UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act-file Number 811-04471
Value Line Core Bond Fund
(Exact name of registrant as specified in charter)
7 Times Square, Suite 1606, New York, N.Y. 10036
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: 212-907-1900
Date of fiscal year end: December 31, 2023
Date of reporting period: June 30, 2023
Item I. Reports to Stockholders.
(a) | A copy of the Semi-Annual Report to Stockholders for the period ended 6/30/23 is included with this Form. |
(b) | Not Applicable |
Semi-Annual Report |
June 30, 2023 |
(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
President of the Value Line Funds
Portfolio Highlights at June 30, 2023 (unaudited)
Ten Largest Holdings* | |||
Issue | Shares | Value | Percentage of Net Assets |
SPS Commerce, Inc. | 104,500 | $20,070,270 | 4.4 % |
RLI Corp. | 131,900 | 18,000,393 | 3.9 % |
Exponent, Inc. | 163,700 | 15,276,484 | 3.3 % |
Churchill Downs, Inc. | 102,272 | 14,233,194 | 3.1 % |
ExlService Holdings, Inc. | 79,500 | 12,009,270 | 2.6 % |
AAON, Inc. | 123,700 | 11,727,998 | 2.6 % |
RBC Bearings, Inc. | 52,500 | 11,417,175 | 2.5 % |
J & J Snack Foods Corp. | 69,900 | 11,069,364 | 2.4 % |
Woodward, Inc. | 93,000 | 11,058,630 | 2.4 % |
Chemed Corp. | 19,000 | 10,291,730 | 2.2 % |
Asset Allocation — Percentage of Net Assets |
Sector Weightings — Percentage of Total Investments In Securities* |
* | Excludes short-term investments, if any. |
Portfolio Highlights at June 30, 2023 (unaudited) (continued)
6 Mos | 1 yr | 5 Yrs | 10 Yrs | ||
Investor Class | |||||
Value Line Small Cap Opportunities Fund, Inc. | 14.96 % | 20.02 % | 9.23 % | 10.81 % | |
Russell 2000® Index*** | 8.09 % | 12.31 % | 4.21 % | 8.26 % | |
6 Mos | 1 yr | 5 Yrs | Since Inception 11/2/2015 | ||
Institutional Class | |||||
Value Line Small Cap Opportunities Fund, Inc. | 15.09 % | 20.32 % | 9.50 % | 10.48 % | |
Russell 2000® Index*** | 8.09 % | 12.31 % | 4.21 % | 7.72 % |
Shares | Value | |
COMMON STOCKS 93.5% | ||
CONSUMER DISCRETIONARY 12.0% | ||
APPAREL 1.8% | ||
71,700 | Crocs, Inc.(1) | $8,061,948 |
AUTO PARTS & EQUIPMENT 0.5% | ||
16,500 | Visteon Corp.(1) | 2,369,565 |
ENGINEERING & CONSTRUCTION 1.4% | ||
24,400 | TopBuild Corp.(1) | 6,490,888 |
ENTERTAINMENT 3.1% | ||
102,272 | Churchill Downs, Inc. | 14,233,194 |
HOME BUILDERS 2.0% | ||
20,800 | Cavco Industries, Inc.(1) | 6,136,000 |
24,000 | LCI Industries | 3,032,640 |
9,168,640 | ||
HOUSEHOLD PRODUCTS 0.6% | ||
23,000 | Helen of Troy Ltd.(1)(2) | 2,484,460 |
LEISURE TIME 0.6% | ||
42,700 | Planet Fitness, Inc. Class A(1) | 2,879,688 |
RETAIL 2.0% | ||
41,600 | Texas Roadhouse, Inc. | 4,670,848 |
21,800 | Wingstop, Inc. | 4,363,488 |
9,034,336 | ||
54,722,719 | ||
CONSUMER STAPLES 2.7% | ||
FOOD 2.7% | ||
69,900 | J & J Snack Foods Corp. | 11,069,364 |
5,600 | Lancaster Colony Corp. | 1,126,104 |
12,195,468 | ||
FINANCIALS 9.7% | ||
BANKS 1.9% | ||
206,496 | First Financial Bankshares, Inc. | 5,883,071 |
38,900 | Walker & Dunlop, Inc. | 3,076,601 |
8,959,672 | ||
DIVERSIFIED FINANCIALS 1.4% | ||
104,422 | Stifel Financial Corp. | 6,230,861 |
INSURANCE 6.4% | ||
27,200 | Primerica, Inc. | 5,379,072 |
131,900 | RLI Corp. | 18,000,393 |
61,393 | Selective Insurance Group, Inc. | 5,890,658 |
29,270,123 | ||
44,460,656 | ||
HEALTHCARE 12.4% | ||
COMMERCIAL SERVICES 1.0% | ||
40,651 | AMN Healthcare Services, Inc.(1) | 4,435,837 |
HEALTHCARE PRODUCTS 4.7% | ||
22,700 | CONMED Corp. | 3,084,703 |
20,300 | iRhythm Technologies, Inc.(1) | 2,117,696 |
220,462 | Neogen Corp.(1) | 4,795,048 |
56,200 | Omnicell, Inc.(1) | 4,140,254 |
18,100 | Penumbra, Inc.(1) | 6,227,486 |
5,574 | STERIS PLC | 1,254,039 |
21,619,226 |
Shares | Value | |
COMMON STOCKS 93.5% (continued) | ||
HEALTHCARE 12.4% (continued) | ||
HEALTHCARE SERVICES 6.7% | ||
19,000 | Chemed Corp. | $10,291,730 |
76,500 | Ensign Group, Inc. | 7,302,690 |
15,900 | Medpace Holdings, Inc.(1) | 3,818,703 |
77,800 | US Physical Therapy, Inc. | 9,444,142 |
30,857,265 | ||
56,912,328 | ||
INDUSTRIALS 37.7% | ||
AEROSPACE/DEFENSE 0.3% | ||
33,200 | Mercury Systems, Inc.(1) | 1,148,388 |
BUILDING MATERIALS 5.4% | ||
123,700 | AAON, Inc. | 11,727,998 |
26,500 | Lennox International, Inc. | 8,640,855 |
64,000 | Trex Co., Inc.(1) | 4,195,840 |
24,564,693 | ||
COMMERCIAL SERVICES 4.5% | ||
20,100 | ASGN, Inc.(1) | 1,520,163 |
36,200 | FTI Consulting, Inc.(1) | 6,885,240 |
198,800 | Healthcare Services Group, Inc. | 2,968,084 |
33,200 | Insperity, Inc. | 3,949,472 |
55,400 | TriNet Group, Inc.(1) | 5,261,338 |
20,584,297 | ||
COMPUTERS 3.7% | ||
5,300 | CACI International, Inc. Class A(1) | 1,806,452 |
79,500 | ExlService Holdings, Inc.(1) | 12,009,270 |
35,900 | MAXIMUS, Inc. | 3,033,909 |
16,849,631 | ||
DISTRIBUTION/WHOLESALE 0.9% | ||
25,000 | SiteOne Landscape Supply, Inc.(1) | 4,184,000 |
ELECTRICAL EQUIPMENT 1.3% | ||
55,100 | EnerSys | 5,979,452 |
ELECTRONICS 2.4% | ||
93,000 | Woodward, Inc. | 11,058,630 |
ENGINEERING & CONSTRUCTION 6.3% | ||
35,600 | Comfort Systems USA, Inc. | 5,845,520 |
42,600 | EMCOR Group, Inc. | 7,871,628 |
163,700 | Exponent, Inc. | 15,276,484 |
28,993,632 | ||
HAND/MACHINE TOOLS 0.5% | ||
24,300 | Franklin Electric Co., Inc. | 2,500,470 |
MACHINERY - DIVERSIFIED 4.4% | ||
23,300 | Applied Industrial Technologies, Inc. | 3,374,539 |
13,500 | Kadant, Inc. | 2,998,350 |
37,600 | Toro Co. | 3,822,040 |
53,147 | Watts Water Technologies, Inc. Class A | 9,764,699 |
19,959,628 | ||
METAL FABRICATE/HARDWARE 2.5% | ||
52,500 | RBC Bearings, Inc.(1) | 11,417,175 |
MISCELLANEOUS MANUFACTURERS 2.5% | ||
19,400 | Carlisle Cos., Inc. | 4,976,682 |
Shares | Value | |
COMMON STOCKS 93.5% (continued) | ||
INDUSTRIALS 37.7% (continued) | ||
MISCELLANEOUS MANUFACTURERS 2.5% (continued) | ||
25,300 | EnPro Industries, Inc. | $3,378,309 |
47,200 | Federal Signal Corp. | 3,022,216 |
11,377,207 | ||
RETAIL 0.4% | ||
32,400 | Rush Enterprises, Inc. Class A | 1,967,976 |
SOFTWARE 0.3% | ||
15,700 | Concentrix Corp. | 1,267,775 |
TEXTILES 0.6% | ||
16,200 | Unifirst Corp. | 2,511,162 |
TRANSPORTATION 1.4% | ||
33,800 | Landstar System, Inc. | 6,507,852 |
TRUCKING & LEASING 0.3% | ||
11,500 | GATX Corp. | 1,480,510 |
172,352,478 | ||
INFORMATION TECHNOLOGY 14.1% | ||
COMMERCIAL SERVICES 0.4% | ||
36,600 | Alarm.com Holdings, Inc.(1) | 1,891,488 |
COMPUTERS 0.9% | ||
9,100 | Insight Enterprises, Inc.(1) | 1,331,694 |
21,700 | Qualys, Inc.(1) | 2,802,989 |
4,134,683 | ||
ELECTRICAL EQUIPMENT 0.6% | ||
9,200 | Littelfuse, Inc. | 2,680,052 |
ELECTRONICS 1.1% | ||
12,700 | Badger Meter, Inc. | 1,874,012 |
16,000 | Sanmina Corp.(1) | 964,320 |
21,400 | TD SYNNEX Corp. | 2,011,600 |
4,849,932 | ||
INTERNET 2.2% | ||
177,100 | ePlus, Inc.(1) | 9,970,730 |
MISCELLANEOUS MANUFACTURERS 1.0% | ||
35,700 | Fabrinet(1) | 4,636,716 |
SOFTWARE 7.9% | ||
54,700 | Everbridge, Inc.(1) | 1,471,430 |
83,900 | Five9, Inc.(1) | 6,917,555 |
104,500 | SPS Commerce, Inc.(1) | 20,070,270 |
76,400 | Workiva, Inc.(1) | 7,766,824 |
36,226,079 | ||
64,389,680 |
Shares | Value | |
COMMON STOCKS 93.5% (continued) | ||
MATERIALS 4.5% | ||
CHEMICALS 2.0% | ||
30,300 | Balchem Corp. | $4,084,743 |
26,700 | Quaker Chemical Corp.(2) | 5,203,830 |
9,288,573 | ||
PACKAGING & CONTAINERS 2.5% | ||
28,200 | AptarGroup, Inc. | 3,267,252 |
172,600 | Silgan Holdings, Inc. | 8,093,214 |
11,360,466 | ||
20,649,039 | ||
UTILITIES 0.4% | ||
WATER 0.4% | ||
20,000 | American States Water Co. | 1,740,000 |
TOTAL COMMON STOCKS (Cost $220,237,473) | 427,422,368 | |
SHORT-TERM INVESTMENTS 6.6% | ||
MONEY MARKET FUNDS 6.6% | ||
28,303,091 | State Street Institutional U.S. Government Money Market Fund, Premier Class, 5.03%(3) | 28,303,091 |
1,695,337 | State Street Navigator Securities Lending Government Money Market Portfolio(4) | 1,695,337 |
29,998,428 | ||
TOTAL SHORT-TERM INVESTMENTS (Cost $29,998,428) | 29,998,428 | |
TOTAL INVESTMENTS IN SECURITIES 100.1% (Cost $250,235,901) | $457,420,796 | |
EXCESS OF LIABILITIES OVER CASH AND OTHER ASSETS (0.1)% | (258,571 ) | |
NET ASSETS 100.0% | $457,162,225 |
(1) | Non-income producing. |
(2) | A portion or all of the security was held on loan. As of June 30, 2023, the market value of the securities on loan was $1,669,487. |
(3) | Rate reflects 7 day yield as of June 30, 2023. |
(4) | Securities with an aggregate market value of $1,669,487 were out on loan in exchange for $1,695,337 of cash collateral as of June 30, 2023. The collateral was invested in a cash collateral reinvestment vehicle. |
Investments in Securities: | Level 1 | Level 2 | Level 3 | Total |
Assets | ||||
Common Stocks* | $427,422,368 | $— | $— | $427,422,368 |
Short-Term Investments | 29,998,428 | — | — | 29,998,428 |
Total Investments in Securities | $457,420,796 | $— | $— | $457,420,796 |
* | See Schedule of Investments for further breakdown by category. |
Portfolio Highlights at June 30, 2023 (unaudited)
Ten Largest Holdings* | |||
Issue | Shares | Value | Percentage of Net Assets |
Gartner, Inc. | 123,400 | $43,228,254 | 5.0 % |
TransDigm Group, Inc. | 48,100 | 43,009,577 | 5.0 % |
Pool Corp. | 99,596 | 37,312,646 | 4.4 % |
Cadence Design Systems, Inc. | 149,600 | 35,084,192 | 4.1 % |
W R Berkley Corp. | 573,288 | 34,145,033 | 4.0 % |
STERIS PLC | 146,000 | 32,847,080 | 3.8 % |
IQVIA Holdings, Inc. | 145,000 | 32,591,650 | 3.8 % |
Fair Isaac Corp. | 39,900 | 32,287,479 | 3.8 % |
Monolithic Power Systems, Inc. | 55,311 | 29,880,662 | 3.5 % |
Teledyne Technologies, Inc. | 72,200 | 29,682,142 | 3.5 % |
Asset Allocation — Percentage of Net Assets |
Sector Weightings — Percentage of Total Investments In Securities* |
* | Excludes short-term investments, if any. |
Portfolio Highlights at June 30, 2023 (unaudited) (continued)
6 Mos | 1 Yr | 5 Yrs | 10 Yrs | ||
Investor Class | |||||
Value Line Mid Cap Focused Fund, Inc. | 12.04 % | 21.80 % | 14.30 % | 13.67 % | |
S&P 500® Index*** | 16.89 % | 19.59 % | 12.31 % | 12.86 % | |
6 Mos | 1 Yr | 5 Yrs | Since Inception 8/14/2017 | ||
Institutional Class | |||||
Value Line Mid Cap Focused Fund, Inc. | 12.18 % | 22.11 % | 14.58 % | 14.69 % | |
S&P 500® Index*** | 16.89 % | 19.59 % | 12.31 % | 12.52 % |
Shares | Value | |
COMMON STOCKS 93.4% | ||
CONSUMER DISCRETIONARY 7.5% | ||
DISTRIBUTION/WHOLESALE 4.4% | ||
99,596 | Pool Corp. | $37,312,646 |
ENTERTAINMENT 3.1% | ||
191,490 | Churchill Downs, Inc. | 26,649,663 |
63,962,309 | ||
CONSUMER STAPLES 1.1% | ||
FOOD 1.1% | ||
59,800 | J & J Snack Foods Corp. | 9,469,928 |
FINANCIALS 10.0% | ||
INSURANCE 7.4% | ||
241,291 | American Financial Group, Inc. | 28,653,424 |
573,288 | W R Berkley Corp. | 34,145,033 |
62,798,457 | ||
SOFTWARE 2.6% | ||
32,800 | Fiserv, Inc.(1) | 4,137,720 |
66,708 | Jack Henry & Associates, Inc. | 11,162,250 |
15,000 | MSCI, Inc. | 7,039,350 |
22,339,320 | ||
85,137,777 | ||
HEALTHCARE 19.3% | ||
ELECTRONICS 2.1% | ||
14,100 | Mettler-Toledo International, Inc.(1) | 18,494,124 |
HEALTHCARE PRODUCTS 11.0% | ||
17,200 | Cooper Cos., Inc. | 6,594,996 |
55,900 | IDEXX Laboratories, Inc.(1) | 28,074,657 |
146,000 | STERIS PLC | 32,847,080 |
68,516 | West Pharmaceutical Services, Inc. | 26,205,314 |
93,722,047 | ||
HEALTHCARE SERVICES 6.2% | ||
37,700 | Chemed Corp. | 20,420,959 |
145,000 | IQVIA Holdings, Inc.(1) | 32,591,650 |
53,012,609 | ||
165,228,780 | ||
INDUSTRIALS 19.7% | ||
AEROSPACE/DEFENSE 8.2% | ||
154,814 | HEICO Corp. | 27,392,789 |
48,100 | TransDigm Group, Inc. | 43,009,577 |
70,402,366 | ||
BUILDING MATERIALS 2.7% | ||
69,800 | Lennox International, Inc. | 22,759,686 |
COMMERCIAL SERVICES 4.5% | ||
57,193 | Cintas Corp. | 28,429,496 |
231,049 | Rollins, Inc. | 9,895,829 |
38,325,325 | ||
ENGINEERING & CONSTRUCTION 1.8% | ||
166,400 | Exponent, Inc. | 15,528,448 |
ENVIRONMENTAL CONTROL 2.5% | ||
151,750 | Waste Connections, Inc. | 21,689,628 |
168,705,453 |
Shares | Value | |
COMMON STOCKS 93.4% (continued) | ||
INFORMATION TECHNOLOGY 32.8% | ||
COMMERCIAL SERVICES 5.0% | ||
123,400 | Gartner, Inc.(1) | $43,228,254 |
COMPUTERS 3.8% | ||
190,210 | CGI, Inc.(1) | 20,053,840 |
53,960 | EPAM Systems, Inc.(1) | 12,127,510 |
32,181,350 | ||
MISCELLANEOUS MANUFACTURERS 3.5% | ||
72,200 | Teledyne Technologies, Inc.(1) | 29,682,142 |
SEMICONDUCTORS 3.5% | ||
55,311 | Monolithic Power Systems, Inc. | 29,880,662 |
SOFTWARE 13.2% | ||
45,400 | ANSYS, Inc.(1) | 14,994,258 |
149,600 | Cadence Design Systems, Inc.(1) | 35,084,192 |
39,900 | Fair Isaac Corp.(1) | 32,287,479 |
19,400 | Roper Technologies, Inc. | 9,327,520 |
51,200 | Tyler Technologies, Inc.(1) | 21,323,264 |
113,016,713 | ||
TELECOMMUNICATIONS 3.8% | ||
67,000 | Motorola Solutions, Inc. | 19,649,760 |
61,800 | Nice Ltd. ADR(1)(2) | 12,761,700 |
32,411,460 | ||
280,400,581 | ||
MATERIALS 1.4% | ||
PACKAGING & CONTAINERS 1.4% | ||
100,700 | AptarGroup, Inc. | 11,667,102 |
REAL ESTATE 1.6% | ||
REITS 1.6% | ||
202,300 | Equity Lifestyle Properties, Inc. REIT | 13,531,847 |
TOTAL COMMON STOCKS (Cost $575,607,195) | 798,103,777 | |
SHORT-TERM INVESTMENTS 5.6% | ||
MONEY MARKET FUNDS 5.6% | ||
47,732,992 | State Street Institutional U.S. Government Money Market Fund, Premier Class, 5.03%(3) | 47,732,992 |
TOTAL SHORT-TERM INVESTMENTS (Cost $47,732,992) | 47,732,992 | |
TOTAL INVESTMENTS IN SECURITIES 99.0% (Cost $623,340,187) | $845,836,769 | |
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES 1.0% | 8,403,939 | |
NET ASSETS 100.0% | $854,240,708 |
(1) | Non-income producing. |
(2) | A portion or all of the security was held on loan. As of June 30, 2023, the market value of the securities on loan was $12,761,700. |
(3) | Rate reflects 7 day yield as of June 30, 2023. |
ADR | American Depositary Receipt. |
REITs | Real Estate Investment Trusts. |
Investments in Securities: | Level 1 | Level 2 | Level 3 | Total |
Assets | ||||
Common Stocks* | $798,103,777 | $— | $— | $798,103,777 |
Short-Term Investments | 47,732,992 | — | — | 47,732,992 |
Total Investments in Securities | $845,836,769 | $— | $— | $845,836,769 |
* | See Schedule of Investments for further breakdown by category. |
Portfolio Highlights at June 30, 2023 (unaudited)
Ten Largest Holdings* | |||
Issue | Shares | Value | Percentage of Net Assets |
Cintas Corp. | 52,177 | $25,936,143 | 6.7 % |
TransDigm Group, Inc. | 24,957 | 22,315,801 | 5.8 % |
Accenture PLC | 70,200 | 21,662,316 | 5.6 % |
Costco Wholesale Corp. | 33,800 | 18,197,244 | 4.7 % |
Salesforce, Inc. | 81,400 | 17,196,564 | 4.5 % |
S&P Global, Inc. | 41,573 | 16,666,200 | 4.3 % |
MasterCard, Inc. | 42,100 | 16,557,930 | 4.3 % |
Danaher Corp. | 64,600 | 15,504,000 | 4.0 % |
Cadence Design Systems, Inc. | 66,000 | 15,478,320 | 4.0 % |
Roper Technologies, Inc. | 32,069 | 15,418,775 | 4.0 % |
Asset Allocation — Percentage of Net Assets |
Sector Weightings — Percentage of Total Investments In Securities* |
* | Excludes short-term investments, if any. |
Portfolio Highlights at June 30, 2023 (unaudited) (continued)
6 Mos | 1 Yr | 5 Yrs | 10 Yrs | |||
Investor Class | ||||||
Value Line Select Growth Fund, Inc. | 16.70 % | 20.25 % | 13.13 % | 12.28 % | ||
S&P 500® Index*** | 16.89 % | 19.59 % | 12.31 % | 12.86 % | ||
6 Mos | 1 Yr | 3 Yrs | Since Inception 5/1/2020 | |||
Institutional Class | ||||||
Value Line Select Growth Fund, Inc. | 16.86 % | 20.58 % | 11.97 % | 14.23 % | ||
S&P 500® Index*** | 16.89 % | 19.59 % | 14.60 % | 12.52 % |
Shares | Value | |
COMMON STOCKS 96.8% | ||
CONSUMER STAPLES 4.7% | ||
RETAIL 4.7% | ||
33,800 | Costco Wholesale Corp. | $18,197,244 |
FINANCIALS 18.4% | ||
COMMERCIAL SERVICES 4.3% | ||
41,573 | S&P Global, Inc. | 16,666,200 |
DIVERSIFIED FINANCIALS 7.7% | ||
116,889 | Intercontinental Exchange, Inc. | 13,217,808 |
42,100 | MasterCard, Inc. Class A | 16,557,930 |
29,775,738 | ||
INSURANCE 5.9% | ||
18,000 | Aon PLC Class A | 6,213,600 |
12,400 | Arthur J Gallagher & Co. | 2,722,668 |
74,700 | Marsh & McLennan Cos., Inc. | 14,049,576 |
22,985,844 | ||
SOFTWARE 0.5% | ||
4,000 | MSCI, Inc. | 1,877,160 |
71,304,942 | ||
HEALTHCARE 15.3% | ||
ELECTRONICS 0.6% | ||
1,700 | Mettler-Toledo International, Inc.(1) | 2,229,788 |
HEALTHCARE PRODUCTS 12.6% | ||
64,600 | Danaher Corp. | 15,504,000 |
23,400 | IDEXX Laboratories, Inc.(1) | 11,752,182 |
20,573 | Stryker Corp. | 6,276,617 |
29,400 | Thermo Fisher Scientific, Inc. | 15,339,450 |
48,872,249 | ||
PHARMACEUTICALS 2.1% | ||
47,000 | Zoetis, Inc. | 8,093,870 |
59,195,907 | ||
INDUSTRIALS 21.5% | ||
AEROSPACE/DEFENSE 5.8% | ||
24,957 | TransDigm Group, Inc. | 22,315,801 |
COMMERCIAL SERVICES 6.7% | ||
52,177 | Cintas Corp. | 25,936,143 |
ENVIRONMENTAL CONTROL 5.1% | ||
81,800 | Republic Services, Inc. | 12,529,306 |
51,700 | Waste Connections, Inc. | 7,389,481 |
19,918,787 | ||
TRANSPORTATION 3.9% | ||
72,800 | Union Pacific Corp. | 14,896,336 |
83,067,067 |
Shares | Value | |
COMMON STOCKS 96.8% (continued) | ||
INFORMATION TECHNOLOGY 36.1% | ||
COMPUTERS 6.8% | ||
70,200 | Accenture PLC Class A | $21,662,316 |
60,000 | Fortinet, Inc.(1) | 4,535,400 |
26,197,716 | ||
MISCELLANEOUS MANUFACTURERS 3.7% | ||
34,800 | Teledyne Technologies, Inc.(1) | 14,306,628 |
SOFTWARE 23.9% | ||
18,000 | Adobe, Inc.(1) | 8,801,820 |
6,400 | ANSYS, Inc.(1) | 2,113,728 |
66,000 | Cadence Design Systems, Inc.(1) | 15,478,320 |
25,700 | Intuit, Inc. | 11,775,483 |
32,069 | Roper Technologies, Inc. | 15,418,775 |
81,400 | Salesforce, Inc.(1) | 17,196,564 |
23,639 | ServiceNow, Inc.(1) | 13,284,409 |
18,800 | Synopsys, Inc.(1) | 8,185,708 |
92,254,807 | ||
TELECOMMUNICATIONS 1.7% | ||
23,000 | Motorola Solutions, Inc. | 6,745,440 |
139,504,591 | ||
MATERIALS 0.8% | ||
CHEMICALS 0.8% | ||
17,100 | Ecolab, Inc. | 3,192,399 |
TOTAL COMMON STOCKS (Cost $179,493,769) | 374,462,150 | |
SHORT-TERM INVESTMENTS 2.8% | ||
MONEY MARKET FUNDS 2.8% | ||
10,898,297 | State Street Institutional U.S. Government Money Market Fund, Premier Class, 5.03%(2) | 10,898,297 |
TOTAL SHORT-TERM INVESTMENTS (Cost $10,898,297) | 10,898,297 | |
TOTAL INVESTMENTS IN SECURITIES 99.6% (Cost $190,392,066) | $385,360,447 | |
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES 0.4% | 1,420,432 | |
NET ASSETS 100.0% | $386,780,879 |
(1) | Non-income producing. |
(2) | Rate reflects 7 day yield as of June 30, 2023. |
Investments in Securities: | Level 1 | Level 2 | Level 3 | Total |
Assets | ||||
Common Stocks* | $374,462,150 | $— | $— | $374,462,150 |
Short-Term Investments | 10,898,297 | — | — | 10,898,297 |
Total Investments in Securities | $385,360,447 | $— | $— | $385,360,447 |
* | See Schedule of Investments for further breakdown by category. |
Portfolio Highlights at June 30, 2023 (unaudited)
Ten Largest Holdings* | |||
Issue | Shares | Value | Percentage of Net Assets |
Uber Technologies, Inc. | 400,000 | $17,268,000 | 6.4 % |
NVIDIA Corp. | 36,000 | 15,228,720 | 5.7 % |
Exact Sciences Corp. | 145,000 | 13,615,500 | 5.1 % |
Meta Platforms, Inc. | 47,000 | 13,488,060 | 5.0 % |
Amazon.com, Inc. | 90,000 | 11,732,400 | 4.4 % |
Alphabet, Inc. | 95,000 | 11,371,500 | 4.2 % |
Microsoft Corp. | 28,500 | 9,705,390 | 3.6 % |
Visa, Inc. | 38,000 | 9,024,240 | 3.4 % |
Salesforce, Inc. | 38,000 | 8,027,880 | 3.0 % |
Advanced Micro Devices, Inc. | 68,000 | 7,745,880 | 2.9 % |
Asset Allocation — Percentage of Net Assets |
Sector Weightings — Percentage of Total Investments In Securities* |
* | Excludes short-term investments, if any. |
Portfolio Highlights at June 30, 2023 (unaudited) (continued)
6 Mos | 1 Yr | 5 Yrs | 10 Yrs | ||
Investor Class | |||||
Value Line Larger Companies Focused Fund, Inc. | 35.48 % | 29.99 % | 6.64 % | 12.06 % | |
S&P 500® Index*** | 16.89 % | 19.59 % | 12.31 % | 12.86 % | |
6 Mos | 1 Yr | 5 Yrs | Since Inception 11/1/2015 | ||
Institutional Class | |||||
Value Line Larger Companies Focused Fund, Inc. | 35.64 % | 30.28 % | 6.89 % | 10.42 % | |
S&P 500® Index*** | 16.89 % | 19.59 % | 12.31 % | 12.52 % |
Shares | Value | |
COMMON STOCKS 99.4% | ||
COMMUNICATION SERVICES 17.7% | ||
INTERNET 16.2% | ||
95,000 | Alphabet, Inc. Class A(1) | $11,371,500 |
125,000 | Match Group, Inc.(1) | 5,231,250 |
47,000 | Meta Platforms, Inc. Class A(1) | 13,488,060 |
16,000 | Netflix, Inc.(1) | 7,047,840 |
45,000 | Roku, Inc.(1) | 2,878,200 |
300,000 | Snap, Inc. Class A(1) | 3,552,000 |
43,568,850 | ||
MEDIA 1.5% | ||
44,000 | Walt Disney Co.(1) | 3,928,320 |
47,497,170 | ||
CONSUMER DISCRETIONARY 16.5% | ||
AUTO MANUFACTURERS 3.9% | ||
220,000 | Rivian Automotive, Inc. Class A(1)(2) | 3,665,200 |
26,000 | Tesla, Inc.(1) | 6,806,020 |
10,471,220 | ||
ENTERTAINMENT 1.1% | ||
110,000 | DraftKings, Inc. Class A(1) | 2,922,700 |
INTERNET 8.4% | ||
55,000 | Alibaba Group Holding Ltd. ADR(1)(2) | 4,584,250 |
90,000 | Amazon.com, Inc.(1) | 11,732,400 |
2,300 | Booking Holdings, Inc.(1) | 6,210,759 |
22,527,409 | ||
RETAIL 3.1% | ||
11,500 | Lululemon Athletica, Inc.(1) | 4,352,750 |
8,600 | Ulta Beauty, Inc.(1) | 4,047,117 |
8,399,867 | ||
44,321,196 | ||
ENERGY 4.8% | ||
OIL & GAS 4.8% | ||
46,000 | Diamondback Energy, Inc. | 6,042,560 |
33,000 | Pioneer Natural Resources Co. | 6,836,940 |
12,879,500 | ||
FINANCIALS 8.0% | ||
BANKS 1.4% | ||
130,000 | Bank of America Corp. | 3,729,700 |
COMMERCIAL SERVICES 1.5% | ||
60,000 | PayPal Holdings, Inc.(1) | 4,003,800 |
DIVERSIFIED FINANCIALS 4.4% | ||
30,000 | Blackstone, Inc. | 2,789,100 |
38,000 | Visa, Inc. Class A | 9,024,240 |
11,813,340 | ||
INTERNET 0.7% | ||
200,000 | Robinhood Markets, Inc. Class A(1) | 1,996,000 |
21,542,840 | ||
HEALTHCARE 14.1% | ||
BIOTECHNOLOGY 6.9% | ||
53,000 | BioMarin Pharmaceutical, Inc.(1) | 4,594,040 |
370,000 | Exelixis, Inc.(1) | 7,070,700 |
Shares | Value | |
COMMON STOCKS 99.4% (continued) | ||
HEALTHCARE 14.1% (continued) | ||
BIOTECHNOLOGY 6.9% (continued) | ||
19,500 | Vertex Pharmaceuticals, Inc.(1) | $6,862,245 |
18,526,985 | ||
HEALTHCARE PRODUCTS 5.1% | ||
145,000 | Exact Sciences Corp.(1) | 13,615,500 |
PHARMACEUTICALS 2.1% | ||
45,000 | DexCom, Inc.(1) | 5,782,950 |
37,925,435 | ||
INDUSTRIALS 6.4% | ||
INTERNET 6.4% | ||
400,000 | Uber Technologies, Inc.(1) | 17,268,000 |
INFORMATION TECHNOLOGY 31.9% | ||
COMPUTERS 3.8% | ||
29,000 | Apple, Inc. | 5,625,130 |
31,000 | Crowdstrike Holdings, Inc. Class A(1) | 4,552,970 |
10,178,100 | ||
INTERNET 2.8% | ||
53,000 | Okta, Inc.(1) | 3,675,550 |
57,000 | Shopify, Inc. Class A(1) | 3,682,200 |
7,357,750 | ||
SEMICONDUCTORS 9.3% | ||
68,000 | Advanced Micro Devices, Inc.(1) | 7,745,880 |
36,000 | NVIDIA Corp. | 15,228,720 |
17,000 | QUALCOMM, Inc. | 2,023,680 |
24,998,280 | ||
SOFTWARE 16.0% | ||
8,000 | Intuit, Inc. | 3,665,520 |
28,500 | Microsoft Corp. | 9,705,390 |
38,000 | Salesforce, Inc.(1) | 8,027,880 |
12,000 | ServiceNow, Inc.(1) | 6,743,640 |
60,000 | Splunk, Inc.(1) | 6,365,400 |
58,000 | Twilio, Inc. Class A(1) | 3,689,960 |
21,000 | Workday, Inc. Class A(1) | 4,743,690 |
42,941,480 | ||
85,475,610 | ||
TOTAL COMMON STOCKS (Cost $198,270,492) | 266,909,751 | |
SHORT-TERM INVESTMENTS 0.7% | ||
MONEY MARKET FUNDS 0.7% | ||
1,773,274 | State Street Institutional U.S. Government Money Market Fund, Premier Class, 5.03%(3) | 1,773,274 |
TOTAL SHORT-TERM INVESTMENTS (Cost $1,773,273) | 1,773,274 | |
TOTAL INVESTMENTS IN SECURITIES 100.1% (Cost $200,043,765) | $268,683,025 | |
EXCESS OF LIABILITIES OVER CASH AND OTHER ASSETS (0.1)% | (223,964 ) | |
NET ASSETS 100.0% | $268,459,061 |
(1) | Non-income producing. |
(2) | A portion or all of the security was held on loan. As of June 30, 2023, the market value of the securities on loan was $8,249,450. |
(3) | Rate reflects 7 day yield as of June 30, 2023. |
ADR | American Depositary Receipt. |
Investments in Securities: | Level 1 | Level 2 | Level 3 | Total |
Assets | ||||
Common Stocks* | $266,909,751 | $— | $— | $266,909,751 |
Short-Term Investments | 1,773,274 | — | — | 1,773,274 |
Total Investments in Securities | $268,683,025 | $— | $— | $268,683,025 |
* | See Schedule of Investments for further breakdown by category. |
Portfolio Highlights at June 30, 2023 (unaudited)
Ten Largest Holdings* | |||
Issue | Shares | Value | Percentage of Net Assets |
Cintas Corp. | 75,900 | $37,728,372 | 4.0 % |
TransDigm Group, Inc. | 38,400 | 34,336,128 | 3.7 % |
Republic Services, Inc. | 192,627 | 29,504,677 | 3.1 % |
Aon PLC | 83,700 | 28,893,240 | 3.1 % |
Cadence Design Systems, Inc. | 111,600 | 26,172,432 | 2.8 % |
Adobe, Inc. | 52,800 | 25,818,672 | 2.8 % |
Tyler Technologies, Inc. | 52,737 | 21,963,378 | 2.3 % |
Intercontinental Exchange, Inc. | 180,944 | 20,461,148 | 2.2 % |
Thermo Fisher Scientific, Inc. | 38,926 | 20,309,641 | 2.2 % |
Fair Isaac Corp. | 24,900 | 20,149,329 | 2.2 % |
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. |
Portfolio Highlights at June 30, 2023 (unaudited) (continued)
6 Mos | 1 yr | 5 Yrs | 10 Yrs | ||
Investor Class | |||||
Value Line Asset Allocation Fund, Inc. | 11.01 % | 13.81 % | 8.28 % | 8.54 % | |
60/40 S&P 500® Index/Bloomberg US Aggregate Bond*** | 10.97 % | 11.37 % | 7.70 % | 8.33 % | |
S&P 500® Index**** | 16.89 % | 19.59 % | 12.31 % | 12.86 % | |
6 Mos | 1 yr | 5 Yrs | Since Inception 11/2/2015 | ||
Institutional Class | |||||
Value Line Asset Allocation Fund, Inc. | 11.13 % | 14.07 % | 8.55 % | 8.62 % | |
60/40 S&P 500® Index/Bloomberg US Aggregate Bond*** | 10.97 % | 11.37 % | 7.70 % | 7.91 % | |
S&P 500® Index**** | 16.89 % | 19.59 % | 12.31 % | 12.52 % |
Shares | Value | |
COMMON STOCKS 62.5% | ||
CONSUMER DISCRETIONARY 1.4% | ||
DISTRIBUTION/WHOLESALE 1.4% | ||
34,800 | Pool Corp. | $13,037,472 |
CONSUMER STAPLES 1.7% | ||
RETAIL 1.7% | ||
30,000 | Costco Wholesale Corp. | 16,151,400 |
FINANCIALS 12.5% | ||
COMMERCIAL SERVICES 2.1% | ||
50,119 | S&P Global, Inc. | 20,092,206 |
DIVERSIFIED FINANCIALS 2.2% | ||
180,944 | Intercontinental Exchange, Inc. | 20,461,148 |
INSURANCE 8.2% | ||
70,100 | American Financial Group, Inc. | 8,324,375 |
83,700 | Aon PLC Class A | 28,893,240 |
57,300 | Marsh & McLennan Cos., Inc. | 10,776,984 |
65,900 | RLI Corp. | 8,993,373 |
332,256 | W R Berkley Corp. | 19,789,167 |
76,777,139 | ||
117,330,493 | ||
HEALTHCARE 7.3% | ||
HEALTHCARE PRODUCTS 6.0% | ||
59,738 | Danaher Corp. | 14,337,120 |
31,212 | IDEXX Laboratories, Inc.(1) | 15,675,603 |
19,371 | Stryker Corp. | 5,909,898 |
38,926 | Thermo Fisher Scientific, Inc. | 20,309,641 |
56,232,262 | ||
HEALTHCARE SERVICES 1.3% | ||
22,699 | Chemed Corp. | 12,295,367 |
68,527,629 | ||
INDUSTRIALS 13.5% | ||
AEROSPACE/DEFENSE 3.7% | ||
38,400 | TransDigm Group, Inc. | 34,336,128 |
BUILDING MATERIALS 0.3% | ||
9,500 | Lennox International, Inc. | 3,097,665 |
COMMERCIAL SERVICES 4.0% | ||
75,900 | Cintas Corp. | 37,728,372 |
ENGINEERING & CONSTRUCTION 0.4% | ||
40,400 | Exponent, Inc. | 3,770,128 |
ENVIRONMENTAL CONTROL 3.1% | ||
192,627 | Republic Services, Inc. | 29,504,677 |
TRANSPORTATION 2.0% | ||
91,300 | Union Pacific Corp. | 18,681,806 |
127,118,776 | ||
INFORMATION TECHNOLOGY 25.4% | ||
COMMERCIAL SERVICES 1.3% | ||
36,000 | Gartner, Inc.(1) | 12,611,160 |
COMPUTERS 4.1% | ||
43,751 | Accenture PLC Class A | 13,500,684 |
155,100 | CGI, Inc.(1) | 16,352,193 |
36,100 | EPAM Systems, Inc.(1) | 8,113,475 |
37,966,352 |
Shares | Value | |
COMMON STOCKS 62.5% (continued) | ||
INFORMATION TECHNOLOGY 25.4% (continued) | ||
MISCELLANEOUS MANUFACTURERS 1.4% | ||
31,900 | Teledyne Technologies, Inc.(1) | $13,114,409 |
SOFTWARE 17.3% | ||
52,800 | Adobe, Inc.(1) | 25,818,672 |
18,200 | ANSYS, Inc.(1) | 6,010,914 |
111,600 | Cadence Design Systems, Inc.(1) | 26,172,432 |
24,900 | Fair Isaac Corp.(1) | 20,149,329 |
24,810 | Intuit, Inc. | 11,367,694 |
21,100 | Roper Technologies, Inc. | 10,144,880 |
61,000 | Salesforce, Inc.(1) | 12,886,860 |
28,925 | ServiceNow, Inc.(1) | 16,254,982 |
25,800 | Synopsys, Inc.(1) | 11,233,578 |
52,737 | Tyler Technologies, Inc.(1) | 21,963,378 |
162,002,719 | ||
TELECOMMUNICATIONS 1.3% | ||
42,100 | Motorola Solutions, Inc. | 12,347,088 |
238,041,728 | ||
REAL ESTATE 0.7% | ||
REITS 0.7% | ||
96,700 | Equity Lifestyle Properties, Inc. REIT | 6,468,263 |
TOTAL COMMON STOCKS (Cost $317,489,889) | 586,675,761 |
Principal Amount | Value | |
COLLATERALIZED MORTGAGE OBLIGATIONS 0.7% | ||
$ 2,200,536 | FHLMC, Series 2023-DNA1, Class M1A, REMIC, (SOFR30A + 2.10%), 7.17%, 3/25/43(2)(3) | 2,204,765 |
2,212,791 | FNMA, Series 2023-R02, Class 1M1, (SOFR30A + 2.30%), 7.37%, 1/25/43(2)(3) | 2,221,081 |
2,305,246 | FNMA, Series 2023-R04, Class 1M1, (SOFR30A + 2.30%), 7.37%, 5/25/43(2)(3) | 2,316,121 |
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $6,740,014) | 6,741,967 | |
COMMERCIAL MORTGAGE-BACKED SECURITIES 1.7% | ||
1,672,960 | FHLMC Multifamily Structured Pass-Through Certificates, Series K037, Class A2, 3.49%, 1/25/24 | 1,655,430 |
1,580,000 | FHLMC Multifamily Structured Pass-Through Certificates, Series K040, Class A2, 3.24%, 9/25/24 | 1,537,657 |
1,240,000 | FHLMC Multifamily Structured Pass-Through Certificates, Series K055, Class A2, 2.67%, 3/25/26 | 1,167,939 |
1,000,000 | FHLMC Multifamily Structured Pass-Through Certificates, Series K056, Class A2, 2.53%, 5/25/26 | 938,003 |
1,320,000 | FHLMC Multifamily Structured Pass-Through Certificates, Series K058, Class A2, 2.65%, 8/25/26 | 1,235,767 |
875,000 | FHLMC Multifamily Structured Pass-Through Certificates, Series K061, Class A2, 3.35%, 11/25/26(3) | 831,874 |
Principal Amount | Value | |
COMMERCIAL MORTGAGE-BACKED SECURITIES 1.7% (continued) | ||
$ 1,580,000 | FHLMC Multifamily Structured Pass-Through Certificates, Series K064, Class A2, 3.22%, 3/25/27 | $1,501,048 |
1,750,000 | FHLMC Multifamily Structured Pass-Through Certificates, Series K065, Class A2, 3.24%, 4/25/27 | 1,662,486 |
1,825,000 | FHLMC Multifamily Structured Pass-Through Certificates, Series K067, Class A2, 3.19%, 7/25/27 | 1,722,752 |
700,206 | FHLMC Multifamily Structured Pass-Through Certificates, Series K072, Class A1, 3.25%, 11/25/27 | 672,528 |
750,000 | FHLMC Multifamily Structured Pass-Through Certificates, Series K084, Class A2, 3.78%, 10/25/28(3) | 721,857 |
1,670,860 | FHLMC Multifamily Structured Pass-Through Certificates, Series K089, Class A1, 3.34%, 10/25/28 | 1,595,892 |
231,257 | FREMF Mortgage Trust, Series 2015-K43, Class B, 3.86%, 2/25/48(2)(3) | 221,989 |
112,004 | GNMA, Series 2013-12, Class B, 2.07%, 11/16/52(3) | 104,050 |
1,000,000 | Morgan Stanley Capital I Trust, Series 2021-L7, Class A4, 2.32%, 10/15/54 | 793,738 |
3,882 | Wells Fargo Commercial Mortgage Trust, Series 2015-NXS1, Class A2, 2.63%, 5/15/48 | 3,872 |
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $18,547,504) | 16,366,882 | |
CORPORATE BONDS & NOTES 11.1% | ||
BASIC MATERIALS 0.3% | ||
IRON/STEEL 0.1% | ||
1,250,000 | Steel Dynamics, Inc., Senior Unsecured Notes, 3.25%, 1/15/31 | 1,083,386 |
MINING 0.2% | ||
1,265,000 | Freeport-McMoRan, Inc., Guaranteed Notes, 4.63%, 8/1/30(4) | 1,191,946 |
2,275,332 | ||
COMMUNICATIONS 1.0% | ||
INTERNET 0.3% | ||
1,350,000 | Expedia Group, Inc., Guaranteed Notes, 3.25%, 2/15/30(4) | 1,174,973 |
1,300,000 | Netflix, Inc., Senior Unsecured Notes, 4.88%, 4/15/28(4) | 1,285,660 |
2,460,633 | ||
MEDIA 0.3% | ||
1,200,000 | Charter Communications Operating LLC/Charter Communications Operating Capital, Senior Secured Notes, 4.91%, 7/23/25 | 1,176,776 |
1,325,000 | Comcast Corp., Guaranteed Notes, 4.15%, 10/15/28 | 1,283,763 |
2,460,539 | ||
TELECOMMUNICATIONS 0.4% | ||
1,240,000 | AT&T, Inc., Senior Unsecured Notes, 2.55%, 12/1/33 | 973,990 |
1,175,000 | Motorola Solutions, Inc., Senior Unsecured Notes, 4.60%, 5/23/29 | 1,137,602 |
Principal Amount | Value | |
CORPORATE BONDS & NOTES 11.1% (continued) | ||
COMMUNICATIONS 1.0% (continued) | ||
TELECOMMUNICATIONS 0.4% (continued) | ||
$ 1,275,000 | T-Mobile USA, Inc., Guaranteed Notes, 3.50%, 4/15/31 | $1,125,058 |
1,250,000 | Vodafone Group PLC, Senior Unsecured Notes, 4.25%, 9/17/50 | 1,003,546 |
4,240,196 | ||
9,161,368 | ||
CONSUMER, CYCLICAL 1.4% | ||
AUTO MANUFACTURERS 0.4% | ||
1,300,000 | Cummins, Inc., Senior Unsecured Notes, 1.50%, 9/1/30 | 1,051,798 |
1,325,000 | Ford Motor Credit Co. LLC, Senior Unsecured Notes, 3.38%, 11/13/25 | 1,232,084 |
1,200,000 | General Motors Financial Co., Inc., Senior Unsecured Notes, 5.00%, 4/9/27 | 1,167,744 |
3,451,626 | ||
HOME BUILDERS 0.1% | ||
1,293,000 | PulteGroup, Inc., Guaranteed Notes, 5.00%, 1/15/27 | 1,273,862 |
LODGING 0.3% | ||
1,250,000 | Hyatt Hotels Corp., Senior Unsecured Notes, 1.80%, 10/1/24 | 1,189,735 |
1,250,000 | Marriott International, Inc., 4.90%, 4/15/29 | 1,216,178 |
2,405,913 | ||
RETAIL 0.6% | ||
1,250,000 | AutoZone, Inc., Senior Unsecured Notes, 3.75%, 6/1/27 | 1,189,539 |
1,300,000 | Costco Wholesale Corp., Senior Unsecured Notes, 1.75%, 4/20/32(4) | 1,049,259 |
1,225,000 | Dollar General Corp., Senior Unsecured Notes, 3.50%, 4/3/30 | 1,098,496 |
1,300,000 | McDonald's Corp., Senior Unsecured Notes, 4.60%, 9/9/32(4) | 1,287,641 |
1,250,000 | O'Reilly Automotive, Inc., Senior Unsecured Notes, 3.60%, 9/1/27 | 1,182,816 |
5,807,751 | ||
12,939,152 | ||
CONSUMER, NON-CYCLICAL 2.2% | ||
BEVERAGES 0.5% | ||
1,275,000 | Anheuser-Busch InBev Worldwide, Inc., Guaranteed Notes, 4.90%, 1/23/31(4) | 1,296,397 |
1,175,000 | Constellation Brands, Inc., 2.25%, 8/1/31 | 960,185 |
1,225,000 | Constellation Brands, Inc., Guaranteed Notes, 5.25%, 11/15/48 | 1,172,894 |
1,250,000 | Diageo Capital PLC, Guaranteed Notes, 2.00%, 4/29/30 | 1,053,388 |
4,482,864 | ||
BIOTECHNOLOGY 0.2% | ||
1,210,000 | Amgen, Inc., Senior Unsecured Notes, 2.20%, 2/21/27 | 1,099,324 |
1,225,000 | Regeneron Pharmaceuticals, Inc., Senior Unsecured Notes, 1.75%, 9/15/30 | 976,410 |
2,075,734 |
Principal Amount | Value | |
CORPORATE BONDS & NOTES 11.1% (continued) | ||
CONSUMER, NON-CYCLICAL 2.2% (continued) | ||
HEALTHCARE SERVICES 0.6% | ||
$ 1,225,000 | Centene Corp., Senior Unsecured Notes, 4.63%, 12/15/29 | $1,127,535 |
1,250,000 | Elevance Health, Inc., 4.75%, 2/15/33 | 1,214,069 |
1,250,000 | HCA, Inc., Guaranteed Notes, 5.38%, 2/1/25 | 1,239,041 |
1,175,000 | Laboratory Corp. of America Holdings, Senior Unsecured Notes, 2.95%, 12/1/29 | 1,029,631 |
1,225,000 | UnitedHealth Group, Inc., Senior Unsecured Notes, 4.63%, 11/15/41 | 1,148,094 |
5,758,370 | ||
PHARMACEUTICALS 0.9% | ||
1,310,000 | AbbVie, Inc., Senior Unsecured Notes, 2.95%, 11/21/26 | 1,223,860 |
1,375,000 | AstraZeneca PLC, Senior Unsecured Notes, 1.38%, 8/6/30 | 1,106,324 |
1,250,000 | Becton Dickinson and Co., Senior Unsecured Notes, 3.70%, 6/6/27(4) | 1,188,469 |
1,375,000 | CVS Health Corp., Senior Unsecured Notes, 1.75%, 8/21/30 | 1,097,159 |
1,200,000 | Eli Lilly & Co., 4.70%, 2/27/33(4) | 1,215,730 |
1,315,000 | Merck & Co., Inc., Senior Unsecured Notes, 3.90%, 3/7/39 | 1,178,358 |
1,225,000 | Novartis Capital Corp., Guaranteed Notes, 2.75%, 8/14/50(4) | 891,738 |
1,050,000 | Takeda Pharmaceutical Co. Ltd., Senior Unsecured Notes, 3.03%, 7/9/40 | 794,788 |
8,696,426 | ||
21,013,394 | ||
ENERGY 1.1% | ||
OIL & GAS 0.4% | ||
1,100,000 | Canadian Natural Resources Ltd., Senior Unsecured Notes, 2.05%, 7/15/25 | 1,024,659 |
1,325,000 | Hess Corp., Senior Unsecured Notes, 4.30%, 4/1/27 | 1,270,801 |
1,175,000 | Occidental Petroleum Corp., Senior Unsecured Notes, 5.50%, 12/1/25(4) | 1,160,042 |
3,455,502 | ||
PIPELINES 0.7% | ||
1,275,000 | Boardwalk Pipelines LP, Guaranteed Notes, 4.95%, 12/15/24 | 1,254,201 |
1,250,000 | Enbridge, Inc., Guaranteed Notes, 2.50%, 8/1/33 | 976,191 |
1,125,000 | Energy Transfer LP, 5.25%, 4/15/29 | 1,098,273 |
1,275,000 | Enterprise Products Operating LLC, Guaranteed Notes, 4.85%, 8/15/42 | 1,168,963 |
1,300,000 | Targa Resources Corp., Guaranteed Notes, 5.20%, 7/1/27 | 1,276,317 |
1,200,000 | TransCanada PipeLines Ltd., Senior Unsecured Notes, 4.25%, 5/15/28 | 1,144,752 |
6,918,697 | ||
10,374,199 | ||
FINANCIAL 3.4% | ||
BANKS 1.9% | ||
1,200,000 | Bank of America Corp., (SOFR + 2.16%), 5.02%, 7/22/33(3) | 1,173,893 |
Principal Amount | Value | |
CORPORATE BONDS & NOTES 11.1% (continued) | ||
FINANCIAL 3.4% (continued) | ||
BANKS 1.9% (continued) | ||
$ 1,220,000 | Citigroup, Inc., Senior Unsecured Notes, (SOFR + 1.16%), 3.35%, 4/24/25(3) | $1,192,633 |
1,263,000 | Citigroup, Inc., Subordinated Notes, 5.30%, 5/6/44 | 1,167,761 |
1,200,000 | Goldman Sachs Group, Inc., Senior Unsecured Notes, 3.75%, 2/25/26 | 1,151,787 |
1,325,000 | JPMorgan Chase & Co., Subordinated Notes, 4.13%, 12/15/26 | 1,275,605 |
1,225,000 | JPMorgan Chase & Co., Senior Unsecured Notes, (SOFR + 1.64%), 3.96%, 11/15/48(3) | 1,007,082 |
1,000,000 | KeyCorp, Senior Unsecured Notes, 2.55%, 10/1/29(4) | 754,636 |
1,100,000 | Lloyds Banking Group PLC, Senior Unsecured Notes, 3.90%, 3/12/24 | 1,082,734 |
1,250,000 | Morgan Stanley, (SOFR + 2.56%), 6.34%, 10/18/33(3) | 1,329,754 |
1,175,000 | NatWest Group PLC, (1 yr. CMT + 1.35%), 5.85%, 3/2/27(3) | 1,162,129 |
1,100,000 | Northern Trust Corp., Senior Unsecured Notes, 1.95%, 5/1/30(4) | 904,342 |
1,050,000 | PNC Financial Services Group, Inc. (The), Senior Unsecured Notes, (SOFR + 0.98%), 2.31%, 4/23/32(3)(4) | 852,123 |
1,250,000 | Royal Bank of Canada, 5.00%, 2/1/33 | 1,225,058 |
1,175,000 | Synovus Bank, 5.63%, 2/15/28 | 1,061,598 |
1,175,000 | Toronto-Dominion Bank (The), 4.46%, 6/8/32(4) | 1,115,005 |
1,100,000 | Wells Fargo & Co., Senior Unsecured Notes, (SOFR + 1.32%), 6.37%, 4/25/26(3) | 1,107,533 |
17,563,673 | ||
DIVERSIFIED FINANCIALS 0.6% | ||
1,275,000 | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Guaranteed Notes, 1.75%, 1/30/26 | 1,144,450 |
1,225,000 | Air Lease Corp., Senior Unsecured Notes, 3.63%, 4/1/27 | 1,130,494 |
1,290,000 | Ally Financial, Inc., Senior Unsecured Notes, 4.75%, 6/9/27(4) | 1,197,542 |
1,200,000 | American Express Co., 4.90%, 2/13/26 | 1,187,678 |
1,285,000 | Discover Financial Services, Senior Unsecured Notes, 3.95%, 11/6/24 | 1,238,290 |
5,898,454 | ||
INSURANCE 0.2% | ||
1,325,000 | Aflac, Inc., Senior Unsecured Notes, 3.60%, 4/1/30 | 1,215,563 |
1,125,000 | Prudential Financial, Inc., Junior Subordinated Notes, (3-month LIBOR + 2.67%), 5.70%, 9/15/48(3) | 1,085,951 |
2,301,514 | ||
REITS 0.7% | ||
1,200,000 | American Tower Corp., 5.50%, 3/15/28 | 1,191,652 |
1,375,000 | AvalonBay Communities, Inc., Senior Unsecured Notes, 2.45%, 1/15/31 | 1,156,794 |
Principal Amount | Value | |
CORPORATE BONDS & NOTES 11.1% (continued) | ||
FINANCIAL 3.4% (continued) | ||
REITS 0.7% (continued) | ||
$ 1,200,000 | Equinix, Inc., Senior Unsecured Notes, 2.50%, 5/15/31 | $977,034 |
1,250,000 | Kimco Realty Corp., Senior Unsecured Notes, 2.25%, 12/1/31 | 972,782 |
1,285,000 | Prologis LP, Senior Unsecured Notes, 2.25%, 4/15/30 | 1,089,120 |
1,225,000 | Welltower, Inc., Senior Unsecured Notes, 4.25%, 4/15/28 | 1,152,526 |
6,539,908 | ||
32,303,549 | ||
INDUSTRIAL 0.7% | ||
BUILDING MATERIALS 0.1% | ||
1,250,000 | Vulcan Materials Co., Senior Unsecured Notes, 3.50%, 6/1/30 | 1,129,290 |
ELECTRONICS 0.3% | ||
1,260,000 | Amphenol Corp., Senior Unsecured Notes, 2.20%, 9/15/31 | 1,025,929 |
1,200,000 | Flex Ltd., Senior Unsecured Notes, 4.75%, 6/15/25 | 1,171,583 |
2,197,512 | ||
MACHINERY - DIVERSIFIED 0.1% | ||
1,250,000 | John Deere Capital Corp. MTN, 4.95%, 6/6/25 | 1,247,586 |
TRANSPORTATION 0.2% | ||
1,250,000 | CSX Corp., Senior Unsecured Notes, 3.35%, 9/15/49 | 922,142 |
1,300,000 | Union Pacific Corp., Senior Unsecured Notes, 3.25%, 2/5/50 | 971,088 |
1,893,230 | ||
6,467,618 | ||
TECHNOLOGY 0.9% | ||
COMPUTERS 0.3% | ||
1,225,000 | Apple, Inc., 4.65%, 2/23/46 | 1,208,514 |
1,150,000 | Dell International LLC/EMC Corp., Senior Unsecured Notes, 4.90%, 10/1/26 | 1,141,827 |
2,350,341 | ||
SEMICONDUCTORS 0.3% | ||
1,240,000 | Analog Devices, Inc., Senior Unsecured Notes, 2.80%, 10/1/41 | 920,862 |
1,225,000 | Broadcom, Inc., 4.30%, 11/15/32 | 1,123,668 |
1,250,000 | NVIDIA Corp., 3.50%, 4/1/40 | 1,070,113 |
3,114,643 | ||
SOFTWARE 0.3% | ||
1,250,000 | Adobe, Inc., Senior Unsecured Notes, 2.30%, 2/1/30 | 1,096,513 |
1,275,000 | Oracle Corp., 6.25%, 11/9/32 | 1,353,402 |
2,449,915 | ||
7,914,899 |
Principal Amount | Value | |
CORPORATE BONDS & NOTES 11.1% (continued) | ||
UTILITIES 0.1% | ||
ELECTRIC 0.1% | ||
$ 1,275,000 | Duke Energy Corp., Senior Unsecured Notes, 4.50%, 8/15/32 | $1,202,053 |
TOTAL CORPORATE BONDS & NOTES (Cost $114,723,446) | 103,651,564 | |
LONG-TERM MUNICIPAL SECURITIES 0.5% | ||
CALIFORNIA 0.1% | ||
500,000 | City & County of San Francisco CA, General Obligation Limited, Series C, 2.60%, 6/15/37 | 391,012 |
CONNECTICUT 0.1% | ||
1,375,000 | Hartford County Metropolitan District Clean Water Project Revenue, Series B, 2.17%, 4/1/34 | 1,082,554 |
NEW YORK 0.1% | ||
1,250,000 | New York City Transitional Finance Authority Building Aid Revenue, (ST AID WITHHLDG), 4.80%, 7/15/26 | 1,231,948 |
OREGON 0.1% | ||
1,100,000 | State of Oregon, Series C, GO, 2.38%, 5/1/36 | 841,934 |
WASHINGTON 0.1% | ||
1,250,000 | City of Tacoma, GO, 5.89%, 12/1/30 | 1,322,402 |
TOTAL LONG-TERM MUNICIPAL SECURITIES (Cost $5,574,479) | 4,869,850 | |
RESIDENTIAL MORTGAGE-BACKED SECURITIES 8.2% | ||
40,312 | FHLMC, Series 4151, Class PA, 2.00%, 1/15/33 | 36,892 |
4,464 | FHLMC Gold PC Pool #G08488, 3.50%, 4/1/42 | 4,185 |
1,012,153 | FHLMC Pool #QB2462, 3.00%, 8/1/50 | 896,998 |
1,845,000 | FHLMC Pool #QB2958, 3.00%, 9/1/50 | 1,631,594 |
7,654,995 | FHLMC Pool #QF1236, 4.50%, 10/1/52 | 7,360,907 |
830,700 | FHLMC Pool #RA6817, 2.50%, 2/1/52 | 708,856 |
826,879 | FHLMC Pool #RB5022, 3.00%, 11/1/39 | 754,676 |
706,700 | FHLMC Pool #SD7514, 3.50%, 4/1/50 | 652,944 |
2,078,493 | FHLMC Pool #SD8108, 3.00%, 11/1/50 | 1,839,381 |
864,593 | FHLMC Pool #SD8196, 3.50%, 2/1/52 | 788,574 |
7,011,595 | FHLMC Pool #SD8256, 4.00%, 10/1/52 | 6,580,846 |
7,538,760 | FHLMC Pool #SD8300, 5.50%, 2/1/53 | 7,503,268 |
895,979 | FHLMC Pool #ZS4647, 3.50%, 1/1/46 | 833,267 |
1,421,936 | FNMA Pool #AS0516, 3.00%, 9/1/43 | 1,283,589 |
212,291 | FNMA Pool #AX9528, 3.50%, 2/1/45 | 197,528 |
29,899 | FNMA Pool #AZ6194, 3.50%, 10/1/45 | 27,853 |
1,247,181 | FNMA Pool #BM3634, 3.50%, 5/1/47 | 1,156,232 |
1,087,688 | FNMA Pool #BP5709, 2.50%, 5/1/50 | 928,101 |
2,581,142 | FNMA Pool #BX7762, 5.00%, 3/1/53 | 2,529,069 |
825,815 | FNMA Pool #CA5540, 3.00%, 4/1/50 | 735,820 |
7,843,405 | FNMA Pool #CB5892, 4.50%, 3/1/53 | 7,541,572 |
2,650,527 | FNMA Pool #FM2202, 4.00%, 12/1/48 | 2,527,044 |
1,082,227 | FNMA Pool #FM3254, 3.50%, 5/1/49 | 1,005,234 |
1,055,689 | FNMA Pool #FM4140, 2.50%, 9/1/50 | 904,399 |
1,146,056 | FNMA Pool #FM9509, 3.00%, 11/1/36 | 1,073,878 |
1,532,789 | FNMA Pool #FM9760, 3.50%, 11/1/51 | 1,399,516 |
1,952,075 | FNMA Pool #FM9834, 3.50%, 6/1/49 | 1,798,576 |
Principal Amount | Value | |
RESIDENTIAL MORTGAGE-BACKED SECURITIES 8.2% (continued) | ||
$ 1,871,979 | FNMA Pool #FM9939, 4.00%, 1/1/52 | $1,757,315 |
944,419 | FNMA Pool #MA4055, 2.50%, 6/1/50 | 808,418 |
3,002,016 | FNMA Pool #MA4078, 2.50%, 7/1/50 | 2,564,318 |
1,423,842 | FNMA Pool #MA4222, 3.50%, 12/1/50 | 1,308,862 |
1,541,248 | FNMA Pool #MA4494, 3.00%, 12/1/51 | 1,361,566 |
2,370,373 | FNMA Pool #MA4495, 3.50%, 12/1/51 | 2,162,754 |
7,613,555 | FNMA Pool #MA4979, 5.50%, 4/1/53 | 7,577,708 |
20,527 | FNMA REMIC Trust Series 2013-18, Series 2013-18, Class AE, 2.00%, 3/25/28 | 19,304 |
37,721 | FNMA REMIC Trust Series 2013-41, Series 2013-41, Class WD, 2.00%, 11/25/42 | 33,452 |
8,041,099 | GNMA, Series 2021-98, Class IG, IO, 3.00%, 6/20/51 | 1,185,025 |
1,168,130 | GNMA II Pool #MA3937, 3.50%, 9/20/46 | 1,094,750 |
788,194 | GNMA II Pool #MA7054, 3.50%, 12/20/50 | 733,955 |
3,636,800 | GNMA II Pool #MA7651, 3.50%, 10/20/51 | 3,356,395 |
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES (Cost $83,472,916) | 76,664,621 | |
U.S. TREASURY OBLIGATIONS 8.4% | ||
3,170,000 | U.S. Treasury Bonds, 5.38%, 2/15/31 | 3,470,655 |
2,175,000 | U.S. Treasury Bonds, 4.38%, 2/15/38 | 2,314,676 |
1,500,000 | U.S. Treasury Bonds, 3.50%, 2/15/39 | 1,436,953 |
10,000,000 | U.S. Treasury Bonds, 2.75%, 11/15/42 | 8,225,391 |
5,700,000 | U.S. Treasury Bonds, 2.88%, 5/15/43 | 4,767,738 |
1,000,000 | U.S. Treasury Bonds, 3.88%, 5/15/43 | 975,781 |
4,000,000 | U.S. Treasury Bonds, 3.00%, 2/15/48 | 3,372,656 |
4,500,000 | U.S. Treasury Bonds, 2.25%, 8/15/49 | 3,269,355 |
8,250,000 | U.S. Treasury Bonds, 2.88%, 5/15/52 | 6,836,865 |
835,000 | U.S. Treasury Bonds, 3.63%, 5/15/53 | 802,513 |
3,050,000 | U.S. Treasury Notes, 1.25%, 7/31/23 | 3,040,645 |
550,000 | U.S. Treasury Notes, 2.25%, 3/31/24 | 537,131 |
6,500,000 | U.S. Treasury Notes, 2.38%, 8/15/24 | 6,290,020 |
8,000,000 | U.S. Treasury Notes, 3.00%, 9/30/25 | 7,699,688 |
5,700,000 | U.S. Treasury Notes, 1.63%, 5/15/26 | 5,259,363 |
8,000,000 | U.S. Treasury Notes, 0.63%, 11/30/27 | 6,851,563 |
10,800,000 | U.S. Treasury Notes, 1.50%, 2/15/30 | 9,250,031 |
2,950,000 | U.S. Treasury Notes, 1.13%, 2/15/31 | 2,425,914 |
1,125,000 | U.S. Treasury Notes, 2.75%, 8/15/32 | 1,031,353 |
1,000,000 | U.S. Treasury Notes, 3.38%, 5/15/33 | 964,375 |
TOTAL U.S. TREASURY OBLIGATIONS (Cost $84,774,338) | 78,822,666 |
Shares | Value | |
SHORT-TERM INVESTMENTS 5.9% | ||
MONEY MARKET FUNDS 5.9% | ||
52,389,732 | State Street Institutional U.S. Government Money Market Fund, Premier Class, 5.03%(5) | 52,389,732 |
Shares | Value | |
SHORT-TERM INVESTMENTS 5.9% (continued) | ||
MONEY MARKET FUNDS 5.9% (continued) | ||
3,269,345 | State Street Navigator Securities Lending Government Money Market Portfolio(6) | $3,269,345 |
55,659,077 | ||
TOTAL SHORT-TERM INVESTMENTS (Cost $55,659,077) | 55,659,077 | |
TOTAL INVESTMENTS IN SECURITIES 99.0% (Cost $686,981,663) | $929,452,388 | |
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES 1.0% | 8,984,271 | |
NET ASSETS 100.0% | $938,436,659 |
(1) | Non-income producing. |
(2) | Pursuant to Rule 144A under the Securities Act of 1933, this security can only be sold to qualified institutional investors. |
(3) | Floating or variable rate security. The rate disclosed is the rate in effect as of June 30, 2023. 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. |
(4) | A portion or all of the security was held on loan. As of June 30, 2023, the market value of the securities on loan was $16,592,625. |
(5) | Rate reflects 7 day yield as of June 30, 2023. |
(6) | Securities with an aggregate market value of $16,592,625 were out on loan in exchange for $3,269,345 of cash collateral as of June 30, 2023. The collateral was invested in a cash collateral reinvestment vehicle. |
CMT | Constant Maturity Treasury |
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. |
ST AID WITHHLDG | State Aid Withholding. |
Investments in Securities: | Level 1 | Level 2 | Level 3 | Total |
Assets | ||||
Common Stocks* | $586,675,761 | $— | $— | $586,675,761 |
Collateralized Mortgage Obligations | — | 6,741,967 | — | 6,741,967 |
Commercial Mortgage-Backed Securities | — | 16,366,882 | — | 16,366,882 |
Corporate Bonds & Notes* | — | 103,651,564 | — | 103,651,564 |
Long-Term Municipal Securities* | — | 4,869,850 | — | 4,869,850 |
Residential Mortgage-Backed Securities | — | 76,664,621 | — | 76,664,621 |
U.S. Treasury Obligations | — | 78,822,666 | — | 78,822,666 |
Short-Term Investments | 55,659,077 | — | — | 55,659,077 |
Total Investments in Securities | $642,334,838 | $287,117,550 | $— | $929,452,388 |
* | See Schedule of Investments for further breakdown by category. |
Portfolio Highlights at June 30, 2023 (unaudited)
Ten Largest Holdings* | |||
Issue | Principal Amount/Shares | Value | Percentage of Net Assets |
Meta Platforms, Inc. | 42,000 | $12,053,160 | 2.8 % |
U.S. Treasury Notes, 1.25%, 7/31/23 | 12,000,000 | 11,963,194 | 2.8 % |
Uber Technologies, Inc. | 270,000 | 11,655,900 | 2.8 % |
Alphabet, Inc. | 90,000 | 10,773,000 | 2.5 % |
NVIDIA Corp. | 22,500 | 9,517,950 | 2.3 % |
Amazon.com, Inc. | 71,000 | 9,255,560 | 2.2 % |
Microsoft Corp. | 27,000 | 9,194,580 | 2.2 % |
Apple, Inc. | 43,000 | 8,340,710 | 2.0 % |
Pioneer Natural Resources Co. | 36,500 | 7,562,070 | 1.8 % |
Exact Sciences Corp. | 80,000 | 7,512,000 | 1.8 % |
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. |
Portfolio Highlights at June 30, 2023 (unaudited) (continued)
6 Mos | 1 Yr | 5 Yrs | 10 Yrs | ||
Investor Class | |||||
Value Line Capital Appreciation Fund, Inc. | 21.35 % | 19.62 % | 6.47 % | 8.65 % | |
60/40 S&P 500® Index/Bloomberg US Aggregate Bond Index*** | 10.97 % | 11.37 % | 7.70 % | 8.33 % | |
S&P 500® Index**** | 16.89 % | 19.59 % | 12.31 % | 12.86 % | |
6 Mos | 1 Yr | 5 Yrs | Since Inception 11/2/2015 | ||
Institutional Class | |||||
Value Line Capital Appreciation Fund, Inc. | 21.63 % | 20.05 % | 6.75 % | 8.47 % | |
60/40 S&P 500® Index/Bloomberg US Aggregate Bond Index*** | 10.97 % | 11.37 % | 7.70 % | 7.91 % | |
S&P 500® Index**** | 16.89 % | 19.59 % | 12.31 % | 12.52 % |
Shares | Value | |
COMMON STOCKS 66.3% | ||
COMMUNICATION SERVICES 10.1% | ||
INTERNET 9.5% | ||
90,000 | Alphabet, Inc. Class A(1) | $10,773,000 |
400,000 | Getty Images Holdings, Inc.(1)(2) | 1,952,000 |
97,000 | Match Group, Inc.(1) | 4,059,450 |
42,000 | Meta Platforms, Inc. Class A(1) | 12,053,160 |
13,000 | Netflix, Inc.(1) | 5,726,370 |
37,000 | Roku, Inc.(1) | 2,366,520 |
260,000 | Snap, Inc. Class A(1) | 3,078,400 |
40,008,900 | ||
MEDIA 0.6% | ||
30,000 | Walt Disney Co.(1) | 2,678,400 |
42,687,300 | ||
CONSUMER DISCRETIONARY 11.7% | ||
APPAREL 0.6% | ||
23,000 | NIKE, Inc. Class B | 2,538,510 |
AUTO MANUFACTURERS 2.4% | ||
220,000 | Rivian Automotive, Inc. Class A(1)(2) | 3,665,200 |
25,000 | Tesla, Inc.(1) | 6,544,250 |
10,209,450 | ||
ENTERTAINMENT 1.2% | ||
100,000 | DraftKings, Inc. Class A(1) | 2,657,000 |
8,500 | Vail Resorts, Inc. | 2,139,960 |
4,796,960 | ||
INTERNET 3.9% | ||
40,000 | Alibaba Group Holding Ltd. ADR(1)(2) | 3,334,000 |
71,000 | Amazon.com, Inc.(1) | 9,255,560 |
1,450 | Booking Holdings, Inc.(1) | 3,915,479 |
16,505,039 | ||
LODGING 0.7% | ||
20,000 | Hilton Worldwide Holdings, Inc. | 2,911,000 |
RETAIL 2.9% | ||
9,100 | Home Depot, Inc. | 2,826,824 |
7,800 | Lululemon Athletica, Inc.(1) | 2,952,300 |
33,000 | Starbucks Corp. | 3,268,980 |
6,800 | Ulta Beauty, Inc.(1) | 3,200,046 |
12,248,150 | ||
49,209,109 | ||
CONSUMER STAPLES 1.1% | ||
BEVERAGES 0.6% | ||
10,000 | Constellation Brands, Inc. Class A | 2,461,300 |
COSMETICS/PERSONAL CARE 0.5% | ||
12,000 | Estee Lauder Cos., Inc. Class A | 2,356,560 |
4,817,860 | ||
ENERGY 3.3% | ||
OIL & GAS 3.3% | ||
47,000 | Diamondback Energy, Inc. | 6,173,920 |
36,500 | Pioneer Natural Resources Co. | 7,562,070 |
13,735,990 |
Shares | Value | |
COMMON STOCKS 66.3% (continued) | ||
FINANCIALS 8.3% | ||
BANKS 3.4% | ||
220,000 | Bank of America Corp. | $6,311,800 |
8,500 | Goldman Sachs Group, Inc. | 2,741,590 |
36,000 | JPMorgan Chase & Co. | 5,235,840 |
14,289,230 | ||
COMMERCIAL SERVICES 0.6% | ||
40,000 | PayPal Holdings, Inc.(1) | 2,669,200 |
DIVERSIFIED FINANCIALS 3.7% | ||
28,000 | Blackstone, Inc. | 2,603,160 |
33,000 | Interactive Brokers Group, Inc. Class A | 2,741,310 |
8,200 | MasterCard, Inc. Class A | 3,225,060 |
29,000 | Visa, Inc. Class A | 6,886,920 |
15,456,450 | ||
INTERNET 0.6% | ||
270,000 | Robinhood Markets, Inc. Class A(1) | 2,694,600 |
35,109,480 | ||
HEALTHCARE 9.1% | ||
BIOTECHNOLOGY 4.0% | ||
42,000 | BioMarin Pharmaceutical, Inc.(1) | 3,640,560 |
300,000 | Exelixis, Inc.(1) | 5,733,000 |
54,000 | Guardant Health, Inc.(1) | 1,933,200 |
16,000 | Vertex Pharmaceuticals, Inc.(1) | 5,630,560 |
16,937,320 | ||
HEALTHCARE PRODUCTS 2.4% | ||
80,000 | Exact Sciences Corp.(1) | 7,512,000 |
8,300 | Insulet Corp.(1) | 2,393,222 |
9,905,222 | ||
PHARMACEUTICALS 2.7% | ||
33,000 | DexCom, Inc.(1) | 4,240,830 |
160,000 | Revance Therapeutics, Inc.(1) | 4,049,600 |
18,000 | Zoetis, Inc. | 3,099,780 |
11,390,210 | ||
38,232,752 | ||
INDUSTRIALS 4.6% | ||
AIRLINES 0.8% | ||
76,000 | Delta Air Lines, Inc.(1) | 3,613,040 |
ELECTRICAL EQUIPMENT 0.6% | ||
16,000 | Generac Holdings, Inc.(1) | 2,386,080 |
INTERNET 3.2% | ||
200,000 | Lyft, Inc. Class A(1) | 1,918,000 |
270,000 | Uber Technologies, Inc.(1) | 11,655,900 |
13,573,900 | ||
19,573,020 | ||
INFORMATION TECHNOLOGY 17.5% | ||
COMPUTERS 2.6% | ||
43,000 | Apple, Inc. | 8,340,710 |
19,000 | Crowdstrike Holdings, Inc. Class A(1) | 2,790,530 |
11,131,240 | ||
INTERNET 1.3% | ||
37,000 | Okta, Inc.(1) | 2,565,950 |
Shares | Value | |
COMMON STOCKS 66.3% (continued) | ||
INFORMATION TECHNOLOGY 17.5% (continued) | ||
INTERNET 1.3% (continued) | ||
42,000 | Shopify, Inc. Class A(1) | $2,713,200 |
5,279,150 | ||
SEMICONDUCTORS 6.5% | ||
44,000 | Advanced Micro Devices, Inc.(1) | 5,012,040 |
4,300 | Broadcom, Inc. | 3,729,949 |
35,000 | Micron Technology, Inc. | 2,208,850 |
22,500 | NVIDIA Corp. | 9,517,950 |
17,500 | NXP Semiconductors NV | 3,581,900 |
30,000 | QUALCOMM, Inc. | 3,571,200 |
27,621,889 | ||
SOFTWARE 7.1% | ||
6,000 | Intuit, Inc. | 2,749,140 |
27,000 | Microsoft Corp. | 9,194,580 |
23,000 | Salesforce, Inc.(1) | 4,858,980 |
6,000 | ServiceNow, Inc.(1) | 3,371,820 |
32,000 | Splunk, Inc.(1) | 3,394,880 |
38,000 | Twilio, Inc. Class A(1) | 2,417,560 |
17,600 | Workday, Inc. Class A(1) | 3,975,664 |
29,962,624 | ||
73,994,903 | ||
REAL ESTATE 0.6% | ||
REITS 0.6% | ||
14,000 | American Tower Corp. REIT | 2,715,160 |
TOTAL COMMON STOCKS (Cost $203,904,548) | 280,075,574 |
Principal Amount | Value | |
COLLATERALIZED MORTGAGE OBLIGATIONS 0.4% | ||
$ 661,146 | FHLMC, Series 2023-DNA1, Class M1A, REMIC, (SOFR30A + 2.10%), 7.17%, 3/25/43(3)(4) | 662,417 |
316,161 | FNMA, Series 2023-R02, Class 1M1, (SOFR30A + 2.30%), 7.37%, 1/25/43(3)(4) | 317,345 |
692,606 | FNMA, Series 2023-R04, Class 1M1, (SOFR30A + 2.30%), 7.37%, 5/25/43(3)(4) | 695,873 |
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $1,674,394) | 1,675,635 | |
COMMERCIAL MORTGAGE-BACKED SECURITIES 0.5% | ||
100,000 | COMM Mortgage Trust, Series 2014-UBS2, Class AM, 4.20%, 3/10/47 | 98,084 |
350,000 | FHLMC Multifamily Structured Pass-Through Certificates, Series K052, Class A2, 3.15%, 11/25/25 | 335,502 |
250,000 | FHLMC Multifamily Structured Pass-Through Certificates, Series K055, Class A2, 2.67%, 3/25/26 | 235,472 |
255,000 | FHLMC Multifamily Structured Pass-Through Certificates, Series K064, Class A2, 3.22%, 3/25/27 | 242,258 |
250,000 | FHLMC Multifamily Structured Pass-Through Certificates, Series K074, Class A2, 3.60%, 1/25/28 | 239,449 |
Principal Amount | Value | |
COMMERCIAL MORTGAGE-BACKED SECURITIES 0.5% (continued) | ||
$ 250,000 | FHLMC Multifamily Structured Pass-Through Certificates, Series K084, Class A2, 3.78%, 10/25/28(4) | $240,619 |
531,340 | FHLMC Multifamily Structured Pass-Through Certificates, Series K728, Class A2, 3.06%, 8/25/24(4) | 517,240 |
73,206 | GNMA, Series 2013-12, Class AB, 1.83%, 11/16/52 | 67,641 |
112,005 | GNMA, Series 2013-12, Class B, 2.07%, 11/16/52(4) | 104,050 |
2,587 | Wells Fargo Commercial Mortgage Trust, Series 2015-NXS1, Class A2, 2.63%, 5/15/48 | 2,581 |
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $2,296,635) | 2,082,896 | |
CORPORATE BONDS & NOTES 5.9% | ||
BASIC MATERIALS 0.1% | ||
IRON/STEEL 0.1% | ||
240,000 | Steel Dynamics, Inc., Senior Unsecured Notes, 3.25%, 1/15/31 | 208,010 |
MINING 0.0% | ||
190,000 | Freeport-McMoRan, Inc., Guaranteed Notes, 4.63%, 8/1/30(2) | 179,027 |
387,037 | ||
COMMUNICATIONS 0.6% | ||
INTERNET 0.1% | ||
200,000 | Expedia Group, Inc., Guaranteed Notes, 3.25%, 2/15/30(2) | 174,070 |
250,000 | Netflix, Inc., Senior Unsecured Notes, 4.88%, 4/15/28(2) | 247,242 |
421,312 | ||
MEDIA 0.1% | ||
250,000 | Charter Communications Operating LLC/Charter Communications Operating Capital, Senior Secured Notes, 4.91%, 7/23/25 | 245,162 |
250,000 | Comcast Corp., Guaranteed Notes, 3.95%, 10/15/25 | 243,710 |
488,872 | ||
TELECOMMUNICATIONS 0.4% | ||
350,000 | AT&T, Inc., Senior Unsecured Notes, 2.55%, 12/1/33 | 274,917 |
250,000 | Bell Canada Co. (The), 5.10%, 5/11/33(2) | 246,932 |
275,000 | Cisco Systems, Inc., 2.50%, 9/20/26 | 257,609 |
250,000 | Motorola Solutions, Inc., Senior Unsecured Notes, 4.60%, 5/23/29 | 242,043 |
250,000 | T-Mobile USA, Inc., Guaranteed Notes, 3.50%, 4/15/31 | 220,600 |
250,000 | Vodafone Group PLC, Senior Unsecured Notes, 4.25%, 9/17/50(2) | 200,709 |
1,442,810 | ||
2,352,994 | ||
CONSUMER, CYCLICAL 0.8% | ||
AUTO MANUFACTURERS 0.2% | ||
250,000 | American Honda Finance Corp. MTN, 1.20%, 7/8/25 | 230,052 |
Principal Amount | Value | |
CORPORATE BONDS & NOTES 5.9% (continued) | ||
CONSUMER, CYCLICAL 0.8% (continued) | ||
AUTO MANUFACTURERS 0.2% (continued) | ||
$ 200,000 | Cummins, Inc., Senior Unsecured Notes, 1.50%, 9/1/30 | $161,815 |
195,000 | Ford Motor Credit Co. LLC, Senior Unsecured Notes, 3.38%, 11/13/25 | 181,325 |
250,000 | General Motors Financial Co., Inc., Senior Unsecured Notes, 5.00%, 4/9/27 | 243,280 |
816,472 | ||
HOME BUILDERS 0.1% | ||
242,000 | PulteGroup, Inc., Guaranteed Notes, 5.00%, 1/15/27 | 238,418 |
190,000 | Toll Brothers Finance Corp., Guaranteed Notes, 4.88%, 11/15/25 | 186,400 |
424,818 | ||
LODGING 0.1% | ||
250,000 | Hyatt Hotels Corp., Senior Unsecured Notes, 1.80%, 10/1/24 | 237,947 |
250,000 | Marriott International, Inc., 4.90%, 4/15/29 | 243,236 |
481,183 | ||
RETAIL 0.4% | ||
250,000 | AutoZone, Inc., Senior Unsecured Notes, 3.75%, 6/1/27 | 237,908 |
250,000 | Costco Wholesale Corp., Senior Unsecured Notes, 1.75%, 4/20/32(2) | 201,780 |
225,000 | Dollar General Corp., Senior Unsecured Notes, 3.50%, 4/3/30(2) | 201,765 |
250,000 | Lowe's Cos., Inc., 5.15%, 7/1/33 | 249,909 |
250,000 | McDonald's Corp., Senior Unsecured Notes, 4.60%, 9/9/32(2) | 247,623 |
200,000 | O'Reilly Automotive, Inc., Senior Unsecured Notes, 3.60%, 9/1/27 | 189,251 |
250,000 | Target Corp., 4.50%, 9/15/32(2) | 243,955 |
250,000 | TJX Cos., Inc. (The), 2.25%, 9/15/26 | 230,639 |
1,802,830 | ||
3,525,303 | ||
CONSUMER, NON-CYCLICAL 1.3% | ||
AGRICULTURE 0.0% | ||
250,000 | Archer-Daniels-Midland Co., 3.25%, 3/27/30(2) | 229,042 |
BEVERAGES 0.2% | ||
250,000 | Anheuser-Busch InBev Worldwide, Inc., Guaranteed Notes, 4.90%, 1/23/31(2) | 254,196 |
250,000 | Constellation Brands, Inc., 2.25%, 8/1/31 | 204,295 |
250,000 | Constellation Brands, Inc., Guaranteed Notes, 5.25%, 11/15/48 | 239,366 |
175,000 | Diageo Capital PLC, Guaranteed Notes, 2.00%, 4/29/30(2) | 147,474 |
845,331 | ||
BIOTECHNOLOGY 0.1% | ||
230,000 | Amgen, Inc., Senior Unsecured Notes, 2.20%, 2/21/27(2) | 208,963 |
250,000 | Gilead Sciences, Inc., 4.60%, 9/1/35(2) | 240,710 |
Principal Amount | Value | |
CORPORATE BONDS & NOTES 5.9% (continued) | ||
CONSUMER, NON-CYCLICAL 1.3% (continued) | ||
BIOTECHNOLOGY 0.1% (continued) | ||
$ 250,000 | Regeneron Pharmaceuticals, Inc., Senior Unsecured Notes, 1.75%, 9/15/30 | $199,267 |
648,940 | ||
COMMERCIAL SERVICES 0.1% | ||
250,000 | PayPal Holdings, Inc., Senior Unsecured Notes, 2.65%, 10/1/26(2) | 232,287 |
250,000 | Service Corp. International, Senior Unsecured Notes, 4.00%, 5/15/31 | 214,008 |
446,295 | ||
HEALTHCARE PRODUCTS 0.1% | ||
275,000 | Stryker Corp., 3.38%, 11/1/25 | 263,147 |
HEALTHCARE SERVICES 0.3% | ||
250,000 | Centene Corp., Senior Unsecured Notes, 4.63%, 12/15/29 | 230,109 |
250,000 | Elevance Health, Inc., 4.75%, 2/15/33 | 242,814 |
250,000 | HCA, Inc., Guaranteed Notes, 5.38%, 2/1/25 | 247,808 |
250,000 | Laboratory Corp. of America Holdings, Senior Unsecured Notes, 2.95%, 12/1/29 | 219,070 |
250,000 | UnitedHealth Group, Inc., Senior Unsecured Notes, 4.63%, 11/15/41 | 234,305 |
1,174,106 | ||
PHARMACEUTICALS 0.5% | ||
240,000 | AbbVie, Inc., Senior Unsecured Notes, 2.95%, 11/21/26 | 224,219 |
250,000 | AstraZeneca PLC, Senior Unsecured Notes, 1.38%, 8/6/30 | 201,150 |
250,000 | Becton Dickinson and Co., Senior Unsecured Notes, 3.70%, 6/6/27(2) | 237,694 |
250,000 | CVS Health Corp., Senior Unsecured Notes, 1.75%, 8/21/30 | 199,483 |
250,000 | Eli Lilly & Co., 4.70%, 2/27/33(2) | 253,277 |
225,000 | Merck & Co., Inc., Senior Unsecured Notes, 3.90%, 3/7/39 | 201,620 |
350,000 | Novartis Capital Corp., Guaranteed Notes, 2.75%, 8/14/50(2) | 254,782 |
250,000 | Pfizer Investment Enterprises Pte. Ltd., 4.65%, 5/19/30 | 247,016 |
190,000 | Takeda Pharmaceutical Co. Ltd., Senior Unsecured Notes, 3.03%, 7/9/40 | 143,819 |
1,963,060 | ||
5,569,921 | ||
ENERGY 0.6% | ||
OIL & GAS 0.3% | ||
175,000 | Canadian Natural Resources Ltd., Senior Unsecured Notes, 2.05%, 7/15/25 | 163,014 |
185,000 | EOG Resources, Inc., Senior Unsecured Notes, 4.38%, 4/15/30(2) | 180,898 |
250,000 | Hess Corp., Senior Unsecured Notes, 4.30%, 4/1/27(2) | 239,774 |
250,000 | Occidental Petroleum Corp., Senior Unsecured Notes, 5.50%, 12/1/25(2) | 246,818 |
345,000 | Shell International Finance BV, 2.75%, 4/6/30 | 308,054 |
1,138,558 |
Principal Amount | Value | |
CORPORATE BONDS & NOTES 5.9% (continued) | ||
ENERGY 0.6% (continued) | ||
PIPELINES 0.3% | ||
$ 225,000 | Boardwalk Pipelines LP, Guaranteed Notes, 4.95%, 12/15/24 | $221,330 |
250,000 | Enbridge, Inc., Guaranteed Notes, 2.50%, 8/1/33 | 195,238 |
225,000 | Energy Transfer LP, 5.25%, 4/15/29 | 219,654 |
250,000 | Enterprise Products Operating LLC, Guaranteed Notes, 4.85%, 8/15/42 | 229,209 |
200,000 | Targa Resources Corp., Guaranteed Notes, 5.20%, 7/1/27 | 196,356 |
250,000 | TransCanada PipeLines Ltd., Senior Unsecured Notes, 4.25%, 5/15/28 | 238,490 |
1,300,277 | ||
2,438,835 | ||
FINANCIAL 1.8% | ||
BANKS 0.9% | ||
250,000 | Bank of America Corp., (SOFR + 2.16%), 5.02%, 7/22/33(2)(4) | 244,561 |
200,000 | Bank of New York Mellon Corp., (SOFR + 1.51%), 4.71%, 2/1/34(4) | 192,088 |
250,000 | Citigroup, Inc., Senior Unsecured Notes, (SOFR + 1.16%), 3.35%, 4/24/25(4) | 244,392 |
250,000 | Citigroup, Inc., Subordinated Notes, 5.30%, 5/6/44 | 231,148 |
250,000 | Goldman Sachs Group, Inc., Senior Unsecured Notes, 3.75%, 2/25/26 | 239,956 |
275,000 | JPMorgan Chase & Co., Subordinated Notes, 4.13%, 12/15/26(2) | 264,748 |
250,000 | JPMorgan Chase & Co., Senior Unsecured Notes, (SOFR + 1.64%), 3.96%, 11/15/48(4) | 205,527 |
150,000 | KeyCorp, Senior Unsecured Notes, 2.55%, 10/1/29(2) | 113,195 |
225,000 | Lloyds Banking Group PLC, Senior Unsecured Notes, 3.90%, 3/12/24 | 221,468 |
200,000 | Morgan Stanley, (SOFR + 2.56%), 6.34%, 10/18/33(4) | 212,761 |
250,000 | National Australia Bank Ltd., 5.20%, 5/13/25(2) | 249,461 |
175,000 | NatWest Group PLC, (1 yr. CMT + 1.35%), 5.85%, 3/2/27(4) | 173,083 |
200,000 | Northern Trust Corp., Senior Unsecured Notes, 1.95%, 5/1/30(2) | 164,426 |
200,000 | PNC Financial Services Group, Inc. (The), Senior Unsecured Notes, (SOFR + 0.98%), 2.31%, 4/23/32(2)(4) | 162,309 |
265,000 | Royal Bank of Canada, 5.00%, 2/1/33 | 259,712 |
175,000 | Synovus Bank, 5.63%, 2/15/28 | 158,110 |
275,000 | Toronto-Dominion Bank (The), 4.46%, 6/8/32(2) | 260,959 |
200,000 | Wells Fargo & Co., Senior Unsecured Notes, (SOFR + 1.32%), 6.37%, 4/25/26(4) | 201,370 |
3,799,274 |
Principal Amount | Value | |
CORPORATE BONDS & NOTES 5.9% (continued) | ||
FINANCIAL 1.8% (continued) | ||
DIVERSIFIED FINANCIALS 0.4% | ||
$ 175,000 | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Guaranteed Notes, 1.75%, 1/30/26 | $157,081 |
200,000 | Air Lease Corp., Senior Unsecured Notes, 3.63%, 4/1/27 | 184,571 |
200,000 | Ally Financial, Inc., Senior Unsecured Notes, 4.75%, 6/9/27(2) | 185,665 |
270,000 | American Express Co., 4.90%, 2/13/26 | 267,228 |
250,000 | BlackRock, Inc., 4.75%, 5/25/33 | 245,654 |
250,000 | Discover Financial Services, Senior Unsecured Notes, 3.95%, 11/6/24 | 240,913 |
250,000 | Visa, Inc., Senior Unsecured Notes, 2.05%, 4/15/30 | 214,109 |
1,495,221 | ||
INSURANCE 0.1% | ||
225,000 | Aflac, Inc., Senior Unsecured Notes, 3.60%, 4/1/30 | 206,416 |
250,000 | CNA Financial Corp., 3.45%, 8/15/27 | 231,662 |
200,000 | Prudential Financial, Inc., Junior Subordinated Notes, (3-month LIBOR + 2.67%), 5.70%, 9/15/48(4) | 193,058 |
631,136 | ||
REITS 0.4% | ||
250,000 | American Tower Corp., 5.50%, 3/15/28 | 248,261 |
200,000 | AvalonBay Communities, Inc., Senior Unsecured Notes, 2.45%, 1/15/31(2) | 168,261 |
200,000 | Equinix, Inc., Senior Unsecured Notes, 2.50%, 5/15/31(2) | 162,839 |
200,000 | Kimco Realty Corp., Senior Unsecured Notes, 2.25%, 12/1/31 | 155,645 |
200,000 | Life Storage LP, Guaranteed Notes, 2.20%, 10/15/30 | 160,013 |
200,000 | Prologis LP, Senior Unsecured Notes, 2.25%, 4/15/30 | 169,513 |
200,000 | Welltower, Inc., Senior Unsecured Notes, 4.25%, 4/15/28(2) | 188,167 |
250,000 | Weyerhaeuser Co., 4.75%, 5/15/26 | 245,565 |
1,498,264 | ||
7,423,895 | ||
INDUSTRIAL 0.3% | ||
BUILDING MATERIALS 0.0% | ||
250,000 | Vulcan Materials Co., Senior Unsecured Notes, 3.50%, 6/1/30 | 225,858 |
ELECTRONICS 0.1% | ||
180,000 | Amphenol Corp., Senior Unsecured Notes, 2.20%, 9/15/31 | 146,561 |
200,000 | Flex Ltd., Senior Unsecured Notes, 4.75%, 6/15/25 | 195,264 |
341,825 | ||
MACHINERY - DIVERSIFIED 0.1% | ||
250,000 | John Deere Capital Corp. MTN, 4.95%, 6/6/25 | 249,517 |
MISCELLANEOUS MANUFACTURERS 0.0% | ||
250,000 | Teledyne Technologies, Inc., 2.25%, 4/1/28 | 218,151 |
Principal Amount | Value | |
CORPORATE BONDS & NOTES 5.9% (continued) | ||
INDUSTRIAL 0.3% (continued) | ||
TRANSPORTATION 0.1% | ||
$ 250,000 | CSX Corp., Senior Unsecured Notes, 3.35%, 9/15/49 | $184,429 |
200,000 | Union Pacific Corp., Senior Unsecured Notes, 3.25%, 2/5/50 | 149,398 |
333,827 | ||
1,369,178 | ||
TECHNOLOGY 0.4% | ||
COMPUTERS 0.1% | ||
275,000 | Apple, Inc., 4.65%, 2/23/46 | 271,299 |
220,000 | Dell International LLC/EMC Corp., Senior Unsecured Notes, 4.90%, 10/1/26(2) | 218,437 |
489,736 | ||
SEMICONDUCTORS 0.2% | ||
250,000 | Analog Devices, Inc., Senior Unsecured Notes, 2.80%, 10/1/41 | 185,657 |
250,000 | Broadcom, Inc., 4.30%, 11/15/32 | 229,320 |
250,000 | NVIDIA Corp., 3.50%, 4/1/40 | 214,023 |
629,000 | ||
SOFTWARE 0.1% | ||
225,000 | Adobe, Inc., Senior Unsecured Notes, 2.30%, 2/1/30 | 197,372 |
250,000 | Oracle Corp., 6.25%, 11/9/32 | 265,373 |
462,745 | ||
1,581,481 | ||
UTILITIES 0.0% | ||
ELECTRIC 0.0% | ||
175,000 | Duke Energy Corp., Senior Unsecured Notes, 4.50%, 8/15/32 | 164,988 |
TOTAL CORPORATE BONDS & NOTES (Cost $26,554,693) | 24,813,632 | |
LONG-TERM MUNICIPAL SECURITIES 0.4% | ||
MASSACHUSETTS 0.1% | ||
350,000 | Commonwealth of Massachusetts, Series A, 3.77%, 7/15/29 | 333,014 |
NEW MEXICO 0.0% | ||
335,000 | City of Albuquerque, Series A, 2.49%, 7/1/35 | 259,905 |
TEXAS 0.1% | ||
175,000 | City of Houston TX Combined Utility System Revenue, Refunding Revenue Bonds, Series D, 1.97%, 11/15/34 | 131,632 |
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 | 224,854 |
356,486 | ||
UTAH 0.0% | ||
225,000 | Intermountain Power Agency, Series B, 4.46%, 7/1/34 | 218,096 |
VIRGINIA 0.1% | ||
340,000 | Virginia Resources Authority, Series C, 2.45%, 11/1/27 | 311,361 |
Principal Amount | Value | |
LONG-TERM MUNICIPAL SECURITIES 0.4% (continued) | ||
WASHINGTON 0.1% | ||
$ 250,000 | City of Tacoma, GO, 5.89%, 12/1/30 | $264,481 |
TOTAL LONG-TERM MUNICIPAL SECURITIES (Cost $1,825,871) | 1,743,343 | |
RESIDENTIAL MORTGAGE-BACKED SECURITIES 6.4% | ||
67,186 | FHLMC, Series 4151, Class PA, 2.00%, 1/15/33 | 61,487 |
6,622 | FHLMC Gold PC Pool #A47613, 5.00%, 11/1/35 | 6,659 |
83,191 | FHLMC Gold Pool #C09027, 3.00%, 2/1/43 | 75,186 |
816,089 | FHLMC Pool #QD2419, 3.00%, 12/1/51 | 725,520 |
1,901,862 | FHLMC Pool #QF1236, 4.50%, 10/1/52 | 1,828,797 |
184,600 | FHLMC Pool #RA6817, 2.50%, 2/1/52 | 157,524 |
612,951 | FHLMC Pool #SB8215, 4.00%, 3/1/38 | 591,592 |
426,529 | FHLMC Pool #SD8093, 3.50%, 9/1/50 | 391,621 |
1,074,362 | FHLMC Pool #SD8108, 3.00%, 11/1/50 | 950,766 |
2,015,810 | FHLMC Pool #SD8255, 3.50%, 10/1/52 | 1,837,298 |
2,462,750 | FHLMC Pool #SD8256, 4.00%, 10/1/52 | 2,311,454 |
2,311,984 | FHLMC Pool #SD8266, MBS, 4.50%, 11/1/52 | 2,223,047 |
1,788,039 | FHLMC Pool #SD8300, 5.50%, 2/1/53 | 1,779,621 |
326 | FNMA Pool #AH3226, 5.00%, 2/1/41 | 328 |
104,813 | FNMA Pool #AL0657, 5.00%, 8/1/41 | 105,565 |
87,933 | FNMA Pool #AQ1853, 3.00%, 11/1/42 | 79,382 |
111,841 | FNMA Pool #AU5409, 3.00%, 8/1/43 | 100,966 |
550,543 | FNMA Pool #CA5540, 3.00%, 4/1/50 | 490,547 |
974,336 | FNMA Pool #CB5892, 4.50%, 3/1/53 | 936,841 |
154,571 | FNMA Pool #FM2202, 4.00%, 12/1/48 | 147,370 |
351,897 | FNMA Pool #FM4140, 2.50%, 9/1/50 | 301,466 |
117,907 | FNMA Pool #FM9760, 3.50%, 11/1/51 | 107,655 |
142,103 | FNMA Pool #FM9834, 3.50%, 6/1/49 | 130,929 |
1,496,271 | FNMA Pool #FS3526, 4.00%, 12/1/52 | 1,404,505 |
184,397 | FNMA Pool #MA4222, 3.50%, 12/1/50 | 169,506 |
2,273,623 | FNMA Pool #MA4512, 2.50%, 1/1/52 | 1,927,989 |
1,968,086 | FNMA Pool #MA4978, 5.00%, 4/1/53 | 1,928,300 |
4,099,606 | FNMA Pool #MA4979, 5.50%, 4/1/53 | 4,080,305 |
34,211 | FNMA REMIC Trust Series 2013-18, Series 2013-18, Class AE, 2.00%, 3/25/28 | 32,173 |
1,340,183 | GNMA, Series 2021-98, Class IG, IO, 3.00%, 6/20/51 | 197,504 |
51,338 | GNMA II Pool #MA1521, 3.50%, 12/20/43 | 48,341 |
89,532 | GNMA II Pool #MA1839, 4.00%, 4/20/44 | 86,932 |
98,731 | GNMA II Pool #MA4836, 3.00%, 11/20/47 | 89,381 |
238,847 | GNMA II Pool #MA7054, 3.50%, 12/20/50 | 222,411 |
1,860,688 | GNMA II Pool #MA7651, 3.50%, 10/20/51 | 1,717,225 |
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES (Cost $28,652,224) | 27,246,193 | |
U.S. TREASURY OBLIGATIONS 10.8% | ||
3,500,000 | U.S. Treasury Bonds, 3.50%, 2/15/39 | 3,352,891 |
1,750,000 | U.S. Treasury Bonds, 1.13%, 5/15/40 | 1,134,424 |
1,450,000 | U.S. Treasury Bonds, 2.75%, 8/15/42 | 1,194,777 |
2,950,000 | U.S. Treasury Bonds, 2.88%, 5/15/43 | 2,467,514 |
1,500,000 | U.S. Treasury Bonds, 3.88%, 5/15/43 | 1,463,672 |
2,250,000 | U.S. Treasury Bonds, 3.00%, 2/15/48 | 1,897,119 |
Principal Amount | Value | |
U.S. TREASURY OBLIGATIONS 10.8% (continued) | ||
$ 1,438,000 | U.S. Treasury Bonds, 2.25%, 8/15/49 | $1,044,741 |
2,900,000 | U.S. Treasury Bonds, 2.88%, 5/15/52 | 2,403,262 |
12,000,000 | U.S. Treasury Notes, 1.25%, 7/31/23 | 11,963,194 |
650,000 | U.S. Treasury Notes, 2.25%, 3/31/24 | 634,791 |
2,250,000 | U.S. Treasury Notes, 3.00%, 9/30/25 | 2,165,537 |
1,000,000 | U.S. Treasury Notes, 0.63%, 3/31/27 | 873,047 |
912,000 | U.S. Treasury Notes, 2.25%, 8/15/27 | 843,066 |
1,000,000 | U.S. Treasury Notes, 1.25%, 3/31/28 | 875,234 |
4,000,000 | U.S. Treasury Notes, 1.63%, 8/15/29 | 3,487,969 |
750,000 | U.S. Treasury Notes, 3.50%, 1/31/30 | 727,764 |
1,000,000 | U.S. Treasury Notes, 1.50%, 2/15/30 | 856,484 |
2,000,000 | U.S. Treasury Notes, 1.13%, 2/15/31 | 1,644,687 |
4,500,000 | U.S. Treasury Notes, 2.75%, 8/15/32 | 4,125,410 |
2,500,000 | U.S. Treasury Notes, 3.38%, 5/15/33 | 2,410,937 |
TOTAL U.S. TREASURY OBLIGATIONS (Cost $47,611,761) | 45,566,520 |
Shares | Value | |
SHORT-TERM INVESTMENTS 10.3% | ||
MONEY MARKET FUNDS 10.3% | ||
41,678,127 | State Street Institutional U.S. Government Money Market Fund, Premier Class, 5.03%(5) | 41,678,127 |
1,816,093 | State Street Navigator Securities Lending Government Money Market Portfolio(6) | 1,816,093 |
43,494,220 | ||
TOTAL SHORT-TERM INVESTMENTS (Cost $43,494,220) | 43,494,220 | |
TOTAL INVESTMENTS IN SECURITIES 101.0% (Cost $356,014,346) | $426,698,013 | |
EXCESS OF LIABILITIES OVER CASH AND OTHER ASSETS (1.0)% | (4,368,849 ) | |
NET ASSETS 100.0% | $422,329,164 |
(1) | Non-income producing. |
(2) | A portion or all of the security was held on loan. As of June 30, 2023, the market value of the securities on loan was $13,294,382. |
(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, 2023. 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, 2023. |
(6) | Securities with an aggregate market value of $13,294,382 were out on loan in exchange for $1,816,093 of cash collateral as of June 30, 2023. The collateral was invested in a cash collateral reinvestment vehicle. |
ADR | American Depositary Receipt. |
CMT | Constant Maturity Treasury |
FHLMC | Federal Home Loan Mortgage Corp. |
FNMA | Federal National Mortgage Association. |
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* | $280,075,574 | $— | $— | $280,075,574 |
Collateralized Mortgage Obligations | — | 1,675,635 | — | 1,675,635 |
Commercial Mortgage-Backed Securities | — | 2,082,896 | — | 2,082,896 |
Corporate Bonds & Notes* | — | 24,813,632 | — | 24,813,632 |
Long-Term Municipal Securities* | — | 1,743,343 | — | 1,743,343 |
Residential Mortgage-Backed Securities | — | 27,246,193 | — | 27,246,193 |
U.S. Treasury Obligations | — | 45,566,520 | — | 45,566,520 |
Short-Term Investments | 43,494,220 | — | — | 43,494,220 |
Total Investments in Securities | $323,569,794 | $103,128,219 | $— | $426,698,013 |
* | See Schedule of Investments for further breakdown by category. |
Portfolio Highlights at June 30, 2023 (unaudited)
Ten Largest Holdings* | |||
Issue | Principal Amount | Value | Percentage of Net Assets |
U.S. Treasury Bonds, 2.25%, 8/15/49 | 1,930,000 | $1,402,190 | 3.6 % |
U.S. Treasury Notes, 2.25%, 11/15/24 | 1,135,000 | 1,089,955 | 2.8 % |
FNMA Pool #BX7762, 5.00%, 3/1/53 | 1,066,340 | 1,044,828 | 2.7 % |
FNMA Pool #MA4979, 5.50%, 4/1/53 | 1,024,902 | 1,020,076 | 2.6 % |
FNMA Pool #FM9834, 3.50%, 6/1/49 | 1,101,300 | 1,014,701 | 2.6 % |
FHLMC Pool #SD8300, 5.50%, 2/1/53 | 1,014,833 | 1,010,055 | 2.6 % |
FHLMC Pool #SD8256, 4.00%, 10/1/52 | 1,028,560 | 965,372 | 2.5 % |
FNMA Pool #CB5892, 4.50%, 3/1/53 | 813,571 | 782,262 | 2.0 % |
FHLMC Pool #QF1236, 4.50%, 10/1/52 | 794,027 | 763,523 | 1.9 % |
U.S. Treasury Notes, 3.38%, 5/15/33 | 700,000 | 675,063 | 1.7 % |
Asset Allocation — Percentage of Net Assets |
Sector Weightings — Percentage of Total Investments In Securities* |
* | Excludes short-term investments, if any. |
Portfolio Highlights at June 30, 2023 (unaudited) (continued)
Percentage of Total Investments In Securities* | |
Less than 4% | 59.3 % |
4 - 4.99% | 22.4 % |
5 - 5.99% | 14.5 % |
6 - 6.99% | 1.3 % |
Greater or equal to 7% | 2.5 % |
Total | 100.0 % |
* | Excludes short-term investments, if any. |
6 Mos | 1 Yr | 5 Yrs | 10 Yrs | |
Value Line Core Bond Fund | 1.73 % | (1.26 %) | 0.15 % | 0.84 % |
Bloomberg US Aggregate Bond Index*** | 2.09 % | (0.94 %) | 0.77 % | 1.52 % |
Principal Amount | Value | |
COLLATERALIZED MORTGAGE OBLIGATIONS 2.4% | ||
$ 311,715 | FHLMC, Series 2023-DNA1, Class M1A, REMIC, (SOFR30A + 2.10%), 7.17%, 3/25/43(1)(2) | $312,313 |
313,451 | FNMA, Series 2023-R02, Class 1M1, (SOFR30A + 2.30%), 7.37%, 1/25/43(1)(2) | 314,625 |
326,547 | FNMA, Series 2023-R04, Class 1M1, (SOFR30A + 2.30%), 7.37%, 5/25/43(1)(2) | 328,088 |
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $954,750) | 955,026 | |
COMMERCIAL MORTGAGE-BACKED SECURITIES 5.2% | ||
150,000 | COMM Mortgage Trust, Series 2014-UBS2, Class AM, 4.20%, 3/10/47 | 147,126 |
180,000 | FHLMC Multifamily Structured Pass-Through Certificates, Series K058, Class A2, 2.65%, 8/25/26 | 168,514 |
250,000 | FHLMC Multifamily Structured Pass-Through Certificates, Series K061, Class A2, 3.35%, 11/25/26(2) | 237,678 |
200,000 | FHLMC Multifamily Structured Pass-Through Certificates, Series K063, Class A2, 3.43%, 1/25/27(2) | 191,112 |
300,000 | FHLMC Multifamily Structured Pass-Through Certificates, Series K069, Class A2, 3.19%, 9/25/27(2) | 282,957 |
200,000 | FHLMC Multifamily Structured Pass-Through Certificates, Series K092, Class A2, 3.30%, 4/25/29 | 187,383 |
450,000 | FHLMC Multifamily Structured Pass-Through Certificates, Series K103, Class A2, 2.65%, 11/25/29 | 402,634 |
175,000 | FREMF Mortgage Trust, Series 2015-K43, Class B, 3.86%, 2/25/48(1)(2) | 167,987 |
137,666 | GNMA, Series 2012-125, Class AB, 2.11%, 2/16/53(2) | 114,043 |
102,488 | GNMA, Series 2013-12, Class AB, 1.83%, 11/16/52 | 94,698 |
34,549 | Sequoia Mortgage Trust, Series 2004-8, Class A1, (1-month LIBOR + 0.70%), 5.86%, 9/20/34(2) | 30,415 |
33,871 | Wells Fargo Commercial Mortgage Trust, Series 2015-NXS2, Class ASB, 3.46%, 7/15/58 | 32,913 |
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $2,392,300) | 2,057,460 | |
CORPORATE BONDS & NOTES 35.0% | ||
BASIC MATERIALS 0.7% | ||
IRON/STEEL 0.4% | ||
165,000 | Steel Dynamics, Inc., Senior Unsecured Notes, 3.25%, 1/15/31 | 143,007 |
MINING 0.3% | ||
145,000 | Freeport-McMoRan, Inc., Guaranteed Notes, 4.63%, 8/1/30(3) | 136,626 |
279,633 | ||
COMMUNICATIONS 3.6% | ||
INTERNET 0.7% | ||
150,000 | Expedia Group, Inc., Guaranteed Notes, 3.25%, 2/15/30(3) | 130,553 |
Principal Amount | Value | |
CORPORATE BONDS & NOTES 35.0% (continued) | ||
COMMUNICATIONS 3.6% (continued) | ||
INTERNET 0.7% (continued) | ||
$ 150,000 | Netflix, Inc., Senior Unsecured Notes, 4.88%, 4/15/28(3) | $148,345 |
278,898 | ||
MEDIA 0.8% | ||
150,000 | Charter Communications Operating LLC/Charter Communications Operating Capital, Senior Secured Notes, 4.91%, 7/23/25 | 147,097 |
175,000 | Comcast Corp., Guaranteed Notes, 4.15%, 10/15/28 | 169,553 |
316,650 | ||
TELECOMMUNICATIONS 2.1% | ||
150,000 | AT&T, Inc., Senior Unsecured Notes, 2.55%, 12/1/33 | 117,821 |
150,000 | Bell Canada Co. (The), 5.10%, 5/11/33 | 148,159 |
150,000 | Cisco Systems, Inc., 2.50%, 9/20/26 | 140,514 |
150,000 | Motorola Solutions, Inc., Senior Unsecured Notes, 4.60%, 5/23/29 | 145,226 |
150,000 | T-Mobile USA, Inc., Guaranteed Notes, 3.50%, 4/15/31 | 132,360 |
175,000 | Vodafone Group PLC, Senior Unsecured Notes, 4.25%, 9/17/50(3) | 140,497 |
824,577 | ||
1,420,125 | ||
CONSUMER, CYCLICAL 4.7% | ||
AUTO MANUFACTURERS 1.1% | ||
175,000 | Cummins, Inc., Senior Unsecured Notes, 1.50%, 9/1/30 | 141,588 |
170,000 | Ford Motor Credit Co. LLC, Senior Unsecured Notes, 3.38%, 11/13/25 | 158,079 |
150,000 | General Motors Financial Co., Inc., Senior Unsecured Notes, 5.00%, 4/9/27 | 145,968 |
445,635 | ||
HOME BUILDERS 0.8% | ||
152,000 | PulteGroup, Inc., Guaranteed Notes, 5.00%, 1/15/27 | 149,750 |
150,000 | Toll Brothers Finance Corp., Guaranteed Notes, 4.88%, 11/15/25 | 147,158 |
296,908 | ||
LODGING 0.7% | ||
150,000 | Hyatt Hotels Corp., Senior Unsecured Notes, 1.80%, 10/1/24 | 142,768 |
150,000 | Marriott International, Inc., 4.90%, 4/15/29 | 145,942 |
288,710 | ||
RETAIL 2.1% | ||
150,000 | AutoZone, Inc., Senior Unsecured Notes, 3.75%, 6/1/27 | 142,744 |
175,000 | Costco Wholesale Corp., Senior Unsecured Notes, 1.75%, 4/20/32(3) | 141,246 |
150,000 | Dollar General Corp., Senior Unsecured Notes, 3.50%, 4/3/30 | 134,510 |
125,000 | Lowe's Cos., Inc., 5.15%, 7/1/33 | 124,955 |
150,000 | McDonald's Corp., Senior Unsecured Notes, 4.60%, 9/9/32(3) | 148,574 |
Principal Amount | Value | |
CORPORATE BONDS & NOTES 35.0% (continued) | ||
CONSUMER, CYCLICAL 4.7% (continued) | ||
RETAIL 2.1% (continued) | ||
$ 150,000 | O'Reilly Automotive, Inc., Senior Unsecured Notes, 3.60%, 9/1/27 | $141,938 |
833,967 | ||
1,865,220 | ||
CONSUMER, NON-CYCLICAL 7.5% | ||
BEVERAGES 1.3% | ||
150,000 | Anheuser-Busch InBev Worldwide, Inc., Guaranteed Notes, 4.90%, 1/23/31(3) | 152,517 |
150,000 | Constellation Brands, Inc., 2.25%, 8/1/31 | 122,577 |
150,000 | Constellation Brands, Inc., Guaranteed Notes, 5.25%, 11/15/48 | 143,619 |
125,000 | Diageo Capital PLC, Guaranteed Notes, 2.00%, 4/29/30(3) | 105,339 |
524,052 | ||
BIOTECHNOLOGY 0.7% | ||
160,000 | Amgen, Inc., Senior Unsecured Notes, 2.20%, 2/21/27(3) | 145,365 |
150,000 | Regeneron Pharmaceuticals, Inc., Senior Unsecured Notes, 1.75%, 9/15/30 | 119,561 |
264,926 | ||
COMMERCIAL SERVICES 0.7% | ||
150,000 | PayPal Holdings, Inc., Senior Unsecured Notes, 2.65%, 10/1/26(3) | 139,372 |
155,000 | Service Corp. International, Senior Unsecured Notes, 4.00%, 5/15/31 | 132,685 |
272,057 | ||
HEALTHCARE PRODUCTS 0.3% | ||
150,000 | Stryker Corp., 3.38%, 11/1/25 | 143,535 |
HEALTHCARE SERVICES 1.8% | ||
150,000 | Centene Corp., Senior Unsecured Notes, 4.63%, 12/15/29 | 138,066 |
150,000 | Elevance Health, Inc., 4.75%, 2/15/33 | 145,688 |
150,000 | HCA, Inc., Guaranteed Notes, 5.38%, 2/1/25 | 148,685 |
150,000 | Laboratory Corp. of America Holdings, Senior Unsecured Notes, 2.95%, 12/1/29 | 131,442 |
150,000 | UnitedHealth Group, Inc., Senior Unsecured Notes, 4.63%, 11/15/41 | 140,583 |
704,464 | ||
PHARMACEUTICALS 2.7% | ||
150,000 | AbbVie, Inc., Senior Unsecured Notes, 2.95%, 11/21/26 | 140,136 |
150,000 | AstraZeneca PLC, Senior Unsecured Notes, 1.38%, 8/6/30 | 120,690 |
150,000 | Becton Dickinson and Co., Senior Unsecured Notes, 3.70%, 6/6/27(3) | 142,616 |
150,000 | CVS Health Corp., Senior Unsecured Notes, 1.75%, 8/21/30 | 119,690 |
150,000 | Eli Lilly & Co., 4.70%, 2/27/33(3) | 151,966 |
175,000 | Merck & Co., Inc., Senior Unsecured Notes, 3.90%, 3/7/39 | 156,816 |
160,000 | Novartis Capital Corp., Guaranteed Notes, 2.75%, 8/14/50(3) | 116,472 |
Principal Amount | Value | |
CORPORATE BONDS & NOTES 35.0% (continued) | ||
CONSUMER, NON-CYCLICAL 7.5% (continued) | ||
PHARMACEUTICALS 2.7% (continued) | ||
$ 140,000 | Takeda Pharmaceutical Co. Ltd., Senior Unsecured Notes, 3.03%, 7/9/40 | $105,972 |
1,054,358 | ||
2,963,392 | ||
ENERGY 3.2% | ||
OIL & GAS 1.1% | ||
150,000 | Canadian Natural Resources Ltd., Senior Unsecured Notes, 2.05%, 7/15/25 | 139,726 |
150,000 | Hess Corp., Senior Unsecured Notes, 4.30%, 4/1/27 | 143,864 |
150,000 | Occidental Petroleum Corp., Senior Unsecured Notes, 5.50%, 12/1/25(3) | 148,091 |
431,681 | ||
PIPELINES 2.1% | ||
125,000 | Boardwalk Pipelines LP, Guaranteed Notes, 4.95%, 12/15/24 | 122,961 |
150,000 | Enbridge, Inc., Guaranteed Notes, 2.50%, 8/1/33 | 117,143 |
150,000 | Energy Transfer LP, 5.25%, 4/15/29 | 146,437 |
150,000 | Enterprise Products Operating LLC, Guaranteed Notes, 4.85%, 8/15/42 | 137,525 |
150,000 | Targa Resources Corp., Guaranteed Notes, 5.20%, 7/1/27 | 147,267 |
150,000 | TransCanada PipeLines Ltd., Senior Unsecured Notes, 4.25%, 5/15/28 | 143,094 |
814,427 | ||
1,246,108 | ||
FINANCIAL 10.9% | ||
BANKS 5.8% | ||
150,000 | Bank of America Corp., (SOFR + 2.16%), 5.02%, 7/22/33(2) | 146,737 |
150,000 | Bank of New York Mellon Corp., (SOFR + 1.51%), 4.71%, 2/1/34 | 144,066 |
160,000 | Citigroup, Inc., Senior Unsecured Notes, (SOFR + 1.16%), 3.35%, 4/24/25(2) | 156,411 |
155,000 | Citigroup, Inc., Subordinated Notes, 5.30%, 5/6/44 | 143,312 |
175,000 | Goldman Sachs Group, Inc., Senior Unsecured Notes, 3.75%, 2/25/26 | 167,969 |
150,000 | JPMorgan Chase & Co., Subordinated Notes, 4.13%, 12/15/26 | 144,408 |
175,000 | JPMorgan Chase & Co., Senior Unsecured Notes, (SOFR + 1.64%), 3.96%, 11/15/48(2) | 143,869 |
175,000 | Lloyds Banking Group PLC, Senior Unsecured Notes, 3.90%, 3/12/24 | 172,253 |
150,000 | Morgan Stanley, (SOFR + 2.56%), 6.34%, 10/18/33(2) | 159,571 |
150,000 | NatWest Group PLC, (1 yr. CMT + 1.35%), 5.85%, 3/2/27(2) | 148,357 |
150,000 | Northern Trust Corp., Senior Unsecured Notes, 1.95%, 5/1/30(3) | 123,319 |
150,000 | PNC Financial Services Group, Inc. (The), Senior Unsecured Notes, (SOFR + 0.98%), 2.31%, 4/23/32(2)(3) | 121,732 |
Principal Amount | Value | |
CORPORATE BONDS & NOTES 35.0% (continued) | ||
FINANCIAL 10.9% (continued) | ||
BANKS 5.8% (continued) | ||
$ 160,000 | Royal Bank of Canada, 5.00%, 2/1/33 | $156,807 |
150,000 | Synovus Bank, 5.63%, 2/15/28 | 135,523 |
200,000 | Wells Fargo & Co., Senior Unsecured Notes, (SOFR + 1.32%), 6.37%, 4/25/26(2) | 201,370 |
2,265,704 | ||
DIVERSIFIED FINANCIALS 1.9% | ||
175,000 | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Guaranteed Notes, 1.75%, 1/30/26 | 157,081 |
150,000 | Air Lease Corp., Senior Unsecured Notes, 3.63%, 4/1/27 | 138,428 |
160,000 | Ally Financial, Inc., Senior Unsecured Notes, 4.75%, 6/9/27(3) | 148,533 |
130,000 | American Express Co., 4.90%, 2/13/26 | 128,665 |
165,000 | Discover Financial Services, Senior Unsecured Notes, 3.95%, 11/6/24 | 159,002 |
731,709 | ||
INSURANCE 0.6% | ||
150,000 | Aflac, Inc., Senior Unsecured Notes, 3.60%, 4/1/30 | 137,611 |
125,000 | Prudential Financial, Inc., Junior Subordinated Notes, (3-month LIBOR + 2.67%), 5.70%, 9/15/48(2) | 120,661 |
258,272 | ||
REITS 2.6% | ||
150,000 | American Tower Corp., 5.50%, 3/15/28 | 148,956 |
125,000 | AvalonBay Communities, Inc., Senior Unsecured Notes, 2.45%, 1/15/31 | 105,163 |
150,000 | Equinix, Inc., Senior Unsecured Notes, 2.50%, 5/15/31 | 122,129 |
150,000 | Kimco Realty Corp., Senior Unsecured Notes, 2.25%, 12/1/31 | 116,734 |
150,000 | Life Storage LP, Guaranteed Notes, 2.20%, 10/15/30 | 120,010 |
140,000 | Prologis LP, Senior Unsecured Notes, 2.25%, 4/15/30 | 118,659 |
150,000 | Welltower, Inc., Senior Unsecured Notes, 4.25%, 4/15/28 | 141,126 |
150,000 | Weyerhaeuser Co., 4.75%, 5/15/26 | 147,339 |
1,020,116 | ||
4,275,801 | ||
INDUSTRIAL 1.6% | ||
BUILDING MATERIALS 0.3% | ||
150,000 | Vulcan Materials Co., Senior Unsecured Notes, 3.50%, 6/1/30 | 135,515 |
ELECTRONICS 0.7% | ||
160,000 | Amphenol Corp., Senior Unsecured Notes, 2.20%, 9/15/31 | 130,276 |
150,000 | Flex Ltd., Senior Unsecured Notes, 4.75%, 6/15/25 | 146,448 |
276,724 | ||
TRANSPORTATION 0.6% | ||
150,000 | CSX Corp., Senior Unsecured Notes, 3.35%, 9/15/49 | 110,657 |
Principal Amount | Value | |
CORPORATE BONDS & NOTES 35.0% (continued) | ||
INDUSTRIAL 1.6% (continued) | ||
TRANSPORTATION 0.6% (continued) | ||
$ 150,000 | Union Pacific Corp., Senior Unsecured Notes, 3.25%, 2/5/50 | $112,049 |
222,706 | ||
634,945 | ||
TECHNOLOGY 2.4% | ||
COMPUTERS 0.7% | ||
150,000 | Apple, Inc., 4.65%, 2/23/46 | 147,981 |
130,000 | Dell International LLC/EMC Corp., Senior Unsecured Notes, 4.90%, 10/1/26 | 129,076 |
277,057 | ||
SEMICONDUCTORS 0.9% | ||
125,000 | Analog Devices, Inc., Senior Unsecured Notes, 2.80%, 10/1/41 | 92,829 |
150,000 | Broadcom, Inc., 4.30%, 11/15/32 | 137,592 |
150,000 | NVIDIA Corp., 3.50%, 4/1/40 | 128,414 |
358,835 | ||
SOFTWARE 0.8% | ||
150,000 | Adobe, Inc., Senior Unsecured Notes, 2.30%, 2/1/30 | 131,581 |
150,000 | Oracle Corp., 6.25%, 11/9/32 | 159,224 |
290,805 | ||
926,697 | ||
UTILITIES 0.4% | ||
ELECTRIC 0.4% | ||
150,000 | Duke Energy Corp., Senior Unsecured Notes, 4.50%, 8/15/32 | 141,418 |
TOTAL CORPORATE BONDS & NOTES (Cost $15,034,169) | 13,753,339 | |
LONG-TERM MUNICIPAL SECURITIES 2.2% | ||
CONNECTICUT 0.3% | ||
125,000 | Hartford County Metropolitan District Clean Water Project Revenue, Series B, 2.17%, 4/1/34 | 98,414 |
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 | 199,349 |
OREGON 0.3% | ||
145,000 | State of Oregon, Series C, GO, 2.38%, 5/1/36 | 110,982 |
TEXAS 1.1% | ||
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 | 449,708 |
TOTAL LONG-TERM MUNICIPAL SECURITIES (Cost $969,543) | 858,453 | |
U.S. GOVERNMENT AGENCY OBLIGATIONS 0.6% | ||
250,000 | FNMA, 2.63%, 9/6/24(3) | 242,589 |
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $250,364) | 242,589 |
Principal Amount | Value | |
RESIDENTIAL MORTGAGE-BACKED SECURITIES 28.0% | ||
$ 20,298 | FHLMC Gold PC Pool #A29526, 5.00%, 1/1/35 | $20,093 |
83,370 | FHLMC Gold PC Pool #C91749, 4.00%, 1/1/34 | 81,444 |
34,272 | FHLMC Gold PC Pool #G06224, 3.50%, 1/1/41 | 32,128 |
7,439 | FHLMC Gold PC Pool #J11587, 4.00%, 1/1/25 | 7,350 |
17,226 | FHLMC Gold PC Pool #Q06307, 3.50%, 2/1/42 | 16,147 |
19,163 | FHLMC Gold PC Pool #Q08656, 4.00%, 6/1/42 | 18,332 |
36,423 | FHLMC Gold PC Pool #Q08903, 3.50%, 6/1/42 | 34,141 |
115,174 | FHLMC Gold PC Pool #Q14593, 3.00%, 1/1/43 | 104,095 |
145,371 | FHLMC Gold Pool #Q34167, 4.00%, 6/1/45 | 139,116 |
49,539 | FHLMC Gold Pool #Q57991, 4.00%, 8/1/48 | 47,285 |
176,918 | FHLMC Pool #QB2958, 3.00%, 9/1/50 | 156,454 |
188,653 | FHLMC Pool #QB5314, 2.50%, 11/1/50 | 160,968 |
225,451 | FHLMC Pool #QB8153, 2.50%, 1/1/51 | 192,441 |
794,027 | FHLMC Pool #QF1236, 4.50%, 10/1/52 | 763,523 |
137,579 | FHLMC Pool #SD8023, 2.50%, 11/1/49 | 117,522 |
152,184 | FHLMC Pool #SD8163, 3.50%, 8/1/51 | 139,106 |
435,110 | FHLMC Pool #SD8173, 2.50%, 10/1/51 | 369,755 |
1,028,560 | FHLMC Pool #SD8256, 4.00%, 10/1/52 | 965,372 |
1,014,833 | FHLMC Pool #SD8300, 5.50%, 2/1/53 | 1,010,055 |
49,791 | FNMA Pool #AB2346, 4.50%, 2/1/41 | 49,170 |
28,876 | FNMA Pool #AB5231, 2.50%, 5/1/27 | 27,552 |
28,296 | FNMA Pool #AB5716, 3.00%, 7/1/27 | 27,165 |
46,809 | FNMA Pool #AI4285, 5.00%, 6/1/41 | 47,121 |
214,615 | FNMA Pool #AR6394, 3.00%, 2/1/43 | 193,749 |
59,816 | FNMA Pool #AS5892, 3.50%, 10/1/45 | 55,632 |
19,635 | FNMA Pool #AS6102, 3.50%, 11/1/45 | 18,262 |
35,366 | FNMA Pool #AS6205, 3.50%, 11/1/45 | 32,892 |
25,724 | FNMA Pool #AS6385, 4.00%, 12/1/45 | 24,560 |
66,865 | FNMA Pool #AS9562, 3.00%, 5/1/47 | 59,807 |
75,350 | FNMA Pool #AU4279, 3.00%, 9/1/43 | 68,020 |
61,102 | FNMA Pool #AV0703, 4.00%, 12/1/43 | 58,690 |
25,605 | FNMA Pool #AW7362, 2.50%, 8/1/29 | 23,836 |
71,242 | FNMA Pool #AX0416, 4.00%, 8/1/44 | 67,877 |
41,646 | FNMA Pool #AY1670, 3.50%, 2/1/45 | 38,767 |
24,946 | FNMA Pool #AY4195, 4.00%, 5/1/45 | 23,846 |
33,130 | FNMA Pool #BA3885, 3.50%, 11/1/45 | 30,813 |
1,066,340 | FNMA Pool #BX7762, 5.00%, 3/1/53 | 1,044,828 |
132,719 | FNMA Pool #CA2320, 3.50%, 9/1/48 | 123,674 |
66,065 | FNMA Pool #CA5540, 3.00%, 4/1/50 | 58,866 |
723,856 | FNMA Pool #CB0856, 3.00%, 6/1/51 | 638,874 |
813,571 | FNMA Pool #CB5892, 4.50%, 3/1/53 | 782,262 |
1,101,300 | FNMA Pool #FM9834, 3.50%, 6/1/49 | 1,014,701 |
55,925 | FNMA Pool #MA0641, 4.00%, 2/1/31 | 54,574 |
74,218 | FNMA Pool #MA4012, 2.00%, 5/1/35 | 66,403 |
459,501 | FNMA Pool #MA4548, 2.50%, 2/1/52 | 390,209 |
1,024,902 | FNMA Pool #MA4979, 5.50%, 4/1/53 | 1,020,076 |
Principal Amount | Value | |
RESIDENTIAL MORTGAGE-BACKED SECURITIES 28.0% (continued) | ||
$ 13,685 | FNMA REMIC Trust Series 2013-18, Series 2013-18, Class AE, 2.00%, 3/25/28 | $12,869 |
7,636 | GNMA, Series 2011-136, Class GB, 2.50%, 5/20/40 | 7,611 |
1,340,183 | GNMA, Series 2021-98, Class IG, IO, 3.00%, 6/20/51 | 197,504 |
34,943 | GNMA II Pool #5332, 4.00%, 3/20/42 | 33,927 |
129,792 | GNMA II Pool #MA3937, 3.50%, 9/20/46 | 121,639 |
119,423 | GNMA II Pool #MA7054, 3.50%, 12/20/50 | 111,205 |
126,865 | GNMA II Pool #MA7651, 3.50%, 10/20/51 | 117,084 |
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES (Cost $11,930,844) | 11,019,392 | |
U.S. TREASURY OBLIGATIONS 24.3% | ||
120,000 | U.S. Treasury Bonds, 5.38%, 2/15/31 | 131,381 |
250,000 | U.S. Treasury Bonds, 4.38%, 2/15/38 | 266,055 |
650,000 | U.S. Treasury Bonds, 3.50%, 2/15/39 | 622,680 |
375,000 | U.S. Treasury Bonds, 1.13%, 5/15/40 | 243,091 |
800,000 | U.S. Treasury Bonds, 2.88%, 5/15/43 | 669,156 |
800,000 | U.S. Treasury Bonds, 3.00%, 2/15/48 | 674,531 |
1,930,000 | U.S. Treasury Bonds, 2.25%, 8/15/49 | 1,402,190 |
200,000 | U.S. Treasury Bonds, 2.88%, 5/15/52 | 165,742 |
113,167 | U.S. Treasury Inflation Indexed Note, 0.13%, 7/15/31 | 100,324 |
200,000 | U.S. Treasury Notes, 1.25%, 7/31/23 | 199,387 |
200,000 | U.S. Treasury Notes, 2.25%, 3/31/24 | 195,320 |
1,135,000 | U.S. Treasury Notes, 2.25%, 11/15/24 | 1,089,955 |
300,000 | U.S. Treasury Notes, 3.00%, 9/30/25 | 288,738 |
450,000 | U.S. Treasury Notes, 2.75%, 2/15/28 | 422,912 |
600,000 | U.S. Treasury Notes, 1.63%, 8/15/29 | 523,195 |
200,000 | U.S. Treasury Notes, 3.50%, 1/31/30 | 194,070 |
750,000 | U.S. Treasury Notes, 1.50%, 2/15/30 | 642,363 |
700,000 | U.S. Treasury Notes, 1.13%, 2/15/31 | 575,641 |
525,000 | U.S. Treasury Notes, 2.75%, 8/15/32 | 481,298 |
700,000 | U.S. Treasury Notes, 3.38%, 5/15/33 | 675,063 |
TOTAL U.S. TREASURY OBLIGATIONS (Cost $10,947,697) | 9,563,092 |
Shares | Value | |
SHORT-TERM INVESTMENTS 2.9% | ||
MONEY MARKET FUNDS 2.9% | ||
664,677 | State Street Institutional U.S. Government Money Market Fund, Premier Class, 5.03%(4) | 664,678 |
455,830 | State Street Navigator Securities Lending Government Money Market Portfolio(5) | 455,830 |
1,120,508 | ||
TOTAL SHORT-TERM INVESTMENTS (Cost $1,120,507) | 1,120,508 | |
TOTAL INVESTMENTS IN SECURITIES 100.6% (Cost $43,600,174) | $39,569,859 | |
EXCESS OF LIABILITIES OVER CASH AND OTHER ASSETS (0.6)% | (222,116 ) | |
NET ASSETS 100.0% | $39,347,743 |
(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, 2023. 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, 2023, the market value of the securities on loan was $2,356,727. |
(4) | Rate reflects 7 day yield as of June 30, 2023. |
(5) | Securities with an aggregate market value of $2,356,727 were out on loan in exchange for $455,830 of cash collateral as of June 30, 2023. The collateral was invested in a cash collateral reinvestment vehicle. |
CMT | Constant Maturity Treasury |
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. |
REMIC | Real Estate Mortgage Investment Conduit. |
SOFR | Secured Overnight Financing Rate. |
Investments in Securities: | Level 1 | Level 2 | Level 3 | Total |
Assets | ||||
Collateralized Mortgage Obligations | $— | $955,026 | $— | $955,026 |
Commercial Mortgage-Backed Securities | — | 2,057,460 | — | 2,057,460 |
Corporate Bonds & Notes* | — | 13,753,339 | — | 13,753,339 |
Long-Term Municipal Securities* | — | 858,453 | — | 858,453 |
U.S. Government Agency Obligations | — | 242,589 | — | 242,589 |
Residential Mortgage-Backed Securities | — | 11,019,392 | — | 11,019,392 |
U.S. Treasury Obligations | — | 9,563,092 | — | 9,563,092 |
Short-Term Investments | 1,120,508 | — | — | 1,120,508 |
Total Investments in Securities | $1,120,508 | $38,449,351 | $— | $39,569,859 |
* | See Schedule of Investments for further breakdown by category. |
at June 30, 2023 (unaudited)
Value Line Small Cap Opportunities Fund, Inc. | Value Line Mid Cap Focused Fund, Inc. | |
Assets: | ||
Investments in securities, at value* | $457,420,796 | $845,836,769 |
Receivable for capital shares sold | 1,940,749 | 8,435,230 |
Dividends and interest receivable | 216,915 | 534,155 |
Prepaid expenses | 59,756 | 172,895 |
Receivable for securities lending income | 89 | 1,612 |
Total Assets | 459,638,305 | 854,980,661 |
Liabilities: | ||
Payable upon return of securities on loan (See Note 1(K)) | 1,695,337 | — |
Payable for securities purchased | 201,374 | — |
Payable for capital shares redeemed | 182,135 | 179,467 |
Accrued expenses: | ||
Advisory fee | 257,365 | 421,023 |
Service and distribution plan fees | 61,468 | 67,435 |
Auditing and legal fees payable | 26,393 | 31,373 |
Printing fee payable | 23,640 | 15,087 |
Transfer agent fees | 12,154 | 18,570 |
Other | 16,214 | 6,998 |
Total Liabilities | 2,476,080 | 739,953 |
Net Assets | $457,162,225 | $854,240,708 |
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) | $9,169 | $28,724,804 |
Additional paid-in capital | 246,746,510 | 602,106,520 |
Distributable Earnings/(Loss) | 210,406,546 | 223,409,384 |
Net Assets | $457,162,225 | $854,240,708 |
Net Asset Value Per Share | ||
Investor Class | ||
Net Assets | $309,314,563 | $345,147,000 |
Shares Outstanding | 6,258,527 | 11,663,590 |
Net Asset Value, Offering and Redemption Price per Outstanding Share | $49.42 | $29.59 |
Institutional Class | ||
Net Assets | $147,847,662 | $509,093,708 |
Shares Outstanding | 2,910,154 | 17,061,214 |
Net Asset Value, Offering and Redemption Price per Outstanding Share | $50.80 | $29.84 |
*Includes securities on loan of | $1,669,487 | $12,761,700 |
Cost of investments | $250,235,901 | $623,340,187 |
at June 30, 2023 (unaudited) (continued)
Value Line Select Growth Fund, Inc. | Value Line Larger Companies Focused Fund, Inc. | |
Assets: | ||
Investments in securities, at value* | $385,360,447 | $268,683,025 |
Receivable for securities sold | 1,907,547 | — |
Dividends and interest receivable | 148,919 | 9,852 |
Prepaid expenses | 74,732 | 60,646 |
Receivable for capital shares sold | 12,097 | 7,091 |
Receivable for securities lending income | — | 504 |
Total Assets | 387,503,742 | 268,761,118 |
Liabilities: | ||
Payable for capital shares redeemed | 314,748 | 14,701 |
Accrued expenses: | ||
Advisory fee | 225,602 | 156,537 |
Service and distribution plan fees | 74,616 | 53,133 |
Transfer agent fees | 37,639 | 19,377 |
Auditing and legal fees payable | 26,565 | 20,925 |
Directors’ fees and expenses | 3,301 | 4,094 |
Other | 40,392 | 33,290 |
Total Liabilities | 722,863 | 302,057 |
Net Assets | $386,780,879 | $268,459,061 |
Net assets consist of: | ||
Capital stock, at $1.00 par value (authorized 100,000,000 and 50,000,000 shares, respectively) | $11,526,188 | $10,715,426 |
Additional paid-in capital | 151,246,842 | 198,751,889 |
Distributable Earnings/(Loss) | 224,007,849 | 58,991,746 |
Net Assets | $386,780,879 | $268,459,061 |
Net Asset Value Per Share | ||
Investor Class | ||
Net Assets | $372,371,277 | $263,600,401 |
Shares Outstanding | 11,101,078 | 10,524,922 |
Net Asset Value, Offering and Redemption Price per Outstanding Share | $33.54 | $25.05 |
Institutional Class | ||
Net Assets | $14,409,602 | $4,858,660 |
Shares Outstanding | 425,110 | 190,504 |
Net Asset Value, Offering and Redemption Price per Outstanding Share | $33.90 | $25.50 |
*Includes securities on loan of | $— | $8,249,450 |
Cost of investments | $190,392,066 | $200,043,765 |
at June 30, 2023 (unaudited) (continued)
Value Line Asset Allocation Fund, Inc. | Value Line Capital Appreciation Fund, Inc. | |
Assets: | ||
Investments in securities, at value* | $929,452,388 | $426,698,013 |
Receivable for securities sold | 10,584,381 | 1,215,032 |
Dividends and interest receivable | 2,448,618 | 885,300 |
Receivable for capital shares sold | 508,755 | 468,336 |
Prepaid expenses | 79,570 | 67,406 |
Receivable for securities lending income | 1,656 | 34,191 |
Total Assets | 943,075,368 | 429,368,278 |
Liabilities: | ||
Payable upon return of securities on loan (See Note 1(K)) | 3,269,345 | 1,816,093 |
Payable for capital shares redeemed | 559,650 | 251,699 |
Payable for securities purchased | — | 4,542,655 |
Accrued expenses: | ||
Advisory fee | 486,515 | 219,506 |
Service and distribution plan fees | 76,906 | 65,781 |
Transfer agent fees | 58,505 | 35,721 |
Auditing and legal fees payable | 56,162 | 27,582 |
Printing fee payable | 55,641 | 25,896 |
Custody and accounting fees payable | 37,011 | 23,454 |
Sub-transfer agent fees | 21,093 | 7,207 |
Directors’ fees and expenses | 4,984 | 4,768 |
Other | 12,897 | 18,752 |
Total Liabilities | 4,638,709 | 7,039,114 |
Net Assets | $938,436,659 | $422,329,164 |
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) | $22,892 | $44,208,575 |
Additional paid-in capital | 639,340,421 | 344,192,002 |
Distributable Earnings/(Loss) | 299,073,346 | 33,928,587 |
Net Assets | $938,436,659 | $422,329,164 |
Net Asset Value Per Share | ||
Investor Class | ||
Net Assets | $379,532,505 | $325,182,430 |
Shares Outstanding | 9,273,529 | 34,044,679 |
Net Asset Value, Offering and Redemption Price per Outstanding Share | $40.93 | $9.55 |
Institutional Class | ||
Net Assets | $558,904,154 | $97,146,734 |
Shares Outstanding | 13,618,256 | 10,163,896 |
Net Asset Value, Offering and Redemption Price per Outstanding Share | $41.04 | $9.56 |
*Includes securities on loan of | $16,592,625 | $13,294,382 |
Cost of investments | $686,981,663 | $356,014,346 |
at June 30, 2023 (unaudited) (continued)
Value Line Core Bond Fund | |
Assets: | |
Investments in securities, at value* | $39,569,859 |
Dividends and interest receivable | 285,049 |
Prepaid expenses | 29,299 |
Receivable for capital shares sold | 7,979 |
Receivable for securities lending income | 520 |
Total Assets | 39,892,706 |
Liabilities: | |
Payable upon return of securities on loan (See Note 1(K)) | 455,830 |
Payable for capital shares redeemed | 19,465 |
Dividends payable to shareholders | 8,613 |
Accrued expenses: | |
Auditing and legal fees payable | 12,171 |
Custody and accounting fees payable | 11,767 |
Printing fee payable | 11,646 |
Transfer agent fees | 9,690 |
Advisory fee | 4,915 |
Directors’ fees and expenses | 837 |
Other | 10,029 |
Total Liabilities | 544,963 |
Net Assets | $39,347,743 |
Net assets consist of: | |
Capital stock, at $0.01 par value (authorized unlimited shares) | $30,200 |
Additional paid-in capital | 45,403,224 |
Distributable Earnings/(Loss) | (6,085,681 ) |
Net Assets | $39,347,743 |
Net Asset Value Per Share | |
Investor Class | |
Net Assets | $39,347,743 |
Shares Outstanding | 3,019,959 |
Net Asset Value, Offering and Redemption Price per Outstanding Share | $13.03 |
*Includes securities on loan of | $2,356,727 |
Cost of investments | $43,600,174 |
Value Line Small Cap Opportunities Fund, Inc. | Value Line Mid Cap Focused Fund, Inc. | |
Investment Income: | ||
Dividends (net of foreign withholding tax of $0 and $5,939, respectively) | $1,617,282 | $3,425,737 |
Securities lending income (Net) | 1,841 | 9,272 |
Total Income | 1,619,123 | 3,435,009 |
Expenses: | ||
Advisory fees | 1,485,463 | 2,152,441 |
Service and distribution plan fees | 361,514 | 376,922 |
Sub-transfer agent fees | 122,676 | 160,086 |
Auditing and legal fees | 67,033 | 96,446 |
Custody and accounting fees | 38,849 | 40,788 |
Directors’ fees and expenses | 33,236 | 45,584 |
Transfer agent fees | 30,498 | 94,060 |
Registration and filing fees | 22,931 | 46,889 |
Fund administration fees | 15,353 | 15,372 |
Compliance and tax service fees | 14,399 | 16,777 |
Printing and postage fees | 11,714 | 14,484 |
Insurance fees | 7,356 | 8,066 |
Other | 20,331 | 21,630 |
Recoupment (See Note 5) | 310 | — |
Total Expenses Before Fees Waived (See Note 5) | 2,231,663 | 3,089,545 |
Less: Advisory Fees Waived | (22,666 ) | (18,602 ) |
Net Expenses | 2,208,997 | 3,070,943 |
Net Investment Income/(Loss) | (589,874 ) | 364,066 |
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Exchange Transactions: | ||
Net Realized Gain/(Loss) From: | ||
Investments in securities | 2,286,460 | 211,553 |
Foreign currency transactions | — | 53 |
2,286,460 | 211,606 | |
Change in Net Unrealized Appreciation/(Depreciation) of: | ||
Investments in securities | 55,130,415 | 77,734,057 |
Net Realized Gain/(Loss) and Change in Net Unrealized Appreciation/(Depreciation) on Investments and Foreign Exchange Transactions | 57,416,875 | 77,945,663 |
Net Increase/(Decrease) in Net Assets from Operations | $56,827,001 | $78,309,729 |
Value Line Select Growth Fund, Inc. | Value Line Larger Companies Focused Fund, Inc. | |
Investment Income: | ||
Dividends (net of foreign withholding tax of $3,949 and $0, respectively) | $1,450,718 | $830,405 |
Securities lending income (Net) | — | 6,530 |
Total Income | 1,450,718 | 836,935 |
Expenses: | ||
Advisory fees | 1,312,043 | 853,148 |
Service and distribution plan fees | 434,456 | 289,863 |
Auditing and legal fees | 61,857 | 43,097 |
Transfer agent fees | 57,904 | 51,393 |
Sub-transfer agent fees | 38,841 | 12,013 |
Custody and accounting fees | 35,550 | 30,014 |
Directors’ fees and expenses | 31,076 | 19,573 |
Registration and filing fees | 22,200 | 18,061 |
Fund administration fees | 15,372 | 15,372 |
Compliance and tax service fees | 13,366 | 10,649 |
Printing and postage fees | 8,137 | 5,167 |
Insurance fees | 5,034 | 3,142 |
Other | 20,151 | 17,646 |
Recoupment (See Note 5) | — | 2,321 |
Total Expenses Before Fees Waived (See Note 5) | 2,055,987 | 1,371,459 |
Less: Advisory Fees Waived | (9,556 ) | (17,523 ) |
Net Expenses | 2,046,431 | 1,353,936 |
Net Investment Income/(Loss) | (595,713 ) | (517,001 ) |
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Exchange Transactions: | ||
Net Realized Gain/(Loss) From: | ||
Investments in securities | 22,352,503 | (2,266,423 ) |
Foreign currency transactions | 35 | — |
22,352,538 | (2,266,423 ) | |
Change in Net Unrealized Appreciation/(Depreciation) of: | ||
Investments in securities | 34,517,296 | 74,154,904 |
Net Realized Gain/(Loss) and Change in Net Unrealized Appreciation/(Depreciation) on Investments and Foreign Exchange Transactions | 56,869,834 | 71,888,481 |
Net Increase/(Decrease) in Net Assets from Operations | $56,274,121 | $71,371,480 |
Value Line Asset Allocation Fund, Inc. | Value Line Capital Appreciation Fund, Inc. | |
Investment Income: | ||
Interest | $4,560,796 | $1,215,714 |
Dividends (net of foreign withholding tax of $0 and $5,628, respectively) | 3,668,210 | 2,231,787 |
Securities lending income (Net) | 9,331 | 80,911 |
Total Income | 8,238,337 | 3,528,412 |
Expenses: | ||
Advisory fees | 2,973,652 | 1,278,134 |
Service and distribution plan fees | 463,716 | 380,302 |
Sub-transfer agent fees | 276,050 | 86,178 |
Auditing and legal fees | 154,036 | 70,029 |
Transfer agent fees | 120,371 | 78,648 |
Directors’ fees and expenses | 86,411 | 35,933 |
Custody and accounting fees | 74,987 | 50,976 |
Registration and filing fees | 45,861 | 33,537 |
Printing and postage fees | 30,868 | 14,272 |
Compliance and tax service fees | 28,127 | 14,444 |
Fund administration fees | 15,372 | 15,372 |
Insurance fees | 13,782 | 5,451 |
Other | 25,796 | 21,025 |
Total Expenses Before Fees Waived (See Note 5) | 4,309,029 | 2,084,301 |
Less: Advisory Fees Waived | — | (23,507 ) |
Net Expenses | 4,309,029 | 2,060,794 |
Net Investment Income/(Loss) | 3,929,308 | 1,467,618 |
Net Realized and Unrealized Gain/(Loss) on Investments: | ||
Net Realized Gain/(Loss) From: | ||
Investments in securities | 37,973,038 | (21,285,611 ) |
Change in Net Unrealized Appreciation/(Depreciation) of: | ||
Investments in securities | 57,086,508 | 95,413,403 |
Net Realized Gain/(Loss) and Change in Net Unrealized Appreciation/(Depreciation) on Investments | 95,059,546 | 74,127,792 |
Net Increase/(Decrease) in Net Assets from Operations | $98,988,854 | $75,595,410 |
Value Line Core Bond Fund | |
Investment Income: | |
Interest | $635,044 |
Dividends | 92,620 |
Securities lending income (Net) | 1,361 |
Total Income | 729,025 |
Expenses: | |
Advisory fees | 65,704 |
Service and distribution plan fees | 50,604 |
Custody and accounting fees | 35,690 |
Transfer agent fees | 25,741 |
Fund administration fees | 15,372 |
Auditing and legal fees | 14,739 |
Registration and filing fees | 11,344 |
Compliance and tax service fees | 6,160 |
Directors’ fees and expenses | 3,181 |
Insurance fees | 153 |
Other | 15,770 |
Total Expenses Before Fees Waived (See Note 5) | 244,458 |
Less: Advisory Fees Waived | (18,400 ) |
Net Expenses | 175,454 |
Net Investment Income/(Loss) | 553,571 |
Net Realized and Unrealized Gain/(Loss) on Investments: | |
Net Realized Gain/(Loss) From: | |
Investments in securities | (952,663 ) |
Change in Net Unrealized Appreciation/(Depreciation) of: | |
Investments in securities | 1,108,481 |
Net Realized Gain/(Loss) and Change in Net Unrealized Appreciation/(Depreciation) on Investments | 155,818 |
Net Increase/(Decrease) in Net Assets from Operations | $709,389 |
Value Line Small Cap Opportunities Fund, Inc. | ||
Six Months Ended June 30, 2023 (unaudited) | Period Ended December 31, 2022* | |
Operations: | ||
Net investment income/(loss) | $(589,874 ) | $(76,858 ) |
Net realized gain/(loss) on investments | 2,286,460 | 12,566,124 |
Change in net unrealized appreciation/(depreciation) on investments | 55,130,415 | (53,121,918 ) |
Net increase/(decrease) in net assets from operations | 56,827,001 | (40,632,652 ) |
Distributions to Shareholders from: | ||
Investor Class | — | (7,459,546 ) |
Institutional Class | — | (2,462,064 ) |
— | (9,921,610 ) | |
Share Transactions: | ||
Proceeds from sale of shares | ||
Investor Class | 10,665,033 | 5,203,536 |
Institutional Class | 47,902,560 | 15,630,836 |
Proceeds from reinvestment of distributions to shareholders | ||
Investor Class | — | 7,370,018 |
Institutional Class | — | 2,422,886 |
Cost of shares redeemed | ||
Investor Class | (16,980,817 ) | (29,798,131 ) |
Institutional Class | (9,764,868 ) | (36,809,974 ) |
Net increase/(decrease) in net assets from capital share transactions | 31,821,908 | (35,980,829 ) |
Total increase/(decrease) in net assets | 88,648,909 | (86,535,091 ) |
Net Assets: | ||
Beginning of period | 368,513,316 | 455,048,407 |
End of period | $457,162,225 | $368,513,316 |
Capital Share Transactions: | ||
Shares sold | ||
Investor Class | 227,914 | 119,481 |
Institutional Class | 998,130 | 346,209 |
Shares issued to shareholders in reinvestment of distributions | ||
Investor Class | — | 166,254 |
Institutional Class | — | 53,239 |
Shares redeemed | ||
Investor Class | (367,006 ) | (680,191 ) |
Institutional Class | (205,205 ) | (838,716 ) |
* | For the nine month period ended December 31, 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, 2023 (unaudited) | Year Ended December 31, 2022 | Six Months Ended June 30, 2023 (unaudited) | Year Ended December 31, 2022 | |
Operations: | ||||
Net investment income/(loss) | $364,066 | $889,712 | $(595,713 ) | $(1,415,817 ) |
Net realized gain/(loss) on investments and foreign currency | 211,606 | 23,352,792 | 22,352,538 | 32,669,166 |
Change in net unrealized appreciation/(depreciation) on investments | 77,734,057 | (69,497,314 ) | 34,517,296 | (133,069,415 ) |
Net increase/(decrease) in net assets from operations | 78,309,729 | (45,254,810 ) | 56,274,121 | (101,816,066 ) |
Distributions to Shareholders from: | ||||
Investor Class | — | (18,517,510 ) | — | (36,873,982 ) |
Institutional Class | — | (16,342,913 ) | — | (1,192,230 ) |
— | (34,860,423 ) | — | (38,066,212 ) | |
Share Transactions: | ||||
Proceeds from sale of shares | ||||
Investor Class | 62,461,448 | 40,266,093 | 1,806,564 | 9,362,171 |
Institutional Class | 258,458,530 | 163,549,665 | 2,410,497 | 1,646,171 |
Proceeds from reinvestment of distributions to shareholders | ||||
Investor Class | — | 17,788,155 | — | 35,541,509 |
Institutional Class | — | 14,303,115 | — | 1,148,276 |
Cost of shares redeemed | ||||
Investor Class | (26,893,021 ) | (52,198,292 ) | (15,306,541 ) | (64,488,504 ) |
Institutional Class | (46,224,786 ) | (70,920,693 ) | (718,386 ) | (3,412,772 ) |
Net increase/(decrease) in net assets from capital share transactions | 247,802,171 | 112,788,043 | (11,807,866 ) | (20,203,149 ) |
Total increase/(decrease) in net assets | 326,111,900 | 32,672,810 | 44,466,255 | (160,085,427 ) |
Net Assets: | ||||
Beginning of period | 528,128,808 | 495,455,998 | 342,314,624 | 502,400,051 |
End of period | $854,240,708 | $528,128,808 | $386,780,879 | $342,314,624 |
Capital Share Transactions: | ||||
Shares sold | ||||
Investor Class | 2,230,000 | 1,456,599 | 58,011 | 264,675 |
Institutional Class | 9,166,466 | 5,931,133 | 75,760 | 48,704 |
Shares issued to shareholders in reinvestment of distributions | ||||
Investor Class | — | 651,104 | — | 1,189,475 |
Institutional Class | — | 519,924 | — | 38,085 |
Shares redeemed | ||||
Investor Class | (955,207 ) | (1,903,065 ) | (491,407 ) | (1,949,030 ) |
Institutional Class | (1,645,212 ) | (2,546,765 ) | (22,999 ) | (101,255 ) |
Value Line Larger Companies Focused Fund, Inc. | ||
Six Months Ended June 30, 2023 (unaudited) | Year Ended December 31, 2022 | |
Operations: | ||
Net investment income/(loss) | $(517,001 ) | $(780,674 ) |
Net realized gain/(loss) on investments | (2,266,423 ) | (4,928,797 ) |
Change in net unrealized appreciation/(depreciation) on investments | 74,154,904 | (136,211,646 ) |
Net increase/(decrease) in net assets from operations | 71,371,480 | (141,921,117 ) |
Distributions to Shareholders from: | ||
Investor Class | — | (25,577,632 ) |
Institutional Class | — | (504,353 ) |
— | (26,081,985 ) | |
Share Transactions: | ||
Proceeds from sale of shares | ||
Investor Class | 1,783,944 | 2,018,071 |
Institutional Class | 281,118 | 1,349,644 |
Proceeds from reinvestment of distributions to shareholders | ||
Investor Class | 478 | 24,534,042 |
Institutional Class | — | 504,353 |
Cost of shares redeemed | ||
Investor Class | (8,755,672 ) | (29,153,077 ) |
Institutional Class | (904,446 ) | (2,978,782 ) |
Net increase/(decrease) in net assets from capital share transactions | (7,594,578 ) | (3,725,749 ) |
Total increase/(decrease) in net assets | 63,776,902 | (171,728,851 ) |
Net Assets: | ||
Beginning of period | 204,682,159 | 376,411,010 |
End of period | $268,459,061 | $204,682,159 |
Capital Share Transactions: | ||
Shares sold | ||
Investor Class | 75,850 | 80,218 |
Institutional Class | 12,688 | 47,853 |
Shares issued to shareholders in reinvestment of distributions | ||
Investor Class | 24 | 1,251,795 |
Institutional Class | — | 25,306 |
Shares redeemed | ||
Investor Class | (401,029 ) | (1,182,637 ) |
Institutional Class | (39,156 ) | (107,126 ) |
Value Line Asset Allocation Fund, Inc. | ||
Six Months Ended June 30, 2023 (unaudited) | Period Ended December 31, 2022* | |
Operations: | ||
Net investment income/(loss) | $3,929,308 | $5,029,611 |
Net realized gain/(loss) on investments | 37,973,038 | 30,602,944 |
Change in net unrealized appreciation/(depreciation) on investments | 57,086,508 | (159,997,607 ) |
Net increase/(decrease) in net assets from operations | 98,988,854 | (124,365,052 ) |
Distributions to Shareholders from: | ||
Investor Class | — | (21,445,941 ) |
Institutional Class | — | (36,399,992 ) |
— | (57,845,933 ) | |
Share Transactions: | ||
Proceeds from sale of shares | ||
Investor Class | 8,280,974 | 11,349,157 |
Institutional Class | 23,513,765 | 55,211,793 |
Proceeds from reinvestment of distributions to shareholders | ||
Investor Class | — | 20,629,146 |
Institutional Class | — | 35,347,148 |
Cost of shares redeemed | ||
Investor Class | (40,044,291 ) | (93,642,302 ) |
Institutional Class | (99,791,253 ) | (318,901,827 ) |
Net increase/(decrease) in net assets from capital share transactions | (108,040,805 ) | (290,006,885 ) |
Total decrease in net assets | (9,051,951 ) | (472,217,870 ) |
Net Assets: | ||
Beginning of period | 947,488,610 | 1,419,706,480 |
End of period | $938,436,659 | $947,488,610 |
Capital Share Transactions: | ||
Shares sold | ||
Investor Class | 212,297 | 290,616 |
Institutional Class | 606,250 | 1,410,469 |
Shares issued to shareholders in reinvestment of distributions | ||
Investor Class | — | 543,731 |
Institutional Class | — | 930,188 |
Shares redeemed | ||
Investor Class | (1,032,429 ) | (2,407,154 ) |
Institutional Class | (2,566,046 ) | (8,223,343 ) |
* | For the nine month period ended December 31, 2022. See Note 6 of Notes to Financial Statements. |
Value Line Capital Appreciation Fund, Inc. | ||
Six Months Ended June 30, 2023 (unaudited) | Year Ended December 31, 2022 | |
Operations: | ||
Net investment income/(loss) | $1,467,618 | $2,252,772 |
Net realized gain/(loss) on investments | (21,285,611 ) | (8,895,638 ) |
Change in net unrealized appreciation/(depreciation) on investments | 95,413,403 | (185,679,014 ) |
Net increase/(decrease) in net assets from operations | 75,595,410 | (192,321,880 ) |
Distributions to Shareholders from: | ||
Investor Class | — | (28,673,244 ) |
Institutional Class | — | (8,788,632 ) |
— | (37,461,876 ) | |
Share Transactions: | ||
Proceeds from sale of shares | ||
Investor Class | 28,859,214 | 11,383,375 |
Institutional Class | 23,040,935 | 35,326,737 |
Proceeds from reinvestment of distributions to shareholders | ||
Investor Class | — | 27,086,503 |
Institutional Class | — | 8,509,001 |
Cost of shares redeemed | ||
Investor Class | (39,958,866 ) | (100,093,807 ) |
Institutional Class | (23,915,663 ) | (86,597,207 ) |
Net increase/(decrease) in net assets from capital share transactions | (11,974,380 ) | (104,385,398 ) |
Total increase/(decrease) in net assets | 63,621,030 | (334,169,154 ) |
Net Assets: | ||
Beginning of period | 358,708,134 | 692,877,288 |
End of period | $422,329,164 | $358,708,134 |
Capital Share Transactions: | ||
Shares sold | ||
Investor Class | 3,159,902 | 1,088,702 |
Institutional Class | 2,583,250 | 3,442,690 |
Shares issued to shareholders in reinvestment of distributions | ||
Investor Class | — | 3,275,272 |
Institutional Class | — | 1,028,900 |
Shares redeemed | ||
Investor Class | (4,442,605 ) | (10,068,016 ) |
Institutional Class | (2,698,648 ) | (9,074,155 ) |
Value Line Core Bond Fund | ||
Six Months Ended June 30, 2023 (unaudited) | Year Ended December 31, 2022 | |
Operations: | ||
Net investment income/(loss) | $553,571 | $716,220 |
Net realized gain/(loss) on investments | (952,663 ) | (1,033,581 ) |
Change in net unrealized appreciation/(depreciation) on investments | 1,108,481 | (5,907,025 ) |
Net increase/(decrease) in net assets from operations | 709,389 | (6,224,386 ) |
Distributions to Shareholders from: | ||
Investor Class | (540,973 ) | (762,097 ) |
Share Transactions (Investor Class): | ||
Proceeds from sale of shares | 131,538 | 1,182,592 |
Proceeds from reinvestment of distributions to shareholders | 498,094 | 703,071 |
Cost of shares redeemed | (2,196,341 ) | (4,420,589 ) |
Net increase/(decrease) in net assets from capital share transactions | (1,566,709 ) | (2,534,926 ) |
Total decrease in net assets | (1,398,293 ) | (9,521,409 ) |
Net Assets: | ||
Beginning of period | 40,746,036 | 50,267,445 |
End of period | $39,347,743 | $40,746,036 |
Capital Share Transactions (Investor Class): | ||
Shares sold | 10,044 | 82,203 |
Shares issued to shareholders in reinvestment of dividends | 37,866 | 52,082 |
Shares redeemed | (167,220 ) | (320,808 ) |
Value Line Small Cap Opportunities Fund, Inc. Investor Class | ||||||
Six Months Ended June 30, | Period Ended December 31, | Years Ended March 31, | ||||
2023 (unaudited) | 2022* | 2022 | 2021 | 2020 | 2019 | |
Net asset value, beginning of period | $42.99 | $48.36 | $53.12 | $34.69 | $48.31 | $51.99 |
Income/(loss) from investment operations: | ||||||
Net investment income/(loss) | (0.08 )(1) | (0.03 )(1) | (0.28 )(1) | (0.22 )(1) | (0.12 )(1) | (0.02 ) |
Net gains/(losses) on securities (both realized and unrealized) | 6.51 | (4.15 ) | (1.21 ) | 22.68 | (3.34 ) | 3.09 |
Total from investment operations | 6.43 | (4.18 ) | (1.49 ) | 22.46 | (3.46 ) | 3.07 |
Less distributions: | ||||||
Distributions from net realized gains | — | (1.19 ) | (3.27 ) | (4.03 ) | (10.16 ) | (6.75 ) |
Total distributions | — | (1.19 ) | (3.27 ) | (4.03 ) | (10.16 ) | (6.75 ) |
Net asset value, end of period | $49.42 | $42.99 | $48.36 | $53.12 | $34.69 | $48.31 |
Total return | 14.96 %(2) | (8.73 )%(2) | (3.34 )% | 65.92 % | (11.25 )% | 7.80 % |
Ratios/Supplemental Data: | ||||||
Net Assets, End of Period (in thousands) | $309,315 | $275,060 | $328,455 | $386,766 | $297,244 | $400,688 |
Ratio of expenses to average net assets | 1.17 %(3) | 1.18 %(3) | 1.16 % | 1.18 % | 1.19 % | 1.21 % |
Ratio of net investment income/(loss) to average net assets | (0.37 )%(3) | (0.09 )%(3) | (0.52 )% | (0.48 )% | (0.25 )% | (0.24 )% |
Portfolio turnover rate | 4 %(2) | 4 %(2) | 3 % | 4 % | 18 % | 20 % |
Value Line Small Cap Opportunities Fund, Inc. Institutional Class | ||||||
Six Months Ended June 30, | Period Ended December 31, | Years Ended March 31, | ||||
2023 (unaudited) | 2022* | 2022 | 2021 | 2020 | 2019 | |
Net asset value, beginning of period | $44.14 | $49.52 | $54.19 | $35.25 | $48.83 | $52.34 |
Income/(loss) from investment operations: | ||||||
Net investment income/(loss) | (0.02 )(1) | 0.05 | (0.14 )(1) | (0.10 )(1) | 0.00 (1)(4) | (0.02 ) |
Net gains/(losses) on securities (both realized and unrealized) | 6.68 | (4.24 ) | (1.26 ) | 23.07 | (3.42 ) | 3.26 |
Total from investment operations | 6.66 | (4.19 ) | (1.40 ) | 22.97 | (3.42 ) | 3.24 |
Less distributions: | ||||||
Distributions from net realized gains | — | (1.19 ) | (3.27 ) | (4.03 ) | (10.16 ) | (6.75 ) |
Total distributions | — | (1.19 ) | (3.27 ) | (4.03 ) | (10.16 ) | (6.75 ) |
Net asset value, end of period | $50.80 | $44.14 | $49.52 | $54.19 | $35.25 | $48.83 |
Total return | 15.09 %(2) | (8.54 )%(2) | (3.10 )% | 66.33 % | (11.03 )% | 8.09 % |
Ratios/Supplemental Data: | ||||||
Net assets, end of year (in thousands) | $147,848 | $93,453 | $126,593 | $119,237 | $42,287 | $48,783 |
Ratio of gross expenses to average net assets | 0.96 %(3) | 0.99 %(3) | 0.95 % | 0.96 % | 1.00 % | 1.02 % |
Ratio of net expenses to average net assets | 0.92 %(3) | 0.93 %(3) | 0.91 % | 0.93 % | 0.94 % | 0.96 % |
Ratio of net investment income/(loss) to average net assets | (0.10 )%(3) | 0.15 %(3) | (0.25 )% | (0.21 )% | 0.00 %(4) | 0.02 % |
Portfolio turnover rate | 4 %(2) | 4 %(2) | 3 % | 4 % | 18 % | 20 % |
* | For the nine month period ended December 31, 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, | |||||
2023 (unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 | |
Net asset value, beginning of period | $26.41 | $31.24 | $28.29 | $25.49 | $19.11 | $19.19 |
Income/(loss) from investment operations: | ||||||
Net investment income/(loss) | (0.00 )(1)(2) | 0.03 (2) | 0.10 (2)(3) | (0.12 )(2) | 0.06 (2)(4) | (0.07 ) |
Net gains/(losses) on securities (both realized and unrealized) | 3.18 | (2.96 ) | 5.42 | 5.13 | 6.68 | 0.97 |
Total from investment operations | 3.18 | (2.93 ) | 5.52 | 5.01 | 6.74 | 0.90 |
Less distributions: | ||||||
Dividends from net investment income | — | (0.03 ) | — | (0.02 ) | (0.00 )(1) | — |
Distributions from net realized gains | — | (1.87 ) | (2.57 ) | (2.19 ) | (0.36 ) | (0.98 ) |
Total distributions | — | (1.90 ) | (2.57 ) | (2.21 ) | (0.36 ) | (0.98 ) |
Net asset value, end of period | $29.59 | $26.41 | $31.24 | $28.29 | $25.49 | $19.11 |
Total return | 12.04 %(5) | (9.56 )% | 19.88 % | 19.96 % | 35.30 % | 4.72 % |
Ratios/Supplemental Data: | ||||||
Net Assets, End of Period (in thousands) | $345,147 | $274,371 | $318,184 | $332,898 | $373,341 | $184,515 |
Ratio of expenses to average net assets | 1.05 %(6) | 1.07 % | 1.07 % | 1.10 % | 1.11 % | 1.18 % |
Ratio of net investment income/(loss) to average net assets | (0.02 )%(6) | 0.10 % | 0.33 %(3) | (0.46 )% | 0.27 %(4) | (0.46 )% |
Portfolio turnover rate | 0 %(5)(7) | 13 % | 0 %(7) | 4 % | 19 % | 10 % |
Value Line Mid Cap Focused Fund, Inc. Institutional Class | ||||||
Six Months Ended June 30, | Years Ended December 31, | |||||
2023 (unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 | |
Net asset value, beginning of period | $26.60 | $31.46 | $28.39 | $25.59 | $19.17 | $19.20 |
Income/(loss) from investment operations: | ||||||
Net investment income/(loss) | 0.03 (2) | 0.10 (2) | 0.19 (2)(3) | (0.04 )(2) | 0.20 (2)(4) | (0.04 )(2) |
Net gains/(losses) on securities (both realized and unrealized) | 3.21 | (2.98 ) | 5.45 | 5.14 | 6.64 | 0.99 |
Total from investment operations | 3.24 | (2.88 ) | 5.64 | 5.10 | 6.84 | 0.95 |
Less distributions: | ||||||
Dividends from net investment income | — | (0.11 ) | — | (0.11 ) | (0.06 ) | — |
Distributions from net realized gains | — | (1.87 ) | (2.57 ) | (2.19 ) | (0.36 ) | (0.98 ) |
Total distributions | — | (1.98 ) | (2.57 ) | (2.30 ) | (0.42 ) | (0.98 ) |
Net asset value, end of period | $29.84 | $26.60 | $31.46 | $28.39 | $25.59 | $19.17 |
Total return | 12.18 %(5) | (9.35 )% | 20.24 % | 20.24 % | 35.68 % | 4.98 % |
Ratios/Supplemental Data: | ||||||
Net assets, end of year (in thousands) | $509,094 | $253,758 | $177,272 | $138,967 | $41,459 | $1,765 |
Ratio of gross expenses to average net assets | 0.83 %(6) | 0.86 % | 0.86 % | 0.89 % | 1.04 % | 3.97 % |
Ratio of net expenses to average net assets | 0.82 %(6) | 0.82 % | 0.82 % | 0.85 % | 0.86 % | 0.93 % |
Ratio of net investment income/(loss) to average net assets | 0.21 %(6) | 0.35 % | 0.63 %(3) | (0.15 )% | 0.81 %(4) | (0.19 )% |
Portfolio turnover rate | 0 %(5)(7) | 13 % | 0 %(7) | 4 % | 19 % | 10 % |
(1) | Amount is less than $0.01 per share. |
(2) | Per share amounts are calculated based on average shares outstanding during the period. |
(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) | Not annualized. |
(6) | Annualized. |
(7) | Amount is less than 0.50%. |
Value Line Select Growth Fund, Inc. Investor Class | ||||||
Six Months Ended June 30, | Years Ended December 31, | |||||
2023 (unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 | |
Net asset value, beginning of period | $28.74 | $40.46 | $37.49 | $38.93 | $30.47 | $33.11 |
Income/(loss) from investment operations: | ||||||
Net investment income/(loss) | (0.05 ) | (0.12 )(1) | (0.25 )(1) | (0.17 )(1) | (0.05 )(1) | (0.14 ) |
Net gains/(losses) on securities (both realized and unrealized) | 4.85 | (8.11 ) | 9.08 | 8.91 | 11.16 | 0.58 |
Total from investment operations | 4.80 | (8.23 ) | 8.83 | 8.74 | 11.11 | 0.44 |
Less distributions: | ||||||
Distributions from net realized gains | — | (3.49 ) | (5.86 ) | (10.18 ) | (2.65 ) | (3.08 ) |
Total distributions | — | (3.49 ) | (5.86 ) | (10.18 ) | (2.65 ) | (3.08 ) |
Net asset value, end of period | $33.54 | $28.74 | $40.46 | $37.49 | $38.93 | $30.47 |
Total return | 16.70 %(2) | (20.67 )% | 24.16 % | 23.12 % | 36.59 % | 1.39 % |
Ratios/Supplemental Data: | ||||||
Net Assets, End of Period (in thousands) | $372,371 | $331,514 | $486,661 | $451,806 | $486,392 | $315,928 |
Ratio of expenses to average net assets | 1.15 %(3) | 1.13 % | 1.13 % | 1.16 % | 1.16 % | 1.20 % |
Ratio of net investment income/(loss) to average net assets | (0.34 )%(3) | (0.37 )% | (0.62 )% | (0.43 )% | (0.12 )% | (0.42 )% |
Portfolio turnover rate | 9 %(2) | 6 % | 3 % | 12 % | 17 % | 8 % |
Value Line Select Growth Fund, Inc. Institutional Class | ||||
Six Months Ended June 30, | Year Ended December 31, | Period Ended December 31, | ||
2023 (unaudited) | 2022 | 2021 | 2020(4) | |
Net asset value, beginning of period | $29.01 | $40.69 | $37.58 | $36.44 |
Income/(loss) from investment operations: | ||||
Net investment income/(loss)(1) | (0.01 ) | (0.04 ) | (0.15 ) | 0.02 |
Net gains/(losses) on securities (both realized and unrealized) | 4.90 | (8.15 ) | 9.12 | 11.30 |
Total from investment operations | 4.89 | (8.19 ) | 8.97 | 11.32 |
Less distributions: | ||||
Distributions from net realized gains | — | (3.49 ) | (5.86 ) | (10.18 ) |
Total distributions | — | (3.49 ) | (5.86 ) | (10.18 ) |
Net asset value, end of period | $33.90 | $29.01 | $40.69 | $37.58 |
Total return | 16.86 %(2) | (20.45 )% | 24.47 % | 31.78 %(2) |
Ratios/Supplemental Data: | ||||
Net assets, end of year (in thousands) | $14,410 | $10,801 | $15,739 | $11,963 |
Ratio of gross expenses to average net assets | 1.06 %(3) | 1.11 % | 1.04 % | 1.96 %(3) |
Ratio of net expenses to average net assets | 0.90 %(3) | 0.88 % | 0.88 % | 0.91 %(3) |
Ratio of net investment income/(loss) to average net assets | (0.09 )%(3) | (0.12 )% | (0.37 )% | 0.08 %(3) |
Portfolio turnover rate | 9 %(2) | 6 % | 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, | |||||
2023 (unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 | |
Net asset value, beginning of period | $18.49 | $34.36 | $38.35 | $28.87 | $25.34 | $28.65 |
Income/(loss) from investment operations: | ||||||
Net investment income/(loss) | (0.05 )(1) | (0.08 )(1) | (0.35 )(1) | (0.29 )(1) | (0.23 )(1) | (0.22 ) |
Net gains/(losses) on securities (both realized and unrealized) | 6.61 | (13.17 ) | 1.29 | 13.42 | 6.64 | 0.58 |
Total from investment operations | 6.56 | (13.25 ) | 0.94 | 13.13 | 6.41 | 0.36 |
Less distributions: | ||||||
Distributions from net realized gains | — | (2.62 ) | (4.93 ) | (3.65 ) | (2.88 ) | (3.67 ) |
Total distributions | — | (2.62 ) | (4.93 ) | (3.65 ) | (2.88 ) | (3.67 ) |
Net asset value, end of period | $25.05 | $18.49 | $34.36 | $38.35 | $28.87 | $25.34 |
Total return | 35.48 %(2) | (38.99 )% | 2.89 % | 45.98 % | 25.67 % | 1.30 % |
Ratios/Supplemental Data: | ||||||
Net Assets, End of Period (in thousands) | $263,600 | $200,602 | $367,681 | $394,389 | $291,057 | $253,199 |
Ratio of gross expenses to average net assets | 1.16 %(3) | 1.14 % | 1.14 % | 1.15 % | 1.16 % | 1.18 % |
Ratio of net expenses to average net assets | 1.15 %(3) | 1.14 % | 1.14 % | 1.15 % | 1.15 % | 1.15 % |
Ratio of net investment income/(loss) to average net assets | (0.44 )%(3) | (0.30 )% | (0.87 )% | (0.86 )% | (0.78 )% | (0.77 )% |
Portfolio turnover rate | 12 %(2) | 58 % | 27 % | 54 % | 29 % | 36 % |
Value Line Larger Companies Focused Fund, Inc. Institutional Class | ||||||
Six Months Ended June 30, | Years Ended December 31, | |||||
2023 (unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 | |
Net asset value, beginning of period | $18.80 | $34.79 | $38.68 | $29.03 | $25.41 | $28.65 |
Income/(loss) from investment operations: | ||||||
Net investment income/(loss) | (0.02 )(1) | (0.02 ) | (0.26 )(1) | (0.21 )(1) | (0.15 )(1) | (0.14 ) |
Net gains/(losses) on securities (both realized and unrealized) | 6.72 | (13.35 ) | 1.30 | 13.51 | 6.65 | 0.57 |
Total from investment operations | 6.70 | (13.37 ) | 1.04 | 13.30 | 6.50 | 0.43 |
Less distributions: | ||||||
Distributions from net realized gains | — | (2.62 ) | (4.93 ) | (3.65 ) | (2.88 ) | (3.67 ) |
Total distributions | — | (2.62 ) | (4.93 ) | (3.65 ) | (2.88 ) | (3.67 ) |
Net asset value, end of period | $25.50 | $18.80 | $34.79 | $38.68 | $29.03 | $25.41 |
Total return | 35.64 %(2) | (38.85 )% | 3.12 % | 46.36 % | 25.92 % | 1.55 % |
Ratios/Supplemental Data: | ||||||
Net assets, end of year (in thousands) | $4,859 | $4,080 | $8,730 | $6,519 | $2,054 | $1,238 |
Ratio of gross expenses to average net assets | 1.39 %(3) | 1.25 % | 1.36 % | 1.80 % | 2.75 % | 3.92 % |
Ratio of net expenses to average net assets | 0.90 %(3) | 0.89 % | 0.90 % | 0.90 % | 0.90 % | 0.93 % |
Ratio of net investment income/(loss) to average net assets | (0.19 )%(3) | (0.06 )% | (0.63 )% | (0.62 )% | (0.50 )% | (0.58 )% |
Portfolio turnover rate | 12 %(2) | 58 % | 27 % | 54 % | 29 % | 36 % |
(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 | ||||||
Six Months Ended June 30, | Period Ended December 31, | Years Ended March 31, | ||||
2023 (unaudited) | 2022* | 2022 | 2021 | 2020 | 2019 | |
Net asset value, beginning of period | $36.87 | $42.79 | $43.14 | $34.72 | $35.07 | $31.95 |
Income/(loss) from investment operations: | ||||||
Net investment income/(loss) | 0.14 (1) | 0.13 (1) | 0.03 (1) | 0.00 (1)(2) | 0.20 (1) | 0.14 |
Net gains/(losses) on securities (both realized and unrealized) | 3.92 | (3.84 ) | 2.59 | 8.65 | 0.12 | 3.95 |
Total from investment operations | 4.06 | (3.71 ) | 2.62 | 8.65 | 0.32 | 4.09 |
Less distributions: | ||||||
Dividends from net investment income | — | (0.33 ) | (0.01 ) | (0.01 ) | (0.16 ) | (0.13 ) |
Distributions from net realized gains | — | (1.88 ) | (2.96 ) | (0.22 ) | (0.51 ) | (0.84 ) |
Total distributions | — | (2.21 ) | (2.97 ) | (0.23 ) | (0.67 ) | (0.97 ) |
Net asset value, end of period | $40.93 | $36.87 | $42.79 | $43.14 | $34.72 | $35.07 |
Total return | 11.01 %(3) | (8.81 )%(3) | 5.70 % | 24.93 % | 0.75 % | 13.17 % |
Ratios/Supplemental Data: | ||||||
Net Assets, End of Period (in thousands) | $379,533 | $372,165 | $499,220 | $621,482 | $600,102 | $384,222 |
Ratio of gross expenses to average net assets | 1.06 %(4) | 1.04 %(4) | 1.02 % | 1.03 % | 1.08 % | 1.12 % |
Ratio of net investment income/(loss) to average net assets | 0.70 %(4) | 0.45 %(4) | 0.07 % | 0.01 % | 0.54 % | 0.46 % |
Portfolio turnover rate | 23 %(3) | 37 %(3) | 14 % | 19 % | 16 % | 19 % |
Value Line Asset Allocation Fund, Inc. Institutional Class | ||||||
Six Months Ended June 30, | Period Ended December 31, | Years Ended March 31, | ||||
2023 (unaudited) | 2022* | 2022 | 2021 | 2020 | 2019 | |
Net asset value, beginning of period | $36.93 | $42.89 | $43.24 | $34.82 | $35.16 | $32.03 |
Income/(loss) from investment operations: | ||||||
Net investment income/(loss) | 0.18 (1) | 0.20 | 0.15 (1) | 0.11 (1) | 0.30 (1) | 0.19 |
Net gains/(losses) on securities (both realized and unrealized) | 3.93 | (3.85 ) | 2.61 | 8.68 | 0.11 | 4.00 |
Total from investment operations | 4.11 | (3.65 ) | 2.76 | 8.79 | 0.41 | 4.19 |
Less distributions: | ||||||
Dividends from net investment income | — | (0.43 ) | (0.15 ) | (0.15 ) | (0.24 ) | (0.22 ) |
Distributions from net realized gains | — | (1.88 ) | (2.96 ) | (0.22 ) | (0.51 ) | (0.84 ) |
Total distributions | — | (2.31 ) | (3.11 ) | (0.37 ) | (0.75 ) | (1.06 ) |
Net asset value, end of period | $41.04 | $36.93 | $42.89 | $43.24 | $34.82 | $35.16 |
Total return | 11.13 %(3) | (8.65 )%(3) | 5.98 % | 25.24 % | 0.99 % | 13.49 % |
Ratios/Supplemental Data: | ||||||
Net assets, end of year (in thousands) | $558,904 | $575,324 | $920,487 | $1,165,569 | $500,103 | $160,075 |
Ratio of gross expenses to average net assets | 0.83 %(4) | 0.81 %(4) | 0.77 % | 0.78 % | 0.84 % | 0.88 % |
Ratio of net expenses to average net assets | 0.83 %(4) | 0.80 %(4) | 0.77 % | 0.78 % | 0.83 % | 0.87 % |
Ratio of net investment income/(loss) to average net assets | 0.93 %(4) | 0.68 %(4) | 0.32 % | 0.26 % | 0.80 % | 0.74 % |
Portfolio turnover rate | 23 %(3) | 37 %(3) | 14 % | 19 % | 16 % | 19 % |
* | For the nine month period ended December 31, 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, | |||||
2023 (unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 | |
Net asset value, beginning of period | $7.87 | $12.39 | $12.90 | $10.25 | $8.94 | $9.95 |
Income/(loss) from investment operations: | ||||||
Net investment income/(loss) | 0.03 (1) | 0.04 (1) | (0.05 )(1) | (0.03 )(1) | (0.01 )(1) | 0.00 (2) |
Net gains/(losses) on securities (both realized and unrealized) | 1.65 | (3.69 ) | 0.88 | 3.39 | 2.32 (3) | (0.27 ) |
Total from investment operations | 1.68 | (3.65 ) | 0.83 | 3.36 | 2.31 | (0.27 ) |
Less distributions: | ||||||
Dividends from net investment income | — | (0.05 ) | (0.00 )(2) | — | — | (0.01 ) |
Distributions from net realized gains | — | (0.82 ) | (1.34 ) | (0.71 ) | (1.00 ) | (0.73 ) |
Total distributions | — | (0.87 ) | (1.34 ) | (0.71 ) | (1.00 ) | (0.74 ) |
Net asset value, end of period | $9.55 | $7.87 | $12.39 | $12.90 | $10.25 | $8.94 |
Total return | 21.35 %(4) | (29.83 )% | 6.79 % | 33.03 % | 26.14 % | (2.71 )% |
Ratios/Supplemental Data: | ||||||
Net Assets, End of Period (in thousands) | $325,182 | $277,895 | $508,549 | $560,243 | $427,619 | $375,158 |
Ratio of expenses to average net assets | 1.10 %(5) | 1.07 % | 1.05 % | 1.07 % | 1.09 % | 1.12 % |
Ratio of net investment income/(loss) to average net assets | 0.68 %(5) | 0.39 % | (0.35 )% | (0.28 )% | (0.08 )% | (0.02 )% |
Portfolio turnover rate | 30 %(4) | 56 % | 39 % | 51 % | 34 % | 86 % |
Value Line Capital Appreciation Fund, Inc. Institutional Class | ||||||
Six Months Ended June 30, | Years Ended December 31, | |||||
2023 (unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 | |
Net asset value, beginning of period | $7.86 | $12.39 | $12.90 | $10.22 | $8.89 | $9.90 |
Income/(loss) from investment operations: | ||||||
Net investment income/(loss) | 0.04 (1) | 0.06 | (0.01 )(1) | (0.01 )(1) | 0.02 (1) | 0.04 |
Net gains/(losses) on securities (both realized and unrealized) | 1.66 | (3.70 ) | 0.88 | 3.40 | 2.31 (3) | (0.30 ) |
Total from investment operations | 1.70 | (3.64 ) | 0.87 | 3.39 | 2.33 | (0.26 ) |
Less distributions: | ||||||
Dividends from net investment income | — | (0.07 ) | (0.04 ) | — | — | (0.02 ) |
Distributions from net realized gains | — | (0.82 ) | (1.34 ) | (0.71 ) | (1.00 ) | (0.73 ) |
Total distributions | — | (0.89 ) | (1.38 ) | (0.71 ) | (1.00 ) | (0.75 ) |
Net asset value, end of period | $9.56 | $7.86 | $12.39 | $12.90 | $10.22 | $8.89 |
Total return | 21.63 %(4) | (29.74 )% | 7.13 % | 33.42 % | 26.51 % | (2.61 )% |
Ratios/Supplemental Data: | ||||||
Net assets, end of year (in thousands) | $97,147 | $80,814 | $184,329 | $121,927 | $31,858 | $24,469 |
Ratio of gross expenses to average net assets | 0.90 %(5) | 0.86 % | 0.86 % | 0.89 % | 0.97 % | 1.08 % |
Ratio of net expenses to average net assets | 0.85 %(5) | 0.82 % | 0.80 % | 0.82 % | 0.84 % | 0.87 % |
Ratio of net investment income/(loss) to average net assets | 0.94 %(5) | 0.64 % | (0.10 )% | (0.06 )% | 0.17 % | 0.19 % |
Portfolio turnover rate | 30 %(4) | 56 % | 39 % | 51 % | 34 % | 86 % |
(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, | |||||
2023 (unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 | |
Net asset value, beginning of period | $12.98 | $15.11 | $15.84 | $15.26 | $14.40 | $14.94 |
Income/(loss) from investment operations: | ||||||
Net investment income/(loss) | 0.18 (1) | 0.22 (1) | 0.19 (1) | 0.25 (1) | 0.36 | 0.32 |
Net gains/(losses) on securities (both realized and unrealized) | 0.05 | (2.11 ) | 0.53 | 0.63 | 0.86 | (0.52 ) |
Total from investment operations | 0.23 | (1.89 ) | 0.34 | 0.88 | 1.22 | (0.20 ) |
Less distributions: | ||||||
Dividends from net investment income | (0.18 ) | (0.24 ) | (0.23 ) | (0.30 ) | (0.36 ) | (0.34 ) |
Distributions from net realized gains | — | — | (0.16 ) | — | — | — |
Total distributions | (0.18 ) | (0.24 ) | (0.39 ) | (0.30 ) | (0.36 ) | (0.34 ) |
Net asset value, end of period | $13.03 | $12.98 | $15.11 | $15.84 | $15.26 | $14.40 |
Total return | 1.73 %(2) | (12.58 )% | (2.18 )% | 5.77 % | 8.51 % | (1.31 )% |
Ratios/Supplemental Data: | ||||||
Net assets, end of year (in thousands) | $39,348 | $40,746 | $50,267 | $53,854 | $53,976 | $54,583 |
Ratio of gross expenses to average net assets | 1.21 %(3) | 1.20 % | 1.23 % | 1.19 % | 1.14 % | 1.21 % |
Ratio of net expenses to average net assets | 0.87 %(3) | 0.90 % | 0.90 % | 0.90 % | 0.93 % | 0.99 % |
Ratio of net investment income/(loss) to average net assets | 2.73 %(3) | 1.62 % | 1.25 % | 1.62 % | 2.26 % | 2.24 % |
Portfolio turnover rate | 70 %(2) | 37 % | 71 % | 70 % | 39 % | 84 % |
(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. |
Investor Class | Institutional Class | Total | |
Value Line Small Cap Opportunities Fund, Inc. | |||
Transfer agent fees | $21,650 | $8,848 | $30,498 |
Sub-transfer agent fees | 79,604 | 43,072 | 122,676 |
Registration and filing fees | 12,062 | 10,869 | 22,931 |
Other | 14,430 | 5,901 | 20,331 |
Investor Class | Institutional Class | Total | |
Value Line Mid Cap Focused Fund, Inc. | |||
Transfer agent fees | $48,690 | $45,370 | $94,060 |
Sub-transfer agent fees | 51,966 | 108,120 | 160,086 |
Registration and filing fees | 16,505 | 30,384 | 46,889 |
Other | 9,754 | 11,876 | 21,630 |
Investor Class | Institutional Class | Total | |
Value Line Select Growth Fund, Inc. | |||
Transfer agent fees | $57,303 | $601 | $57,904 |
Sub-transfer agent fees | 36,320 | 2,521 | 38,841 |
Registration and filing fees | 12,425 | 9,775 | 22,200 |
Other | 19,114 | 1,037 | 20,151 |
Investor Class | Institutional Class | Total | |
Value Line Larger Companies Focused Fund, Inc. | |||
Transfer agent fees | $50,310 | $1,083 | $51,393 |
Sub-transfer agent fees | 9,972 | 2,041 | 12,013 |
Registration and filing fees | 9,063 | 8,998 | 18,061 |
Other | 16,924 | 722 | 17,646 |
Investor Class | Institutional Class | Total | |
Value Line Asset Allocation Fund, Inc. | |||
Transfer agent fees | $38,968 | $81,403 | $120,371 |
Sub-transfer agent fees | 100,161 | 175,889 | 276,050 |
Registration and filing fees | 16,573 | 29,288 | 45,861 |
Other | 10,342 | 15,454 | 25,796 |
Investor Class | Institutional Class | Total | |
Value Line Capital Appreciation Fund, Inc. | |||
Transfer agent fees | $57,883 | $20,765 | $78,648 |
Sub-transfer agent fees | 58,014 | 28,164 | 86,178 |
Registration and filing fees | 17,170 | 16,367 | 33,537 |
Other | 15,911 | 5,114 | 21,025 |
Fund | Value of Securities Loaned | Value of Collateral* |
Value Line Small Cap Opportunities Fund, Inc. | $1,669,487 | $1,695,337 |
Value Line Mid Cap Focused Fund, Inc. | 12,761,700 | 12,916,200 |
Value Line Larger Companies Focused Fund, Inc. | 8,249,450 | 8,318,750 |
Value Line Asset Allocation Fund, Inc. | 16,592,625 | 16,874,075 |
Fund | Value of Securities Loaned | Value of Collateral* |
Value Line Capital Appreciation Fund, Inc. | $13,294,382 | $13,461,570 |
Value Line Core Bond Fund | 2,356,727 | 2,398,300 |
* | Value Line Small Cap Opportunities Fund, Inc., Value Line Asset Allocation Fund, Inc., Value Line Capital Appreciation Fund, Inc. and Value Line Core Bond Fund, received cash collateral of $1,695,337, $3,269,345, $1,816,093 and $455,380, 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 Mid Cap Focused Fund, Inc. received non-cash collateral of $12,916,200 in the form of U.S. Government obligations, ranging from 0.13% — 4.63%, maturing 7/15/23 — 11/15/51, Value Line Larger Companies Focused Fund, Inc. received non-cash collateral of $8,318,750 in the form of U.S. Government obligations, ranging from 0.01% — 4.75%, maturing 7/15/23 — 11/15/52, Value Line Asset Allocation Fund, Inc. received non-cash collateral of $13,604,730 in the form of U.S. Government obligations, ranging from 0.01% — 4.75%, maturing 7/15/23 — 2/15/53, Value Line Capital Appreciation Fund, Inc. received non-cash collateral of $11,645,477 in the form of U.S. Government obligations, ranging from 0.01% — 4.75%, maturing 7/15/23 — 2/15/53 and Value Line Core Bond Fund received non-cash collateral of $1,942,470 in the form of U.S. Government obligations, ranging from 0.01% — 4.75%, maturing 7/15/23 — 2/15/53. The Funds cannot sell or repledge the non-cash collateral which accordingly is 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. | $21,337,725 | $14,668,090 | $— | $— |
Value Line Mid Cap Focused Fund, Inc. | 212,894,019 | 319,974 | — | — |
Value Line Select Growth Fund, Inc. | 32,194,294 | 53,497,073 | — | — |
Value Line Larger Companies Focused Fund, Inc. | 28,230,844 | 35,228,409 | — | — |
Value Line Asset Allocation Fund, Inc. | 30,747,161 | 181,839,089 | 177,933,500 | 170,906,441 |
Value Line Capital Appreciation Fund, Inc. | 35,409,711 | 117,039,725 | 73,336,945 | 31,879,992 |
Value Line Core Bond Fund | 3,876,285 | 4,884,885 | 26,364,953 | 26,073,287 |
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. | $250,235,901 | $216,548,861 | $(9,363,966 ) | $207,184,895 |
Value Line Mid Cap Focused Fund, Inc. | 623,340,187 | 232,565,197 | (10,068,615 ) | 222,496,582 |
Value Line Select Growth Fund, Inc. | 190,392,066 | 195,294,728 | (326,347 ) | 194,968,381 |
Value Line Larger Companies Focused Fund, Inc. | 200,043,765 | 93,405,854 | (24,766,594 ) | 68,639,260 |
Value Line Asset Allocation Fund, Inc. | 686,989,507 | 272,603,182 | (30,132,457 ) | 242,470,725 |
Value Line Capital Appreciation Fund, Inc. | 356,014,346 | 101,037,048 | (30,353,381 ) | 70,683,667 |
Value Line Core Bond Fund | 43,600,174 | 18,095 | (4,048,410 ) | (4,030,315 ) |
Fund | Undistributed Ordinary Income | Undistributed Long-Term Gain | Other Timing Differences | Unrealized Appreciation (Depreciation) | Capital Loss Carryforwards | Late Year Deferrals | Distributable Earnings (Loss) |
Value Line Small Cap Opportunities Fund, Inc. | $— | $1,382,176 | $— | $152,197,369 | $— | $— | $153,579,545 |
Value Line Mid Cap Focused Fund, Inc. | 300,337 | — | — | 144,799,318 | — | — | 145,099,655 |
Value Line Select Growth Fund, Inc. | — | 7,295,500 | — | 160,438,228 | — | — | 167,733,728 |
Value Line Larger Companies Focused Fund, Inc. | — | — | — | (8,076,021 ) | (4,303,713 ) | — | (12,379,734 ) |
Value Line Asset Allocation Fund, Inc. | — | 15,222,847 | — | 184,861,645 | — | — | 200,084,492 |
Value Line Capital Appreciation Fund, Inc. | 56,593 | — | — | (34,326,554 ) | — | (7,396,862 ) | (41,666,823 ) |
Value Line Core Bond Fund | 42,207 | — | (6,212 ) | (5,177,934 ) | (1,112,158 ) | — | (6,254,097 ) |
Year Ended December 31, 2022 Distributions Paid from | |||
Fund | Ordinary Income | Long-Term Capital Gain | Total Distributions Paid |
Value Line Small Cap Opportunities Fund, Inc.* | $— | $9,921,610 | $9,921,610 |
Value Line Mid Cap Focused Fund, Inc. | 1,256,185 | 33,604,238 | 34,860,423 |
Value Line Select Growth Fund, Inc. | — | 38,066,212 | 38,066,212 |
Value Line Larger Companies Focused Fund, Inc. | — | 26,081,985 | 26,081,985 |
Value Line Asset Allocation Fund, Inc.* | 9,741,884 | 48,104,049 | 57,845,933 |
Value Line Capital Appreciation Fund, Inc. | 2,285,325 | 35,176,551 | 37,461,876 |
Value Line Core Bond Fund | 762,097 | — | 762,097 |
* | For the period 4/1/22-12/31/22. |
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 |
** | For the fiscal year ended March 31, 2022. |
*** | For the fiscal year ended March 31, 2021, Value Line Small Cap Opportunities Fund, Inc. had distributions paid from ordinary income and long-term capital gain of $0, and $35,485,282, respectively, and Value Line Asset Allocation Fund, Inc. had distributions paid from ordinary income and long-term capital gain of $4,707,510, and $9,891,201, respectively. |
Fund | Expiration for the 12 months ended | Fees Waived and Reimbursed by the Adviser |
Value Line Small Cap Opportunities Fund, Inc. | June 30, 2023 | $17,951 |
Value Line Small Cap Opportunities Fund, Inc. | June 30, 2024 | 75,571 |
Value Line Small Cap Opportunities Fund, Inc. | June 30, 2025 | 41,436 |
Value Line Select Growth Fund, Inc. | June 30, 2023 | 32,652 |
Value Line Select Growth Fund, Inc. | June 30, 2024 | 19,986 |
Value Line Select Growth Fund, Inc. | June 30, 2025 | 28,477 |
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 Larger Companies Focused Fund, Inc. | June 30, 2025 | 25,753 |
Value Line Capital Appreciation Fund, Inc. | June 30, 2023 | 30,304 |
Fund | Expiration for the 12 months ended | Fees Waived and Reimbursed by the Adviser |
Value Line Capital Appreciation Fund, Inc. | June 30, 2024 | $119,505 |
Value Line Capital Appreciation Fund, Inc. | June 30, 2025 | 35,191 |
Value Line Core Bond Fund | June 30, 2023 | 169,838 |
Value Line Core Bond Fund | June 30, 2024 | 104,515 |
Value Line Core Bond Fund | June 30, 2025 | 32,866 |
Beginning Account Value January 1, 2023 | Ending Account Value June 30, 2023 | Expenses Paid During Period | Annualized Expense Ratio | |
Actual* | ||||
Value Line Small Cap Opportunities Fund, Inc. — Investor Class | $1,000.00 | $1,149.60 | $6.24 | 1.17 % |
Value Line Small Cap Opportunities Fund, Inc. — Institutional Class | 1,000.00 | 1,150.90 | 4.91 | 0.92 |
Value Line Mid Cap Focused Fund, Inc. — Investor Class | 1,000.00 | 1,120.40 | 5.52 | 1.05 |
Value Line Mid Cap Focused Fund, Inc. — Institutional Class | 1,000.00 | 1,121.80 | 4.31 | 0.82 |
Value Line Select Growth Fund, Inc. — Investor Class | 1,000.00 | 1,167.00 | 6.18 | 1.15 |
Value Line Select Growth Fund, Inc. — Institutional Class | 1,000.00 | 1,168.60 | 4.84 | 0.90 |
Value Line Larger Companies Focused Fund, Inc. — Investor Class | 1,000.00 | 1,354.80 | 6.71 | 1.15 |
Value Line Larger Companies Focused Fund, Inc. — Institutional Class | 1,000.00 | 1,356.40 | 5.26 | 0.90 |
Value Line Asset Allocation Fund, Inc. — Investor Class | 1,000.00 | 1,110.10 | 5.55 | 1.06 |
Value Line Asset Allocation Fund, Inc. — Institutional Class | 1,000.00 | 1,111.30 | 4.34 | 0.83 |
Value Line Capital Appreciation Fund, Inc. — Investor Class | 1,000.00 | 1,213.50 | 6.04 | 1.10 |
Value Line Capital Appreciation Fund, Inc. — Institutional Class | 1,000.00 | 1,216.30 | 4.67 | 0.85 |
Value Line Core Bond Fund — Investor Class | 1,000.00 | 1,017.30 | 4.35 | 0.87 |
Hypothetical (5% return before expenses) | ||||
Value Line Small Cap Opportunities Fund, Inc. — Investor Class | $1,000.00 | $1,018.99 | $5.86 | 1.17 % |
Value Line Small Cap Opportunities Fund, Inc. — Institutional Class | 1,000.00 | 1,020.23 | 4.61 | 0.92 |
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 | 1,020.73 | 4.11 | 0.82 |
Value Line Select Growth Fund, Inc. — Investor Class | 1,000.00 | 1,019.09 | 5.76 | 1.15 |
Value Line Select Growth Fund, Inc. — Institutional Class | 1,000.00 | 1,020.33 | 4.51 | 0.90 |
Value Line Larger Companies Focused Fund, Inc. — Investor Class | 1,000.00 | 1,019.09 | 5.76 | 1.15 |
Value Line Larger Companies Focused Fund, Inc. — Institutional Class | 1,000.00 | 1,020.33 | 4.51 | 0.90 |
Beginning Account Value January 1, 2023 | Ending Account Value June 30, 2023 | Expenses Paid During Period | Annualized Expense Ratio | |
Hypothetical (5% return before expenses) | ||||
Value Line Asset Allocation Fund, Inc. — Investor Class | $1,000.00 | $1,019.54 | $5.31 | 1.06 % |
Value Line Asset Allocation Fund, Inc. — Institutional Class | 1,000.00 | 1,020.68 | 4.16 | 0.83 |
Value Line Capital Appreciation Fund, Inc. — Investor Class | 1,000.00 | 1,019.34 | 5.51 | 1.10 |
Value Line Capital Appreciation Fund, Inc. — Institutional Class | 1,000.00 | 1,020.58 | 4.26 | 0.85 |
Value Line Core Bond Fund — Investor Class | 1,000.00 | 1,020.48 | 4.36 | 0.87 |
* | Expenses are equal to the Fund's 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. |
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
For more complete information about any of the Value Line Funds, including charges and expenses, send for a prospectus from EULAV Securities LLC, 7 Times Square, Suite 1606, New York, New York 10036-6524 or call 1-800-243-2729, 9am-5pm CST, Monday-Friday, or visit us at www.vlfunds.com. Read the prospectus carefully before you invest or send money.
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) |
(2) |
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 6, 2023
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 6, 2023