 51.99 | $ 47.38 | |||||
Income/(loss) from investment operations: | |||||||||||
Net investment income/(loss) | (0.05) (1) | (0.28) (1) | (0.22) (1) | (0.12) (1) | (0.02) | 0.03 | |||||
Net gains/(losses) on securities (both realized and unrealized) | (6.03) | (1.21) | 22.68 | (3.34) | 3.09 | 6.46 | |||||
Total from investment operations | (6.08) | (1.49) | 22.46 | (3.46) | 3.07 | 6.49 | |||||
Less distributions: | |||||||||||
Distributions from net realized gains | — | (3.27) | (4.03) | (10.16) | (6.75) | (1.88) | |||||
Total distributions | — | (3.27) | (4.03) | (10.16) | (6.75) | (1.88) | |||||
Net asset value, end of period | $ 42.28 | $ 48.36 | $ 53.12 | $ 34.69 | $ 48.31 | $ 51.99 | |||||
Total return | (12.57)% (2) | (3.34)% | 65.92% | (11.25)% | 7.80% | 13.70% | |||||
Ratios/Supplemental Data: | |||||||||||
Net Assets, End of Period (in thousands) | $276,524 | $328,455 | $386,766 | $297,244 | $400,688 | $449,737 | |||||
Ratio of expenses to average net assets | 1.16% (3) | 1.16% | 1.18% | 1.19% | 1.21% | 1.21% | |||||
Ratio of net investment income/(loss) to average net assets | (0.43)% (3) | (0.52)% | (0.48)% | (0.25)% | (0.24)% | (0.22)% | |||||
Portfolio turnover rate | 2% (2) | 3% | 4% | 18% | 20% | 11% |
Value Line Small Cap Opportunities Fund, Inc. Institutional Class | |||||||||||
Period Ended June 30, | Years Ended March 31, | ||||||||||
2022 (unaudited)* | 2022 | 2021 | 2020 | 2019 | 2018 | ||||||
Net asset value, beginning of period | $ 49.52 | $ 54.19 | $ 35.25 | $ 48.83 | $ 52.34 | $ 47.56 | |||||
Income/(loss) from investment operations: | |||||||||||
Net investment income/(loss) | (0.02) (1) | (0.14) (1) | (0.10) (1) | 0.00 (1)(4) | (0.02) | 0.03 | |||||
Net gains/(losses) on securities (both realized and unrealized) | (6.18) | (1.26) | 23.07 | (3.42) | 3.26 | 6.63 | |||||
Total from investment operations | (6.20) | (1.40) | 22.97 | (3.42) | 3.24 | 6.66 | |||||
Less distributions: | |||||||||||
Distributions from net realized gains | — | (3.27) | (4.03) | (10.16) | (6.75) | (1.88) | |||||
Total distributions | — | (3.27) | (4.03) | (10.16) | (6.75) | (1.88) | |||||
Net asset value, end of period | $ 43.32 | $ 49.52 | $ 54.19 | $ 35.25 | $ 48.83 | $ 52.34 | |||||
Total return | (12.52)% (2) | (3.10)% | 66.33% | (11.03)% | 8.09% | 14.01% | |||||
Ratios/Supplemental Data: | |||||||||||
Net assets, end of year (in thousands) | $91,212 | $126,593 | $119,237 | $42,287 | $48,783 | $39,582 | |||||
Ratio of gross expenses to average net assets | 1.00% (3) | 0.95% | 0.96% | 1.00% | 1.02% | 1.01% | |||||
Ratio of net expenses to average net assets | 0.91% (3) | 0.91% | 0.93% | 0.94% | 0.96% | 0.96% | |||||
Ratio of net investment income/(loss) to average net assets | (0.21)% (3) | (0.25)% | (0.21)% | 0.00% (4) | 0.02% | 0.05% | |||||
Portfolio turnover rate | 2% (2) | 3% | 4% | 18% | 20% | 11% |
* | For the three month period ended June 30, 2022. See Note 6 of Notes to Financial Statements. |
(1) | Per share amounts are calculated based on average shares outstanding during the period. |
(2) | Not annualized. |
(3) | Annualized. |
(4) | Amount is less than $0.01 per share or 0.01%. |
Value Line Mid Cap Focused Fund, Inc. Investor Class | |||||||||||
Six Months Ended June 30, | Years Ended December 31, | ||||||||||
2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 | ||||||
Net asset value, beginning of period | $ 31.24 | $ 28.29 | $ 25.49 | $ 19.11 | $ 19.19 | $ 16.27 | |||||
Income/(loss) from investment operations: | |||||||||||
Net investment income/(loss) | 0.04 (1)(2) | 0.10 (1)(3) | (0.12) (1) | 0.06 (1)(4) | (0.07) | 0.00 (5) | |||||
Net gains/(losses) on securities (both realized and unrealized) | (5.29) | 5.42 | 5.13 | 6.68 | 0.97 | 3.23 | |||||
Total from investment operations | (5.25) | 5.52 | 5.01 | 6.74 | 0.90 | 3.23 | |||||
Less distributions: | |||||||||||
Dividends from net investment income | — | — | (0.02) | (0.00) (5) | — | — | |||||
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 period | $ 25.99 | $ 31.24 | $ 28.29 | $ 25.49 | $ 19.11 | $ 19.19 | |||||
Total return | (16.81)% (6) | 19.88% | 19.96% | 35.30% | 4.72% | 19.84% | |||||
Ratios/Supplemental Data: | |||||||||||
Net Assets, End of Period (in thousands) | $248,979 | $318,184 | $332,898 | $373,341 | $184,515 | $147,669 | |||||
Ratio of expenses to average net assets | 1.05% (7) | 1.07% | 1.10% | 1.11% | 1.18% | 1.18% | |||||
Ratio of net investment income/(loss) to average net assets | 0.25% (2)(7) | 0.33% (3) | (0.46)% | 0.27% (4) | (0.46)% | (0.34)% | |||||
Portfolio turnover rate | 6% (6) | 0% (8) | 4% | 19% | 10% | 2% |
Value Line Mid Cap Focused Fund, Inc. Institutional Class | |||||||||||
Six Months Ended June 30, | Years Ended December 31, | Period Ended December 31, | |||||||||
2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 (9) | ||||||
Net asset value, beginning of period | $ 31.46 | $ 28.39 | $ 25.59 | $ 19.17 | $19.20 | $18.25 | |||||
Income/(loss) from investment operations: | |||||||||||
Net investment income/(loss) | 0.07 (1)(2) | 0.19 (1)(3) | (0.04) (1) | 0.20 (1)(4) | (0.04) | 0.00 (5) | |||||
Net gains/(losses) on securities (both realized and unrealized) | (5.33) | 5.45 | 5.14 | 6.64 | 0.99 | 1.26 | |||||
Total from investment operations | (5.26) | 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 period | $ 26.20 | $ 31.46 | $ 28.39 | $ 25.59 | $19.17 | $19.20 | |||||
Total return | (16.72)% (6) | 20.24% | 20.24% | 35.68% | 4.98% | 6.89% (6) | |||||
Ratios/Supplemental Data: | |||||||||||
Net assets, end of year (in thousands) | $158,917 | $177,272 | $138,967 | $41,459 | $1,765 | $1,095 | |||||
Ratio of gross expenses to average net assets | 0.81% (7) | 0.86% | 0.89% | 1.04% | 3.97% | 5.61% (7) | |||||
Ratio of net expenses to average net assets | 0.80% (7) | 0.82% | 0.85% | 0.86% | 0.93% | 0.93% (7) | |||||
Ratio of net investment income/(loss) to average net assets | 0.53% (2)(7) | 0.63% (3) | (0.15)% | 0.81% (4) | (0.19)% | (0.12)% (7) | |||||
Portfolio turnover rate | 6% (6) | 0% (8) | 4% | 19% | 10% | 2% (6) |
(1) | Per share amounts are calculated based on average shares outstanding during the period. |
(2) | Includes income resulting from special dividends. For the period ended June 30, 2022, without these dividends, the per share value for the Investor Class and Institutional Class would have been $0.04 and $0.07, respectively, and the ratio for the Investor Class and Institutional Class would have been 0.25% and 0.53%, respectively. |
(3) | Includes income resulting from special dividends. For the year ended December 31, 2021, without these dividends, the per share value for the Investor Class and Institutional Class would have been $(0.18) and $(0.09), respectively, and the ratio for the Investor Class and Institutional Class would have been (0.59)% and (0.30)%, respectively. |
(4) | Includes income resulting from special dividends. For the year ended December 31, 2019, without these dividends, the per share value for the Investor Class and Institutional Class would have been $(0.08) and $0.05, respectively, and the ratio for the Investor Class and Institutional Class would have been (0.33)% and 0.22%, respectively. |
(5) | Amount is less than $0.01 per share. |
(6) | Not annualized. |
(7) | Annualized. |
(8) | Amount is less than 0.50%. |
(9) | Commenced operations on August 12, 2017. |
Value Line Select Growth Fund, Inc. Investor Class | |||||||||||
Six Months Ended June 30, | Years Ended December 31, | ||||||||||
2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 | ||||||
Net asset value, beginning of period | $ 40.46 | $ 37.49 | $ 38.93 | $ 30.47 | $ 33.11 | $ 28.99 | |||||
Income/(loss) from investment operations: | |||||||||||
Net investment income/(loss) | (0.09) (1) | (0.25) (1) | (0.17) (1) | (0.05) (1) | (0.14) | (0.08) | |||||
Net gains/(losses) on securities (both realized and unrealized) | (9.22) | 9.08 | 8.91 | 11.16 | 0.58 | 6.56 | |||||
Total from investment operations | (9.31) | 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 period | $ 31.15 | $ 40.46 | $ 37.49 | $ 38.93 | $ 30.47 | $ 33.11 | |||||
Total return | (23.01)% (2) | 24.16% | 23.12% | 36.59% | 1.39% | 22.32% | |||||
Ratios/Supplemental Data: | |||||||||||
Net Assets, End of Period (in thousands) | $348,492 | $486,661 | $451,806 | $486,392 | $315,928 | $342,056 | |||||
Ratio of expenses to average net assets | 1.13% (3) | 1.13% | 1.16% | 1.16% | 1.20% | 1.20% | |||||
Ratio of net investment income/(loss) to average net assets | (0.53)% (3) | (0.62)% | (0.43)% | (0.12)% | (0.42)% | (0.26)% | |||||
Portfolio turnover rate | 4% (2) | 3% | 12% | 17% | 8% | 3% |
Value Line Select Growth Fund, Inc. Institutional Class | |||||
Six Months Ended June 30, | Year Ended December 31, | Period Ended December 31, | |||
2022 (unaudited) | 2021 | 2020 (4) | |||
Net asset value, beginning of period | $ 40.69 | $ 37.58 | $ 36.44 | ||
Income/(loss) from investment operations: | |||||
Net investment income/(loss)(1) | (0.05) | (0.15) | 0.02 | ||
Net gains/(losses) on securities (both realized and unrealized) | (9.27) | — | 11.30 | ||
Total from investment operations | (9.32) | (0.15) | 11.32 | ||
Less distributions: | |||||
Distributions from net realized gains | — | (5.86) | (10.18) | ||
Total distributions | — | (5.86) | (10.18) | ||
Net asset value, end of period | $ 31.37 | $ 40.69 | $ 37.58 | ||
Total return | (22.90)% (2) | 24.47% | 31.78% (2) | ||
Ratios/Supplemental Data: | |||||
Net assets, end of year (in thousands) | $11,282 | $15,739 | $11,963 | ||
Ratio of gross expenses to average net assets | 1.03% (3) | 1.04% | 1.96% (3) | ||
Ratio of net expenses to average net assets | 0.88% (3) | 0.88% | 0.91% (3) | ||
Ratio of net investment income/(loss) to average net assets | (0.28)% (3) | (0.37)% | 0.08% (3) | ||
Portfolio turnover rate | 4% (2) | 3% | 12% (2) |
(1) | Per share amounts are calculated based on average shares outstanding during the period. |
(2) | Not annualized. |
(3) | Annualized. |
(4) | Commenced operations on May 1, 2020. |
Value Line Larger Companies Focused Fund, Inc. Investor Class | |||||||||||
Six Months Ended June 30, | Years Ended December 31, | ||||||||||
2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 | ||||||
Net asset value, beginning of period | $ 34.36 | $ 38.35 | $ 28.87 | $ 25.34 | $ 28.65 | $ 23.05 | |||||
Income/(loss) from investment operations: | |||||||||||
Net investment income/(loss) | (0.08) (1) | (0.35) (1) | (0.29) (1) | (0.23) (1) | (0.22) | (0.19) | |||||
Net gains/(losses) on securities (both realized and unrealized) | (12.43) | 1.29 | 13.42 | 6.64 | 0.58 | 8.00 | |||||
Total from investment operations | (12.51) | 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 period | $ 21.85 | $ 34.36 | $ 38.35 | $ 28.87 | $ 25.34 | $ 28.65 | |||||
Total return | (36.41)% (2) | 2.89% | 45.98% | 25.67% | 1.30% | 33.79% | |||||
Ratios/Supplemental Data: | |||||||||||
Net Assets, End of Period (in thousands) | $223,573 | $367,681 | $394,389 | $291,057 | $253,199 | $272,191 | |||||
Ratio of gross expenses to average net assets | 1.13% (3) | 1.14% | 1.15% | 1.16% | 1.18% | 1.19% | |||||
Ratio of net expenses to average net assets | 1.13% (3) | 1.14% | 1.15% | 1.15% | 1.15% | 1.11% | |||||
Ratio of net investment income/(loss) to average net assets | (0.54)% (3) | (0.87)% | (0.86)% | (0.78)% | (0.77)% | (0.71)% | |||||
Portfolio turnover rate | 36% (2) | 27% | 54% | 29% | 36% | 35% |
Value Line Larger Companies Focused Fund, Inc. Institutional Class | |||||||||||
Six Months Ended June 30, | Years Ended December 31, | ||||||||||
2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 | ||||||
Net asset value, beginning of period | $ 34.79 | $38.68 | $29.03 | $25.41 | $28.65 | $23.02 | |||||
Income/(loss) from investment operations: | |||||||||||
Net investment income/(loss) | (0.04) (1) | (0.26) (1) | (0.21) (1) | (0.15) (1) | (0.14) | (0.19) | |||||
Net gains/(losses) on securities (both realized and unrealized) | (12.60) | 1.30 | 13.51 | 6.65 | 0.57 | 8.03 | |||||
Total from investment operations | (12.64) | 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 period | $ 22.15 | $34.79 | $38.68 | $29.03 | $25.41 | $28.65 | |||||
Total return | (36.33)% (2) | 3.12% | 46.36% | 25.92% | 1.55% | 33.96% | |||||
Ratios/Supplemental Data: | |||||||||||
Net assets, end of year (in thousands) | $ 4,532 | $8,730 | $6,519 | $2,054 | $1,238 | $1,681 | |||||
Ratio of gross expenses to average net assets | 1.17% (3) | 1.36% | 1.80% | 2.75% | 3.92% | 2.73% | |||||
Ratio of net expenses to average net assets | 0.88% (3) | 0.90% | 0.90% | 0.90% | 0.93% | 0.94% | |||||
Ratio of net investment income/(loss) to average net assets | (0.30)% (3) | (0.63)% | (0.62)% | (0.50)% | (0.58)% | (0.67)% | |||||
Portfolio turnover rate | 36% (2) | 27% | 54% | 29% | 36% | 35% |
(1) | Per share amounts are calculated based on average shares outstanding during the period. |
(2) | Not annualized. |
(3) | Annualized. |
Value Line Asset Allocation Fund, Inc. Investor Class | |||||||||||
Period Ended June 30, | Years Ended March 31, | ||||||||||
2022 (unaudited)* | 2022 | 2021 | 2020 | 2019 | 2018 | ||||||
Net asset value, beginning of period | $ 42.79 | $ 43.14 | $ 34.72 | $ 35.07 | $ 31.95 | $ 30.01 | |||||
Income/(loss) from investment operations: | |||||||||||
Net investment income/(loss) | 0.03 (1) | 0.03 (1) | 0.00 (1)(2) | 0.20 (1) | 0.14 | 0.15 | |||||
Net gains/(losses) on securities (both realized and unrealized) | (4.76) | 2.59 | 8.65 | 0.12 | 3.95 | 3.16 | |||||
Total from investment operations | (4.73) | 2.62 | 8.65 | 0.32 | 4.09 | 3.31 | |||||
Less distributions: | |||||||||||
Dividends from net investment income | — | (0.01) | (0.01) | (0.16) | (0.13) | (0.14) | |||||
Distributions from net realized gains | — | (2.96) | (0.22) | (0.51) | (0.84) | (1.23) | |||||
Total distributions | — | (2.97) | (0.23) | (0.67) | (0.97) | (1.37) | |||||
Net asset value, end of period | $ 38.06 | $ 42.79 | $ 43.14 | $ 34.72 | $ 35.07 | $ 31.95 | |||||
Total return | (11.05)% (3) | 5.70% | 24.93% | 0.75% | 13.17% | 11.11% | |||||
Ratios/Supplemental Data: | |||||||||||
Net Assets, End of Period (in thousands) | $403,889 | $499,220 | $621,482 | $600,102 | $384,222 | $285,753 | |||||
Ratio of gross expenses to average net assets | 1.03% (4) | 1.02% | 1.03% | 1.08% | 1.12% | 1.12% | |||||
Ratio of net investment income/(loss) to average net assets | 0.28% (4) | 0.07% | 0.01% | 0.54% | 0.46% | 0.43% | |||||
Portfolio turnover rate | 4% (3) | 14% | 19% | 16% | 19% | 19% |
Value Line Asset Allocation Fund, Inc. Institutional Class | |||||||||||
Period Ended June 30, | Years Ended March 31, | ||||||||||
2022 (unaudited)* | 2022 | 2021 | 2020 | 2019 | 2018 | ||||||
Net asset value, beginning of period | $ 42.89 | $ 43.24 | $ 34.82 | $ 35.16 | $ 32.03 | $ 30.08 | |||||
Income/(loss) from investment operations: | |||||||||||
Net investment income/(loss) | 0.05 (1) | 0.15 (1) | 0.11 (1) | 0.30 (1) | 0.19 | 0.24 | |||||
Net gains/(losses) on securities (both realized and unrealized) | (4.77) | 2.61 | 8.68 | 0.11 | 4.00 | 3.17 | |||||
Total from investment operations | (4.72) | 2.76 | 8.79 | 0.41 | 4.19 | 3.41 | |||||
Less distributions: | |||||||||||
Dividends from net investment income | — | (0.15) | (0.15) | (0.24) | (0.22) | (0.23) | |||||
Distributions from net realized gains | — | (2.96) | (0.22) | (0.51) | (0.84) | (1.23) | |||||
Total distributions | — | (3.11) | (0.37) | (0.75) | (1.06) | (1.46) | |||||
Net asset value, end of period | $ 38.17 | $ 42.89 | $ 43.24 | $ 34.82 | $ 35.16 | $ 32.03 | |||||
Total return | (11.00)% (3) | 5.98% | 25.24% | 0.99% | 13.49% | 11.33% | |||||
Ratios/Supplemental Data: | |||||||||||
Net assets, end of year (in thousands) | $695,443 | $920,487 | $1,165,569 | $500,103 | $160,075 | $32,668 | |||||
Ratio of gross expenses to average net assets | 0.81% (4) | 0.77% | 0.78% | 0.84% | 0.88% | 0.94% | |||||
Ratio of net expenses to average net assets | 0.78% (4) | 0.77% | 0.78% | 0.83% | 0.87% | 0.87% | |||||
Ratio of net investment income/(loss) to average net assets | 0.51% (4) | 0.32% | 0.26% | 0.80% | 0.74% | 0.68% | |||||
Portfolio turnover rate | 4% (3) | 14% | 19% | 16% | 19% | 19% |
* | For the three month period ended June 30, 2022. See Note 6 of Notes to Financial Statements. |
(1) | Per share amounts are calculated based on average shares outstanding during the period. |
(2) | Amount is less than $0.01 per share or 0.01%. |
(3) | Not annualized. |
(4) | Annualized. |
Value Line Capital Appreciation Fund, Inc. Investor Class | |||||||||||
Six Months Ended June 30, | Years Ended December 31, | ||||||||||
2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 | ||||||
Net asset value, beginning of period | $ 12.39 | $ 12.90 | $ 10.25 | $ 8.94 | $ 9.95 | $ 8.48 | |||||
Income/(loss) from investment operations: | |||||||||||
Net investment income/(loss) | 0.01 (1) | (0.05) (1) | (0.03) (1) | (0.01) (1) | 0.00 (2) | 0.05 | |||||
Net gains/(losses) on securities (both realized and unrealized) | (3.58) | 0.88 | 3.39 | 2.32 (3) | (0.27) | 1.97 | |||||
Total from investment operations | (3.57) | 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 period | $ 8.82 | $ 12.39 | $ 12.90 | $ 10.25 | $ 8.94 | $ 9.95 | |||||
Total return | (28.81)% (4) | 6.79% | 33.03% | 26.14% | (2.71)% | 23.86% | |||||
Ratios/Supplemental Data: | |||||||||||
Net Assets, End of Period (in thousands) | $316,602 | $508,549 | $560,243 | $427,619 | $375,158 | $392,869 | |||||
Ratio of expenses to average net assets | 1.08% | 1.05% | 1.07% | 1.09% | 1.12% | 1.11% | |||||
Ratio of net investment income/(loss) to average net assets | 0.14% (5) | (0.35)% | (0.28)% | (0.08)% | (0.02)% | 0.49% | |||||
Portfolio turnover rate | 30% (4) | 39% | 51% | 34% | 86% | 88% |
Value Line Capital Appreciation Fund, Inc. Institutional Class | |||||||||||
Six Months Ended June 30, | Years Ended December 31, | ||||||||||
2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 | ||||||
Net asset value, beginning of period | $ 12.39 | $ 12.90 | $ 10.22 | $ 8.89 | $ 9.90 | $ 8.43 | |||||
Income/(loss) from investment operations: | |||||||||||
Net investment income/(loss) | 0.02 (1) | (0.01) (1) | (0.01) (1) | 0.02 (1) | 0.04 | 0.07 | |||||
Net gains/(losses) on securities (both realized and unrealized) | (3.59) | 0.88 | 3.40 | 2.31 (3) | (0.30) | 1.98 | |||||
Total from investment operations | (3.57) | 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 period | $ 8.82 | $ 12.39 | $ 12.90 | $ 10.22 | $ 8.89 | $ 9.90 | |||||
Total return | (28.81)% (4) | 7.13% | 33.42% | 26.51% | (2.61)% | 24.31% | |||||
Ratios/Supplemental Data: | |||||||||||
Net assets, end of year (in thousands) | $123,782 | $184,329 | $121,927 | $31,858 | $24,469 | $6,750 | |||||
Ratio of gross expenses to average net assets | 0.88% (5) | 0.86% | 0.89% | 0.97% | 1.08% | 1.63% | |||||
Ratio of net expenses to average net assets | 0.83% (5) | 0.80% | 0.82% | 0.84% | 0.87% | 0.86% | |||||
Ratio of net investment income/(loss) to average net assets | 0.40% (5) | (0.10)% | (0.06)% | 0.17% | 0.19% | 0.58% | |||||
Portfolio turnover rate | 30% (4) | 39% | 51% | 34% | 86% | 88% |
(1) | Per share amounts are calculated based on average shares outstanding during the period. |
(2) | Amount is less than $0.01 per share. |
(3) | Amount includes a non-recurring settlement paid by the Fund related to Legal Proceedings. The settlement payment impacted the realized (loss) per share by less than $0.01 per share for Investor and Institutional class. Total return was not impacted. |
(4) | Not annualized. |
(5) | Annualized. |
Value Line Core Bond Fund Investor Class | |||||||||||
Six Months Ended June 30, | Years Ended December 31, | ||||||||||
2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 | ||||||
Net asset value, beginning of period | $ 15.11 | $ 15.84 | $ 15.26 | $ 14.40 | $ 14.94 | $ 14.77 | |||||
Income/(loss) from investment operations: | |||||||||||
Net investment income/(loss) | 0.09 (1) | 0.19 (1) | 0.25 (1) | 0.36 | 0.32 | 0.34 | |||||
Net gains/(losses) on securities (both realized and unrealized) | (1.59) | 0.53 | 0.63 | 0.86 | (0.52) | 0.17 | |||||
Total from investment operations | (1.50) | 0.34 | 0.88 | 1.22 | (0.20) | 0.51 | |||||
Less distributions: | |||||||||||
Dividends from net investment income | (0.10) | (0.23) | (0.30) | (0.36) | (0.34) | (0.34) | |||||
Distributions from net realized gains | — | (0.16) | — | — | — | — | |||||
Total distributions | (0.10) | (0.39) | (0.30) | (0.36) | (0.34) | (0.34) | |||||
Net asset value, end of period | $ 13.51 | $ 15.11 | $ 15.84 | $ 15.26 | $ 14.40 | $ 14.94 | |||||
Total return | (9.93)% (2) | (2.18)% | 5.77% | 8.51% | (1.31)% | 3.47% | |||||
Ratios/Supplemental Data: | |||||||||||
Net assets, end of year (in thousands) | $43,748 | $50,267 | $53,854 | $53,976 | $54,583 | $61,586 | |||||
Ratio of gross expenses to average net assets | 1.18% (3) | 1.23% | 1.19% | 1.14% | 1.21% | 1.22% | |||||
Ratio of net expenses to average net assets | 0.90% (3) | 0.90% | 0.90% | 0.93% | 0.99% | 0.99% | |||||
Ratio of net investment income/(loss) to average net assets | 1.31% (3) | 1.25% | 1.62% | 2.26% | 2.24% | 2.01% | |||||
Portfolio turnover rate | 32% (2) | 71% | 70% | 39% | 84% | 35% |
(1) | Per share amounts are calculated based on average shares outstanding during the period. |
(2) | Not annualized. |
(3) | Annualized. |
Fund | Investment Goal |
Value Line Small Cap Opportunities Fund, Inc. | The Fund seeks long-term capital growth. |
Value Line Mid Cap Focused Fund, Inc. | The Fund seeks long-term capital growth. |
Value Line Select Growth Fund, Inc. | The Fund seeks long-term capital growth. |
Value Line Larger Companies Focused Fund, Inc. | The Fund seeks long-term capital growth. |
Value Line Asset Allocation Fund, Inc. | The Fund seeks high total investment return. |
Value Line Capital Appreciation Fund, Inc. | The Fund seeks capital appreciation and income. |
Value Line Core Bond Fund | The Fund seeks to maximize current income and secondarily capital appreciation. |
• | Level 1 — Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access at the measurement date; |
• | Level 2 — Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly, including inputs in markets that are not considered to be active; |
• | Level 3 — Inputs that are unobservable. |
Investor Class | Institutional Class | Total | |
Value Line Small Cap Opportunities Fund, Inc. | |||
Transfer agent fees | $ 7,226 | $ 4,733 | $11,959 |
Sub-transfer agent fees | 46,469 | 33,019 | 79,488 |
Registration and filing fees | 5,191 | 4,912 | 10,103 |
Other | 10,411 | 5,409 | 15,820 |
Investor Class | Institutional Class | Total | |
Value Line Mid Cap Focused Fund, Inc. | |||
Transfer agent fees | $48,143 | $13,537 | $61,680 |
Sub-transfer agent fees | 26,301 | 29,900 | 56,201 |
Registration and filing fees | 9,740 | 11,436 | 21,176 |
Other | 10,027 | 5,914 | 15,941 |
Investor Class | Institutional Class | Total | |
Value Line Select Growth Fund, Inc. | |||
Transfer agent fees | $50,914 | $1,303 | $52,217 |
Sub-transfer agent fees | 48,796 | 2,835 | 51,631 |
Registration and filing fees | 9,933 | 8,952 | 18,885 |
Other | 15,853 | 848 | 16,701 |
Investor Class | Institutional Class | Total | |
Value Line Larger Companies Focused Fund, Inc. | |||
Transfer agent fees | $44,382 | $ 941 | $45,323 |
Sub-transfer agent fees | 12,730 | 3,403 | 16,133 |
Registration and filing fees | 6,402 | 6,024 | 12,426 |
Other | 14,807 | 665 | 15,472 |
Investor Class | Institutional Class | Total | |
Value Line Asset Allocation Fund, Inc. | |||
Transfer agent fees | $14,894 | $ 55,911 | $ 70,805 |
Sub-transfer agent fees | 55,566 | 137,627 | 193,193 |
Registration and filing fees | 8,822 | 15,774 | 24,596 |
Other | 7,030 | 10,730 | 17,760 |
Investor Class | Institutional Class | Total | |
Value Line Capital Appreciation Fund, Inc. | |||
Transfer agent fees | $55,621 | $13,354 | $ 68,975 |
Sub-transfer agent fees | 91,119 | 73,046 | 164,165 |
Registration and filing fees | 18,895 | 20,094 | 38,989 |
Other | 12,441 | 4,968 | 17,409 |
Fund | Value of Securities Loaned | Value of Collateral |
Value Line Small Cap Opportunities Fund, Inc. | $ 3,388,891 | $ 3,422,294 |
Value Line Larger Companies Focused Fund, Inc. | 12,695,960 | 13,878,411 |
Value Line Asset Allocation Fund, Inc. | 11,488,277 | 11,689,403 |
Fund | Value of Securities Loaned | Value of Collateral |
Value Line Capital Appreciation Fund, Inc. | $11,679,604 | $12,757,595 |
Value Line Core Bond Fund | 2,076,051 | 2,108,423 |
* | Value Line Small Cap Opportunities Fund, Inc., Value Line Larger Companies Focused Fund, Inc., Value Line Asset Allocation Fund, Inc., Value Line Capital Appreciation Fund, Inc. and Value Line Core Bond Fund. received cash collateral of $1,508,943, $11,449,081, $7,557,555, $7,550,418 and $1,271,738 respectively, which was subsequently invested in the State Street Navigator Securities Lending Government Money Market Portfolio as reported in the Schedule of Investments. In addition, Value Line Small Cap Opportunities Fund, Inc. received non cash-collateral of $1,913,351 in the form of U.S. Government obligations, ranging from 0.25% - 1.88%, maturing 8/31/24 — 5/15/31, Value Line Larger Companies Focused Fund, Inc. received non cash-collateral of $2,429,330 in the form of U.S. Government obligations, ranging from 0.25%-6.88%, maturing 10/31/22 — 5/15/50, Value Line Asset Allocation Fund, Inc. received non cash-collateral of $4,131,848 in the form of U.S. Government obligations, ranging from 0.25%-1.88%, maturing 8/31/24 — 5/15/31, Value Line Capital Appreciation Fund, Inc. received non cash-collateral of $5,207,177 in the form of U.S. Government obligations, ranging from 0.25%-6.88%, maturing 7/31/22 — 2/15/51 and Value Line Core Bond Fund received non cash-collateral of $836,685 in the form of U.S. Government obligations, ranging from 0.25%-3.25%, maturing 11/15/22 — 8/15/48. The Funds cannot sell or repledge the non-cash collateral and accordingly are not reflected in the Schedule of Investments. The value of securities loaned is determined at the close of business of the Funds and any additional required collateral is delivered to the Funds on the next business day. |
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 Small Cap Opportunities Fund, Inc. | $ 9,290,205 | $ 46,564,272 | $ — | $ — |
Value Line Mid Cap Focused Fund, Inc. | 26,899,150 | 34,082,713 | — | — |
Value Line Select Growth Fund, Inc. | 16,795,069 | 39,222,689 | — | — |
Value Line Larger Companies Focused Fund, Inc. | 109,904,993 | 124,027,365 | — | — |
Value Line Asset Allocation Fund, Inc. | 42,874,796 | 301,822,234 | 8,146,950 | 169,869,477 |
Value Line Capital Appreciation Fund, Inc. | 159,778,141 | 210,834,837 | 2,819,365 | 4,873,522 |
Value Line Core Bond Fund | 11,378,450 | 12,205,989 | 3,628,323 | 2,486,695 |
Fund | Cost of Investments for Tax Purposes | Gross Tax Unrealized Appreciation | Gross Tax Unrealized Depreciation | Net Tax Unrealized Appreciation/ (Depreciation) on Investments |
Value Line Small Cap Opportunities Fund, Inc. | $234,725,080 | $150,412,298 | $ (15,362,934) | $135,049,364 |
Value Line Mid Cap Focused Fund, Inc. | 290,558,598 | 123,456,360 | (6,864,342) | 116,592,018 |
Value Line Select Growth Fund, Inc. | 196,708,105 | 170,572,635 | (7,099,954) | 163,472,681 |
Value Line Larger Companies Focused Fund, Inc. | 267,817,768 | 50,773,482 | (79,700,790) | (28,927,308) |
Value Line Asset Allocation Fund, Inc. | 950,726,656 | 225,271,370 | (44,330,162) | 180,941,208 |
Value Line Capital Appreciation Fund, Inc. | 500,429,295 | 68,498,491 | (116,127,493) | (47,629,002) |
Value Line Core Bond Fund | 52,338,604 | 6,500 | (4,046,484) | (4,039,984) |
Fund | Undistributed Ordinary Income | Undistributed Long-Term Gain | Other Timing Differences | Unrealized Appreciation | Capital Loss Carryforwards | Late Year Deferrals | Distributable Earnings (Loss) |
Value Line Small Cap Opportunities Fund, Inc.* | $ — | $ — | $ — | $205,319,287 | $— | $(1,733,755) | $203,585,532 |
Value Line Mid Cap Focused Fund, Inc. | 694,794 | 10,265,326 | — | 214,254,768 | — | — | 225,214,888 |
Value Line Select Growth Fund, Inc. | — | 12,692,458 | — | 293,507,800 | — | — | 306,200,258 |
Value Line Larger Companies Focused Fund, Inc. | — | 26,085,207 | — | 128,659,679 | — | — | 154,744,886 |
Value Line Asset Allocation Fund, Inc.* | 4,147,539 | 32,978,908 | — | 345,169,030 | — | — | 382,295,477 |
Value Line Capital Appreciation Fund, Inc. | 67,477 | 33,560,126 | — | 154,489,330 | — | — | 188,116,933 |
Value Line Core Bond Fund | — | — | (4,639) | 737,025 | — | — | 732,386 |
* | The components of distributable earnings on a tax basis during fiscal year ended March 31, 2022. |
Year Ended December 31, 2021 Distributions Paid from | |||
Fund | Ordinary Income | Long-Term Capital Gain | Total Distributions Paid |
Value Line Small Cap Opportunities Fund, Inc.** | $ — | $ 29,540,485 | $ 29,540,485 |
Value Line Mid Cap Focused Fund, Inc. | 1,310,346 | 37,122,381 | 38,432,727 |
Value Line Select Growth Fund, Inc. | — | 64,909,737 | 64,909,737 |
Value Line Larger Companies Focused Fund, Inc. | 354,428 | 47,371,127 | 47,725,555 |
Value Line Asset Allocation Fund, Inc.** | 5,820,859 | 109,351,515 | 115,172,374 |
Value Line Capital Appreciation Fund, Inc. | 2,135,531 | 67,570,041 | 69,705,572 |
Value Line Core Bond Fund | 770,855 | 503,807 | 1,274,662 |
** | The tax composition of distributions paid to shareholders during fiscal year ended March 31, 2022. |
Year Ended December 31, 2020 Distributions Paid from | |||
Fund | Ordinary Income | Long-Term Capital Gain | Total Distributions Paid |
Value Line Small Cap Opportunities Fund, Inc.*** | $ — | $ 35,485,282 | $ 35,485,282 |
Value Line Mid Cap Focused Fund, Inc. | 1,320,659 | 33,950,139 | 35,270,798 |
Value Line Select Growth Fund, Inc. | — | 102,525,944 | 102,525,944 |
Value Line Larger Companies Focused Fund, Inc. | 4,990,295 | 30,018,054 | 35,008,349 |
Value Line Asset Allocation Fund, Inc.*** | 4,707,510 | 9,891,201 | 14,598,711 |
Value Line Capital Appreciation Fund, Inc. | 3,173,616 | 31,691,364 | 34,864,980 |
Value Line Core Bond Fund | 1,025,857 | — | 1,025,857 |
*** | The tax composition of distributions paid to shareholders during fiscal year ended March 31, 2021. |
Fund | Advisory Fee |
Value Line Small Cap Opportunities Fund, Inc. | $ 748,046 |
Value Line Mid Cap Focused Fund, Inc. | 1,402,208 |
Value Line Select Growth Fund, Inc. | 1,510,235 |
Value Line Larger Companies Focused Fund, Inc. | 1,074,867 |
Value Line Asset Allocation Fund, Inc. | 1,945,487 |
Value Line Capital Appreciation Fund, Inc. | 1,804,132 |
Value Line Core Bond Fund | 80,082 |
Fund | Distribution & Service Fees |
Value Line Small Cap Opportunities Fund, Inc. | $184,202 |
Value Line Mid Cap Focused Fund, Inc. | 345,400 |
Value Line Select Growth Fund, Inc. | 498,972 |
Value Line Larger Companies Focused Fund, Inc. | 362,094 |
Value Line Asset Allocation Fund, Inc. | 275,916 |
Value Line Capital Appreciation Fund, Inc. | 505,531 |
Value Line Core Bond Fund | 57,640 |
Fund | Sub-transfer agency Fees |
Value Line Small Cap Opportunities Fund, Inc. | $ 79,488 |
Value Line Mid Cap Focused Fund, Inc. | 56,201 |
Value Line Select Growth Fund, Inc. | 51,631 |
Value Line Larger Companies Focused Fund, Inc. | 16,133 |
Value Line Asset Allocation Fund, Inc. | 193,193 |
Value Line Capital Appreciation Fund, Inc. | 164,165 |
Fund | Expiration for the 12 months ended | Fees Waived and Reimbursed by the Adviser |
Value Line Small Cap Opportunities Fund, Inc. | June 30, 2022 | $ 12,800 |
Value Line Small Cap Opportunities Fund, Inc. | June 30, 2023 | 18,261 |
Value Line Small Cap Opportunities Fund, Inc. | June 30, 2024 | 75,571 |
Value Line Mid Cap Focused Fund, Inc. | June 30, 2022 | 15,415 |
Value Line Mid Cap Focused Fund, Inc. | June 30, 2023 | 37,986 |
Value Line Mid Cap Focused Fund, Inc. | June 30, 2024 | 55,342 |
Value Line Select Growth Fund, Inc. | June 30, 2022 | 10,122 |
Value Line Select Growth Fund, Inc. | June 30, 2023 | 32,652 |
Value Line Select Growth Fund, Inc. | June 30, 2024 | 19,986 |
Value Line Larger Companies Focused Fund, Inc. | June 30, 2022 | 30,202 |
Value Line Larger Companies Focused Fund, Inc. | June 30, 2023 | 21,660 |
Value Line Larger Companies Focused Fund, Inc. | June 30, 2024 | 35,039 |
Value Line Asset Allocation Fund, Inc. | June 30, 2022 | — |
Value Line Asset Allocation Fund, Inc. | June 30, 2023 | — |
Value Line Asset Allocation Fund, Inc. | June 30, 2024 | 85,768 |
Value Line Capital Appreciation Fund, Inc. | June 30, 2022 | 28,168 |
Value Line Capital Appreciation Fund, Inc. | June 30, 2023 | 30,304 |
Value Line Capital Appreciation Fund, Inc. | June 30, 2024 | 119,505 |
Fund | Expiration for the 12 months ended | Fees Waived and Reimbursed by the Adviser |
Value Line Core Bond Fund | June 30, 2022 | $118,241 |
Value Line Core Bond Fund | June 30, 2023 | 169,838 |
Value Line Core Bond Fund | June 30, 2024 | 104,515 |
Beginning Account Value January 1, 2022 | Ending Account Value June 30, 2022 | Expenses Paid During Period | Annualized Expense Ratio | |
Actual* | ||||
Value Line Small Cap Opportunities Fund, Inc. — Investor Class** | $1,000.00 | $ 874.30 | $2.71 | 1.16% |
Value Line Small Cap Opportunities Fund, Inc. — Institutional Class** | 1,000.00 | 874.80 | 2.13 | 0.91 |
Value Line Mid Cap Focused Fund, Inc. — Investor Class | 1,000.00 | 831.90 | 4.77 | 1.05 |
Value Line Mid Cap Focused Fund, Inc. — Institutional Class | 1,000.00 | 832.80 | 3.64 | 0.80 |
Value Line Select Growth Fund, Inc. — Investor Class | 1,000.00 | 769.90 | 4.96 | 1.13 |
Value Line Select Growth Fund, Inc. — Institutional Class | 1,000.00 | 771.00 | 3.86 | 0.88 |
Value Line Larger Companies Focused Fund, Inc. — Investor Class | 1,000.00 | 635.90 | 4.58 | 1.13 |
Value Line Larger Companies Focused Fund, Inc. — Institutional Class | 1,000.00 | 636.70 | 3.57 | 0.88 |
Value Line Asset Allocation Fund, Inc. — Investor Class** | 1,000.00 | 889.50 | 2.43 | 1.03 |
Value Line Asset Allocation Fund, Inc. — Institutional Class** | 1,000.00 | 890.00 | 1.84 | 0.78 |
Value Line Capital Appreciation Fund, Inc. — Investor Class | 1,000.00 | 711.90 | 4.58 | 1.08 |
Value Line Capital Appreciation Fund, Inc. — Institutional Class | 1,000.00 | 711.90 | 3.52 | 0.83 |
Value Line Core Bond Fund — Investor Class | 1,000.00 | 900.70 | 4.24 | 0.90 |
Hypothetical (5% return before expenses) | ||||
Value Line Small Cap Opportunities Fund, Inc. — Investor Class** | $1,000.00 | $1,009.57 | $2.91 | 1.16% |
Value Line Small Cap Opportunities Fund, Inc. — Institutional Class** | 1,000.00 | 1,010.20 | 2.28 | 0.91 |
Value Line Mid Cap Focused Fund, Inc. — Investor Class | 1,000.00 | 1,019.59 | 5.26 | 1.05 |
Value Line Mid Cap Focused Fund, Inc. — Institutional Class | 1,000.00 | 1,020.83 | 4.01 | 0.80 |
Value Line Select Growth Fund, Inc. — Investor Class | 1,000.00 | 1,019.19 | 5.66 | 1.13 |
Value Line Select Growth Fund, Inc. — Institutional Class | 1,000.00 | 1,020.43 | 4.41 | 0.88 |
Value Line Larger Companies Focused Fund, Inc. — Investor Class | 1,000.00 | 1,019.19 | 5.66 | 1.13 |
Beginning Account Value January 1, 2022 | Ending Account Value June 30, 2022 | Expenses Paid During Period | Annualized Expense Ratio | |
Hypothetical (5% return before expenses) | ||||
Value Line Larger Companies Focused Fund, Inc. — Institutional Class | $1,000.00 | $1,020.43 | $4.41 | 0.88% |
Value Line Asset Allocation Fund, Inc. — Investor Class** | 1,000.00 | 1,009.90 | 2.58 | 1.03 |
Value Line Asset Allocation Fund, Inc. — Institutional Class** | 1,000.00 | 1,010.52 | 1.95 | 0.78 |
Value Line Capital Appreciation Fund, Inc. — Investor Class | 1,000.00 | 1,019.44 | 5.41 | 1.08 |
Value Line Capital Appreciation Fund, Inc. — Institutional Class | 1,000.00 | 1,020.68 | 4.16 | 0.83 |
Value Line Core Bond Fund — Investor Class | 1,000.00 | 1,020.33 | 4.51 | 0.90 |
* | Expenses are equal to the Funds' annualized expense ratio multiplied by the average account value over the period, multiplied by 181/365 (to reflect the Fund's most recent fiscal one-half year). These expense ratios may differ from the expense ratios shown in the Financial Highlights. |
** | Expenses are equal to the Funds' annualized expense ratio multiplied by the average account value over the period, multiplied by 91/365 (to reflect the Fund's most recent fiscal one-half year). These expense ratios may differ from the expense ratios shown in the Financial Highlights. |
Larger Companies Focused Fund, Small Cap
Opportunities Fund, Asset Allocation Fund
and Capital Appreciation Fund
Value Line Mid Cap Focused Fund
Value Line Select Growth Fund
(b) | Not Applicable |
Item 2 Code of Ethics
Not applicable.
Item 3 Audit Committee Financial Expert
Not applicable.
Item 4 Principal Accountant Fees and Services
Not applicable.
Item 5. Audit Committee of Listed Registrants
Not Applicable.
Item 6. Investments
Not Applicable
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not Applicable
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not Applicable
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not Applicable
Item 10. Submission of Matters to a Vote of Security Holders
Not Applicable
Item 11. Controls and Procedures.
(a) | The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in rule 30a-2(c) under the Act (17 CFR 270.30a-2(c) ) based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report, are appropriately designed to ensure that material information relating to the registrant is made known to such officers and are operating effectively. |
(b) | The registrant’s principal executive officer and principal financial officer have determined that there have been no significant changes in the registrant’s internal controls or in other factors that could significantly affect these controls 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) | (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: | September 2, 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: | September 2, 2022 |